Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Ratios (Summary)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

Chevron Corp., short-term (operating) activity ratios (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Turnover Ratios
Inventory turnover	20.18	18.56	15.95	16.15	17.05	15.79	14.45	14.38	14.69	13.05	12.53	13.34	14.65	15.02	16.47	19.12	22.28	–	–	–
Receivables turnover	10.56	9.23	8.80	8.82	8.77	9.09	9.39	8.63	7.82	8.63	8.28	9.69	10.10	10.11	10.10	11.93	11.98	–	–	–
Payables turnover	8.25	7.30	6.74	6.84	6.54	6.95	7.28	6.51	5.69	6.39	6.00	6.84	6.86	6.73	6.74	7.85	7.63	–	–	–
Working capital turnover	23.20	24.21	61.29	126.93	163.64	109.31	–	103.91	–	26.18	14.81	47.31	14.63	14.89	13.08	15.38	19.45	–	–	–
Average No. of Days
Average inventory processing period	18	20	23	23	21	23	25	25	25	28	29	27	25	24	22	19	16	–	–	–
Add: Average receivable collection period	35	40	41	41	42	40	39	42	47	42	44	38	36	36	36	31	30	–	–	–
Operating cycle	53	60	64	64	63	63	64	67	72	70	73	65	61	60	58	50	46	–	–	–
Less: Average payables payment period	44	50	54	53	56	52	50	56	64	57	61	53	53	54	54	46	48	–	–	–
Cash conversion cycle	9	10	10	11	7	11	14	11	8	13	12	12	8	6	4	4	-2	–	–	–

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Chevron Corp.’s inventory turnover improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Chevron Corp.’s receivables turnover improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Chevron Corp.’s payables turnover increased from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Chevron Corp.’s working capital turnover deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	Chevron Corp.’s average inventory processing period improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.	Chevron Corp.’s average receivable collection period improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Chevron Corp.’s operating cycle improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	Chevron Corp.’s average payables payment period declined from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Chevron Corp., inventory turnover calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data (USD $ in millions)
Cost of operating revenues	29,565	29,666	29,957	25,934	26,340	23,713	22,987	22,162	22,120	20,508	20,332	16,629	20,540	23,039	26,618	22,588	30,835	37,144	40,131	36,846
Inventories	5,704	6,029	6,644	6,128	5,585	5,761	6,075	5,921	5,419	5,976	6,427	6,508	6,334	6,864	7,116	6,837	6,505	7,304	7,215	7,472
Ratio
Inventory turnover¹	20.18	18.56	15.95	16.15	17.05	15.79	14.45	14.38	14.69	13.05	12.53	13.34	14.65	15.02	16.47	19.12	22.28	–	–	–

Q4 2018 Calculations

¹ Inventory turnover = (Cost of operating revenues_{Q4 2018} + Cost of operating revenues_{Q3 2018} + Cost of operating revenues_{Q2 2018} + Cost of operating revenues_{Q1 2018}) ÷ Inventories
= (29,565 + 29,666 + 29,957 + 25,934) ÷ 5,704 = 20.18

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Chevron Corp.’s inventory turnover improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., receivables turnover calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data (USD $ in millions)
Sales and other operating revenues	40,338	42,105	40,491	35,968	36,381	33,892	32,877	31,524	30,142	29,159	27,844	23,070	28,014	32,767	36,829	32,315	42,111	51,822	55,583	50,978
Accounts and notes receivable, net	15,050	16,788	16,672	15,771	15,353	14,124	13,168	13,754	14,092	12,522	13,490	12,459	12,860	14,240	16,153	15,239	16,736	19,974	21,578	20,285
Ratio
Receivables turnover¹	10.56	9.23	8.80	8.82	8.77	9.09	9.39	8.63	7.82	8.63	8.28	9.69	10.10	10.11	10.10	11.93	11.98	–	–	–

Q4 2018 Calculations

¹ Receivables turnover = (Sales and other operating revenues_{Q4 2018} + Sales and other operating revenues_{Q3 2018} + Sales and other operating revenues_{Q2 2018} + Sales and other operating revenues_{Q1 2018}) ÷ Accounts and notes receivable, net
= (40,338 + 42,105 + 40,491 + 35,968) ÷ 15,050 = 10.56

Ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Chevron Corp.’s receivables turnover improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., payables turnover calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data (USD $ in millions)
Cost of operating revenues	29,565	29,666	29,957	25,934	26,340	23,713	22,987	22,162	22,120	20,508	20,332	16,629	20,540	23,039	26,618	22,588	30,835	37,144	40,131	36,846
Accounts payable	13,953	15,335	15,722	14,479	14,565	13,084	12,057	13,078	13,986	12,205	13,416	12,696	13,516	15,307	17,380	16,640	19,000	21,821	23,623	23,332
Ratio
Payables turnover¹	8.25	7.30	6.74	6.84	6.54	6.95	7.28	6.51	5.69	6.39	6.00	6.84	6.86	6.73	6.74	7.85	7.63	–	–	–

