Here's What Key Metrics Tell Us About Chevron (CVX) Q3 Earnings

Core Insights - Chevron reported a revenue of $49.73 billion for the quarter ended September 2025, reflecting a decrease of 1.9% year-over-year and falling short of the Zacks Consensus Estimate of $53.58 billion by 7.19% [1] - The company's EPS was $1.85, down from $2.51 in the same quarter last year, but exceeded the consensus estimate of $1.66 by 11.45% [1] Financial Performance Metrics - Total net oil-equivalent production reached 4,086 million barrels, surpassing the average analyst estimate of 3,927.88 million barrels [4] - U.S. upstream net oil-equivalent production per day was 2,040 million barrels, exceeding the analyst estimate of 1,950.41 million barrels [4] - International upstream net oil-equivalent production per day was 2,046 million barrels, above the average estimate of 1,977.47 million barrels [4] - U.S. upstream revenue from natural gas realization was $1.77 per thousand cubic feet, higher than the estimated $1.65 [4] - U.S. upstream net natural gas production per day was 3,265 Mcf/D, exceeding the estimate of 3,094.04 Mcf/D [4] - Worldwide net natural gas production per day was 8,939 Mcf/D, above the estimate of 8,593.22 Mcf/D [4] - Worldwide net crude oil and natural gas liquids production per day was 2,595 million barrels, surpassing the estimate of 2,508.3 million barrels [4] - U.S. upstream net crude oil and natural gas liquids production per day was 1,496 million barrels, exceeding the estimate of 1,437.54 million barrels [4] - International upstream net natural gas production per day was 5,674 Mcf/D, above the estimate of 5,499.18 Mcf/D [4] Revenue Breakdown - Other income was reported at $576 million, significantly higher than the estimated $263.75 million, representing a year-over-year increase of 19.5% [4] - Income from equity affiliates was $981 million, compared to the average estimate of $388.79 million, showing a year-over-year decline of 22.2% [4] - Sales and other operating revenues were $48.17 billion, below the average estimate of $50.13 billion, reflecting a year-over-year decrease of 1.6% [4] Stock Performance - Chevron's shares returned +0.9% over the past month, while the Zacks S&P 500 composite experienced a -0.2% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]