Chevron Q3 adjusted EPS $5.28 beats $4.88 estimate; revenue $67.8B as refining margins surge
Chevron topped Wall Street forecasts on both profit and revenue as strong diesel-driven refining margins lifted earnings; shares rose in premarket trading.
Chevron (CVX) reported third-quarter 2026 results before Friday’s open, clearing analyst forecasts on both adjusted earnings and revenue.
| Item | Q3 2026 | Comparison |
|---|---|---|
| Adjusted EPS | $5.28 | Estimate $4.88 (Investing.com consensus) |
| Revenue | $67.8B | Estimate $60.55B; year ago $49.7B |
| Adjusted earnings | $10.4B | Year ago $3.6B |
| Cash flow from operations | $16.0B | Free cash flow $12.0B |
| Net production (oil-equivalent) | 3.98M bbl/day | Down 3% year over year |
Why it matters — Refining, not production, carried the quarter. Strong diesel prices pushed downstream margins sharply higher, and Chevron’s US refineries ran a record 1.09 million barrels per day of crude at roughly 98% utilization. Total output slipped 3% from a year earlier, but US upstream production stayed above 2 million barrels of oil equivalent per day for a fifth straight quarter.
Balance sheet and payout — The company cut total debt by $3.5 billion and declared a quarterly dividend of $1.78 per share, payable December 10. Return on capital employed was 18%.
Market reaction — Shares rose in premarket trading after the release. Exxon Mobil also reports today, so the two majors together will set the tone for the energy sector.
What to watch next — Fourth-quarter production guidance and the buyback pace on the earnings call, whether refining margins hold into Q4, and how the Energy Select Sector SPDR (XLE) trades after the opening bell.
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