Analyst Consensus ?
ConsensusBuy52 ratings
Bullish3465.4%
Neutral1426.9%
Bearish47.7%
Chevron Corporation · CVX · FY2025 Q2 · Calendar Q3 2025
Chevron Q2 2025: Hess Integration and Production Strengthen Outlook
The quarter supports a constructive operating thesis: production growth, Hess integration, cost reductions, and stronger free cash flow improve Chevron’s growth and cash-generation profile. The case still depends on execution, commodity prices, and regulatory conditions.
Reported Before market openNYSEEnergy
$413.48B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.77
Consensus $1.73
EPS surprise
+2.3%
Reported versus consensus
Reported revenue
$44.38B
Consensus $43.87B
Revenue surprise
+1.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.2%
Event window
SPY move
-1.6%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
+6.1%
Up to 20 sessions
CVXSPY benchmark
Ask FN2 about CVX FY2025 Q2
Transcript, numbers and history already loaded
Why did CVX fall 0.2% after beating EPS estimates in FY2025 Q2?What changed in CVX's guidance and outlook in FY2025 Q2?Give me the bull and bear case for CVX after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Versus the prior-quarter analysis, Chevron completed the Hess merger, reported record production, reduced organic capex to $3.5 billion, and raised 2026 free-cash-flow guidance to $12.5 billion. The company also added lithium-rich acreage as an initial step toward a domestic lithium business.
Guidance delta
Management raised 2026 free-cash-flow guidance to $12.5 billion and emphasized lower 2025 capital spending, including $3.5 billion of organic capex in the quarter.
Key takeaways
- Chevron reported record quarterly production and reached its 1 MMboe/day Permian target.
- The completed Hess merger adds Guyana growth and expands the shale portfolio; management is targeting $1 billion of run-rate synergies.
- Adjusted free cash flow grew 15% year over year despite lower crude prices, while 2026 free-cash-flow guidance increased.
Management priorities
- Integrate Hess assets and deliver the targeted run-rate synergies.
- Advance Permian and Gulf of America production while maintaining cost reductions.
- Develop lithium, LNG, and Eastern Mediterranean opportunities alongside exploration programs.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$207.58Current
$87Low
$181.86Average
$250High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Sep 28, 2026 |
| HSBC | Buy | Buy | Maintain | Sep 25, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 3, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 3, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 3, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 19, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 17, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Aug 3, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 28, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 2, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 27, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | May 5, 2026 |
| UBS | Buy | Buy | Maintain | May 4, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 22, 2026 |
