Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Chevron Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term debt	977)	4,406)	529)	1,964)	256)
Accounts payable	19,280)	22,079)	20,423)	18,955)	16,454)
Accrued liabilities	10,763)	8,486)	7,655)	7,486)	6,972)
Federal and other taxes on income	844)	1,872)	1,863)	4,381)	1,700)
Other taxes payable	1,523)	1,715)	1,788)	1,422)	1,409)
Current liabilities	33,387)	38,558)	32,258)	34,208)	26,791)
Long-term debt, excluding debt due within one year	39,781)	20,135)	20,307)	21,375)	31,113)
Deferred credits and other noncurrent obligations	24,543)	22,094)	24,226)	20,396)	20,778)
Noncurrent deferred income taxes	30,014)	19,137)	18,830)	17,131)	14,665)
Noncurrent employee benefit plans	4,111)	3,857)	4,082)	4,357)	6,248)
Noncurrent liabilities	98,449)	65,223)	67,445)	63,259)	72,804)
Total liabilities	131,836)	103,781)	99,703)	97,467)	99,595)
Redeemable noncontrolling interest	—)	—)	166)	142)	135)
Preferred stock, $1.00 par value; none issued	—)	—)	—)	—)	—)
Common stock, $0.75 par value	1,832)	1,832)	1,832)	1,832)	1,832)
Capital in excess of par value	33,886)	21,671)	21,365)	18,660)	17,282)
Retained earnings	205,365)	205,852)	200,025)	190,024)	165,546)
Accumulated other comprehensive losses	(2,464)	(2,760)	(2,960)	(2,798)	(3,889)
Deferred compensation and benefit plan trust	(240)	(240)	(240)	(240)	(240)
Treasury stock, at cost	(51,929)	(74,037)	(59,065)	(48,196)	(41,464)
Total Chevron Corporation stockholders’ equity	186,450)	152,318)	160,957)	159,282)	139,067)
Noncontrolling interests	5,726)	839)	806)	818)	738)
Total equity	192,176)	153,157)	161,763)	160,100)	139,805)
Total liabilities and equity	324,012)	256,938)	261,632)	257,709)	239,535)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Chevron Corp. experienced significant fluctuations in its liabilities and stockholders’ equity between 2021 and 2025. Total liabilities initially decreased before increasing substantially in 2025, while stockholders’ equity demonstrated a generally upward trend, albeit with a dip in 2024. A closer examination of the components reveals key insights into the company’s financial position.

Short-Term Debt: Short-term debt exhibited considerable volatility. It increased dramatically in 2022, then decreased significantly in 2023, rose sharply again in 2024, and decreased once more in 2025. This suggests active management of short-term financing needs or potentially the timing of debt issuances and repayments.
Accounts Payable and Accrued Liabilities: Both accounts payable and accrued liabilities generally increased over the period. Accounts payable showed a consistent upward trend until 2025, when it decreased. Accrued liabilities demonstrated a steady increase throughout the period, indicating a potential rise in operational expenses or a change in payment terms with suppliers.
Taxes Payable: Federal and other taxes on income were highly variable, peaking in 2022 before declining in subsequent years. Other taxes payable remained relatively stable, with a slight decrease in 2025. These fluctuations likely correlate with changes in profitability and applicable tax rates.
Long-Term Debt: Long-term debt decreased from 2021 to 2023, then remained relatively stable until a substantial increase in 2025. This suggests a period of debt reduction followed by renewed borrowing, potentially for investment or strategic purposes.
Noncurrent Liabilities: Noncurrent liabilities decreased from 2021 to 2023, then increased significantly in 2025, driven primarily by increases in noncurrent deferred income taxes and long-term debt. Deferred credits and other noncurrent obligations remained relatively stable.
Total Liabilities: Total liabilities decreased slightly in 2022, then increased steadily through 2025, reaching a high of US$131.836 billion. The increase in 2025 was substantial, reflecting the combined effect of rising long-term debt and noncurrent liabilities.
Stockholders’ Equity: Total stockholders’ equity generally increased from 2021 to 2025, despite a decrease in 2024. This growth was primarily driven by increases in retained earnings and capital in excess of par value. Retained earnings increased significantly between 2021 and 2023, then leveled off, while capital in excess of par value showed a more consistent upward trend. Treasury stock increased significantly from 2021 to 2024, then decreased in 2025.
Noncontrolling Interests: Noncontrolling interests experienced a notable increase in 2025, suggesting a change in the company’s ownership structure or consolidation of subsidiaries.
Total Liabilities and Equity: Total liabilities and equity increased overall, mirroring the trends in both liabilities and stockholders’ equity. The most significant increase occurred in 2025, resulting in a total of US$324.012 billion.

In summary, the company demonstrated a dynamic balance sheet with notable shifts in both liabilities and equity. The fluctuations in debt levels and the substantial increase in total liabilities in 2025 warrant further investigation to understand the underlying strategic decisions and their potential impact on the company’s financial health.

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Chevron Corp. (NYSE:CVX)

Balance Sheet: Liabilities and Stockholders’ Equity