Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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

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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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Short-term debt 1.10 2.47 1.59 1.71 1.98 0.67 0.11 0.20 0.17 0.50 1.15 0.76 0.86 1.25 0.13 0.11 0.12 1.44 2.00 0.65 0.24 1.68 3.67
Accounts payable 5.84 7.42 8.14 8.59 7.73 8.06 8.12 7.81 8.20 7.41 7.01 7.36 8.35 9.66 8.09 6.87 6.38 6.06 5.32 4.57 4.28 3.69 4.65
Accrued liabilities 3.23 3.24 3.27 3.30 3.21 3.47 2.97 2.93 2.89 2.88 2.60 2.90 2.76 2.60 2.80 2.91 2.89 3.16 3.13 3.26 3.56 3.31 2.65
Federal and other taxes on income 0.28 0.26 0.33 0.73 0.27 0.34 0.76 0.71 0.73 0.61 1.91 1.70 1.55 1.13 1.03 0.71 0.61 0.50 0.54 0.38 0.35 0.28 0.65
Other taxes payable 0.41 0.50 0.60 0.67 0.59 0.51 0.62 0.68 0.62 0.44 0.52 0.55 0.68 0.52 0.48 0.59 0.49 0.43 0.38 0.40 0.39 0.35 0.31
Current liabilities 10.86% 13.89% 13.92% 15.01% 13.78% 13.05% 12.59% 12.33% 12.60% 11.85% 13.18% 13.27% 14.20% 15.17% 12.53% 11.18% 10.50% 11.59% 11.37% 9.25% 8.82% 9.32% 11.93%
Long-term debt, excluding debt due within one year 11.62 9.28 9.99 7.84 7.98 8.23 8.24 7.76 7.62 8.04 7.92 8.29 8.25 8.92 11.65 12.99 15.44 16.28 16.80 17.84 15.37 13.56 10.00
Deferred credits and other noncurrent obligations 7.23 8.73 8.43 8.60 8.47 8.23 8.58 9.26 7.91 7.94 7.66 7.91 7.70 7.65 8.14 8.67 8.46 8.42 8.33 8.48 8.64 8.64 7.89
Noncurrent deferred income taxes 9.13 7.86 7.64 7.45 7.68 7.48 7.30 7.20 7.44 7.33 6.93 6.65 6.40 6.18 6.23 6.12 5.65 5.41 5.16 5.24 4.76 4.97 5.69
Noncurrent employee benefit plans 1.25 1.54 1.48 1.50 1.52 1.51 1.51 1.56 1.43 1.57 1.60 1.69 2.00 2.16 2.38 2.61 2.97 3.15 3.32 3.84 3.22 3.35 3.27
Noncurrent liabilities 29.23% 27.40% 27.54% 25.38% 25.65% 25.46% 25.63% 25.78% 24.41% 24.88% 24.12% 24.55% 24.34% 24.91% 28.41% 30.39% 32.52% 33.26% 33.62% 35.40% 31.99% 30.52% 26.84%
Total liabilities 40.09% 41.29% 41.47% 40.39% 39.42% 38.51% 38.22% 38.11% 37.01% 36.73% 37.30% 37.82% 38.54% 40.08% 40.94% 41.58% 43.02% 44.85% 44.99% 44.65% 40.81% 39.85% 38.77%
Redeemable noncontrolling interest 0.00 0.00 0.00 0.00 0.00 0.07 0.07 0.06 0.06 0.06 0.06 0.06 0.05 0.05 0.05 0.06 0.05 0.05 0.05 0.05 0.00 0.00 0.00
Preferred stock, $1.00 par value; none issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.75 par value 0.56 0.73 0.71 0.71 0.71 0.70 0.70 0.70 0.69 0.73 0.72 0.71 0.71 0.71 0.74 0.76 0.76 0.75 0.76 0.76 0.82 0.82 0.77
Capital in excess of par value 10.36 8.69 8.47 8.43 8.32 8.25 8.20 8.17 8.08 7.45 7.31 7.24 7.16 7.20 7.38 7.21 7.11 7.02 6.98 7.02 7.76 7.74 7.30
Retained earnings 63.10 82.09 80.48 80.12 79.27 78.25 77.40 76.45 76.00 78.21 75.71 73.74 71.76 68.97 67.88 69.11 67.95 65.75 65.92 66.88 73.30 74.36 74.41
