November 1, 2026·51 min read
ExxonMobil (XOM), Financial Analysis
Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.
Total revenues and other income Q3 2026
$113.2bn
+32.7% year on year (Q3 2025 $85.3bn)
Total costs and other deductions Q3 2026
$91.9bn
+23.6% year on year (Q3 2025 $74.4bn)
Pretax margin Q3 2026
18.8%
+5.9 pts year on year (Q3 2025 12.8%)
Key findings
- Q3 2026 earnings $15.4bn ($3.72 per share), +104.2%; adjusted earnings $17.5bn ($4.23). Sales and other operating revenue $110.5bn, +32.6%, with Brent at $97.01/b against $69.07/b. Figures are preliminary from the Form 8-K of 30 Oct 2026; the Form 10-Q was not filed by 31 Oct 2026.
- Refining earned more than oil and gas production. Energy Products earnings $7.2bn (adjusted $9.1bn) against Upstream $7.1bn; the indicative refining margin was $50.3/b against $17.5/b in Q3 2025.
- Middle East supply losses cut production. Output 4,496 koebd, (5.7%) year on year; gas available for sale in Asia, mostly Qatar, (44.4%) in 9M 2026. Middle East identified items cost $921m in 9M 2026.
- GAAP earnings sit below adjusted earnings in 2026: 9M 2026 earnings $34.1bn against adjusted $41.0bn, after estimated timing effects of ($3.9bn) and identified items of ($2.9bn).
- Debt fell as cash flow rose. Q3 2026 operating cash flow $25.7bn, free cash flow $19.1bn (company definition); net debt $22.1bn at 30 Sep 2026 against $32.9bn at FY2025. Dividend raised to $1.07 per quarter; $20bn of buybacks planned for 2027.
- Shares at $187.02 on 30 Oct 2026, 19.3x TTM EPS and 0.8% below the 52 week high. Three year scenario prices: base $119, best $220, worst $52.
Figures are read from the filings of two registrants: Exxon Mobil Corporation (central index key 34088), the listed company until 30 Jun 2026, and ExxonMobil Holdings Corporation (central index key 2115436), the parent and registrant since the Texas holding company merger of 1 Jul 2026. The filings read are the Forms 10-K for FY2022 to FY2025, the Forms 10-Q for Q1 2026 and Q2 2026, the Forms 8-K with all their exhibits, incl. the quarterly earnings releases (Ex 99.1) and investor relations data summaries with preliminary financial statements (Ex 99.2), the quarterly earnings considerations (Ex 99.1) and the Middle East update of 8 Apr 2026 (Ex 99.2), the floating rate notes underwriting agreements, officer's certificates and legal opinions (Ex 1.1, 1.2, 4.3, 4.4, 5.1, 5.2), the holding company charters, bylaws, subsidiaries list and second supplemental indenture (Ex 3, 4, 21), the XTO Energy redemption notices (Ex 99.1 to 99.3), the proxy statement of 2026 and the Form 8-K Item 5.07 vote results, Schedules 13G and Forms 3 and 4, together with the filings of 10 peer companies used in chapters 2 to 5. ExxonMobil files no separate CFO commentary: CFO commentary is taken from the financial remarks and CFO answers on the earnings calls of Q3 2025 to Q2 2026 and the Q3 2026 call. The Form 10-Q for Q3 2026 was not filed by 31 Oct 2026; all Q3 2026 figures are preliminary and come from the Form 8-K of 30 Oct 2026. Accession numbers for every filing used appear in the Sources appendix. The share price is the last trade of 30 Oct 2026.
1 Revenue & Business Model
- Storyline: in 2026 the earnings mix moved from oil and gas production toward refining. The Middle East supply disruption from Mar 2026 cut ExxonMobil volumes in Qatar and the UAE, and the Q2 2026 Form 10-Q cites global refining capacity reductions; Energy Products earnings rose from $1.8bn in Q3 2025 to $7.2bn in Q3 2026. Chapters 2 to 4 cover the three revenue drivers: Upstream, Energy Products, and Chemical and Specialty Products.
- Four segments, FY2025: Upstream earned $21.4bn on $39.4bn of external sales; Energy Products (fuels, refining, trading) $7.4bn on $244.5bn, 75.5% of revenue; Chemical Products $0.8bn; Specialty Products (lubricants, specialty materials) $2.9bn; Corporate and Financing ($3.6bn).
- Revenue FY2021 $276.7bn to FY2025 $323.9bn, a 4.0% CAGR, with a peak of $398.7bn in FY2022; TTM Q3 2026 $388.2bn. Revenue here is sales and other operating revenue; total revenues and other income, which adds equity company income and other income, was $396.6bn TTM.
- Regions FY2025: United States $137.6bn (42.5%), outside the US $186.3bn, incl. Canada $27.4bn.
- Pioneer Natural Resources was acquired on 3 May 2024 for 545m shares with a fair value of $63bn plus $5bn of assumed debt; management expects $4bn of annual synergies (Q3 2026 call). Permian output passed 1.8 Moebd in Q2 2026.
- New parent from 1 Jul 2026: ExxonMobil Holdings Corporation (Texas) replaced Exxon Mobil Corporation (New Jersey) as the listed company in a one for one share exchange; the old company remains the issuer of the notes, guaranteed by the new parent. Total equity did not change.
Table 1.1 Segment sales and earnings, FY2021 to FY2025 ($bn)
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Upstream sales ($bn) | 21.8 | 45.2 | 25.6 | 37.1 | 39.4 |
| Upstream earnings ($bn) | 15.78 | 36.48 | 21.31 | 25.39 | 21.35 |
| Energy Products sales ($bn) | 208.9 | 306.0 | 268.4 | 260.9 | 244.5 |
| Energy Products earnings ($bn) | (0.35) | 14.97 | 12.14 | 4.03 | 7.42 |
| Chemical Products sales ($bn) | 28.6 | 27.6 | 22.3 | 22.9 | 22.2 |
| Chemical Products earnings ($bn) | 6.99 | 3.54 | 1.64 | 2.58 | 0.80 |
| Specialty Products sales ($bn) | 17.3 | 19.9 | 18.4 | 18.3 | 17.8 |
| Specialty Products earnings ($bn) | 3.26 | 2.42 | 2.71 | 3.05 | 2.86 |
| Corporate and Financing earnings ($bn) | (2.64) | (1.66) | (1.79) | (1.37) | (3.59) |
Sales are external sales and other operating revenue. Earnings are after tax US GAAP segment earnings; FY2021 and FY2022 as shown in the FY2023 Form 10-K.
Table 1.2 Segment earnings and adjusted earnings, last five quarters ($bn)
| Segment | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Upstream, earnings ($bn) | 5.68 | 3.52 | 5.74 | 7.93 | 7.09 |
| Upstream, adjusted ($bn) | 5.63 | 4.43 | 6.27 | 9.19 | 7.31 |
| Energy Products, earnings ($bn) | 1.84 | 3.39 | (1.26) | 5.47 | 7.17 |
| Energy Products, adjusted ($bn) | 1.73 | 2.55 | 2.80 | 4.10 | 9.05 |
| Chemical Products, earnings ($bn) | 0.52 | (0.28) | 0.11 | 1.13 | 0.74 |
| Chemical Products, adjusted ($bn) | 0.52 | (0.01) | 0.11 | 1.21 | 0.73 |
| Specialty Products, earnings ($bn) | 0.74 | 0.68 | 0.65 | 0.96 | 1.29 |
| Specialty Products, adjusted ($bn) | 0.74 | 0.68 | 0.65 | 0.97 | 1.28 |
| Corporate and Financing, earnings ($bn) | (1.23) | (0.81) | (1.05) | (0.95) | (0.86) |
| Corporate and Financing, adjusted ($bn) | (0.72) | (0.73) | (1.05) | (0.79) | (0.86) |
| Total earnings ($bn) | 7.55 | 6.50 | 4.18 | 14.53 | 15.41 |
| Total adjusted earnings ($bn) | 7.90 | 6.92 | 8.77 | 14.68 | 17.51 |
Adjusted earnings exclude identified items and estimated timing effects; Q3 2025 adjusted values derived by the company from year to date figures. Q3 2026 preliminary.
