Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Chevron Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
U.S. federal	854)	895)	1,723)	174)	(182)
State and local	275)	211)	482)	222)	65)
United States	1,129)	1,106)	2,205)	396)	(117)
International	7,388)	6,745)	9,738)	4,854)	1,833)
Current	8,517)	7,851)	11,943)	5,250)	1,716)
U.S. federal	748)	666)	2,240)	1,004)	(1,315)
State and local	10)	1)	39)	202)	(152)
United States	758)	667)	2,279)	1,206)	(1,467)
International	482)	(345)	(156)	(506)	(2,141)
Deferred	1,240)	322)	2,123)	700)	(3,608)
Income tax expense (benefit)	9,757)	8,173)	14,066)	5,950)	(1,892)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Chevron Corp. current decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Chevron Corp. deferred decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Chevron Corp. income tax expense (benefit) decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Chevron Corp., effective income tax rate (EITR) reconciliation

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	U.S. statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	35.50%	27.60%	28.30%	27.50%	25.40%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Chevron Corp. effective income tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Chevron Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Foreign tax credits	15,261)	13,560)	12,599)	11,718)	10,585)
Asset retirement obligations/environmental reserves	4,220)	4,543)	4,518)	4,553)	4,721)
Employee benefits	2,050)	1,785)	2,087)	3,037)	3,856)
Deferred credits	292)	268)	446)	996)	1,056)
Tax loss carryforwards	3,034)	3,492)	3,887)	4,175)	6,701)
Other accrued liabilities	1,137)	1,416)	746)	239)	228)
Inventory	68)	126)	219)	289)	633)
Operating leases	1,352)	1,479)	1,134)	1,255)	1,234)
Miscellaneous	4,180)	3,652)	4,057)	3,657)	3,685)
Deferred tax assets, gross	31,594)	30,321)	29,693)	29,919)	32,699)
Deferred tax assets valuation allowance	(21,313)	(20,416)	(19,532)	(17,651)	(17,762)
Deferred tax assets, net	10,281)	9,905)	10,161)	12,268)	14,937)
Properties, plant and equipment	(20,648)	(20,303)	(18,295)	(17,169)	(16,603)
Investments and other	(5,254)	(4,263)	(4,492)	(4,105)	(5,617)
Deferred tax liabilities	(25,902)	(24,566)	(22,787)	(21,274)	(22,220)
Deferred income taxes, net	(15,621)	(14,661)	(12,626)	(9,006)	(7,283)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Deferred tax assets, gross	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Chevron Corp. deferred tax assets, gross increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets, net	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Chevron Corp. deferred tax assets, net decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred income taxes, net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Chevron Corp. deferred income taxes, net decreased from 2022 to 2023 and from 2023 to 2024.

Chevron Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Noncurrent deferred tax assets (included in Deferred charges and other assets)	3,516)	4,169)	4,505)	5,659)	5,286)
	Noncurrent deferred income tax liabilities	19,137)	18,830)	17,131)	14,665)	12,569)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Noncurrent deferred tax assets (included in Deferred charges and other assets)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Chevron Corp. noncurrent deferred tax assets (included in Deferred charges and other assets) decreased from 2022 to 2023 and from 2023 to 2024.
Noncurrent deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Chevron Corp. noncurrent deferred income tax liabilities increased from 2022 to 2023 and from 2023 to 2024.

Chevron Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	256,938)	261,632)	257,709)	239,535)	239,790)
Less: Noncurrent deferred tax assets, net	3,516)	4,169)	4,505)	5,659)	5,286)
Total assets (adjusted)	253,422)	257,463)	253,204)	233,876)	234,504)
Adjustment to Total Liabilities
Total liabilities (as reported)	103,781)	99,703)	97,467)	99,595)	107,064)
Less: Noncurrent deferred tax liabilities, net	19,137)	18,830)	17,131)	14,665)	12,569)
Total liabilities (adjusted)	84,644)	80,873)	80,336)	84,930)	94,495)
Adjustment to Total Chevron Corporation Stockholders’ Equity
Total Chevron Corporation stockholders’ equity (as reported)	152,318)	160,957)	159,282)	139,067)	131,688)
Less: Net deferred tax assets (liabilities)	(15,621)	(14,661)	(12,626)	(9,006)	(7,283)
Total Chevron Corporation stockholders’ equity (adjusted)	167,939)	175,618)	171,908)	148,073)	138,971)
Adjustment to Net Income (loss) Attributable To Chevron Corporation
Net income (loss) attributable to Chevron Corporation (as reported)	17,661)	21,369)	35,465)	15,625)	(5,543)
Add: Deferred income tax expense (benefit)	1,240)	322)	2,123)	700)	(3,608)
Net income (loss) attributable to Chevron Corporation (adjusted)	18,901)	21,691)	37,588)	16,325)	(9,151)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Chevron Corp., Financial Data: Reported vs. Adjusted

