Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Chevron Corp., liquidity ratios (quarterly data)
Based on: 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).
- Current Ratio
- The current ratio shows a general upward trend from March 2021 to December 2022, increasing from 1.11 to a peak of 1.47. This indicates improving short-term liquidity during this period. However, from the beginning of 2023 onward, the ratio exhibits a gradual decline, reaching its lowest point of 1.00 in June 2025, before slightly rebounding to 1.15 in September 2025. Overall, the current ratio suggests stronger liquidity in late 2021 and 2022, with some weakening in the following years.
- Quick Ratio
- The quick ratio mirrors the current ratio's pattern but remains consistently lower, reflecting the more conservative measure of liquidity excluding inventory. It rises from 0.77 in March 2021 to a high of 1.12 by December 2022, indicating an enhancement in liquid assets relative to current liabilities over this timeframe. Subsequently, the quick ratio declines steadily from 2023 through mid-2025, reaching 0.62 at one point, before recovering modestly to 0.72. This decline suggests a reduction in highly liquid assets in proportion to liabilities post-2022.
- Cash Ratio
- The cash ratio begins relatively low at 0.26 in March 2021, remains stable through 2021, then increases notably to 0.52 by December 2022, demonstrating an accumulation of cash and cash equivalents relative to current liabilities. From 2023 onwards, the ratio experiences significant volatility and decline, dipping as low as 0.12 in mid-2024 and maintaining low levels near or below 0.20 through mid-2025 before a slight increase to 0.22. This pattern denotes fluctuating immediate liquidity, with a peak in late 2022 followed by a notable reduction in cash reserves relative to short-term obligations in subsequent periods.
Current Ratio
Chevron Corp., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 40,866) | 34,691) | 38,574) | 40,911) | 38,187) | 39,369) | 40,508) | 41,128) | 41,732) | 42,790) | 48,351) | 50,343) | 51,503) | 51,188) | 44,709) | 33,738) | 32,137) | 32,973) | 30,433) | ||||||
| Current liabilities | 35,472) | 34,827) | 35,702) | 38,558) | 35,718) | 34,027) | 32,940) | 32,258) | 33,263) | 29,847) | 33,735) | 34,208) | 36,883) | 39,121) | 31,203) | 26,791) | 25,188) | 28,147) | 27,480) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.15 | 1.00 | 1.08 | 1.06 | 1.07 | 1.16 | 1.23 | 1.27 | 1.25 | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | 1.26 | 1.28 | 1.17 | 1.11 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| ConocoPhillips | 1.32 | 1.27 | 1.27 | 1.29 | 1.30 | 1.33 | 1.35 | 1.43 | 1.66 | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | 1.34 | 1.93 | 2.11 | 2.03 | ||||||
| Exxon Mobil Corp. | 1.14 | 1.25 | 1.24 | 1.31 | 1.35 | 1.36 | 1.38 | 1.48 | 1.42 | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | 1.04 | 0.90 | 0.85 | 0.80 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 40,866 ÷ 35,472 = 1.15
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's liquidity position over the observed periods.
- Current Assets
- Current assets demonstrated an overall upward trajectory from early 2021 through mid-2022, reaching a peak of approximately 51.5 billion US dollars in September 2022. Subsequently, current assets experienced a declining trend through the end of 2023 and fluctuated moderately in 2024 and 2025, with values ranging mostly between 38 billion and 41 billion US dollars. This suggests that the company initially increased its liquid and short-term asset holdings but later reduced or optimized these assets over time.
- Current Liabilities
- Current liabilities mirrored some of the fluctuations seen in current assets but with distinct variations. Liabilities increased substantially from early 2021 to mid-2022, reaching a high of over 39 billion US dollars in June 2022, followed by a decline through late 2022 and 2023. From early 2024 onwards, current liabilities fluctuated around the mid-30 billion range, with some quarters showing increases close to 38 billion US dollars. This pattern indicates periods of borrowing or obligations accumulation followed by management efforts to control or manage short-term debts.
- Current Ratio
- The current ratio, an important measure of liquidity, showed a general improvement between 2021 and late 2022, increasing from about 1.11 in March 2021 to a peak of 1.47 in December 2022. This trend reflects a strengthening in the company's ability to cover short-term liabilities with short-term assets. However, from 2023 onwards, the current ratio declined and stabilized mostly between 1.0 and 1.16, suggesting a normalization or slight tightening of liquidity management. Notably, the current ratio hit a low of exactly 1.0 in September 2025, indicating that at this point, current assets were just sufficient to meet current liabilities without a margin.
