Analysis of Geographic Areas
Chevron Corp. operates in 2 regions: United States and International.
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Area Profit Margin
Chevron Corp., profit margin by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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 geographic area profit margins exhibited distinct trends between 2021 and 2025. Profit margins in the United States experienced an initial increase followed by a substantial decline, while International margins demonstrated a different pattern of growth and subsequent moderation.
- United States Profit Margin
- The United States profit margin began at 11.17% in 2021, increasing to a peak of 12.63% in 2022. Following this peak, a significant downward trend was observed, with margins decreasing to 6.51% in 2023 and remaining relatively stable at 6.52% in 2024. This decline continued into 2025, reaching 6.09%. The overall trend for the United States indicates a considerable erosion of profitability over the five-year period.
- International Profit Margin
- The International profit margin showed an upward trajectory from 9.11% in 2021 to 14.19% in 2022, representing a substantial increase. This growth continued, albeit at a slower pace, reaching 12.74% in 2023. A moderate decline was then observed in 2024, with margins decreasing to 10.09%. The downward trend persisted into 2025, with the margin falling to 7.67%. While the International segment experienced initial growth, the latter part of the period saw a reduction in profitability.
- Comparative Analysis
- In 2021 and 2022, the International profit margin lagged behind that of the United States. However, by 2023, the International margin surpassed the United States margin, and remained higher through 2025 despite both areas experiencing declining profitability. The rate of decline in the International margin was less pronounced than that of the United States margin during the latter years of the period. The convergence of the two margins suggests a shifting dynamic in relative profitability between the two geographic areas.
The observed trends suggest potential shifts in market conditions, operational efficiencies, or cost structures within each geographic area. Further investigation would be required to determine the underlying drivers of these changes.
Area Profit Margin: United States
Chevron Corp.; United States; area profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | |||||
| Segment sales and other operating revenues | |||||
| Area Profitability Ratio | |||||
| Area profit margin1 | |||||
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).
1 2025 Calculation
Area profit margin = 100 × Segment earnings ÷ Segment sales and other operating revenues
= 100 × ÷ =
Segment earnings for the United States experienced significant fluctuation between 2021 and 2025. Segment sales and other operating revenues also demonstrated volatility over the same period. Consequently, the area profit margin exhibited corresponding changes, revealing a complex performance pattern.
- Segment Earnings Trend
- Segment earnings increased substantially from US$9.708 billion in 2021 to US$18.015 billion in 2022, representing a considerable year-over-year growth. However, earnings then declined sharply to US$8.052 billion in 2023. This decline was followed by a modest increase to US$8.133 billion in 2024, before decreasing again to US$7.190 billion in 2025. This indicates a peak in 2022 followed by a general downward trend in subsequent years.
- Segment Sales Trend
- Segment sales and other operating revenues mirrored the earnings trend, increasing from US$86.934 billion in 2021 to US$142.646 billion in 2022. A decrease was then observed in 2023, with revenues falling to US$123.682 billion. Revenues remained relatively stable in 2024 at US$124.719 billion, before declining further to US$118.003 billion in 2025. The peak in sales occurred in 2022, with a subsequent decline over the following three years.
- Area Profit Margin Analysis
- The area profit margin increased from 11.17% in 2021 to 12.63% in 2022, coinciding with the peak in both segment earnings and sales. A substantial decrease in the profit margin was then observed in 2023, falling to 6.51%. The margin remained relatively flat at 6.52% in 2024, before decreasing slightly to 6.09% in 2025. This suggests that while sales decreased from their 2022 peak, the larger decline in earnings resulted in a lower profit margin. The profit margin in 2025 is significantly lower than that observed in 2021 and 2022.
The observed trends suggest a period of strong performance in 2022, followed by a period of declining profitability in the United States. The consistent decrease in segment earnings and sales, coupled with the corresponding decline in area profit margin, warrants further investigation to determine the underlying causes and potential mitigating strategies.
Area Profit Margin: International
Chevron Corp.; International; area profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | |||||
| Segment sales and other operating revenues | |||||
| Area Profitability Ratio | |||||
| Area profit margin1 | |||||
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).
1 2025 Calculation
Area profit margin = 100 × Segment earnings ÷ Segment sales and other operating revenues
= 100 × ÷ =
Segment earnings exhibited substantial volatility over the observed period. Initial growth was followed by a decline, culminating in the lowest reported earnings in the final year. Segment sales and other operating revenues also demonstrated fluctuation, peaking in 2022 before experiencing a gradual decrease. The area profit margin mirrored this overall trend, showing a marked increase initially, followed by a consistent downward trajectory.
