Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Paying user area
Try for free
Chevron Corp. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Chevron Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Chevron Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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.