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

	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)

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.

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Chevron Corp. (NYSE:CVX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data