Name: Chevron Corp. (NYSE:CVX) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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

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	67,199)	47,556)	45,787)	48,169)	44,375)	46,101)	48,334)	48,926)	49,574)	46,580)	48,933)	51,922)	47,216)	48,842)	54,523)	63,508)	65,372)	52,314)	45,861)	42,552)	36,117)	31,076)
Income from equity affiliates	2,125)	745)	663)	981)	536)	820)	688)	1,261)	1,206)	1,441)	990)	1,313)	1,240)	1,588)	1,623)	2,410)	2,467)	2,085)	1,657)	1,647)	1,442)	911)
Other income (loss)	731)	306)	423)	576)	(89)	689)	3,204)	482)	401)	695)	(2,743)	845)	440)	363)	327)	726)	923)	(26)	611)	511)	38)	42)
Revenues and other income	70,055)	48,607)	46,873)	49,726)	44,822)	47,610)	52,226)	50,669)	51,181)	48,716)	47,180)	54,080)	48,896)	50,793)	56,473)	66,644)	68,762)	54,373)	48,129)	44,710)	37,597)	32,029)
Purchased crude oil and products	(36,607)	(28,265)	(25,348)	(27,398)	(26,858)	(28,610)	(30,148)	(30,450)	(30,867)	(27,741)	(28,477)	(32,328)	(28,984)	(29,407)	(34,674)	(38,090)	(40,003)	(32,649)	(27,341)	(23,834)	(20,629)	(17,568)
Operating expenses	(7,451)	(7,676)	(7,389)	(7,534)	(6,674)	(6,408)	(7,622)	(6,695)	(6,614)	(6,533)	(6,510)	(6,299)	(6,057)	(6,021)	(6,401)	(6,357)	(6,318)	(5,638)	(5,507)	(5,353)	(4,899)	(4,967)
Selling, general and administrative expenses	(1,314)	(1,066)	(1,492)	(1,524)	(889)	(1,221)	(1,585)	(1,191)	(1,048)	(1,010)	(969)	(1,163)	(1,128)	(881)	(1,454)	(1,028)	(863)	(967)	(1,271)	(657)	(1,096)	(990)
Exploration expenses	(256)	(205)	(324)	(288)	(252)	(187)	(449)	(154)	(263)	(129)	(254)	(301)	(169)	(190)	(453)	(116)	(196)	(209)	(192)	(158)	(113)	(86)
Depreciation, depletion and amortization	(6,082)	(5,808)	(5,884)	(5,781)	(4,344)	(4,123)	(4,973)	(4,214)	(4,004)	(4,091)	(6,254)	(4,025)	(3,521)	(3,526)	(4,764)	(4,201)	(3,700)	(3,654)	(4,813)	(4,304)	(4,522)	(4,286)
Taxes other than on income	(1,213)	(1,314)	(1,327)	(1,347)	(1,301)	(1,255)	(1,141)	(1,263)	(1,188)	(1,124)	(1,062)	(1,021)	(1,041)	(1,096)	1,240)	(1,707)	(1,563)	(2,002)	(1,779)	(2,075)	(1,566)	(1,420)
Operating income	17,132)	4,273)	5,109)	5,854)	4,504)	5,806)	6,308)	6,702)	7,197)	8,088)	3,654)	8,943)	7,996)	9,672)	9,967)	15,145)	16,119)	9,254)	7,226)	8,329)	4,772)	2,712)
Interest and debt expense	(352)	(345)	(361)	(370)	(274)	(212)	(199)	(164)	(113)	(118)	(120)	(114)	(120)	(115)	(123)	(128)	(129)	(136)	(155)	(174)	(185)	(198)
Other components of net periodic benefit costs	(96)	18)	(149)	(70)	(83)	(11)	(50)	(49)	(48)	(48)	(44)	(91)	(39)	(38)	(36)	(208)	13)	(64)	(86)	(100)	(165)	(337)
Income before income tax expense	16,684)	3,946)	4,599)	5,414)	4,147)	5,583)	6,059)	6,489)	7,036)	7,922)	3,490)	8,738)	7,837)	9,519)	9,808)	14,809)	16,003)	9,054)	6,985)	8,055)	4,422)	2,177)
Income tax expense	(4,470)	(1,653)	(1,754)	(1,801)	(1,632)	(2,071)	(2,800)	(1,993)	(2,593)	(2,371)	(1,247)	(2,183)	(1,829)	(2,914)	(3,430)	(3,571)	(4,288)	(2,777)	(1,903)	(1,940)	(1,328)	(779)
Net income	12,214)	2,293)	2,845)	3,613)	2,515)	3,512)	3,259)	4,496)	4,443)	5,551)	2,243)	6,555)	6,008)	6,605)	6,378)	11,238)	11,715)	6,277)	5,082)	6,115)	3,094)	1,398)
Net (income) loss attributable to noncontrolling interests	(142)	(83)	(75)	(74)	(25)	(12)	(20)	(9)	(9)	(50)	16)	(29)	2)	(31)	(25)	(7)	(93)	(18)	(27)	(4)	(12)	(21)
Net income attributable to Chevron Corporation	12,072)	2,210)	2,770)	3,539)	2,490)	3,500)	3,239)	4,487)	4,434)	5,501)	2,259)	6,526)	6,010)	6,574)	6,353)	11,231)	11,622)	6,259)	5,055)	6,111)	3,082)	1,377)

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.

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Chevron Corp. (NYSE:CVX)

Income StatementQuarterly Data

Income Statement
Quarterly Data