Chevron Q4 EPS Tops Estimates by 5.6% as Oil Prices Fall
Chevron’s adjusted fourth-quarter EPS rose to $1.52, beating consensus by 5.6% despite an anticipated drop to $6.66 in 2026 EPS, signaling an 8.6% decline. Meanwhile, oil prices retreated on news of US-Iran negotiations, pressuring upstream earnings outlook.
1. Q4 Earnings Beat
Chevron reported adjusted fourth-quarter earnings per share of $1.52, surpassing the consensus estimate of $1.44 by 5.6%. The beat was driven by higher oil-equivalent production volumes and stronger refining margins.
2. 2026 Earnings Forecast
Analysts’ consensus for full-year 2026 EPS is now $6.66, implying an 8.6% year-over-year decline from 2025, reflecting expectations of softer commodity prices and moderated capital spending.
3. Oil Price Pressure
Oil prices slid after reports of progress in US-Iran talks that eased supply concerns, weighing on Chevron’s upstream revenue outlook and potentially constraining free cash flow in upcoming quarters.