Cash Flow Statement

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

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	12,485)	17,749)	21,411)	35,608)	15,689)
Depreciation, depletion and amortization	20,132)	17,282)	17,326)	16,319)	17,925)
Dry hole expense	325)	429)	436)	486)	118)
Distributions (less) more than income from equity affiliates	2,282)	(366)	(885)	(4,730)	(1,998)
Net before-tax gains on asset retirements and sales	(462)	(1,685)	(138)	(550)	(1,021)
Net foreign currency effects	585)	(629)	578)	(412)	(7)
Deferred income tax provision	986)	1,240)	298)	2,124)	700)
(Increase) decrease in accounts and notes receivable	3,829)	(932)	1,187)	(2,317)	(7,548)
(Increase) decrease in inventories	51)	(574)	(320)	(930)	(530)
(Increase) decrease in prepaid expenses and other current assets	(109)	(16)	(1,202)	(226)	19)
Increase (decrease) in accounts payable and accrued liabilities	(3,469)	2,569)	(49)	2,750)	5,475)
Increase (decrease) in income and other taxes payable	(1,310)	164)	(2,801)	2,848)	1,223)
Net (increase) decrease in operating working capital	(1,008)	1,211)	(3,185)	2,125)	(1,361)
(Increase) decrease in long-term receivables	(132)	114)	150)	153)	21)
Net (increase) decrease in other deferred charges	(508)	(1,225)	(300)	(212)	(320)
Cash contributions to employee pension plans	(588)	(844)	(1,120)	(1,322)	(1,751)
Other	(158)	(1,784)	1,038)	13)	1,192)
Adjustments	21,454)	13,743)	14,198)	13,994)	13,498)
Net cash provided by operating activities	33,939)	31,492)	35,609)	49,602)	29,187)
Acquisition of businesses, net of cash received	1,056)	—)	55)	(2,862)	—)
Acquisition of Hess Corporation common stock	(2,225)	—)	—)	—)	—)
Capital expenditures	(17,347)	(16,448)	(15,829)	(11,974)	(8,056)
Proceeds and deposits related to asset sales and returns of investment	1,826)	7,704)	669)	2,635)	1,791)
Net (investments in) maturities of time deposits	1)	(4)	—)	—)	—)
Net (purchases) sales of marketable securities	—)	45)	175)	117)	(1)
Net (borrowing) repayment of loans by equity affiliates	778)	(233)	(302)	(24)	401)
Net cash used for investing activities	(15,911)	(8,936)	(15,232)	(12,108)	(5,865)
Net borrowings (repayments) of short-term obligations	(1,061)	4,868)	135)	263)	(5,572)
Proceeds from issuances of long-term debt	11,402)	478)	150)	—)	—)
Repayments of long-term debt and other financing obligations	(4,475)	(1,778)	(4,340)	(8,742)	(7,364)
Cash dividends, common stock	(12,751)	(11,801)	(11,336)	(10,968)	(10,179)
Net distributions to noncontrolling interests	(323)	(195)	(40)	(114)	(36)
Net (purchases) sales of treasury shares	(11,855)	(15,044)	(14,678)	(5,417)	38)
Net cash used for financing activities	(19,063)	(23,472)	(30,109)	(24,978)	(23,113)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	58)	(97)	(114)	(190)	(151)
Net change in cash, cash equivalents and restricted cash	(977)	(1,013)	(9,846)	12,326)	58)
Cash, cash equivalents and restricted cash at January 1	8,262)	9,275)	19,121)	6,795)	6,737)
Cash, cash equivalents and restricted cash at December 31	7,285)	8,262)	9,275)	19,121)	6,795)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Chevron Corp. experienced significant fluctuations in its cash flows over the five-year period from 2021 to 2025. Operating cash flow demonstrated volatility, while investing and financing activities consistently represented substantial cash outflows. Overall, the company’s cash position decreased over the period, though with considerable year-to-year variation.

Operating Activities: Net cash provided by operating activities peaked in 2022 at US$49.602 billion, driven by a substantial increase in net income. However, this was followed by declines in 2023 and 2024, reaching US$31.492 billion, before a modest recovery to US$33.939 billion in 2025. Adjustments to net income, consistently around US$13-14 billion annually, played a significant role in overall operating cash flow. Working capital movements exhibited considerable variability, with notable increases in 2022 and 2024 offset by substantial decreases in 2023 and 2025. Deferred income tax provisions also fluctuated, contributing to the overall volatility in operating cash flow.
Investing Activities: Investing activities consistently consumed cash. Capital expenditures represented the largest outflow, increasing from US$8.056 billion in 2021 to US$17.347 billion in 2025, indicating growing investment in property, plant, and equipment. Significant acquisitions were observed in 2022 and 2025, including the acquisition of Hess Corporation common stock in the latter year. Proceeds from asset sales provided some offset, but were insufficient to counteract the substantial capital spending and acquisition costs. Net cash used in investing activities increased from US$5.865 billion in 2021 to US$15.911 billion in 2025.
Financing Activities: Financing activities consistently represented a significant cash outflow. Cash dividends paid to common stockholders remained relatively stable, averaging approximately US$11 billion annually. Repayments of long-term debt also contributed substantially to the outflow. Notably, net (purchases) sales of treasury shares were a significant use of cash, particularly in 2022, 2023, and 2025, suggesting substantial share repurchase programs. Net cash used in financing activities decreased from US$23.113 billion in 2021 to US$19.063 billion in 2025, but remained a substantial drain on cash resources. Proceeds from the issuance of long-term debt were significant in 2024 and 2025, partially offsetting other financing outflows.
Cash Position: The company’s cash position decreased overall during the period. While a substantial increase was observed from 2021 to 2022, subsequent years saw declines, culminating in a cash balance of US$7.285 billion at the end of 2025, down from US$6.795 billion at the end of 2021. The net change in cash, cash equivalents, and restricted cash was highly variable, reflecting the combined impact of operating, investing, and financing activities, as well as exchange rate fluctuations.

In summary, the company generated substantial operating cash flow in certain years, particularly 2022, but consistently invested heavily in its business and returned capital to shareholders through dividends and share repurchases. These factors, combined with significant acquisitions, resulted in a net decrease in the company’s cash position over the five-year period.

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Chevron Corp. (NYSE:CVX)

Cash Flow Statement