Chevron Corporation (CVX) shares closed at a record $222.04 on October 14 and ended Monday's session at $224.37, The Motley Fool reported, putting the 2026 gain at about 45%. Chevron has not commented on the share price, so the reason for the run is not stated by the company. The next test is October 30, when Chevron holds its third quarter earnings call at 11 a.m. Eastern, according to its October 1, 2026 advisory.

The quarter the stock is building on

Chevron's second quarter results, dated July 31, 2026 and filed with the SEC on Form 8-K, set the bar for the call. The release credited reliable operations, higher commodity prices, higher refined product margins and higher sales volumes, including $1.4 billion of favorable timing effects.

• Net income of $12.1 billion, or $6.11 a diluted share, against $2.5 billion a year earlier.
• Adjusted earnings of $12.0 billion, or $6.06 a share.
• Cash flow from operations of $22.6 billion and free cash flow of $18.1 billion. Free cash flow is the cash left from operations after capital spending.
• Worldwide output of 4,070 thousand barrels of oil equivalent a day, up 20% from 3,396 thousand.
• US output of 2,077 thousand barrels of oil equivalent a day, up from 1,695 thousand.

Where the cash went

Chevron spent $3.1 billion on share buybacks and $3.5 billion on common dividends in the quarter. Together that is $6.6 billion, or about 37% of free cash flow, as calculated by Trend & Ticker. Our October 18 analysis looks at the buyback share on its own.

The same release put total debt at $37.1 billion and cash and cash equivalents at $8.5 billion on June 30, for a net debt ratio of 13.1%. Debt of $37.075 billion less cash of $8.527 billion leaves net debt of about $28.5 billion, as calculated by Trend & Ticker.

What to watch on the call

The results release gives no buyback figure for later quarters. It points readers to a separate Sensitivities and Forward Guidance document, which Chevron updates each quarter and posts to its website the month before each call. The third quarter repurchase total is the figure to compare on October 30.

The call will also be one of the last with Eimear Bonner as finance chief. A company release dated October 5, 2026 says she becomes president of Oil, Products and Gas on January 1, 2027, with Jeff Gustavson taking over as chief financial officer.

Speakers on the call are chairman and chief executive Mike Wirth, vice chairman Mark Nelson, chief financial officer Eimear Bonner and head of investor relations Jeanine Wai, according to the company's advisory. A listen-only line is open at 800-918-2066, and the webcast runs on chevron.com.