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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The liquidity profile demonstrates a general tightening of short-term financial flexibility from early 2022 through mid-2025, followed by a modest recovery in the first half of 2026. A consistent downward trajectory is observed across all three primary liquidity metrics, indicating a reduction in the cushion of liquid assets available to meet current obligations.
- Current Ratio Analysis
- The current ratio maintained a stable range between 1.31 and 1.47 through the end of 2022. A gradual decline commenced in 2023, reaching a trough of 1.00 by June 30, 2025. This represents a transition from a position of comfortable liquidity to a state where current assets barely cover current liabilities. However, an upward trend emerged in the final periods, closing at 1.25 by June 30, 2026.
- Quick Ratio Analysis
- The quick ratio exhibited a more pronounced contraction than the current ratio. After starting at 1.12 in March 2022, the ratio fell below the 1.0 threshold in June 2023 and continued to decline to a low of 0.62 in June 2025. The widening gap between the current ratio and the quick ratio suggests that a larger portion of current assets was tied up in less liquid inventories during the period of decline. A recovery phase is noted in late 2025 and 2026, with the ratio rising to 0.84.
- Cash Ratio Analysis
- Cash Ratio Analysis
- The most significant volatility is observed in the cash ratio, which peaked at 0.52 in December 2022 before falling sharply to 0.18 by September 2023. The ratio remained suppressed, fluctuating between 0.12 and 0.25 for several years. While the ratio experienced brief spikes to 0.22 in September 2025 and June 2026, the overall level remains substantially lower than the 2022 peak, indicating a reduced reliance on immediate cash reserves to cover short-term debt.
Overall, the synchronization of the decline across the current, quick, and cash ratios suggests a systemic shift in working capital management or a strategic deployment of liquid assets. The recovery observed in 2026 indicates a reversal of this tightening trend, bringing liquidity levels closer to the historical benchmarks established in 2022.
AI Ask an analyst for more
Current Ratio
Chevron Corp., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 49,136) | 46,160) | 38,552) | 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) | ||||||
| Current liabilities | 39,241) | 42,176) | 33,387) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 1.25 | 1.09 | 1.15 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 1.54 | 1.29 | 1.30 | 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 | ||||||
| Exxon Mobil Corp. | 1.13 | 1.04 | 1.15 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 49,136 ÷ 39,241 = 1.25
2 Click competitor name to see calculations.
The liquidity position exhibits a cyclical pattern characterized by an initial period of strength, a subsequent prolonged contraction, and a final recovery phase. Throughout the observed period, the liquidity margin remained positive, as the current ratio consistently stayed at or above 1.0, indicating a sustained ability to cover short-term obligations with current assets.
- Current Ratio Trajectory
- The current ratio opened at 1.43 in March 2022 and reached a peak of 1.47 in December 2022. From early 2023 through mid-2025, a steady downward trend is observed, with the ratio reaching its lowest point of 1.00 in June 2025. This period represents a narrowing of the liquidity buffer. However, a recovery trend emerged in the latter half of 2025 and early 2026, with the ratio returning to 1.25 by June 2026.
- Current Asset Dynamics
- Current assets demonstrated significant volatility, peaking at 51,503 million USD in September 2022. A gradual decline followed, reaching a trough of 34,691 million USD in June 2025. This reduction in liquid assets was the primary driver behind the compression of the current ratio. A subsequent sharp increase occurred between June 2025 and June 2026, where assets rose to 49,136 million USD, effectively restoring the liquidity position.
- Current Liability Trends
- Current liabilities fluctuated within a range of approximately 29,847 million USD to 42,176 million USD. While liabilities showed intermittent peaks—most notably in June 2022 and March 2026—the overall movement was less volatile than that of current assets. The alignment of rising liabilities in early 2026 with a recovery in assets resulted in a stabilized current ratio of 1.25 by the end of the period.