Overall, the liquidity position improved notably in the initial periods as the company increased its current assets relative to liabilities, enhancing its short-term financial stability. Later periods illustrate a recalibration of this position, possibly reflecting strategic adjustments or responses to changing operational needs or market conditions. The current ratio's movement suggests that the company maintained an adequate but more balanced liquidity level toward the later periods analyzed.
Quick Ratio
Chevron Corp., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 7,725) | 4,061) | 4,638) | 6,781) | 4,699) | 4,008) | 6,278) | 8,178) | 5,797) | 9,292) | 15,668) | 17,678) | 15,164) | 12,029) | 11,671) | 5,640) | 5,998) | 7,527) | 7,076) | ||||||
| Time deposits | 2) | 5) | 5) | 4) | 4) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Marketable securities | —) | —) | —) | —) | —) | —) | —) | 45) | 141) | 318) | 130) | 223) | 267) | 341) | 33) | 35) | 34) | 34) | 32) | ||||||
| Accounts and notes receivable, less allowance | 17,887) | 17,663) | 19,560) | 20,684) | 19,591) | 20,752) | 20,414) | 19,921) | 21,993) | 19,285) | 19,021) | 20,456) | 22,466) | 26,860) | 23,255) | 18,419) | 16,567) | 15,705) | 14,118) | ||||||
| Total quick assets | 25,614) | 21,729) | 24,203) | 27,469) | 24,294) | 24,760) | 26,692) | 28,144) | 27,931) | 28,895) | 34,819) | 38,357) | 37,897) | 39,230) | 34,959) | 24,094) | 22,599) | 23,266) | 21,226) | ||||||
| Current liabilities | 35,472) | 34,827) | 35,702) | 38,558) | 35,718) | 34,027) | 32,940) | 32,258) | 33,263) | 29,847) | 33,735) | 34,208) | 36,883) | 39,121) | 31,203) | 26,791) | 25,188) | 28,147) | 27,480) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.72 | 0.62 | 0.68 | 0.71 | 0.68 | 0.73 | 0.81 | 0.87 | 0.84 | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | 0.90 | 0.90 | 0.83 | 0.77 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| ConocoPhillips | 1.00 | 1.01 | 1.02 | 1.06 | 1.08 | 1.10 | 1.13 | 1.21 | 1.46 | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | 1.10 | 1.66 | 1.86 | 1.81 | ||||||
| Exxon Mobil Corp. | 0.76 | 0.82 | 0.86 | 0.95 | 0.98 | 0.98 | 1.02 | 1.06 | 1.05 | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | 0.69 | 0.55 | 0.51 | 0.47 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 25,614 ÷ 35,472 = 0.72
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in liquidity and short-term financial health over the observed periods.
- Total Quick Assets
- Total quick assets exhibit a generally upward trend from early 2021 through 2022, peaking around mid-2022. Beginning at approximately $21.2 billion in March 2021, these assets increased steadily and reached near $38.3 billion by the end of 2022. However, starting in 2023, there is a discernible decline in quick assets, decreasing to roughly $27.3 billion by the end of 2024, with slight fluctuations thereafter. This downward movement suggests a reduction in liquid assets readily available to meet immediate obligations after 2022.
- Current Liabilities
- Current liabilities showed an increasing trend up to mid-2022, rising from about $27.5 billion in March 2021 to over $39.1 billion by June 2022. After this peak, liabilities generally trended downward, declining to approximately $32.3 billion by December 2022. From 2023 onward, liabilities fluctuate but demonstrate a gradual increase again, reaching around $35.5 billion by September 2025. The fluctuation in liabilities indicates variability in short-term obligations, with peaks followed by periods of reduction and subsequent rises.
- Quick Ratio
- The quick ratio, which measures the company's ability to meet short-term liabilities with its most liquid assets, improved from 0.77 in early 2021 to values above 1.0 during multiple quarters in 2022, peaking at 1.12. This improvement reflects temporarily enhanced liquidity during this period. Starting in 2023, the quick ratio declined consistently, falling below 0.7 by late 2024 and sustaining this lower level through mid-2025, with minor recovery near the end of the observed period. Ratios below 1.0 suggest that quick assets were insufficient to cover current liabilities, indicating tighter liquidity conditions in recent quarters.
