Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Chevron Corp., solvency 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 solvency profile exhibits a distinct cyclical pattern characterized by an initial period of deleveraging followed by a steady increase in debt reliance and a corresponding decline in interest coverage capacity.
- Debt-to-Equity, Debt-to-Capital, and Debt-to-Assets
- These three metrics demonstrate a high degree of correlation, reflecting a consistent shift in the capital structure. From March 2022 through September 2023, a downward trend is observed, with the debt-to-equity ratio reaching a minimum of 0.12 and debt-to-assets hitting 0.08. This trend reversed starting in late 2023, with ratios climbing steadily to peak in March 2026, where debt-to-equity reached 0.25 and debt-to-capital reached 0.20. A moderate correction occurred in the final quarter ending June 30, 2026.
- Financial Leverage
- Financial leverage mirrored the trajectory of the debt ratios, declining from 1.70 in March 2022 to a low of 1.59 by June 2023. This was followed by a prolonged upward trend, peaking at 1.79 in March 2026 before receding to 1.74 by the end of the analyzed period.
- Interest Coverage
- Interest coverage shows a strong inverse relationship with the leverage metrics. A significant surge occurred between March 2022 and March 2023, with the ratio peaking at 102.29, indicating an exceptional ability to service interest obligations. Subsequent to this peak, a sustained and sharp decline was observed, with the ratio falling to a low of 14.41 by March 2026. A partial recovery to 22.46 was noted in the June 30, 2026, quarter.
The analysis indicates a strategic transition from a highly conservative solvency posture in 2023 toward a more leveraged position by early 2026. Despite the decline in interest coverage and the rise in debt ratios, the absolute values remain within ranges that suggest continued solvency, as interest coverage remains well above critical levels and debt-to-asset ratios remain relatively low.
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Debt Ratios
Coverage Ratios
Debt to Equity
Chevron Corp., debt to equity 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) | ||||||||||||||||||||||||
| Short-term debt | 401) | 5,828) | 977) | 3,591) | 6,191) | 4,076) | 4,406) | 5,144) | 1,735) | 282) | 529) | 440) | 1,269) | 2,931) | 1,964) | 2,221) | 3,230) | 314) | ||||||
| Long-term debt, excluding debt due within one year | 36,674) | 39,600) | 39,781) | 37,953) | 23,276) | 25,605) | 20,135) | 20,697) | 21,449) | 21,553) | 20,307) | 20,119) | 20,245) | 20,275) | 21,375) | 21,420) | 23,005) | 29,019) | ||||||
| Total debt | 37,075) | 45,428) | 40,758) | 41,544) | 29,467) | 29,681) | 24,541) | 25,841) | 23,184) | 21,835) | 20,836) | 20,559) | 21,514) | 23,206) | 23,339) | 23,641) | 26,235) | 29,333) | ||||||
| Total Chevron Corporation stockholders’ equity | 189,883) | 183,715) | 186,450) | 189,843) | 146,417) | 149,244) | 152,318) | 156,202) | 159,233) | 160,625) | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | 0.20 | 0.25 | 0.22 | 0.22 | 0.20 | 0.20 | 0.16 | 0.17 | 0.15 | 0.14 | 0.13 | 0.12 | 0.14 | 0.15 | 0.15 | 0.15 | 0.17 | 0.20 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.37 | 0.37 | 0.37 | 0.38 | 0.40 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.38 | ||||||
| Exxon Mobil Corp. | 0.16 | 0.19 | 0.17 | 0.16 | 0.15 | 0.14 | 0.16 | 0.16 | 0.16 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.24 | 0.26 | 0.28 | ||||||
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
Debt to equity = Total debt ÷ Total Chevron Corporation stockholders’ equity
= 37,075 ÷ 189,883 = 0.20
2 Click competitor name to see calculations.
The solvency profile of the organization reflects a period of strategic debt management characterized by an initial deleveraging phase followed by a significant increase in borrowing toward the end of the observed period. Throughout the analyzed timeframe, the organization maintained a conservative leverage position, with the debt-to-equity ratio remaining well below 0.30.
- Total Debt Trends
- A consistent downward trend in total debt was observed from March 2022, where debt stood at 29,333 million, reaching a period low of 20,559 million by September 2023. Following a period of relative stability through 2024, a sharp escalation in borrowing occurred starting in March 2025, with debt peaking at 45,428 million in March 2026 before retreating to 37,075 million by June 2026.