Table 1.3 Revenue by country of sale, FY2021 to FY2025
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| United States ($bn) | 104.2 | 149.2 | 127.4 | 138.7 | 137.6 |
| Outside the US ($bn) | 172.5 | 249.5 | 207.3 | 200.6 | 186.3 |
| of which Canada ($bn) | 22.2 | 33.0 | 29.0 | 29.7 | 27.4 |
| United States (% of revenue) | 37.7 | 37.4 | 38.1 | 40.9 | 42.5 |
The Form 10-K lists the United States and Canada individually; Canada is part of the total outside the US.
Table 1.4 Operating metrics and prices, last five quarters
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Oil equivalent production (koebd) | 4,769 | 4,988 | 4,594 | 4,514 | 4,496 |
| Liquids production (kbd) | 3,380 | 3,531 | 3,297 | 3,373 | 3,279 |
| Natural gas available for sale (mcfd) | 8,334 | 8,743 | 7,779 | 6,849 | 7,301 |
| Brent ($/b) | 69.07 | 63.69 | 80.61 | 104.52 | 97.01 |
| Realized crude price, US ($/b) | 63.56 | 58.57 | 70.12 | 97.58 | 84.82 |
| Realized gas price outside the US ($/kcf) | 9.62 | 9.60 | 10.58 | 13.96 | 13.92 |
| Refinery throughput (kbd) | 4,106 | 4,060 | 3,494 | 3,562 | 3,735 |
| Indicative refining margin ($/b) | 17.5 | 18.3 | 16.3 | 29.0 | 50.3 |
| Energy Products sales (kbd) | 5,692 | 5,804 | 5,630 | 5,698 | 5,753 |
| Chemical Products sales (kt) | 5,520 | 5,743 | 5,358 | 4,471 | 4,888 |
| North American polyethylene ($/t) | 812 | 759 | 965 | 1,454 | 998 |
| Effective income tax rate (%) | 32 | 21 | 40 | 24 | 26 |
Production volumes are net to ExxonMobil. Indicative refining margin and polyethylene price are company markers from the investor relations data summaries.
2 Upstream: Permian, Guyana and LNG against the Middle East Outage
- Upstream earnings $7.1bn in Q3 2026, +24.8%; adjusted $7.3bn against $9.2bn in Q2 2026. 9M 2026 earnings $20.8bn against $17.8bn. Q3 2026 includes the $675m gain on a US asset sale.
- Production 4,496 koebd, (5.7%) year on year: gas available for sale 7,301 mcfd against 8,334 mcfd; in Asia, mostly Qatar, 1,818 mcfd in 9M 2026 against 3,272 mcfd. Liquids 3,279 kbd against 3,380 kbd.
- Prices: US realized crude $84.82/b against $63.56/b; realized gas outside the US $13.92/kcf against $9.62/kcf; US realized gas $2.43/kcf.
- Growth assets: Permian above 1.8 Moebd in Q2 2026 with a 2030 plan of about 2.5 Moebd; Guyana about 900 kbd gross with Stabroek past 1bn barrels cumulative; Golden Pass LNG Train 1 started at the end of Mar 2026; Papua LNG interest to 34% with operatorship and Rovuma LNG to 50%.
- Middle East exposure (8-K of 8 Apr 2026, Ex 99.2): 2025 net output in Qatar 628 koebd and UAE Upper Zakum 312 kbd at a 28% interest; two damaged Qatar LNG trains equal about 3% of 2025 Upstream production.
How the oil and gas supply market is changing
- Hormuz flows fell in spring 2026: the IEA Oil Market Report of 14 Apr 2026 put global oil supply 10.1 mb/d lower at 97 mb/d in Mar 2026, with loadings through the Strait of Hormuz at about 3.8 mb/d in early Apr against more than 20 mb/d in Feb, and Gulf oil export losses above 13 mb/d (IEA; Oil & Gas Journal, 14 Apr 2026).
- 2026 balance: the IEA Oil Market Report of 12 Aug 2026 forecast 2026 global oil supply down 4.3 mb/d to 102 mb/d and demand down 1.6 mb/d (IEA; Gulf News, 13 Aug 2026). The IEA report of 12 Feb 2026, before the disruption, had forecast 2026 demand growth of 850 kb/d.
- Qatar LNG: QatarEnergy's CEO said Mar 2026 attacks on Ras Laffan damaged 2 of 14 LNG trains, sidelining 12.8 mtpa, 17% of Qatar's LNG export capacity, for 3 to 5 years; ExxonMobil holds 34% of train S4 and 30% of train S6 (Reuters via gCaptain, 19 Mar 2026). QatarEnergy extended force majeure on some Asian buyers' deliveries to mid Oct 2026 (Reuters via bne IntelliNews, 27 Jul 2026).
- Peers report lower output: TotalEnergies states the conflict cut its Q3 2026 hydrocarbon production by 5% year on year (6-K, 29 Oct 2026); ConocoPhillips cites the conflict's impact on Qatar, together with higher Surmont royalties, for a 4% production decline in Q2 2026 after adjusting for acquisitions and disposals (8-K, 6 Aug 2026); Chevron production fell 2.6%, with lower entitlements and the conflict cited (8-K, 30 Oct 2026).
- US LNG adds supply: Golden Pass Train 1, a QatarEnergy and ExxonMobil joint venture in Texas, made first LNG at the end of Mar 2026, which ExxonMobil says raised US LNG exports by 5% against 2025 (8-K, 1 May 2026).
Table 2.1 Upstream results against competitors, latest reported quarter ($bn unless stated)
| Company and measure | Period | Volumes and detail | Value | Growth (%) |
|---|---|---|---|---|
| ExxonMobil Upstream earnings | Q3 2026 | net production 4,496 koebd, (5.7%) | 7.09 | 24.8 |
| Chevron Upstream earnings | Q3 2026 | Net production 3,980 koebd, down 2.6% from 4,086 | 5.70 | 72.6 |
| Shell Upstream adjusted earnings | Q3 2026 | Upstream production 1,802 kboe/d against 1,832 | 3.19 | 76.8 |
| TotalEnergies E&P adjusted net operating income | Q3 2026 | Hydrocarbon production 2,474 kboe/d against 2,508 | 3.16 | 45.6 |
| BP oil production and operations, underlying before interest and tax | Q3 2026 | Upstream production 2,220 mboe/d against 2,362 (down 6.0%) | 3.53 | 53.7 |
| ConocoPhillips net earnings (company) | Q2 2026 | Production 2,248 MBOED, down 143 MBOED | 3.93 | 99.4 |
| Occidental total production | Q2 2026 | Permian 804 koebd against 770 koebd | 1,433 koebd | 2.4 |
Definitions differ: ExxonMobil and Chevron after tax US GAAP; Shell and TotalEnergies adjusted after tax; BP before interest and tax. ConocoPhillips and Occidental had not filed Q3 2026 by 31 Oct 2026.
3 Energy Products: Refining Margin $50.3/b as Capacity Goes Offline
- Energy Products earnings $7.2bn in Q3 2026 against $1.8bn; adjusted $9.1bn against $4.1bn in Q2 2026. 9M 2026 earnings $11.4bn against $4.0bn, after a Q1 2026 loss of ($1.3bn) from timing effects and hedge losses.
