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, 2026 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: 2026-06-30), 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 net profitability, primarily driven by fluctuations in the cost of purchased crude oil and products. A cyclical pattern is evident, with a period of peak profitability in 2022, a subsequent contraction through 2023, and a sharp recovery by mid-2026.

Direct Material Costs
Purchased crude oil and products represent the most significant expenditure, consistently accounting for between 54% and 64% of sales. The highest cost concentrations occurred in December 2021 (-59.62%), March 2022 (-62.41%), and December 2022 (-63.60%), which coincide with periods of shifting revenue dynamics. A notable reduction in this expense ratio is observed in June 2026, where it dropped to -54.48%, contributing significantly to the expansion of operating margins.
Operating Expense Trends
Operating expenses, including selling, general, and administrative costs, exhibit a general upward trend in the latter half of the period. While these expenses were relatively contained between 9% and 13% throughout 2022, they increased to a range of 13% to 16% during 2024 and 2025. Depreciation, depletion, and amortization also show substantial volatility, reaching a low of -5.66% in June 2022 before climbing to a peak of -12.85% in September 2025.
Operating Income and Profitability
Operating income margins reached a zenith in June 2022 at 24.66% and maintained strong levels throughout that year. A marked decline occurred toward the end of 2023, with the margin falling to 7.47% in December. However, a dramatic recovery is observed in June 2026, with operating income spiking to 25.49%, the highest value in the provided series.
Net Income Attributable to Chevron Corporation
Net profit margins closely mirror the trajectory of operating income. Profitability peaked in mid-2022, with margins reaching 17.78% in June and 17.68% in September. This was followed by a contraction to a low of 4.62% in December 2023. By June 2026, net income attributable to the corporation recovered sharply to 17.96%, indicating a return to high-margin operations.
Non-Operating Items and Taxes
Other income and losses introduced sporadic volatility into the results. A significant negative impact was recorded in December 2023 (-5.61%), while a substantial positive impact occurred in December 2024 (6.63%). Income tax expenses remained relatively stable as a percentage of sales, generally fluctuating between 3% and 6%, though a peak of -6.65% was observed in June 2026, corresponding with the surge in taxable income.