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. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Analysis of Revenues
- Aggregate Accruals
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Chevron Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Sales and Other Operating Revenues
- Sales showed significant volatility, with a sharp decline in the second quarter of 2020 followed by a steady recovery through 2021 and early 2022. Peak revenue was observed in mid-2022, after which a gradual decline occurred through to mid-2025.
- Income (Loss) from Equity Affiliates
- This income item experienced substantial fluctuations, including a large negative value in the second quarter of 2020, followed by a recovery and increased values during 2021 and early 2022. From 2022 onward, the figures show a general decline with intermittent recovery periods, indicating variable profitability from equity affiliates.
- Other Income (Loss)
- Other income was irregular, demonstrating periods of moderate gains interspersed with significant negative spikes, notably in the final quarter of 2023. This volatility suggests reliance on non-operating gains or losses varying substantially across quarters.
- Revenues and Other Income
- Overall revenues and income followed the pattern of sales but were additionally impacted by significant volatility in other income sources. A trough was observed in mid-2020, followed by a strong rise peaking in mid-2022 and subsequently declining steadily through mid-2025.
- Purchased Crude Oil and Products
- Purchases exhibited a persistent increase from early 2020 to mid-2022, peaking during this period. Subsequently, purchases generally decreased or stabilized at a lower level through mid-2025, indicating possible changes in procurement strategy or market conditions.
- Operating Expenses
- Operating expenses remained relatively stable with slight fluctuations. There was a tendency for expenses to increase slightly in later periods, though no dramatic shifts were observed.
- Selling, General and Administrative Expenses
- This expense category showed considerable quarter-to-quarter fluctuations without a clear long-term trend. Some pronounced spikes occurred, particularly in mid and late 2020, 2022, and occasional other quarters, implying variable overhead costs or investments.
- Exploration Expenses
- Exploration expenses were low relative to other expenses but showed irregular spikes. There was no consistent upward or downward trend but rather sporadic increases, particularly in late 2020, 2022, and certain quarters of 2023 and 2024.
- Depreciation, Depletion and Amortization
- This non-cash cost fluctuated significantly, with notable peaks in mid-2020 and late 2023. Otherwise, values generally ranged moderately lower, showing no clear upward or downward trajectory post-2020.
- Taxes Other Than on Income
- This tax category presented irregular data, including an anomalous positive figure during late 2022. Otherwise, amounts were generally negative but without a distinct trend, fluctuating within a relatively narrow range.
- Operating Income (Loss)
- Operating income was sharply negative in mid-2020, reflecting the impact of market conditions during that period. Subsequently, income recovered strongly through 2021 and early 2022, peaking significantly before gradually declining through 2025, though remaining positive overall.
- Interest and Debt Expense
- Interest and debt expenses were consistently low and relatively stable over the period, showing minor fluctuations but no significant trend increases or decreases.
- Other Components of Net Periodic Benefit Costs
- These costs varied inconsistently, with both negative and positive values interspersed. No clear directional trend was identified across the quarters.
- Income (Loss) Before Income Tax
- Income before tax mirrored operating income trends, showing a deep loss in mid-2020, followed by recovery and peaks in 2021 and early 2022. A gradual downward trend ensued afterward, albeit remaining positive in most quarters.
- Income Tax Expense (Benefit)
- Tax expense fluctuated considerably with some positive benefits (negative expenses) in mid-2020 but largely remained an expense in other periods. There were marked increases in tax expense coinciding with peak earnings, followed by reductions corresponding to declining income.
- Net Income (Loss)
- Net income showed a sharp loss in the second quarter of 2020, followed by a steady and substantial recovery through 2021 and early 2022, reaching peak levels. Afterward, net earnings declined notably through mid-2025, with positive but reduced profitability. The data reflects the company's recovery from an economic downturn and subsequent adjustment to market conditions.
- Net Income Attributable to Noncontrolling Interests
- Amounts related to noncontrolling interests were minimal and fluctuated between small positive and negative values, indicating a negligible influence on consolidated net earnings.
- Net Income Attributable to Chevron Corporation
- Net income attributable to the company closely follows the overall net income profile, including the sharp mid-2020 loss, recovery through 2021 and early 2022, and subsequent gradual decline. This alignment indicates that the reported net income largely reflects the company's core operational performance without significant influence from minority interests.