| BNP Paribas | Outperform | Neutral | Upgrade | Apr 17, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 2, 2026 |
| Jefferies | Buy | Buy | Maintain | Jan 14, 2026 |
| Freedom Capital Markets | Sell | Hold | Downgrade | Jan 6, 2026 |
| Freedom Broker | Sell | Hold | Downgrade | Jan 6, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Oct 17, 2025 |
| Redburn Atlantic | Sell | Neutral | Downgrade | Apr 23, 2025 |
| Truist Securities | Hold | Hold | Maintain | Feb 4, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 1, 2024 |
| DZ Bank | Hold | Buy | Downgrade | Feb 6, 2024 |
| JP Morgan | Neutral | Underweight | Upgrade | May 31, 2023 |
| Exane BNP Paribas | Neutral | Underperform | Upgrade | Apr 4, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 24, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 9, 2022 |
| Redburn Partners | Buy | Neutral | Upgrade | Jul 22, 2021 |
| Argus Research | Buy | Buy | Maintain | May 12, 2021 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Mar 17, 2021 |
| MKM Partners | Buy | Buy | Maintain | Sep 24, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 24, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Jan 7, 2020 |
| Tudor Pickering | Buy | Buy | Maintain | Mar 1, 2019 |
| Societe Generale | Buy | Buy | Maintain | Dec 19, 2018 |
| Berenberg | Buy | Buy | Maintain | Sep 11, 2018 |
| Macquarie | Neutral | Outperform | Downgrade | Jul 3, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Independent Research | Buy | Hold | Upgrade | Dec 1, 2016 |
| CLSA | Buy | Outperform | Maintain | Nov 15, 2016 |
| PiperJaffray | Overweight | Neutral | Upgrade | Aug 9, 2016 |
| Nomura | Neutral | Neutral | Maintain | Mar 18, 2016 |
| Baird | Outperform | Outperform | Maintain | Jan 21, 2016 |
| Deutsche Bank | Buy | Buy | Maintain | Jan 7, 2016 |
| Oppenheimer | Perform | Outperform | Downgrade | Feb 24, 2015 |
| S&P Capital IQ | Buy | Strong Buy | Downgrade | Jan 31, 2014 |
| Scotia Howard Weil | Sector Perform | Sector Outperform | Downgrade | Jan 8, 2014 |
| Canaccord Genuity | Buy | Buy | Maintain | Feb 22, 2013 |
| Dahlman Rose | Buy | Buy | Maintain | Feb 4, 2013 |
| Oracle Investment Research | Hold | Buy | Downgrade | Feb 1, 2013 |
| VTB Capital | Hold | Hold | Maintain | Sep 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $207.58. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| HSBC | Analyst unavailable | $90 | $205.58 | -56.6% | Sep 25, 2026 |
| HSBC | Kim Fustier | $250 | $205.58 | +20.4% | Sep 25, 2026 |
| BMO Capital | Phillip Jungwirth | $235 | $211.76 | +13.2% | Sep 3, 2026 |
| Piper Sandler | John Royall | $243 | $211.76 | +17.1% | Sep 3, 2026 |
| Wells Fargo | Analyst unavailable | $230 | $211.76 | +10.8% | Sep 3, 2026 |
| Morgan Stanley | Analyst unavailable | $218 | $207.35 | +5.0% | Aug 19, 2026 |
| Barclays | Analyst unavailable | $208 | $200.01 | +0.2% | Aug 17, 2026 |
| Bernstein | Analyst unavailable | $209 | $194.66 | +0.7% | Aug 3, 2026 |
| Mizuho Securities | Nitin Kumar | $224 | $196.87 | +7.9% | Aug 3, 2026 |
| Barclays | Analyst unavailable | $216 | $196.87 | +4.1% | Aug 3, 2026 |
| Piper Sandler | Analyst unavailable | $207 | $192.98 | -0.3% | Jul 23, 2026 |
