Analyst Consensus ?
ConsensusBuy52 ratings
Bullish3465.4%
Neutral1426.9%
Bearish47.7%
Chevron Corporation · CVX · FY2026 Q1 · Calendar Q2 2026
Chevron Q1 2026: EPS Beats on Hess Synergies as Revenue Falls Short
Chevron's first full quarter with Hess assets delivered a 41% EPS beat, but revenue undershot estimates by 6.3%, reflecting softer realizations and $3 billion in timing-related earnings effects. The company maintained full-year guidance and signaled continued margin capture from higher equity-crude utilization, yet the market reaction was negative -- shares fell 1.7% on the session and drifted an additional 2.5% lower in subsequent days. Management's confident tone and unchanged capex outlook suggest the quarter's revenue softness is viewed as transient, though the combination of geopolitical risk, Venezuela fiscal uncertainty, and derivatives-related volatility introduces real downside variability that investors should weigh against the integration upside.
Reported Before market openNYSEEnergy
$378.40B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.41
Consensus $1
EPS surprise
+41.0%
Reported versus consensus
Reported revenue
$48.61B
Consensus $51.86B
Revenue surprise
-6.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$190Previous close
$87Low
$179.02Average
$230High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 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 | Jul 22, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 2, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 27, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 26, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | May 11, 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 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 2, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Mar 12, 2026 |
| B of A Securities | Buy | Buy | Maintain | Mar 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 |
| HSBC | Buy | Hold | Upgrade | Dec 1, 2025 |
| 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 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 12, 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 previous close $190. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $207 | $192.98 | +8.9% | Jul 23, 2026 |
| Jefferies | Lloyd Byrne | $216 | $174.68 | +13.7% | Jul 10, 2026 |
| Wolfe Research | Doug Leggate | $210 | $165.7 | +10.5% | Jul 2, 2026 |
| Mizuho Securities | Nitin Kumar | $230 | $184.69 | +21.1% | May 27, 2026 |
| Barclays | Analyst unavailable | $213 | $191.43 | +12.1% | May 26, 2026 |
| Morgan Stanley | Devin McDermott | $214 | $190.51 | +12.6% | May 22, 2026 |
| Bernstein | Analyst unavailable | $204 | $181.45 | +7.4% | May 11, 2026 |
| Goldman Sachs | Analyst unavailable | $216 | $192.66 | +13.7% | May 6, 2026 |
| UBS | Josh Silverstein | $220 | $190.54 | +15.8% | May 4, 2026 |
| Barclays | Betty Jiang | $192 | $190.63 | +1.1% | May 4, 2026 |
| BNP Paribas | Lucas Herrmann | $174 | $188.18 | -8.4% | Apr 17, 2026 |
| Wells Fargo | Analyst unavailable | $222 | $190.36 | +16.8% | Apr 9, 2026 |
| Morgan Stanley | Devin McDermott | $212 | $211.15 | +11.6% | Mar 27, 2026 |
| Melius Research | Analyst unavailable | $205 | $183.71 | +7.9% | Feb 17, 2026 |
