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ExxonMobil (XOM) explained: how it makes money, how it's doing, what protects it

A plain-English guide to the company behind Exxon, Esso and Mobil. See what it sells, where the money goes, who it competes with and what protects it.

⚡What does ExxonMobil do, in 30 seconds?

ExxonMobil finds and produces oil and natural gas, and makes and sells fuels, chemicals and lubricants such as Mobil 1 1312. It sold $332.2bn ✓ in FY2025, and its fuels business, Energy Products, made up 74% ✓ of sales to outside customers. Its oil and gas output averaged 4.7 million oil-equivalent barrels a day in 2025 12.

Revenue, FY2025
$332.2bn✓
Profit, FY2025
$28.8bn✓
Sales growth, 4 quarters to 30 Sep 2026
19.0%✓
Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted), 30 Sep 2026
-$22.1bn✓
Headquarters
Spring, Texas 21
Formed
Exxon and Mobil joined on 30 November 1999 5
Employees
About 58 thousand regular employees at the end of 2025 13
CEO
Darren W. Woods, chairman and CEO since 1 January 2017 22
Customers
More than 180 countries (May 2026) 20
Fiscal year ends
31 December, the calendar year 13

📱What does ExxonMobil sell?

Energy Products, ExxonMobil's fuels business, brought in 74% ✓ of its sales to outside customers in FY2025. ExxonMobil reports four segments, and a corporate line holds the rest, including its low-carbon business 12.

🛢️

Upstream

Finding and producing crude oil and natural gas; output averaged 4.7 million oil-equivalent barrels a day in 2025 12. About two thirds of that output comes from the Permian Basin, Guyana and LNG, gas cooled into a liquid for shipping 1. Permian output averaged 1.6 million oil-equivalent barrels a day in 2025 1. Separately, Guyana's Stabroek Block produced 715 thousand barrels a day in 2025, counting the shares of all its owners, not just ExxonMobil's 1. Upstream's sales to outside customers were $44.7bn ✓ in FY2025.

👥 Buyers of crude oil and natural gas.

⛽

Energy Products

Fuels, aromatics, and catalysts and licensing, from refining to trading and marketing 12. ExxonMobil says it has the largest refining footprint among international oil companies 12. Its share of refining capacity was 4,113 thousand barrels a day at the end of 2025 4. Energy Products brought in $245.8bn ✓ in FY2025.

👥 People and businesses that buy fuel. At the end of 2025, 18,533 retail sites sold fuel under the Exxon, Esso and Mobil brands, and distributors and resellers ran 18,008 of them 4.

🧪

Chemical Products

Olefins, polyolefins and intermediates; ExxonMobil's share of ethylene capacity was 13.1 million metric tons a year at the end of 2025 42. In 2025 it started up a complex in Huizhou, China, with over 2.5 million metric tons a year of polyethylene and polypropylene capacity 1. Chemical Products brought in $22.9bn ✓ in FY2025.

👥 Other makers that buy chemicals to make their own goods.

🔧

Specialty Products

Finished lubricants, basestocks and waxes, synthetics, and elastomers and resins, with brands such as Mobil 1 12. ExxonMobil says it is the world's largest producer of lubricant basestocks 1. Mobil 1 synthetic engine oil came out in 1974 5. Specialty Products brought in $17.8bn ✓ in FY2025.

👥 Drivers, garages and other businesses that need engine oils and lubricants.

🌱

Corporate and other

Low Carbon Solutions sits here until it has a material level of assets and revenue 12. It works on carbon capture and storage, hydrogen and ammonia, lower-emission fuels, lithium and low-carbon data centers 1. This line brought in $1.0bn ✓ in FY2025, a very small share of sales.

👥 Companies that want to capture and store carbon dioxide. In December 2025, ExxonMobil said it had outside carbon capture contracts for roughly 9 million metric tons of CO2 a year 7.

How the mix has shifted

Revenue mix by productFY2023Upstream (oil and gas production): $32.3bn (9%)Upstream (oil and gas production) 9%Energy Products (fuels): $268.9bn (78%)Energy Products (fuels) 78%Chemical Products: $23.2bn (7%)Specialty Products: $18.5bn (5%)Corporate and other: $1.7bn (0%)FY2024Upstream (oil and gas production): $44.3bn (13%)Upstream (oil and gas production) 13%Energy Products (fuels): $261.4bn (75%)Energy Products (fuels) 75%Chemical Products: $23.7bn (7%)Specialty Products: $18.4bn (5%)Corporate and other: $1.9bn (1%)FY2025Upstream (oil and gas production): $44.7bn (13%)Upstream (oil and gas production) 13%Energy Products (fuels): $245.8bn (74%)Energy Products (fuels) 74%Chemical Products: $22.9bn (7%)Specialty Products: $17.8bn (5%)Corporate and other: $1.0bn (0%)
Revenue mix by productFY23Upstream (oil and gas production): $32.3bn (9%)Energy Products (fuels): $268.9bn (78%)78%Chemical Products: $23.2bn (7%)Specialty Products: $18.5bn (5%)Corporate and other: $1.7bn (0%)FY24Upstream (oil and gas production): $44.3bn (13%)13%Energy Products (fuels): $261.4bn (75%)75%Chemical Products: $23.7bn (7%)Specialty Products: $18.4bn (5%)Corporate and other: $1.9bn (1%)FY25Upstream (oil and gas production): $44.7bn (13%)13%Energy Products (fuels): $245.8bn (74%)74%Chemical Products: $22.9bn (7%)Specialty Products: $17.8bn (5%)Corporate and other: $1.0bn (0%)Upstream (oil and gas production)Energy Products (fuels)Chemical ProductsSpecialty ProductsCorporate and other
Share of revenue by business line, by fiscal year. Source: ExxonMobil Holdings Corp 10-K filed 2026-02-18.

