Name: Chevron Corp. (NYSE:CVX) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Chevron Corp., consolidated statement of comprehensive income

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)
Unrealized net change arising during period	60)	(67)	11)	(41)	(55)
Currency translation adjustment	60)	(67)	11)	(41)	(55)
Net gain (loss) arising during period	15)	(8)	1)	(1)	(1)
Unrealized holding gain (loss) on securities	15)	(8)	1)	(1)	(1)
Net derivatives gain (loss) on hedge transactions	—)	(50)	(11)	65)	(6)
Reclassification to net income	27)	25)	33)	(80)	6)
Income tax benefit (cost) on derivatives transactions	(5)	6)	(5)	3)	—)
Derivatives	22)	(19)	17)	(12)	—)
Amortization to net income of net actuarial loss and settlements	335)	247)	244)	599)	1,069)
Actuarial gain (loss) arising during period	(180)	228)	(550)	1,050)	1,244)
Actuarial gain (loss)	155)	475)	(306)	1,649)	2,313)
Amortization to net income of net prior service costs and curtailments	(10)	(10)	(13)	(19)	(14)
Prior service (costs) credits arising during period	59)	(48)	(29)	(96)	—)
Prior service credits (cost)	49)	(58)	(42)	(115)	(14)
Defined benefit plans sponsored by equity affiliates, benefit (cost)	16)	(19)	6)	100)	127)
Income tax benefit (cost) on defined benefit plans	(21)	(104)	151)	(489)	(647)
Defined benefit plans	199)	294)	(191)	1,145)	1,779)
Other comprehensive gain (loss), net of tax	296)	200)	(162)	1,091)	1,723)
Comprehensive income	12,781)	17,949)	21,249)	36,699)	17,412)
Comprehensive income attributable to noncontrolling interests	(186)	(88)	(42)	(143)	(64)
Comprehensive income attributable to Chevron Corporation	12,595)	17,861)	21,207)	36,556)	17,348)

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).

The statement of comprehensive income reveals significant fluctuations in financial performance over the five-year period. Net income experienced substantial growth from 2021 to 2022, followed by a decline through 2025. However, comprehensive income, which incorporates other comprehensive income items, demonstrates a more stable, albeit also declining, trend overall.

Net Income Trend: Net income increased dramatically from US$15,689 million in 2021 to US$35,608 million in 2022, representing a more than doubling of earnings. This was followed by a decrease to US$21,411 million in 2023, US$17,749 million in 2024, and further to US$12,485 million in 2025. This indicates a weakening profitability trend in the latter part of the period.
Other Comprehensive Income Components: Several components contribute to other comprehensive income. Unrealized net changes and currency translation adjustments remained relatively consistent, fluctuating between -US$67 million and US$60 million. Net derivatives gains and losses exhibited volatility, with a gain of US$65 million in 2022, followed by losses in 2023 and 2024. Reclassification adjustments to net income were also variable, peaking at US$33 million in 2023.; Actuarial gains and losses, and related amortization, represent a significant portion of other comprehensive income. Actuarial gains were substantial in 2021 and 2022 (US$2,313 million and US$1,649 million respectively), but shifted to a loss of US$306 million in 2023 before recovering somewhat in 2024 and declining again in 2025. Amortization of actuarial losses consistently reduced the impact of these gains and losses on net income.; Defined benefit plans also contributed significantly, with a net gain of US$1,779 million in 2021, decreasing to a loss of US$191 million in 2023, and then fluctuating again in subsequent years. Income tax benefits related to these plans also varied considerably.
Comprehensive Income Analysis: Comprehensive income mirrored the trend of net income, increasing from US$17,412 million in 2021 to US$36,699 million in 2022, then declining to US$12,781 million in 2025. The impact of other comprehensive income moderated the fluctuations in net income, resulting in a less dramatic overall change. Comprehensive income attributable to noncontrolling interests remained relatively small, but increased in absolute value as comprehensive income declined.
Tax Impact: The income tax benefit (cost) on derivatives transactions and defined benefit plans fluctuated, impacting the overall comprehensive income. The benefit was positive in some years and a cost in others, demonstrating the influence of tax regulations and accounting treatments.

In summary, while net income experienced a peak in 2022, followed by a consistent decline, comprehensive income provides a broader view of financial performance, incorporating various gains and losses that are not immediately reflected in net income. The significant fluctuations in actuarial gains/losses and defined benefit plan adjustments highlight the importance of considering these items when assessing the overall financial health of the entity.

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