Chevron Posts $10.4 Billion in Adjusted Earnings, Buys Back $2.5 Billion

Chevron's adjusted third-quarter earnings totaled $10.4 billion, alongside $12 billion in free cash flow, while repurchases sat at the low end of the company's previously outlined range.

Chevron (CVX) shares rose in premarket trading Friday, Oct. 30. The stock closed Thursday at $231.46, up 0.99%, then reached $235.67 before the opening bell, above its previous 52-week high of $234.08.

Net income came to $9.9 billion, or $5.06 per share. Adjusted earnings were $5.28 per share, down from $6.06 in the second quarter and above analysts' $4.89 estimate.

Revenue and other income reached $67.8 billion, compared with $49.7 billion in the third quarter of 2025. Free cash flow rose to $12 billion from $4.9 billion a year earlier. Chevron also paid $3.5 billion in dividends during the quarter, in addition to spending $2.5 billion on share repurchases.

That repurchase amount was at the bottom of the $2.5 billion to $3 billion quarterly range Chevron had previously outlined. The company had also outlined annual buybacks of $10 billion to $20 billion. Net debt stood at $20.7 billion at the end of September, down from $34.5 billion at the end of 2025.

Chevron's downstream business, which includes refining and fuel sales, earned $4.9 billion, compared with $1.1 billion a year earlier. U.S. refineries processed a record 1.09 million barrels of crude per day in the quarter.

Total production averaged 3.98 million barrels of oil equivalent per day, down from 4.07 million in the second quarter. Average Brent crude prices also declined between the quarters, from $104 to $97 a barrel. Year over year, revenue and other income, free cash flow and downstream earnings were higher; adjusted earnings per share and production were below their second-quarter levels.

Chevron had been listed among five companies expected to report before Friday's open in the Oct. 30 earnings preview. The conference call on its results is scheduled for 11 a.m. ET Friday, Oct. 30.