| Argus Research | Analyst unavailable | $203 | $177.06 | +6.8% | Feb 3, 2026 |
| UBS | Analyst unavailable | $212 | $174.3 | +11.6% | Feb 2, 2026 |
| BMO Capital | Analyst unavailable | $190 | $177.01 | +0.0% | Feb 2, 2026 |
| HSBC | Analyst unavailable | $180 | $177.01 | -5.3% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $167.47 | -8.4% | Jan 23, 2026 |
| Barclays | Betty Jiang | $166 | $167.55 | -12.6% | Jan 21, 2026 |
| Scotiabank | Analyst unavailable | $168 | $166.98 | -11.6% | Jan 16, 2026 |
| Jefferies | Lloyd Byrne | $189 | $167.08 | -0.5% | Jan 14, 2026 |
| Piper Sandler | Ryan Todd | $174 | $155.2 | -8.4% | Jan 8, 2026 |
| Bernstein | Analyst unavailable | $172 | $155.87 | -9.5% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $206 | $150.71 | +8.4% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $169 | $151.49 | -11.1% | Dec 1, 2025 |
| Raymond James | Analyst unavailable | $160 | $152.92 | -15.8% | Oct 17, 2025 |
| Scotiabank | Analyst unavailable | $165 | $152.57 | -13.2% | Oct 9, 2025 |
| Barclays | Betty Jiang | $158 | $154.02 | -16.8% | Oct 7, 2025 |
| Mizuho Securities | Nitin Kumar | $191 | $157.31 | +0.5% | Sep 15, 2025 |
| UBS | Analyst unavailable | $186 | $151.04 | -2.1% | Aug 4, 2025 |
| Wells Fargo | Roger Read | $178 | $151.64 | -6.3% | Aug 1, 2025 |
| BNP Paribas | Lucas Herrmann | $140 | $134.54 | -26.3% | Apr 15, 2025 |
| Piper Sandler | Ryan Todd | $184 | $157.79 | -3.2% | Dec 9, 2024 |
| Truist Financial | Neal Dingmann | $155 | $153.97 | -18.4% | Nov 4, 2024 |
| Truist Financial | Neal Dingmann | $150 | $150.75 | -21.1% | Oct 21, 2024 |
| Bank of America Securities | Jean Ann Salisbury | $168 | $148.73 | -11.6% | Oct 17, 2024 |
| Scotiabank | Paul Cheng | $163 | $149.65 | -14.2% | Oct 10, 2024 |
| Barclays | Betty Jiang | $168 | $149.7 | -11.6% | Oct 2, 2024 |
| Barclays | Betty Jiang | $185 | $144.66 | -2.6% | Aug 6, 2024 |
| Truist Financial | Neal Dingmann | $154 | $144.77 | -18.9% | Aug 5, 2024 |
| RBC Capital | Biraj Borkhataria | $180 | $148.55 | -5.3% | Aug 5, 2024 |
| Bernstein | Bob Brackett | $138 | $152.62 | -27.4% | Aug 2, 2024 |
| HSBC | Frank Lee | $200 | $160.38 | +5.3% | Jul 17, 2024 |
| Bernstein | Bob Brackett | $167 | $157.77 | -12.1% | Jul 17, 2024 |
| Goldman Sachs | Neil Mehta | $175 | $162.72 | -7.9% | May 17, 2024 |
| Wells Fargo | Roger Read | $206 | $161.27 | +8.4% | Apr 30, 2024 |
| HSBC | Kim Fustier | $178 | $161.27 | -6.3% | Apr 30, 2024 |
| Piper Sandler | Ryan Todd | $204 | $157.62 | +7.4% | Apr 18, 2024 |
| Scotiabank | Paul Cheng | $195 | $162.67 | +2.6% | Apr 11, 2024 |
| UBS | Josh Silverstein | $197 | $161.27 | +3.7% | Apr 8, 2024 |
| Jefferies | Lloyd Byrne | $190 | $161.6 | +0.0% | Apr 8, 2024 |
| Wells Fargo | Roger Read | $198 | $160.44 | +4.2% | Apr 4, 2024 |
| Mizuho Securities | Nitin Kumar | $200 | $154.55 | +5.3% | Mar 20, 2024 |
| Piper Sandler | Ryan Todd | $180 | $155.7 | -5.3% | Mar 14, 2024 |
| Scotiabank | Paul Cheng | $170 | $147.89 | -10.5% | Feb 2, 2024 |
| Jefferies | Lloyd Byrne | $184 | $149.5 | -3.2% | Jan 8, 2024 |
| Bernstein | Bob Brackett | $182 | $147.64 | -4.2% | Nov 2, 2023 |
| Goldman Sachs | Neil Mehta | $187 | $158.87 | -1.6% | Jul 31, 2023 |
| Piper Sandler | Ryan Todd | $188 | $152.8 | -1.1% | Jun 22, 2023 |
