Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

$24.99

Common-Size Income Statement
Quarterly Data

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Chevron Corp., common-size consolidated income statement (quarterly data)

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3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Sales and other operating revenues
Income (loss) 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 (loss)
Interest and debt expense
Other components of net periodic benefit costs
Income (loss) before income tax (expense) benefit
Income tax (expense) benefit
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to Chevron Corporation

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Income from Equity Affiliates
The income contribution from equity affiliates exhibited considerable volatility, with a significant negative dip in Q2 2020 at -15.79%. Subsequently, it mostly stabilized between approximately 1.4% and 4%, showing a general downward trend from early 2023 through 2025, ending at 1.78% of sales by Q1 2025.
Other Income (Loss)
Other income showed fluctuations, including negative values in late 2020 and a pronounced negative spike in Q4 2023 (-5.61%). Nonetheless, it rebounded strongly by Q1 2025 to a positive 1.49%, suggesting intermittent non-operating factors influencing income.
Revenues and Other Income
Aggregate revenues and other income generally trended above 100% of sales, fluctuating between roughly 84.7% and 108%, with a notable low during mid-2020, reflecting pandemic impacts. From 2022 onwards, values stabilized mostly above 103%, with a peak of 108.05% in Q1 2025, indicating improved revenue streams relative to sales.
Purchased Crude Oil and Products
Costs for purchased crude oil and products ranged from around -51% to -63.6% of sales. There was an upward cost pressure starting in 2021, peaking intermittently near -63.6%, reflecting increased input prices or volume of purchases relative to revenue.
Operating Expenses
Operating expenses as a percentage of sales declined sharply from a very high -34.72% in Q2 2020 to a range generally between -9.7% and -15.8%, showing a general efficiency improvement post-pandemic, though some volatility remained in later quarters.
Selling, General and Administrative Expenses
SG&A expenses showed significant variation, spiking to -9.85% in Q2 2020 and then mostly maintaining a lower level near -1.3% to -3.3%, with a slight uptrend towards Q1 2025 indicating moderate increases in overhead costs.
Exploration Expenses
Exploration expenses remained relatively low, fluctuating between -0.18% and -0.93%, without a clear directional trend, suggesting sustained but controlled exploration investment relative to sales.
Depreciation, Depletion, and Amortization (DDA)
DDA expenses experienced an extreme peak of -42.18% in Q2 2020 but reverted to more typical levels around -7% to -14% thereafter. An increase to -12.78% occurred in Q4 2023 before stabilizing near -9%, reflecting asset base adjustments and amortization patterns.
Taxes Other Than on Income
This category mostly ranged between approximately -6% and -1.8% with occasional positive values in early 2022. The relatively stable trend implies consistent non-income tax obligations aligned with operational scale.
Operating Income (Loss)
Operating income as a percentage of sales was severely negative in Q2 2020 (-64.84%) but rebounded strongly thereafter, mostly maintaining double-digit positive percentages between 7.5% and 24.7%. The improvement indicates recovery and operational profitability restoration post-pandemic impact.
Interest and Debt Expense
Interest and debt expenses remained modest, generally declining from -0.55% to values near -0.2% before slightly rising toward -0.46% in Q1 2025, indicating controlled leverage costs over the period.
Other Components of Net Periodic Benefit Costs
These costs started around -0.33% and fluctuated without pronounced trend, mostly staying below -0.2%, reflecting relatively stable pension and benefit cost components.
Income Before Income Tax Expense
This metric mirrored operating income trends, with a steep quarterly loss in mid-2020 followed by recovery to a range generally between 7% and 24%. It showed a gradual decline from 2023 onward, concluding near 12% by Q1 2025.
Income Tax Expense
Income taxes fluctuated notably, with a positive spike of 14.57% in Q2 2020 linked possibly to tax benefits. Subsequent periods mostly showed negative tax expense ratios near -2% to -6%, consistent with taxable income variations.
Net Income (Loss)
Net income followed an upward healing trajectory post-Q2 2020 loss, rising from significantly negative levels to sustain positive margins mostly between 4.5% and 18%. There was a decline in profitability beginning 2023, with net income declining to under 8% by early 2025, reflecting potential market or cost pressure challenges.
Net Income Attributable to Chevron Corporation
The net income attributable to the company similarly recovered strongly after mid-2020, demonstrating improved earnings linked closely to operational recovery. The trend thereafter was positive but with decreasing margins in the 2023–2025 timeframe, warranting attention to sustaining earnings growth.