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: 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: 2026-03-31), 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 a significant surge in revenue and profitability during 2021 and 2022, followed by a period of stabilization and gradual contraction in net earnings through early 2026.

Revenue Dynamics
Sales and other operating revenues exhibited a strong upward trajectory starting in March 2021 at 31,076 million USD, reaching a peak of 65,372 million USD in June 2022. Following this peak, revenues entered a phase of volatility with a general downward trend, stabilizing between 44,000 million USD and 49,000 million USD from 2023 through March 2026.
Cost Structure and Operating Expenses
Purchased crude oil and products represent the primary cost driver, closely mirroring the revenue trend with a peak expenditure of 40,003 million USD in June 2022. While these costs normalized to a range of 25,000 million to 30,000 million USD in later periods, other operating expenses and selling, general, and administrative expenses showed a gradual increase. Notably, depreciation, depletion, and amortization costs rose significantly from an average of approximately 4,000 million USD in 2021 to consistently higher levels exceeding 5,000 million USD by late 2025.
Profitability and Margin Analysis
Operating income peaked in June 2022 at 16,119 million USD, reflecting high margins during the commodity price surge. However, a sustained decline is observed thereafter, with operating income dropping to 4,273 million USD by March 2026. This compression is attributed to the combination of stabilizing revenues and rising fixed costs, including higher depreciation and increased interest expenses.
Net Income Trends
Net income attributable to the corporation followed the operating income pattern, peaking at 11,622 million USD in June 2022. A subsequent decline is evident, with earnings normalizing to a range between 2,200 million and 5,500 million USD. The most recent data point for March 2026 shows net income at 2,210 million USD, the lowest level since the initial recovery phase of 2021.
Financial Obligations and Other Income
Interest and debt expenses remained relatively stable below 200 million USD per quarter until late 2024, after which a marked increase occurred, reaching 345 million USD by March 2026. Other income exhibited extreme volatility, including a significant loss of 2,743 million USD in December 2023, offset by a gain of 3,204 million USD in December 2024, indicating non-operational fluctuations that periodically impacted the bottom line.