Compared to Estimates, Chevron (CVX) Q3 Earnings: A Look at Key Metrics

For the quarter ended September 2026, Chevron (CVX) reported revenue of $67.8 billion, up 36.3% over the same period last year. EPS came in at $5.28, compared to $1.85 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $60.49 billion, representing a surprise of +12.09%. The company delivered an EPS surprise of +10.46%, with the consensus EPS estimate being $4.78.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Chevron performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Net Oil-Equivalent Production: 3980 millions of barrels of oil equivalent compared to the 3967.93 millions of barrels of oil equivalent average estimate based on five analysts.

• Upstream - Worldwide (U.S. & International Upstream) - Liquids Production: 2466 millions of barrels of oil versus the four-analyst average estimate of 2495.86 millions of barrels of oil.

• Upstream - International Upstream - Net Oil-Equivalent Production: 1937 millions of barrels of oil equivalent versus the four-analyst average estimate of 1906.6 millions of barrels of oil equivalent.

• Upstream - U.S. Upstream - Net Oil-Equivalent Production: 2043 millions of barrels of oil equivalent versus the four-analyst average estimate of 2053.31 millions of barrels of oil equivalent.

• Upstream - Worldwide (U.S. & International Upstream) - Natural Gas Production: 9,085.00 Mcf/D compared to the 8,859.06 Mcf/D average estimate based on four analysts.

• Sales and Other Operating Revenues- Upstream- U.S.: $6.05 billion versus the two-analyst average estimate of $7.24 billion. The reported number represents a year-over-year change of +7.6%.

• Sales and Other Operating Revenues- Downstream- Int'l: $23.17 billion compared to the $21.88 billion average estimate based on two analysts. The reported number represents a change of +41.4% year over year.

• Sales and Other Operating Revenues- Downstream- U.S.: $23.74 billion compared to the $24.05 billion average estimate based on two analysts. The reported number represents a change of +43.1% year over year.

• Sales and Other Operating Revenues- Upstream- Int'l: $12.25 billion versus the two-analyst average estimate of $11.72 billion. The reported number represents a year-over-year change of +28.4%.

• Revenues and Other Income- Other income (loss): $464 million compared to the $344.58 million average estimate based on three analysts. The reported number represents a change of -19.4% year over year.

• Revenues and Other Income- Income (loss) from equity affiliates: $2.1 billion compared to the $1.32 billion average estimate based on three analysts. The reported number represents a change of +113.8% year over year.

• Revenues and Other Income- Sales and other operating revenues: $65.24 billion versus the three-analyst average estimate of $61.86 billion. The reported number represents a year-over-year change of +35.4%.