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
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
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: 2026-03-31), 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 financial structure of the entity is characterized by a long-term strategy of debt reduction followed by a significant expansion of the balance sheet in late 2025 and early 2026. Total liabilities remained relatively stable, fluctuating between 92 billion and 108 billion US dollars from early 2021 through mid-2025, before increasing sharply to 140.2 billion US dollars by March 31, 2026.

Current Liabilities and Short-Term Debt
Current liabilities exhibit a general upward trajectory, rising from 27.5 billion US dollars in March 2021 to a peak of 42.2 billion US dollars in March 2026. This increase is primarily driven by accounts payable, which grew from 12.9 billion US dollars to 23.2 billion US dollars over the analyzed period. Short-term debt shows high volatility, with values dropping as low as 256 million US dollars in December 2021 and spiking to 6.2 billion US dollars in June 2025, indicating a flexible approach to short-term liquidity management.
Long-Term Debt and Noncurrent Obligations
A prolonged deleveraging phase is evident in the long-term debt figures, which decreased from 40.6 billion US dollars in March 2021 to a nadir of 20.1 billion US dollars in December 2024. However, this trend reversed abruptly in 2025, with long-term debt climbing to 39.6 billion US dollars by March 2026. Noncurrent deferred income taxes also showed steady growth, nearly doubling from 12.5 billion US dollars in March 2021 to approximately 30 billion US dollars by the end of the period.
Stockholders' Equity and Capital Management
Retained earnings grew consistently from 159.3 billion US dollars in March 2021 to a peak of 206.4 billion US dollars in March 2024, thereafter stabilizing around 204 billion US dollars. A significant pattern is observed in treasury stock; the cost of repurchased shares increased steadily from 41.3 billion US dollars to a peak of 80.3 billion US dollars in June 2025, suggesting aggressive share buybacks. This was followed by a sharp reduction to 53.2 billion US dollars by March 2026, coinciding with a substantial increase in capital in excess of par value, which jumped from 21.8 billion US dollars in June 2025 to 33.9 billion US dollars in September 2025.
Overall Capitalization and Solvency
Total equity experienced a period of growth and subsequent volatility, rising from 132.8 billion US dollars in March 2021 to 195.6 billion US dollars in September 2025, before settling at 189.4 billion US dollars in March 2026. The total balance sheet size, represented by total liabilities and equity, expanded from 241.6 billion US dollars in March 2021 to 329.6 billion US dollars by March 2026, reflecting a significant increase in the entity's total asset base and corresponding funding requirements.