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2月前
ExxonMobil Announces First-Quarter 2026 ResultsMay 1, 2026 6:30 AM
Business Wire
Delivered first-quarter earnings of $4.2 billion, or $8.8 billion excluding unfavorable estimated timing effects of $3.9 billion and an identified item of $0.7 billion
Generated earnings per share of $1.00, or $1.16 excluding the identified item, and $2.09 excluding the identified item and estimated timing effects
Sustained industry-leading reliability and delivered record production in Guyana1
Achieved first LNG at Golden Pass Train 1, increasing U.S. LNG exports by 5%
Generated a one-year total shareholder return of 48% and shareholder distributions of $9.2 billion
Leveraged world-scale supply chain capabilities to optimize the industry's largest and most diverse global portfolio, supporting customers in more than 180 countries
Exxon Mobil Corporation (NYSE:XOM):
Results Summary
Dollars in millions (except per share data)
1Q26
4Q25
Change
vs
4Q25
1Q25
Change
vs
1Q25
Earnings (U.S. GAAP)
4,183
6,501
-2,318
7,713
-3,530
Earnings Excluding Identified Items (non-GAAP)
4,889
7,256
-2,367
7,713
-2,824
Earnings Excluding Identified Items and Estimated Timing Effects (non-GAAP)
8,772
6,920
+1,852
7,584
+1,188
Earnings Per Common Share ²
1.00
1.53
-0.53
1.76
-0.76
Earnings Excluding Identified Items Per Common Share (non-GAAP) ²
1.16
1.71
-0.55
1.76
-0.60
Earnings Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ²
2.09
1.63
+0.46
1.73
+0.36
Exxon Mobil Corporation today announced first-quarter 2026 earnings of $4.2 billion, or $1.00 per share assuming dilution. Earnings excluding identified items were $4.9 billion, or $1.16 per share. Earnings were $8.8 billion, or $2.09 per share, excluding identified items and unfavorable estimated timing effects that unwind in subsequent periods.3 Cash flow from operating activities was $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives.4 Shareholder distributions of $9.2 billion included $4.3 billion of dividends and $4.9 billion of share repurchases, consistent with the company's previously announced plans.
"This quarter demonstrated that ExxonMobil is a fundamentally stronger company than it was just a few years ago, built to perform through disruption and across market cycles. Events in the Middle East tested that strength with the safety of our people remaining our top priority. Those events also underscored the importance of reliable, affordable energy products and the value of the capabilities we have built to deliver them," said Darren Woods, chairman and chief executive officer.
"The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018. We have grown advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power. The result is a more resilient, lower-cost business, grounded in advantaged assets, disciplined capital allocation, and execution excellence. That foundation gives us a durable platform to grow earnings, cash flow, and shareholder value through 2030 and beyond."
1
Guyana 1Q26 FPSO performance is industry-leading in operational availability against Solomon Associates’ most current benchmarking report, dated April 2026. Solomon defines industry-leading as the top two performers.
2
Assuming dilution.
3
Estimated timing effects, which unwind in subsequent periods, are primarily related to unsettled derivatives that are required to be marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings until the physical transaction is complete. It also includes estimated recognition differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
4
Margin postings refer to cash collateral posted in support of derivative positions on regulated futures exchanges like ICE and CME.
Financial Highlights
First-quarter earnings were $4.2 billion compared to $7.7 billion in the first quarter of 2025. Earnings excluding identified items and estimated timing effects were $8.8 billion versus $7.6 billion in the same period last year. Identified items of $0.7 billion reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions. Unfavorable estimated timing effects of $3.9 billion reflect the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. These timing effects were primarily driven by unsettled derivatives that are required to be marked to current period-end prices, where the associated physical shipments are not reflected in earnings until completion of the physical transactions. Higher prices and margins, advantaged volume growth, and structural cost savings were partly offset by higher expenses from advantaged investments and Middle East volume impacts.
The company has delivered $15.6 billion in cumulative Structural Cost Savings since 2019, with an additional $0.6 billion achieved during the quarter. Structural Cost Savings are expected to reach $20 billion by 2030.
The company generated cash flow from operations of $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives, and free cash flow of $2.7 billion. Industry-leading shareholder distributions of $9.2 billion included $4.3 billion of dividends and $4.9 billion of share repurchases, on pace with plans to repurchase $20 billion of shares in 2026, assuming reasonable market conditions. ExxonMobil also delivered industry-leading first quarter total shareholder return (TSR) of 42%.1
The Corporation declared a second-quarter dividend of $1.03 per share, payable on June 10, 2026, to shareholders of record of Common Stock at the close of business on May 15, 2026.
The company's industry-leading debt-to-capital and net-debt-to-capital ratios were 15.4% and 13.1%, respectively, with a period-end cash balance of $8.4 billion.2
Cash capital expenditures totaled $6.2 billion, consistent with the company's full-year guidance range of $27-$29 billion, and includes $6.5 billion of additions to property, plant and equipment.
1
Shareholder distributions compare IOCs' reported results or Bloomberg consensus as of April 30, 2026. TSR compares to each IOC as of March 31, 2026.
2
Net debt is total debt of $47.7 billion less $8.4 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $261.0 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to-capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results or estimated using Bloomberg consensus as of April 30, 2026.
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Earnings/(Loss) (U.S. GAAP)
United States
1,574
753
1,870
Non-U.S.
4,163
2,764
4,886
Worldwide
5,737
3,517
6,756
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States
1,574
1,224
1,870
Non-U.S.
4,163
3,186
4,886
Worldwide
5,737
4,410
6,756
Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP)
6,265
4,429
6,598
Production (koebd)
4,594
4,988
4,551
Upstream first-quarter reported earnings were $5.7 billion versus $6.8 billion in the same period last year. Earnings excluding identified items and estimated timing effects of $6.3 billion decreased $0.3 billion from higher depreciation expense and lower base volumes from divestments and operational disruptions in Kazakhstan, partly offset by advantaged volume growth in Guyana and the Permian, and structural cost savings.
Compared to the fourth quarter, reported earnings increased $2.2 billion. Earnings excluding identified items and estimated timing effects of $6.3 billion increased $1.8 billion versus the prior quarter. Higher crude and gas realizations were partly offset by lower volumes from Middle East impacts, operational disruptions in Kazakhstan and from U.S. winter storm Fern, and higher depreciation expense.
Net production in the first quarter reached 4.6 million oil-equivalent barrels per day, with Guyana setting a new quarterly production record of more than 900 thousand gross barrels of oil per day.
At the end of March, Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, achieved first production of LNG from Train 1 at its Sabine Pass Terminal, marking a major milestone, increasing U.S. exports by 5% relative to 2025.
Golden Pass LNG also announced the safe and successful loading and departure of its first LNG export cargo from the Golden Pass LNG terminal in April. This achievement marks another major milestone toward full commercial operations.
Energy Products
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Earnings/(Loss) (U.S. GAAP)
United States
661
1,012
297
Non-U.S.
(1,923)
2,378
530
Worldwide
(1,262)
3,390
827
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States
661
1,130
297
Non-U.S.
(1,217)
1,777
530
Worldwide
(556)
2,907
827
Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP)
2,799
2,552
856
Energy Products Sales (kbd)
5,630
5,804
5,283
Energy Products reported lower first-quarter earnings versus the same quarter last year. Earnings excluding identified items and estimated timing effects were $2.8 billion, an increase of $1.9 billion versus the same quarter last year. Identified items reflect losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions. Unfavorable estimated timing effects reflect the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. Improved margins, including strong trading and optimization results, and structural cost savings were partly offset by higher expenses from planned turnaround activity and unfavorable foreign exchange impacts.
Reported first-quarter earnings decreased versus the prior quarter. Earnings excluding identified items and estimated timing effects increased $247 million compared to the fourth quarter. The quarter-over-quarter increase was driven by strong margins from refining and trading, structural cost savings, and lower seasonal expenses. These favorable impacts were partly offset by lower volumes due to scheduled maintenance and Middle East disruptions, and the absence of favorable year-end inventory effects.
Chemical Products
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Earnings/(Loss) (U.S. GAAP)
United States
319
64
255
Non-U.S.
(209)
(345)
18
Worldwide
110
(281)
273
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States
319
144
255
Non-U.S.
