Chevron Beats Q2 Earnings Expectations, Mizuho Reaffirms Outperform Rating

Mizuho has reaffirmed its Outperform rating for Chevron stock after the company's second-quarter 2026 earnings exceeded expectations.

Chevron reported adjusted earnings per share of $6.06, beating the forecasted $5.11, and revenue of $70.06 billion, which surpassed the predicted $62.26 billion.

The energy giant attributed its strong results to higher realizations, improved production, and stronger refining margins.

Chevron also generated significant cash flow, producing $19.7 billion in operating cash flow and $15.4 billion in adjusted free cash flow.