- Stockholders' Equity Trends
- Equity exhibited steady growth from 146,219 million in March 2022, peaking at 165,265 million in September 2023. After a moderate decline through 2024, a substantial increase was recorded in June 2025, where equity rose to 189,843 million. This higher equity base was sustained through June 2026, ending at 189,883 million.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio mirrored the inverse relationship between debt reduction and equity growth during the first phase, declining from 0.20 to a minimum of 0.12 in September 2023. The ratio subsequently trended upward in correlation with increased borrowing, reaching a maximum of 0.25 in March 2026. By June 2026, the ratio normalized to 0.20, returning to the exact level recorded at the beginning of the analysis period.
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Debt to Capital
Chevron Corp., debt to capital 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) | ||||||||||||||||||||||||
| Short-term debt | 401) | 5,828) | 977) | 3,591) | 6,191) | 4,076) | 4,406) | 5,144) | 1,735) | 282) | 529) | 440) | 1,269) | 2,931) | 1,964) | 2,221) | 3,230) | 314) | ||||||
| Long-term debt, excluding debt due within one year | 36,674) | 39,600) | 39,781) | 37,953) | 23,276) | 25,605) | 20,135) | 20,697) | 21,449) | 21,553) | 20,307) | 20,119) | 20,245) | 20,275) | 21,375) | 21,420) | 23,005) | 29,019) | ||||||
| Total debt | 37,075) | 45,428) | 40,758) | 41,544) | 29,467) | 29,681) | 24,541) | 25,841) | 23,184) | 21,835) | 20,836) | 20,559) | 21,514) | 23,206) | 23,339) | 23,641) | 26,235) | 29,333) | ||||||
| Total Chevron Corporation stockholders’ equity | 189,883) | 183,715) | 186,450) | 189,843) | 146,417) | 149,244) | 152,318) | 156,202) | 159,233) | 160,625) | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | ||||||
| Total capital | 226,958) | 229,143) | 227,208) | 231,387) | 175,884) | 178,925) | 176,859) | 182,043) | 182,417) | 182,460) | 181,793) | 185,824) | 179,839) | 182,655) | 182,621) | 182,321) | 179,789) | 175,552) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | 0.16 | 0.20 | 0.18 | 0.18 | 0.17 | 0.17 | 0.14 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.13 | 0.15 | 0.17 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.26 | 0.27 | 0.27 | 0.27 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.28 | ||||||
| Exxon Mobil Corp. | 0.14 | 0.16 | 0.14 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.20 | 0.21 | 0.22 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 37,075 ÷ 226,958 = 0.16
2 Click competitor name to see calculations.
The solvency profile of the entity exhibits a distinct three-phase cycle characterized by an initial deleveraging period, a phase of stability, and a subsequent period of capital expansion and increased leverage.
- Debt to Capital Ratio Trends
- A consistent downward trend in the debt to capital ratio is observed from March 31, 2022, through September 30, 2023, with the ratio declining from 0.17 to a period low of 0.11. This indicates a strengthening of the solvency position during this timeframe. Beginning in March 2024, the ratio shifted upward, peaking at 0.20 by March 31, 2026, before retreating to 0.16 by June 30, 2026.
- Total Debt Analysis
- Total debt decreased steadily from US$ 29,333 million in March 2022 to a minimum of US$ 20,559 million in September 2023. Following this trough, debt levels rose moderately through 2024, followed by a significant acceleration in 2025 and early 2026, reaching a maximum of US$ 45,428 million on March 31, 2026. A notable reduction to US$ 37,075 million occurred in the final quarter of the analyzed period.
- Total Capital Evolution
- Total capital remained relatively stable between US$ 175,552 million and US$ 185,824 million from March 2022 through December 2024. A substantial increase is observed starting in June 2025, where total capital jumped to US$ 231,387 million and remained elevated above US$ 226,000 million through June 2026. This suggests a significant expansion of the capital base during the 2025-2026 period.
- Solvency Correlation
- The increase in the debt to capital ratio toward the end of the period is driven by a more aggressive increase in total debt relative to the growth in total capital. While the capital base expanded significantly in 2025, the peak debt levels in March 2026 pushed the solvency ratio to its highest point in the analyzed sequence, representing a shift toward a more leveraged capital structure compared to the 2023 lows.
