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.

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

US$ in millions

3 months ended:	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	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	6,082)	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	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	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	(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	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	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	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	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	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	(145)	(251)	(50)	(94)	(181)	(263)	(186)	(204)	(198)	(256)	(227)	(330)	(218)	(345)	(235)	(312)	(312)	(463)	(348)	(822)	(250)	(331)
Other	358)	(382)	(210)	3)	583)	(534)	(170)	(629)	(61)	(924)	1,762)	112)	(168)	(668)	(120)	113)	(5)	25)	59)	64)	622)	447)
Adjustments	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	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	(4,538)	(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	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	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	—)	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	(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	(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	(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	(3,504)	(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	(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	(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	(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)	(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	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)

Operating cash flow exhibits significant volatility over the analyzed period, characterized by periodic surges in net income and fluctuating working capital requirements. While net income shows a general trend of instability, peaking significantly in mid-2022 and again in the final quarter of the data set, net cash provided by operating activities remains consistently positive, typically ranging between 5 billion and 15 billion US dollars, with a substantial peak of 22.6 billion US dollars in June 2026.

Operating Activity Trends: Net income displays a highly cyclical pattern, with a notable peak in the second and third quarters of 2022 followed by a period of stabilization. Depreciation, depletion, and amortization expenses have trended upward, moving from approximately 4.3 billion US dollars in early 2021 to over 6 billion US dollars by mid-2026, indicating an expanding asset base. Working capital adjustments have been erratic, alternating between significant cash inflows and outflows, which suggests sensitivity to inventory and receivable fluctuations.
Capital Investment and Asset Management: Capital expenditures have demonstrated a gradual and consistent increase, rising from an average of approximately 1.8 billion US dollars per quarter in 2021 to over 4.5 billion US dollars by 2026. Strategic investments are evident through the acquisition of businesses and the specific purchase of Hess Corporation common stock in March 2025. Asset divestments provided a major liquidity injection in December 2024, with proceeds reaching 7.1 billion US dollars, which offset the typical negative cash flow associated with investing activities.
Financing and Shareholder Returns: Shareholder returns are prioritized through a combination of stable dividend payments and aggressive treasury share repurchases. Quarterly dividends grew steadily from approximately 2.5 billion US dollars to 3.5 billion US dollars. Share buybacks represent a substantial and volatile cash outflow, frequently exceeding 3 billion US dollars per quarter. Financing activities are further characterized by fluctuating debt levels, with significant repayments of long-term debt periodically offset by new issuances and short-term borrowings.
Overall Liquidity Position: The net change in cash reflects the interplay between strong operating inflows and aggressive capital allocation toward investments and shareholder returns. The cash position is highly sensitive to the timing of large-scale financing activities and asset sales, as seen in the sharp swings in the net change in cash across the observed quarters.

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Chevron Corp. (NYSE:CVX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data