Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Costs barely moved, so price gains fell to profit
Revenue rose 56.3% while operating expenses rose 11.64%, so most of the extra revenue reached the bottom line.
For investorsWhat this quarter's profit depends on from here
For foundersFixed costs, partners and by-products: the integrated playbook
Free cash flow topped last year's $16.6B, but it followed a negative first quarter, so the half-year is the fairer read.
Production rose 19.8%, mostly from Hess, but depreciation rose 40%, so each barrel now carries more non-cash cost.
Gas abroad fetched $7.84, 8.6x the U.S. price, so at home gas earns little beside the oil it comes with.
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Business Lens describes Chevron Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
