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: 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
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) loss attributable to noncontrolling interests
Net income attributable to Chevron Corporation

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 financial performance over the analyzed period is characterized by significant volatility in operating margins and a general contraction in profitability following a peak in mid-2022. While revenues remained the baseline for common-size analysis, the underlying cost structure and non-operating income streams shifted, impacting the final net income margins.

Revenue and Other Income Trends
Income from equity affiliates exhibited a gradual downward trend, starting from a peak of 3.99% in March 2022 and declining to 1.57% by March 2026. Other income remained relatively stable but showed extreme volatility in late 2023 and late 2024, with a notable decline to -5.61% in December 2023 followed by a spike to 6.63% in December 2024, indicating periodic non-recurring gains or losses.
Cost Structure and Operational Expenses
Purchased crude oil and products constitute the most significant expenditure, consistently ranging between 55% and 64% of sales. A period of elevated costs was observed between March 2022 and March 2024, where expenses frequently exceeded 60% of revenue. Depreciation, depletion, and amortization (DD&A) showed substantial variance, dropping from 13.79% in March 2021 to a low of 5.66% in June 2022, before trending upward again to reach 12.85% by September 2025.
Operating Income Analysis
Operating income margins experienced a sharp expansion during the first half of 2022, peaking at 24.66% in June 2022. Subsequently, a long-term contraction is observed, with margins descending to 8.99% by March 2026. This decline is attributed to the combined effect of rising DD&A costs and fluctuating crude purchase prices, which offset the efficiency gains seen in SG&A expenses during the 2022 period.
Net Profitability and Tax Impact
Net income attributable to the corporation mirrored the trajectory of operating income. Profitability peaked at 17.78% in June 2022 and trended downward to 4.65% by March 2026. Income tax expenses as a percentage of sales remained variable, peaking at 6.56% in June 2022 and generally moderating as net income margins compressed. Interest and debt expenses remained minimal and stable, typically staying below 0.8% of revenues, suggesting a consistent debt service capacity.