Common-Size Balance Sheet: Assets
Quarterly Data
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Chevron Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets for the analyzed entity demonstrates several notable shifts over the period from March 31, 2021, to December 31, 2025. Current assets exhibited initial growth, peaking in June 2022, followed by a gradual decline, while noncurrent assets generally maintained a larger proportion of the asset base throughout the observed timeframe. Within current assets, accounts and notes receivable consistently represented a significant portion, while inventory levels also showed a consistent presence. A substantial portion of the asset base is consistently allocated to properties, plant, and equipment, net of accumulated depreciation.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced fluctuations, increasing from 2.93% of total assets in March 2021 to a high of 6.86% in December 2022, before decreasing to 1.94% by December 2025. This suggests periods of increased liquidity followed by deployment of cash resources.
- Accounts and Notes Receivable
- Accounts and notes receivable generally increased from 5.84% in March 2021 to a peak of 10.41% in June 2022, then decreased to 5.58% by December 2025. This pattern could indicate changes in credit policies, sales terms, or collection efficiency. The decrease in the latter part of the period may suggest improved collection practices or a slowdown in sales on credit.
- Inventory
- Inventory as a percentage of total assets showed an increasing trend from 2.33% in March 2021 to 4.02% in June 2022, followed by a decline to 3.00% by December 2025. This suggests potential fluctuations in production levels, sales demand, or inventory management strategies. The peak in June 2022 could indicate a build-up of inventory in anticipation of future demand or supply chain disruptions.
- Property, Plant, and Equipment (Net)
- Net property, plant, and equipment consistently constituted the largest portion of total assets, ranging from approximately 55.50% to 67.23% over the period. A slight upward trend is observed in the latter half of the period, potentially indicating continued investment in fixed assets. The significant depreciation offset is also consistently present.
- Investments and Advances
- Investments and advances represented a substantial portion of assets, fluctuating between approximately 13.54% and 19.17%. A notable decrease is observed from 2023 through 2025, potentially indicating a shift in investment strategy or the liquidation of certain investments.
- Goodwill
- Goodwill remained relatively stable, generally between 1.76% and 1.88% of total assets, with a decrease to 1.40% and 1.41% in the final two periods. This suggests no significant acquisitions or impairments impacting goodwill during the analyzed timeframe.
- Assets Held for Sale
- Assets held for sale showed variability, peaking at 2.30% in September 2024 before decreasing significantly to 0.01% by December 2025. This suggests potential divestitures or restructuring activities during the period, with a completion of the sale by the end of the observed timeframe.
Overall, the asset composition reflects a business that relies heavily on long-term assets, particularly property, plant, and equipment. Fluctuations in current asset components suggest dynamic working capital management and potential responsiveness to market conditions. The changes in investments and assets held for sale indicate strategic shifts in the entity’s portfolio.