- Indicative refining margin $50.3/b against $29.0/b in Q2 2026 and $17.5/b in Q3 2025. Refinery throughput 3,735 kbd, (9.0%); Energy Products sales 5,753 kbd, +1.1%.
- Energy Products external sales $244.5bn in FY2025, 75.5% of revenue; Q2 2026 third party revenue $89.6bn, +49.4%. Management said Energy Products rose from about 9% to about 23% of business line earnings over five years (Q2 2026 call).
- Investment: Beaumont expansion and other Gulf Coast work raised distillate output about 40% since 2019 (Q3 2026 release); the planned reconfiguration of Baytown, Baton Rouge and Beaumont is to add about 100 kbd of distillate yield.
How the refining market is changing
- Capacity offline: the IEA Oil Market Report of 14 Apr 2026 states that Middle East and feedstock constrained Asian refineries cut runs by about 6 mb/d in Apr 2026, to 77.2 mb/d, and expects global crude runs to fall 1 mb/d on average in 2026, to 82.9 mb/d (IEA; Oil & Gas Journal, 14 Apr 2026). ExxonMobil's CEO estimated about 3 mb/d of refining capacity unavailable from the Strait closure, plus about 2 mb/d in China and 1 mb/d in Russia (Q2 2026 call, 31 Jul 2026).
- Margins: the Q2 2026 Form 10-Q describes industry refining margins sharply above the 2010 to 2019 range due to global refining capacity reductions. Q3 2026 markers: ExxonMobil $50.3/b, BP $46.7/b, TotalEnergies European Refining Margin $33.2/b; Valero realized $39.24/b and Phillips 66 $38.00/b.
- US refiners ran near capacity: Chevron US crude throughput a record 1.09 mb/d at nearly 98% utilization; Phillips 66 crude utilization 98%; ExxonMobil US Gulf Coast crude units 100% (Q3 2026 filings). TotalEnergies refinery utilization 88%, with the SATORP refinery in Saudi Arabia returning progressively to nominal capacity (6-K, 29 Oct 2026).
- Management outlook: ExxonMobil expects refined product markets to stay disrupted well into 2027 (Q3 2026 call, 30 Oct 2026).
Table 3.1 Refining and downstream results against competitors, Q3 2026 ($bn)
| Company and measure | Period | Detail | Value | Growth (%) |
|---|---|---|---|---|
| ExxonMobil Energy Products earnings | Q3 2026 | indicative margin $50.3/b against $17.5/b | 7.17 | 289.6 |
| Chevron Downstream earnings | Q3 2026 | US downstream $3.58bn against $638m | 4.93 | 333.7 |
| Shell Chemicals and Products adjusted earnings | Q3 2026 | Refinery utilisation 96% against 102% in Q2 2026 (low Rhine water levels at Rheinland) | 3.86 | 600.9 |
| TotalEnergies Refining & Chemicals adjusted net operating income | Q3 2026 | European Refining Margin $33.2/b against $8.4/b | 3.60 | 424.2 |
| BP products, underlying before interest and tax | Q3 2026 | Refining indicator margin $46.7/b against $15.8/b | 5.73 | 942.8 |
| Valero refining operating income | Q3 2026 | Margin pct = operating income / refining margin ($10.73bn) | 8.78 | 445.5 |
| Phillips 66 refining adjusted pretax earnings | Q3 2026 | Realized margin $38.00/b against $12.15/b | 6.06 | 1,309.3 |
ExxonMobil and Chevron after tax US GAAP; Shell and TotalEnergies adjusted after tax and include chemicals; BP before interest and tax; Valero and Phillips 66 pretax. Valero margin on the refining segment.
4 Chemical & Specialty Products: Margins Below the 10 Year Range
- Chemical Products earnings $0.74bn in Q3 2026, +42.7%, after $1.13bn in Q2 2026; sales 4,888 kt, (11.4%). Specialty Products $1.29bn, +73.6%, on sales of 1,737 kt, (10.1%).
- 9M 2026 Chemical and Specialty earnings $4.9bn, +49.5%; Q2 2026 third party revenue of the two segments $12.2bn, +19.3%. FY2025 Chemical Products earned $0.8bn, against $7.0bn in FY2021.
- Markers: North American polyethylene $998/t in Q3 2026, after $1,454/t in Q2 2026 and $812/t in Q3 2025; Asia Pacific $990/t against $840/t. The 8-K of 16 Oct 2026 put the Chemical Products margin effect against Q2 2026 at ($0.6bn) and Specialty Products at +$0.5bn.
- Middle East share: about 5% of ExxonMobil refining and chemical capacity sits in the Middle East, incl. a 200 kbd share of Yanbu (8-K of 8 Apr 2026, Ex 99.2); Al Jubail Petrochemical is a 50% affiliate.
How the chemicals market is changing
- Margins stay low despite supply loss: the Q2 2026 Form 10-Q says chemical margins improved but stayed below the bottom of the 10 year range, with regional supply constraints affecting product availability mostly in Asia.
- Prices fell back in Q3: LyondellBasell reports lower Olefins and Polyolefins Americas profitability against Q2 2026 on lower polymer and olefin prices (8-K, 30 Oct 2026); ExxonMobil's North American polyethylene marker fell from $1,454/t to $998/t.
- Capacity closures in Europe: Dow reports local prices +14% and volume (1%), with volumes higher in all regions except Asia Pacific, where Middle East conflict impacts were most pronounced, and gains from the first of three European asset shutdowns (8-K, 22 Oct 2026).
Table 4.1 Chemicals results against competitors, Q3 2026 ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) |
|---|---|---|---|---|
| ExxonMobil Chemical Products earnings | Q3 2026 | sales 4,888 kt, (11.4%) | 0.74 | 42.7 |
| ExxonMobil Specialty Products earnings | Q3 2026 | sales 1,737 kt, (10.1%) | 1.29 | 73.6 |
| Dow Packaging & Specialty Plastics operating EBIT | Q3 2026 | Segment sales $5.78bn (+18%) | 0.59 | 194.0 |
| LyondellBasell EBITDA excl. identified items | Q3 2026 | Sales $8.50bn (+10.0%) | 1.51 | 81.1 |
| Phillips 66 Chemicals pretax earnings (CPChem share) | Q3 2026 | Global O&P utilization 92% | 0.31 | 76.7 |
| Shell chemicals sales volumes | Q3 2026 | plant utilisation 84% | 2,369 kt | 10.3 |
ExxonMobil after tax US GAAP; Dow and LyondellBasell pretax measures; Phillips 66 pretax share of CPChem. TotalEnergies reports chemicals inside Refining & Chemicals.
5 Financial Analysis & Ratios
- Margin on pretax income plus interest 14.6% TTM against 12.9% in FY2025 and 19.7% in FY2022; Q3 2026 19.4% against 13.2%. ExxonMobil reports no operating income line, so this report uses income before income taxes plus interest expense in its place.
- Earnings TTM $40.6bn, 10.5% of revenue; 9M 2026 $34.1bn against $22.3bn in 9M 2025. The effective tax rate moved from 40% in Q1 2026 to 24% in Q2 and 26% in Q3 on jurisdiction mix.
- Additions to property, plant and equipment TTM $27.6bn, 7.1% of revenue against 4.4% in FY2021; cash capex on the company definition $20.0bn in 9M 2026 against 2026 guidance of $27bn to $29bn.