(209)
(155)
18
Worldwide
110
(11)
273
Chemical Products Sales (kt)
5,358
5,743
4,776
Chemical Products first-quarter earnings were $110 million, a decrease of $163 million versus the same quarter last year. Weaker margins driven by lower realizations and higher feed costs were partly offset by volume increases from the China Chemical Complex start-up and structural cost savings.
First-quarter earnings of $110 million increased $391 million versus the fourth quarter. Improved results were driven by the absence of prior quarter identified items, lower seasonal expenses, and structural cost savings, partly offset by the absence of favorable tax impacts.
Specialty Products
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Earnings/(Loss) (U.S. GAAP)
United States
274
233
322
Non-U.S.
377
449
333
Worldwide
651
682
655
Earnings/(Loss) Excluding Identified Items (non-GAAP)
United States
274
221
322
Non-U.S.
377
461
333
Worldwide
651
682
655
Specialty Products Sales (kt)
1,976
1,919
1,936
Specialty Products delivered strong first-quarter earnings of $651 million, consistent with the same period last year. Record sales volume of high-value products1 and structural cost savings were offset by lower margins from increased feed costs.
First-quarter earnings of $651 million decreased $31 million from the prior quarter. Higher feed costs that compressed margins were partially offset by lower seasonal expenses and record sales volumes of high-value products.
1 Based on comparing quarterly high-value product sales since 2019.
Corporate and Financing
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Earnings/(Loss) (U.S. GAAP)
(1,053)
(807)
(798)
Earnings/(Loss) Excluding Identified Items (non-GAAP)
(1,053)
(732)
(798)
Corporate and Financing first-quarter net charges were $1.1 billion compared to $0.8 billion in the same quarter last year due to lower interest income and the absence of favorable tax items.
First-quarter net charges of $1.1 billion increased $0.2 billion versus the fourth quarter driven by the absence of favorable tax items.
CASH FLOW FROM OPERATIONS EXCLUDING WORKING CAPITAL
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Net income/(loss) including noncontrolling interests
4,472
6,609
8,033
Depreciation and depletion (includes impairments)
6,771
7,715
5,702
Changes in operational working capital, excluding cash and debt
(1,758)
(2,728)
(878)
Other
(780)
1,083
96
Cash Flow from Operating Activities (U.S. GAAP)
8,705
12,679
12,953
Less: Changes in operational working capital, excluding cash and debt
1,758
2,728
878
Cash Flow from Operations excluding Working Capital (non-GAAP)
10,463
15,407
13,831
FREE CASH FLOW
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Cash Flow from Operating Activities (U.S. GAAP)
8,705
12,679
12,953
Additions to property, plant, and equipment
(6,470)
(7,450)
(5,898)
Additional investments and advances
(387)
(3,160)
(153)
Other investing activities including collection of advances
632
2,457
93
Proceeds from asset sales and returns of investments
219
1,020
1,823
Inflows from noncontrolling interest for major projects
—
20
22
Free Cash Flow (non-GAAP)
2,699
5,566
8,840
CASH CAPITAL EXPENDITURES
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Additions to property, plant, and equipment
6,470
7,450
5,898
Additional investments and advances
387
3,160
153
Other investing activities including collection of advances
(632)
(2,457)
(93)
Inflows from noncontrolling interests for major projects
—
(20)
(22)
Less: Advances and collections not related to capital expenditures or equity investments
(38)
(232)
—
Total Cash Capital Expenditures (non-GAAP)
6,187
7,901
5,936
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Upstream
United States
3,449
3,674
2,983
Non-U.S.
1,363
2,709
2,010
Total
4,812
6,383
4,993
Energy Products
United States
828
289
127
Non-U.S.
170
204
251
Total
998
493
378
Chemical Products
United States
156
338
154
Non-U.S.
26
212
137
Total
182
550
291
Specialty Products
United States
35
221
52
Non-U.S.
20
86
58
Total
55
307
110
Other
Other
140
168
164
Worldwide
6,187
7,901
5,936
CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions (unless otherwise noted)
Twelve Months Ended
December 31,
Three Months Ended
March 31,
2019
2025
2025
2026
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses
36.8
42.4
10.1
10.7
Selling, general and administrative expenses
11.4
11.1
2.5
2.7
Depreciation and depletion (includes impairments)
19.0
26.0
5.7
6.8
Exploration expenses, including dry holes
1.3
1.0
0.1
0.1
Non-service pension and postretirement benefit expense
1.2
0.4
0.1
0.1
Subtotal
69.7
81.0
18.5
20.3
ExxonMobil’s share of equity company expenses (non-GAAP)
9.1
10.6
2.6
2.3
Total Adjusted Operating Costs (non-GAAP)
78.8
91.6
21.1
22.6
Total Adjusted Operating Costs (non-GAAP)
78.8
91.6
21.1
22.6
Less:
Depreciation and depletion (includes impairments)
19.0
26.0
5.7
6.8
Non-service pension and postretirement benefit expense
1.2
0.4
0.1
0.1
Other adjustments (includes equity company depreciation
and depletion)
3.6
6.2
1.3
1.3
Total Cash Operating Expenses (Cash Opex) (non-GAAP)
55.0
59.0
14.1
14.5
Energy and production taxes (non-GAAP)
11.0
14.9
3.9
3.7
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)
44.0
44.1
10.2
10.8
Change
vs
2019
Change
vs
2025
Estimated
Cumulative
vs
2019
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)
+0.1
+0.6
Market
+4.9
+0.5
Activity/ Other
+10.3
+0.6
Structural Cost Savings
-15.1
-0.6
-15.6
This press release references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $15.6 billion, which included an additional $0.6 billion in the first three months of 2026. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on May 1, 2026. To listen to the event or access an archived replay, please visit www.exxonmobil.com.
Selected Earnings Driver Definitions
Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products.
Base volume. Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above.
Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments.
Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.
Estimated timing effects. Represents estimated timing effects which unwind in subsequent periods, and are primarily related to unsettled derivatives which are required to be marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings until the physical transaction is complete. It also includes estimated recognition differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as lower-emission fuels, hydrogen and ammonia, lithium, direct air capture, ProxximaTM resin systems, carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total cash capital expenditures and mix, including allocations of capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, and to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport, and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce ProxximaTM resin systems, produce carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices, differentials, margins, and volume/mix for our products; changes in any part of the world in laws, taxes, or regulations including extraterritorial environmental and tax regulations, trade sanctions, and timely granting of governmental permits, licenses, and certifications; developments or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities and derivative positions, including timing effects, on our margins and results each quarter; changes in interest and exchange rates; actions of co-venturers or partners, competitors and commercial counterparties, including suppliers and customers; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance and optimization, including variability and timing factors applicable to unconventional resources, the success of new unconventional technologies, and the ability of new technologies to improve the recovery relative to competitors; the level, outcome, and timing of exploration projects and decisions to invest in future reserves and resources; timely completion of development and other construction projects and commencement of start-up operations, including reliance on third-party suppliers and service providers; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; government actions in pursuit of national energy and security policies or priorities affecting our business; war, civil unrest, armed hostilities, attacks against the company or industry and other political or security disturbances, including disruption of land or sea transportation routes or distribution or shipping channels; expropriations, seizures, or capacity, insurance, export, import or shipping limitations imposed directly or indirectly by governments or laws; changes in market, national or regional tariffs or disruption, realignment or breaking of current or historical trade or military alliances or global trade and supply chain networks; escalating geopolitical volatility, including regime changes; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning; unforeseen technical or operating disruptions or difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2025 Form 10-K.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on ExxonMobil’s Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and ExxonMobil's business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the corporate planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set and public policy support, and focused on returns.
Frequently Used Terms and Non-GAAP Measures
This press release also includes cash flow from operations excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2025 and 2026 periods is shown on page 6.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP) and Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. The press release also includes Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP) and Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP), which further excludes estimated timing effects, both favorable and unfavorable that are primarily related to unsettled derivatives which are required to be marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings until the physical transaction is complete. It also includes estimated recognition differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Impacts are expected to unwind in subsequent periods. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes these views provide investors increased transparency into business results and trends and provide investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items and Earnings excluding Identified Items and Estimated Timing Effects are not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2025 and 2026 periods in Attachments II-a and II-b. Earnings excluding Identified Items per share and Earnings excluding Identified Items and Estimated Timing Effects per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.
