CVX · Q2 FY2026
CHEVRON CORP Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $70.06B | $44.82B (yr ago) | Beat |
| EPS | $6.11 | $1.45 (yr ago) | Beat |
| Free Cash Flow | $18.10B | $4.86B (yr ago) | Beat |
| Gross Margin | Not disclosed / not meaningful | Not disclosed / not meaningful (yr ago) | Miss |
| Operating Margin | 23.8% pre-tax margin | 9.3% pre-tax margin (yr ago) | Beat |
What changed
Revenue rose 56.3% year over year to $70.06 billion, while diluted EPS increased to $6.11 from $1.45 as higher commodity prices, Hess volumes and stronger refining margins lifted both major segments. Free cash flow reached $18.10 billion, although $2.95 billion came from favorable working-capital movements and earnings included $1.4 billion of favorable timing effects.
Impact on the investment thesis
We establish fair value at $200 per share rather than annualizing an unusually favorable quarter. Better production, Hess synergies and lower debt improve business quality, but the current price already discounts earnings above the supplied $10.40 TTM EPS base.