💸How does ExxonMobil make money?

Follow the money: what customers pay for, what it costs to make, and what is left as profit.

Money map FY2025: how revenue turns into profitUpstream (oil and gas production) → Revenue: $44.7bnEnergy Products (fuels) → Revenue: $245.8bnChemical Products → Revenue: $22.9bnSpecialty Products → Revenue: $17.8bnCorporate and other → Revenue: $1.0bnRevenue → Gross profit: $148.0bnRevenue → Cost of sales: $184.2bnGross profit → Operating profit: $41.9bnGross profit → R&D: $1.2bnGross profit → Selling & admin: $11.1bnGross profit → Other operating costs: $93.8bnOperating profit → Net income: $28.8bnOperating profit → Income tax: $11.5bnOperating profit → Other costs: $1.5bnUpstream (oil and gas production)$44.7bn · 13%Energy Products (fuels)$245.8bn · 74%Chemical Products$22.9bn · 7%Specialty Products$17.8bn · 5%Corporate and other$1.0bn · <1%Revenue$332.2bnGross profit$148.0bn · 45%Cost of sales$184.2bn · 55%Operating profit$41.9bn · 13%R&D$1.2bn · <1%Selling & admin$11.1bn · 3%Other operating costs$93.8bn · 28%Net income$28.8bn · 9%Income tax$11.5bn · 3%Other costs$1.5bn · <1%
Money map FY2025: how revenue turns into profitUpstream (oil and gas production): $44.7bnEnergy Products (fuels): $245.8bnChemical Products: $22.9bnSpecialty Products: $17.8bnCorporate and other: $1.0bnUpstream (oil and gas production)$44.7bn · 13%Energy Products (fuels)$245.8bn · 74%Chemical Products$22.9bn · 7%Specialty Products$17.8bn · 5%Corporate and other$1.0bn · <1%Revenue: $332.2bnRevenue$332.2bn · 100%Gross profit: $148.0bnCost of sales: $184.2bnGross profit$148.0bn · 45%Cost of sales$184.2bn · 55%Operating profit: $41.9bnR&D: $1.2bnSelling & admin: $11.1bnOther operating costs: $93.8bnOperating profit$41.9bn · 13%R&D$1.2bn · <1%Selling & admin$11.1bn · 3%Other operating costs$93.8bn · 28%Net income: $28.8bnIncome tax: $11.5bnOther costs: $1.5bnNet income$28.8bn · 9%Income tax$11.5bn · 3%Other costs$1.5bn · <1%
Money map (a Sankey diagram): band widths are to scale. Hover a band for the amount. Source: ExxonMobil Holdings Corp 10-K filings.

ExxonMobil sold $332.2bn ✓ of oil, gas, fuels and chemicals in FY2025. Its biggest cost is buying crude oil and other products, which took $184.2bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $148.0bn ✓.

Next come the costs of running the business. Other operating costs took $93.8bn ✓, selling and admin took $11.1bn ✓, and research took $1.2bn ✓. What remains is operating profit, the profit from the main business, which was $41.9bn ✓. Other items brought profit down by $1.5bn ✓, and tax took $11.5bn ✓. That left net income of $28.8bn ✓.

Put simply, out of every $100 of sales, buying crude oil and products took $55 ✓. Other operating costs took $28 ✓. ExxonMobil kept about $9 ✓ as profit.

Out of every $100 customers paid in FY2025…

Making the products and services $55Selling and admin $3Other operating costs $28Other costs (interest and losses) $1Income tax $4Profit kept $9
💡
ExxonMobil's segments also sell to one another, and it says its refining and chemical operations are highly integrated 41. Each segment's sales leave out what it sells to the others.

⏱️ ExxonMobil by the clock

Spread the FY2025 totals evenly over its 365 days and you get this. Source: ExxonMobil Holdings Corp 10-K [6].

🛒
$910m
in sales every day
⏱️
$915
of profit every second
🔬
$3.3m
on research every day
🎁
$103m
handed to shareholders every day

📈How is ExxonMobil doing?

ExxonMobil's sales dipped in FY2025 but rose strongly in the four quarters to September 2026. In FY2025 sales were $332.2bn ✓, down 5.0% ✓ on FY2024. Net income fell from $33.7bn ✓ to $28.8bn ✓, and operating margin was 12.6% ✓. In the four quarters to September 2026, sales were $396.6bn ✓, up 19.0% ✓ on the four quarters before. Net income in those four quarters was $40.6bn ✓.