- Balance sheet at 30 Sep 2026 (preliminary): total debt $34.3bn against $43.5bn at FY2025; cash $12.2bn; net debt $22.1bn; receivables $66.5bn against $44.6bn on higher prices. Earnings reinvested fell to $237.3bn because the 1 Jul 2026 merger cancelled 3.84bn treasury shares; total equity was unchanged by the merger.
- Capital returns TTM: buybacks $20.5bn and dividends $17.3bn, together 88% of free cash flow; diluted shares 4.14bn in Q3 2026 against 4.29bn a year earlier.
Table 5.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Revenue | 276.7 | 398.7 | 334.7 | 339.2 | 323.9 | 388.2 |
| Selling, general and administrative | 9.6 | 10.1 | 9.9 | 10.0 | 11.1 | 10.9 |
| Operating income | 32.2 | 78.6 | 53.6 | 49.9 | 41.9 | 56.5 |
| Net income | 23.0 | 55.7 | 36.0 | 33.7 | 28.8 | 40.6 |
| Diluted EPS ($) | 5.39 | 13.26 | 8.89 | 7.84 | 6.70 | 9.71 |
| Operating cash flow | 48.1 | 76.8 | 55.4 | 55.0 | 52.0 | 70.6 |
| Capital expenditure | (12.1) | (18.4) | (21.9) | (24.3) | (28.4) | (27.6) |
| Free cash flow | 36.1 | 58.4 | 33.5 | 30.7 | 23.6 | 43.0 |
| Stock based compensation | 0.6 | 0.6 | 0.6 | 0.8 | 1.0 | n/a |
| Cash and investments | 6.8 | 29.6 | 31.5 | 23.0 | 10.7 | 12.2 |
| Total debt | 47.7 | 41.2 | 41.6 | 41.7 | 43.5 | 34.3 |
| Total equity | 175.7 | 202.5 | 212.5 | 270.6 | 266.6 | 272.5 |
Operating income is income before income taxes plus interest expense, as ExxonMobil reports no operating income line. Revenue is sales and other operating revenue. Net income is attributable to ExxonMobil. Capital expenditure is additions to property, plant and equipment. Total equity includes noncontrolling interests. TTM equals Q4 2025 plus Q1 to Q3 2026; Q3 2026 and the 30 Sep 2026 balance sheet are preliminary (Form 8-K of 30 Oct 2026). Stock based compensation is disclosed only annually.
Table 5.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 83.33 | 110.50 | 32.6% |
| Operating income ($bn) | 11.02 | 21.42 | 94.3% |
| Net income ($bn) | 7.55 | 15.41 | 104.2% |
| Diluted EPS ($) | 1.76 | 3.72 | 111.4% |
| Operating cash flow ($bn) | 14.79 | 25.65 | 73.5% |
| Free cash flow ($bn) | 6.06 | 18.47 | 204.8% |
| Operating margin (%) | 13.2 | 19.4 | 6.2 pts |
| Net margin (%) | 9.1 | 13.9 | 4.9 pts |
Table 5.3 Ratio analysis
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Growth and margins | ||||||
| Revenue growth (%) | n/a | 44.1 | (16.0) | 1.4 | (4.5) | n/a |
| Operating margin (%) | 11.6 | 19.7 | 16.0 | 14.7 | 12.9 | 14.6 |
| Net margin (%) | 8.3 | 14.0 | 10.8 | 9.9 | 8.9 | 10.5 |
| FCF margin (%) | 13.0 | 14.6 | 10.0 | 9.1 | 7.3 | 11.1 |
| Cost and investment intensity | ||||||
| SBC (%) revenue | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | n/a |
| Capex (%) revenue | 4.4 | 4.6 | 6.5 | 7.2 | 8.8 | 7.1 |
| Effective tax rate (%) | 24.4 | 25.9 | 29.2 | 28.3 | 27.9 | 24.6 |
| Returns | ||||||
| ROE (%) | 13.1 | 29.5 | 17.4 | 13.9 | 10.7 | 14.9 |
| ROA (%) | 6.8 | 15.7 | 9.7 | 8.1 | 6.4 | 8.6 |
| ROIC (%) | 11.2 | 27.2 | 17.1 | 12.4 | 10.1 | 14.5 |
| Asset turnover (x) | 0.82 | 1.08 | 0.89 | 0.75 | 0.72 | 0.82 |
| Liquidity and leverage | ||||||
| Current ratio (x) | 1.04 | 1.41 | 1.48 | 1.31 | 1.15 | 1.19 |
| Debt to equity (x) | 0.27 | 0.20 | 0.20 | 0.15 | 0.16 | 0.13 |
| Net cash ($bn) | (40.9) | (11.6) | (10.0) | (18.7) | (32.9) | (22.1) |
| Efficiency and cash quality | ||||||
| Days sales outstanding | 43 | 38 | 41 | 47 | 50 | 63 |
| Inventory days | 44 | 39 | 47 | 43 | 52 | 39 |
| FCF to net income (x) | 1.56 | 1.05 | 0.93 | 0.91 | 0.82 | 1.06 |
| Shareholder returns (%) FCF | 42 | 52 | 98 | 118 | 159 | 88 |
Operating margin uses income before income taxes plus interest expense. ROE and ROA use average balances for FY2022 to FY2025 and period end balances for FY2021 and TTM; equity includes noncontrolling interests. Gross margin is omitted because ExxonMobil reports no gross profit.
Table 5.4 Valuation snapshot at $187.02 per share, 30 Oct 2026
| Measure | Value |
|---|---|
| Market cap ($bn) | 762.9 |
| Enterprise value ($bn) | 785.0 |
| P/E (TTM) (x) | 19.3 |
| EV/Sales (TTM) (x) | 2.0 |
| EV/EBITDA (TTM) (x) | 9.1 |
| FCF yield (%) | 5.6 |
| Price/Book (x) | 2.9 |
Cost structure and profitability
- Crude oil and product purchases are the largest cost: 56.9% of FY2025 revenue against 57.4% in FY2022; the cost moves with oil and product prices, so the margin depends on the spread between purchase and sales prices.
- Total costs and other deductions $91.9bn in Q3 2026, +23.6%, against total revenues and other income +32.7%; pretax margin 18.8% against 12.8%.
- Production and manufacturing 13.1% of FY2025 revenue against 13.0% in FY2021; depreciation and depletion 8.0% against 7.4%, after the Pioneer acquisition. Q2 2026 depreciation of $8.7bn includes impairments of $1.08bn after tax.
- Structural cost savings $16.9bn against 2019 at Q3 2026, $1.8bn of them added in 9M 2026; target $20bn by 2030. Turnarounds cost about 30% less and took 60% less time than in the prior cycle (Q2 2026 call).
- Adjusted earnings exceed GAAP earnings by $6.8bn in 9M 2026: estimated timing effects from derivative mark to market and inventory mismatches were ($3.94bn) and identified items ($2.90bn). From 2026 the company headline measure excludes both.
- Operating cash flow $25.7bn in Q3 2026 against $14.8bn, with additions to property, plant and equipment of $7.2bn, 6.5% of revenue.
