Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

$24.99

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.

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

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Short-term debt
Accounts payable
Accrued liabilities
Federal and other taxes on income
Other taxes payable
Current liabilities
Long-term debt, excluding debt due within one year
Deferred credits and other noncurrent obligations
Noncurrent deferred income taxes
Noncurrent employee benefit plans
Noncurrent liabilities
Total liabilities
Redeemable noncontrolling interest
Preferred stock, $1.00 par value; none issued
Common stock, $0.75 par value
Capital in excess of par value
Retained earnings
Accumulated other comprehensive losses
Deferred compensation and benefit plan trust
Treasury stock, at cost
Total Chevron Corporation stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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.