For the third quarter of 2026, ExxonMobil reported earnings of $15.4 billion 16. Its adjusted earnings, which leave out identified items and timing effects, were $17.5 billion 16. Free cash flow in that quarter was $19.1 billion 16. Production was 4,496 thousand oil-equivalent barrels a day, 273 thousand lower than a year earlier 1716. That was mainly because of disruptions in the Middle East and Kazakhstan and lower Guyana entitlement volumes (its share under the contract), partly offset by Permian and Guyana growth 1716. ExxonMobil estimates that lower Middle East volumes cut its Upstream earnings by $2,140 million in the first nine months of 2026, compared with a year earlier 17.

Over the long run, sales and profit have swung up and down. In FY2020, ExxonMobil made a net loss of $22.4bn ✓. In FY2022, sales reached $413.7bn ✓ and net income $55.7bn ✓.

📝 The report card

ExxonMobil earns a C ✓ for profit and a C ✓ for its balance sheet, a D ✓ for cash, and an F ✓ for growth. It gets an F ✓ for steadiness too. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where ExxonMobil (orange) and its 2 peers land; further right is better.

F

Growth

Sales growth per year, last 3 fiscal years
-7.0% · peer median -8.8%
#1 of 3 in the peer group
A ≥ 15.0%B ≥ 10.0%C ≥ 5.0%D ≥ 0.0%F below 0.0%

ExxonMobil's sales shrank by 7.0% ✓ a year over its last three fiscal years, which earns an F ✓. That period starts from sales of $413.7bn ✓ in FY2022. Chevron's sales shrank by 8.4% ✓ a year, also an F ✓. ConocoPhillips' shrank by 9.1% ✓, another F ✓.

Why this measure? (higher is better)

Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.

C

Profitability

Operating margin, last 3 years combined
14.0% · peer median 19.8%
#2 of 3 in the peer group
A ≥ 30.0%B ≥ 20.0%C ≥ 10.0%D ≥ 5.0%F below 5.0%

Over the last three years combined, ExxonMobil kept 14.0% ✓ of sales as operating profit, which earns a C ✓. Chevron kept 13.3% ✓, also a C ✓. ConocoPhillips kept 26.3% ✓, a B ✓.

Why this measure? (higher is better)

Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.

D

Cash generation

Free cash flow as a share of sales, last 3 years combined
8.6% · peer median 11.4%
#3 of 3 in the peer group
A ≥ 20.0%B ≥ 15.0%C ≥ 10.0%D ≥ 5.0%F below 5.0%

Over the last three years combined, ExxonMobil turned 8.6% ✓ of sales into free cash flow, a D ✓. Chevron was almost the same at 8.7% ✓, also a D ✓. ConocoPhillips reached 14.1% ✓, a C ✓.

Why this measure? (higher is better)

Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.

C

Balance sheet

Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) as a share of a year's sales
-9.9% · peer median -21.8%
#1 of 3 in the peer group
A ≥ 20.0%B ≥ 5.0%C ≥ -10.0%D ≥ -30.0%F below -30.0%

At the end of FY2025, ExxonMobil's borrowings were more than its cash and investments, which fell short by $32.9bn ✓. That gap, which leaves out leases and stakes in other companies, was -9.9% ✓ of FY2025 sales, just above the line for a C ✓. Chevron, at -17.7% ✓, gets a D ✓. ConocoPhillips, at -26.0% ✓, also gets a D ✓.

Why this measure? (higher is better)

More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.

F

Steadiness

How much yearly sales growth swings (standard deviation, up to 10 years)
28.4% · peer median 44.7%
#1 of 3 in the peer group
A ≤ 5.0%B ≤ 8.0%C ≤ 12.0%D ≤ 18.0%F above 18.0%

ExxonMobil's yearly growth swings a lot, with a standard deviation of 28.4% ✓, which earns an F ✓. Sales fell 31.5% ✓ in FY2020, then grew 57.4% ✓ in FY2021 and 44.8% ✓ in FY2022. Chevron swings more, at 33.6% ✓, an F ✓. ConocoPhillips swings most, at 55.8% ✓, also an F ✓.

Why this measure? (lower is better)

Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.

🧑‍🏫 How the grades work
  1. Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
  2. Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
  3. Peers for context. The rank shows how ExxonMobil compares with the group. Companies within 0.1 percentage point share a rank.
  4. Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
  5. Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.

11 years at a glance

Revenue
$332.2bn
FY2025
Revenue by fiscal yearFY2015: $239.9bnFY2016: $200.6bnFY2017: $244.4bnFY2018: $290.2bnFY2019: $264.9bnFY2020: $181.5bnFY2021: $285.6bnFY2022: $413.7bnFY2023: $344.6bnFY2024: $349.6bnFY2025: $332.2bnFY2015FY2025
Operating margin
12.6%
FY2025
Operating marginFY2015FY2025
Free cash flow
$23.6bn
FY2025
Free cash flow by fiscal yearFY2015: $3.9bnFY2016: $5.9bnFY2017: $14.7bnFY2018: $16.4bnFY2019: $5.4bnFY2020: -$2.6bnFY2021: $36.1bnFY2022: $58.4bnFY2023: $33.5bnFY2024: $30.7bnFY2025: $23.6bnFY2015FY2025
Net cash
-$32.9bn
end of FY2025
Net cash by fiscal yearFY2015: -$33.8bnFY2016: -$37.9bnFY2017: -$37.9bnFY2018: -$34.8bnFY2019: -$43.8bnFY2020: -$63.3bnFY2021: -$40.9bnFY2022: -$11.6bnFY2023: -$10.0bnFY2024: -$18.7bnFY2025: -$32.9bnFY2015FY2025