In summary, the data reflects an initial strengthening of liquidity through 2022, followed by a deterioration in short-term financial capacity from 2023 onward. The decline in quick assets coupled with rising or fluctuating current liabilities contributes to a weakening quick ratio, signaling increased potential liquidity risk in the more recent periods.
Cash Ratio
Chevron Corp., cash ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 7,725) | 4,061) | 4,638) | 6,781) | 4,699) | 4,008) | 6,278) | 8,178) | 5,797) | 9,292) | 15,668) | 17,678) | 15,164) | 12,029) | 11,671) | 5,640) | 5,998) | 7,527) | 7,076) | ||||||
| Time deposits | 2) | 5) | 5) | 4) | 4) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Marketable securities | —) | —) | —) | —) | —) | —) | —) | 45) | 141) | 318) | 130) | 223) | 267) | 341) | 33) | 35) | 34) | 34) | 32) | ||||||
| Total cash assets | 7,727) | 4,066) | 4,643) | 6,785) | 4,703) | 4,008) | 6,278) | 8,223) | 5,938) | 9,610) | 15,798) | 17,901) | 15,431) | 12,370) | 11,704) | 5,675) | 6,032) | 7,561) | 7,108) | ||||||
| Current liabilities | 35,472) | 34,827) | 35,702) | 38,558) | 35,718) | 34,027) | 32,940) | 32,258) | 33,263) | 29,847) | 33,735) | 34,208) | 36,883) | 39,121) | 31,203) | 26,791) | 25,188) | 28,147) | 27,480) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.22 | 0.12 | 0.13 | 0.18 | 0.13 | 0.12 | 0.19 | 0.25 | 0.18 | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | 0.21 | 0.24 | 0.27 | 0.26 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| ConocoPhillips | 0.52 | 0.49 | 0.54 | 0.50 | 0.63 | 0.58 | 0.60 | 0.66 | 0.91 | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | 0.55 | 1.14 | 1.31 | 1.18 | ||||||
| Exxon Mobil Corp. | 0.18 | 0.23 | 0.25 | 0.33 | 0.39 | 0.37 | 0.46 | 0.48 | 0.46 | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | 0.12 | 0.08 | 0.06 | 0.06 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 7,727 ÷ 35,472 = 0.22
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in liquidity and cash management over the observed periods.
- Total Cash Assets
- The total cash assets exhibit significant fluctuations throughout the examined timeframe. Starting at 7,108 million USD at the beginning of 2021, there is a moderate increase reaching a peak of 17,901 million USD by the end of 2021. Early 2022 continues this upward trend with cash assets rising to above 15,000 million USD in the third quarter before declining sharply in 2023 to levels below 10,000 million USD, dipping as low as 5,938 million USD in the third quarter. The data shows some recovery towards the end of 2023 and into 2024, but overall cash levels trend downward through 2024 and early 2025, with a slight uptick in the final recorded quarter.
- Current Liabilities
- Current liabilities remain relatively high and show variability over the periods. Starting near 27,480 million USD, liabilities increase to a peak of approximately 39,121 million USD in mid-2022. Following this peak, the liabilities fluctuate around the mid-30,000 million USD range, experiencing some decreases and increases but generally staying elevated. There is no clear declining or improving trend in current liabilities; instead, they stabilize at these high levels through to the final quarters, reflecting consistent short-term obligations.
- Cash Ratio
- The cash ratio, a measure of immediate liquidity, mirrors the fluctuations in cash assets. Initially low, around 0.26 to 0.27, it improves substantially towards the end of 2021 and early 2022, reaching a peak of 0.52, indicating a stronger liquidity position during these periods. However, this ratio declines significantly afterward, falling below 0.20 in multiple quarters during 2023 and 2024, with the lowest points around 0.12. There is a minor increase toward the end of the dataset, but the overall trend is a weakening liquidity position relative to current liabilities.
Overall, the financial data indicates that the company experienced strong liquidity and increased cash holdings during 2021 and early 2022, followed by a period of cash reduction and fluctuating but consistently high short-term liabilities. This trend has likely exerted pressure on liquidity ratios, resulting in a generally weaker immediate liquidity position in the later periods analyzed. Continuous monitoring is advised to ensure that liquidity levels meet operational and financial obligations without risking solvency concerns.