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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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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
Short-term debt 0.12 1.77 0.30 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
Accounts payable 7.40 7.03 5.95 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
Accrued liabilities 3.28 3.14 3.32 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
Federal and other taxes on income 0.67 0.40 0.26 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
Other taxes payable 0.42 0.46 0.47 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
Current liabilities 11.89% 12.80% 10.30% 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%
Long-term debt, excluding debt due within one year 11.11 12.02 12.28 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
Deferred credits and other noncurrent obligations 7.39 7.45 7.57 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
Noncurrent deferred income taxes 9.19 9.09 9.26 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
Noncurrent employee benefit plans 1.19 1.19 1.27 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
Noncurrent liabilities 28.88% 29.74% 30.38% 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%
Total liabilities 40.76% 42.54% 40.69% 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%
Redeemable noncontrolling interest 0.00 0.00 0.00 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
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
Common stock, $0.75 par value 0.55 0.56 0.57 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
Capital in excess of par value 10.30 10.28 10.46 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
Retained earnings 64.40 61.91 63.38 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
Accumulated other comprehensive losses -0.64 -0.79 -0.76 -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
Deferred compensation and benefit plan trust -0.07 -0.07 -0.07 -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
Treasury stock, at cost -17.02 -16.15 -16.03 -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
Total Chevron Corporation stockholders’ equity 57.52% 55.75% 57.54% 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%
Noncontrolling interests, excludes redeemable noncontrolling interest 1.72 1.72 1.77 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
Total equity 59.24% 57.46% 59.31% 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%
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%

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).

An analysis of the common-size balance sheet reveals a strategic shift in capital structure characterized by an initial period of aggressive deleveraging followed by a period of stabilization and significant capital reallocation. Total liabilities declined from 44.99% in March 2021 to a low of 36.73% in June 2023, while total equity increased from 54.96% to a peak of 63.21% during the same timeframe.

Debt and Leverage Trends
A substantial reduction in long-term debt is observed from March 2021 through September 2023, where the proportion fell from 16.80% to 7.62% of total liabilities and equity. Following this period of contraction, long-term debt levels began to trend upward again, reaching 12.02% by March 2026 before settling at 11.11% in June 2026. Short-term debt remained relatively low and volatile, generally fluctuating between 0.11% and 2.47%, indicating a preference for long-term financing over short-term borrowing.
Current and Noncurrent Liability Dynamics
Current liabilities remained relatively stable, oscillating between approximately 10% and 15% of the total balance sheet. Accounts payable represented the largest component of current liabilities, peaking at 9.66% in June 2022. Noncurrent liabilities exhibited a mirroring trend to long-term debt, declining from 33.62% in early 2021 to roughly 24% in 2023, before increasing to 28.88% by June 2026. Notably, noncurrent deferred income taxes showed a consistent and steady upward trajectory, rising from 5.16% in March 2021 to 9.19% by June 2026.
Equity Composition and Retained Earnings
Total stockholders' equity grew steadily from 54.58% in March 2021 to a high of 78.25% in June 2024 (as a component of total equity), driven primarily by a strong increase in retained earnings. Retained earnings rose from 65.92% to a peak of 82.09% in June 2025. However, a sharp correction occurred in September 2025, where retained earnings dropped abruptly to 63.10%, subsequently recovering slightly to 64.40% by June 2026.
Share Repurchase Activity
The proportion of treasury stock indicates aggressive share buyback activity through mid-2025, with the contra-equity account expanding from -17.08% in March 2021 to a peak of -32.02% in June 2025. Coinciding with the drop in retained earnings, treasury stock saw a significant reduction to -15.00% in September 2025, suggesting a major capital restructuring event or a significant change in the valuation of equity components.

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