Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Chevron Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Chevron Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 capital structure exhibits a cyclical trend characterized by a period of aggressive deleveraging and equity growth followed by a moderate increase in liabilities and a stabilization of equity. Total liabilities declined from 44.99% in March 2021 to a low of 36.73% in June 2023, before trending upward to 42.54% by March 2026. Conversely, total equity rose from 54.96% to a peak of 63.21% in June 2023, then gradually moderated to 57.46% by the end of the observed period.
- Debt and Liability Trends
- Long-term debt, excluding current portions, showed a significant downward trajectory from 16.80% in March 2021 to a trough of 7.62% in September 2023. This suggests a strategic reduction in long-term borrowing over that interval. However, a gradual increase is observed from 2024 onward, with long-term debt reaching 12.02% by March 2026.
- Current liabilities remained relatively stable, fluctuating between 10% and 15% of total liabilities and equity. Accounts payable peaked at 9.66% in June 2022 before stabilizing in the 6% to 8% range.
- Noncurrent deferred income taxes exhibited a steady increase, rising from 5.16% in March 2021 to 9.09% in March 2026, indicating an accumulation of deferred tax obligations over time.
- Equity and Shareholder Value
- Retained earnings demonstrated strong growth, ascending from 65.92% in March 2021 to a peak of 82.09% in June 2025. A sharp contraction occurred between June 2025 and September 2025, where retained earnings dropped to 63.10%, suggesting a significant distribution of capital or accounting adjustment.
- Treasury stock figures indicate aggressive share repurchase activity. The contra-equity account grew from -17.08% in March 2021 to a peak of -32.02% in June 2025. Parallel to the drop in retained earnings, treasury stock shifted back to -15.00% in September 2025, signaling a major reallocation within the equity section.
- Common stock and capital in excess of par value remained relatively consistent, with capital in excess of par showing a slight upward trend from 6.98% to 10.28% over the full period.
- Overall Financial Positioning
- The shift in the balance sheet suggests a transition from a period of focused debt reduction and equity accumulation (2021–2023) toward a more balanced leverage profile in 2024 and 2025. The volatility observed in the latter half of 2025 regarding retained earnings and treasury stock indicates substantial capital management actions.