Where the cash goes

Over the 11 fiscal years from FY2015 to FY2025, ExxonMobil paid out a little more than its free cash flow. It spent $239.9bn ✓ on buybacks and dividends, against $225.8bn ✓ of free cash flow. In FY2025 alone, payouts equalled 159% ✓ of free cash flow. At 30 September 2026, net debt was $22.1 billion: total debt of $34.3 billion less $12.2 billion of cash 16.

Free cash flow vs cash returned to shareholders$0bn$10bn$20bn$30bn$40bn$50bn$60bnFY2016 free cash flow $5.9bnFY2016 buybacks + dividends $13.4bnFY16FY2017 free cash flow $14.7bnFY2017 buybacks + dividends $13.7bnFY17FY2018 free cash flow $16.4bnFY2018 buybacks + dividends $14.4bnFY18FY2019 free cash flow $5.4bnFY2019 buybacks + dividends $15.2bnFY19FY2020 free cash flow -$2.6bnFY2020 buybacks + dividends $15.3bnFY20FY2021 free cash flow $36.1bnFY2021 buybacks + dividends $15.1bnFY21FY2022 free cash flow $58.4bnFY2022 buybacks + dividends $30.1bnFY22FY2023 free cash flow $33.5bnFY2023 buybacks + dividends $32.7bnFY23FY2024 free cash flow $30.7bnFY2024 buybacks + dividends $36.3bnFY24FY2025 free cash flow $23.6bnFY2025 buybacks + dividends $37.5bnFY25
Free cash flow vs cash returned to shareholders$0bn$10bn$20bn$30bn$40bn$50bn$60bnFY2020 free cash flow -$2.6bnFY2020 buybacks + dividends $15.3bnFY20FY2021 free cash flow $36.1bnFY2021 buybacks + dividends $15.1bnFY21FY2022 free cash flow $58.4bnFY2022 buybacks + dividends $30.1bnFY22FY2023 free cash flow $33.5bnFY2023 buybacks + dividends $32.7bnFY23FY2024 free cash flow $30.7bnFY2024 buybacks + dividends $36.3bnFY24FY2025 free cash flow $23.6bnFY2025 buybacks + dividends $37.5bnFY25
■ Free cash flow   ■ Buybacks + dividends. Source: ExxonMobil Holdings Corp 10-K filings.

🧮Ratios 101: what are ExxonMobil's key financial ratios?

Ratios turn ExxonMobil's huge numbers into simple comparisons with its two rivals. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with ExxonMobil's real FY2025 numbers, the peer median and the trend.

💰 Profitability: how much of each sale is kept?

Higher is better

Gross margin

44.5%
Gross profit$148.0bn$332.2bnSales=44.5%

What is left from each sale after paying to make the product or deliver the service.

👉 At 44.5% ✓, close to 45.8% ✓ in FY2015, ExxonMobil's gross margin is below the 52.4% ✓ peer median. ConocoPhillips is at 62.1% ✓.

📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.

Peer median 52.4% (2 peers)FY2015 45.8%
Gross margin by fiscal yearFY2015FY2025
Higher is better

Operating margin

12.6%
Operating profit$41.9bn$332.2bnSales=12.6%

What is left after also paying for research, marketing and running the company.

👉 ExxonMobil's 12.6% ✓ is above its 9.3% ✓ of FY2015 but below the 17.0% ✓ peer median.

📏 Rule of thumb: Above 20% is strong for a large company.

Peer median 17.0% (2 peers)FY2015 9.3%
Operating margin by fiscal yearFY2015FY2025
Higher is better

Net margin

8.7%
Net income$28.8bn$332.2bnSales=8.7%

The bottom line: profit after interest and taxes, per dollar of sales.

👉 ExxonMobil kept 8.7% ✓ of sales as final profit, up from 6.7% ✓ in FY2015 and a little below the 10.0% ✓ peer median.

📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.

Peer median 10.0% (2 peers)FY2015 6.7%
Net margin by fiscal yearFY2015FY2025
It depends

Return on equity (ROE)

11.1%
Net income$28.8bn$259.4bnShareholders' equity=11.1%

Profit earned for each dollar that shareholders have left in the company.

👉 ROE of 11.1% ✓ is above the 9.5% ✓ peer median, on shareholders' equity of $259.4bn ✓.

📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.

Peer median 9.5% (2 peers)FY2015 9.5%
Return on equity (ROE) by fiscal yearFY2015FY2025

⚙️ Efficiency: how hard do the assets work?

Higher is better

Return on assets (ROA)

6.4%
Net income$28.8bn$449.0bnTotal assets=6.4%

Profit earned from everything the company owns, however it was paid for.

👉 ROA of 6.4% ✓ is up from 4.8% ✓ in FY2015 and above the 5.2% ✓ peer median.

📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.

Peer median 5.2% (2 peers)FY2015 4.8%
Return on assets (ROA) by fiscal yearFY2015FY2025
Higher is better

Asset turnover

0.7x
Sales$332.2bn$449.0bnTotal assets=0.7x

Dollars of sales squeezed out of each dollar of assets.

👉 ExxonMobil's sales were 0.7x ✓ the value of everything it owns, the same as 0.7x ✓ in FY2015 and above the 0.5x ✓ peer median.

📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.

Peer median 0.5x (2 peers)FY2015 0.7x
Asset turnover by fiscal yearFY2015FY2025

🛟 Safety: could it survive a bad year?

It depends

Current ratio

1.2x
Current assets$83.4bn$72.3bnCurrent liabilities=1.2x

Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?

👉 At 1.2x ✓ at the end of FY2025, ExxonMobil had $83.4bn ✓ of current assets against $72.3bn ✓ of bills due within a year. That is up from 0.8x ✓ in FY2015 and level with the 1.2x ✓ peer median.

📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.

Peer median 1.2x (2 peers)FY2015 0.8x
Current ratio by fiscal yearFY2015FY2025
Lower is better

Debt to equity

0.2x
Total debt$43.5bn$259.4bnShareholders' equity=0.2x

How much the company has borrowed for each dollar shareholders have in it.

👉 ExxonMobil's total debt of $43.5bn ✓ was 0.2x ✓ its equity at the end of FY2025, the same as 0.2x ✓ in FY2015 and below the 0.3x ✓ peer median.

📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.

Peer median 0.3x (2 peers)FY2015 0.2x
Debt to equity by fiscal yearFY2015FY2025
Higher is better

Interest cover

69.4x
Operating profit$41.9bn$0.6bnInterest expense=69.4x

How many times over operating profit could pay the year's interest bill.

👉 Operating profit covered interest costs 69.4x ✓, far above the 14.4x ✓ peer median.

📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.

Peer median 14.4x (2 peers)FY2015 71.5x
Interest cover by fiscal yearFY2015FY2025

💵 Cash and owners: where does the money end up?

Higher is better

Cash conversion

0.8x
Free cash flow$23.6bn$28.8bnNet income=0.8x

Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.

👉 ExxonMobil turned profit into free cash at 0.8x ✓, below the 1.1x ✓ peer median but up from 0.2x ✓ in FY2015. Capital spending was $28.4bn ✓ in FY2025.

📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.

Peer median 1.1x (2 peers)FY2015 0.2x
Cash conversion by fiscal yearFY2015FY2025
It depends

R&D intensity

0.4%
R&D$1.2bn$332.2bnSales=0.4%

How much of each sales dollar goes into inventing future products.

👉 ExxonMobil spends 0.4% ✓ of sales on R&D, the same as 0.4% ✓ in FY2015 and above the 0.2% ✓ peer median.

📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.

Peer median 0.2% (2 peers)FY2015 0.4%
R&D intensity by fiscal yearFY2015FY2025
It depends

Shareholder payout

130.0%
Dividends + buybacks$37.5bn$28.8bnNet income=130.0%

How much of the year's profit was handed back to owners.

👉 ExxonMobil paid out 130.0% ✓ of FY2025 profit as dividends and buybacks, below the 157.4% ✓ peer median. Chevron paid out 201.9% ✓.

📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.

Peer median 157.4% (2 peers)FY2015 99.9%
Shareholder payout by fiscal yearFY2015FY2025

Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.

🥊Who are ExxonMobil's competitors?

ExxonMobil, Chevron and ConocoPhillips all produce oil and gas 1112110. Chevron, like ExxonMobil, also refines it into fuels and chemicals 1112. ConocoPhillips only finds and produces oil and gas, while ExxonMobil also refines fuels and makes chemicals 110.

Peer map: growth vs profitability, bubble size = revenue-10%-5%0%10%20%Sales growth per year, 3 years →Operating margin →ExxonMobil: revenue $332.2bn, growth -7.0%/yr, operating margin 12.6%XOMChevron: revenue $189.0bn, growth -8.4%/yr, operating margin 11.1%CVXConocoPhillips: revenue $58.9bn, growth -9.1%/yr, operating margin 23.0%COP
Peer map: growth vs profitability, bubble size = revenue-10%-5%0%10%20%Sales growth per year, 3 years →Operating margin →ExxonMobil: revenue $332.2bn, growth -7.0%/yr, operating margin 12.6%XOMChevron: revenue $189.0bn, growth -8.4%/yr, operating margin 11.1%CVXConocoPhillips: revenue $58.9bn, growth -9.1%/yr, operating margin 23.0%COP
Peer map from each company's latest 10-K. Bubble size = revenue. Source: SEC filings [6] [9] [8].
CompanyWhere they competeRevenueGrowth/yr (3y)Op. marginFCF margin
ExxonMobil (XOM, FY2025)Oil and gas production, fuels, chemicals and lubricants$332.2bn-7.0%12.6%7.1%
ConocoPhillips (COP, FY2025)Finding and producing oil and gas, including in the Permian Basin. In 2025 ConocoPhillips made about 2.4 million oil-equivalent barrels a day, against 4.7 million for ExxonMobil 110$58.9bn-9.1%23.0%12.3%
Chevron (CVX, FY2025)Producing oil and gas, and refining it into fuels and chemicals. In the third quarter of 2026, after its Hess deal, Chevron made 3.98 million barrels of oil equivalent a day, against 4.50 million for ExxonMobil 1112$189.0bn-8.4%11.1%8.8%

ExxonMobil says its industries are very competitive. It also faces other industries that supply energy, fuel and chemicals 13.

