Balance Sheet: Assets
Quarterly Data
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.
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Chevron Corp. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Chevron Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
Total assets exhibited a period of relative stability from March 2021 through mid-2024, fluctuating between approximately 240 billion and 260 billion US dollars. However, a significant structural expansion occurred starting in the third quarter of 2025, where total assets jumped to 326.5 billion US dollars and continued an upward trajectory to reach 330.1 billion US dollars by June 2026.
- Fixed Asset Expansion
- The most prominent shift in the balance sheet is observed in Properties, Plant and Equipment (PP&E). Net PP&E remained consistently within the 140 billion to 154 billion US dollar range for several years. A substantial increase occurred in September 2025, with net PP&E rising to 219.5 billion US dollars. This surge was driven by a corresponding increase in PP&E at cost, which rose from 352 billion US dollars in June 2025 to 429.3 billion US dollars in September 2025, suggesting a major capital investment or acquisition.
- Liquidity and Cash Management
- Cash and cash equivalents demonstrated significant volatility throughout the analyzed period. A peak was reached in December 2022 at 17.7 billion US dollars, followed by a steady decline to a low of 4 billion US dollars in June 2024. Liquidity levels subsequently recovered, ending the period at 8.5 billion US dollars in June 2026. Marketable securities, while present in early years, became negligible or ceased to be reported after December 2023.
- Working Capital Trends
- Accounts and notes receivable showed a general upward trend, increasing from 14.1 billion US dollars in March 2021 to 24.6 billion US dollars by June 2026, with a notable spike in March 2026. Similarly, inventories grew from 5.6 billion US dollars in March 2021 to 10.5 billion US dollars by June 2026, indicating an expansion in operational scale or strategic inventory accumulation.
- Noncurrent Asset Composition
- Beyond PP&E, investments and advances grew steadily from 39.6 billion US dollars in March 2021 to a peak of 49.2 billion US dollars in March 2025, before contracting slightly to 42.3 billion US dollars by June 2026. Deferred charges and other assets also trended upward, rising from 11.5 billion US dollars in March 2021 to 16.5 billion US dollars in June 2026.
The overall asset trajectory indicates a transition from a phase of steady-state maintenance to one of aggressive expansion in late 2025. While current assets grew moderately, the primary driver of the company's balance sheet growth was the massive increase in long-term physical infrastructure and equipment.