| Jefferies | Lloyd Byrne | $216 | $174.68 | +4.1% | Jul 10, 2026 |
| Wolfe Research | Doug Leggate | $210 | $165.7 | +1.2% | Jul 2, 2026 |
| Mizuho Securities | Nitin Kumar | $230 | $184.69 | +10.8% | May 27, 2026 |
| Barclays | Analyst unavailable | $213 | $191.43 | +2.6% | May 26, 2026 |
| Morgan Stanley | Devin McDermott | $214 | $190.51 | +3.1% | May 22, 2026 |
| Bernstein | Analyst unavailable | $204 | $181.45 | -1.7% | May 11, 2026 |
| Goldman Sachs | Analyst unavailable | $216 | $192.66 | +4.1% | May 6, 2026 |
| UBS | Josh Silverstein | $220 | $190.54 | +6.0% | May 4, 2026 |
| Barclays | Betty Jiang | $192 | $190.63 | -7.5% | May 4, 2026 |
| BNP Paribas | Lucas Herrmann | $174 | $188.18 | -16.2% | Apr 17, 2026 |
| Wells Fargo | Analyst unavailable | $222 | $190.36 | +6.9% | Apr 9, 2026 |
| Morgan Stanley | Devin McDermott | $212 | $211.15 | +2.1% | Mar 27, 2026 |
| Melius Research | Analyst unavailable | $205 | $183.71 | -1.2% | Feb 17, 2026 |
| Argus Research | Analyst unavailable | $203 | $177.06 | -2.2% | Feb 3, 2026 |
| UBS | Analyst unavailable | $212 | $174.3 | +2.1% | Feb 2, 2026 |
| BMO Capital | Analyst unavailable | $190 | $177.01 | -8.5% | Feb 2, 2026 |
| HSBC | Analyst unavailable | $180 | $177.01 | -13.3% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $167.47 | -16.2% | Jan 23, 2026 |
| Barclays | Betty Jiang | $166 | $167.55 | -20.0% | Jan 21, 2026 |
| Scotiabank | Analyst unavailable | $168 | $166.98 | -19.1% | Jan 16, 2026 |
| Jefferies | Lloyd Byrne | $189 | $167.08 | -9.0% | Jan 14, 2026 |
| Piper Sandler | Ryan Todd | $174 | $155.2 | -16.2% | Jan 8, 2026 |
| Bernstein | Analyst unavailable | $172 | $155.87 | -17.1% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $206 | $150.71 | -0.8% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $169 | $151.49 | -18.6% | Dec 1, 2025 |
| Raymond James | Analyst unavailable | $160 | $152.92 | -22.9% | Oct 17, 2025 |
| Scotiabank | Analyst unavailable | $165 | $152.57 | -20.5% | Oct 9, 2025 |
| Barclays | Betty Jiang | $158 | $154.02 | -23.9% | Oct 7, 2025 |
| Mizuho Securities | Nitin Kumar | $191 | $157.31 | -8.0% | Sep 15, 2025 |
| UBS | Analyst unavailable | $186 | $151.04 | -10.4% | Aug 4, 2025 |
| Wells Fargo | Roger Read | $178 | $151.64 | -14.2% | Aug 1, 2025 |
| BNP Paribas | Lucas Herrmann | $140 | $134.54 | -32.6% | Apr 15, 2025 |
| Piper Sandler | Ryan Todd | $184 | $157.79 | -11.4% | Dec 9, 2024 |
| Truist Financial | Neal Dingmann | $155 | $153.97 | -25.3% | Nov 4, 2024 |
| Truist Financial | Neal Dingmann | $150 | $150.75 | -27.7% | Oct 21, 2024 |
| Bank of America Securities | Jean Ann Salisbury | $168 | $148.73 | -19.1% | Oct 17, 2024 |
| Scotiabank | Paul Cheng | $163 | $149.65 | -21.5% | Oct 10, 2024 |
| Barclays | Betty Jiang | $168 | $149.7 | -19.1% | Oct 2, 2024 |
| Barclays | Betty Jiang | $185 | $144.66 | -10.9% | Aug 6, 2024 |
| Goldman Sachs | Neil Mehta | $177 | $144.77 | -14.7% | Aug 5, 2024 |
| RBC Capital | Biraj Borkhataria | $180 | $148.55 | -13.3% | Aug 5, 2024 |
| Bernstein | Bob Brackett | $138 | $152.62 | -33.5% | Aug 2, 2024 |
| HSBC | Frank Lee | $200 | $160.38 | -3.7% | Jul 17, 2024 |