- Area Profit Margin Trend
- The area profit margin increased significantly from 9.11% in 2021 to 14.19% in 2022. This represents a substantial improvement in profitability. However, subsequent years witnessed a consistent decline. The margin decreased to 12.74% in 2023, then to 10.09% in 2024, and finally reached 7.67% in 2025. This indicates a weakening ability to convert sales into profit within this geographic area.
- Relationship between Segment Earnings and Sales
- While segment sales increased from 2021 to 2022, the corresponding increase in segment earnings was more pronounced, driving the higher profit margin in 2022. From 2022 onward, both segment earnings and sales decreased, but the decline in earnings outpaced the decline in sales, contributing to the erosion of the area profit margin. This suggests increasing cost pressures or decreasing pricing power in later years.
The observed trend suggests that while this geographic area experienced a period of strong profitability, its performance has deteriorated in recent years. Further investigation into the factors driving the declining profit margin, such as changes in operating costs, pricing dynamics, or competitive pressures, would be warranted.
Area Return on Assets (Area ROA)
Chevron Corp., ROA by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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 return on assets for both the United States and International areas exhibited distinct performance patterns over the five-year period. The United States area demonstrated a significant increase in Area ROA initially, followed by a consistent decline, while the International area showed a more moderate increase followed by a deceleration in growth and eventual decrease.
- United States Area ROA
- The United States area experienced a substantial increase in Area ROA from 13.12% in 2021 to 19.21% in 2022. This represents the highest point in the observed period. Subsequently, a downward trend was observed, with Area ROA decreasing to 8.77% in 2023, 8.55% in 2024, and further declining to 6.08% in 2025. This indicates a diminishing ability to generate earnings from assets within the United States area.
- International Area ROA
- The International area showed a more gradual increase in Area ROA, rising from 5.60% in 2021 to 12.83% in 2022. While still positive, the rate of increase slowed in subsequent years, reaching 10.16% in 2023 and 8.38% in 2024. A further decrease was noted in 2025, with Area ROA falling to 4.57%. This suggests a weakening of asset utilization and profitability in international operations.
- Comparative Performance
- In 2021 and 2022, the United States area consistently outperformed the International area in terms of Area ROA. However, the gap narrowed in 2023 and 2024 as the United States area’s ROA declined more rapidly. By 2025, the United States area maintained a higher ROA, but the difference was considerably smaller than in the earlier years, indicating a convergence in performance. The overall trend suggests a shift in relative profitability between the two geographic areas.
The observed declines in Area ROA for both regions warrant further investigation to determine the underlying causes, such as changes in asset deployment, operational efficiency, or market conditions. The contrasting trends suggest differing dynamics at play within each geographic area.
Area ROA: United States
Chevron Corp.; United States; area ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | |||||
| Assets | |||||
| Area Profitability Ratio | |||||
| Area ROA1 | |||||
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).
1 2025 Calculation
Area ROA = 100 × Segment earnings ÷ Assets
= 100 × ÷ =
The financial performance of the United States area exhibits fluctuating returns on assets over the analyzed period. Segment earnings initially increased significantly before declining, while assets generally increased throughout the period. This interplay significantly impacted the area’s Return on Assets (ROA).
- Segment Earnings
- Segment earnings demonstrated substantial growth from 2021 to 2022, increasing from US$9.708 billion to US$18.015 billion. However, subsequent years witnessed a decline, falling to US$8.052 billion in 2023, US$8.133 billion in 2024, and further to US$7.190 billion in 2025. This suggests a potential shift in profitability within the United States area.
- Assets
- Assets within the United States area generally trended upward. An increase from US$73.992 billion in 2021 to US$93.783 billion in 2022 was observed. While a slight decrease occurred in 2023 to US$91.816 billion, assets recovered to US$95.167 billion in 2024 and continued to rise substantially to US$118.304 billion in 2025. This indicates ongoing investment and expansion within the region.
- Area ROA
- The Area ROA mirrored the earnings trend, initially rising from 13.12% in 2021 to a peak of 19.21% in 2022. Following this peak, a consistent downward trend was observed, with ROA decreasing to 8.77% in 2023, 8.55% in 2024, and finally reaching 6.08% in 2025. Despite the increasing asset base, the declining segment earnings contributed to the diminishing ROA. The substantial asset growth in 2025 did not translate into a corresponding increase in earnings, further driving down the ROA.