| J.P. Morgan | John M Royall | $170 | $150.62 | -10.5% | May 31, 2023 |
| Raymond James | Justin Jenkins | $212 | $164.04 | +11.6% | Mar 8, 2023 |
| Wells Fargo | Analyst unavailable | $202 | $176.2 | +6.3% | Jan 10, 2023 |
| Wells Fargo | Edward Kelly | $87 | $176.56 | -54.2% | Jan 9, 2023 |
| Barclays | Analyst unavailable | $212 | $178.08 | +11.6% | Jan 3, 2023 |
| Piper Sandler | Analyst unavailable | $199 | $168.72 | +4.7% | Dec 19, 2022 |
| BNP Paribas | Lucas Herrmann | $190 | $174.08 | +0.0% | Dec 14, 2022 |
| HSBC | Gordon Gray | $177 | $180.9 | -6.8% | Nov 1, 2022 |
| Piper Sandler | Analyst unavailable | $190 | $159.97 | +0.0% | Sep 12, 2022 |
| Morgan Stanley | Analyst unavailable | $193 | $156.55 | +1.6% | Sep 6, 2022 |
| Morgan Stanley | Analyst unavailable | $187 | $166 | -1.6% | Aug 29, 2022 |
| Cowen & Co. | Analyst unavailable | $120 | $155.29 | -36.8% | Aug 15, 2022 |
| Wells Fargo | Analyst unavailable | $185 | $163.78 | -2.6% | Aug 1, 2022 |
| Raymond James | Analyst unavailable | $185 | $163.78 | -2.6% | Aug 1, 2022 |
| Truist Financial | Analyst unavailable | $166 | $141.88 | -12.6% | Jul 19, 2022 |
| Morgan Stanley | Analyst unavailable | $190 | $141.43 | +0.0% | Jul 19, 2022 |
| Piper Sandler | Analyst unavailable | $189 | $139.58 | -0.5% | Jul 19, 2022 |
| Citigroup | Analyst unavailable | $150 | $138.92 | -21.1% | Jul 13, 2022 |
| Truist Financial | Neal Dingmann | $170 | $146.51 | -10.5% | Jul 5, 2022 |
| Credit Suisse | Manav Gupta | $202 | $156.87 | +6.3% | Jun 16, 2022 |
| Goldman Sachs | Analyst unavailable | $181 | $180.2 | -4.7% | Jun 8, 2022 |
| Goldman Sachs | Jason Gabelman | $179 | $180.03 | -5.8% | Jun 7, 2022 |
| Cowen & Co. | Analyst unavailable | $179 | $176.83 | -5.8% | Jun 7, 2022 |
| Morgan Stanley | Analyst unavailable | $185 | $177.6 | -2.6% | Jun 6, 2022 |
| Barclays | Jeanine Wai | $196 | $177.6 | +3.2% | Jun 6, 2022 |
| Truist Financial | Neal Dingmann | $181 | $159.75 | -4.7% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $190 | $159.24 | +0.0% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $181 | $156.67 | -4.7% | May 2, 2022 |
| Wolfe Research | Sam Margolin | $197 | $159.75 | +3.7% | May 2, 2022 |
| Truist Financial | Neal Dingmann | $186 | $156.53 | -2.1% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $188 | $163.85 | -1.1% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $165 | $172.53 | -13.2% | Apr 21, 2022 |
| UBS | Luiz Carvalho | $192 | $169.93 | +1.1% | Apr 9, 2022 |
| HSBC | Gordon Gray | $165 | $164.64 | -13.2% | Mar 21, 2022 |
| Morgan Stanley | Devin McDermott | $166 | $166.72 | -12.6% | Mar 14, 2022 |
| Wells Fargo | Roger Read | $184 | $170.9 | -3.2% | Mar 11, 2022 |
| MKM Partners | John Gerdes | $157 | $158.65 | -17.4% | Mar 4, 2022 |
| Cowen & Co. | Jason Gabelman | $160 | $156.22 | -15.8% | Mar 3, 2022 |
| Truist Financial | Neal Dingmann | $160 | $156.22 | -15.8% | Mar 3, 2022 |
| Citigroup | Alastair Syme | $145 | $154.14 | -23.7% | Mar 2, 2022 |
| Evercore ISI | Stephen Richardson | $145 | $154.14 | -23.7% | Mar 2, 2022 |
| Piper Sandler | Ryan Todd | $173 | $154.14 | -8.9% | Mar 2, 2022 |
| DZ BANK AG | Werner Eisenmann | $167 | $154.14 | -12.1% | Mar 2, 2022 |
