Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Chevron Corp., long-term (investment) activity 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 investment activity ratios exhibit a synchronized cyclical pattern characterized by an initial growth phase, a period of stabilization, a sharp contraction in late 2025, and a partial recovery moving into mid-2026. All three metrics—net fixed asset turnover, total asset turnover, and equity turnover—demonstrate a high degree of correlation, suggesting that changes in revenue generation or asset utilization impacted the organization's efficiency uniformly across different capital bases.
- Net Fixed Asset Turnover
- This ratio experienced a steady increase from 1.22 in March 2022 to a peak of 1.64 in December 2022. A subsequent gradual decline was observed through March 2024, where the ratio settled at 1.27. Following a period of relative stability between 1.27 and 1.31 through June 2025, a significant decline occurred, with the ratio dropping to 0.85 in September 2025 and remaining depressed at 0.84 and 0.85 through March 2026. A marginal recovery to 0.97 was recorded in June 2026.
- Total Asset Turnover
- Total asset turnover followed a trajectory nearly identical to that of fixed asset turnover, rising from 0.71 in March 2022 to a peak of 0.91 in December 2022 and March 2023. The ratio then trended downward to 0.74 by March 2024, maintaining a consistent range around 0.75 until June 2025. A sharp contraction is evident starting in September 2025, with values falling to 0.57 and hitting a low of 0.56 in March 2026, before recovering slightly to 0.63 by June 2026.
- Equity Turnover
- Equity turnover began at 1.21 in March 2022 and reached its maximum value of 1.48 in December 2022. A downward trend followed, returning to 1.21 by March 2024. Unlike the other two ratios, equity turnover showed a slight upward trend between March 2024 and June 2025, peaking locally at 1.29. However, this was followed by a sharp drop to 0.98 in September 2025. A gradual recovery phase is observed from December 2025 through June 2026, ending at 1.10.
The simultaneous decline in all efficiency ratios during the second half of 2025 indicates a substantial reduction in asset productivity or a significant increase in the asset and equity base that was not immediately offset by proportional revenue growth. The consistent movement across these ratios suggests that the underlying cause of the volatility was systemic rather than isolated to a specific category of assets.
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Net Fixed Asset Turnover
Chevron Corp., net fixed asset turnover 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) | ||||||||||||||||||||||||
| Sales and other operating revenues | 67,199) | 47,556) | 45,787) | 48,169) | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | ||||||
| Properties, plant and equipment, net | 215,937) | 218,149) | 219,729) | 219,494) | 147,442) | 148,124) | 147,799) | 147,891) | 153,003) | 153,641) | 153,619) | 153,972) | 142,768) | 142,951) | 143,591) | 144,144) | 144,410) | 144,444) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.97 | 0.85 | 0.84 | 0.85 | 1.27 | 1.30 | 1.31 | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.69 | 0.62 | 0.63 | 0.64 | 0.61 | 0.61 | 0.58 | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | ||||||
| Exxon Mobil Corp. | 1.22 | 1.09 | 1.08 | 1.09 | 1.12 | 1.16 | 1.15 | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | ||||||
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
Net fixed asset turnover
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ Properties, plant and equipment, net
= (67,199 + 47,556 + 45,787 + 48,169)
÷ 215,937 = 0.97
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibited significant volatility over the analyzed period, characterized by an initial peak in late 2022, a prolonged period of stabilization, and a substantial decline beginning in the third quarter of 2025 coinciding with a major expansion of the asset base.
- Initial Growth and Peak Efficiency (2022)
- A strong upward trend in asset efficiency was observed throughout 2022, with the net fixed asset turnover ratio rising from 1.22 in March to a peak of 1.64 by December. This improvement was primarily driven by a surge in sales and other operating revenues, which peaked at 65,372 million US dollars in June 2022, while properties, plant, and equipment remained relatively stable around 144,000 million US dollars.
- Normalization and Stabilization (2023 – Mid-2025)
- Following the 2022 peak, the ratio entered a phase of gradual decline and subsequent stabilization. Between March 2023 and June 2025, the turnover ratio fluctuated within a narrow band between 1.27 and 1.62, eventually settling around 1.27 to 1.31. This period was marked by a general contraction in quarterly revenues, which trended downward from 48,842 million US dollars in March 2023 to 44,375 million US dollars by June 2025, while the net fixed asset base remained largely consistent between 142,000 and 153,000 million US dollars.
- Asset Expansion and Efficiency Decline (Late 2025 – 2026)
- A sharp decline in the turnover ratio occurred in the third quarter of 2025, dropping to 0.85 and remaining depressed at 0.84 and 0.85 through the first quarter of 2026. This downturn was caused by a substantial increase in net properties, plant, and equipment, which jumped from 147,442 million US dollars in June 2025 to 219,494 million US dollars in September 2025. The rapid increase in the asset base outpaced revenue growth, leading to a significant reduction in the revenue generated per unit of fixed assets.
- Recent Recovery (June 2026)
- A partial recovery in asset efficiency was noted in the final quarter of the analysis. The net fixed asset turnover ratio rose to 0.97 in June 2026. This improvement was attributed to a sharp increase in sales and other operating revenues, which climbed to 67,199 million US dollars, providing a stronger revenue stream to support the expanded asset base of 215,937 million US dollars.
