Chevron Corp.

Chevron Corp.

CVX

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Market Cap$392.09B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Chevron Corp.Chevron Corp.18.83.55%11%1.90.2

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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$209.83

Target Price by Analysts

6.6% upsideChevron Target Price DetailsTarget Price
$153.56

Current Fair Value

22% downside

Overvalued by 22% based on the discounted cash flow analysis.

Share Statistics

Market cap$392.09 Billion
Enterprise Value$420.63 Billion
Dividend Yield$6.98 (3.55%)
Earnings per Share$6.65
Beta0.49
Outstanding Shares1,969,868,000

Return

Return on Equity10.94%ROE
Return on Assets6.29%
Return on Invested Capital9.40%

Valuation & Multiples

P/E Ratio18.8P/E Ratio
PEG4.95PEG
Price to Sales1.86Price to Sales
Price to Book Ratio2.05Price to Book Ratio
Enterprise Value to Revenue2
Enterprise Value to EBIT13.55
Enterprise Value to Net Income20
Total Debt to Enterprise0.09
Debt to Equity0.2Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
July 31, 2026
EPS Estimate
$5.55
Average shareholder expectation
Revenue Estimate
$62.72 B
Average shareholder expectation

Next Earnings Call

Expected Date
August 7, 2026
EPS Estimate
$5.17
Average shareholder expectation
Revenue Estimate
$63.24 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.4480 51.48%
Total Calls45,455 99.79%
Total Puts20,364 99.90%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %4.55% 68.26%
Total Invested$20.17B 93.23%
Investors Holding2,076 2311.00%

ESG Score

No data

About Chevron Corp.

Relevant Senate Committees

Joint Committee on Taxation

This committee provides critical analysis and official revenue estimates for all tax legislation, directly influencing corporate tax structures, capital investment credits, and the overall tax burden on Chevron.

Finance

This powerful committee's control over corporate taxation, international trade (e.g., tariffs on crude imports), and entitlement spending directly influences Chevron's profitability, global supply chains, and investment decisions.

Appropriations

This committee directly allocates federal discretionary spending, impacting funding for defense fuel procurement (where Chevron is a supplier), energy research, and infrastructure projects relevant to the industry.

Agriculture, Nutrition, and Forestry

Oversight of the CFTC is highly relevant to Chevron, as the CFTC regulates the extensive commodities derivatives and futures markets essential for oil pricing, hedging, and trading strategies.

Energy and Natural Resources

This committee directly oversees national energy policy, public lands leasing (critical for exploration and production), and the Department of Energy, all of which are central to Chevron's core business.

Environment and Public Works

Direct oversight of the EPA means this committee regulates environmental standards, emissions, and waste management for Chevron's refineries and operations, significantly impacting compliance costs and operational permits.

Foreign Relations

Chevron operates globally; this committee's decisions on sanctions, international treaties, and foreign policy directly impact crude oil sourcing, global market access, and operational stability in various regions.