The combination of fluctuating segment earnings and consistently increasing assets suggests a decreasing efficiency in asset utilization within the United States area. While the area continues to expand its asset base, its ability to generate earnings from those assets has diminished over the analyzed period.
Area ROA: International
Chevron Corp.; International; area ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment earnings | |||||
| Assets | |||||
| Area Profitability Ratio | |||||
| Area ROA1 | |||||
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).
1 2025 Calculation
Area ROA = 100 × Segment earnings ÷ Assets
= 100 × ÷ =
The financial performance of the International segment demonstrates a fluctuating pattern over the five-year period. Segment earnings initially increased significantly before declining, while assets experienced a more gradual shift. The resulting Area Return on Assets (ROA) reflects these combined movements, exhibiting a peak followed by a consistent decrease.
- Segment Earnings
- Segment earnings increased substantially from $9.024 billion in 2021 to $20.424 billion in 2022, representing a significant year-over-year growth. However, earnings then decreased to $15.523 billion in 2023, $12.196 billion in 2024, and further to $8.654 billion in 2025. This indicates a strong initial performance followed by a consistent downward trend in profitability.
- Assets
- Assets decreased from $161.158 billion in 2021 to $159.204 billion in 2022, a slight reduction. A continued decrease was observed in 2023, falling to $152.755 billion, and again in 2024 to $145.508 billion. However, assets increased notably in 2025, reaching $189.346 billion. This suggests a period of asset reduction followed by a substantial reinvestment or acquisition in the final year.
- Area ROA
- Area ROA mirrored the earnings trend, peaking at 12.83% in 2022. It subsequently declined to 10.16% in 2023, 8.38% in 2024, and further to 4.57% in 2025. The decrease in ROA suggests that while the segment remained profitable throughout the period, its efficiency in generating earnings from its asset base diminished consistently. The increase in assets in 2025 did not translate to a corresponding increase in earnings, contributing to the lowest ROA observed within the analyzed timeframe.
The interplay between earnings and asset levels suggests a changing operational environment or strategic shift within the International segment. The initial surge in earnings may have been driven by favorable market conditions, while the subsequent decline could be attributed to increased competition, changing commodity prices, or increased operating costs. The asset increase in 2025 warrants further investigation to understand its impact on future performance.
Area Asset Turnover
Chevron Corp., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
Asset turnover ratios for the geographic areas presented demonstrate differing performance trends over the five-year period. The United States exhibits more volatility, while the International segment displays a generally stable, albeit lower, turnover.
- United States
- The asset turnover ratio for the United States increased from 1.17 in 2021 to 1.52 in 2022, indicating improved efficiency in asset utilization. This was followed by a decrease to 1.35 in 2023 and a further decline to 1.31 in 2024. A more pronounced decrease is observed in 2025, with the ratio falling to 1.00. This suggests a weakening in the ability to generate sales from its asset base within the United States during the latter part of the period.
- International
- The International segment’s asset turnover ratio showed an increase from 0.61 in 2021 to 0.90 in 2022, suggesting improved asset utilization. The ratio then decreased slightly to 0.80 in 2023 and experienced a marginal increase to 0.83 in 2024. A decline to 0.60 is noted in 2025, returning the ratio to near its 2021 level. The International segment consistently maintains a lower asset turnover ratio compared to the United States.
- Comparative Analysis
- Throughout the period, the United States consistently demonstrates a higher asset turnover ratio than the International segment. However, the trend for the United States is downward from 2022, while the International segment remains relatively stable until 2025. The convergence of the ratios in 2025 suggests a narrowing gap in asset utilization efficiency between the two geographic areas.
The observed trends warrant further investigation to understand the underlying drivers of these changes, including potential shifts in sales strategies, asset composition, and macroeconomic conditions within each region.
Area Asset Turnover: United States
Chevron Corp.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Segment sales and other operating revenues ÷ Assets
= ÷ =
The financial performance of the United States segment, as measured by area asset turnover, demonstrates a fluctuating pattern over the five-year period. Segment sales and other operating revenues, and assets both increased initially, before experiencing changes in subsequent years.