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Debt to Assets
Chevron Corp., debt to assets 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) | ||||||||||||||||||||||||
| Short-term debt | 401) | 5,828) | 977) | 3,591) | 6,191) | 4,076) | 4,406) | 5,144) | 1,735) | 282) | 529) | 440) | 1,269) | 2,931) | 1,964) | 2,221) | 3,230) | 314) | ||||||
| Long-term debt, excluding debt due within one year | 36,674) | 39,600) | 39,781) | 37,953) | 23,276) | 25,605) | 20,135) | 20,697) | 21,449) | 21,553) | 20,307) | 20,119) | 20,245) | 20,275) | 21,375) | 21,420) | 23,005) | 29,019) | ||||||
| Total debt | 37,075) | 45,428) | 40,758) | 41,544) | 29,467) | 29,681) | 24,541) | 25,841) | 23,184) | 21,835) | 20,836) | 20,559) | 21,514) | 23,206) | 23,339) | 23,641) | 26,235) | 29,333) | ||||||
| Total assets | 330,135) | 329,551) | 324,012) | 326,501) | 250,820) | 256,397) | 256,938) | 259,232) | 260,644) | 261,651) | 261,632) | 263,927) | 251,779) | 255,886) | 257,709) | 259,735) | 257,936) | 249,048) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | 0.11 | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.10 | 0.10 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.12 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.20 | 0.20 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | ||||||
| Exxon Mobil Corp. | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | 0.08 | 0.09 | 0.09 | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 37,075 ÷ 330,135 = 0.11
2 Click competitor name to see calculations.
The solvency profile from March 2022 through June 2026 is characterized by an initial period of deleveraging followed by a significant expansion in both total debt and total assets.
- Debt Management Trends
- Total debt exhibited a consistent downward trend starting from 29,333 million US$ in March 2022, reaching a trough of 20,559 million US$ by September 2023. This period of debt reduction was followed by a gradual increase, which accelerated sharply between March 2025 and March 2026, peaking at 45,428 million US$. A subsequent reduction to 37,075 million US$ was observed by June 2026.
- Asset Base Evolution
- Total assets remained relatively stable, fluctuating between 249,048 million US$ and 263,927 million US$ from March 2022 through March 2025. A substantial increase occurred in September 2025, where assets rose to 326,501 million US$ and continued an upward trajectory to reach 330,135 million US$ by June 2026.
- Debt to Assets Ratio Analysis
- The debt to assets ratio decreased from 0.12 in March 2022 to a low of 0.08 by September 2023, reflecting a period of strengthened solvency. The ratio remained stable between 0.08 and 0.10 until March 2025. In the final phase of the observed period, the ratio climbed to a peak of 0.14 in March 2026, coinciding with the spike in total debt, before normalizing to 0.11 by June 2026 as debt levels declined while the asset base remained expanded.
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Financial Leverage
Chevron Corp., financial leverage 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) | ||||||||||||||||||||||||
| Total assets | 330,135) | 329,551) | 324,012) | 326,501) | 250,820) | 256,397) | 256,938) | 259,232) | 260,644) | 261,651) | 261,632) | 263,927) | 251,779) | 255,886) | 257,709) | 259,735) | 257,936) | 249,048) | ||||||
| Total Chevron Corporation stockholders’ equity | 189,883) | 183,715) | 186,450) | 189,843) | 146,417) | 149,244) | 152,318) | 156,202) | 159,233) | 160,625) | 160,957) | 165,265) | 158,325) | 159,449) | 159,282) | 158,680) | 153,554) | 146,219) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | 1.74 | 1.79 | 1.74 | 1.72 | 1.71 | 1.72 | 1.69 | 1.66 | 1.64 | 1.63 | 1.63 | 1.60 | 1.59 | 1.60 | 1.62 | 1.64 | 1.68 | 1.70 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 1.90 | 1.90 | 1.89 | 1.89 | 1.87 | 1.90 | 1.89 | 1.94 | 1.93 | 1.93 | 1.95 | 1.96 | 1.89 | 1.91 | 1.95 | 1.93 | 1.87 | 1.90 | ||||||
| Exxon Mobil Corp. | 1.79 | 1.83 | 1.73 | 1.74 | 1.70 | 1.72 | 1.72 | 1.72 | 1.72 | 1.84 | 1.84 | 1.86 | 1.82 | 1.86 | 1.89 | 1.99 | 2.07 | 2.10 | ||||||
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
Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 330,135 ÷ 189,883 = 1.74
2 Click competitor name to see calculations.
The financial leverage of the entity exhibited a U-shaped trajectory over the analyzed period, characterized by an initial phase of deleveraging followed by a steady increase in the ratio of total assets to stockholders' equity. A significant structural expansion of the balance sheet occurred in the third quarter of 2025, substantially increasing the absolute values of both assets and equity.
- Asset and Equity Trends
- Total assets remained relatively stable, fluctuating between 249 billion and 264 billion USD from March 2022 through June 2025. A sharp increase was recorded on September 30, 2025, with assets rising to 326.5 billion USD and maintaining a level above 324 billion USD through June 2026. Stockholders' equity followed a similar pattern, peaking at 165.3 billion USD in September 2023 before declining to a low of 146.4 billion USD by June 2025. A simultaneous surge occurred in September 2025, bringing equity to 189.8 billion USD.
