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Sentiment · FY2026 Q2
Chevron delivered Q1 2026 adjusted EPS of $1.41 on revenue growth of 3.16% year-over-year, with record production driven by the Hess integration contributing meaningfully. Timing effects pressured reported GAAP earnings of $1.11 per share, while the integrated value chain captured strong refining margins. All guidance was reiterated unchanged including CAPEX of $18-$19B, production growth of 7-10%, and $3-$4B in structural cost reductions, with TCO operating at full rates and showing upside potential.
Capital Allocation | Capex Investment | Competitive Dynamics | Geographic Expansion | Innovation & R&D | Revenue Growth | Regulation Policy | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 5 | 4 | 5 | 3 | 1 | 2 | 2 |
| 2025Q1 | 5 | 5 | 4 | 2 | 3 | 3 | 2 | 4 |
| 2025Q2 | 9 | 4 | 2 | 3 | 4 | 4 | 2 | |
| 2025Q3 | 4 | 3 | 6 | 3 | 5 | 3 | 3 | 2 |
| 2025Q4 | 6 | 3 | 7 | 4 | 3 | 2 | 2 | 2 |
| 2026Q1 | 4 | 6 | 2 | 4 | 1 | 3 | 3 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capital Allocation | 9 | 5 | 9 | 4 | 6 | 4 |
| Capex Investment | 5 | 5 | 4 | 3 | 3 | 6 |
| Competitive Dynamics | 4 | 4 | 2 | 6 | 7 | 2 |
| Geographic Expansion | 5 | 2 | 3 | 3 | 4 | 4 |
| Innovation & R&D | 3 | 3 | 4 | 5 | 3 | 1 |
| Revenue Growth | 1 | 3 | 4 | 3 | 2 | 3 |
| Regulation Policy | 2 | 2 | 2 | 3 | 2 | 3 |
| Macroeconomic | 2 | 4 | 2 | 2 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Neil Mehta | Goldman Sachs | 7 (0%) |
| Devin McDermott | Morgan Stanley | 7 (0%) |
| Doug Leggate | Wolfe Research |
| Jean Salisbury | Bank of America | 7 (0%) |
| Biraj Borkhataria | RBC Capital Markets | 7 (29%) |
| Jason Gabelman | TD Cowen | 7 (0%) |
| Steve Richardson | Evercore ISI | 7 (0%) |
| Betty Jiang | Barclays | 6 (0%) |
| Bob Brackett | Bernstein | 6 (0%) |
| Lucas Herrmann | BNP Paribas | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Piper Sandler | 2 | 8 (0%) |
| TD Cowen | 1 | 7 (0%) |
| Evercore ISI | 1 | 7 (0%) |
| Morgan Stanley | 1 | 7 (0%) |
| Goldman Sachs | 1 | 7 (0%) |
| RBC Capital Markets | 1 | 7 (29%) |
| Bank of America | 1 | 7 (0%) |
| Wolfe Research | 1 | 7 (29%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $48.33B | -1.2% | $1.84 | +50.8% | 5.0% | 6.7% | $4.36B |
| FY2025 Q1 | $46.10B | -1.0% | $2.00 | -32.7% | 9.3% | 7.6% | $1.32B |
| FY2025 Q2 | $44.38B | -10.5% | $1.45 | -40.3% | 9.1% | 5.6% | $4.86B |
| FY2025 Q3 | $48.17B | -1.5% | $1.82 | -26.6% | 8.9% | 7.3% | $4.67B |
| FY2025 Q4 | $45.79B | -5.3% | $1.39 | -24.5% | 8.8% | 6.0% | $5.38B |
| FY2026 Q1 | $47.56B | +3.2% | $1.11 | -44.5% | 6.8% | 4.6% | $-1.55B |
| FY2026 Q2 | $67.20B | +51.4% | $6.11 | +321.4% | 32.0% | 18.0% | $26.70B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CVX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we are getting ready to harvest roughly 100,000 acres of crop that went in last fall focused with Bunge and Chevron on sustainable aviation fuel.”
Corteva is partnering with Chevron on a sustainable aviation fuel feedstock crop program, supporting Chevron's renewable fuels feedstock supply.
“Two weeks ago, we announced an asset swap with PDVSA. The agreement increases our position in the Orinoco.”
Chevron completed an asset swap with Venezuela's state oil company PDVSA that increases its Orinoco position and JV equity stake, expanding its footprint in the country.
“This reflects the integration of legacy Hess assets in addition to continued organic growth across the portfolio.”
Chevron's ~500 kbbl/d production increase reflects integration of the acquired Hess assets, which are boosting waterborne crude exposure and production.
“we are in exclusive discussions with Microsoft right now. We are very pleased to be in those discussions with such a high-quality customer.”
Chevron is in exclusive discussions with Microsoft as the offtake customer for its West Texas power project serving data centers, signaling Microsoft's demand for low-emissions power.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CVX Chevron Corporation | 7 | +3.2% | |
| XOM ExxonMobil | 7 | +2.6% |