Common-Size Balance Sheet: Assets
Quarterly Data
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Chevron Corp. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Aggregate Accruals
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Chevron Corp., common-size consolidated balance sheet: assets (quarterly data)
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.