Stock Analysis on Net

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.

Chevron Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
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 4,076 4,406 5,144 1,735 282 529 440 1,269 2,931 1,964 2,221 3,230 314 256 291 3,497 4,841 1,548 530 3,751 8,688
Accounts payable 20,878 22,079 20,037 21,007 21,257 20,423 21,649 18,656 17,942 18,955 21,699 24,906 20,137 16,454 15,308 14,719 12,858 10,950 9,537 8,250 11,006
Accrued liabilities 8,374 8,486 8,313 9,054 7,777 7,655 7,618 7,262 6,658 7,486 7,181 6,710 6,974 6,972 6,938 7,680 7,557 7,812 7,944 7,405 6,263
Federal and other taxes on income 842 1,872 702 893 2,001 1,863 1,927 1,548 4,883 4,381 4,020 2,922 2,573 1,700 1,467 1,212 1,315 921 788 628 1,534
Other taxes payable 1,532 1,715 1,522 1,338 1,623 1,788 1,629 1,112 1,321 1,422 1,762 1,353 1,205 1,409 1,184 1,039 909 952 865 791 744
Current liabilities 35,702 38,558 35,718 34,027 32,940 32,258 33,263 29,847 33,735 34,208 36,883 39,121 31,203 26,791 25,188 28,147 27,480 22,183 19,664 20,825 28,235
Long-term debt, excluding debt due within one year 25,605 20,135 20,697 21,449 21,553 20,307 20,119 20,245 20,275 21,375 21,420 23,005 29,019 31,113 37,056 39,521 40,599 42,767 34,280 30,302 23,663
Deferred credits and other noncurrent obligations 21,610 22,094 21,955 21,454 22,448 24,226 20,884 19,980 19,606 20,396 20,005 19,722 20,273 20,778 20,298 20,437 20,139 20,328 19,267 19,291 18,677
Noncurrent deferred income taxes 19,594 19,137 19,899 19,509 19,106 18,830 19,637 18,451 17,736 17,131 16,616 15,942 15,526 14,665 13,546 13,140 12,474 12,569 10,625 11,110 13,457
Noncurrent employee benefit plans 3,806 3,857 3,933 3,942 3,948 4,082 3,776 3,958 4,100 4,357 5,184 5,584 5,927 6,248 7,138 7,650 8,020 9,217 7,189 7,489 7,731
Noncurrent liabilities 70,615 65,223 66,484 66,354 67,055 67,445 64,416 62,634 61,717 63,259 63,225 64,253 70,745 72,804 78,038 80,748 81,232 84,881 71,361 68,192 63,528
Total liabilities 106,317 103,781 102,202 100,381 99,995 99,703 97,679 92,481 95,452 97,467 100,108 103,374 101,948 99,595 103,226 108,895 108,712 107,064 91,025 89,017 91,763
Redeemable noncontrolling interest 177 172 166 150 147 145 142 142 139 135 135 131 127 123 120
Preferred stock, $1.00 par value; none issued
Common stock, $0.75 par value 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832 1,832
Capital in excess of par value 21,719 21,671 21,578 21,495 21,443 21,365 21,317 18,758 18,714 18,660 18,587 18,559 18,378 17,282 17,062 17,044 16,866 16,829 17,318 17,297 17,275
Retained earnings 206,359 205,852 205,503 203,960 202,514 200,025 200,593 196,926 193,738 190,024 186,394 177,909 169,059 165,546 163,044 159,640 159,285 160,377 163,509 166,122 176,113
Accumulated other comprehensive losses (2,709) (2,760) (2,825) (2,924) (2,965) (2,960) (2,597) (2,711) (2,741) (2,798) (3,173) (3,491) (3,652) (3,889) (4,418) (4,295) (4,586) (5,612) (4,507) (4,750) (4,884)
Deferred compensation and benefit plan trust (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240) (240)
Treasury stock, at cost (77,717) (74,037) (69,646) (64,890) (61,959) (59,065) (55,640) (56,240) (51,854) (48,196) (44,720) (41,015) (39,158) (41,464) (41,418) (40,799) (41,269) (41,498) (46,138) (46,143) (46,166)
Total Chevron Corporation stockholders’ equity 149,244 152,318 156,202 159,233 160,625 160,957 165,265 158,325 159,449 159,282 158,680 153,554 146,219 139,067 135,862 133,182 131,888 131,688 131,774 134,118 143,930
Noncontrolling interests, excludes redeemable noncontrolling interest 836 839 828 853 859 806 833 826 840 818 805 869 746 738 729 602 922 918 264 268 984
Total equity 150,080 153,157 157,030 160,086 161,484 161,763 166,098 159,151 160,289 160,100 159,485 154,423 146,965 139,805 136,591 133,784 132,810 132,606 132,038 134,386 144,914
Total liabilities and equity 256,397 256,938 259,232 260,644 261,651 261,632 263,927 251,779 255,886 257,709 259,735 257,936 249,048 239,535 239,948 242,806 241,645 239,790 223,063 223,403 236,677

Based on: 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 financial data over the reported periods indicate several notable trends in liabilities and equity components, reflecting changes in the company's capital structure and obligations.

