Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

$24.99

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

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales and other operating revenues
Income from equity affiliates
Other income (loss)
Revenues and other income
Purchased crude oil and products
Operating expenses
Selling, general and administrative expenses
Exploration expenses
Depreciation, depletion and amortization
Taxes other than on income
Operating income
Interest and debt expense
Other components of net periodic benefit costs
Income before income tax expense
Income tax expense
Net income
Net (income) loss attributable to noncontrolling interests
Net income attributable to Chevron Corporation

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).

Financial performance across the analyzed period is characterized by significant volatility in revenue and net income, closely aligned with commodity price cycles. A period of aggressive growth occurred between early 2021 and mid-2022, followed by a phase of relative stabilization and a subsequent sharp increase in the final recorded quarter.

Revenue Trends and Top-Line Performance
Sales and other operating revenues experienced a rapid ascent from 31,076 million USD in March 2021 to a peak of 65,372 million USD in June 2022. Following this peak, revenues entered a period of moderate fluctuation, generally oscillating between 44,000 million USD and 52,000 million USD from 2023 through early 2026. A notable anomaly occurs in June 2026, where revenues surged to 67,199 million USD, representing the highest quarterly value in the dataset.
Cost Structure and Operating Expenses
The cost of purchased crude oil and products serves as the primary driver of expenditures, mirroring revenue trends. This expense peaked at 40,003 million USD in June 2022 and remained a substantial proportion of total costs. In contrast, selling, general, and administrative expenses remained relatively contained, typically ranging between 800 million USD and 1,500 million USD, indicating a level of operational efficiency in overhead management despite revenue swings. Operating expenses showed a gradual upward trend, increasing from approximately 4,900 million USD in 2021 to over 7,400 million USD by 2026.
Operating Income and Profitability
Operating income demonstrated extreme variance, peaking at 16,119 million USD in June 2022 and reaching a secondary high of 17,132 million USD in June 2026. Net income attributable to the corporation followed this trajectory, with a significant spike to 11,622 million USD in June 2022. From March 2023 to March 2026, net income remained more stable, fluctuating between 2,210 million USD and 6,574 million USD, before rising sharply to 12,072 million USD in the final quarter.
Depreciation and Financial Obligations
Depreciation, depletion, and amortization (DD&A) costs exhibited a step-up pattern. Values remained largely between 3,500 million USD and 4,800 million USD until late 2023, after which they shifted to a higher plateau, consistently exceeding 5,800 million USD through 2026. Interest and debt expenses also showed a steady increase, rising from a range of 130-200 million USD in 2021-2022 to between 340-370 million USD in the 2025-2026 period, suggesting an increase in leverage or higher borrowing costs.
Taxation and Other Income
Income tax expenses fluctuated in correlation with pre-tax income, peaking at 4,470 million USD in June 2026. Other income and losses remained volatile, including a significant loss of 2,743 million USD in December 2023, which was offset by a gain of 3,204 million USD in December 2024, introducing non-operational volatility to the bottom line.