Chevron (CVX) Q1 2026 earnings summary

Executive summary

• Reported Q1 2026 net income of $2.2B ($1.11/share), down from $3.5B ($2.00/share) in Q1 2025, with adjusted earnings of $2.8B ($1.41/share); performance driven by disciplined execution, Hess integration, and strong U.S. production growth.

• Worldwide production rose 15% year-over-year to 3.86 million BOE/day, led by Hess acquisition and U.S. growth; U.S. refineries achieved record throughput.

• Portfolio enhanced through asset swaps and increased interests in Venezuela, expanding long-lived inventory and future growth options.

• Over $50B returned to shareholders in the last two years, with $6B returned in Q1 2026 and dividend growth for the 39th consecutive year.

Financial highlights

• Q1 2026 reported earnings were $2.2B ($1.11/share); adjusted earnings $2.8B ($1.41/share); total revenues $48.6B, up from $47.6B in Q1 2025.

• Cash flow from operations (excl. working capital) was $7.1B; operating cash flow was $2.5B, down from $5.2B, mainly due to higher working capital outflows.

• Adjusted free cash flow was $4.1B, including a $1B loan repayment from TCO.

• CapEx was $4.1B, up from $3.9B, mainly due to legacy Hess assets; organic CapEx guidance for 2026 is $18–$19B.

• Share repurchases totaled $2.5B; dividends paid were $3.5B in Q1 2026.

Outlook and guidance

• 2026 guidance reaffirmed: 7–10% production growth, $18–$19B organic CapEx, and $3–$4B structural cost reductions by year-end.

• Management expects $1–$2B in annual asset sale proceeds through 2030 and targets >10% growth in adjusted free cash flow and EPS by 2030.

• Share repurchases expected at $2.5–$3.0B in Q2 2026.

• Focus remains on disciplined investment, reliable energy supply, and maintaining flexibility amid market and regulatory changes.