ExxonMobil Holdings Corporation press release

ExxonMobil Announces 2025 Results

2026-01-30

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Bitumen · Sulfur · Hydrogen · Lithium · United States · Corporate Finance

ExxonMobil Announces 2025 Results

Generated industry-leading earnings of $28.8 billion and cash flow from operations of $52.0 billion 1

Delivered EPS 2 of $6.70, or $6.99 excluding identified items reflecting industry-leading CAGR of 21% since 2019 1

Highest annual Upstream production in more than 40 years and record refinery throughput 3 supported industry-leading annual shareholder distributions of $37.2 billion 1

Delivered 10 of 10 key projects 4 ; adding $3 billion of earnings on a constant price and margin basis 5

Generated $15.1 billion in cumulative Structural Cost Savings since 2019, more than all other IOCs combined 1

Achieved 2030 plans for Corporate greenhouse gas emissions and flaring intensity reductions 6

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 companies 2 , 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 throughput 1 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 Proxxima TM resins, and unfavorable foreign exchange were partially offset by record high-value product sales volumes 1 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 Proxxima TM 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.