This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2025 and 2026 periods is shown on page 6.
This press release also references total cash capital expenditures (non-GAAP). Cash capital expenditures are the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows, and excludes advances and collections not related to capital expenditures or equity investments, for example, supply and marketing related advances and associated collections. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown on page 7.
References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian, Guyana, and LNG.
Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns.
Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments, refers to volumes other than high-value products volumes.
Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.
Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
High-value products include performance products and lower-emission fuels.
IOCs, unless stated otherwise, includes each of BP, Chevron, Shell and TotalEnergies.
Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.
Performance products (performance chemicals, performance lubricants) refer to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
Shareholder distributions are the Corporation's distributions of cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and to offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For the purposes of calculating distributions to shareholders, the Corporation includes only the cost of those shares acquired to reduce shares outstanding.
Total shareholder return (TSR) is defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis.
This press release also references Structural Cost Savings, for more details see page 8.
Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Preliminary)
Dollars in millions (unless otherwise noted)
Three Months Ended March 31,
2026
2025
Revenues and other income
Sales and other operating revenue
83,161
81,058
Income from equity affiliates
1,369
1,369
Other income
608
703
Total revenues and other income
85,138
83,130
Costs and other deductions
Crude oil and product purchases
51,802
46,788
Production and manufacturing expenses
10,695
10,083
Selling, general and administrative expenses
2,684
2,540
Depreciation and depletion (includes impairments)
6,771
5,702
Exploration expenses, including dry holes
126
64
Non-service pension and postretirement benefit expense
62
113
Interest expense
295
205
Other taxes and duties
5,736
6,035
Total costs and other deductions
78,171
71,530
Income/(Loss) before income taxes
6,967
11,600
Income tax expense/(benefit)
2,495
3,567
Net income/(loss) including noncontrolling interests
4,472
8,033
Net income/(loss) attributable to noncontrolling interests
289
320
Net income/(loss) attributable to ExxonMobil
4,183
7,713
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise noted)
Three Months Ended March 31,
2026
2025
Earnings per common share (U.S. dollars)
1.00
1.76
Earnings per common share - assuming dilution (U.S. dollars)
1.00
1.76
Dividends on common stock
Total
4,334
4,335
Per common share (U.S. dollars)
1.03
0.99
Millions of common shares outstanding
Average - assuming dilution
4,202
4,372
Taxes
Income taxes
2,495
3,567
Total other taxes and duties
6,775
7,066
Total taxes
9,270
10,633
Sales-based taxes
5,177
5,470
Total taxes including sales-based taxes
14,447
16,103
ExxonMobil share of income taxes of equity companies (non-GAAP)
477
657
ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE SHEET
(Preliminary)
Dollars in millions (unless otherwise noted)
March 31,
2026
December 31, 2025
ASSETS
Current assets
Cash and cash equivalents
8,435
10,681
Notes and accounts receivable – net
61,783
44,562
Inventories
Crude oil, products and merchandise
21,838
22,979
Materials and supplies
3,137
3,323
Other current assets
2,594
1,837
Total current assets
97,787
83,382
Investments, advances and long-term receivables
46,125
45,317
Property, plant, and equipment – net
298,781
299,373
Other assets, including intangibles – net
21,717
20,908
Total Assets
464,410
448,980
LIABILITIES
Current liabilities
Notes and loans payable
14,531
9,296
Accounts payable and accrued liabilities
77,088
60,911
Income taxes payable
2,759
2,123
Total current liabilities
94,378
72,330
Long-term debt
33,130
34,241
Postretirement benefits reserves
8,940
8,847
Deferred income tax liabilities
40,018
40,216
Long-term obligations to equity companies
562
542
Other long-term obligations
26,386
26,178
Total Liabilities
203,414
182,354
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
46,426
46,150
Earnings reinvested
482,344
482,494
Accumulated other comprehensive income
(11,098)
(10,863)
Common stock held in treasury
(3,874 million shares at March 31, 2026, and 3,840 million shares at December 31, 2025)
(263,291)
(258,395)
ExxonMobil share of equity
254,381
259,386
Noncontrolling interests
6,615
7,240
Total Equity
260,996
266,626
Total Liabilities and Equity
464,410
448,980
ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise noted)
Three Months Ended March 31,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) including noncontrolling interests
4,472
8,033
Depreciation and depletion (includes impairments)
6,771
5,702
Changes in operational working capital, excluding cash and debt
(1,758)
(878)
All other items – net
(780)
96
Net cash provided by operating activities
8,705
12,953
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant, and equipment
(6,470)
(5,898)
Proceeds from asset sales and returns of investments
219
1,823
Additional investments and advances
(387)
(153)
Other investing activities including collection of advances
632
93
Net cash used in investing activities
(6,006)
(4,135)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt
894
280
Reductions in long-term debt
(158)
(7)
Reductions in short-term debt
(5,402)
(4,541)
Additions/(reductions) in commercial paper, and debt with three months or less maturity
9,075
(41)
Cash dividends to ExxonMobil shareholders
(4,334)
(4,335)
Cash dividends to noncontrolling interests
(168)
(141)
Changes in noncontrolling interests
61
(12)
Inflows from noncontrolling interests for major projects
—
22
Common stock acquired
(4,868)
(4,804)
Net cash provided by (used in) financing activities
(4,900)
(13,579)
Effects of exchange rate changes on cash
(45)
86
Increase/(Decrease) in cash and cash equivalents (including restricted)
(2,246)
(4,675)
Cash and cash equivalents at beginning of period (including restricted)
10,681
23,187
Cash and cash equivalents at end of period (including restricted)
8,435
18,512
ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS
Dollars in millions (unless otherwise noted)
1Q26
4Q25
1Q25
Earnings/(Loss) (U.S. GAAP)
4,183
6,501
7,713
Identified Items
Impairments ¹
—
(1,700)
—
Gain/(Loss) on sale of assets
—
720
—
Tax-related items
—
288
—
Restructuring charges
—
(64)
—
Other
(706)
—
—
Total Identified Items
(706)
(755)
—
Earnings/(Loss) Excluding Identified Items (non-GAAP)
4,889
7,256
7,713
Estimated Timing Effects
(3,883)
336
129
Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects (non-GAAP)
8,772
6,920
7,584
¹ Fourth quarter includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.
EARNINGS/(LOSS) EXCLUDING IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS PER COMMON SHARE
Dollars per common share
1Q26
4Q25
1Q25
Earnings/(Loss) Per Common Share (U.S. GAAP) ¹
1.00
1.53
1.76
Identified Items Per Common Share ¹
Impairments ²
—
(0.40)
—
Gain/(Loss) on sale of assets
—
0.17
—
Tax-related items
—
0.07
—
Restructuring charges
—
(0.02)
—
Other
(0.16)
—
—
Total Identified Items Per Common Share ¹
(0.16)
(0.18)
—
Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP) ¹
1.16
1.71
1.76
Estimated Timing Effects Per Common Share ¹
(0.92)
0.08
0.03
Earnings/(Loss) Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ¹
2.09
1.63
1.73
¹ Assuming dilution.
² Fourth quarter includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.
ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS AND ESTIMATED TIMING EFFECTS BY SEGMENT
First Quarter 2026
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
1,574
4,163
661
(1,923)
319
(209)
274
377
(1,053)
4,183
Identified Items
Other
—
—
—
(706)
—
—
—
—
—
(706)
Total Identified Items
—
—
—
(706)
—
—
—
—
—
(706)
Earnings/(Loss) Excl. Identified Items (non-GAAP)
1,574
4,163
661
(1,217)
319
(209)
274
377
(1,053)
4,889
Estimated Timing Effects (Worldwide)
(528)
(3,355)
—
—
—
(3,883)
Earnings/(Loss) Excl. Identified Items and Estimated Timing Effects (non-GAAP)
6,265
2,799
110
651
(1,053)
8,772
Fourth Quarter 2025
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
753
2,764
1,012
2,378
64
(345)
233
449
(807)
6,501
Identified Items
Impairments
(662)
(422)
(153)
(113)
(130)
(190)
(18)
(12)
—
(1,700)
Gain/(Loss) on sale of assets
—
—
—
720
—
—
—
—
—
720
Tax-related items
192
—
34
(6)
50
—
30
—
(11)
288
Restructuring charges
—
—
—
—
—
—
—
—
(64)
(64)
Total Identified Items
(471)
(422)
(118)
601
(80)
(190)
12
(12)
(75)
(755)
Earnings/(Loss) Excl. Identified Items (non-GAAP)
1,224
3,186
1,130
1,777
144
(155)
221
461
(732)
7,256
Estimated Timing Effects (Worldwide)
(19)
355
—
—
—
336
Earnings/(Loss) Excl. Identified Items and Estimated Timing Effects (non-GAAP)
4,429
2,552
(11)
682
(732)
6,920
First Quarter 2025
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
1,870
4,886
297
530
255
18
322
333
(798)
7,713
Total Identified Items
—
—
—
—
—
—
—
—
—
—
Earnings/(Loss) Excl. Identified Items (non-GAAP)
1,870
4,886
297
530
255
18
322
333
(798)
7,713
Estimated Timing Effects (Worldwide)
158
(29)
—
—
—
129
Earnings/(Loss) Excl. Identified Items and Estimated Timing Effects (non-GAAP)
6,598
856
273
655
(798)
7,584
ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)
1Q26
4Q25
1Q25
United States
1,586
1,663
1,418
Canada/Other Americas
936
919
760
Europe
3
3
4
Africa
138
148
137
Asia
611
774
796
Australia/Oceania
23
24
24
Worldwide
3,297
3,531
3,139
Net natural gas production available for sale, million cubic feet per day (mcfd)
1Q26
4Q25
1Q25
United States
3,589
3,435
3,266
Canada/Other Americas
28
21
42
Europe
313
289
331
Africa
114
113
118
Asia
2,500
3,598
3,457
Australia/Oceania
1,236
1,286
1,256
Worldwide
7,779
8,743
8,470
Oil-equivalent production (koebd) ¹
4,594
4,988
4,551
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES
Refinery throughput, thousand barrels per day (kbd)
1Q26
4Q25
1Q25
United States
1,795
1,983
1,789
Canada
384
408
397
Europe
733
1,000
986
Asia Pacific
386
480
447
Other
195
189
191
Worldwide
3,494
4,060
3,810
Energy Products sales, thousand barrels per day (kbd)
1Q26
4Q25
1Q25
United States
3,214
2,899
2,728
Non-U.S.
2,416
2,905
2,555
Worldwide
5,630
5,804
5,283
Gasolines, naphthas
2,214
2,369
2,162
Heating oils, kerosene, diesel
1,672
1,838
1,724
Aviation fuels
399
386
366
Heavy fuels
187
233
158
Other energy products
1,158
978
873
Worldwide
5,630
5,804
5,283
Chemical Products sales, thousand metric tons (kt)
1Q26
4Q25
1Q25
United States
1,904
1,805
1,706
Non-U.S.
3,455
3,938
3,070
Worldwide
5,358
5,743
4,776
Specialty Products sales, thousand metric tons (kt)
1Q26
4Q25
1Q25
United States
536
443
473
Non-U.S.
1,439
1,476
1,463
Worldwide
1,976
1,919
1,936
ATTACHMENT V
KEY FIGURES: EARNINGS/(LOSS)
Results Summary
Dollars in millions (except per share data)
1Q26
4Q25
Change
vs
4Q25
1Q25
Change
vs
1Q25
Earnings (U.S. GAAP)
4,183
6,501
-2,318
7,713
-3,530
Earnings Excluding Identified Items (non-GAAP)
4,889
7,256
-2,367
7,713
-2,824
Earnings Excluding Identified Items and Estimated Timing Effects (non-GAAP)
8,772
6,920
+1,852
7,584
+1,188
Earnings Per Common Share ¹
1.00
1.53
-0.53
1.76
-0.76
Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹
1.16
1.71
-0.55
1.76
-0.60
Earnings Excluding Identified Items and Estimated Timing Effects Per Common Share (non-GAAP) ¹
2.09
1.63
+0.46
1.73
+0.36
¹ Assuming dilution.
EARNINGS/(LOSS) BY QUARTER
Dollars in millions (unless otherwise noted)
2026
2025
2024
2023
2022
First Quarter
4,183
7,713
8,220
11,430
5,480
Second Quarter
—
7,082
9,240
7,880
17,850
Third Quarter
—
7,548
8,610
9,070
19,660
Fourth Quarter
—
6,501
7,610
7,630
12,750
Full Year
—
28,844
33,680
36,010
55,740
Dollars per common share ²
2026
2025
2024
2023
2022
First Quarter
1.00
1.76
2.06
2.79
1.28
Second Quarter
—
1.64
2.14
1.94
4.21
Third Quarter
—
1.76
1.92
2.25
4.68
Fourth Quarter
—
1.53
1.72
1.91
3.09
Full Year
—
6.70
7.84
8.89
13.26
2 Computed using the average number of shares outstanding during each period; assuming dilution.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430770231/en/
Media Relations
737-272-1452
Original: ExxonMobil Announces First-Quarter 2026 Results
US Market News
5月前
ExxonMobil Announces 2025 ResultsJanuary 30, 2026 6:30 AM
Business Wire
Generated industry-leading earnings of $28.8 billion and cash flow from operations of $52.0 billion1
Delivered EPS2 of $6.70, or $6.99 excluding identified items reflecting industry-leading CAGR of 21% since 20191
Highest annual Upstream production in more than 40 years and record refinery throughput3 supported industry-leading annual shareholder distributions of $37.2 billion1
Delivered 10 of 10 key projects4; adding $3 billion of earnings on a constant price and margin basis5
Generated $15.1 billion in cumulative Structural Cost Savings since 2019, more than all other IOCs combined1
Achieved 2030 plans for Corporate greenhouse gas emissions and flaring intensity reductions6
Exxon Mobil Corporation (NYSE:XOM):
Results Summary
4Q25
3Q25
Change
vs
3Q25
Dollars in millions (except per share data)
2025
2024
Change
vs
2024
6,501
7,548
-1,047
Earnings (U.S. GAAP)
28,844
33,680
-4,836
7,256
8,058
-802
Earnings Excluding Identified Items (non-GAAP)
30,109
33,464
-3,355
1.53
1.76
-0.23
Earnings Per Common Share ²
6.70
7.84
-1.14
1.71
1.88
-0.17
Earnings Excluding Identified Items Per Common Share (non-GAAP) ²
6.99
7.79
-0.80
Exxon Mobil Corporation today announced fourth-quarter 2025 earnings of $6.5 billion, or $1.53 per share. Earnings excluding identified items were $7.3 billion, or $1.71 per share. Cash flow from operating activities was $12.7 billion and free cash flow was $5.6 billion. Shareholder distributions totaled $9.5 billion, including $4.4 billion of dividends and $5.1 billion of share repurchases. For the full-year 2025, the company reported earnings of $28.8 billion and distributed $37.2 billion to shareholders, including $17.2 billion of dividends and $20.0 billion of share repurchases, consistent with previously announced plans.
"ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that," said Darren Woods, ExxonMobil chairman and chief executive officer. "Our transformation is delivering a more resilient, lower-cost, technology-led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence."
"We're capturing more value from every barrel and molecule we produce and building growth platforms at scale - creating a long runway of profitable growth through 2030 and beyond."
"That growth is underpinned by disciplined capital allocation and an industry-leading balance sheet that gives us unmatched flexibility to invest through the cycle and consistently deliver industry-leading returns."
1
Earnings, earnings per share, earnings excluding identified items per share, earnings per share excluding identified items CAGR, and cash flow from operations compare IOCs' reported results or FactSet consensus as of January 28, 2026. Shareholder distributions compare IOCs' reported results or Bloomberg consensus as of January 28, 2026. IOCs' structural cost savings reflect reported cost savings from public filings.
2
Earnings per share (EPS) figures assume dilution.
3
Highest full-year global refining throughput, on a same-site basis, since the merger of Exxon and Mobil.
4
All key projects have successfully commenced start-up, including mechanical completion.
5
Earnings refers to full-year 2026 and are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019.
6
Based on 4Q 2025 preliminary data. ExxonMobil’s plans regarding GHG emissions reductions by 2030 can be found in our 2025 Advancing Climate Solutions report. Methane intensity reductions plans are expected to be achieved by the end of 2026.