Q4 2018 Calculations

¹ Payables turnover = (Cost of operating revenues_{Q4 2018} + Cost of operating revenues_{Q3 2018} + Cost of operating revenues_{Q2 2018} + Cost of operating revenues_{Q1 2018}) ÷ Accounts payable
= (29,565 + 29,666 + 29,957 + 25,934) ÷ 13,953 = 8.25

Ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Chevron Corp.’s payables turnover increased from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., working capital turnover calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data (USD $ in millions)
Current assets	34,021	35,583	34,256	31,726	28,560	29,398	26,626	29,568	29,619	28,873	32,471	31,713	35,347	39,819	40,738	41,270	42,232	47,083	48,920	49,749
Less: Current liabilities	27,171	29,183	31,862	30,630	27,737	28,223	27,956	28,426	31,785	24,744	24,927	29,162	26,464	30,144	28,268	29,445	31,926	37,088	36,328	35,652
Working capital	6,850	6,400	2,394	1,096	823	1,175	(1,330)	1,142	(2,166)	4,129	7,544	2,551	8,883	9,675	12,470	11,825	10,306	9,995	12,592	14,097
Sales and other operating revenues	40,338	42,105	40,491	35,968	36,381	33,892	32,877	31,524	30,142	29,159	27,844	23,070	28,014	32,767	36,829	32,315	42,111	51,822	55,583	50,978
Ratio
Working capital turnover¹	23.20	24.21	61.29	126.93	163.64	109.31	–	103.91	–	26.18	14.81	47.31	14.63	14.89	13.08	15.38	19.45	–	–	–

Q4 2018 Calculations

¹ Working capital turnover = (Sales and other operating revenues_{Q4 2018} + Sales and other operating revenues_{Q3 2018} + Sales and other operating revenues_{Q2 2018} + Sales and other operating revenues_{Q1 2018}) ÷ Working capital
= (40,338 + 42,105 + 40,491 + 35,968) ÷ 6,850 = 23.20

Ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Chevron Corp.’s working capital turnover deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., average inventory processing period calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data
Inventory turnover	20.18	18.56	15.95	16.15	17.05	15.79	14.45	14.38	14.69	13.05	12.53	13.34	14.65	15.02	16.47	19.12	22.28	–	–	–
Ratio (no. of days)
Average inventory processing period¹	18	20	23	23	21	23	25	25	25	28	29	27	25	24	22	19	16	–	–	–

Q4 2018 Calculations

¹ Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 20.18 = 18

Ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	Chevron Corp.’s average inventory processing period improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., average receivable collection period calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data
Receivables turnover	10.56	9.23	8.80	8.82	8.77	9.09	9.39	8.63	7.82	8.63	8.28	9.69	10.10	10.11	10.10	11.93	11.98	–	–	–
Ratio (no. of days)
Average receivable collection period¹	35	40	41	41	42	40	39	42	47	42	44	38	36	36	36	31	30	–	–	–

Q4 2018 Calculations

¹ Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.56 = 35

Ratio	Description	The company
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.	Chevron Corp.’s average receivable collection period improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., operating cycle calculation (quarterly data)

No. of days

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data
Average inventory processing period	18	20	23	23	21	23	25	25	25	28	29	27	25	24	22	19	16	–	–	–
Average receivable collection period	35	40	41	41	42	40	39	42	47	42	44	38	36	36	36	31	30	–	–	–
Ratio
Operating cycle¹	53	60	64	64	63	63	64	67	72	70	73	65	61	60	58	50	46	–	–	–

Q4 2018 Calculations

¹ Operating cycle = Average inventory processing period + Average receivable collection period
= 18 + 35 = 53

Ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Chevron Corp.’s operating cycle improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., average payables payment period calculation (quarterly data)

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data
Payables turnover	8.25	7.30	6.74	6.84	6.54	6.95	7.28	6.51	5.69	6.39	6.00	6.84	6.86	6.73	6.74	7.85	7.63	–	–	–
Ratio (no. of days)
Average payables payment period¹	44	50	54	53	56	52	50	56	64	57	61	53	53	54	54	46	48	–	–	–

Q4 2018 Calculations

¹ Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.25 = 44

Ratio	Description	The company
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	Chevron Corp.’s average payables payment period declined from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Chevron Corp., cash conversion cycle calculation (quarterly data)

No. of days

	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Selected Financial Data
Average inventory processing period	18	20	23	23	21	23	25	25	25	28	29	27	25	24	22	19	16	–	–	–
Average receivable collection period	35	40	41	41	42	40	39	42	47	42	44	38	36	36	36	31	30	–	–	–
Average payables payment period	44	50	54	53	56	52	50	56	64	57	61	53	53	54	54	46	48	–	–	–
Ratio
Cash conversion cycle¹	9	10	10	11	7	11	14	11	8	13	12	12	8	6	4	4	-2	–	–	–

Q4 2018 Calculations

¹ Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 18 + 35 – 44 = 9

Ratio	Description	The company
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Chevron Corp. (CVX)

Short-term (Operating) Activity Analysis
Quarterly Data

Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Chevron Corp. (CVX)

Short-term (Operating) Activity AnalysisQuarterly Data

Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Short-term (Operating) Activity Analysis
Quarterly Data