$CVX Sends Berkshire Hathaway $601 Million a Year in Dividends

Berkshire Hathaway owns 84,375,856 shares of Chevron ($CVX), generating roughly $601 million annually at Chevron's current dividend of $7.12 per share, paid quarterly. With CVX trading near $206 this week, the stake is worth close to $17.3 billion, even after Berkshire trimmed about $8 billion of its holding earlier in 2026.
Chevron has raised its dividend for 39 straight years, growing payouts at roughly a 6% compound annual rate over the past 15 years, qualifying it as an S&P 500 Dividend Aristocrat. CEO Mike Wirth noted the company increased its dividend during COVID even as some peers cut theirs.
In Q2 2026, Chevron reported $19.7 billion in cash flow from operations excluding working capital and $15.4 billion in adjusted free cash flow, against roughly $3.5 billion in quarterly dividend expense, a payout ratio of about 20%. The company also cut debt by more than $8 billion during the quarter and hit its $3 billion cost-reduction target six months early.
Barclays analyst Betty Jiang kept an Overweight rating, citing room for further free-cash-flow growth into 2027, while Morgan Stanley's Devin McDermott also raised his price target while maintaining an Overweight rating.