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. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2005
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Chevron Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Chevron Corp. experienced fluctuating cash flows across the observed period, spanning from March 2021 to December 2025. Operating activities consistently generated positive cash flow, though with considerable variation. Investing and financing activities demonstrated more pronounced volatility, significantly impacting the overall net change in cash.
- Operating Activities
- Net cash provided by operating activities generally increased from $4.196 billion in March 2021 to a peak of $15.267 billion in September 2022. A subsequent decline was observed, reaching $10.789 billion by December 2025. This pattern largely mirrored the fluctuations in net income, with adjustments contributing significantly to the overall cash flow. Notably, adjustments to net income, including depreciation, depletion, and amortization, consistently added substantial cash, while changes in operating working capital exhibited considerable variability, often offsetting portions of the net income contribution. Deferred income tax provisions also showed significant swings, impacting operating cash flow.
- Investing Activities
- Net cash used for investing activities was consistently negative, indicating ongoing investments. Capital expenditures represented the largest outflow, remaining relatively stable between approximately $1.7 billion and $5.3 billion per quarter. Significant fluctuations occurred due to proceeds from asset sales and returns of investment, and, in later periods, acquisitions, particularly the acquisition of Hess Corporation common stock in March 2025, which resulted in a substantial cash outflow. Net borrowing/repayment of loans by equity affiliates also contributed to the cash outflow.
- Financing Activities
- Net cash used for financing activities was consistently negative, reflecting cash outflows related to debt repayment, dividends, and treasury stock purchases. Cash dividends consistently represented a major outflow, averaging around $2.8 billion to $3.4 billion per quarter. Repayments of long-term debt also contributed significantly to the negative cash flow, with notable increases in certain periods. Net purchases of treasury shares were also a consistent use of cash. Net borrowings showed variability, with periods of both inflows and outflows, but generally did not offset the other financing outflows.
- Overall Cash Flow
- The net change in cash, cash equivalents, and restricted cash exhibited substantial fluctuations. Periods of positive net change, such as in the first half of 2021 and the period between March 2022 and December 2023, were driven by strong operating cash flow. Conversely, periods of negative net change, particularly in the latter half of 2021 and 2025, were attributable to significant outflows from investing and financing activities. The effect of exchange rate changes on cash was relatively minor, though occasionally noticeable.
In summary, the company’s cash flow profile demonstrates a reliance on operating activities to fund substantial investments and shareholder returns. The significant fluctuations observed across all three activity categories highlight the sensitivity of the company’s cash position to changes in net income, capital spending, debt management, and equity transactions.