Report
Chevron Q3 2026 results report
Chevron earned $9.92bn in Q3 2026 ($10.4bn adjusted) as US refining hit record runs and net debt fell to $20.7bn. Profit, cash, returns and segments, from the company’s own results.
Chevron reported third-quarter 2026 earnings of $9.92bn, or $5.06 a share, on 30 October 2026. That was 18% lower than the $12.07bn of Q2 2026 but almost three times the $3.54bn of Q3 2025. Adjusted earnings were $10.36bn ($5.28 a share), against $11.98bn in Q2 2026 and $3.63bn a year earlier.
Downstream carried the quarter. US downstream earnings rose to $3.59bn from $2.41bn, and US refineries ran a record 1.09mmbbl/d (million barrels a day). International upstream earnings almost halved, and the result included $1.58bn of unfavourable timing effects.
| Key number | Q3 2026 | Change |
|---|---|---|
| Earnings (reported) | $9.92bn | -18% vs Q2 2026; +180% vs Q3 2025 |
| Adjusted earnings | $10.36bn | -13% vs Q2 2026; +186% vs Q3 2025 |
| Cash flow from operations | $16.0bn | $22.6bn in Q2 2026 |
| Net debt ratio, 30 September 2026 | 9.6% | 15.6% at the end of 2025 |
Cash flow from operations was $16.0bn and free cash flow $12.0bn. Chevron paid $3.48bn in dividends and bought back $2.50bn of shares, and cut net debt by $7.8bn in the quarter to $20.7bn.
Looking ahead, Chevron has declared a quarterly dividend of $1.78 a share, payable on 10 December 2026. Its joint ventures in Venezuela plan to invest $7bn over the next five years, and the release gives no new production or capex range for Q4 2026.
Chevron’s quarter looked weaker than Q2 2026 on the headline, but the drop came from international upstream and timing effects, not from operations at home: US refining ran at record rates and US downstream earnings rose by half. The bigger story is the balance sheet. Net debt fell by $7.8bn in three months, and the net debt ratio is now below 10%, which gives Chevron room to keep buybacks at ~$2.5bn a quarter while its Venezuelan joint ventures invest.
What the full report covers
The full report is a 6-page PDF for $9.99, available to download straight after payment. It covers:
- Headline numbers against the prior quarter and the prior year
- Profit, reported and adjusted, and what moved it
- Revenue and operating cash flow
- Capex, net debt and gearing
- Buybacks and dividends
- Segment results, with a table and a chart
- Production and throughput
- Guidance and outlook
- What it means
- Notes on the numbers and a full list of sources
The Chevron logo is used only to identify the company this report is about. Entelera Research is independent and has no connection with, or endorsement from, Chevron.
Sources
- Chevron, Chevron reports third quarter 2026 results, 30 October 2026: chevroncorp.gcs-web.com
This summary is for information only and is not investment advice. It is based solely on the company’s own published results documents listed above; Entelera Research has not audited them. © 2026 Entelera (entelera.com).