Table 5.5 Cost lines as % of sales and other operating revenue, FY2021 to FY2025
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Crude oil and product purchases (% of revenue) | 56.1 | 57.4 | 57.7 | 58.8 | 56.9 |
| Production and manufacturing (% of revenue) | 13.0 | 10.7 | 11.0 | 11.7 | 13.1 |
| Other taxes and duties (% of revenue) | 10.9 | 7.0 | 8.7 | 7.7 | 7.8 |
| Depreciation and depletion (% of revenue) | 7.4 | 6.0 | 6.2 | 6.9 | 8.0 |
| Selling, general and administrative (% of revenue) | 3.5 | 2.5 | 3.0 | 2.9 | 3.4 |
| Exploration (% of revenue) | 0.4 | 0.3 | 0.2 | 0.2 | 0.3 |
| Additions to property, plant and equipment (% of revenue) | 4.4 | 4.6 | 6.5 | 7.2 | 8.8 |
| Pretax income plus interest (% of revenue) | 11.6 | 19.7 | 16.0 | 14.7 | 12.9 |
Table 5.6 Earnings to adjusted earnings, 2026 ($bn unless stated)
| Line | Q1 2026 | Q2 2026 | Q3 2026 | 9M 2026 |
|---|---|---|---|---|
| Earnings (US GAAP) | 4.18 | 14.53 | 15.41 | 34.12 |
| less identified items | (0.71) | (2.64) | 0.45 | (2.90) |
| less estimated timing effects | (3.88) | 2.48 | (2.54) | (3.94) |
| Adjusted earnings | 8.77 | 14.68 | 17.51 | 40.96 |
| Adjusted EPS ($) | 2.09 | 3.52 | 4.23 | 9.82 |
Identified items 9M 2026: impairments ($1.08bn), additions to financial reserves ($1.57bn), Middle East impacts ($921m), gain on US Upstream asset sale +$675m. 9M 2026 adjusted EPS is the company year to date figure. Q3 2026 preliminary.
Table 5.7 Cash flow and shares, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Operating cash flow ($bn) | 14.79 | 12.68 | 8.71 | 23.56 | 25.65 |
| Additions to property, plant and equipment ($bn) | (8.73) | (7.45) | (6.47) | (6.53) | (7.18) |
| Free cash flow, CFO less additions ($bn) | 6.06 | 5.23 | 2.24 | 17.03 | 18.47 |
| Free cash flow, company definition ($bn) | 6.33 | 5.57 | 2.70 | 17.24 | 19.11 |
| Dividends ($bn) | (4.24) | (4.37) | (4.33) | (4.30) | (4.26) |
| Diluted shares (m) | 4,285 | 4,238 | 4,202 | 4,174 | 4,140 |
The company definition of free cash flow adds other investing flows excluding acquisition cash and noncontrolling interest inflows. Q3 2026 preliminary.
6 MD&A & Management Commentary
Q3 2026 results release (preliminary) and earnings call
- Q3 2026 (8-K of 30 Oct 2026): earnings $15.4bn, $3.72 per share; adjusted earnings $17.5bn, $4.23; operating cash flow $25.7bn; distributions $9.4bn ($4.3bn dividends, $5.1bn buybacks). Identified items +$449m, incl. a $675m gain on the sale of US Upstream assets; timing effects ($2.54bn).
- Change against Q2 2026 (earnings considerations, 8-K of 16 Oct 2026): margins +$4.4bn (Energy Products +$4.5bn, Chemical Products ($0.6bn), Specialty Products +$0.5bn), liquids prices ($1.3bn), gas prices +$0.3bn, external impacts on operations ($0.6bn), entitlements and other factors ($0.9bn).
- Upstream: adjusted earnings $7.3bn against $9.2bn in Q2 2026 on lower prices and earlier Guyana entitlement effects; production 4,496 koebd. Management said the Permian reached its year end target slightly ahead of schedule and the Uaru vessel in Guyana starts in Q4 2026.
- Energy Products (call): US Gulf Coast crude unit utilization 100%, global utilization about 84%; diesel yield about 3.5 points above 2019, worth about $1.5bn of Q3 margin; the Gulf Coast reconfiguration is to add about 100 kbd of distillate yield.
- Middle East (call): volume loss concentrated in Qatar LNG, where two trains were damaged; UAE production near prior levels with sales deferred by export logistics; management expects the disruption to last well into 2027.
- Q2 2026 Form 10-Q MD&A: Upstream price effect +$4.65bn, advantaged volume growth +$1.14bn and Middle East volume ($1.06bn); Energy Products margins +$3.18bn and Middle East volume ($310m); markets shaped by Middle East supply disruptions and global refining capacity reductions.
- Q2 2026 call (31 Jul 2026): about 10% of upstream production temporarily lost to the disruption; management said the investment of about $55bn in Guyana has been recovered and that it is suing the EU over windfall taxes.
Table 6.1 Company outlook and every 2026 revision, as filed or stated on the call
| Item | Outlook | Source |
|---|---|---|
| 2026 cash capex | $27bn to $29bn, unchanged through 2026; 9M 2026 actual $20.0bn | Q4 2025 release (30 Jan 2026); reaffirmed Q1 2026 release and Q2 2026 Form 10-Q |
| 2027 capex | not given; 2027 planning metrics to follow in a release later in Q4 2026 | Q3 2026 call, 30 Oct 2026 |
| Share buybacks | $20bn in 2026 (9M 2026: $15.1bn); $20bn planned for 2027, both assuming reasonable market conditions | Q4 2025 release; Q3 2026 release |
| Dividend | Q4 2026 $1.07 per share, up from $1.03; payable 10 Dec 2026 | 8-K of 30 Oct 2026, Ex 99.1 |
| Middle East impact | 8 Apr 2026: Middle East assets are about 20% of global production; certain Qatar and UAE assets disrupted from Mar 2026; Q1 production expected about 6% below Q4 2025. 30 Oct 2026: disruption expected well into 2027 | 8-K of 8 Apr 2026, Ex 99.2; Q3 2026 call |
| Structural cost savings | $20bn against 2019 by 2030 (raised by $2bn in Dec 2025); $16.9bn reached at Q3 2026 | Corporate plan release, 9 Dec 2025; Q4 2025 and Q3 2026 releases |
| 2030 plan | earnings growth $25bn and cash flow growth $35bn against 2024 at constant prices and margins; production 5.5 Moebd by 2030 | Corporate plan release, 9 Dec 2025 |
| Pioneer synergies | $4bn a year, double initial estimates | Corporate plan release, 9 Dec 2025; Q3 2026 call |
| LNG projects | Golden Pass Train 2 substantial completion targeted Dec 2026, Train 3 mechanical completion about mid 2027; Rovuma LNG decision targeted by end 2026 | Q3 2026 release and call |
| Corporate and Financing expenses | Q2 2026 $700m to $900m; Q3 2026 $0.8bn to $1.0bn (actual $864m) | Q1 2026 and Q2 2026 call remarks |
Management and CFO commentary
- CFO Neil Hansen, Q1 2026 call (1 May 2026): Energy Products earned $2.8bn before timing effects and identified items, about $2bn above Q1 2025; negative timing effects reflect rising prices and accounting rules.
- Q1 2026 financial remarks: operating cash flow $8.7bn, $13.8bn before margin postings; cash capex $6.2bn; net debt to capital 13%, net debt to EBITDA 0.4x.
- CFO, Q2 2026 call (31 Jul 2026): Guyana has recovered the $55bn investment plus operating costs; Guyana free cash flow in 2030 expected at about twice 2025; 83 four mile Permian wells drilled in H1 2026.
- CFO, Q3 2026 call (30 Oct 2026): Pioneer synergies expected at $4bn a year; 2027 planning metrics to follow later in Q4 2026; net debt fell more than $9bn in the quarter to $22.1bn.
- Q4 2025 financial remarks (Jim Chapman, Treasurer and Investor Relations): 2025 cash capex $26.4bn excluding acquisitions; advantaged volume growth and structural cost savings added $2.3bn each to 2025 earnings.
- CEO Darren Woods, 8-K Ex 99.1 of 30 Oct 2026: distillate production up about 40% since 2019 after Gulf Coast investments; $16.9bn of structural cost savings since 2019.
