Chevron Corporation
Shortcut
4.93Normalized diluted EPS
+2.1% vs Street
Street
4.83Normalized diluted EPS
October 25 consensus snapshot
Real
5.28Chevron issuer adjusted non-GAAP diluted EPS
Model download
Explore the assumptions and calculations behind the forecast.
Shortcut’s reasoning.
Segment bridges from 2Q26A adjusted earnings ($11,977MM, incl. +$1.54B timing): Brent fell to $96.99 (bp, Platts basis) from $103.85 and WTI to $87.22 from $95.75, a ~-$1.0B after-tax liquids price effect; the oil-linked LNG price lag (+$32.8/bbl lagged Brent) and stronger spot LNG add ~+$0.6B.
Refining margins rose sharply (bp RIM $29.6 -> $46.7/bbl; Shell indicative margin $24 -> $42/bbl); at 75% capture this adds ~+$1.6B after tax to Downstream, partly offset by weaker chemicals (-$150MM).
Production modelled at 3.95 MMBOED (vs 4.07): Chevron's 3Q26 turnaround/downtime guidance (150)-(200) MBOED, the TCO/CPC export disruption from 22-Jul and Guyana entitlement effects.
On the record.
- Reporting period
- Q3 2026 (FQ3 2026 - Sep 2026; quarter ended 2026-09-30, label 3Q26E)
- Reporting basis
- Adjusted (non-GAAP) diluted EPS per common share, USD = Chevron 'adjusted earnings per share' (excludes special items and FX; includes timing effects) = consensus normalized EPS
- Consensus snapshot
- October 25, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Reviewed workbook
Record history
- Forecast generated
- Oct 27, 2026 at 5:29 PM PDT
- Reviewed revision completed
- Oct 27, 2026 at 5:29 PM PDT
- First published
- Oct 28, 2026 at 1:42 AM PDT
Result basis
Chevron directly reports adjusted diluted EPS 5.28 and GAAP diluted 5.06 for Q32026. Attachment 4 reconciles legal reserve 160m, impairment 110m, pension settlement 24m and adverse FX143m to adjusted earnings 10361m. Reported 1962905thousand diluted shares versus 1956743thousand basic identify the accepted convention. Timing effects -1580m remain included, as intended in the original forecast; do not add them back again. Prior-year adjusted diluted 1.85 matches frozenhistory. The release prints for release 05:15AMCT, while SECacceptance 10:16UTC is a filing time, not proof of the exact issuer distribution minute.