Accumulated other comprehensive losses -0.79 -1.02 -1.06 -1.07 -1.09 -1.12 -1.13 -1.13 -0.98 -1.08 -1.07 -1.09 -1.22 -1.35 -1.47 -1.62 -1.84 -1.77 -1.90 -2.34 -2.02 -2.13 -2.06
Deferred compensation and benefit plan trust -0.07 -0.10 -0.09 -0.09 -0.09 -0.09 -0.09 -0.09 -0.09 -0.10 -0.09 -0.09 -0.09 -0.09 -0.10 -0.10 -0.10 -0.10 -0.10 -0.10 -0.11 -0.11 -0.10
Treasury stock, at cost -15.00 -32.02 -30.31 -28.82 -26.87 -24.90 -23.68 -22.58 -21.08 -22.34 -20.26 -18.70 -17.22 -15.90 -15.72 -17.31 -17.26 -16.80 -17.08 -17.31 -20.68 -20.65 -19.51
Total Chevron Corporation stockholders’ equity 58.14% 58.38% 58.21% 59.28% 60.26% 61.09% 61.39% 61.52% 62.62% 62.88% 62.31% 61.81% 61.09% 59.53% 58.71% 58.06% 56.62% 54.85% 54.58% 54.92% 59.07% 60.03% 60.81%
Noncontrolling interests, excludes redeemable noncontrolling interest 1.76 0.34 0.33 0.33 0.32 0.33 0.33 0.31 0.32 0.33 0.33 0.32 0.31 0.34 0.30 0.31 0.30 0.25 0.38 0.38 0.12 0.12 0.42
Total equity 59.91% 58.71% 58.53% 59.61% 60.58% 61.42% 61.72% 61.83% 62.93% 63.21% 62.64% 62.12% 61.40% 59.87% 59.01% 58.37% 56.93% 55.10% 54.96% 55.30% 59.19% 60.15% 61.23%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 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).

The analysis of the financial structure over the observed periods reveals several key trends and changes in the composition of liabilities and equity.

Short-term debt
Short-term debt as a percentage of total liabilities and equity fluctuates moderately, showing a decline from 3.67% in early 2020 to low points around 0.1% to 0.2% in late 2021 and early 2024, followed by a rise to around 2.47% in early 2025 but ending lower at 1.1%. This indicates a general reduction in reliance on short-term borrowing over time, with occasional increases.
Accounts payable
Accounts payable steadily increase from 4.65% in early 2020 to a peak of roughly 9.66% in mid-2022, then gradually decreases toward 5.84% by late 2025. This pattern suggests a temporary buildup of payables during 2021-2022, reflecting possible operational or supplier credit changes, before normalization.
Accrued liabilities
Accrued liabilities maintain a relatively stable range, mostly between 2.6% and 3.3%, with slight increases during 2024. The steadiness suggests consistent recognition of expenses and obligations across periods.
Federal and other taxes on income
There is notable variability, with values rising from 0.65% in early 2020 to a peak around 1.91% at the start of 2023, then reducing substantially to below 0.3% in parts of 2024 and 2025. This indicates changing tax liabilities, possibly influenced by earnings volatility or tax strategies.
Other taxes payable
Other taxes payable remain relatively low and stable, fluctuating between 0.3% and 0.7%, without significant trends, indicating steady non-income tax liabilities.
