Name: Chevron Corp. (NYSE:CVX) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Chevron Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2026	Jun 30, 2026	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
Net income	10,048)	12,214)	2,293)	2,845)	3,613)	2,515)	3,512)	3,259)	4,496)	4,443)	5,551)	2,243)	6,555)	6,008)	6,605)	6,378)	11,238)	11,715)	6,277)	5,082)	6,115)	3,094)	1,398)
Depreciation, depletion and amortization	6,272)	6,082)	5,808)	5,884)	5,781)	4,344)	4,123)	4,973)	4,214)	4,004)	4,091)	6,254)	4,025)	3,521)	3,526)	4,764)	4,201)	3,700)	3,654)	4,813)	4,304)	4,522)	4,286)
Dry hole expense	59)	60)	84)	80)	68)	65)	112)	204)	16)	181)	28)	121)	172)	38)	105)	231)	21)	99)	135)	63)	36)	15)	4)
Distributions more (less) than income from equity affiliates	323)	874)	(400)	480)	626)	908)	268)	119)	143)	77)	(705)	1,388)	(921)	(451)	(901)	38)	(1,602)	(1,725)	(1,441)	164)	(745)	(926)	(491)
Net before-tax (gains) losses on asset retirements and sales	(129)	(225)	(7)	(160)	(3)	(280)	(19)	(1,449)	(189)	(17)	(30)	(5)	(135)	(32)	34)	(87)	3)	(367)	(99)	(620)	(314)	(31)	(56)
Net foreign currency effects	99)	11)	157)	141)	(26)	340)	130)	(733)	192)	110)	(198)	713)	(238)	80)	23)	241)	(428)	(473)	248)	18)	(184)	48)	111)
Deferred income tax provision	136)	298)	(264)	277)	200)	29)	480)	(305)	403)	454)	688)	(1,048)	(115)	671)	790)	414)	369)	715)	626)	228)	658)	68)	(254)
Net (increase) decrease in operating working capital	(538)	2,945)	(4,625)	1,677)	(555)	278)	(2,408)	3,383)	1,403)	(2,431)	(1,144)	996)	767)	(3,133)	(1,815)	953)	1,577)	532)	(937)	98)	(427)	(130)	(902)
(Increase) decrease in long-term receivables	14)	71)	58)	(47)	(75)	30)	(40)	60)	35)	(8)	27)	114)	(97)	97)	36)	32)	69)	(34)	86)	54)	(55)	7)	15)
Net (increase) decrease in other deferred charges	(97)	90)	43)	(128)	(153)	(55)	(172)	(460)	(206)	(259)	(300)	123)	(122)	(116)	(185)	(111)	18)	(63)	(56)	(153)	(51)	(85)	(31)
Cash contributions to employee pension plans	(142)	(145)	(251)	(50)	(94)	(181)	(263)	(186)	(204)	(198)	(256)	(227)	(330)	(218)	(345)	(235)	(312)	(312)	(463)	(348)	(822)	(250)	(331)
Other	(31)	358)	(382)	(210)	3)	583)	(534)	(170)	(629)	(61)	(924)	1,762)	112)	(168)	(668)	(120)	113)	(5)	25)	59)	64)	622)	447)
Adjustments	5,966)	10,419)	221)	7,944)	5,772)	6,061)	1,677)	5,436)	5,178)	1,852)	1,277)	10,191)	3,118)	289)	600)	6,120)	4,029)	2,067)	1,778)	4,376)	2,464)	3,860)	2,798)
Net cash provided by operating activities	16,014)	22,633)	2,514)	10,789)	9,385)	8,576)	5,189)	8,695)	9,674)	6,295)	6,828)	12,434)	9,673)	6,297)	7,205)	12,498)	15,267)	13,782)	8,055)	9,458)	8,579)	6,954)	4,196)
Acquisition of businesses, net of cash received	—)	—)	—)	—)	1,056)	—)	—)	—)	—)	—)	—)	—)	55)	—)	—)	—)	—)	(2,862)	—)	—)	—)	—)	—)
Acquisition of Hess Corporation common stock	—)	—)	—)	—)	—)	—)	(2,225)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Capital expenditures	(4,011)	(4,538)	(4,063)	(5,264)	(4,444)	(3,712)	(3,927)	(4,338)	(4,055)	(3,966)	(4,089)	(4,361)	(4,673)	(3,757)	(3,038)	(3,835)	(2,995)	(3,184)	(1,960)	(2,606)	(1,907)	(1,797)	(1,746)
Proceeds and deposits related to asset sales and returns of investment	710)	283)	72)	353)	483)	390)	600)	7,084)	402)	114)	104)	259)	86)	105)	219)	150)	136)	1,066)	1,283)	1,205)	217)	211)	158)
Net (investments in) maturities of time deposits	2)	1)	—)	(1)	2)	—)	—)	—)	(4)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net (purchases) sales of marketable securities	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	45)	91)	175)	(186)	95)	35)	83)	(1)	—)	—)	(1)	—)	—)
Net (borrowing) repayment of loans by equity affiliates	992)	—)	979)	(20)	974)	(110)	(66)	(76)	(39)	(102)	(16)	(60)	(53)	(106)	(83)	(62)	9)	17)	12)	12)	350)	14)	25)
Net cash used for investing activities	(2,307)	(4,254)	(3,012)	(4,932)	(1,929)	(3,432)	(5,618)	2,670)	(3,696)	(3,954)	(3,956)	(4,071)	(4,410)	(3,944)	(2,807)	(3,712)	(2,767)	(4,964)	(665)	(1,389)	(1,341)	(1,572)	(1,563)
Net borrowings (repayments) of short-term obligations	(3,511)	(6,211)	5,417)	(242)	(2,710)	2,291)	(400)	(747)	2,496)	1,283)	1,836)	168)	71)	(17)	(87)	(15)	242)	(25)	61)	(1,945)	(5,575)	711)	1,237)
Proceeds from issuances of long-term debt	—)	—)	99)	236)	5,675)	—)	5,491)	75)	100)	100)	203)	—)	—)	150)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of long-term debt and other financing obligations	(19)	(2,195)	(874)	(918)	(906)	(2,590)	(61)	(716)	(12)	(38)	(1,012)	(133)	(2,465)	(1,729)	(13)	(293)	(2,760)	(3,627)	(2,062)	(4,059)	(53)	(3,174)	(78)
Cash dividends, common stock	(3,482)	(3,504)	(3,526)	(3,404)	(3,429)	(2,934)	(2,984)	(2,887)	(2,933)	(2,978)	(3,003)	(2,809)	(2,852)	(2,818)	(2,857)	(2,713)	(2,743)	(2,766)	(2,746)	(2,567)	(2,571)	(2,573)	(2,468)
Net contributions from (distributions to) noncontrolling interests	(148)	(117)	(152)	(103)	(190)	(19)	(11)	2)	(199)	(2)	4)	4)	(41)	6)	(9)	(11)	(67)	(31)	(5)	(2)	(8)	(15)	(11)
Net (purchases) sales of treasury shares	(2,228)	(3,068)	(1,412)	(2,941)	(2,482)	(2,733)	(3,699)	(4,509)	(4,714)	(2,930)	(2,891)	(3,397)	(3,334)	(4,340)	(3,607)	(3,417)	(3,697)	(1,689)	3,386)	283)	(618)	106)	267)
Net cash used for financing activities	(9,388)	(15,095)	(448)	(7,372)	(4,042)	(5,985)	(1,664)	(8,782)	(5,262)	(4,565)	(4,863)	(6,167)	(8,621)	(8,748)	(6,573)	(6,449)	(9,025)	(8,138)	(1,366)	(8,290)	(8,825)	(4,945)	(1,053)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	18)	(18)	(23)	17)	(6)	50)	(3)	(85)	83)	(23)	(72)	73)	(36)	(104)	(47)	87)	(134)	(130)	(13)	(9)	(76)	(13)	(53)
Net change in cash, cash equivalents and restricted cash	4,337)	3,266)	(969)	(1,498)	3,408)	(791)	(2,096)	2,498)	799)	(2,247)	(2,063)	2,269)	(3,394)	(6,499)	(2,222)	2,424)	3,341)	550)	6,011)	(230)	(1,663)	424)	1,527)

