Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

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Common-Size Income Statement

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Chevron Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Sales and other operating revenues
Income from equity affiliates
Other income (loss)
Revenues and other income
Purchased crude oil and products
Operating expenses
Selling, general and administrative expenses
Exploration expenses
Depreciation, depletion and amortization
Taxes other than on income
Operating income
Interest and debt expense
Other components of net periodic benefit costs
Income before income tax expense
Income tax expense
Net income
Net income attributable to noncontrolling interests
Net income attributable to Chevron Corporation

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The common-size income statement reveals several noteworthy trends over the five-year period. Revenues and other income consistently represent over 100% of sales and other operating revenues, indicating contributions from sources beyond core sales. A significant fluctuation is observed in profitability metrics, particularly net income, with a peak in 2022 followed by a decline through 2025. Cost of goods sold, represented by purchased crude oil and products, remains a substantial portion of revenue, consistently around -60% of sales, though with some variation.

Revenue Composition
Income from equity affiliates demonstrates a consistent downward trend, decreasing from 3.64% of sales in 2021 to 1.63% in 2025. Other income (loss) exhibits volatility, moving from a positive 0.77% in 2021 to a negative -0.56% in 2023 before recovering to 0.87% in 2025. These fluctuations suggest a changing contribution from non-core revenue streams.
Cost Structure
Purchased crude oil and products, the largest expense, decreased from -57.43% of sales in 2021 to -58.67% in 2025, with a peak of -61.69% in 2022. Operating expenses also show a general increase, rising from -10.48% to -15.18% over the period, indicating growing administrative and operational costs. Depreciation, depletion, and amortization increased steadily from -6.92% to -10.92%.
Profitability Analysis
Operating income peaked at 21.42% of sales in 2022 before declining to 11.53% in 2025. This decline is mirrored in net income attributable to Chevron Corporation, which decreased from 15.05% in 2022 to 6.67% in 2025. The income tax expense as a percentage of sales also decreased from -5.97% to -3.94% over the same period, potentially mitigating some of the impact of lower pre-tax income. Interest and debt expense remained relatively stable until 2025, when it increased to -0.66% of sales.
Expense Trends
Selling, general and administrative expenses increased consistently from -1.83% to -2.78% of sales. Exploration expenses also showed a steady increase, albeit from a smaller base, moving from -0.41% to -0.57%. Taxes other than on income also increased from -1.71% to -2.84%.

Overall, the period demonstrates a shift from strong profitability in 2022 to a more moderate performance by 2025. This is driven by a combination of declining income from equity affiliates, increasing operating expenses, and a decrease in operating income. While the cost of purchased crude oil and products remained substantial, its percentage of sales did not increase significantly, suggesting that other factors were more influential in the observed profitability trends.