Filing Flows › Chevron (CVX) › Q1 2026
Chevron (CVX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Chevron (CVX) reported revenue of $48.6B for the first quarter 2026 (Q1 2026), +2% from a year earlier and +4% from the quarter before. Operating margin was 8.1%, net earnings $2.2B (4.5% of revenue).
Chevron, Q1 2026: revenue $48.6B (+2% year over year), operating margin 8.1%, net earnings $2.2B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $48.6B | +4% | +2% |
| Operating profit | $3.9B | -14% | -29% |
| Net earnings | $2.2B | -20% | -37% |
| Operating cash flow | $2.5B | -77% | -52% |
What changed
Revenue was $48.6B in Q1 2026, up 2% year over year and up 4% from the previous quarter.
Operating profit was $3.9B, a 8.1% margin (down 3.6 points year over year). Operating profit fell $1.6B even though revenue rose $1.0B versus Q1 2025, so costs grew faster than sales. Total costs grew 6% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $2.2B, down 37% year over year. The effective tax rate was 41.9%.
Operating cash flow was $2.5B (down 52% year over year), 110% of net income including minority interests. Non-cash charges added back $5.8B of depreciation and amortization. Working capital and other items used $5.6B. Capital expenditures of $4.1B exceeded it, leaving free cash flow of −$1.5B.
Questions
What was Chevron's revenue in the first quarter 2026?
Chevron (CVX) reported revenue of $48.6B for the first quarter 2026 (Q1 2026), +2% from a year earlier and +4% from the quarter before.
Was Chevron profitable in the first quarter 2026?
Operating profit was $3.9B (8.1% of revenue) and net earnings $2.2B.
Source: Chevron 10-Q on SEC EDGAR.