The cash flow profile exhibits significant volatility in operational performance, characterized by cyclical peaks in net income and operating cash flows, balanced against a consistent strategy of capital reinvestment and aggressive shareholder distributions.

Operating Cash Flow Trends: Net cash provided by operating activities shows substantial fluctuation over the observed period. A period of peak performance occurred in mid-2022, with cash flows reaching approximately 15.2 billion USD in September 2022. While a stabilization period followed through 2023 and 2024, a sharp increase is noted in the first half of 2026, peaking at 22.6 billion USD in June 2026. This volatility is closely mirrored by net income, which reflects the underlying sensitivity of operations to external market conditions.
Capital Expenditure and Investment Strategy: Capital expenditures demonstrate a steady upward trajectory, rising from a range of 1.7 billion to 2.6 billion USD in 2021 to a consistent baseline exceeding 4 billion USD per quarter from 2023 through 2026. Investment activities are further marked by strategic acquisitions, including a 2.8 billion USD business acquisition in June 2022 and a 2.2 billion USD investment in Hess Corporation common stock in March 2025. These outflows are partially offset by periodic asset sales, most notably a significant 7.08 billion USD inflow in December 2024.
Shareholder Returns and Financing Activities: Financing activities are consistently negative, driven by a prioritized commitment to shareholder returns. Cash dividends have grown steadily from approximately 2.5 billion USD per quarter in 2021 to roughly 3.5 billion USD per quarter by 2026. Additionally, the repurchase of treasury shares represents a major cash outflow, frequently exceeding 3 billion USD per quarter, although the intensity of these buybacks varies based on available liquidity. Debt management appears opportunistic, with intermittent issuances of long-term debt, such as the 5.6 billion USD issuance in September 2025, to fund operations or returns during periods of tighter cash flow.
Liquidity and Working Capital Dynamics: Operating working capital exhibits high variability, frequently alternating between significant inflows and outflows. Large negative adjustments in working capital are observed in several quarters, such as June 2023 and March 2026, which place temporary pressure on net cash positions. Despite these fluctuations, the overall liquidity position is managed through a combination of operational cash generation and the strategic timing of asset divestments and debt issuance.

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Chevron Corp. (NYSE:CVX)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data