- Segment Sales and Other Operating Revenues
- Segment sales and other operating revenues increased significantly from US$86,934 million in 2021 to US$142,646 million in 2022. This represents a substantial growth rate. However, revenues decreased to US$123,682 million in 2023 and remained relatively stable at US$124,719 million in 2024, before declining further to US$118,003 million in 2025.
- Assets
- Assets within the United States segment increased from US$73,992 million in 2021 to US$93,783 million in 2022, mirroring the revenue increase. Assets then decreased slightly to US$91,816 million in 2023, before increasing again to US$95,167 million in 2024. A more substantial increase was observed in 2025, with assets reaching US$118,304 million.
- Area Asset Turnover
- The area asset turnover ratio increased from 1.17 in 2021 to 1.52 in 2022, indicating improved efficiency in generating sales from assets. The ratio then decreased to 1.35 in 2023 and further to 1.31 in 2024. A significant decline was observed in 2025, with the ratio falling to 1.00. This suggests a decreasing ability to generate sales relative to the level of assets employed in the segment during that year. The decline in asset turnover in 2025 coincides with the decrease in segment sales and a concurrent increase in assets.
The initial increase in both revenues and assets, coupled with a rising asset turnover ratio, suggests a period of strong performance and efficient asset utilization. However, the subsequent fluctuations and the ultimate decline in asset turnover in 2025 warrant further investigation to understand the underlying drivers of these changes.
Area Asset Turnover: International
Chevron Corp.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment sales and other operating revenues | |||||
| Assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Segment sales and other operating revenues ÷ Assets
= ÷ =
The financial performance of the international segment reveals fluctuating asset utilization over the five-year period. Segment sales and other operating revenues and assets both experienced volatility, impacting the area asset turnover ratio.
- Segment Sales and Other Operating Revenues
- Segment sales increased significantly from 2021 to 2022, rising from US$99.021 billion to US$143.897 billion. However, subsequent years witnessed a decline, reaching US$121.863 billion in 2023, US$120.896 billion in 2024, and US$112.786 billion in 2025. This indicates a peak in revenue in 2022 followed by a consistent downward trend.
- Assets
- Assets in the international segment demonstrated a more moderate pattern of change. They decreased slightly from US$161.158 billion in 2021 to US$159.204 billion in 2022, continued to decline to US$145.508 billion in 2024, and then increased substantially to US$189.346 billion in 2025. The largest increase in assets occurred in the final year of the observed period.
- Area Asset Turnover
- The area asset turnover ratio, a measure of how efficiently assets are used to generate sales, exhibited considerable variation. It increased from 0.61 in 2021 to 0.90 in 2022, coinciding with the peak in segment sales. The ratio then decreased to 0.80 in 2023 and remained relatively stable at 0.83 in 2024. A notable decline to 0.60 was observed in 2025, aligning with the lowest segment sales and the highest asset base. This suggests a reduced efficiency in asset utilization in the most recent year.
The interplay between sales and asset levels significantly influenced the area asset turnover. The peak ratio in 2022 was driven by strong sales growth, while the decline in 2025, despite relatively stable sales compared to 2023 and 2024, was exacerbated by a substantial increase in assets. This suggests that the increased asset base in 2025 did not translate into proportional sales growth.
Segment sales and other operating revenues
Chevron Corp., segment sales and other operating revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Segment sales and other operating revenues exhibited significant fluctuations between 2021 and 2025. Total revenues increased substantially in 2022 before declining in subsequent years. A detailed examination of the geographic segments reveals distinct patterns within the United States and International markets.
- United States Segment
- Revenues from the United States segment increased markedly from US$86,934 million in 2021 to US$142,646 million in 2022. This represents a substantial growth of approximately 64%. However, revenues then decreased to US$123,682 million in 2023 and remained relatively stable at US$124,719 million in 2024, before declining further to US$118,003 million in 2025. This indicates a peak in 2022 followed by a consistent, though moderate, downward trend.
- International Segment
- The International segment mirrored the trend observed in the United States, with revenues rising from US$99,021 million in 2021 to US$143,897 million in 2022, an increase of approximately 45%. Similar to the United States segment, revenues decreased to US$121,863 million in 2023, US$120,896 million in 2024, and continued to decline to US$112,786 million in 2025. The International segment also experienced a peak in 2022 followed by a consistent decline.
- Total Segment Revenues
- Total segment revenues increased significantly in 2022, reaching US$286,543 million, driven by growth in both the United States and International segments. However, total revenues decreased in both 2023 and 2024, reaching US$245,545 million and US$245,615 million respectively. The decline continued into 2025, with total revenues falling to US$230,789 million. The overall trend demonstrates a substantial increase followed by a period of consistent decline.
