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: 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-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 common-size income statement reveals significant fluctuations in profitability and cost structures over the observed period, spanning from March 2021 to December 2025. Revenues consistently represent 100% of sales and other operating revenues, as expected. However, underlying components demonstrate considerable variability.

Revenue Composition
Revenues and other income as a percentage of sales generally remained above 100% through June 2023, peaking at 105.19% in June 2022. A notable decrease occurred in December 2023 (96.42%) before recovering to 108.05% in December 2024, driven by a substantial increase in other income (loss). Income from equity affiliates remained relatively stable, fluctuating between approximately 2.5% and 4% of sales, with a slight downward trend towards the end of the period. Other income (loss) exhibited the most volatility, swinging from positive contributions to a significant negative impact in December 2023 (-5.61%).
Cost of Goods Sold
Purchased crude oil and products consistently represented the largest expense, ranging between 55% and 63% of sales. A general upward trend was observed from March 2021 (56.53%) to December 2021 (59.62%), followed by a period of relative stability before increasing again to 62.37% in December 2024. A significant decrease to 55.36% was observed in December 2025.
Operating Expenses
Operating expenses, encompassing selling, general, administrative, exploration, and depreciation, depletion, and amortization, collectively represented a substantial portion of revenue. Total operating expenses as a percentage of sales decreased from 29.77% in March 2021 to 26.82% in June 2022, then increased to 31.88% in December 2023, before decreasing to 28.89% in December 2025. Depreciation, depletion, and amortization consistently constituted the largest component of operating expenses, generally ranging between 8% and 14%. Selling, general and administrative expenses showed a gradual increase over the period, while exploration expenses remained relatively low and stable.
Profitability
Operating income as a percentage of sales demonstrated significant fluctuations, peaking at 19.57% in September 2021 and reaching a low of 7.47% in December 2023. Net income followed a similar pattern, with a high of 14.36% in September 2021 and a low of 4.58% in December 2023. The period from March 2024 to December 2025 shows a recovery in net income, increasing from 6.70% to 6.21%. Interest and debt expense remained relatively stable, generally below 1% of sales. Income tax expense varied considerably, influenced by changes in income before income tax expense.

Overall, the financial performance exhibited considerable volatility throughout the analyzed period. The significant fluctuations in other income (loss) and purchased crude oil and products appear to be key drivers of these changes. The recovery in profitability observed in the latter part of the period suggests a potential stabilization of these factors, although continued monitoring is warranted.