Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Chevron Corp., liquidity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current Ratio Analysis
- The current ratio exhibited a generally increasing trend from March 2020 through December 2022, starting at 1.01 and reaching a peak of 1.47 by the end of 2022. This indicates a strengthening short-term liquidity position during that period. From 2023 onwards, the ratio began to decline gradually, falling to about 1.00 by June 2025, suggesting a gradual reduction in current assets relative to current liabilities in recent quarters.
- Quick Ratio Analysis
- The quick ratio followed a similar pattern to the current ratio, rising steadily from 0.66 in March 2020 to a peak of 1.12 in December 2022. This increase suggests an improvement in the company's ability to meet short-term obligations without relying on inventory sales. After the peak, a downward trend ensued, with the ratio decreasing to 0.62 by June 2025. This decline indicates a diminishing level of liquid assets excluding inventory against current liabilities over the later periods.
- Cash Ratio Analysis
- The cash ratio showed more volatility compared to the current and quick ratios. Beginning at 0.30 in March 2020, it fluctuated moderately before rising sharply to a high of 0.52 in December 2022. This suggests an increase in the most liquid assets held relative to current liabilities during that year. However, following this peak, the cash ratio declined notably to 0.12 by June 2025, reflecting a significant reduction in cash and cash equivalents relative to short-term obligations in recent quarters.
- Overall Liquidity Insights
- All three liquidity ratios indicate that the company improved its short-term financial health through the end of 2022, with increasing liquidity reflected across all measures. This period was characterized by a progressively stronger cushion to cover short-term liabilities. Post-2022, however, these ratios show a clear downward trajectory. The declines in these metrics could imply tighter liquidity conditions, potentially due to increased current liabilities, decreased liquid asset holdings, or both. The sharper fall in the cash ratio compared to the current and quick ratios suggests a relative preference for holding less cash versus other liquid assets or a strategic adjustment of working capital components.
Current Ratio
Chevron Corp., current ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current assets
- Current assets increased overall from March 31, 2020, to June 30, 2022, rising from approximately 28.6 billion USD to a peak of about 51.2 billion USD in the second quarter of 2022. This was followed by a downward trend through to June 30, 2025, where current assets decreased to approximately 34.7 billion USD. Notably, there was a significant rise during the period from March 31, 2021, to June 30, 2022, after which a gradual decline set in.
- Current liabilities
- Current liabilities exhibited fluctuations over the same period. Starting around 28.2 billion USD in March 2020, liabilities initially decreased and fluctuated slightly until the end of 2020. From early 2021, liabilities rose, peaking at almost 39.1 billion USD in June 2022. After this peak, liabilities generally declined, though with some volatility, ending near 34.8 billion USD by the middle of 2025. The liability trend largely mirrored the rise and fall seen in current assets but with less pronounced decreases after the peak.
- Current ratio
- The current ratio followed an upward trend from 1.01 in March 2020 to a high of 1.47 by December 2022, indicating an improvement in short-term liquidity over this timeframe. From early 2023 onward, the current ratio gradually declined, reaching around 1.00 by June 2025. This suggests that while liquidity strengthened through the middle of the observed period, it steadily decreased towards the end, returning close to its initial level.
- Summary and insights
- The data reveals a cyclical pattern in current assets and liabilities with a peak occurring around mid-2022. The growth in current assets was stronger than current liabilities during this period, enhancing the current ratio and reflecting improved liquidity. Following this peak, both assets and liabilities decreased, but assets declined more sharply, which led to a reduction in the current ratio returning it to approximately unity. The trend suggests potential tightening in working capital management or a decrease in liquid assets relative to short-term obligations towards the end of the period. Observing these patterns may be important for assessing the company’s operational efficiency and financial flexibility in managing short-term financial obligations.