Short-term debt
The short-term debt experienced significant fluctuations. Beginning at US$8,688 million in March 2020, it sharply declined to US$530 million by September 2020 but then fluctuated in subsequent quarters. Notably, it rose substantially again in mid-2022 and early 2025 periods, indicating variable reliance on short-term borrowing.
Accounts payable
Accounts payable showed a steady upward trend from US$11,006 million in March 2020 to a peak of approximately US$24,906 million in June 2022. Afterwards, it slightly decreased but remained high through 2023 and early 2025, suggesting increased obligations to suppliers or operational activities growth.
Accrued liabilities
This liability remained relatively stable with minor fluctuations, generally hovering between US$6,200 million and US$9,000 million. There was a slight increase by late 2023, peaking in 2024, reflecting consistent accrued expenses or obligations.
Federal and other taxes on income
This line item showed strong growth from March 2020 through December 2022, reaching a high of US$4,883 million, followed by a considerable decline in 2023 and early 2024, before partial recovery towards the end of 2024. The early rise indicates increasing taxable income, whereas later decreases may reflect tax payments or changes in earnings.
Other taxes payable
Other taxes payable fluctuated moderately, with peaks around 2021 and early 2024, ranging approximately from US$744 million to US$1,788 million, reflecting varying tax liabilities beyond income taxes.
Current liabilities
The total current liabilities rose from US$28,235 million in March 2020 to a peak exceeding US$39,000 million in mid-2022, then generally declined but remained above pre-2022 levels, suggesting increasing short-term obligations supportive of operations or financing activities.
Long-term debt, excluding current portion
The long-term debt displayed an overall declining trend from US$42,767 million at the end of 2020 to approximately US$20,135 million by March 2025, indicating ongoing debt repayment or refinancing activities reducing long-term obligations. A slight increase toward the end of the period suggests renewed borrowing or financing adjustments.
Deferred credits and other noncurrent obligations
This item remained relatively stable, fluctuating between US$18,677 million and US$24,226 million, without a clear trend, indicating steady noncurrent obligations such as deferred revenues or similar liabilities.
Noncurrent deferred income taxes
Noncurrent deferred income taxes increased steadily from US$13,457 million in March 2020 to nearly US$19,637 million in the first quarter of 2023, then fluctuated mildly around US$19,000 million, demonstrating the accumulation of deferred tax liabilities consistent with income and investment patterns.
Noncurrent employee benefit plans
Liabilities related to employee benefit plans trended downward from US$7,731 million in March 2020 to about US$3,806 million by March 2025, reflecting possible benefit funding, actuarial adjustments, or plan changes reducing these obligations.
Noncurrent liabilities
The aggregate noncurrent liabilities decreased from US$84,881 million in December 2020 to a trough around US$65,223 million by March 2024, followed by an increase to roughly US$70,615 million by March 2025. This pattern aligns with the observed debt reduction followed by a modest rise in longer-term obligations later in the period.
Total liabilities
Total liabilities were highest at about US$108,712 million in March 2021, then generally decreased to approximately US$95,452 million by December 2022. Subsequently, liabilities increased again to US$106,317 million by March 2025, indicating cyclical adjustments in overall obligations.
Stockholders’ equity components
Common stock and capital in excess of par value
Common stock remained constant at US$1,832 million. Capital in excess of par value increased gradually from US$17,275 million in early 2020 to over US$21,719 million by early 2025, reflecting additional paid-in capital or equity financing.
Retained earnings
Retained earnings demonstrated steady growth from US$176,113 million in March 2020 to approximately US$206,359 million by March 2025, indicating consistent profitability or earnings retention over the period.
Accumulated other comprehensive losses
Comprehensive losses showed a decreasing negative balance from -US$4,884 million to around -US$2,709 million by March 2025, suggesting a reduction in accumulated losses from other comprehensive income components.
Treasury stock
Treasury stock steadily increased in cost from about -US$46,166 million in early 2020 to a high near -US$77,717 million by March 2025, signaling significant share repurchases or stock retirements over the period.
Total stockholders’ equity
Total equity declined from US$144,914 million in March 2020 to a low around US$132,038 million by September 2020, then generally increased to a peak near US$166,098 million in September 2023 before declining again to about US$150,080 million by March 2025. This reflects fluctuations driven by earnings, equity transactions, and share repurchases.
Total liabilities and equity
The sum of liabilities and equity remained relatively stable around US$236 billion in early 2020, rising gradually to approximately US$259 billion by late 2022, before slightly decreasing towards US$256 billion in early 2025. This stability indicates overall consistency in total capitalization, with internal shifts between liabilities and equity components.

Overall, the company exhibited dynamic management of short- and long-term debt, with a notable reduction in long-term obligations and variable short-term debt levels. Equity grew moderately with sustained earnings retention, tempered by ongoing treasury stock accumulation, which reduced net equity increases. Current liabilities expanded notably during 2021 and 2022, likely reflecting operational and economic conditions, before partially normalizing. Deferred tax liabilities and noncurrent obligations remained stable or showed moderate trends reflecting ongoing deferred positions and benefit plan adjustments. The data collectively reveal active capital and liability management aligned with fluctuating operational and market conditions over the reported periods.