Oil giants Chevron Corporation (NYSE:CVX) and ExxonMobil Holdings (NYSE:XOM) both report quarterly financial results Friday before market open. With the results including months that had oil barrels trading at higher prices than recent months, analysts have high expectations.

Chevron, ExxonMobil Q2 Earnings

Analysts expect Chevron to report second-quarter revenue of $61.97 billion, according to data from Benzinga Pro.

This would be up significantly from $44.82 billion reported in last year’s second quarter. The estimate would see the company report their highest quarterly revenue total in 15 quarters.

Chevron has beaten analyst estimates for revenue in six of the last 10 quarters, but missed in two straight quarters.

Analysts expect the company to report second-quarter earnings per share of $5.56, up from $1.77 in last year’s second quarter.

The company has beaten analyst estimates for earnings per share in seven of the last 10 quarters, including four straight quarters.

Analysts expect ExxonMobil to report second-quarter revenue of $98.07 billion, up from $81.51 billion in last year’s second quarter.

Like Chevron, this estimate would see the company post its highest quarterly revenue total in 15 quarters.

ExxonMobil has beaten analyst estimates for revenue in five of the last 10 quarters, including two straight quarters.

Analysts expect the company to report quarterly earnings per share of $3.67, up from $1.64 in last year’s second quarter.

The company has beaten analyst estimates for earnings per share in nine of the last 10 quarters overall, including eight straight beats.

Analyst Ratings for Chevron, ExxonMobil

Ahead of earnings, here are some of the most recent analyst ratings on Chevron and their price targets:

• Bank of America Securities: Maintained Buy rating, raised price target from $210 to $227
• Piper Sandler: Assume with Overweight rating, price target of $207
• TD Cowen: Maintained Hold rating, raised price target from $197 to $200
• Wolfe Research: Upgraded from Peer Perform to outperform, price target $210

Here are some of the most recent analyst ratings on ExxonMobil and their price targets:

• Bank of America Securities: Downgraded from Buy to Neutral, raised price target from $154 to $158
• Piper Sandler: Assume with Neutral rating, price target of $158
• Mizuho: Maintained Neutral rating, lowered price target from $175 to $170
• TD Cowen: Maintained Buy rating, lowered price target from $172 to $155

Higher Oil Prices on Watch

The earnings reports from the two giants cover the months of April, May and June. Here’s a look at the spot price of oil per barrel for each month in 2026.

• January: $60.04
• February: $64.51
• March: $91.38
• April: $100.32
• May: $102.13
• June: $84.81

The three months in the second quarter saw higher oil prices, which could benefit both ExxonMobil and Chevron. Oil hit $100 per barrel for the first time since June 2022.

This could explain why analysts see the strongest revenue figures in 15 quarters coming from the two companies.

The question is how much of the expectations are baked into the share prices or if there could be upside.

Both Chevron and ExxonMobil stock hit all-time highs in the month of March, but have fallen since. Both stocks are up over 20% year-to-date in 2026, but if they hit new highs in March on rising oil prices, these quarterly results could show if the share prices should be back at March levels.

CVX, XOM Stock Price Actions

Chevron stock is down 0.8% to $190.33 on Thursday versus a 52-week trading range of $146.49 to $214.71. Chevron stock is up 22.2% year-to-date in 2026.

ExxonMobil stock is down 1.3% to $154.87 on Thursday versus a 52-week trading range of $105.52 to $176.41. ExxonMobil stock is up 26.3% year-to-date in 2026.

Photo: Shutterstock