Financial Highlights
Full-year earnings totaled $28.8 billion compared to $33.7 billion in 2024. Earnings excluding identified items from impairments, restructuring charges, asset sales, and tax-related items were $30.1 billion versus $33.5 billion in 2024. Weaker crude prices and chemical margins, higher depreciation, growth-related costs, and lower interest income decreased earnings. These impacts were partially offset by advantaged volume growth, structural cost savings, higher industry refining margins, and favorable timing effects.
Since 2019, the company has achieved $15.1 billion in cumulative Structural Cost Savings, exceeding all other IOCs combined, including $3.0 billion in 2025. Structural Cost Savings are expected to reach $20 billion by 2030.
Return on capital employed was 9.3% for the year and has averaged ~11% since 2019, leading the IOCs.1
The company generated strong full-year cash flow from operations of $52.0 billion, with a ~10% CAGR since 2019 — both leading IOCs, and free cash flow of $26.1 billion. The company also delivered industry-leading total annualized shareholder returns of ~29% over the past five years.1
Shareholder distributions of $37.2 billion included $17.2 billion of dividends, the second highest among S&P 500 companies2, and $20.0 billion of share repurchases. ExxonMobil plans to repurchase $20 billion of shares through 2026, assuming reasonable market conditions.
The Corporation declared a first-quarter dividend of $1.03 per share, payable on March 10, 2026, to shareholders of record of Common Stock at the close of business on February 12, 2026. The company increased its fourth-quarter dividend by 4% and has grown its annual dividend-per-share for 43 consecutive years.
The company's industry-leading debt-to-capital and net-debt-to-capital ratio were 14.0% and 11.0%, respectively, with a period-end cash balance of $10.7 billion.3
Cash capital expenditures totaled $29.0 billion, including $2.6 billion of acquisitions; $28.4 billion was for additions to property, plant, and equipment. The company expects cash capital expenditures of $27-$29 billion in 2026.4
1
ROCE for ExxonMobil is 2025 full-year. ROCE for IOCs' reported results and estimated using available year-to-date third-quarter annualized figures. Cash flow from operations compare IOCs' reported results or estimated using FactSet consensus as of January 28, 2026. Total shareholder return compares to each IOC as of December 31, 2025.
2
Dividend payments based on publicly available filings.
3
Net debt is total debt of $43.5 billion less $10.7 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $266.6 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. Net debt-to-capital and debt-to-capital are estimated using Bloomberg consensus as of January 28, 2026.
4
The investment range for 2026 excludes advances and collections not related to capital expenditures or equity investments, for example, supply and marketing related advances and associated collections.
EARNINGS AND VOLUME SUMMARY BY SEGMENT
Upstream
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
Earnings/(Loss) (U.S. GAAP)
753
1,228
United States
5,063
6,426
2,764
4,451
Non-U.S.
16,291
18,964
3,517
5,679
Worldwide
21,354
25,390
Earnings/(Loss) Excluding Identified Items (non-GAAP)
1,224
1,228
United States
5,534
6,786
3,186
4,451
Non-U.S.
16,713
18,389
4,410
5,679
Worldwide
22,247
25,175
4,988
4,769
Production (koebd)
4,736
4,333
Upstream full-year earnings were $21.4 billion versus $25.4 billion in 2024. Identified items in 2025, primarily impairments, decreased earnings by $1.1 billion versus 2024. Excluding identified items, earnings decreased $2.9 billion from weaker crude realizations, lower base volumes from divestments, and higher depreciation, partially offset by advantaged volume growth in the Permian and Guyana, structural cost savings, and derivative mark-to-market timing effects.
Fourth-quarter earnings were $3.5 billion, a decrease of $2.2 billion from the third quarter. Weaker crude realizations, identified items mainly from impairments, and seasonally higher expenses were partially offset by advantaged volumes growth in Guyana and the Permian, and structural cost savings.
Full-year net production reached its highest level in more than 40 years at 4.7 million oil-equivalent barrels per day. Production from the Permian, at 1.6 million oil-equivalent barrels per day, and Guyana, which exceeded 700,000 gross barrels per day, achieved annual records. Advantaged assets in the Permian, Guyana, and LNG represented 59% of production in 2025, an increase of approximately 7 percentage points from 2024.
Net production in the fourth quarter reached 5.0 million oil-equivalent barrels per day, with advantaged assets setting new quarterly production records, including 1.8 million oil-equivalent barrels per day in the Permian and Guyana approaching 875,000 gross barrels per day.
The company advanced three major developments this year: Yellowtail, the fourth and largest Guyana development, started up four months ahead of schedule in the third quarter and under budget; Bacalhau, the company's first offshore Brazil development, started up in the fourth quarter; and Golden Pass LNG, where Train 1 achieved mechanical completion late in the year, with first cargoes expected in the first quarter.
Energy Products
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
Earnings/(Loss) (U.S. GAAP)
1,012
858
United States
2,992
2,099
2,378
982
Non-U.S.
4,431
1,934
3,390
1,840
Worldwide
7,423
4,033
Earnings/(Loss) Excluding Identified Items (non-GAAP)
1,130
858
United States
3,110
2,133
1,777
982
Non-U.S.
3,830
1,821
2,907
1,840
Worldwide
6,940
3,954
5,804
5,692
Energy Products Sales (kbd)
5,593
5,418
Energy Products full-year 2025 earnings were $7.4 billion, an increase of $3.4 billion compared to last year. Higher earnings were driven by stronger industry refining margins, structural cost savings, net favorable identified items mainly from asset sales, and record refinery throughput.1 The record throughput was supported by lower scheduled maintenance and growth from advantaged projects. Higher expenses related to growth projects partially offset the increase in earnings.
Fourth-quarter earnings totaled $3.4 billion, an increase of more than 80%, or $1.6 billion, compared with the third quarter. The earnings improvement was driven by higher industry refining margins from stronger diesel and gasoline crack spreads, identified items mainly from asset sales, favorable year-end inventory effects, record North America refinery throughput1 and volume growth from advantaged projects, and favorable timing effects. Improvements to earnings were partially offset by higher seasonal expenses, identified items related to impairments, and growth-related project costs.
Advantaged projects progressed during the year, delivering volume and mix uplift, including the start-up of the Strathcona renewable diesel facility, Singapore Resid Upgrade, which converts lower-value fuel oil to higher-value distillates, and Fawley Hydrofiner, which converts lower-value distillates to higher-value diesel for the UK market.
Chemical Products
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
Earnings/(Loss) (U.S. GAAP)
64
329
United States
903
1,627
(345)
186
Non-U.S.
(103)
950
(281)
515
Worldwide
800
2,577
Earnings/(Loss) Excluding Identified Items (non-GAAP)
144
329
United States
983
1,670
(155)
186
Non-U.S.
87
1,002
(11)
515
Worldwide
1,070
2,672
5,743
5,520
Chemical Products Sales (kt)
21,303
19,392
Chemical Products full-year earnings were $800 million, a decrease of $1.8 billion versus 2024. Results reflected weaker industry margins, impairment-related identified items, and higher spend, including the China Chemical Complex ramp-up, partially offset by additional structural cost savings, and record high-value product sales.2
Fourth-quarter earnings decreased $796 million versus the third quarter to a loss of $281 million or $11 million excluding identified items. Lower margins, impairment-related identified items, and higher seasonal spend were partially offset by net favorable tax impacts.
The company expanded higher-value capacity throughout the year, bringing online additional performance chemicals at the wholly-owned, world-scale China Chemical Complex, and starting up two advanced recycling facilities, increasing plastic waste processing capacity to more than 250 million pounds per year.
1
Highest annual global refining throughput on a same-site basis and highest quarterly North America throughput since the merger of Exxon and Mobil.
2
Based on comparing year-to-date and quarterly high-value product sales since 2019.
Specialty Products
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
Earnings/(Loss) (U.S. GAAP)
233
354
United States
1,200
1,576
449
386
Non-U.S.
1,657
1,476
682
740
Worldwide
2,857
3,052
Earnings/(Loss) Excluding Identified Items (non-GAAP)
221
354
United States
1,188
1,580
461
386
Non-U.S.
1,669
1,485
682
740
Worldwide
2,857
3,065
1,919
1,932
Specialty Products Sales (kt)
7,791
7,666
Specialty Products delivered strong earnings from its portfolio of high-value products. Full-year earnings were $2.9 billion, a decrease of $195 million compared to last year. Higher expenses, including spending to develop markets for carbon materials and ProxximaTM resins, and unfavorable foreign exchange were partially offset by record high-value product sales volumes1 and structural cost savings.