Quick Ratio
Chevron Corp., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Time deposits | |||||||||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||||||||
| Accounts and notes receivable, less allowance | |||||||||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
-
Total quick assets initially declined from $18.7 billion at the end of Q1 2020 to around $15.5 billion in Q2 2020, reflecting potential liquidity pressures early in the period. A recovery followed through to Q4 2021, with quick assets rising to a peak of about $24.1 billion, indicating an improved liquidity buffer.
From Q1 2022 onwards, total quick assets experienced fluctuations with a high near $39.2 billion in Q2 2022, representing a significant liquidity increase compared to the previous year. However, after this peak, the quick assets showed a downward trend, declining to approximately $21.7 billion by Q2 2025, suggesting a gradual reduction in liquid asset holdings over the latter part of the period.
- Current Liabilities
-
Current liabilities demonstrated substantial volatility throughout the period. Starting at $28.2 billion in Q1 2020, they dropped sharply to about $19.7 billion by Q3 2020. Subsequently, there was a steady increase through 2021 to reach $26.8 billion by Q4 2021.
In 2022, liabilities continued their upward trajectory, peaking near $39.1 billion in Q2 2022. Following this, liabilities decreased somewhat but remained elevated, fluctuating between $29.8 billion and $38.6 billion through Q1 2025. This pattern suggests periods of increased short-term obligations or borrowing, possibly linked to operational or market conditions.
- Quick Ratio
-
The quick ratio started below 1.0 in early 2020, reflecting that quick assets were insufficient to cover current liabilities at that time. It improved steadily through 2020 and 2021, reaching and consistently maintaining levels close to or above 1.0 by late 2021 and into early 2022. This implies better liquidity coverage during this period, indicating the ability to meet short-term obligations without relying on inventory sales.
From mid-2022 onwards, the quick ratio declined gradually, falling below 1.0 again from late 2022 through mid-2025, reaching a low of 0.62 by Q2 2025. This descending trend points to a weakening liquidity position, where quick assets are increasingly less capable of covering current liabilities immediately. This could signal emerging liquidity management challenges or shifts in working capital structure.
Cash Ratio
Chevron Corp., cash ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Time deposits | |||||||||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||||||||
| Total cash assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets displayed a fluctuating pattern over the observed periods. Initially, from March 31, 2020 to December 31, 2020, the cash assets decreased from 8,542 million USD to 5,627 million USD, indicating a downward trend. Starting in early 2021, a recovery trend is evident with cash assets rising up to 17,901 million USD by the end of 2022, marking the highest value in the series. However, subsequent quarters show a decline in cash assets again through 2023 and into early 2024, reaching a low point of 4,008 million USD by June 30, 2024. A slight recovery follows but values remain below the peak seen at the end of 2022. Overall, the cash asset level shows considerable volatility with a peak around late 2022 and lower levels thereafter.
- Current Liabilities
- Current liabilities started at 28,235 million USD in March 2020 and generally fluctuated with some modest increases and decreases. Notably, there was a rise to 39,121 million USD by June 30, 2022, which represents the highest liability recorded in the dataset. This was followed by a gradual decline but liabilities remained elevated above 30,000 million USD in most subsequent quarters. The pattern suggests an increasing trend in short-term obligations through the mid-2022 period, followed by some reduction but with continued relatively high levels. This indicates sustained pressure or expansion in current liabilities across the timeframe.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash assets, showed considerable variability. It started at 0.30 in March 2020, rose slightly to 0.35 by September 2020, then declined to a low of 0.21 by December 2020. In early 2022, the cash ratio improved significantly with the peak ratio of 0.52 reported at the end of 2022, reflecting enhanced liquidity relative to current liabilities during that period. However, after this peak, the ratio declined sharply throughout 2023 and into 2024, reaching very low levels around 0.12 to 0.13 by mid-2024 and continuing similarly thereafter. This trend indicates that liquidity strengthened markedly by late 2022 but weakened substantially in the following periods, suggesting growing challenges in covering short-term liabilities with cash alone.