CVX · 10-Q · 2026Q2 · Full report

Income Tax Rate Changes

CHEVRON CORP · 2026-08-06 · Importance 52 · Surprise 46

Second-quarter income-tax expense increased $2.8 billion to $4.470 billion, primarily because pretax income increased $12.5 billion. U.S. income-tax expense rose $1.1 billion to $1.4 billion as U.S. pretax income increased to $6.4 billion from $1.1 billion. International tax expense increased $1.7 billion to $3.1 billion as international pretax income rose to $10.3 billion from $3.0 billion, partly offset by jurisdictional mix effects. Six-month tax expense increased $2.4 billion to $6.123 billion, including a $1.1 billion U.S. increase and a $1.3 billion international increase.

Key facts

• The company’s increase in income tax expense for second quarter 2026 of $2.8 billion was primarily due to the increase in total income before tax of $12.5 billion. source
• Income tax expense for the three months ended June 30, 2026: $4,470 million, and for the three months ended June 30, 2025: $1,632 million. source
• International income tax expense increased $1.7 billion between year-over-year periods, from $1.3 billion in 2025 to $3.1 billion in 2026 for second quarter. source
• U.S. income tax increased $1.1 billion between year-over-year periods, from $300 million in 2025 to $1.4 billion in 2026 for second quarter. source