AI Ask an analyst for more
Quick Ratio
Chevron Corp., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 8,527) | 5,323) | 6,293) | 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) | ||||||
| Time deposits | 3) | 4) | 4) | 2) | 5) | 5) | 4) | 4) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Marketable securities | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 45) | 141) | 318) | 130) | 223) | 267) | 341) | 33) | ||||||
| Accounts and notes receivable, less allowance | 24,575) | 25,256) | 18,075) | 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) | ||||||
| Total quick assets | 33,105) | 30,583) | 24,372) | 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) | ||||||
| Current liabilities | 39,241) | 42,176) | 33,387) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 0.84 | 0.73 | 0.73 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 1.18 | 1.07 | 1.07 | 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 | ||||||
| Exxon Mobil Corp. | 0.80 | 0.74 | 0.76 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 33,105 ÷ 39,241 = 0.84
2 Click competitor name to see calculations.
The analysis of liquidity indicators reveals a cyclical pattern characterized by an initial period of stability, a prolonged contraction in the quick ratio, and a subsequent recovery phase toward the conclusion of the observed period.
- Liquidity Deterioration Phase (2022–2025)
- A sustained downward trend in the quick ratio is observed starting from March 2022, when the ratio stood at 1.12. The liquidity position transitioned from a surplus to a deficit, falling below the 1.0 threshold in June 2023 (0.97). This decline accelerated through 2024 and reached a minimum value of 0.62 in June 2025. This trend was primarily driven by a significant reduction in total quick assets, which decreased from a peak of 39,230 million USD in June 2022 to a trough of 21,729 million USD in June 2025.
- Recovery and Stabilization Phase (2025–2026)
- A reversal in the liquidity trend began in the second half of 2025. The quick ratio improved from 0.62 in June 2025 to 0.84 by June 2026. This recovery is attributed to a substantial increase in total quick assets, which rose to 33,105 million USD by the end of the period, partially offsetting the impact of rising short-term obligations.
- Current Liability Dynamics
- Current liabilities exhibited significant volatility, fluctuating between a low of 29,847 million USD in June 2023 and a peak of 42,176 million USD in March 2026. The period of most constrained liquidity occurred when current liabilities remained elevated while quick assets were simultaneously declining, resulting in the ratio bottoming out between September 2024 and June 2025.
AI Ask an analyst for more
Cash Ratio
Chevron Corp., cash ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 8,527) | 5,323) | 6,293) | 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) | ||||||
| Time deposits | 3) | 4) | 4) | 2) | 5) | 5) | 4) | 4) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Marketable securities | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 45) | 141) | 318) | 130) | 223) | 267) | 341) | 33) | ||||||
| Total cash assets | 8,530) | 5,327) | 6,297) | 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) | ||||||
| Current liabilities | 39,241) | 42,176) | 33,387) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.22 | 0.13 | 0.19 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.62 | 0.51 | 0.58 | 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 | ||||||
| Exxon Mobil Corp. | 0.12 | 0.09 | 0.15 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 8,530 ÷ 39,241 = 0.22
2 Click competitor name to see calculations.
The liquidity position exhibits a significant downward trajectory over the analyzed period, characterized by a substantial contraction in the cash ratio. While the period began with a cash ratio of 0.38 in March 2022, the metric peaked at 0.52 in December 2022 before entering a prolonged phase of decline and subsequent volatility at lower levels.
- Cash Asset Volatility
- Total cash assets demonstrated significant fluctuations, rising from 11,704 million US$ in March 2022 to a peak of 17,901 million US$ by December 2022. This growth was followed by a sharp contraction throughout 2023, reaching a low of 5,938 million US$ in September 2023. From 2024 through June 2026, cash balances remained suppressed relative to 2022 levels, generally oscillating between 4,000 million US$ and 8,500 million US$.
- Current Liabilities Stability
- Current liabilities remained relatively stable compared to the volatility of cash assets, typically ranging between 29,000 million US$ and 39,000 million US$. A notable increase occurred in March 2026, where liabilities peaked at 42,176 million US$, contributing to further pressure on the liquidity ratio during that period.
- Cash Ratio Degradation
- The cash ratio transitioned from a position of relative strength in late 2022 to a markedly tighter liquidity profile. The ratio fell below 0.20 starting in September 2023 and hit a floor of 0.12 in June 2024 and June 2025. Although marginal recoveries to 0.22 were observed in September 2025 and June 2026, the overall trend indicates a reduced capacity to cover short-term obligations using only the most liquid assets.
The divergence between declining cash reserves and stable or increasing current liabilities has resulted in a structurally lower cash ratio. The liquidity profile shifted from a peak of 0.52 to a recurring baseline near 0.13, suggesting a strategic change in cash management or an increase in the utilization of cash for operational or capital expenditures.
AI Ask an analyst for more