- Comparative Performance
- While both segments experienced similar trends, the United States segment consistently represented a larger portion of total revenues throughout the period. The relative contribution of each segment to total revenue remained fairly stable, with the United States generally accounting for approximately 35-40% of total revenue and the International segment accounting for the remaining 60-65%. The proportional decline in both segments appears to be roughly equivalent.
The observed declines in both segments from 2022 to 2025 warrant further investigation to determine the underlying causes, such as changes in commodity prices, production volumes, or market demand. The peak in 2022 may be attributable to specific market conditions prevalent during that year.
Segment earnings
Chevron Corp., segment earnings by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Segment earnings demonstrate significant fluctuations over the five-year period. Total earnings initially experienced substantial growth, followed by a period of decline. A closer examination of the geographic segments reveals differing performance patterns.
- United States Segment
- Earnings from the United States segment increased considerably from 2021 to 2022, more than doubling. However, subsequent years show a consistent downward trend, decreasing from US$8,052 million in 2023 to US$7,190 million in 2025. This represents a decline of approximately 10.7% over the last two reported years.
- International Segment
- The International segment mirrored the United States segment’s initial growth in 2022, with earnings increasing significantly. However, the decline in this segment began earlier and was more pronounced. Earnings decreased from US$20,424 million in 2022 to US$8,654 million in 2025, representing a decrease of approximately 57.7% over the period. The rate of decline accelerated between 2023 and 2025.
- Total Segment Earnings
- Total segment earnings peaked in 2022 at US$38,439 million, representing a substantial increase from the US$18,732 million reported in 2021. Following this peak, total earnings have consistently decreased each year, falling to US$15,844 million in 2025. The decline from 2022 to 2025 represents a reduction of approximately 58.8% in overall segment earnings.
- Relative Contribution
- In 2021, the United States and International segments contributed relatively equally to total earnings. By 2022, the International segment’s contribution surpassed that of the United States. However, as both segments declined, the relative contribution of the International segment became increasingly dominant until 2023. In 2024 and 2025, while both segments decreased, the International segment’s larger decline resulted in a more balanced contribution, though still leaning towards the International segment.
The observed trends suggest a potential shift in profitability drivers. While both geographic areas experienced growth in 2022, the subsequent declines indicate external factors or internal strategic changes may be impacting performance. The more substantial decline in the International segment warrants further investigation.
Assets
Chevron Corp., assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Goodwill | |||||
| Total |
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 asset values demonstrate shifts in geographic allocation and overall growth over the five-year period. Total assets experienced fluctuation, with a notable increase in the final year analyzed. A closer examination of the regional asset distribution and goodwill reveals specific trends.
- United States Assets
- Assets located in the United States exhibited a substantial increase from 2021 to 2022, growing from US$73,992 million to US$93,783 million. Following this growth, a slight decrease was observed in 2023 to US$91,816 million. This was followed by a modest increase in 2024 to US$95,167 million, and a significant increase in 2025, reaching US$118,304 million. This indicates a strengthening asset base within the United States, particularly in the most recent year.
- International Assets
- International assets began at US$161,158 million in 2021 and experienced a slight decline in 2022 to US$159,204 million. This downward trend continued through 2024, reaching US$145,508 million. However, 2025 saw a considerable increase, with international assets rising to US$189,346 million. This suggests a period of asset reallocation or investment activity in international regions towards the end of the analyzed period.
- Goodwill
- Goodwill remained relatively stable between 2021 and 2023, fluctuating minimally around US$4,722 million. A slight decrease was noted in 2024 to US$4,578 million, followed by a further decrease in 2025 to US$4,568 million. This indicates a consistent, and slightly decreasing, value assigned to goodwill over the period.
- Total Assets
- Total assets increased from US$239,535 million in 2021 to US$257,709 million in 2022. A decrease was then observed in both 2023 (US$249,293 million) and 2024 (US$245,253 million). However, a significant increase occurred in 2025, with total assets reaching US$312,218 million. This final year increase is largely attributable to the combined growth in both United States and International assets.
The data suggests a dynamic shift in asset allocation, with a notable increase in both United States and International assets in 2025 after a period of relative stability or decline. Goodwill remained consistently low as a proportion of total assets throughout the period.