Current liabilities
Current liabilities as a whole increase from approximately 9.3% in mid-2020 to a peak around 15% in early 2025, showing generally rising short-term obligations in recent years before dropping to 10.86% by late 2025. The increase reflects higher operational liabilities or short-term financing needs during the period.
Long-term debt, excluding current portion
Long-term debt rises from 10% in early 2020 to a high of around 17.84% at the end of 2020, then steadily declines to about 7.62%-8.24% through 2023-2024, before rising again near 11.62% by late 2025. This signifies an initial increase in long-term borrowings, followed by repayments or refinancings, and a later moderate increase.
Deferred credits and other noncurrent obligations
These liabilities remain fairly stable between 7.2% and 9.3%, indicating consistent long-term obligations beyond debt over the analyzed period.
Noncurrent deferred income taxes
An upward trend is clearly visible, from about 5.69% in early 2020 rising steadily to over 9% by late 2025, signifying growing deferred tax liabilities, likely connected to timing differences in income recognition or tax basis.
Noncurrent employee benefit plans
There is a steady decline from 3.27% in early 2020 to around 1.25% by late 2025, suggesting reductions in liabilities related to employee benefits, potentially from funding, plan changes, or actuarial adjustments.
Noncurrent liabilities (aggregate)
Noncurrent liabilities decline from about 35.4% at the end of 2020 to near 24% in early 2023, then stabilize around 25-29% toward late 2025. This reflects the combined impact of reduced long-term debt and declining employee benefits liabilities, partially offset by higher deferred taxes.
Total liabilities
Total liabilities peak near 44.99% in early 2021, then decline steadily to around 37.3%-38.5% through 2022-2023, and rise again modestly to about 40% in late 2025. Overall, the liabilities show moderate variability but a slight downward trend mid-period with a small rebound later.
Common stock and capital in excess of par value
Common stock as a percentage remains relatively stable around 0.7%, with a slight dip near 0.56% in late 2025. Capital in excess of par value shows a gradual increase from approximately 7.3% in early 2020 to over 10% by late 2025, indicating steady capital contributions or retained earnings allocated to this component.
Retained earnings
Retained earnings exhibit strong growth over the period, rising from 74.41% in early 2020, dipping slightly through 2020-2021, then climbing steadily to peak above 82% by mid-2025 before a sudden reduction to 63.1% at late 2025. This overall increase confirms accumulation of profits over time, though the late decline suggests a significant event affecting earnings or dividend payments.
Accumulated other comprehensive losses
These losses diminish from -2.06% in early 2020 to around -0.79% by late 2025, indicating a reduction in comprehensive losses or an improvement in unrealized losses reported.
Treasury stock
Treasury stock increases in absolute magnitude (more negative), moving from roughly -19.5% to a peak near -32% by mid-2025, before sharply rising to only -15% by late 2025. This suggests significant share repurchases over the period followed by a likely reissuance or accounting adjustment in the final quarter.
Total stockholders’ equity
Equity percentages decline from around 60.8% in early 2020 to a low near 55% in early 2021, then increase steadily to about 62.6% through 2023, before reducing again to near 58% in late 2025. The pattern indicates recovery in equity after early declines, reflecting profitability and capital adjustments, followed by a slight contraction toward the end.
Total equity
Total equity follows a similar pattern as stockholders’ equity, moving from about 61.2% in early 2020 to a trough of 55.1% in mid-2021, rising above 63% in 2023, and declining to approximately 59.9% by late 2025, reinforcing the trends seen in equity components.

In summary, the company's financial structure over the reported periods is marked by a general decrease in short-term debt reliance with fluctuating accounts payable, a notable growth in deferred noncurrent tax obligations, and a significant accumulation of retained earnings. The fluctuating levels of long-term debt and treasury stock reflect active balance sheet management. The overall balance between liabilities and equity has remained relatively stable despite fluctuations, with equity showing resilience through growth phases and some contraction at the end. These trends highlight dynamic capital and liability management responsive to operational and market conditions over the analyzed timeframe.