Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Chevron Corp. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2005
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Chevron Corp., consolidated income statement
US$ in millions
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).
Chevron Corp. experienced significant revenue volatility between 2021 and 2025. Revenues and other income increased substantially in 2022, followed by declines in subsequent years. While operating income mirrored this pattern, net income attributable to Chevron Corporation demonstrated a consistent downward trend over the five-year period. A closer examination of individual income statement items reveals key drivers behind these trends.
- Revenue Trends
- Sales and other operating revenues peaked in 2022 at US$235.717 billion, representing a substantial increase from US$155.606 billion in 2021. However, revenues then decreased steadily to US$184.432 billion by 2025. Income from equity affiliates also showed a decline, moving from US$8.585 billion in 2022 to US$3.000 billion in 2025. Other income exhibited considerable fluctuation, including a loss in 2023 before recovering in 2024 and 2025, but remained below 2022 levels.
- Cost of Goods Sold and Operating Expenses
- Purchased crude oil and products, representing a significant portion of the cost structure, increased from US$89.372 billion in 2021 to US$145.416 billion in 2022, then decreased to US$108.214 billion in 2025. Operating expenses generally increased each year, rising from US$24.714 billion in 2022 to US$28.005 billion in 2025. Selling, general and administrative expenses, exploration expenses, and depreciation, depletion and amortization all contributed to this overall increase. Taxes other than on income also increased over the period.
- Profitability Analysis
- Operating income followed the revenue trend, peaking at US$50.485 billion in 2022 and declining to US$21.273 billion in 2025. Despite a decrease in interest and debt expense, the overall impact was insufficient to offset the decline in operating income. Income before income tax expense decreased from US$49.674 billion in 2022 to US$19.743 billion in 2025. Consequently, net income attributable to Chevron Corporation decreased from US$35.465 billion in 2022 to US$12.299 billion in 2025.
- Net Income Attributable to Noncontrolling Interests
- Net income attributable to noncontrolling interests remained relatively small but increased in absolute value from a negative US$64 million in 2021 to a negative US$186 million in 2025, indicating a growing share of earnings allocated to non-controlling interests.
In summary, the period was characterized by initial revenue growth followed by a consistent decline in both revenues and profitability. While cost of goods sold decreased from its 2022 peak, increases in operating expenses and a fluctuating other income contributed to the overall downward trend in net income. The company experienced a substantial decrease in net income attributable to Chevron Corporation over the five-year period.