Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

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Common-Size Income Statement
Quarterly Data

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

Microsoft Excel
3 months ended: 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 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: 2025-06-30), 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), 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).

The financial data reveals significant volatility and improvement trends over the observed periods. Initially, the company experienced a steep negative impact on profitability in the second quarter of 2020, with a notable decline in income from equity affiliates and operating income, correlating with the wider economic challenges of that period.

Revenue and Income Trends
Revenues and other income fluctuated between approximately 84.7% to 108% of sales, showing a recovery trajectory from mid-2020 through 2025. Income from equity affiliates showed an initial negative spike in mid-2020 but generally remained positive, although trending downward starting in late 2022 through 2025.
Operating Expenses and Cost Management
Purchased crude oil and products costs increased significantly over time, rising from about -52.2% in early 2020 to peaks around -62% in later quarters, indicating higher input costs or increased volumes. Operating expenses showed a substantial reduction after mid-2020, leveling off around -10% to -15% of revenues, suggesting improved cost control post-initial downturn.
Selling, General and Administrative (SG&A) Expenses
SG&A expenses declined sharply in mid-2020 but later stabilized around the -1.5% to -3.5% range of sales. This points to ongoing efforts to streamline administrative costs amid fluctuating market conditions.
Depreciation, Depletion, and Amortization (DD&A)
DD&A showed a dramatic decrease from an exceptionally high -42.2% in Q2 2020 to a more stable range generally between -6.9% and -12.8%, evidencing either assets becoming fully depreciated or changes in accounting estimates and capital expenditures.
Tax and Interest Expenses
Taxes other than on income diminished substantially over time, occasionally presenting positive figures, possibly due to tax credits or adjustments. Interest and debt expense consistently decreased from -1.08% to below -0.3%, indicating improved debt management or refinancing at lower rates.
Operating Income and Profitability
Operating income experienced a severe contraction during the early pandemic phase but recovered and remained positive thereafter, averaging around 10% to 20% of revenues. Net income attributable to the company followed a similar pattern, with a negative trough in June 2020 and a general positive trend through 2025, although showing some fluctuations and a slight decline towards the end of the period.
Other Income and Non-Operating Items
Other income was variable, with occasional significant negative impacts such as in December 2023, likely reflecting one-off events or market volatility affecting non-core operations.

Overall, the data depicts an initial disruption followed by a strong operational recovery, supported by cost rationalization, improved capital efficiency, and effective debt management. Some volatility persists in net income and non-operating income components, underscoring the sensitivity of results to external market factors and equity investments over the medium term.