| Bernstein | Bob Brackett | $167 | $157.77 | -19.5% | Jul 17, 2024 |
| Goldman Sachs | Neil Mehta | $175 | $162.72 | -15.7% | May 17, 2024 |
| Wells Fargo | Roger Read | $206 | $161.27 | -0.8% | Apr 30, 2024 |
| HSBC | Kim Fustier | $178 | $161.27 | -14.2% | Apr 30, 2024 |
| Piper Sandler | Ryan Todd | $204 | $157.62 | -1.7% | Apr 18, 2024 |
| Scotiabank | Paul Cheng | $195 | $162.67 | -6.1% | Apr 11, 2024 |
| UBS | Josh Silverstein | $197 | $161.27 | -5.1% | Apr 8, 2024 |
| Jefferies | Lloyd Byrne | $190 | $161.6 | -8.5% | Apr 8, 2024 |
| Wells Fargo | Roger Read | $198 | $160.44 | -4.6% | Apr 4, 2024 |
| Mizuho Securities | Nitin Kumar | $200 | $154.55 | -3.7% | Mar 20, 2024 |
| Piper Sandler | Ryan Todd | $180 | $155.7 | -13.3% | Mar 14, 2024 |
| Scotiabank | Paul Cheng | $170 | $147.89 | -18.1% | Feb 2, 2024 |
| Jefferies | Lloyd Byrne | $184 | $149.5 | -11.4% | Jan 8, 2024 |
| Bernstein | Bob Brackett | $182 | $147.64 | -12.3% | Nov 2, 2023 |
| Goldman Sachs | Neil Mehta | $187 | $158.87 | -9.9% | Jul 31, 2023 |
| Piper Sandler | Ryan Todd | $188 | $152.8 | -9.4% | Jun 22, 2023 |
| J.P. Morgan | John M Royall | $170 | $150.62 | -18.1% | May 31, 2023 |
| Raymond James | Justin Jenkins | $212 | $164.04 | +2.1% | Mar 8, 2023 |
| Wells Fargo | Analyst unavailable | $202 | $176.2 | -2.7% | Jan 10, 2023 |
| Wells Fargo | Edward Kelly | $87 | $176.56 | -58.1% | Jan 9, 2023 |
| Barclays | Analyst unavailable | $212 | $178.08 | +2.1% | Jan 3, 2023 |
| Piper Sandler | Analyst unavailable | $199 | $168.72 | -4.1% | Dec 19, 2022 |
| BNP Paribas | Lucas Herrmann | $190 | $174.08 | -8.5% | Dec 14, 2022 |
| HSBC | Gordon Gray | $177 | $180.9 | -14.7% | Nov 1, 2022 |
| Piper Sandler | Analyst unavailable | $190 | $159.97 | -8.5% | Sep 12, 2022 |
| Morgan Stanley | Analyst unavailable | $193 | $156.55 | -7.0% | Sep 6, 2022 |
| Morgan Stanley | Analyst unavailable | $187 | $166 | -9.9% | Aug 29, 2022 |
| Cowen & Co. | Analyst unavailable | $120 | $155.29 | -42.2% | Aug 15, 2022 |
| Wells Fargo | Analyst unavailable | $185 | $163.78 | -10.9% | Aug 1, 2022 |
| Raymond James | Analyst unavailable | $185 | $163.78 | -10.9% | Aug 1, 2022 |
| Truist Financial | Analyst unavailable | $166 | $141.88 | -20.0% | Jul 19, 2022 |
| Morgan Stanley | Analyst unavailable | $190 | $141.43 | -8.5% | Jul 19, 2022 |
| Piper Sandler | Analyst unavailable | $189 | $139.58 | -9.0% | Jul 19, 2022 |
| Citigroup | Analyst unavailable | $150 | $138.92 | -27.7% | Jul 13, 2022 |
| Truist Financial | Neal Dingmann | $170 | $146.51 | -18.1% | Jul 5, 2022 |
| Credit Suisse | Manav Gupta | $202 | $156.87 | -2.7% | Jun 16, 2022 |
| Goldman Sachs | Analyst unavailable | $181 | $180.2 | -12.8% | Jun 8, 2022 |
| Goldman Sachs | Jason Gabelman | $179 | $180.03 | -13.8% | Jun 7, 2022 |
| Cowen & Co. | Analyst unavailable | $179 | $176.83 | -13.8% | Jun 7, 2022 |
| Morgan Stanley | Analyst unavailable | $185 | $177.6 | -10.9% | Jun 6, 2022 |
| Barclays | Jeanine Wai | $196 | $177.6 | -5.6% | Jun 6, 2022 |
| Truist Financial | Neal Dingmann | $181 | $159.75 | -12.8% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $190 | $159.24 | -8.5% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $181 | $156.67 | -12.8% | May 2, 2022 |
