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Chevron cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$12.0B in Q3 2026 · $34.1B over twelve months

Operating cash flow$16.0B
Capital spending−$4.0B
Free cash flow+$12.0B
Cash / net income1.6×
Cash conversion cycle-6 days

Analysis

In Q3 2026, Chevron generated $16.0B of operating cash flow and spent $4.0B on capital projects, leaving free cash flow of $12.0B. That is $7.1B more than in Q3 2025 ($4.9B).

Over the twelve months to Sep 30, 2026, operating cash flow was $52.0B; the largest uses were capital spending ($17.9B), dividends ($13.9B), buybacks ($11.1B); besides operations, cash came from other investing ($2.0B), shares issued ($1.5B); the cash balance rose by $5.1B.

Operating cash flow was $16.0B against net income of $10.0B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$6.3B, payables +$2.0B, inventory −$871M.

Its cash conversion cycle was -6 days (receivables 31 + inventory 28 − payables 65): suppliers fund its working capital.

Free cash flow

Chevron: free cash flow by quarterChevron: free cash flow by quarter$4.4BQ4 2024$1.3BQ1 2025$4.9BQ2 2025$4.9BQ3 2025$5.5BQ4 2025−$1.5BQ1 2026$18.1BQ2 2026$12.0BQ3 2026
Operating cash flow less capital spending.
Chevron: operating cash flow against capital spendingChevron: operating cash flow against capital spendingOperating cash flowCapital spending$8.7B$4.3BQ4 2024$5.2B$3.9BQ1 2025$8.6B$3.7BQ2 2025$9.4B$4.4BQ3 2025$10.8B$5.3BQ4 2025$2.5B$4.1BQ1 2026$22.6B$4.5BQ2 2026$16.0B$4.0BQ3 2026
Latest (Q3 2026): Operating cash flow $16.0B, Capital spending $4.0B.

Capital allocation, year by year

Chevron: where the cash came from (up) and went (down), by fiscal yearChevron: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $29.2BFY2021: Net borrowing −$12.7BFY2021: Shares issued $1.3BFY2021: Asset sales $1.8BFY2021: Capital spending −$8.1BFY2021: Buybacks −$1.4BFY2021: Dividends −$10.2B$32.3BFY2021FY2022: Operating cash flow $49.6BFY2022: Net borrowing −$8.2BFY2022: Shares issued $5.8BFY2022: Asset sales $2.6BFY2022: Capital spending −$12.0BFY2022: Acquisitions −$2.9BFY2022: Buybacks −$11.3BFY2022: Dividends −$11.0B$58.1BFY2022FY2023: Operating cash flow $35.6BFY2023: Net borrowing −$3.9BFY2023: Shares issued $263MFY2023: Asset sales $669MFY2023: Capital spending −$15.8BFY2023: Acquisitions $55.0MFY2023: Buybacks −$14.9BFY2023: Dividends −$11.3B$36.6BFY2023FY2024: Operating cash flow $31.5BFY2024: Net borrowing $3.7BFY2024: Shares issued $356MFY2024: Asset sales $7.7BFY2024: Capital spending −$16.4BFY2024: Buybacks −$15.2BFY2024: Dividends −$11.8B$43.3BFY2024FY2025: Operating cash flow $33.9BFY2025: Net borrowing $3.7BFY2025: Shares issued $374MFY2025: Asset sales $1.8BFY2025: Capital spending −$17.3BFY2025: Acquisitions $1.1BFY2025: Buybacks −$12.1BFY2025: Dividends −$12.8B$40.9BFY2025
Over these 5 years operating cash flow totalled $179.8B; the largest uses were capital spending ($69.7B) and dividends ($57.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.9B
Debt$33.5B
Net debt$19.6B
Due within a year$2.3B

Chevron funds itself: free cash flow was $34.1B over the last twelve months, and $13.9B of cash and investments stands against $33.5B of debt ($2.3B due within a year, 5.9× covered by cash).

Chevron: debt maturities by year (FY2025)Chevron: debt maturities by year (FY2025)$2.3BYear 1$5.7BYear 2$4.8BYear 3$1.6BYear 4$5.3BYear 5$11.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $13.9B of cash and investments now.

Where the cash came from and went

Chevron: sources (+) and uses (−) of cash, Q3 2026Chevron: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$16.0BNet borrowing (+) / repaid (−)−$6.7BCash drawn (+) / kept (−)−$4.3BCapital spending−$4.0BDividends−$3.5BOther financing$3.3BBuybacks−$2.5BOther investing$994MAsset & business sales$710MPartners−$296MShares issued$274MExchange rates$18.0M
Chevron: sources (+) and uses (−) of cash, TTM to Q3 2026Chevron: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$52.0BCapital spending−$17.9BDividends−$13.9BBuybacks−$11.1BNet borrowing (+) / repaid (−)−$7.7BCash drawn (+) / kept (−)−$5.1BOther investing$2.0BShares issued$1.5BAsset & business sales$1.4BPartners−$1.0BOther financing−$69.0MExchange rates−$6.0M

From profit to cash

Chevron: net income to operating cash flow, Q3 2026Chevron: net income to operating cash flow, Q3 2026Net income$10.0BDepreciation & amortization$6.3BDeferred taxes$136MGains on disposals−$129MOther non-cash−$31.0MInventory−$871MPayables$2.0BPrepaid and other assets−$304MIncome taxes payable$173MOperating cash flow$16.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026312865-6
Q2 2026292659-4
Q1 20263532680
Q4 2025313770-2
Q3 2025293263-2
Q2 2025333067-3
Q1 2025342968-5
Q4 2024312964-4

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$16.0B−$4.0B—−$2.5B−$3.5B−$6.7B$274M−$4.3B$12.0B
Q2 2026$22.6B−$4.5B—−$3.0B−$3.5B−$8.4B$49.0M−$3.3B$18.1B
Q1 2026$2.5B−$4.1B—−$2.6B−$3.5B$7.9B$1.2B$969M−$1.5B
Q4 2025$10.8B−$5.3B—−$3.0B−$3.4B−$3.8B$57.0M$1.5B$5.5B
Q3 2025$9.4B−$4.4B$3.3B−$2.6B−$3.4B$2.2B$84.0M−$3.4B$4.9B
Q2 2025$8.6B−$3.7B—−$2.6B−$2.9B$2.1B$11.0M$791M$4.9B
Q1 2025$5.2B−$3.9B−$2.2B−$3.9B−$3.0B$5.0B$218M$2.1B$1.3B
Q4 2024$8.7B−$4.3B—−$4.5B−$2.9B$1.5B$136M−$2.5B$4.4B

Chevron: income statement and cash flow

Chevron, Q3 2026: revenue $67.8B (+36% year over year), operating margin 20.1%. The chart follows the revenue to costs, profit and cash.

Chevron: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.