Chevron Corp.
CVX
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+ FollowMarket Cap$444.51B
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Earnings Call Q2 2026
July 31, 2026 - AI Summary
Solid Q2 performance + record operations (good/surprising): Chevron reported $12.1B earnings ($6.11/sh) and $12.0B adjusted earnings ($6.06/sh). Cash flow from operations (ex-working capital) ~$20B, organic CapEx $4.4B. Upstream production grew >5% QoQ and delivered record U.S. upstream ~2.1 million boe/d plus record U.S. refinery throughput >1 million bpd. Global reliability was emphasized; production grew >200k boe/d QoQ (second-highest quarter ever).
Cost and capital discipline ahead of plan (good): Chevron achieved $3B structural cost reductions over the past 12 months, reaching its target 6 months early; >70% of savings were from efficiency (not simply inflation pass-through). They reiterated $6B/year structural savings at $70 Brent, with expectation that higher Brent would raise affiliate distributions. Management also guided to ~25% less CapEx per boe in 2026 vs. last year and expects to end 2026 at the low end of guidance: $18–$19B organic CapEx.
Balance sheet strengthened; free cash flow strong (good): Adjusted free cash flow ~$15.4B in Q2 and $19.7B operating cash flow (ex-working capital). Debt reduced by >$8B, improving balance-sheet flexibility. Net debt / CFFO = 0.6x at quarter-end (noting working capital unwound ~$2.9B after the Q1 build as commodity prices fell through the quarter).
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$151.87
34.9% downside
Current Fair Value
34.9% downsideOvervalued by 34.9% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $444.51 Billion |
|---|---|
| Enterprise Value | $473.06 Billion |
| Dividend Yield | $7.05 (3.13%) |
| Earnings per Share | $6.65 |
| Beta | 0.52 |
| Outstanding Shares | 1,969,868,000 |
Return
| Return on Equity | 10.94% |
|---|---|
| Return on Assets | 6.29% |
| Return on Invested Capital | 9.40% |
Valuation & Multiples
| P/E Ratio | 21.49 |
|---|---|
| PEG | 5.65 |
| Price to Sales | 2.2 |
| Price to Book Ratio | 2.43 |
| Enterprise Value to Revenue | 2.25 |
| Enterprise Value to EBIT | 15.24 |
| Enterprise Value to Net Income | 22 |
| Total Debt to Enterprise | 0.08 |
| Debt to Equity | 0.2 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
August 7, 2026
EPS Estimate
$5.17
Average shareholder expectationRevenue Estimate
$63.24 B
Average shareholder expectationNext Earnings Call
Expected Date
October 30, 2026
EPS Estimate
$4.86
Average shareholder expectationRevenue Estimate
$61.33 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 11.3909▲ 1060.16% |
|---|---|
| Total Calls | 24,300▼ 99.88% |
| Total Puts | 276,800▼ 98.22% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.34%▼ 75.03% |
|---|---|
| Total Invested | $5.35B▼ 97.86% |
| Investors Holding | 781▼ 3478.00% |
ESG Score
No data
About Chevron Corp.
43,039 employees
CEO: Michael K. Wirth Chevron Corporation is a global enterprise engaged in comprehensive energy and chemical operations. The company's activities are divided into two primary divisions: Upstream and Downstream. The Upstream segment is dedicated to the explor...