Latest quarter
ExxonMobil reported Q2 FY2026 revenue of $116.0 billion, which was 21.1% above the consensus revenue estimate of $95.8 billion. The company reported adjusted EPS, as the consensus counts it, of $3.52, versus the consensus estimate of $3.68, or −4.35% against the consensus. ExxonMobil’s revenue was up 42.3% from $81.5 billion in Q2 FY2025, while diluted EPS rose 112.2% from $1.64 to $3.48. The company reported gross margin of 26.7%, compared with 24.3% a year earlier, and operating margin of 16.7%, compared with 13.1%. ExxonMobil reported free cash flow of $17.5 billion, up 220.7% from $5.4 billion a year earlier. Its filing says second-quarter earnings rose to $14.5 billion from $7.1 billion, with higher crude realizations, Guyana and Permian growth, and stronger refining margins contributing, partly offset by scheduled maintenance, Middle East disruption impacts, depreciation and other expenses. The filing also reports production of 4.5 million oil-equivalent barrels per day, down from a year earlier as Middle East disruption impacts were mostly offset by Permian and Guyana growth.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $116.0 billion | $81.5 billion | 42.3% |
| Diluted EPS | $3.48 | $1.64 | 112.2% |
| Gross margin | 26.7% | 24.3% | 2.4 percentage points |
| Operating margin | 16.7% | 13.1% | 3.6 percentage points |
| Free cash flow | $17.5 billion | $5.4 billion | 220.7% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $3.52 | $3.68 | Missed by 4.35% |
| Revenue | $116.0 billion | $95.8 billion | Beat by 21.1% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
No earnings-call commentary is available for the latest quarter. ExxonMobil’s filing, rather than a call transcript, attributes the year-over-year earnings increase to higher crude realizations, advantaged volume growth led by Guyana and the Permian, stronger refining margins, and structural cost savings. The filing says Middle East disruption impacts reduced volumes, while scheduled maintenance, higher depreciation and unfavorable derivative mark-to-market impacts also affected reported earnings comparisons.
Guidance
ExxonMobil’s current guidance lists FY2026 cash capital expenditures of $27.0 billion–$29.0 billion and FY2026 share repurchases of $20.0 billion. The company also expects cumulative Structural Cost Savings to reach $20.0 billion by FY2030. No latest-quarter call guidance is available to identify changes from the company’s previous guidance.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Capex, Cash | FY2026 | $27.0 billion–$29.0 billion | — | New |
| Share repurchases | FY2026 | $20.0 billion | — | New |
| Operating expenses, Structural Cost Savings | FY2030 | $20.0 billion | — | New |