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Total Asset Turnover
Chevron Corp., total asset turnover 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) | ||||||||||||||||||||||||
| Sales and other operating revenues | 67,199) | 47,556) | 45,787) | 48,169) | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | ||||||
| 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.63 | 0.56 | 0.57 | 0.57 | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.51 | 0.47 | 0.48 | 0.49 | 0.47 | 0.46 | 0.45 | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | ||||||
| Exxon Mobil Corp. | 0.78 | 0.70 | 0.72 | 0.72 | 0.74 | 0.75 | 0.75 | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | ||||||
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
Total asset turnover
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ Total assets
= (67,199 + 47,556 + 45,787 + 48,169)
÷ 330,135 = 0.63
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a cyclical pattern characterized by an initial period of efficiency gains, a prolonged phase of stabilization, and a significant subsequent decline followed by a modest recovery. The overall trend indicates a reduction in the company's ability to generate revenue from its asset base over the observed period, primarily driven by a substantial increase in total assets during the latter stages of the analysis.
- Revenue Performance Trends
- Operating revenues peaked in the first half of 2022, reaching a high of 65,372 million US dollars in June 2022. This was followed by a gradual downward trend, with revenues fluctuating between approximately 44,000 million and 52,000 million US dollars from early 2023 through early 2026. A sharp increase is observed in the final quarter of the analysis, with revenues rising to 67,199 million US dollars by June 30, 2026.
- Asset Base Evolution
- Total assets remained relatively stable between 249,048 million and 263,927 million US dollars from March 2022 through June 2025. However, a significant expansion of the asset base occurred starting in September 2025, where total assets jumped to 326,501 million US dollars and remained above 324,000 million US dollars through June 2026. This represents a substantial increase in the capital employed in the business.
- Total Asset Turnover Analysis
- The asset turnover ratio improved from 0.71 in March 2022 to a peak of 0.91 by December 2022 and March 2023, correlating with high revenue levels and a stable asset base. Between March 2023 and June 2025, the ratio gradually declined and then plateaued at 0.75 as revenues normalized. A sharp contraction occurred in September 2025, with the ratio dropping to 0.57, which coincides directly with the rapid expansion of total assets. The ratio reached a period low of 0.56 in March 2026 before recovering to 0.63 in June 2026, driven by the surge in operating revenues during that final quarter.
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Equity Turnover
Chevron Corp., equity turnover 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) | ||||||||||||||||||||||||
| Sales and other operating revenues | 67,199) | 47,556) | 45,787) | 48,169) | 44,375) | 46,101) | 48,334) | 48,926) | 49,574) | 46,580) | 48,933) | 51,922) | 47,216) | 48,842) | 54,523) | 63,508) | 65,372) | 52,314) | ||||||
| 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 1.10 | 1.01 | 0.99 | 0.98 | 1.28 | 1.29 | 1.27 | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| ConocoPhillips | 0.97 | 0.90 | 0.91 | 0.92 | 0.88 | 0.88 | 0.84 | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | ||||||
| Exxon Mobil Corp. | 1.39 | 1.28 | 1.25 | 1.25 | 1.25 | 1.29 | 1.29 | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | ||||||
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
Equity turnover
= (Sales and other operating revenuesQ2 2026
+ Sales and other operating revenuesQ1 2026
+ Sales and other operating revenuesQ4 2025
+ Sales and other operating revenuesQ3 2025)
÷ Total Chevron Corporation stockholders’ equity
= (67,199 + 47,556 + 45,787 + 48,169)
÷ 189,883 = 1.10
2 Click competitor name to see calculations.
The financial performance and asset utilization of the corporation exhibit a distinct cyclical pattern characterized by shifts in revenue generation and substantial changes in the equity base over the observed period.
- Revenue Trends
- Operating revenues peaked in the second and third quarters of 2022, reaching a high of 65,372 million US$. A subsequent period of contraction and stabilization followed through 2023 and 2024, during which revenues generally fluctuated between 44,000 and 52,000 million US$. A significant surge is noted in the final observed period, with revenues rising to 67,199 million US$ by June 30, 2026.
- Equity Base Evolution
- Total stockholders' equity showed a gradual upward trajectory starting from March 2022, reaching a local peak of 165,265 million US$ in September 2023. After a period of slight decline throughout 2024, a substantial expansion in equity occurred in the third quarter of 2025, increasing to 189,843 million US$. This elevated equity level remained consistent through the end of the analyzed timeframe.
- Equity Turnover Analysis
- The equity turnover ratio experienced an initial rise, peaking at 1.48 in December 2022, which aligns with the period of highest operating revenues. A gradual decline followed throughout 2023 and early 2024, with the ratio returning to approximately 1.21. A sharp contraction is observed starting in September 2025, where the ratio dropped to 0.98. This decline is primarily attributable to the significant increase in the equity base, which outpaced revenue growth during that specific window. A recovery trend began in the first half of 2026, with the ratio increasing to 1.10 by June 30, 2026, driven by the sharp increase in sales and operating revenues.
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