Income Statement
Quarterly Data
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., consolidated income statement (quarterly data)
US$ in millions
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).
Chevron Corp. experienced significant revenue fluctuations between March 2021 and December 2025. Revenues and other income generally increased from early 2021, peaking in the second half of 2022, before declining through the end of 2025. Net income mirrored this trend, with substantial growth in 2021 and 2022, followed by a decrease in subsequent periods. A detailed examination of key income statement components reveals the drivers behind these patterns.
- Revenue Trends
- Sales and other operating revenues demonstrated a clear upward trajectory from $31.076 billion in March 2021 to $65.372 billion in June 2022. This growth slowed in the latter half of 2022, with revenues falling to $48.334 billion by December 2024, and continuing to $45.787 billion by December 2025. Income from equity affiliates also increased from $0.911 billion to $2.467 billion between March 2021 and June 2022, but exhibited more volatility thereafter. Other income (loss) was particularly erratic, swinging from positive values to a substantial loss of -$2.743 billion in December 2022, before returning to positive figures in later periods.
- Cost of Goods Sold and Operating Expenses
- Purchased crude oil and products consistently represented a substantial expense, increasing from -$17.568 billion in March 2021 to -$40.003 billion in June 2022, and remaining high throughout the period. Operating expenses also increased over time, from -$4.967 billion to -$7.622 billion in December 2022, and continuing to rise to -$7.389 billion by December 2025. Selling, general and administrative expenses showed a similar pattern of growth, while exploration expenses remained relatively stable, with a notable increase in the latter half of 2024. Depreciation, depletion, and amortization also increased, particularly in 2022 and 2023.
- Profitability Analysis
- Operating income followed the revenue trend, peaking at $16.119 billion in June 2022 before declining to $5.109 billion by December 2025. Net income attributable to Chevron Corporation experienced a similar pattern, reaching $11.622 billion in June 2022 and falling to $2.770 billion by December 2025. The impact of interest and debt expense, while relatively consistent, increased notably in the later periods, as did other components of net periodic benefit costs. Income tax expense fluctuated with profitability, decreasing when net income declined.
The period between March 2021 and December 2025 demonstrates a cycle of growth followed by contraction. The significant increase in revenues and net income in 2021 and 2022 was likely driven by favorable market conditions, while the subsequent decline suggests a normalization of those conditions and increased cost pressures. The volatility in other income (loss) warrants further investigation to understand the underlying factors contributing to these fluctuations.