Table 6.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| Darren Woods, Chairman and CEO | 30 Oct 2026, Form 8-K Ex 99.1, results release | “Quarter after quarter, the evidence of a stronger business builds” |
| Darren Woods, Chairman and CEO | 1 May 2026, Form 8-K Ex 99.1, results release | “built to perform through disruption and across market cycles” |
| Darren Woods, Chairman and CEO | 30 Jan 2026, Form 8-K Ex 99.1, results release | “ExxonMobil is a fundamentally stronger company than it was just a few years ago” |
Table 6.3 Key disclosures in the Forms 10-K, 10-Q and 8-K
| Item | Disclosure |
|---|---|
| 10-K FY2025 overview (0000034088-26-000045, filed 18 Feb 2026) | FY2025 sales and other operating revenue $323.9bn (-4.5%), net income $28.84bn ($6.70/share) against $33.68bn; CFO $51.97bn; additions to PP&E $28.36bn; buybacks $20.27bn; dividends $17.23bn; ROCE 9.3%. |
| Segments (Item 1 / segment note) | Four segments: Upstream (FY2025 earnings $21.35bn), Energy Products ($7.42bn), Chemical Products ($800m), Specialty Products ($2.86bn), plus Corporate and Financing (-$3.59bn). Energy Products is 75% of external sales ($244.5bn of $323.9bn). US 42% and outside the US 58% of sales; Canada $27.36bn. |
| Item 3 / Note 7 litigation | Climate change suits by US state and local governments and Louisiana coastal erosion suits; company states the likelihood of material adverse outcome is remote. Guarantees at Dec 31 2025 $6.85bn (equity company $667m, third party $6.18bn), non debt related. Environmental disclosure threshold $1m. |
| Note 12 long term debt | Long term debt $34.24bn at Dec 31 2025 ($26.4bn US dollars, $7.8bn foreign currency); $6.2bn current portion; maturities 2027 $2.5bn, 2028 $1.7bn, 2029 $1.7bn, 2030 $5.3bn; $3.5bn of euro debt designated as net investment hedge; finance leases and other $6.31bn; unused long term credit lines $1.0bn. |
| MD&A market overview Q2 2026 | Market conditions shaped by Middle East supply disruptions and global refining capacity reductions; industry refining margins sharply above the 2010 to 2019 range; chemical margins improved but below the bottom of the 10 year range; gas prices above the 10 year average. |
| Upstream Q2 2026 drivers | Price +$4.65bn, advantaged volume growth (Guyana, Permian) +$1.14bn, Middle East volume ($1.06bn), higher depreciation ($690m), structural savings +$170m, timing ($180m), financial reserves ($1.20bn). Production 4,514 koebd, down 116 koebd against Q2 2025 on Middle East disruption, mostly offset by Permian and Guyana. |
| Energy Products Q2 2026 drivers | Margins +$3.18bn, advantaged volume +$270m, Middle East volume ($310m), timing effects +$2.56bn, identified items ($1.18bn) (mainly impairments). Refinery throughput 3,562 kbd against 3,936 kbd. |
| Liquidity Q2 2026 | H1 2026 CFO $32.3bn; buybacks $10.0bn for 66.7m shares; dividends $8.6bn; total debt $42.4bn (debt to capital 13.7%, net debt to capital 10.7%); undrawn short term credit lines $7.4bn and long term $0.3bn; 2026 capex plan $27bn to $29bn. |
| Taxes Q2 2026 | Effective tax rate 24% (Q2 2025 34%); H1 29% against 34%, on mix of jurisdictions. |
| Q3 2026 balance sheet (8-K) | Total debt fell to $34.3bn and net debt to $22.1bn at Sep 30 2026 from $43.5bn and $32.9bn at Dec 31 2025; receivables rose to $66.53bn from $44.56bn on higher prices; XTO 2036 to 2038 notes redeemed Sep 27 2026. |
| Legal Q2 2026 | Part II Item 1 refers to Note 7; $1m environmental threshold. Management stated on the Q2 call that it is suing the EU over windfall taxes. |
7 Sector & Competitor Analysis
- Sector: integrated oil and gas, where upstream production, refining and chemicals sit in one company. In Q3 2026 every large peer reported higher refining earnings as capacity losses lifted margins, while upstream volumes fell for most.
- Earnings Q3 2026: ExxonMobil $15.4bn (adjusted $17.5bn), Shell $12.1bn ($10.8bn), Chevron $9.9bn ($10.4bn), TotalEnergies $8.3bn ($9.1bn), BP $4.7bn (underlying $8.5bn).
- Refining growth: ExxonMobil Energy Products +289.6% against Chevron Downstream +333.7%, TotalEnergies Refining & Chemicals +424.2%, Shell Chemicals and Products +600.9% and BP products +942.8%.
- Upstream growth: ExxonMobil +24.8% against Shell +76.8%, Chevron +72.6%, BP +53.7% and TotalEnergies +45.6%; ExxonMobil Q3 2026 includes a $675m asset sale gain and timing effects.
- Valuation and balance sheet: ExxonMobil market value $762.9bn, 19.3x TTM EPS and 2.02x EV/Sales; net debt $22.1bn against Shell $39.7bn (gearing 16.6%); TotalEnergies gearing 9.1%.
Table 7.1 Market value of integrated oil peers, 30 Oct 2026 ($bn)
| Company | Market value ($bn) |
|---|---|
| XOM | 763 |
| CVX | 466 |
| SHEL | 305 |
| TTE | 214 |
| BP | n/a |
Market value at last trades of 30 Oct 2026. Shell and TotalEnergies values are approximate, from share counts derived from their filings. BP share count was not retrieved, so its market value is not shown and its bubble in the chart is not to scale.
Table 7.2 Integrated oil companies, Q3 2026 results ($bn unless stated)
| Company | Earnings | Adjusted earnings | Earnings 9M 2026 | Operating cash flow | Upstream growth (%) | Refining growth (%) | Market value |
|---|---|---|---|---|---|---|---|
| ExxonMobil | 15.41 | 17.51 | 34.12 | 25.7 | 24.8 | 289.6 | 762.9 |
| Chevron | 9.92 | 10.36 | 24.21 | 16.0 | 72.6 | 333.7 | 466.1 |
| Shell | 12.06 | 10.81 | 28.57 | 21.0 | 76.8 | 600.9 | 305.0 |
| TotalEnergies | 8.26 | 9.10 | 19.51 | 15.4 | 45.6 | 424.2 | 214.1 |
| BP | 4.70 | 8.46 | 12.45 | n/a | 53.7 | 942.8 | n/a |
Earnings attributable to shareholders; BP profit attributable and underlying replacement cost profit as adjusted measure. Adjusted definitions differ by company. Segment growth uses the measures in chapters 2 and 3. BP operating cash flow and market value were not retrieved.
8 Material Events & Contracts
- 20 Forms 8-K and one successor registrant Form 8-K in twelve months: five results releases, four earnings considerations, three floating rate notes offerings, the XTO Energy notes redemption, the holding company merger, four officer and director notices, the corporate plan notice and the annual meeting results.
- Holding company merger (1 Jul 2026): shareholders approved the move to Texas with 71.2% of votes cast; ExxonMobil Holdings became the successor registrant and guarantor of all notes under the 2014 indenture; shares trade as XOM from 2 Jul 2026.
- Middle East update (8-K of 8 Apr 2026, Ex 99.2): Middle East assets are about 20% of global production; certain Qatar and UAE assets disrupted from Mar 2026; two Qatar LNG trains damaged; timing effects change of ($4.9bn) to ($3.5bn) against Q4 2025 with matching cash margin outflows.
