Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Chevron Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Short-term debt 0.30 1.71 0.20 0.76 0.11
Accounts payable 5.95 8.59 7.81 7.36 6.87
Accrued liabilities 3.32 3.30 2.93 2.90 2.91
Federal and other taxes on income 0.26 0.73 0.71 1.70 0.71
Other taxes payable 0.47 0.67 0.68 0.55 0.59
Current liabilities 10.30% 15.01% 12.33% 13.27% 11.18%
Long-term debt, excluding debt due within one year 12.28 7.84 7.76 8.29 12.99
Deferred credits and other noncurrent obligations 7.57 8.60 9.26 7.91 8.67
Noncurrent deferred income taxes 9.26 7.45 7.20 6.65 6.12
Noncurrent employee benefit plans 1.27 1.50 1.56 1.69 2.61
Noncurrent liabilities 30.38% 25.38% 25.78% 24.55% 30.39%
Total liabilities 40.69% 40.39% 38.11% 37.82% 41.58%
Redeemable noncontrolling interest 0.00 0.00 0.06 0.06 0.06
Preferred stock, $1.00 par value; none issued 0.00 0.00 0.00 0.00 0.00
Common stock, $0.75 par value 0.57 0.71 0.70 0.71 0.76
Capital in excess of par value 10.46 8.43 8.17 7.24 7.21
Retained earnings 63.38 80.12 76.45 73.74 69.11
Accumulated other comprehensive losses -0.76 -1.07 -1.13 -1.09 -1.62
Deferred compensation and benefit plan trust -0.07 -0.09 -0.09 -0.09 -0.10
Treasury stock, at cost -16.03 -28.82 -22.58 -18.70 -17.31
Total Chevron Corporation stockholders’ equity 57.54% 59.28% 61.52% 61.81% 58.06%
Noncontrolling interests 1.77 0.33 0.31 0.32 0.31
Total equity 59.31% 59.61% 61.83% 62.12% 58.37%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity exhibited several notable shifts between 2021 and 2025. Overall, total liabilities remained relatively stable as a percentage of total liabilities and equity, fluctuating between approximately 38% and 42% throughout the period. Stockholders’ equity demonstrated a slight decline over the five years, decreasing from 58.37% in 2021 to 59.31% in 2025.

Short-Term Debt
Short-term debt experienced significant volatility. It increased substantially from 0.11% in 2021 to a peak of 1.71% in 2024 before decreasing to 0.30% in 2025. This suggests a strategic use of short-term financing, potentially linked to specific operational or investment needs, followed by a reduction.
Current Liabilities
Current liabilities generally increased from 11.18% in 2021 to 15.01% in 2024, indicating a growing proportion of short-term obligations. However, a decrease to 10.30% was observed in 2025, potentially reflecting improved working capital management or debt repayment. Accounts payable contributed significantly to this category, rising from 6.87% to 8.59% before falling to 5.95% in 2025.
Long-Term Debt
Long-term debt, excluding amounts due within one year, decreased from 12.99% in 2021 to 7.76% in 2023, suggesting a focus on debt reduction. It remained relatively stable between 7.76% and 7.84% in 2023 and 2024, then increased to 12.28% in 2025, potentially indicating new long-term financing activities.
Noncurrent Liabilities
Noncurrent liabilities showed a decrease from 30.39% in 2021 to 24.55% in 2022, followed by a slight recovery to 25.78% in 2023, and then a further decrease to 25.38% in 2024. A rise to 30.38% in 2025 was observed. This category is influenced by deferred credits, noncurrent income taxes, and employee benefit plans.
Stockholders’ Equity Components
Retained earnings constituted the largest portion of stockholders’ equity, consistently exceeding 69% throughout the period. It increased from 69.11% in 2021 to a peak of 80.12% in 2024, before decreasing to 63.38% in 2025. This suggests significant profitability driving earnings retention, followed by potential dividend payouts or other distributions. Treasury stock exhibited a substantial increase as a percentage of equity, moving from -17.31% in 2021 to -28.82% in 2024, before decreasing to -16.03% in 2025, indicating increased share repurchase activity. Capital in excess of par value also increased, from 7.21% to 10.46% over the period.
Noncontrolling Interests
Noncontrolling interests remained relatively stable between 0.31% and 0.33% from 2021 to 2024, then increased to 1.77% in 2025, suggesting a change in the company’s ownership structure or consolidation of subsidiaries.

In summary, the liability structure demonstrated dynamic adjustments, particularly in short-term debt and current liabilities. Stockholders’ equity experienced a moderate decline, influenced by changes in retained earnings and treasury stock activity. The increase in noncontrolling interests in 2025 warrants further investigation.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?