Chevron Q1 profit falls 37% to $2.2B on $2.9B timing hit; downstream swings to $817M loss

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Net income dropped to $2.2 billion ($1.11/share) from $3.5 billion ($2.00/share) in Q1 2025, driven by $2.9 billion in unfavorable timing effects from late-quarter commodity price spikes and weaker downstream margins.

  MD&A: Earnings verify on EDGAR →
• high

  Downstream swung to an $817 million loss from $325 million profit a year earlier, with international downstream posting a $1.0 billion loss versus $222 million profit in Q1 2025 due to compressed refining margins and higher transportation costs.

  MD&A: Downstream verify on EDGAR →
• high

  Free cash flow turned negative at -$1.5 billion versus +$1.3 billion in Q1 2025 as operating cash fell to $2.5 billion from $5.2 billion; company funded $6 billion in dividends and buybacks with cash on hand and increased commercial paper borrowing.

  MD&A: Cash Flow verify on EDGAR →