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Chevron (CVX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Chevron (CVX) Q3 2026 earnings results →
Q3 2026 Revenue up 36% year over year to $67.8B · 15¢ of every $1 of revenue kept as net profit · operating margin 20.1%
Chevron made $67.8B in Q3 2026 (+36% Y/Y). Operating margin 20.1%, net earnings $9.9B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $67.8B in Q3 2026, up 36% year over year and down 3% from the previous quarter.
Operating profit was $13.6B, a 20.1% margin (up 9.2 points year over year). Of the extra revenue versus Q3 2025, 45% reached operating profit, above the 11% margin then. Total costs grew 22% against revenue growth of 36%. The fastest-growing cost line was Cost of revenue (+33%). Net earnings were $9.9B, up 180% year over year. The effective tax rate was 26.3%.
Operating cash flow was $16.0B (up 71% year over year), 159% of net earnings. Non-cash charges added back $6.3B of depreciation and amortization. After capital expenditures ($4.0B), free cash flow as the company reports it was $12.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $67.8B | +36% | 20.1% | $9.9B | $16.0B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $70.1B | +56% | 23.8% | $12.1B | $22.6B |
| Q1 2026 | 10-Q | May 7, 2026 | $48.6B | +2% | 8.1% | $2.2B | $2.5B |
| Q4 2025 | 10-K | Feb 24, 2026 | $46.9B | -10% | 9.8% | $2.8B | $10.8B |
| Q3 2025 | 10-Q | Nov 6, 2025 | $49.7B | -2% | 10.9% | $3.5B | $9.4B |
| Q2 2025 | 10-Q | Aug 7, 2025 | $44.8B | -12% | 9.3% | $2.5B | $8.6B |
| Q1 2025 | 10-Q | May 8, 2025 | $47.6B | -2% | 11.7% | $3.5B | $5.2B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- MLR · Stated in 10-K (named, share not stated) · source
- ALTO · Stated in 10-K (share of revenue from its products) · source
- NFG · Stated in 10-K (named, share not stated) · source
Buys from
- HESM — 97% of the supplier’s revenue · Stated in 10-K (sentence) · source
- MUR — 19% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- TALO — 12% of the supplier’s revenue · Stated in 10-K (sentence) · source
- DMLP — 10% of the supplier’s revenue · Stated in 10-K (sentence) · source
- DTI · Stated in 10-K (named, share not stated) · source
About Chevron
Chevron Corporation 1 , a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant.
In its own words, from its 10-K, filed Feb 24, 2026.
Chevron against its Petroleum Refining peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +36% against the peers' median +46%. Operating margin: 20.1% against the peers' median 18.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CVX Chevron | Q3 2026 | $67.8B | +36% | 20.1% |
| XOM ExxonMobil Holdings | Q3 2026 | $113.2B | +33% | 18.8% |
| MPC Marathon Petroleum | Q3 2026 | $56.0B | +61% | 18.7% |
| PSX Phillips 66 | Q3 2026 | $50.5B | +46% | 14.1% |
| VLO Valero Energy | Q3 2026 | $46.1B | +43% | 19.7% |
| COP ConocoPhillips | Q3 2026 | $19.4B | +29% | 30.8% |
| SUNC SunocoCorp LLC | Q3 2026 | $18.0B | +199% | 4.1% |
| PBF PBF Energy | Q3 2026 | $12.1B | +59% | 17.3% |
| PBF Holding Co LLC | Q2 2026 | $11.7B | +56% | 10.2% |
Source: Chevron 10-Q on SEC EDGAR · CIK 93410 · Petroleum Refining
Guidance and outlook
13F: who owns CVX and who is buying
More on CVX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results