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ExxonMobil Holdings Corporation XOM

Energy  —  Oil & Gas Integrated
160.59 (1.55) (0.96%) as of 25 Sep
Market cap
$661.5B
P/E
20.7×
S&P 500 Member Dividend Aristocrat
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

ExxonMobil Holdings Corporation (XOM) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

ExxonMobil Holdings Corporation reported revenue of $332.2 billion, operating income of $41.3 billion, net income of $29.8 billion, and diluted EPS of $6.70 in FY2025. Gross profit was $80.4 billion in FY2025.

In Q2 FY2026, revenue was $116.0 billion, gross profit was $31.0 billion, operating income was $19.4 billion, and net income was $14.9 billion. Diluted EPS was $3.48 in Q2 FY2026, while free cash flow was $17.5 billion in Q2 FY2026. Revenue for the trailing twelve months to Q2 FY2026 was $368.8 billion, and net income for the trailing twelve months to Q2 FY2026 was $33.7 billion. Market capitalisation was $673.0 billion as of September 23, 2026.

Growth

Revenue declined by −4.96% in FY2025 against FY2024 to $332.2 billion in FY2025. Revenue compound annual growth was −7.05% in FY2022–FY2025 and 12.9% in FY2020–FY2025. Diluted EPS declined by −14.5% in FY2025 against FY2024 to $6.70 in FY2025, with a −20.4% compound annual rate in FY2022–FY2025.

Free cash flow declined by −25.0% in FY2025 against FY2024 to $26.8 billion in FY2025, and its compound annual rate was −25.1% in FY2022–FY2025. In Q2 FY2026, revenue increased by 36.3% against Q1 FY2026 and 42.3% against Q2 FY2025. Diluted EPS increased by 248.0% in Q2 FY2026 against Q1 FY2026 and 112.2% in Q2 FY2026 against Q2 FY2025. Free cash flow increased by 611.4% in Q2 FY2026 against Q1 FY2026 and 220.7% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 24.2% in FY2025, an increase of 0.1 percentage points in FY2024–FY2025 and 7.2 percentage points in FY2020–FY2025. Operating margin was 12.4% in FY2025, down by −1.6 percentage points in FY2024–FY2025 but up by 28.3 percentage points in FY2020–FY2025. Net margin was 8.96% in FY2025, down by −1.1 percentage points in FY2024–FY2025 and up by 21.8 percentage points in FY2020–FY2025.

Return on equity was 10.7% in FY2025, compared with 29.5% in FY2022. Return on assets was 6.39% in FY2025, compared with 15.8% in FY2022. Return on invested capital was 8.89% in FY2025, compared with 22.8% in FY2022. In Q2 FY2026, gross margin was 26.7% and operating margin was 16.7%. Industry median comparisons are not reported.

Balance sheet

Total debt was $34.2 billion in FY2025, down from $36.8 billion in FY2024. Cash and short-term investments were $10.7 billion in FY2025, compared with $23.2 billion in FY2024. Net debt was $23.6 billion in FY2025, following $13.6 billion in FY2024.

Shareholders’ equity was $266.6 billion in FY2025, compared with $270.6 billion in FY2024. Working capital was $11.1 billion in FY2025, compared with $21.7 billion in FY2024. Book value per share was $61.93 in FY2025, compared with $62.96 in FY2024. Net debt was $21.6 billion in Q2 FY2026, a change of −$3.1 billion against Q1 FY2026. The current ratio was 1.1× in Q2 FY2026, and debt to equity was 0.1× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $52.0 billion in FY2025, down by −5.55% in FY2025 against FY2024. Capital expenditure was $25.2 billion in FY2025, compared with $19.3 billion in FY2024. Free cash flow was $26.8 billion in FY2025, down by −25.0% in FY2025 against FY2024, and represented 89.9% of net income in FY2025.

Dividends paid were $18.2 billion in FY2025, while net share repurchases were $20.3 billion in FY2025. Capital returned to shareholders was $38.4 billion in FY2025 and $154.3 billion in FY2021–FY2025. Weighted average shares were 4.3 billion shares in FY2025, unchanged from FY2024. Operating cash flow for the trailing twelve months to Q2 FY2026 was $59.7 billion, while free cash flow for the trailing twelve months to Q2 FY2026 was $32.4 billion.

Valuation

The P/E was 20.8× as of September 23, 2026, higher than the 11.5× five-year median as of September 23, 2026, over the five fiscal years to FY2025. The P/E was 1.8× its five-year median as of September 23, 2026. The P/S was 1.8× as of September 23, 2026, higher than both the 1.2× five-year median and 1.2× ten-year median as of September 23, 2026.

The P/B was 2.5× as of September 23, 2026, higher than the 1.9× five-year median and 1.8× ten-year median as of September 23, 2026. EV/Sales was 1.9× as of September 23, 2026, higher than the 1.2× five-year and ten-year medians as of September 23, 2026. EV/Cash flow was 21.5× as of September 23, 2026, higher than the 11.2× five-year median as of September 23, 2026. Industry median comparisons are not reported.

What changed since last quarter

Revenue rose to $116.0 billion in Q2 FY2026 from $85.1 billion in Q1 FY2026, a 36.3% change in Q2 FY2026 against Q1 FY2026. Operating income increased to $19.4 billion in Q2 FY2026 from $7.0 billion in Q1 FY2026. Net income rose to $14.9 billion in Q2 FY2026 from $4.5 billion in Q1 FY2026, while diluted EPS increased by 248.0% in Q2 FY2026 against Q1 FY2026.

Against Q2 FY2025, revenue increased by 42.3% in Q2 FY2026, diluted EPS increased by 112.2% in Q2 FY2026, and free cash flow increased by 220.7% in Q2 FY2026. Gross margin increased by 6.9 percentage points in Q2 FY2026 against Q1 FY2026 and by 2.4 percentage points in Q2 FY2026 against Q2 FY2025. Management’s stated reasons for these changes are not reported.

Open questions

  • What factors drove the change in revenue and earnings in the latest quarter?
  • What explains the movement in net debt since the prior year?
  • How are capital expenditure priorities affecting free cash flow?
  • What factors contributed to the reduction in the employee count?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.