| Wolfe Research | Sam Margolin | $197 | $159.75 | -5.1% | May 2, 2022 |
| Truist Financial | Neal Dingmann | $186 | $156.53 | -10.4% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $188 | $163.85 | -9.4% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $165 | $172.53 | -20.5% | Apr 21, 2022 |
| UBS | Luiz Carvalho | $192 | $169.93 | -7.5% | Apr 9, 2022 |
| HSBC | Gordon Gray | $165 | $164.64 | -20.5% | Mar 21, 2022 |
| Morgan Stanley | Devin McDermott | $166 | $166.72 | -20.0% | Mar 14, 2022 |
| Wells Fargo | Roger Read | $184 | $170.9 | -11.4% | Mar 11, 2022 |
| MKM Partners | John Gerdes | $157 | $158.65 | -24.4% | Mar 4, 2022 |
| Cowen & Co. | Jason Gabelman | $160 | $156.22 | -22.9% | Mar 3, 2022 |
| Truist Financial | Neal Dingmann | $160 | $156.22 | -22.9% | Mar 3, 2022 |
| Citigroup | Alastair Syme | $145 | $154.14 | -30.1% | Mar 2, 2022 |
| Evercore ISI | Stephen Richardson | $145 | $154.14 | -30.1% | Mar 2, 2022 |
| Piper Sandler | Ryan Todd | $173 | $154.14 | -16.7% | Mar 2, 2022 |
| DZ BANK AG | Werner Eisenmann | $167 | $154.14 | -19.5% | Mar 2, 2022 |
| Wolfe Research | Sam Margolin | $168 | $154.14 | -19.1% | Mar 2, 2022 |
| BMO Capital | Phillip Jungwirth | $170 | $154.14 | -18.1% | Mar 2, 2022 |
| Raymond James | Justin Jenkins | $173 | $149.72 | -16.7% | Mar 1, 2022 |
| Bank of America Securities | Doug Leggate | $167 | $144 | -19.5% | Feb 28, 2022 |
| Credit Suisse | Manav Gupta | $152 | $140.38 | -26.8% | Feb 25, 2022 |
| Cowen & Co. | Jason Gabelman | $140 | $135.55 | -32.6% | Feb 23, 2022 |
| Goldman Sachs | Neil Mehta | $142 | $129.96 | -31.6% | Jan 31, 2022 |
| UBS | Jon Rigby | $150 | $130.61 | -27.7% | Jan 30, 2022 |
| Truist Financial | Neal Dingmann | $167 | $128.96 | -19.5% | Jan 16, 2022 |
| Argus Research | Bill Selesky | $127 | $111.36 | -38.8% | Nov 2, 2021 |
| Societe Generale | Irene Himona | $130 | $110.35 | -37.4% | Oct 22, 2021 |
Track every rating change on CVX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationChevron Corporation functions as a global energy and chemicals powerhouse, orchestrating its diverse operations worldwide. The company's business is organized into two primary divisions: Upstream and Downstream. The Upstream segment focuses on the full lifecycle of crude oil and natural gas, from their initial exploration and development to production and subsequent transportation. This also encompasses the processing, liquefaction, transit, and regasification of liquefied natural gas (LNG), as well as pipeline transport of crude oil and the movement, storage, and sale of natural gas. Additionally, this segment manages a facility dedicated to converting natural gas into liquid fuels. In contrast, the Downstream segment is tasked with refining crude oil into a variety of petroleum products.…
Historical context
All CVX earningsLatest beats and misses
Who reports nextBeat on EPS
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- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-07T05:30:47.044902+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T05:30:47.042629+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.