Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Chevron Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	6,293)	6,781)	8,178)	17,678)	5,640)
Time deposits	4)	4)	—)	—)	—)
Marketable securities	—)	—)	45)	223)	35)
Accounts and notes receivable, less allowance	18,075)	20,684)	19,921)	20,456)	18,419)
Inventories	9,711)	9,074)	8,612)	8,247)	6,305)
Prepaid expenses and other current assets	4,469)	4,368)	4,372)	3,739)	3,339)
Current assets	38,552)	40,911)	41,128)	50,343)	33,738)
Long-term receivables, net	1,035)	877)	942)	1,069)	603)
Investments and advances, equity method	43,037)	46,618)	46,113)	44,610)	40,357)
Other non-equity method investments	830)	820)	699)	628)	339)
Investments and advances	43,867)	47,438)	46,812)	45,238)	40,696)
Properties, plant and equipment, net	219,729)	147,799)	153,619)	143,591)	146,961)
Deferred charges and other assets	16,236)	14,854)	13,734)	12,310)	12,384)
Goodwill	4,568)	4,578)	4,722)	4,722)	4,385)
Assets held for sale	25)	481)	675)	436)	768)
Noncurrent assets	285,460)	216,027)	220,504)	207,366)	205,797)
Total assets	324,012)	256,938)	261,632)	257,709)	239,535)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets experienced a generally increasing trend over the five-year period, rising from $239.535 billion in 2021 to $324.012 billion in 2025. However, this growth wasn't consistent year-over-year, with a slight decrease observed between 2023 and 2024.

Current Assets: Current assets demonstrated significant volatility. A substantial increase occurred between 2021 and 2022, climbing from $33.738 billion to $50.343 billion. Subsequently, current assets decreased to $40.911 billion in 2024 before declining further to $38.552 billion in 2025. This fluctuation was largely driven by changes in cash and cash equivalents, which peaked in 2022 at $17.678 billion before falling to $6.293 billion in 2025. Accounts and notes receivable remained relatively stable, fluctuating between $18.075 billion and $20.684 billion. Inventories exhibited a consistent upward trend, increasing from $6.305 billion in 2021 to $9.711 billion in 2025.
Long-Term Investments: Investments and advances, encompassing both equity method and other non-equity method investments, showed a general upward trend from $40.696 billion in 2021 to $43.867 billion in 2025. The equity method portion constituted the majority of these investments, growing from $40.357 billion to $43.037 billion over the same period. Other non-equity method investments also increased, albeit at a slower pace, from $339 million to $830 million.
Fixed Assets: Properties, plant and equipment, net, experienced a notable increase between 2022 and 2023, rising from $143.591 billion to $153.619 billion. A subsequent decrease to $147.799 billion occurred in 2024, followed by a substantial increase to $219.729 billion in 2025. This significant jump in 2025 suggests potentially large capital expenditures or asset revaluations. Deferred charges and other assets also increased steadily, from $12.384 billion to $16.236 billion.
Goodwill and Assets Held for Sale: Goodwill remained relatively stable throughout the period, fluctuating between $4.385 billion and $4.722 billion. Assets held for sale decreased significantly from $768 million in 2021 to $25 million in 2025, indicating a reduction in the company’s planned disposals.

The most substantial asset growth occurred in noncurrent assets, particularly in 2025, driven primarily by the increase in properties, plant and equipment, net. This suggests a significant investment in long-term assets during that year. Overall, the asset composition shifted towards a greater proportion of long-term assets over the observed period.

Chevron Corp. (NYSE:CVX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items