Chevron (CVX) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

For the quarter ended June 2026, Chevron (CVX) reported revenue of $70.06 billion, up 56.3% over the same period last year. EPS came in at $6.06, compared to $1.77 in the year-ago quarter.

The reported revenue represents a surprise of +21.78% over the Zacks Consensus Estimate of $57.53 billion. With the consensus EPS estimate being $5.80, the EPS surprise was +4.48%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

• U.S. Upstream - Net oil-equivalent production per day: 2077 millions of barrels of oil equivalent per day versus 2046.62 millions of barrels of oil equivalent per day estimated by four analysts on average.
• U.S. and International Upstream - Total net oil-equivalent production: 4070 millions of barrels of oil equivalent versus the four-analyst average estimate of 4047.93 millions of barrels of oil equivalent.
• International Upstream - Net oil-equivalent production per day: 1993 millions of barrels of oil equivalent per day versus the four-analyst average estimate of 2001.05 millions of barrels of oil equivalent per day.
• U.S. Upstream - Net natural gas production per day: 3,520.00 Mcf/D compared to the 3,363.76 Mcf/D average estimate based on three analysts.
• International Upstream - Net natural gas production per day (Natural Gas Production): 5,390.00 Mcf/D versus the three-analyst average estimate of 5,348.14 Mcf/D.
• Segment sales and other operating revenues- Upstream- International: $11.87 billion compared to the $12.33 billion average estimate based on two analysts. The reported number represents a change of +69.5% year over year.
• Segment sales and other operating revenues- Upstream- United States: $5.66 billion versus $9.29 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +39.3% change.
• Revenue from net production- Crude- U.S. Upstream: $95.66 million versus the two-analyst average estimate of $87.82 million.
• Revenue from net production- NGLs- U.S. Upstream: $21.56 million compared to the $22.48 million average estimate based on two analysts.
• Revenues- Income (loss) from equity affiliates: $2.13 billion compared to the $1.12 billion average estimate based on two analysts. The reported number represents a change of +296.5% year over year.
• Revenues- Sales and other operating revenues: $67.2 billion compared to the $59.3 billion average estimate based on two analysts. The reported number represents a change of +51.4% year over year.
• Revenues- Other income: $731 million versus the two-analyst average estimate of $244.88 million. The reported number represents a year-over-year change of -921.4%.

View all Key Company Metrics for Chevron here>>>

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