We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The Zacks Consensus Estimate for revenues is pegged at $60.5 billion, implying an increase of 21.6% from the year-ago quarter. The consensus earnings mark of $4.78 per share has been revised upward by 0.8% over the past seven days, suggesting a 158.4% jump from the year-ago reported number.
For full-year 2026, the Zacks Consensus Estimate for CVX’s revenues is pegged at $240.9 billion, implying an improvement of 27.5% year over year. The consensus mark for 2026 earnings per share is $18.20, indicating a surge of 149.7%.
CVX's Earnings Surprise History
In the last reported quarter, the company delivered an earnings surprise of 4.5%. Chevron’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 18.7%.
Our proven model predicts an earnings beat for Chevron this season.The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of beating estimates.That is the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
CVX has an Earnings ESP of +2.69% and a Zacks Rank #1.
Chevron’s downstream operations are likely to have benefited from favorable refining margins and its flexible refining network during the third quarter of 2026. The Zacks Consensus Estimate for total downstream earnings is $5.1 billion, higher than $1.1 billion reported in the year-ago quarter. Chevron’s integrated refining and marketing operations, diverse crude-processing capabilities and ability to maintain high utilization amid market disruptions could have supported profitability. However, management projected third-quarter turnaround and downtime expenses of $175-$225 million, which may have partially offset these benefits.
Chevron’s growing production base, supported by Hess assets, the Permian Basin and Kazakhstan’s Tengiz operations, could have strengthened third-quarter upstream performance. Management projected full-year 2026 production of 3.98-4.10 million barrels of oil equivalent per day, representing 7-10% growth excluding asset sales. At Tengiz, optimization increased the Third Generation Plant’s oil-processing capacity from 260,000 to 320,000 barrels daily, potentially supporting higher output. Meanwhile, the company’s $1.5 billion in Hess synergies, captured six months ahead of schedule, could have improved operating efficiency and supported profitability.
Chevron’s companywide cost-saving measures are likely to have strengthened third-quarter profitability by reducing its operating expense burden. The company achieved $3 billion in annualized structural cost reductions during the 12 months ended June 2026, reaching its target six months earlier than planned. More than 70% of those savings came from efficiency improvements, including organizational restructuring, technology deployment, predictive maintenance and better turnaround planning. These measures could have helped Chevron absorb inflationary pressures while maintaining operational reliability. Improved cost efficiency may also have supported margins despite fluctuations in commodity prices.
Updates From Chevron’s Global Peers: ExxonMobil and Shell
Rival ExxonMobil Holdings (XOM - Free Report) heads into its third-quarter earnings with stronger refining margins expected to drive results. The company estimates that improved refining margins could boost downstream earnings by approximately $4.5 billion sequentially, reflecting favorable fuel market conditions amid geopolitical supply disruptions. However, weaker crude prices are anticipated to reduce upstream earnings by roughly $1.3 billion from the preceding quarter. Additionally, unfavorable timing effects of approximately $2.5 billion could weigh on overall profitability. Gains of around $700 million from upstream asset divestments are expected to partially offset these headwinds, supporting ExxonMobil's quarterly performance.
Meanwhile, European oil major Shell plc (SHEL - Free Report) anticipates a stronger third-quarter 2026 performance, supported by record indicative refining margins of $42 per barrel, up from $24 in the preceding quarter. Integrated Gas production is projected at 740,000-780,000 barrels of oil equivalent per day, benefiting from the ARC Resources acquisition. Trading performance is expected to remain stable, further supporting earnings prospects. However, lower LNG liquefaction volumes, weaker chemicals margins and reduced refinery utilization could partially offset these gains. Additionally, approximately $2.5 billion in German emissions-certificate payments and exploration write-offs may weigh on cash flows and reported profitability, respectively.
CVX Price Performance & Stock Valuation
Shares of Chevron have gone up 23.7% in the past three months compared with the broader Zacks Energy sector’s growth of 13.2%. Shares of XOM have gained 20.6%, while SHEL stock has gone up 24%.
3-Month Price Performance
Image Source: Zacks Investment Research
From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared to the industry average. The stock is also trading above its five-year mean of 11.81.
Image Source: Zacks Investment Research
How Should You Play CVX Pre-Q3 Earnings?
Chevron appears well-positioned ahead of its third-quarter earnings release, supported by improving refining margins, expanding upstream production and sustained cost efficiencies. The company’s impressive earnings surprise history, upward estimate revisions and positive Earnings ESP strengthen expectations for another quarterly beat. Moreover, Hess-related synergies and operational improvements could support profitability. Although the stock’s premium valuation and recent rally warrant consideration, Chevron’s strong operational momentum and encouraging earnings outlook justify investor optimism. With the consensus projecting substantial year-over-year earnings growth, investors may consider adding CVX to their portfolios ahead of the upcoming results, despite near-term uncertainties.
View the Zacks #1 Rank List
Image: Bigstock
Chevron Eyes a Q3 Earnings Beat: Should You Buy the Stock Now?
