Quarterly ResultMay 7, 2026, 11:46 AM
Chevron Q1 Net Income $2.21B, EPS $1.11; Sales $47.56B
AI Summary
Chevron reported a significant decline in net income and diluted EPS for the first quarter of 2026, falling to $2.21 billion and $1.11, respectively, compared to the prior year. This decrease occurred despite an increase in sales and other operating revenues to $47.56 billion. The company attributed the lower earnings primarily to reduced upstream realizations, weaker downstream margins, and higher operating and depreciation expenses, alongside an increased effective tax rate.
Key Highlights
- Net Income Attributable to Chevron: $2.21 billion in Q1 2026, down from $3.50 billion in Q1 2025.
- Diluted Earnings Per Share: $1.11 in Q1 2026, a decrease from $2.00 in Q1 2025.
- Sales and Other Operating Revenues: Increased to $47.56 billion in Q1 2026 from $46.10 billion in Q1 2025.
- Net Cash Provided by Operating Activities: $2.51 billion in Q1 2026, down from $5.19 billion in Q1 2025.
- Upstream U.S. Net Income: Rose to $2.11 billion in Q1 2026 from $1.86 billion in Q1 2025.
- Downstream International Net Income: Posted a loss of $1.01 billion in Q1 2026, compared to $222 million income in Q1 2025.
- Cash dividends paid: $3.53 billion in Q1 2026 ($1.78/share), up from $2.98 billion in Q1 2025 ($1.71/share).
- Effective tax rate: Increased to 42% in Q1 2026 from 37% in Q1 2025.