CVX · 10-Q · 2026Q3 · Full report

Income Tax Rate Changes

CHEVRON CORP · 2026-11-05 · Importance 46 · Surprise 46

Income tax expense increased to $3.577 billion in third quarter 2026 from $1.801 billion in third quarter 2025, primarily because pretax income rose $8.2 billion. Nine-month income tax expense increased to $9.700 billion from $5.504 billion, primarily reflecting a $19.1 billion increase in pretax income, partly offset by jurisdictional mix effects. Third-quarter U.S. tax expense rose from $234 million to $1.5 billion, and international tax expense rose from $1.6 billion to $2.1 billion.

Key facts

• Chevron income tax expense increased $4.2 billion for the first nine months of 2026, primarily due to a $19.1 billion increase in total pretax income, partly offset by jurisdictional mix effects. source
• Chevron’s income tax expense increased $1.8 billion in Q3 2026, primarily due to an $8.2 billion increase in total income before tax. source
• Chevron U.S. income before tax increased from $4.3 billion in the first nine months of 2025 to $15.9 billion in 2026; U.S. income tax expense rose $2.4 billion, from $1.0 billion to $3.4 billion. source
• Chevron international income before tax increased from $10.9 billion in the first nine months of 2025 to $18.4 billion in 2026; international income tax expense rose $1.8 billion, from $4.5 billion to $6.3 billion. source
• Chevron’s Q3 2026 consolidated income tax expense was $3.577 billion, versus $1.801 billion in Q3 2025; for the first nine months it was $9.700 billion, versus $5.504 billion in 2025. source
• Chevron U.S. income before tax increased from $1.3 billion in Q3 2025 to $7.7 billion in Q3 2026; U.S. income tax increased from $234 million to $1.5 billion, primarily due to increased income. source
• Chevron international income before tax increased from $4.1 billion in Q3 2025 to $6.0 billion in Q3 2026; international income tax expense increased from $1.6 billion to $2.1 billion, primarily due to increased income partly offset by jurisdictional mix effects. source
• Chevron’s effective tax rate can change substantially during periods of significant earnings volatility due to the mix of earnings or losses in higher- and lower-tax-rate jurisdictions. source