Key Takeaways
Chevron Corporation (CVX - Free Report) is slated to release third-quarter 2026 results on Oct. 30, before market open.
The Zacks Consensus Estimate for revenues is pegged at $60.5 billion, implying an increase of 21.6% from the year-ago quarter. The consensus earnings mark of $4.78 per share has been revised upward by 0.8% over the past seven days, suggesting a 158.4% jump from the year-ago reported number.
For full-year 2026, the Zacks Consensus Estimate for CVX’s revenues is pegged at $240.9 billion, implying an improvement of 27.5% year over year. The consensus mark for 2026 earnings per share is $18.20, indicating a surge of 149.7%.
CVX's Earnings Surprise History
In the last reported quarter, the company delivered an earnings surprise of 4.5%. Chevron’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 18.7%.
Chevron Corporation Price and EPS Surprise
Chevron Corporation price-eps-surprise | Chevron Corporation Quote
Q3 Earnings Whispers for Chevron
Our proven model predicts an earnings beat for Chevron this season.The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of beating estimates.That is the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
CVX has an Earnings ESP of +2.69% and a Zacks Rank #1.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping CVX’s Upcoming Q3 Results
Chevron’s downstream operations are likely to have benefited from favorable refining margins and its flexible refining network during the third quarter of 2026. The Zacks Consensus Estimate for total downstream earnings is $5.1 billion, higher than $1.1 billion reported in the year-ago quarter. Chevron’s integrated refining and marketing operations, diverse crude-processing capabilities and ability to maintain high utilization amid market disruptions could have supported profitability. However, management projected third-quarter turnaround and downtime expenses of $175-$225 million, which may have partially offset these benefits.
Chevron’s growing production base, supported by Hess assets, the Permian Basin and Kazakhstan’s Tengiz operations, could have strengthened third-quarter upstream performance. Management projected full-year 2026 production of 3.98-4.10 million barrels of oil equivalent per day, representing 7-10% growth excluding asset sales. At Tengiz, optimization increased the Third Generation Plant’s oil-processing capacity from 260,000 to 320,000 barrels daily, potentially supporting higher output. Meanwhile, the company’s $1.5 billion in Hess synergies, captured six months ahead of schedule, could have improved operating efficiency and supported profitability.
Chevron’s companywide cost-saving measures are likely to have strengthened third-quarter profitability by reducing its operating expense burden. The company achieved $3 billion in annualized structural cost reductions during the 12 months ended June 2026, reaching its target six months earlier than planned. More than 70% of those savings came from efficiency improvements, including organizational restructuring, technology deployment, predictive maintenance and better turnaround planning. These measures could have helped Chevron absorb inflationary pressures while maintaining operational reliability. Improved cost efficiency may also have supported margins despite fluctuations in commodity prices.
Updates From Chevron’s Global Peers: ExxonMobil and Shell
Rival ExxonMobil Holdings (XOM - Free Report) heads into its third-quarter earnings with stronger refining margins expected to drive results. The company estimates that improved refining margins could boost downstream earnings by approximately $4.5 billion sequentially, reflecting favorable fuel market conditions amid geopolitical supply disruptions. However, weaker crude prices are anticipated to reduce upstream earnings by roughly $1.3 billion from the preceding quarter. Additionally, unfavorable timing effects of approximately $2.5 billion could weigh on overall profitability. Gains of around $700 million from upstream asset divestments are expected to partially offset these headwinds, supporting ExxonMobil's quarterly performance.
Meanwhile, European oil major Shell plc (SHEL - Free Report) anticipates a stronger third-quarter 2026 performance, supported by record indicative refining margins of $42 per barrel, up from $24 in the preceding quarter. Integrated Gas production is projected at 740,000-780,000 barrels of oil equivalent per day, benefiting from the ARC Resources acquisition. Trading performance is expected to remain stable, further supporting earnings prospects. However, lower LNG liquefaction volumes, weaker chemicals margins and reduced refinery utilization could partially offset these gains. Additionally, approximately $2.5 billion in German emissions-certificate payments and exploration write-offs may weigh on cash flows and reported profitability, respectively.
CVX Price Performance & Stock Valuation
Shares of Chevron have gone up 23.7% in the past three months compared with the broader Zacks Energy sector’s growth of 13.2%. Shares of XOM have gained 20.6%, while SHEL stock has gone up 24%.
3-Month Price Performance
From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared to the industry average. The stock is also trading above its five-year mean of 11.81.
How Should You Play CVX Pre-Q3 Earnings?
Chevron appears well-positioned ahead of its third-quarter earnings release, supported by improving refining margins, expanding upstream production and sustained cost efficiencies. The company’s impressive earnings surprise history, upward estimate revisions and positive Earnings ESP strengthen expectations for another quarterly beat. Moreover, Hess-related synergies and operational improvements could support profitability. Although the stock’s premium valuation and recent rally warrant consideration, Chevron’s strong operational momentum and encouraging earnings outlook justify investor optimism. With the consensus projecting substantial year-over-year earnings growth, investors may consider adding CVX to their portfolios ahead of the upcoming results, despite near-term uncertainties.