🧭ExxonMobil SWOT: strengths, weaknesses, opportunities and threats

💪 Strengths

  • Production averaged 4.7 million oil-equivalent barrels a day in 2025 12.
  • ExxonMobil estimates its structural cost savings since 2019 at $16.9 billion, including $1.8 billion added in the first nine months of 2026 16.
  • At 30 September 2026, ExxonMobil's debt was 11.2% of its total capital 17.
  • Operating profit covered interest costs 69.4x ✓ in FY2025.

🩹 Weaknesses

  • Sales shrank by 7.0% ✓ a year over the last three fiscal years, an F ✓.
  • ExxonMobil says oil, gas and chemicals are commodity businesses, so its earnings may change a lot when prices and refining margins move 13.
  • In FY2025, payouts to shareholders equalled 159% ✓ of free cash flow.
  • Middle East disruptions began in March 2026 18. In an update on those disruptions, ExxonMobil said its Middle East assets made up about 20% of its oil and gas output worldwide, and about 5% of its refining and chemical capacity 18.

🚀 Opportunities

  • Permian output was more than 1.8 million oil-equivalent barrels a day in the second quarter of 2026 19. In its 2025 annual report, ExxonMobil said it expected about 2.5 million by 2030 1.
  • In its December 2025 plan, ExxonMobil targeted Upstream production of 5.5 million oil-equivalent barrels a day by 2030 7. It also targeted $25 billion of earnings growth by 2030 versus 2024, at constant prices and margins 7.
  • Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, produced its first LNG at the end of March 2026 20.
  • In 2025 ExxonMobil started up the Strathcona renewable diesel project in Canada 1. It also added recycling units that tripled Baytown's capacity to turn hard-to-recycle plastic waste into raw materials 1.

⚠️ Threats

  • From March 2026, assets in Qatar and the UAE in which ExxonMobil has interests had production disruptions, and attacks hit two Qatar LNG trains 18. Those trains made up about 3% of its 2025 Upstream production 18.
  • ExxonMobil's oil from Kazakhstan, about 320 thousand oil-equivalent barrels a day in 2025, is exported mainly through a pipeline that crosses parts of Russia 1.
  • Chemical industry margins were at the low point of their usual up-and-down cycle in 2025. In the third quarter of 2026, they fell further below the bottom of their 10-year range 117.
  • Governments and others across the US have sued several oil and gas companies, including ExxonMobil, over alleged climate change injuries 17. ExxonMobil calls the suits meritless and sees a remote chance of a material adverse effect 17.
  • ExxonMobil warns that a big fall in oil or gas prices could hurt mainly Upstream, while a big rise could hurt mainly its Energy, Chemical and Specialty Products segments 13.

🏰Does ExxonMobil have a moat?

Narrow moatSize and closely linked plants help ExxonMobil, but oil, gas and chemicals are commodity businesses 12413.
Brand 3/5
Why 3?

At the end of 2025, 18,533 retail sites sold fuel under the Exxon, Esso and Mobil brands 4. ExxonMobil's businesses also use names such as XTO 13. Specialty Products sells lubricants under brands such as Mobil 1 12. Mobil 1 came out in 1974, and ExxonMobil calls it the world's leading synthetic motor oil brand 5.

Switching costs 2/5
Why 2?

ExxonMobil sells oil, gas and chemicals, which it calls commodity businesses 13. It says its industries are highly competitive, and that other industries also supply energy 13. In December 2025 it had outside carbon capture contracts for roughly 9 million metric tons of CO2 a year 7.

Network effects 1/5
Why 1?

ExxonMobil calls its oil, gas and chemical lines commodity businesses, so its earnings may change a lot with prices and refining margins 13.

Cost advantages and scale 4/5
Why 4?

Production averaged 4.7 million oil-equivalent barrels a day in 2025 12. ExxonMobil says it has the largest refining footprint among international oil companies 12. Its share of refining capacity was 4,113 thousand barrels a day at the end of 2025 4. It says its refining and chemical plants are highly integrated 41. It also says that owning many kinds of business generally lowers its risk from price swings 1. In the Permian, it claims industry-leading capital efficiency and cost performance 1. It plans to reach $20 billion of structural cost savings versus 2019 by 2030 714.

Intangibles (patents, licences, regulation) 3/5
Why 3?

ExxonMobil held over 8 thousand active patents at the end of 2025 13. But it says no segment's profits depend on any single patent, licence or concession 13. It spent $1.2 billion on research and development in 2025 15. Its proved reserves were 19.3 billion oil-equivalent barrels at the end of 2025 4. In Guyana, the law gives an oil field a production period of 20 years, with a renewal of up to 10 years 4.

