Chevron (NYSE:CVX) Posts Earnings Results, Beats Estimates By $0.08 EPS

Chevron (NYSE:CVX) issued its earnings results on Friday. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.08, FiscalAI reports. The firm had revenue of $45.79 billion for the quarter, compared to analysts’ expectations of $48.18 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The business’s revenue was down 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.06 earnings per share.

Here are the key takeaways from Chevron’s conference call:

• Chevron reported record production and major project ramp?ups, citing the Tengiz Future Growth Project (+260,000 b/d), startups at Ballymore and Whale, Anchor ramp?up, and a Permian above 1,000,000 b/d, supporting an expected ~7–10% production increase in 2026 (ex?asset sales).
• Financial strength — adjusted free cash flow was ~$20 billion for 2025 (up >35% YoY excluding asset sales), the company repurchased $3 billion in Q4 and raised the quarterly dividend by 4%.
• Cost and capital discipline — the structural cost program delivered $1.5 billion in 2025 with a >$2 billion run rate and a new target of $3–4 billion by end?2026, while portfolio high?grading drove a dividend/CapEx breakeven below $50 Brent.
• Venezuela update — Chevron says its joint?venture operations have increased gross production to ~250,000 b/d since 2022 via a venture?funded model and could expand up to 50% in 18–24 months, but further growth depends on U.S. authorizations and fiscal/regulatory clarity.
• Operational disruption at TCO — a temporary power distribution issue forced safe recycle and partial downtime; production has resumed and the company expects most capacity back within weeks, though the event highlights operational risk despite unchanged $6 billion 2026 TCO FCF guidance at $70 Brent.

Chevron Trading Up 1.4%

NYSE CVX traded up $2.39 during trading on Friday, hitting $173.58. The stock had a trading volume of 7,450,334 shares, compared to its average volume of 12,420,428. Chevron has a one year low of $132.04 and a one year high of $174.92. The stock has a 50 day simple moving average of $155.87 and a 200 day simple moving average of $155.24. The stock has a market capitalization of $349.51 billion, a price-to-earnings ratio of 24.40, a P/E/G ratio of 11.83 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15.

Analyst Ratings Changes

Several equities analysts have weighed in on CVX shares. Citigroup cut their price target on Chevron from $185.00 to $179.00 and set a “buy” rating for the company in a report on Monday, January 5th. HSBC set a $169.00 target price on shares of Chevron and gave the company a “buy” rating in a report on Monday, December 1st. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research note on Monday, December 1st. Bank of America lowered their price objective on shares of Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, December 11th. Finally, Sanford C. Bernstein lifted their price objective on shares of Chevron from $170.00 to $172.00 and gave the stock a “market perform” rating in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $170.00.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Q4 adjusted EPS beat expectations — Chevron reported $1.52 adjusted EPS versus ~$1.44 expected, a beat that reassured investors on near-term profitability. Article Title
• Positive Sentiment: Record production and upbeat 2026 outlook — management flagged record 2025 production, strong contributions from Hess assets (Guyana/Bakken), Tengiz and U.S. Gulf projects, and guided 7–10% production growth at $60/bbl Brent, supporting better free cash flow prospects. Article Title
• Positive Sentiment: Venezuela opportunity accelerating — CEO Mike Wirth said Venezuela is taking steps to protect private oil investment after recent political changes; reports also indicate talks to expand Chevron’s Venezuela license and plans to raise Venezuelan exports (to ~300k bpd), creating a material upside path. Article Title
• Positive Sentiment: Dividend raise and shareholder returns — Chevron increased its quarterly dividend to $1.78 and returned record capital to shareholders in 2025 (dividends + buybacks), a supportive signal for income-focused investors. Article Title
• Neutral Sentiment: Cost discipline and cash flow resiliency — management highlighted structural cost savings and a low dividend breakeven under current plans, which supports stability even if oil prices remain muted. Article Title
• Negative Sentiment: Revenue miss and year-over-year profit decline — revenue fell short of estimates ($45.79B vs. ~$48.2B expected) and full-quarter earnings are down vs. a year earlier, reflecting lower oil prices — a reminder of earnings sensitivity to commodity moves. Article Title
• Negative Sentiment: Venezuela policy and capital uncertainty — despite upside, Chevron is keeping a cap on Venezuela spending for now and geopolitical/policy risks remain high; outcomes depend on U.S. licensing and local reforms. Article Title

Insiders Place Their Bets

In other Chevron news, CFO Eimear P. Bonner sold 28,334 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $165.05, for a total value of $4,676,526.70. Following the transaction, the chief financial officer owned 4,366 shares of the company’s stock, valued at $720,608.30. This represents a 86.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Alana K. Knowles sold 7,956 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $165.05, for a total value of $1,313,137.80. Following the completion of the sale, the insider owned 1,207 shares in the company, valued at approximately $199,215.35. The trade was a 86.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 635,190 shares of company stock worth $100,254,408. Corporate insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. United Bank increased its stake in Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. grew its stake in Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after acquiring an additional 4,214 shares in the last quarter. BNP Paribas grew its stake in Chevron by 76.4% in the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 191 shares in the last quarter. Osterweis Capital Management Inc. increased its position in shares of Chevron by 678.9% during the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after acquiring an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% during the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after acquiring an additional 553 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.