Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
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
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, excludes redeemable noncontrolling interest
Total equity
Total liabilities and equity

Based on: 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).

The balance sheet reveals notable shifts in the company’s liabilities and stockholders’ equity between March 2021 and December 2025. Overall, total liabilities and equity experienced fluctuations, peaking in the September 2025 period before decreasing slightly by year-end. A significant increase in total equity is observed towards the end of the analyzed period, driven primarily by changes in retained earnings and capital in excess of par value.

Short-Term Debt
Short-term debt demonstrated considerable volatility. It decreased substantially from March 2021 to September 2021, then increased again in June 2022, before declining to a low in March 2024. A subsequent rise occurred through September 2024, followed by a decrease by December 2024, and a further increase through June 2025, before decreasing again by December 2025. This suggests active management of short-term financing needs.
Accounts Payable
Accounts payable generally trended upward from March 2021 to June 2022, reaching a peak. It then decreased through December 2022, remaining relatively stable through March 2023, before increasing again to September 2023. A slight decline occurred through December 2023, followed by a period of relative stability, with a decrease observed in the final two quarters of the analyzed period. This pattern likely reflects changes in purchasing activity and payment terms.
Accrued Liabilities
Accrued liabilities remained relatively stable between March 2021 and December 2023, fluctuating within a narrow range. A noticeable increase occurred in June 2024, continuing through December 2025, indicating a potential rise in accrued expenses or obligations.
Taxes Payable
Both federal and other taxes on income, and other taxes payable, exhibited significant fluctuations, particularly between 2021 and 2022. Federal and other taxes on income peaked in December 2022, then decreased substantially in March 2023, before showing some recovery in subsequent periods. Other taxes payable followed a similar pattern, peaking in September 2022 and declining thereafter. These variations likely correlate with changes in profitability and tax regulations.
Current Liabilities
Current liabilities mirrored the trends of its components, peaking in June 2022 and generally decreasing through December 2023. An increase occurred in June 2024, continuing through December 2024, before decreasing slightly in the final quarter of the analyzed period.
Long-Term Debt
Long-term debt, excluding debt due within one year, demonstrated a consistent downward trend from March 2021 to December 2022. It remained relatively stable through 2023, then increased significantly in March 2025, driven by a substantial increase in noncontrolling interests. This suggests a shift in the company’s capital structure or financing strategy.
Noncurrent Liabilities
Noncurrent liabilities generally decreased from March 2021 to December 2022, then stabilized. A significant increase occurred in September 2025, primarily due to a substantial rise in noncurrent deferred income taxes. This suggests a change in deferred tax liabilities.
Total Liabilities
Total liabilities followed the combined trends of current and noncurrent liabilities, peaking in June 2022 and generally decreasing through December 2023. A subsequent increase occurred in September 2025, driven by the rise in noncurrent liabilities.
Stockholders’ Equity
Total stockholders’ equity exhibited a generally upward trend throughout the analyzed period. Retained earnings contributed significantly to this growth, increasing substantially from March 2021 to December 2025. Capital in excess of par value also increased, particularly from September 2023, with a large increase in September 2025. Treasury stock consistently decreased, contributing to the overall growth in equity. The increase in noncontrolling interests in September 2025 also contributed to the overall equity increase.

In summary, the company demonstrated active management of its debt levels, with fluctuations in both short-term and long-term liabilities. The significant increase in stockholders’ equity, driven by retained earnings and capital in excess of par value, suggests strong profitability and shareholder value creation. The substantial changes in tax-related liabilities and noncontrolling interests warrant further investigation to understand the underlying drivers.