- Financial Leverage Trajectory
- The financial leverage ratio began at 1.70 in March 2022 and underwent a consistent decline to a minimum of 1.59 by June 30, 2023. This period represents a reduction in financial risk and a shift toward a more equity-heavy capital structure. Following this trough, the ratio entered a phase of gradual escalation, returning to 1.72 by March 31, 2025, indicating a growing reliance on liabilities to fund assets.
- Recent Solvency Performance
- During the final quarters of the analyzed period, the leverage ratio remained elevated despite the massive increase in equity. The ratio reached its peak of 1.79 on March 31, 2026, before moderating to 1.74 by June 30, 2026. This suggests that while the company expanded its equity base significantly in late 2025, the expansion of total assets was proportionally larger, resulting in a higher overall leverage position compared to the 2023 lows.
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Interest Coverage
Chevron Corp., interest coverage 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) | ||||||||||||||||||||||||
| Net income attributable to Chevron Corporation | 12,072) | 2,210) | 2,770) | 3,539) | 2,490) | 3,500) | 3,239) | 4,487) | 4,434) | 5,501) | 2,259) | 6,526) | 6,010) | 6,574) | 6,353) | 11,231) | 11,622) | 6,259) | ||||||
| Add: Net income attributable to noncontrolling interest | 142) | 83) | 75) | 74) | 25) | 12) | 20) | 9) | 9) | 50) | (16) | 29) | (2) | 31) | 25) | 7) | 93) | 18) | ||||||
| Add: Income tax expense | 4,470) | 1,653) | 1,754) | 1,801) | 1,632) | 2,071) | 2,800) | 1,993) | 2,593) | 2,371) | 1,247) | 2,183) | 1,829) | 2,914) | 3,430) | 3,571) | 4,288) | 2,777) | ||||||
| Add: Interest and debt expense | 352) | 345) | 361) | 370) | 274) | 212) | 199) | 164) | 113) | 118) | 120) | 114) | 120) | 115) | 123) | 128) | 129) | 136) | ||||||
| Earnings before interest and tax (EBIT) | 17,036) | 4,291) | 4,960) | 5,784) | 4,421) | 5,795) | 6,258) | 6,653) | 7,149) | 8,040) | 3,610) | 8,852) | 7,957) | 9,634) | 9,931) | 14,937) | 16,132) | 9,190) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Interest coverage1 | 22.46 | 14.41 | 17.22 | 21.10 | 27.24 | 37.58 | 47.31 | 49.42 | 59.46 | 60.29 | 64.08 | 77.06 | 87.36 | 102.29 | 97.27 | 86.49 | 68.50 | 44.87 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 19.32 | 14.62 | 15.80 | 16.72 | 17.75 | 19.30 | 18.46 | 19.45 | 20.40 | 20.49 | 21.88 | 24.35 | 28.69 | 33.08 | 36.07 | 33.30 | 28.10 | 22.60 | ||||||
| Exxon Mobil Corp. | 59.52 | 53.86 | 69.44 | 59.41 | 53.86 | 50.09 | 50.07 | 52.17 | 54.97 | 54.07 | 63.17 | 74.98 | 85.62 | 108.93 | 94.68 | 88.00 | 68.10 | 42.27 | ||||||
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
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= (17,036 + 4,291 + 4,960 + 5,784)
÷ (352 + 345 + 361 + 370)
= 22.46
2 Click competitor name to see calculations.
The solvency profile exhibits a period of significant strength followed by a sustained contraction in the capacity to service debt, ending with a sharp recovery in earnings during the final observed quarter.
- Earnings before Interest and Tax (EBIT)
- Earnings peaked in the first half of 2022, reaching a high of 16,132 million USD in June 2022. Following this peak, a general downward trajectory is observed through March 2026, with EBIT declining to 4,291 million USD. However, a substantial reversal occurs in June 2026, where earnings surge to 17,036 million USD, marking the highest point in the analyzed period.
- Interest and Debt Expense
- Debt servicing costs remained relatively stable between March 2022 and June 2024, fluctuating within a narrow range of 113 to 136 million USD. Starting in September 2024, there is a marked upward trend in expenses, with costs increasing to 164 million USD and continuing to rise until stabilizing between 345 and 370 million USD from June 2025 through June 2026.
- Interest Coverage Ratio
- The interest coverage ratio followed a convex pattern. It rose from 44.87 in March 2022 to a peak of 102.29 in March 2023, indicating an exceptionally strong ability to cover interest obligations. Subsequently, the ratio entered a consistent decline, reaching a low of 14.41 by March 2026. This deterioration was driven by the simultaneous decline in EBIT and the increase in interest expenses. The ratio partially recovered to 22.46 in June 2026, corresponding with the sharp increase in operating earnings.
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