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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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 0.30 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 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 3.32 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 0.26 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 0.47 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 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 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 7.57 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 9.26 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 1.27 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 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 40.69% 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 0.07 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
Common stock, $0.75 par value 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 10.46 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 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 -0.76 -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 -0.10 -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 -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 57.54% 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 1.77 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 59.31% 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%

Based on: 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 composition of liabilities and stockholders’ equity exhibited several notable trends over the observed period from March 2021 to December 2025. Overall, a shift in the balance between liabilities and equity is apparent, with fluctuations occurring throughout the timeframe. Current liabilities demonstrated cyclical behavior, while long-term debt generally decreased before increasing again towards the end of the period. Equity composition also underwent changes, particularly in retained earnings and treasury stock.

Current Liabilities
Current liabilities, as a percentage of total liabilities and equity, generally fluctuated between approximately 10% and 15%. A peak was observed in June 2022 at 15.17%, followed by a decline. A subsequent rise occurred in late 2024, reaching 15.01% in December 2024, before decreasing again. Accounts payable consistently represented the largest component of current liabilities, ranging from approximately 5% to 9.66% of the total. Accrued liabilities and federal/other taxes on income contributed smaller, but relatively stable, portions.
Long-Term Debt
Long-term debt, excluding amounts due within one year, showed a decreasing trend from 16.80% in March 2021 to a low of 8.25% in September 2022. However, it began to increase again in late 2022, reaching 12.28% by December 2025. This suggests a potential shift in financing strategies or increased investment in long-term projects towards the end of the period.
Noncurrent Liabilities
Noncurrent liabilities demonstrated a gradual decline from 33.62% in March 2021 to 24.91% in June 2022. They then experienced a moderate increase, reaching 30.38% by December 2025. Deferred credits and other noncurrent obligations and noncurrent deferred income taxes were the primary drivers of this category, each consistently representing a significant portion. Noncurrent employee benefit plans remained a smaller, but relatively stable, component.
Total Liabilities
Total liabilities decreased from nearly 45% in early 2021 to a low of 37.82% in December 2022. A subsequent increase was observed, reaching approximately 40.69% by December 2025. This movement largely mirrored the trends in both current and noncurrent liabilities.
Stockholders’ Equity
Total stockholders’ equity represented a substantial portion of the capital structure, generally ranging between 55% and 63%. Retained earnings consistently constituted the largest component of equity, fluctuating significantly, particularly with a notable decrease towards the end of the period, falling to 63.38% in December 2025. Treasury stock exhibited a substantial and consistent negative balance, increasing in magnitude over time, reaching -28.82% in December 2024 and -32.02% in June 2025. This indicates significant share repurchase activity. Capital in excess of par value also contributed a significant portion, increasing over the period. Accumulated other comprehensive losses remained relatively small and negative.

The observed trends suggest a dynamic financial structure. The initial decrease in overall liabilities, followed by a moderate increase, coupled with the fluctuating equity components, warrants further investigation into the underlying business decisions and economic factors influencing these changes. The significant increase in treasury stock suggests a deliberate strategy of returning capital to shareholders.