Chevron Corporation (CVX) earnings on July 31, 2026

Before the market opens Q2 2026

More Chevron Corporation earnings

Prior outlook: Optimistic Outcome: Accurate

Chevron's stock rose 2.4% after the CEO discussed pipeline deals and increased capacity, even though a competitor missed profit targets.

CVX price around the earnings

196.83

Change: +2.4%

2026-07-31, 20:00 UTC

Start of the measured window End of the measured window
191.61 193.77 195.93 198.09 192.31
Price series around the eventClosing price per minute from before the event to the end of the measured window.
July 31, 2026
  • Price: green if it ends above the starting price; red if it ends below
  • Start of the measured window
  • End of the measured window
  • Market open
  • Starting price
Price series around the event

Prior thesis

Prior outlook: Optimistic Outcome: Accurate

Thesis published
Results released

Strong analyst support and perfect beat history offset by 16% run-up and extreme retail crowding creating sell-the-news risk.

Context analyzed before publication

Trend
Significant 30d run-up (+16.16%) with mid-week collapse (65.3→25.0) then recovery (50.1) contexts trend strength exhaustion.

Analysts

Evidence

Analyst consensus
Buy
Consensus average (1-5)
1.72
Analysts covering the stock
24
Average price target
215
Lowest price target
170
Highest price target
243
Upside to price target
11.8%
Quarterly earnings growth
-36.9%
Revenue growth
2.3%
Forward EPS
12.69
Trailing EPS
5.75
Analyst moves in the last 60 days
4
  • Strong buy: 6
  • Buy: 14
  • Hold: 4
  • Sell: 1
  • Strong sell: 0
Strong buy
6
Buy
14
Hold
4
Sell
1
Strong sell
0
  • July 28, 2026 · B of A Securities: Maintains rating (Buy → Buy)
  • July 22, 2026 · TD Cowen: Maintains rating (Hold → Hold)
  • July 2, 2026 · Wolfe Research: Upgrades rating (Peer Perform → Outperform)
  • June 29, 2026 · Morgan Stanley: Maintains rating (Overweight → Overweight)

News and sentiment

Evidence

Sentiment
Sentiment
Constructive
Mention volume
Low
Normalized volume
33%
News
Sources (5)

Technicals

Evidence

Price when the context was analyzed
192.54
Average true range (ATR)
2.1%
Distance to 52-week high
-8.1%
14-day change (14d)
+4.7%
30-day change (30d)
+16.2%
30-day relative strength
+16.8%
SPY change (30d)
-0.7%
Nearest support
192.5
Distance to nearest support
0%
Nearest resistance
193.47
Distance to nearest resistance
0.5%
Volume accumulation ratio (14d / 46d)
0.87
  • Minor: 192.5 (0% away, 0.01 ATR, 9 touches)
  • Mid: 191.21 (0.7% away, 0.33 ATR, 20 touches)
  • Mid: 188.9 (1.9% away, 0.9 ATR, 23 touches)
  • Mid: 193.47 (0.5% away, 0.23 ATR, 20 touches)
  • Mid: 194.85 (1.2% away, 0.57 ATR, 8 touches)
  • Minor: 195.61 (1.6% away, 0.76 ATR, 1 touches)

Trends

Evidence

Average earnings surprise
+15.2%
  • May 1, 2026: actual EPS 1.41 vs estimate 0.97 (surprise +45.6%)
  • January 30, 2026: actual EPS 1.52 vs estimate 1.44 (surprise +5.2%)
  • October 31, 2025: actual EPS 1.85 vs estimate 1.71 (surprise +8.4%)
  • August 1, 2025: actual EPS 1.77 vs estimate 1.74 (surprise +1.7%)

Expected move

Implied move
+0.0%
Source
Options chain

Reactions over its last 20 earnings

Median move
2.7%
75th percentile move
3.5%
90th percentile move
4.8%
Up / down moves
11 / 9
Average up move
+2.6%
Average down move
-3.0%

Monitoring and close

What Chevron Corporation reported

Status
Finished
Actual EPS6.06
EPS estimate5.56
EPS surprise+9.0%
Revenue$70,055 million
Revenue estimate$61,970 million
Revenue surprise+13.0%

Chevron posts Q2 earnings of $12.1 billion, beating expectations. European gas jumps 30% on Iran tensions, reflecting an optimistic sector outlook.

Sources (34)

Pre-market second reading after the results

Verdict
Beat expectations

Heading into the open, results beat expectations on both earnings and revenue, and the price is indicating +0.6% pre-market, a move below the stock's usual reaction (about 3%). The figures don't confirm the prior scenario: that move is too small to draw conclusions from.

How the stock reacted

Outcome
Accurate
Consolidated
+2.4%
Max favorable move (MFE)
3.4%
Max adverse move (MAE)
0.4%