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
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
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-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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The quarterly financial data depicts several pertinent trends in the company's liabilities and equity from the first quarter of 2020 through the second quarter of 2025. The analysis focuses on debt levels, liabilities, and equity components to understand the financial position dynamics over time.

Short-term debt
Short-term debt shows notable fluctuations, with a sharp decrease from $8,688 million in March 2020 to a low of $291 million in September 2020. Subsequently, it exhibits periodic increases and decreases, peaking near $6,191 million in December 2025. This volatility suggests active management of short-term borrowing, possibly reflecting shifts in working capital requirements or market conditions.
Accounts payable
Accounts payable consistently increased from $11,006 million in March 2020, reaching a high of $24,906 million by June 2022, before declining somewhat to around $18,609 million by June 2025. This upward trend in earlier periods could reflect increased procurement or operational scale, with a moderation in later years.
Accrued liabilities
Accrued liabilities maintained a relatively stable range, between roughly $6,200 million and $9,000 million, with slight increases noted toward the later quarters, peaking at $9,054 million in June 2024. Stability in accrued liabilities implies consistent liability recognition for expenses incurred but not yet paid.
Federal and other taxes on income
These tax liabilities show an overall increasing trend from $1,534 million in Q1 2020 to a peak of $4,883 million in Q1 2023, followed by marked volatility, with several substantial decreases and rebounds, reaching $842 million in June 2025. This pattern may indicate fluctuations in taxable income or changes in tax payment timing.
Other taxes payable
Other taxes payable appear to fluctuate moderately between $744 million and approximately $1,700 million without a clear upward or downward trend, suggesting relatively consistent tax obligations other than federal income taxes.
Current liabilities
Current liabilities experienced significant growth from $28,235 million in Q1 2020 to a peak of $39,121 million mid-2022, then a gradual decline through mid-2025, ending near $34,827 million. This reflects expansion in short-term obligations, possibly linked to operational growth or changes in supplier payment terms.
Long-term debt, excluding debt due within one year
Long-term debt initially increased from $23,663 million in Q1 2020 to $42,767 million by year-end 2020, then steadily decreased to a low near $20,135 million by March 2025. An uptick occurs again in the subsequent quarters through mid-2025. The initial increase may represent financing activity related to capital expenditures or refinancing, followed by a reduction phase potentially denoting repayments or refinancings.
Deferred credits and other noncurrent obligations
This liability category remains relatively stable, fluctuating marginally between approximately $19,000 million and $24,000 million, reflecting consistent recognition of deferred liabilities or long-term accruals.
Noncurrent deferred income taxes
Deferred tax liabilities exhibit a general upward trajectory from $13,457 million in Q1 2020 to roughly $19,708 million by mid-2025, indicating increasing temporary differences between accounting and tax bases, possibly resulting from asset growth or timing differences in expense recognition.
Noncurrent employee benefit plans
Liabilities related to employee benefits decreased from $7,731 million in early 2020 to a low of approximately $3,776 million in late 2022 but then showed stabilization around $3,800 million towards mid-2025. This decline could be due to changes in actuarial assumptions, benefit plan modifications, or payments exceeding accruals.
Noncurrent liabilities and total liabilities
Noncurrent liabilities peaked at approximately $84,881 million at the end of 2020, followed by a decline and relative stabilization around $65,000 to $70,000 million levels through 2025. Total liabilities followed a similar pattern, peaking near $108,712 million in Q1 2021 and stabilizing around $103,000 to $106,000 million near the end of the period.
Equity components
Common stock value remained constant throughout at $1,832 million, indicating no new share issuance or buybacks impacting par value. Capital in excess of par value trended upward from about $17,275 million in early 2020 to approximately $21,803 million by mid-2025, suggesting some equity issuances or retained earnings being classified here.
Retained earnings
Retained earnings increased consistently from $176,113 million in Q1 2020 to approximately $206,359 million by mid-2025, reflecting profitability and earnings retention over the period, despite some minor fluctuations.
Accumulated other comprehensive losses
This component decreased in negative value (improved) from -$4,884 million in early 2020 to -$2,567 million in June 2025, indicating a reduction in unrealized losses or other comprehensive loss elements, improving equity position.
Treasury stock
The cost of treasury stock increased significantly from about -$46,166 million in early 2020 to approximately -$80,316 million by mid-2025, reflecting ongoing share repurchases that reduce outstanding shares and equity.
Total stockholders’ equity and total equity
Total stockholders’ equity rose from around $143,930 million in March 2020 to a peak near $166,098 million in late 2023, followed by a decline down to roughly $146,417 million by mid-2025. Total equity shows a similar pattern, peaking above $160,000 million and then decreasing to about $147,258 million at the end of the period.
Total liabilities and equity
The combined total liabilities and equity figure rose gradually from about $236,677 million in early 2020 to a peak near $263,927 million in late 2023, then decreased to approximately $250,820 million by mid-2025. This indicates overall balance sheet expansion followed by contraction in the final years.

In summary, the data reveal the company underwent periods of increasing liabilities and equity growth through roughly 2023, followed by a phase of relative stabilization and some reductions in subsequent quarters. Key highlights include significant management of short-term debt, a declining long-term debt trend after initial increases, steady growth of retained earnings, and increased treasury stock holdings indicative of stock repurchase activity. The changes in deferred tax liabilities and employee benefit obligations also reflect underlying operational and financial policy impacts. Overall, the trends suggest an evolving capital structure with an emphasis on debt management and shareholder value adjustments through buybacks and earnings retention.