Fourth-quarter earnings of $682 million were down $58 million from the prior quarter. Higher seasonal expenses were partially offset by higher margins from lower feed costs.
The company expanded advantaged capacity in 2025, highlighted by start-up of the Singapore Resid Upgrade which employs new-to-the-world technology to convert low-value molecules into high-value lubricant products. The company also more than tripled production capacity of its ProxximaTM resins, with applications expanding across rebar, coatings, automotive, and oil and gas.
Corporate and Financing
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
(807)
(1,226)
Earnings/(Loss) (U.S. GAAP)
(3,590)
(1,372)
(732)
(716)
Earnings/(Loss) Excluding Identified Items (non-GAAP)
(3,005)
(1,402)
Corporate and Financing full-year net charges were $3.6 billion compared to $1.4 billion in the prior year. Excluding identified items related to restructuring charges, year-to-date net charges of $3.0 billion increased $1.6 billion compared to last year due to lower interest income, unfavorable foreign exchange, and increased pension-related expenses.
Fourth-quarter net charges of $807 million decreased $419 million versus the third quarter. Excluding identified items related to restructuring charges, net charges were $732 million, which were comparable to the third quarter.
1
Based on comparing year-to-date and quarterly high-value product sales since 2019.
CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING
WORKING CAPITAL
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
6,609
7,768
Net income/(loss) including noncontrolling interests
29,764
35,063
7,715
6,475
Depreciation and depletion (includes impairments)
25,993
23,442
(2,728)
(152)
Changes in operational working capital, excluding cash and debt
(7,728)
(1,826)
1,083
697
Other
3,941
(1,657)
12,679
14,788
Cash Flow from Operating Activities (U.S. GAAP)
51,970
55,022
1,020
139
Proceeds from asset sales and returns of investments
3,158
4,987
13,699
14,927
Cash Flow from Operations and Asset Sales (non-GAAP)
55,128
60,009
2,728
152
Less: Changes in operational working capital, excluding cash and debt
7,728
1,826
16,427
15,079
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP)
62,856
61,835
(1,020)
(139)
Less: Proceeds from asset sales and returns of investments
(3,158)
(4,987)
15,407
14,940
Cash Flow from Operations excluding Working Capital (non-GAAP)
59,698
56,848
FREE CASH FLOW
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
12,679
14,788
Cash Flow from Operating Activities (U.S. GAAP)
51,970
55,022
(7,450)
(8,727)
Additions to property, plant, and equipment
(28,358)
(24,306)
(3,160)
(501)
Additional investments and advances
(4,133)
(3,299)
2,457
610
Other investing activities including collection of advances
3,406
1,926
1,020
139
Proceeds from asset sales and returns of investments
3,158
4,987
20
23
Inflows from noncontrolling interest for major projects
88
32
5,566
6,332
Free Cash Flow (non-GAAP)
26,131
34,362
RETURN ON AVERAGE CAPITAL EMPLOYED
Dollars in millions (unless otherwise noted)
2025
2024
2023
2022
2021
2020
Net income/(loss) attributable to ExxonMobil (U.S. GAAP)
28,844
33,680
36,010
55,740
23,040
(22,440)
Financing costs (after-tax)
Gross third-party debt
(1,360)
(1,106)
(1,175)
(1,213)
(1,196)
(1,272)
ExxonMobil share of equity companies
(165)
(196)
(307)
(198)
(170)
(182)
All other financing costs – net
2,072
(252)
931
276
11
666
Total financing costs
547
(1,554)
(551)
(1,135)
(1,355)
(788)
Earnings/(loss) excluding financing costs (non-GAAP)
28,297
35,234
36,561
56,875
24,395
(21,652)
Total assets (U.S. GAAP)
448,980
453,475
376,317
369,067
338,923
332,750
Less liabilities and noncontrolling interests share of assets and liabilities
Total current liabilities excluding notes and loans payable
(63,034)
(65,352)
(61,226)
(68,411)
(52,367)
(35,905)
Total long-term liabilities excluding long-term debt
(75,783)
(75,807)
(60,980)
(56,990)
(63,169)
(65,075)
Noncontrolling interests share of assets and liabilities
(8,895)
(8,069)
(8,878)
(9,205)
(8,746)
(8,773)
Add ExxonMobil share of debt-financed equity company net assets
2,793
3,242
3,481
3,705
4,001
4,140
Total capital employed (non-GAAP)
304,061
307,489
248,714
238,166
218,642
227,137
Average capital employed (non-GAAP)
305,775
278,102
243,440
228,404
222,890
234,031
Return on average capital employed – corporate total (non-GAAP)
9.3%
12.7%
15.0%
24.9%
10.9%
(9.3)%
Average since 2019: Return on average capital employed (non-GAAP)
10.6%
CASH CAPITAL EXPENDITURES
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
7,450
8,727
Additions to property, plant, and equipment
28,358
24,306
3,160
501
Additional investments and advances
4,133
3,299
(2,457)
(610)
Other investing activities including collection of advances
(3,406)
(1,926)
(20)
(23)
Inflows from noncontrolling interests for major projects
(88)
(32)
8,133
8,595
Total Cash Capital Expenditures (non-GAAP)
28,997
25,647
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
Upstream
3,674
5,843
United States
15,907
11,276
2,709
1,771
Non-U.S.
8,752
8,985
6,383
7,614
Total
24,659
20,261
Energy Products
289
182
United States
752
705
436
260
Non-U.S.
955
1,513
725
442
Total
1,707
2,218
Chemical Products
338
180
United States
843
671
212
95
Non-U.S.
552
1,212
550
275
Total
1,395
1,883
Specialty Products
221
65
United States
381
145
86
44
Non-U.S.
242
263
307
109
Total
623
408
Other
168
155
Other
613
877
8,133
8,595
Worldwide
28,997
25,647
CALCULATION OF STRUCTURAL COST SAVINGS
Dollars in billions (unless otherwise noted)
2019
2025
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income
(U.S. GAAP)
Production and manufacturing expenses
36.8
42.4
Selling, general and administrative expenses
11.4
11.1
Depreciation and depletion (includes impairments)
19.0
26.0
Exploration expenses, including dry holes
1.3
1.0
Non-service pension and postretirement benefit expense
1.2
0.4
Subtotal
69.7
81.0
ExxonMobil’s share of equity company expenses (non-GAAP)
9.1
10.6
Total Adjusted Operating Costs (non-GAAP)
78.8
91.6
Total Adjusted Operating Costs (non-GAAP)
78.8
91.6
Less:
Depreciation and depletion (includes impairments)
19.0
26.0
Non-service pension and postretirement benefit expense
1.2
0.4
Other adjustments (includes equity company depreciation
and depletion)
3.6
6.2
Total Cash Operating Expenses (Cash Opex) (non-GAAP)
55.0
59.0
Energy and production taxes (non-GAAP)
11.0
14.9
Market
Activity/
Other
Structural
Cost
Savings
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)
44.0
+4.9
+10.3
-15.1
44.1
This press release references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $15.1 billion which included an additional $3.0 billion in 2025. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.
ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 30, 2026. To listen to the event or access an archived replay, please visit www.exxonmobil.com. On February 2, 2026, ExxonMobil plans to publish a new Individual Investors webpage. This will be available at www.investor.exxonmobil.com. On February 20, 2026, ExxonMobil plans to publish an update to its Company Overview and Investment Case presentation. Updated materials will be available at www.investor.exxonmobil.com/news-events/investor-presentation.
Selected Earnings Driver Definitions
Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 12 for definitions of advantaged assets, advantaged projects, and high-value products.
Base volume. Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above.
Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 9, including cash operating expenses related to divestments.
Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.
Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
Cautionary Statement
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, ProxximaTM resins, carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, and to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport, and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce ProxximaTM resins, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices, differentials, and volume/mix for our products; changes in any part of the world in laws, taxes, or regulations including extraterritorial environmental and tax regulations, trade sanctions, and timely granting of governmental permits, licenses, and certifications; developments or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; changes in interest and exchange rates; actions of co-venturers or partners, competitors and commercial counterparties, including suppliers and customers; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance and optimization, including variability and timing factors applicable to unconventional resources, the success of new unconventional technologies, and the ability of new technologies to improve the recovery relative to competitors; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects and commencement of start-up operations, including reliance on third-party suppliers and service providers; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; or government actions in pursuit of national energy and security policies or priorities affecting our business; war, civil unrest, armed hostilities, attacks against the company or industry and other political or security disturbances, including disruption of land or sea transportation routes or distribution or shipping channels; expropriations, seizures, or capacity, insurance, export, import or shipping limitations imposed directly or indirectly by governments or laws; changes in market, national or regional tariffs or disruption, realignment or breaking of current or historical trade or military alliances or global trade and supply chain networks; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning; unforeseen technical or operating disruptions or difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2024 Form 10-K.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on ExxonMobil’s Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and ExxonMobil's business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set and public policy support, and focused on returns.
Frequently Used Terms and Non-GAAP Measures
This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6.
This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6.
This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP) and Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2025 and 2024 periods in Attachments II-a and II-b. Earnings per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).
This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation’s products and earnings. A reconciliation to total taxes is shown in Attachment I-a.
This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6.
This press release also references total cash capital expenditures (non-GAAP). Cash capital expenditures are the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown on page 8.
References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable” or “possible” reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release.
The term “project” as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression.
Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian, Guyana, and LNG.
Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns.
Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments, refers to volumes other than high-value products volumes.
Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year.
Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.
Government mandates (curtailments) are changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
High-value products include performance products and lower-emission fuels.
IOCs, unless stated otherwise, includes each of BP, Chevron, Shell and TotalEnergies.
Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport.
Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet.
Performance products (performance chemicals, performance lubricants) refer to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.
Shareholder distributions are the Corporation's distributions of cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and to offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For the purposes of calculating distributions to shareholders, the Corporation includes only the cost of those shares acquired to reduce shares outstanding.
Total shareholder return (TSR) is defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis.
This press release also references Structural Cost Savings, for more details see page 9.
Unless otherwise indicated, year-to-date (“YTD”) means as of the last business day of the most recent fiscal quarter.
Reference to Earnings
References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs.
Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated.
ATTACHMENT I-a
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Preliminary)
Dollars in millions (unless otherwise noted)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Revenues and other income
Sales and other operating revenue
80,039
81,058
323,905
339,247
Income from equity affiliates
966
1,127
5,064
6,194
Other income
1,303
1,241
3,269
4,144
Total revenues and other income
82,308
83,426
332,238
349,585
Costs and other deductions
Crude oil and product purchases
44,205
46,393
184,248
199,454
Production and manufacturing expenses
12,145
10,833
42,424
39,609
Selling, general and administrative expenses
3,028
2,617
11,128
9,976
Depreciation and depletion (includes impairments)
7,715
6,585
25,993
23,442
Exploration expenses, including dry holes
543
186
1,007
826
Non-service pension and postretirement benefit expense
78
31
400
121
Interest expense
163
297
603
996
Other taxes and duties
6,400
6,671
25,167
26,288
Total costs and other deductions
74,277
73,613
290,970
300,712
Income/(Loss) before income taxes
8,031
9,813
41,268
48,873
Income tax expense/(benefit)
1,422
1,858
11,504
13,810
Net income/(loss) including noncontrolling interests
6,609
7,955
29,764
35,063
Net income/(loss) attributable to noncontrolling interests
108
345
920
1,383
Net income/(loss) attributable to ExxonMobil
6,501
7,610
28,844
33,680
OTHER FINANCIAL DATA
Dollars in millions (unless otherwise noted)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Earnings per common share (U.S. dollars)
1.53
1.72
6.70
7.84
Earnings per common share - assuming dilution (U.S. dollars)
1.53
1.72
6.70
7.84
Dividends on common stock
Total
4,366
4,371
17,231
16,704
Per common share (U.S. dollars)
1.03
0.99
4.00
3.84
Millions of common shares outstanding
Average - assuming dilution
4,238
4,413
4,305
4,298
Taxes
Income taxes
1,422
1,858
11,504
13,810
Total other taxes and duties
7,341
7,594
28,930
29,894
Total taxes
8,763
9,452
40,434
43,704
Sales-based taxes
5,732
5,614
21,978
22,676
Total taxes including sales-based taxes
14,495
15,066
62,412
66,380
ExxonMobil share of income taxes of equity companies (non-GAAP)
386
610
2,046
3,197
ATTACHMENT I-b
CONDENSED CONSOLIDATED BALANCE SHEET
(Preliminary)
Dollars in millions (unless otherwise noted)
December 31,
2025
December 31,
2024
ASSETS
Current assets
Cash and cash equivalents
10,681
23,029
Cash and cash equivalents – restricted
—
158
Notes and accounts receivable – net
44,562
43,681
Inventories
Crude oil, products and merchandise
22,979
19,444
Materials and supplies
3,323
4,080
Other current assets
1,837
1,598
Total current assets
83,382
91,990
Investments, advances and long-term receivables
45,317
47,200
Property, plant, and equipment – net
299,373
294,318
Other assets, including intangibles – net
20,908
19,967
Total Assets
448,980
453,475
LIABILITIES
Current liabilities
Notes and loans payable
9,296
4,955
Accounts payable and accrued liabilities
60,911
61,297
Income taxes payable
2,123
4,055
Total current liabilities
72,330
70,307
Long-term debt
34,241
36,755
Postretirement benefits reserves
8,847
9,700
Deferred income tax liabilities
40,216
39,042
Long-term obligations to equity companies
542
1,346
Other long-term obligations
26,178
25,719
Total Liabilities
182,354
182,869
EQUITY
Common stock without par value
(9,000 million shares authorized, 8,019 million shares issued)
46,150
46,238
Earnings reinvested
482,494
470,903
Accumulated other comprehensive income
(10,863)
(14,619)
Common stock held in treasury
(3,840 million shares at December 31, 2025, and 3,666 million shares at December 31, 2024)
(258,395)
(238,817)
ExxonMobil share of equity
259,386
263,705
Noncontrolling interests
7,240
6,901
Total Equity
266,626
270,606
Total Liabilities and Equity
448,980
453,475
ATTACHMENT I-c
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Preliminary)
Dollars in millions (unless otherwise noted)
Twelve Months Ended
December 31,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss) including noncontrolling interests
29,764
35,063
Depreciation and depletion (includes impairments)
25,993
23,442
Changes in operational working capital, excluding cash and debt
(7,728)
(1,826)
All other items – net
3,941
(1,657)
Net cash provided by operating activities
51,970
55,022
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant, and equipment
(28,358)
(24,306)
Proceeds from asset sales and returns of investments
3,158
4,987
Additional investments and advances
(4,133)
(3,299)
Other investing activities including collection of advances
3,406
1,926
Cash acquired from mergers and acquisitions
—
754
Net cash used in investing activities
(25,927)
(19,938)
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt
2,311
899
Reductions in long-term debt
(1,108)
(1,150)
Additions to short-term debt
2,359
—
Reductions in short-term debt
(5,404)
(4,743)
Additions/(reductions) in commercial paper, and debt with three months or less maturity
1,895
(18)
Contingent consideration payments
(79)
(27)
Cash dividends to ExxonMobil shareholders
(17,231)
(16,704)
Cash dividends to noncontrolling interests
(935)
(658)
Changes in noncontrolling interests
(704)
(791)
Inflows from noncontrolling interests for major projects
88
32
Common stock acquired
(20,273)
(19,629)
Net cash provided by (used in) financing activities
(39,081)
(42,789)
Effects of exchange rate changes on cash
532
(676)
Increase/(Decrease) in cash and cash equivalents (including restricted)
(12,506)
(8,381)
Cash and cash equivalents at beginning of period (including restricted)
23,187
31,568
Cash and cash equivalents at end of period (including restricted)
10,681
23,187
ATTACHMENT II-a
KEY FIGURES: IDENTIFIED ITEMS
4Q25
3Q25
Dollars in millions (unless otherwise noted)
2025
2024
2019
6,501
7,548
Earnings/(Loss) (U.S. GAAP)
28,844
33,680
14,340
Identified Items
(1,700)
(155)
Impairments ¹
(1,855)
(608)
—
720
—
Gain/(Loss) on sale of assets
720
415
3,655
288
—
Tax-related items
288
409
1,080
(64)
(355)
Restructuring charges
(419)
—
—
(755)
(510)
Total Identified Items
(1,265)
216
4,735
7,256
8,058
Earnings/(Loss) Excluding Identified Items (non-GAAP)
30,109
33,464
9,605
Earnings/(Loss) Excluding Identified Items CAGR vs. 2019 (non-GAAP)
