Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Common-Size Balance Sheet: Assets
Quarterly Data

Chevron Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 1.62 1.94 2.37 1.62 1.81 2.64 1.81 1.54 2.40 3.13 2.20 3.69 6.12 6.86 5.84 4.66 4.69 2.35 2.50 3.10 2.93
Time deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Marketable securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.05 0.13 0.05 0.09 0.10 0.13 0.01 0.01 0.01 0.01 0.01
Accounts and notes receivable, less allowance 7.66 5.58 5.48 7.04 7.63 8.05 7.56 7.96 7.80 7.61 8.33 7.66 7.43 7.94 8.65 10.41 9.34 7.69 6.90 6.47 5.84
Crude oil and products 2.27 2.05 2.27 2.50 2.57 2.53 2.61 2.94 2.76 2.32 2.53 2.54 2.45 2.28 2.66 2.20 1.79 1.77 1.64 1.69 1.46
Chemicals 0.16 0.18 0.16 0.21 0.18 0.20 0.18 0.16 0.16 0.16 0.17 0.20 0.22 0.20 0.26 0.24 0.22 0.24 0.26 0.23 0.19
Materials, supplies and other 0.78 0.77 0.77 0.81 0.82 0.81 0.96 0.92 0.89 0.82 0.87 0.91 0.94 0.72 0.55 0.55 0.61 0.62 0.65 0.65 0.68
Inventories 3.20% 3.00% 3.20% 3.51% 3.58% 3.53% 3.75% 4.02% 3.80% 3.29% 3.57% 3.65% 3.61% 3.20% 3.47% 2.99% 2.62% 2.63% 2.55% 2.57% 2.33%
Prepaid expenses and other current assets 1.52 1.38 1.48 1.65 2.03 1.70 1.61 1.59 1.48 1.67 1.66 1.87 1.68 1.45 1.77 1.64 1.29 1.39 1.42 1.43 1.48
Current assets 14.01% 11.90% 12.52% 13.83% 15.04% 15.92% 14.73% 15.10% 15.48% 15.72% 15.81% 17.00% 18.90% 19.53% 19.83% 19.85% 17.95% 14.08% 13.39% 13.58% 12.59%
Long-term receivables, less allowance 0.30 0.32 0.30 0.36 0.37 0.34 0.36 0.37 0.37 0.36 0.40 0.37 0.40 0.41 0.42 0.25 0.21 0.25 0.27 0.23 0.24
Investments and advances 13.12 13.54 13.60 19.15 19.17 18.46 18.31 18.28 18.21 17.89 18.23 18.58 18.07 17.55 17.38 16.89 16.76 16.99 17.13 16.70 16.38
Properties, plant and equipment, at cost 133.19 134.24 131.48 140.35 136.05 134.64 132.49 134.23 133.96 132.28 129.78 129.91 129.12 127.19 125.17 125.05 134.65 140.29 136.93 140.92 143.28
Accumulated depreciation, depletion and amortization -66.99 -66.43 -64.25 -81.57 -78.28 -77.11 -75.44 -75.53 -75.24 -73.56 -71.44 -73.21 -73.26 -71.47 -69.67 -69.06 -76.65 -78.94 -75.28 -78.64 -79.55
Properties, plant and equipment, net 66.20% 67.82% 67.23% 58.78% 57.77% 57.52% 57.05% 58.70% 58.72% 58.72% 58.34% 56.70% 55.87% 55.72% 55.50% 55.99% 58.00% 61.35% 61.66% 62.28% 63.73%
Deferred charges and other assets 4.99 5.01 4.95 6.04 5.85 5.78 5.42 5.34 5.19 5.25 5.18 5.09 4.75 4.78 4.91 4.90 5.02 5.17 4.89 4.84 4.77
Goodwill 1.39 1.41 1.40 1.82 1.78 1.78 1.82 1.81 1.80 1.80 1.79 1.88 1.85 1.83 1.80 1.81 1.76 1.83 1.83 1.81 1.82
Assets held for sale 0.01 0.01 0.01 0.01 0.01 0.19 2.30 0.39 0.22 0.26 0.25 0.39 0.17 0.17 0.16 0.32 0.31 0.32 0.83 0.56 0.46
Noncurrent assets 85.99% 88.10% 87.48% 86.17% 84.96% 84.08% 85.27% 84.90% 84.52% 84.28% 84.19% 83.00% 81.10% 80.47% 80.17% 80.15% 82.05% 85.92% 86.61% 86.42% 87.41%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 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 asset composition reveals a capital-intensive structure dominated by noncurrent assets, specifically properties, plant, and equipment. Over the analyzed period, there is a observable cyclicality in liquidity levels and a long-term shift toward a higher concentration of net fixed assets.

Liquidity and Current Asset Dynamics
Current assets as a percentage of total assets experienced a period of growth, rising from 12.59% in March 2021 to a peak of 19.85% by June 2022. This expansion was largely driven by an increase in cash and cash equivalents, which climbed from 2.93% to a high of 6.86% in December 2022, and accounts receivable, which peaked at 10.41% in June 2022. Following this peak, a gradual contraction occurred, with current assets declining to 14.01% by March 2026. Cash levels showed a notable downward trend in 2024 and 2025, frequently fluctuating between 1.5% and 2.6% of total assets.
Fixed Asset and Infrastructure Trends
Net properties, plant, and equipment constitute the largest portion of the balance sheet. This metric showed significant volatility, declining from 63.73% in March 2021 to a low of 55.50% in September 2022. However, a subsequent recovery trend is evident, with net PP&E increasing to 67.82% by June 2025. This suggests a period of intensified capital expenditure or a relative decrease in other asset classes. Accumulated depreciation, depletion, and amortization remained a heavy contra-asset, typically offsetting between 64% and 81% of the gross cost of properties, plant, and equipment.
Long-term Investments and Other Noncurrent Assets
Investments and advances remained relatively stable, hovering between 16% and 19% for the first several years of the period. A distinct shift occurred in late 2024, where these investments dropped to approximately 13% of total assets and remained at that level through March 2026. Deferred charges and other assets showed a moderate increase, moving from 4.77% in March 2021 to a peak of 6.04% in June 2025, before returning to 4.99% by the end of the period.
Working Capital Components
Inventories demonstrated a steady upward trend, increasing from 2.33% of total assets in March 2021 to peak at 4.02% in June 2024, before settling at 3.20% by March 2026. Within this category, crude oil and products consistently represented the majority of the inventory value. Accounts receivable remained a significant component of current assets, though they experienced a decline from their 2022 peaks, stabilizing between 5% and 8% in the final years of the analysis.

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