- Debt: $467.1m of floating rate notes due 2075 and 2076 issued in three offerings; $626.5m of XTO Energy notes due 2036 to 2038 redeemed on 27 Sep 2026; total debt fell from $43.5bn to $34.3bn in 9M 2026.
Table 8.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 31 Oct 2025 | 2.02, 7.01 | Q3 2025 results: earnings $7.55bn ($1.76/share), excluding identified items $8.06bn ($1.88); CFO $14.79bn; production 4,769 koebd; Permian almost 1.7 Moebd and Guyana above 700 kbd gross. |
| 3 Nov 2025 | 5.02 | Greg C. Garland elected non employee director effective Nov 3 2025 (Audit and Finance committees). |
| 13 Nov 2025 | 8.01, 9.01 | Underwriting agreement (Nov 7 2025) for $111.9m Floating Rate Notes due 2075. |
| 18 Nov 2025 | 8.01 | Notice that Corporate Plan with capital plans to 2030 would be released Dec 9 2025. |
| 9 Dec 2025 | 5.02 | CFO Kathryn A. Mikells to retire Feb 1 2026 for health reasons; Neil A. Hansen (51) named SVP and CFO effective Feb 1 2026. |
| 7 Jan 2026 | 7.01 | Q4 2025 earnings considerations (market and planned factors against Q3 2025). |
| 30 Jan 2026 | 2.02, 7.01 | Q4 and FY2025 results: FY earnings $28.84bn ($6.70), ex identified items $30.11bn; Q4 $6.50bn; FY CFO $51.97bn, FCF $26.13bn; distributions $37.2bn ($17.2bn dividends, $20.0bn buybacks); 2026 cash capex $27bn to $29bn; Q1 dividend $1.03. |
| 20 Feb 2026 | 5.02 | Director Jeffrey W. Ubben not standing for reelection at May 27 2026 meeting, for reasons unrelated to the company. |
| 31 Mar 2026 | 8.01, 9.01 | Underwriting agreement (Mar 26 2026) for $169.3m Floating Rate Notes due 2076. |
| 8 Apr 2026 | 7.01 | Q1 2026 earnings considerations (market and planned factors against Q4 2025). |
| 1 May 2026 | 2.02, 7.01 | Q1 2026 results: earnings $4.18bn ($1.00) after $3.88bn unfavorable timing effects and $706m Middle East hedge loss identified item; ex both $8.77bn ($2.09); CFO $8.71bn ($13.8bn ex margin postings); production 4,594 koebd; Golden Pass Train 1 first LNG. |
| 4 May 2026 | 5.02 | Len M. Fox (VP, Controller and Tax) to retire Jul 1 2026; Susan Buchanan named VP and Chief Accounting Officer. |
| 29 May 2026 | 5.07 | Annual meeting May 27 2026: all 12 directors elected; say on pay 92.9%; Texas redomiciliation approved 71.2%; independent chair proposal 15.2%; retail voting program proposal 23.5%. |
| 1 Jul 2026 | 1.01, 2.01, 3.01, 3.03, 5.02, 5.03, 9.01 | Exxon Mobil Corporation: completion of Texas redomiciliation merger; shares exchanged one for one into ExxonMobil Holdings; listing transferred; subsidiary board reconstituted. |
| 1 Jul 2026 | 1.01, 2.01, 2.03, 3.03, 5.02, 5.03, 9.01 | ExxonMobil Holdingsoration becomes successor registrant; guarantees Exxon Mobil Corporation notes; Texas Certificate of Formation and bylaws effective. |
| 7 Jul 2026 | 7.01 | Q2 2026 earnings considerations (market and planned factors against Q1 2026). |
| 31 Jul 2026 | 2.02, 7.01 | Q2 2026 results: earnings $14.53bn ($3.48); adjusted $14.68bn ($3.52); $1.08bn impairments and $1.36bn financial reserves identified; CFO $23.55bn; FCF $17.24bn; record Permian above 1.8 Moebd; production 4,514 koebd. |
| 28 Aug 2026 | 8.01, 9.01 | XTO Energy called for redemption on Sep 27 2026 all 6.10% notes due 2036, 6.75% notes due 2037 and 6.375% notes due 2038 at par plus make whole. |
| 25 Sep 2026 | 8.01, 9.01 | Underwriting agreement (Sep 23 2026) for $185.9m Floating Rate Notes due 2076 issued by Exxon Mobil Corporation, guaranteed by Holdings. |
| 16 Oct 2026 | 7.01 | Q3 2026 earnings considerations: margins +$4.4bn against Q2, liquids price ($1.3bn), timing effects ($2.5bn), divestment gain +$0.7bn; diluted shares about 4.14bn. |
| 30 Oct 2026 | 2.02, 7.01 | Q3 2026 results: earnings $15.41bn ($3.72); adjusted $17.51bn ($4.23); CFO $25.65bn; FCF $19.11bn; distributions $9.4bn; Q4 dividend raised to $1.07; $20bn buybacks planned for 2027; net debt $22.1bn. |
Table 8.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| Senior notes (2014 indenture) | Long term debt $29.7bn and notes and loans payable $4.5bn at 30 Sep 2026; Exxon Mobil Corporation remains the issuer and ExxonMobil Holdings fully and unconditionally guarantees all 19 note series (second supplemental indenture, 1 Jul 2026). Maturities: 2027 $2.5bn, 2028 $1.7bn, 2029 $1.7bn, 2030 $5.3bn (FY2025 Form 10-K). |
| Floating rate notes due 2075 and 2076 | $111.9m (Nov 2025), $169.3m (Mar 2026) and $185.9m (Sep 2026, guaranteed by the parent); Compounded SOFR minus 0.450%; underwriters buy at 99.000%; holder repayment option at 98.000%; company calls from 2055 and 2056. |
| XTO Energy notes redeemed | 6.10% due 2036 ($174.4m), 6.75% due 2037 ($252.4m) and 6.375% due 2038 ($199.7m), $626.5m in total, redeemed on 27 Sep 2026 at par plus make whole amount. |
| Holding company merger (1 Jul 2026) | Merger agreement in the proxy statement of 8 Apr 2026; one for one share exchange; new Texas charter: 9bn common and 200m preferred shares, $0.001 par; special meetings at 15% of voting power; Texas Business Court named as forum for certain disputes. |
| Pioneer and Parsley notes | Remaining at 31 Dec 2025: 7.200% due 2028 $247m, 1.900% due 2030 $958m, 2.150% due 2031 $869m and Parsley 4.125% due 2028 $133m. |
| Guarantees and credit lines | Guarantees $6.9bn at 31 Dec 2025, not debt related; undrawn short term credit lines $7.4bn and long term $0.3bn at 30 Jun 2026. |
9 Ownership, Voting Power & Annual Meeting
- One share class, one vote per share; no controlling holder. Schedules 13G: Vanguard Capital Management 7.62%, BlackRock 7.2% (both at 30 Sep 2026) and State Street 5.0% (30 Jun 2026). Shares outstanding 4.08bn at 30 Sep 2026.
- 2026 annual meeting (27 May 2026, virtual): 87.8% of shares voted; all 12 directors elected with 96.2% to 98.7% of votes cast; say on pay 92.9%; the move of incorporation to Texas passed with 71.2%; the independent chair proposal received 15.2% and the retail voting program proposal 23.5%.
- Voluntary Retail Voting Program: about 100,000 retail holders with over 150m shares give standing instructions to vote with the board (annual meeting Q&A); the instructions did not apply to the Texas vote.
- Insiders, 12 months: no open market purchases; open market sales of about $2.4m, all by Darrin L. Talley (VP Corporate Strategic Planning), 17,460 shares at $117.19 to $157.82 between Dec 2025 and Mar 2026. Other filings were director grants, tax withholding on vesting and gifts. No Forms 4 under the new parent's index key were returned for Jul to Oct 2026.