A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is ExxonMobil; grey dots are peers).

🔭What should you watch next?

Payable 10 Dec 2026

Next dividend

ExxonMobil declared a dividend of $1.07 per share, up from $1.03 in the third quarter, for shareholders of record on 16 November 2026 1626.

Fourth quarter of 2026, on plan as of July

Fifth Guyana production vessel

On 31 July 2026, ExxonMobil said the vessel had set sail, with start-up on plan for the fourth quarter of 2026 19. It would add 250 thousand barrels a day of capacity 19.

Decision aimed for 2026 (2025 annual report)

Rovuma LNG go-ahead

The 2025 annual report said the Mozambique project was in engineering and design work, in support of a final investment decision in 2026 1. In the third quarter of 2026, ExxonMobil agreed to raise its stake in Rovuma LNG to 50% 16.

Full year 2026

Capital spending in 2026

In January 2026, ExxonMobil said it expected cash capital spending of $27 billion to $29 billion in 2026 14.

During 2027

Share buybacks in 2027

ExxonMobil plans $20 billion of share buybacks in 2027, assuming reasonable market conditions 16.

📚Learn the words

Revenue (sales)All the money a company takes in from customers before paying any costs.
UpstreamThe part of the oil business that finds oil and gas and pumps it out of the ground.
RefiningTurning crude oil into products people can use, such as petrol, diesel and jet fuel.
Oil-equivalent barrelA way to add oil and gas together by counting gas as the amount of oil that holds the same energy.
LNGLiquefied natural gas: gas cooled until it turns into a liquid, so ships can carry it across oceans.
Proved reservesOil and gas a company is reasonably sure it can produce and sell in the future.
PetrochemicalsChemicals made from oil and gas, used to make plastics and many other goods.
Gross marginThe share of each sales dollar left after paying for what was sold.
Operating profitProfit from the main business after paying for products, staff, plants, research and admin, but before interest and tax.
Free cash flowThe cash a business has left after running itself and paying for new equipment. It can pay for dividends, buybacks or saving.
Net debtBorrowings minus cash. A company with net debt has more borrowings than cash.
Fiscal yearA company's own 12-month accounting year. ExxonMobil's fiscal year is the calendar year.
Economic moatA lasting advantage, like low costs or a strong brand, that keeps rivals from taking a company's customers.

❓Frequently asked questions about ExxonMobil

How does ExxonMobil make money?

ExxonMobil makes most of its sales from fuels, and also sells oil, gas and chemicals. In FY2025, Energy Products brought in $245.8bn ✓ of sales to outside customers and Upstream $44.7bn ✓. Chemical Products added $22.9bn ✓ and Specialty Products $17.8bn ✓.

How old is ExxonMobil?

ExxonMobil's roots go back to Standard Oil. After a US Supreme Court decision in 1911, Standard Oil broke up into 34 companies; one of them, Jersey Standard, became Exxon Corporation in 1972 5. Exxon and Mobil joined to form Exxon Mobil Corporation on 30 November 1999 5.

Did ExxonMobil move from New Jersey to Texas?

Its parent company did. Since 1 July 2026, ExxonMobil Holdings Corporation, a Texas company, has been the group's publicly traded parent in place of a New Jersey company 2117. Each old share was swapped for one new share, still traded under the ticker XOM 2117. ExxonMobil says the move did not change its business, operations or financial reporting basis 17.

Who runs ExxonMobil?

Darren W. Woods has been chairman and chief executive since 1 January 2017 22. Neil A. Hansen became chief financial officer on 1 February 2026 2223.

Does ExxonMobil pay a dividend?

Yes, ExxonMobil pays a dividend, and as of 30 October 2026 it had raised its yearly dividend per share for 44 years in a row 16. It paid $17.2bn ✓ in dividends in FY2025.

How much oil and gas does ExxonMobil produce?

Production averaged 4.7 million oil-equivalent barrels a day in 2025 12. In the third quarter of 2026, it was 4.50 million barrels of oil equivalent a day 1112.

What are ExxonMobil's adjusted earnings?

They are its earnings without identified items and timing effects 16. Identified items are large non-operational events, usually worth at least $250 million in a quarter 16.

How much debt does ExxonMobil have?

At 30 September 2026, ExxonMobil's net debt was $22.1 billion: total debt of $34.3 billion less $12.2 billion of cash 16. Its debt was 11.2% of its total capital 17.

🎮Play: higher or lower, then test yourself

Higher or lower · round 1 of 6

Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [6] [9] [8].

Score: 0

🧠 Test yourself

5 quick questions. Score: 0 / 5

1. About how much of ExxonMobil's sales to outside customers came from Energy Products (fuels) in FY2025?

Energy Products made up 74% ✓ of sales to outside customers in FY2025.

2. When did Exxon and Mobil join together?

Exxon and Mobil joined to form Exxon Mobil Corporation on 30 November 1999 5.

3. Which slogan from 1959 appears in ExxonMobil's history?

Jersey Standard launched the Esso brand in 1926, and Put a tiger in your tank was coined in 1959 5.

4. In what year did oil start flowing from ExxonMobil's Liza field off Guyana?

ExxonMobil's first exploration well offshore Guyana, drilled in 2015, was a success, and Liza production started in 2019 5.