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Chevron Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	9.13%	10.85%	15.05%	10.04%	-5.87%
Adjusted net profit margin	9.77%	11.02%	15.95%	10.49%	-9.69%
Total Asset Turnover
Reported total asset turnover	0.75	0.75	0.91	0.65	0.39
Adjusted total asset turnover	0.76	0.76	0.93	0.67	0.40
Financial Leverage
Reported financial leverage	1.69	1.63	1.62	1.72	1.82
Adjusted financial leverage	1.51	1.47	1.47	1.58	1.69
Return on Equity (ROE)
Reported ROE	11.59%	13.28%	22.27%	11.24%	-4.21%
Adjusted ROE	11.25%	12.35%	21.87%	11.02%	-6.58%
Return on Assets (ROA)
Reported ROA	6.87%	8.17%	13.76%	6.52%	-2.31%
Adjusted ROA	7.46%	8.42%	14.84%	6.98%	-3.90%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Chevron Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Chevron Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Chevron Corp. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Chevron Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Chevron Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Chevron Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)
Sales and other operating revenues	193,414)	196,913)	235,717)	155,606)	94,471)
Profitability Ratio
Net profit margin¹	9.13%	10.85%	15.05%	10.04%	-5.87%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Chevron Corporation	18,901)	21,691)	37,588)	16,325)	(9,151)
Sales and other operating revenues	193,414)	196,913)	235,717)	155,606)	94,471)
Profitability Ratio
Adjusted net profit margin²	9.77%	11.02%	15.95%	10.49%	-9.69%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 17,661 ÷ 193,414 = 9.13%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × 18,901 ÷ 193,414 = 9.77%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Chevron Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenues	193,414)	196,913)	235,717)	155,606)	94,471)
Total assets	256,938)	261,632)	257,709)	239,535)	239,790)
Activity Ratio
Total asset turnover¹	0.75	0.75	0.91	0.65	0.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Sales and other operating revenues	193,414)	196,913)	235,717)	155,606)	94,471)
Adjusted total assets	253,422)	257,463)	253,204)	233,876)	234,504)
Activity Ratio
Adjusted total asset turnover²	0.76	0.76	0.93	0.67	0.40

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Sales and other operating revenues ÷ Total assets
= 193,414 ÷ 256,938 = 0.75

² Adjusted total asset turnover = Sales and other operating revenues ÷ Adjusted total assets
= 193,414 ÷ 253,422 = 0.76

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Chevron Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	256,938)	261,632)	257,709)	239,535)	239,790)
Total Chevron Corporation stockholders’ equity	152,318)	160,957)	159,282)	139,067)	131,688)
Solvency Ratio
Financial leverage¹	1.69	1.63	1.62	1.72	1.82
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	253,422)	257,463)	253,204)	233,876)	234,504)
Adjusted total Chevron Corporation stockholders’ equity	167,939)	175,618)	171,908)	148,073)	138,971)
Solvency Ratio
Adjusted financial leverage²	1.51	1.47	1.47	1.58	1.69

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Chevron Corporation stockholders’ equity
= 256,938 ÷ 152,318 = 1.69

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Chevron Corporation stockholders’ equity
= 253,422 ÷ 167,939 = 1.51

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Chevron Corp. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)
Total Chevron Corporation stockholders’ equity	152,318)	160,957)	159,282)	139,067)	131,688)
Profitability Ratio
ROE¹	11.59%	13.28%	22.27%	11.24%	-4.21%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Chevron Corporation	18,901)	21,691)	37,588)	16,325)	(9,151)
Adjusted total Chevron Corporation stockholders’ equity	167,939)	175,618)	171,908)	148,073)	138,971)
Profitability Ratio
Adjusted ROE²	11.25%	12.35%	21.87%	11.02%	-6.58%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total Chevron Corporation stockholders’ equity
= 100 × 17,661 ÷ 152,318 = 11.59%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Chevron Corporation ÷ Adjusted total Chevron Corporation stockholders’ equity
= 100 × 18,901 ÷ 167,939 = 11.25%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Chevron Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation	17,661)	21,369)	35,465)	15,625)	(5,543)
Total assets	256,938)	261,632)	257,709)	239,535)	239,790)
Profitability Ratio
ROA¹	6.87%	8.17%	13.76%	6.52%	-2.31%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Chevron Corporation	18,901)	21,691)	37,588)	16,325)	(9,151)
Adjusted total assets	253,422)	257,463)	253,204)	233,876)	234,504)
Profitability Ratio
Adjusted ROA²	7.46%	8.42%	14.84%	6.98%	-3.90%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to Chevron Corporation ÷ Total assets
= 100 × 17,661 ÷ 256,938 = 6.87%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Chevron Corporation ÷ Adjusted total assets
= 100 × 18,901 ÷ 253,422 = 7.46%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Chevron Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Chevron Corp. (NYSE:CVX)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Chevron Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Chevron Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)