Chevron (NYSE: CVX) is a global integrated energy company. It is involved in every aspect of the oil and natural gas industries, including exploration, production, and refining. One of its major competitors, Exxon Mobil (NYSE: XOM), also reported a decline in net income during the same period.
On May 1, 2026, Chevron announced its first-quarter earnings per share (EPS) was $1.41. This figure successfully beat the analyst consensus estimate of $0.92 per share. As highlighted by Zacks, this marks the fourth consecutive quarter that the company has surpassed consensus EPS estimates.
While earnings were strong, the company's revenue for the quarter came in at $48.61 billion. This amount fell short of the estimated $51.86 billion that analysts were expecting. However, this revenue is still an increase from the $47.61 billion reported in the same quarter of the previous year.
Despite the EPS beat, overall profits for Chevron tumbled 36% compared to the same period last year. As highlighted by CNBC, this drop occurred even with a 57% surge in oil prices. The decline is attributed to unfavorably timed financial hedges made amidst the Iran war.
The company maintains a stable financial position. Its Debt-to-Equity ratio is 0.25, which indicates it has low levels of debt compared to its shareholder equity. A current ratio of 1.15 also shows that Chevron has enough current assets to cover its short-term liabilities.