| Wolfe Research | Sam Margolin | $168 | $154.14 | -11.6% | Mar 2, 2022 |
| BMO Capital | Phillip Jungwirth | $170 | $154.14 | -10.5% | Mar 2, 2022 |
| Raymond James | Justin Jenkins | $173 | $149.72 | -8.9% | Mar 1, 2022 |
| Bank of America Securities | Doug Leggate | $167 | $144 | -12.1% | Feb 28, 2022 |
| Credit Suisse | Manav Gupta | $152 | $140.38 | -20.0% | Feb 25, 2022 |
| Cowen & Co. | Jason Gabelman | $140 | $135.55 | -26.3% | Feb 23, 2022 |
| Goldman Sachs | Neil Mehta | $142 | $129.96 | -25.3% | Jan 31, 2022 |
| UBS | Jon Rigby | $150 | $130.61 | -21.1% | Jan 30, 2022 |
| Truist Financial | Neal Dingmann | $167 | $128.96 | -12.1% | Jan 16, 2022 |
| Argus Research | Bill Selesky | $127 | $111.36 | -33.2% | Nov 2, 2021 |
| Societe Generale | Irene Himona | $130 | $110.35 | -31.6% | Oct 22, 2021 |
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What changed
Versus the prior quarter, Chevron now has a full period of Hess production contributing to results, lifting output by roughly 500 kboe/d. The Microsoft West Texas power project advanced to exclusive discussions with an FID expected later in 2026 -- a new development not mentioned in Q4 2025. An asset swap with PDVSA expanded Chevron's position in the Orinoco Ayacucho 8 acreage, and the company increased its stake to 49% in the PetroIndependencia joint venture. A $3 billion timing effect from commodity-price spikes created earnings volatility not seen in the prior quarter. The bullish score edged down from 82 to 78.
Guidance delta
Full-year guidance was maintained with no changes to capex targets ($3.9 billion organic, $0.2 billion inorganic) or the $3-4 billion cost-reduction run-rate goal. Guidance sentiment remained 'maintained,' consistent with the prior quarter.
Key takeaways
- EPS of $1.41 beat the $1.00 consensus estimate by 41%, driven by higher oil realizations and Hess integration synergies.
- Revenue of $48.6 billion missed the $51.9 billion estimate by 6.3%, partly due to $3 billion in commodity-price timing effects.
- Production rose approximately 500 kboe/d, reflecting the first full quarter of Hess asset contributions plus organic growth.
- Full-year guidance unchanged: capex on target and $3-4 billion cost-reduction run-rate remains the goal.
- Higher equity-crude utilization in U.S. and Asian refineries is delivering margin capture above historic levels.
- The market reaction was negative: shares fell 1.7% on the session with an additional 2.5% drift lower subsequently.
Management priorities
- Continue integrating upstream and downstream assets to capture margin from higher equity-crude utilization.
- Advance TCO debottlenecking toward full capacity and maintain full-rate LNG output in Australia.
- Proceed with Tamar and Leviathan expansion and FEED for Aphrodite in the Eastern Mediterranean.
- Move toward FID on the Microsoft West Texas power project later this year.
- Maintain disciplined capital allocation with $3.9 billion organic capex target and $3-4 billion cost-reduction program.
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 · 2026-07-28T08:31:06.197544+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T08:31:06.194757+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 . For educational purposes only; not investment advice.