Chevron Corporation Earnings Summary — Q1 2026

• Revenue grew 3.16% year-over-year to $47.56 billion, indicating resilient top-line performance despite commodity price normalization.
• Net Income saw a sharp 34.7% decline compared to Q1 2025, driven by a substantial increase in operating and depreciation expenses.
• Operating expenses spiked to $16.05 billion, up significantly from $13.21 billion in the same quarter last year.
• Depreciation and Amortization rose by over 40% year-over-year, likely reflecting the inclusion of new large-scale assets in the portfolio.
• Downstream or other operating costs increased to $8.97 billion, putting pressure on overall operating margins which fell to 6.8%.
• Non-operating income provided a partial buffer, though it remained lower than the high levels seen in mid-2025.

Management continues to focus on 'capital discipline' and Return on Capital Employed (ROCE), prioritizing high-grade assets in the Permian Basin and TCO in Kazakhstan to maintain low breakeven points.

Deteriorating

While revenue remains stable, the significant year-over-year drop in net profit and rising cost structure suggest near-term margin pressure.

The outlook remains highly dependent on Brent/WTI pricing. The company is in a transition phase following major asset integrations aimed at improving long-term cash margins despite current earnings cyclicality.