Common-Size Income Statement
Quarterly Data
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Chevron Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
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Chevron Corp., common-size consolidated income statement (quarterly data)
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.