21 %
1 Includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.
4Q25
3Q25
Dollars per common share
2025
2024
2019
1.53
1.76
Earnings/(Loss) Per Common Share (U.S. GAAP) ¹
6.70
7.84
3.36
Identified Items Per Common Share ¹
(0.40)
(0.04)
Impairments ²
(0.43)
(0.14)
—
0.17
—
Gain/(Loss) on sale of assets
0.17
0.10
0.86
0.07
—
Tax-related items
0.07
0.09
0.25
(0.02)
(0.08)
Restructuring charges
(0.10)
—
—
(0.18)
(0.12)
Total Identified Items Per Common Share ¹
(0.29)
0.05
1.11
1.71
1.88
Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP) ¹
6.99
7.79
2.25
Earnings/(Loss) Excluding Identified Items Per Common Share CAGR vs. 2019 (non-GAAP) ¹
21 %
1 Assuming dilution.
2 Includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.
ATTACHMENT II-b
KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT
Fourth Quarter 2025
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
753
2,764
1,012
2,378
64
(345)
233
449
(807)
6,501
Identified Items
Impairments ¹
(662)
(422)
(153)
(113)
(130)
(190)
(18)
(12)
—
(1,700)
Gain/(Loss) on sale of assets
—
—
—
720
—
—
—
—
—
720
Tax-related items
192
—
34
(6)
50
—
30
—
(11)
288
Restructuring charges
—
—
—
—
—
—
—
—
(64)
(64)
Total Identified Items
(471)
(422)
(118)
601
(80)
(190)
12
(12)
(75)
(755)
Earnings/(Loss) Excl. Identified Items (non-GAAP)
1,224
3,186
1,130
1,777
144
(155)
221
461
(732)
7,256
1 Includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.
Third Quarter 2025
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
1,228
4,451
858
982
329
186
354
386
(1,226)
7,548
Identified Items
Impairments
—
—
—
—
—
—
—
—
(155)
(155)
Restructuring charges
—
—
—
—
—
—
—
—
(355)
(355)
Total Identified Items
—
—
—
—
—
—
—
—
(510)
(510)
Earnings/(Loss) Excl. Identified Items (non-GAAP)
1,228
4,451
858
982
329
186
354
386
(716)
8,058
2025
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
5,063
16,291
2,992
4,431
903
(103)
1,200
1,657
(3,590)
28,844
Identified Items
Impairments ¹
(662)
(422)
(153)
(113)
(130)
(190)
(18)
(12)
(155)
(1,855)
Gain/(Loss) on sale of assets
—
—
—
720
—
—
—
—
—
720
Tax-related items
192
—
34
(6)
50
—
30
—
(11)
288
Restructuring charges
—
—
—
—
—
—
—
—
(419)
(419)
Total Identified Items
(471)
(422)
(118)
601
(80)
(190)
12
(12)
(585)
(1,265)
Earnings/(Loss) Excl. Identified Items (non-GAAP)
5,534
16,713
3,110
3,830
983
87
1,188
1,669
(3,005)
30,109
1 Includes charge of $640 million associated with the optimization of materials and supply inventory. Materials and supplies impacts are included in production and manufacturing expenses on the Consolidated Statement of Income.
2024
Upstream
Energy Products
Chemical Products
Specialty Products
Corporate & Financing
Total
Dollars in millions (unless otherwise noted)
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Earnings/(Loss) (U.S. GAAP)
6,426
18,964
2,099
1,934
1,627
950
1,576
1,476
(1,372)
33,680
Identified Items
Impairments
(360)
(48)
(34)
(59)
(43)
(52)
(4)
(8)
—
(608)
Gain/(Loss) on sale of assets
—
385
—
—
—
—
—
—
30
415
Tax-related items
—
238
—
172
—
—
—
(1)
—
409
Total Identified Items
(360)
575
(34)
113
(43)
(52)
(4)
(9)
30
216
Earnings/(Loss) Excl. Identified Items (non-GAAP)
6,786
18,389
2,133
1,821
1,670
1,002
1,580
1,485
(1,402)
33,464
ATTACHMENT III
KEY FIGURES: UPSTREAM VOLUMES
4Q25
3Q25
Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd)
2025
2024
1,663
1,512
United States
1,522
1,248
919
863
Canada/Other Americas
835
784
3
3
Europe
3
3
148
145
Africa
142
209
774
830
Asia
800
713
24
27
Australia/Oceania
25
30
3,531
3,380
Worldwide
3,329
2,987
4Q25
3Q25
Net natural gas production available for sale, million cubic feet per day (mcfd)
2025
2024
3,435
3,440
United States
3,364
2,887
21
23
Canada/Other Americas
27
101
289
265
Europe
299
352
113
118
Africa
114
152
3,598
3,157
Asia
3,354
3,322
1,286
1,332
Australia/Oceania
1,283
1,264
8,743
8,334
Worldwide
8,442
8,078
4,988
4,769
Oil-equivalent production (koebd) ¹
4,736
4,333
1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
ATTACHMENT IV
KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES
4Q25
3Q25
Refinery throughput, thousand barrels per day (kbd)
2025
2024
1,983
1,964
United States
1,927
1,865
408
425
Canada
402
399
1,000
1,055
Europe
1,002
1,039
480
471
Asia Pacific
460
432
189
191
Other
188
165
4,060
4,106
Worldwide
3,979
3,900
4Q25
3Q25
Energy Products sales, thousand barrels per day (kbd)
2025
2024
2,899
2,875
United States
2,852
2,722
2,905
2,817
Non-U.S.
2,740
2,696
5,804
5,692
Worldwide
5,593
5,418
2,369
2,331
Gasolines, naphthas
2,290
2,251
1,838
1,791
Heating oils, kerosene, diesel
1,791
1,769
386
395
Aviation fuels
383
355
233
241
Heavy fuels
220
200
978
934
Other energy products
910
844
5,804
5,692
Worldwide
5,593
5,418
4Q25
3Q25
Chemical Products sales, thousand metric tons (kt)
2025
2024
1,805
1,695
United States
6,977
7,038
3,938
3,825
Non-U.S.
14,326
12,354
5,743
5,520
Worldwide
21,303
19,392
4Q25
3Q25
Specialty Products sales, thousand metric tons (kt)
2025
2024
443
474
United States
1,894
1,922
1,476
1,458
Non-U.S.
5,897
5,745
1,919
1,932
Worldwide
7,791
7,666
ATTACHMENT V
KEY FIGURES: EARNINGS/(LOSS)
Results Summary
4Q25
3Q25
Change
vs
3Q25
Dollars in millions (except per share data)
2025
2024
Change
vs
2024
6,501
7,548
-1,047
Earnings (U.S. GAAP)
28,844
33,680
-4,836
7,256
8,058
-802
Earnings Excluding Identified Items (non-GAAP)
30,109
33,464
-3,355
1.53
1.76
-0.23
Earnings Per Common Share ¹
6.70
7.84
-1.14
1.71
1.88
-0.17
Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹
6.99
7.79
-0.80
1 Assuming dilution.
ATTACHMENT VI
KEY FIGURES: EARNINGS/(LOSS) BY QUARTER
Dollars in millions (unless otherwise noted)
2025
2024
2023
2022
2021
First Quarter
7,713
8,220
11,430
5,480
2,730
Second Quarter
7,082
9,240
7,880
17,850
4,690
Third Quarter
7,548
8,610
9,070
19,660
6,750
Fourth Quarter
6,501
7,610
7,630
12,750
8,870
Full Year
28,844
33,680
36,010
55,740
23,040
Dollars per common share¹
2025
2024
2023
2022
2021
First Quarter
1.76
2.06
2.79
1.28
0.64
Second Quarter
1.64
2.14
1.94
4.21
1.10
Third Quarter
1.76
1.92
2.25
4.68
1.57
Fourth Quarter
1.53
1.72
1.91
3.09
2.08
Full Year
6.70
7.84
8.89
13.26
5.39
1 Computed using the average number of shares outstanding during each period; assuming dilution.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260130695261/en/
Media Relations
737-272-1452
Original: ExxonMobil Announces 2025 Results
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