ExxonMobil (XOM) Q4 2025 Financial Results Summary
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ExxonMobil (XOM) Q4 2025 Financial Results Summary
Released on January 30, 2026, ExxonMobil reported its fourth-quarter 2025 financial results, demonstrating significant achievements despite a decrease in earnings compared to the previous year.
Key Financial Metrics for Q4 2025
- Earnings (U.S. GAAP): $6.5 billion, a 14% decrease from Q4 2024 ($7.6 billion).
- Earnings Excluding Identified Items (non-GAAP): $7.3 billion, a 9% decrease from Q4 2024 ($8.1 billion).
- Earnings Per Share (EPS): $1.53, down 11% from Q4 2024 ($1.72).
- EPS Excluding Identified Items: $1.71, down 9% from Q4 2024 ($1.88).
Annual Financial Summary for FY 2025
- Total Earnings (U.S. GAAP): $28.8 billion, 15% lower than FY 2024 ($33.7 billion).
- Earnings Excluding Identified Items: $30.1 billion, a 10% decrease from FY 2024 ($33.5 billion).
- Cash Flow from Operations: $52.0 billion, experiencing a 10% Compound Annual Growth Rate (CAGR) since 2019.
- Free Cash Flow: $26.1 billion, compared to $34.4 billion in FY 2024.
Shareholder Distributions
- Total Shareholder Distributions: $37.2 billion, including:
- Dividends: $17.2 billion, up 3% from FY 2024 ($16.7 billion).
- Share Repurchases: $20.0 billion.
- For Q4 2025, dividends amounted to $4.4 billion, with a 4% increase in the fourth-quarter dividend compared to Q4 2024.
Operational Highlights
- Upstream Production:
- Highest annual production observed in over 40 years, with an average of 4.7 million oil-equivalent barrels per day, a notable increase from 2024.
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Q4 production peaked at 5.0 million oil-equivalent barrels per day, supported by strong performance in the Permian and Guyana regions.
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Refinery Throughput:
- Achieved record levels in refining throughput, the best since the merger of Exxon and Mobil, contributing to robust refining margins.
Segment Performance
- Upstream:
- Earnings: $3.5 billion in Q4 2025, down 38% from Q3 2025 ($5.7 billion).
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Full-year earnings of $21.4 billion, down 16% from FY 2024.
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Energy Products:
- Q4 earnings rose to $3.4 billion, a more than 80% increase compared to Q3 2025.
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Driving factors included improved industry refining margins and record throughput.
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Chemical Products:
- Q4 earnings fell to a loss of $281 million, down from a profit of $515 million in Q3 2025.
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Annual performance showed earnings of $800 million, down 70% from the previous year.
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Specialty Products:
- Q4 earnings reported at $682 million, a downward adjustment from $740 million in Q3 2025.
- Annual earnings totaled $2.9 billion, decreased by 7% from 2024.
Cost and Capital Management
- Structural Cost Savings: Totaled $15.1 billion since 2019, with an additional $3.0 billion achieved in 2025.
- Return on Capital Employed: Registered at 9.3% for the year, remaining competitive among International Oil Companies (IOCs).
Future Outlook
- ExxonMobil intends to continue its strategy of disciplined capital allocation and operational excellence as it aims for sustainable earnings growth through 2030 and beyond.
- Plans to reallocate capital effectively with anticipated cash capital expenditures in the range of $27 Billion to $29 billion for 2026.
Additional Information
- The Corporation declared a first-quarter dividend of $1.03 per share, payable on March 10, 2026.
- Share repurchases are projected to align with favorable market conditions, targeting up to $20 billion through 2026.
This comprehensive overview reflects ExxonMobil’s resilience amidst challenges in the energy sector and its dedication to returning value to shareholders.
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CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Amounts in millions)
| 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 | ||||
| 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 |
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in millions)
| 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 |