5. What did Standard Oil lubricate in 1882, according to ExxonMobil's history?

In 1882, Standard Oil lubricated Thomas Edison's first central generating system 5.

🔎Sources and method

Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.

  1. Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Management discussion: how the company is organized, segment descriptions, Upstream production, Permian, Guyana, LNG, Kazakhstan, outlook, recent events (accessed 2026-11-04)
  2. Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Segment note: the four reportable segments and the products of each (accessed 2026-11-04)
  3. ExxonMobil (XOM) Form 10-K for fiscal year 2025, filed 2026-02-18 — revenue by product, segment and geography (accessed 2026-11-04)
  4. Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Item 2 properties: proved reserves, Guyana licence terms, refining and chemical capacity, retail fuel sites (accessed 2026-11-04)
  5. ExxonMobil: Our history — Company history milestones: Standard Oil, 1911 breakup, Esso, Exxon name, Mobil 1, 1999 merger (accessed 2026-11-04)
  6. SEC EDGAR companyfacts: ExxonMobil (XOM) — annual 10-K facts (accessed 2026-11-04)
  7. ExxonMobil news release: ExxonMobil raises its 2030 plan (December 9, 2025) — Corporate plan to 2030: earnings and cash flow growth, production, Permian, cost savings, lower-emission investment, CCS contracts (accessed 2026-11-04)
  8. SEC EDGAR companyfacts: CHEVRON CORP (CVX) — annual 10-K facts (accessed 2026-11-04)
  9. SEC EDGAR companyfacts: CONOCOPHILLIPS (COP) — annual 10-K facts (accessed 2026-11-04)
  10. ConocoPhillips Form 10-K for fiscal year 2025 — ConocoPhillips: independent exploration and production company; 2025 production; Permian Basin operations (accessed 2026-11-04)
  11. Chevron reports third quarter 2026 results (Form 8-K exhibit 99.1, October 30, 2026) — Third quarter 2026 earnings, production, refinery throughput, debt, dividend, segment reporting, highlights (accessed 2026-11-04)
  12. ExxonMobil Form 10-Q for the quarter ended September 30, 2026 — Upstream oil-equivalent production, third quarter 2026 (accessed 2026-11-04)
  13. Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Cover, Item 1 business and Item 1A risk factors: fiscal year, incorporation, principal business, brand names, patents, competition, employees, commodity risk (accessed 2026-11-04)
  14. Exxon Mobil Corporation news release: 2025 results (Form 8-K exhibit 99.1, January 30, 2026) — Full-year 2025 results, 2025 shareholder distributions, 2026 capital spending guidance (accessed 2026-11-04)
  15. Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Notes to the financial statements: research and development expenses, Pioneer and Denbury acquisitions (accessed 2026-11-04)
  16. ExxonMobil Holdings Corporation news release: third-quarter 2026 results (Form 8-K exhibit 99.1, October 30, 2026) — Third-quarter 2026 results, highlights, dividend, 2027 buyback plan, adjusted earnings definition (accessed 2026-11-04)
  17. ExxonMobil Holdings Corporation Form 10-Q for the quarter ended September 30, 2026 — Note 1 redomiciliation; Note 7 litigation; Note 8 divestments; third-quarter review, production and Middle East impacts (accessed 2026-11-04)
  18. Exxon Mobil Corporation update on impact of Middle East conflict (Form 8-K exhibit 99.2, April 8, 2026) — Middle East share of production and capacity; Qatar and UAE disruptions from March 2026 (accessed 2026-11-04)
  19. ExxonMobil Holdings Corporation news release: second-quarter 2026 results (Form 8-K exhibit 99.1, July 31, 2026) — Second-quarter 2026 highlights: Permian production, fifth Guyana vessel (accessed 2026-11-04)
  20. Exxon Mobil Corporation news release: first-quarter 2026 results (Form 8-K exhibit 99.1, May 1, 2026) — First-quarter 2026 highlights: Golden Pass LNG first production, Guyana record, customers in more than 180 countries (accessed 2026-11-04)
  21. ExxonMobil Holdings Corporation Form 8-K12B (event date July 1, 2026) — Completion of the Texas redomiciliation merger; ExxonMobil Holdings Corporation becomes successor registrant; principal executive offices (accessed 2026-11-04)
  22. Exxon Mobil Corporation Form 10-K for fiscal year 2025 (year ended December 31, 2025) — Information about executive officers (as of February 18, 2026) (accessed 2026-11-04)
  23. Exxon Mobil Corporation Form 8-K: chief financial officer change (filed December 9, 2025) — Kathryn Mikells retires as CFO; Neil Hansen elected CFO effective February 1, 2026 (accessed 2026-11-04)
  24. SEC EDGAR companyfacts: ExxonMobil (XOM) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
  25. SEC EDGAR companyfacts: ExxonMobil (XOM) — balance sheet at 2026-09-30 (accessed 2026-11-04)
  26. ExxonMobil Holdings Corporation 3Q26 investor relations data summary (Form 8-K exhibit 99.2, October 30, 2026) — Third-quarter 2026 dividend per share (accessed 2026-11-04)