- Board and officers: CFO Kathryn Mikells retired on 1 Feb 2026 for health reasons and Neil Hansen succeeded her; Chief Accounting Officer Len Fox retired on 1 Jul 2026 (successor Susan Buchanan); Greg Garland joined the board in Nov 2025; Jeffrey Ubben left in May 2026.
Table 9.1 Annual meeting vote results, 27 May 2026
| Proposal | For (bn votes) | Against (bn votes) | Abstain (bn votes) | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect Angela F. Braly | 3.024 | 0.119 | 0.014 | 96.2 | Elected |
| Elect Gregory C. Garland | 3.100 | 0.042 | 0.015 | 98.7 | Elected |
| Elect Lawrence W. Kellner | 3.044 | 0.097 | 0.016 | 96.9 | Elected |
| Elect Darren W. Woods | 3.023 | 0.120 | 0.014 | 96.2 | Elected |
| Ratify independent auditors (PricewaterhouseCoopers) | 3.494 | 0.131 | 0.012 | 96.4 | Approved |
| Advisory vote on executive compensation | 2.907 | 0.223 | 0.027 | 92.9 | Approved |
| Move of incorporation to Texas (holding company merger) | 2.216 | 0.897 | 0.030 | 71.2 | Approved |
| Shareholder proposal: independent chair | 0.475 | 2.645 | 0.037 | 15.2 | Rejected |
| Shareholder proposal: modify Voluntary Retail Voting Program | 0.710 | 2.305 | 0.143 | 23.5 | Rejected |
For as % of votes cast excludes abstentions, as under New Jersey law at the time of the meeting. Broker non votes 479.6m on each item except the auditor (none) and the Texas proposal (493.5m).
Remarks at the 2026 annual meeting
- Virtual meeting of 27 May 2026: CEO Darren Woods cited 2025 earnings of almost $29bn, operating cash flow of $52bn and $37.2bn returned to shareholders; the company engaged holders of about 46% of shares outstanding.
- Questions (about 250 received) covered returns, the retail voting program, lower 2025 earnings, carbon capture economics and the Middle East; on carbon capture, Woods said he does not know when it will be profitable without government support.
Table 9.2 Largest holders, Schedules 13G
| Holder | Shares (m) | % of class | Filing |
|---|---|---|---|
| Vanguard Capital Management | 313.6 | 7.62 | Schedule 13G 0002100119-26-001597, filed 30 Oct 2026 |
| BlackRock, Inc. | 297.5 | 7.20 | Schedule 13G 0002012383-26-003778, filed 27 Oct 2026 |
| State Street Corporation | 207.0 | 5.00 | Schedule 13G 0000093751-26-000461, filed 7 Aug 2026 |
Vanguard reports through separate units since Jan 2026; The Vanguard Group filed an amended Schedule 13G showing no shares after the change. The State Street filing has an event date of 30 Jun 2026 and was filed under the old registrant.
10 Risk Factors
- Item 1A of the FY2025 Form 10-K holds 23 headed risk factors, as in FY2024; none were added or removed and 14 were reworded. The Forms 10-Q for Q1 and Q2 2026 contain no Part II Item 1A section; the Q3 2026 Form 10-Q was not filed by 31 Oct 2026.
Table 10.1 Risk factors and disclosures with filed figures
| Risk | Disclosure and change |
|---|---|
| Middle East supply disruption | Middle East assets are about 20% of global production; certain Qatar and UAE assets disrupted from Mar 2026; Q2 2026 Upstream volume effect ($1.06bn); 9M 2026 Middle East identified items ($921m), mostly hedge losses on shipments that could not be made. The FY2025 Form 10-K added armed hostilities and changes in shipping routes to the economic conditions factor. |
| Commodity prices and margins | Brent $97.01/b in Q3 2026 against $63.69/b in Q4 2025; indicative refining margin $50.3/b against $11.5/b in Q1 2025. The 10-Q describes industry refining margins sharply above the 2010 to 2019 range. |
| Timing effects and derivatives | Estimated timing effects ($3.88bn) in Q1, +$2.48bn in Q2 and ($2.54bn) in Q3 2026; Q1 2026 operating cash flow of $8.7bn was $13.8bn before derivative margin postings. |
| Windfall and punitive taxes | Risk factors name windfall and punitive taxes and extraterritorial rules; management said on the Q2 2026 call that it is suing the EU over windfall taxes. FY2025 income and other taxes $40.4bn. |
| Financial reserves | Additions to financial reserves ($1.57bn) in 9M 2026, mainly US Upstream in Q2 2026; the releases do not describe what the reserves cover. |
| Climate litigation and policy | Suits by US state and local governments and Louisiana coastal erosion suits; the company states a material adverse outcome is remote. The FY2025 factor states net zero remains out of reach without supportive policies. |
| Project execution | Golden Pass Train 1 was delayed by a contractor bankruptcy; Train 2 targeted Dec 2026 and Train 3 about mid 2027; Q2 2026 impairments ($1.08bn), mainly refining outside the US. |
| AI as demand and competition factor | FY2025 risk factors add AI data center demand and AI enabled competition from smaller firms; AI is named in 3 factors against none a year earlier. |
How risk factors changed
- Comparison: 10-K FY2025 filed 18 Feb 2026 acc 0000034088-26-000045 (Exxon Mobil Corp, CIK 34088) against 10-K FY2024 filed 19 Feb 2025 acc 0000034088-25-000010 (Exxon Mobil Corp, CIK 34088).
- The FY2025 10-K keeps the same 23 headed risk factors in four groups as FY2024; none were added or removed and 14 were reworded.
- AI is named in 3 risk factors (AI data center demand, research and technology, competition) against none a year earlier.
- Low carbon data centers appear in 3 places and hydrogen and ammonia replaces hydrogen in the list of new businesses, which also adds Proxxima resin systems.
- Geopolitical wording widens: armed hostilities, military conflict, the breaking of trade or military alliances and changes in shipping routes are added, ahead of the 2026 Middle East supply disruption described in the Q2 2026 10-Q.
- Legal and regulatory wording expands to class actions, extraterritorial laws, liability schemes in other jurisdictions and organized efforts to raise the company's legal exposure.
Table 10.2 Size of the risk factor section
| Measure | 10-K FY2024 | 10-K FY2025 |
|---|---|---|
| Risk factors (count) | 23 | 23 |
Table 10.3 Risk factors added, removed and materially reworded
| Change | Risk factor | What changed |
|---|---|---|
| Reworded | Economic conditions | Adds armed hostilities, escalating geopolitical volatility, the breaking of trade or military alliances and supply chain networks, changes in shipping routes, market bubbles and corrections, and supplier counterparty risk; the factor now covers supply as well as demand. |
| Reworded | Other demand related factors | Adds government actions to increase strategic reserves and increased demand for AI, including the construction and expansion of AI data centers, as demand factors. |
| Reworded | Other supply related factors | Adds a passage on factors that could raise supply: government policies to accelerate production, access to previously unavailable, sanctioned or protected resources, new shipping routes, and world events that open or close oil and gas opportunities. |
| Reworded | Access limitations | Adds licensing restrictions, influence on permitting by well funded local or international opposition groups, and security as a policy motive for restricting production. |
| Reworded | Lack of legal certainty | Adds countries where the company seeks to do business, exposure to regime changes, and pressure on regulatory frameworks from well funded opposition groups. |
| Reworded | Regulatory and litigation risks | Adds concerted efforts to increase legal exposure, extraterritorial laws, advertising and insurance rules, water availability standards, policy driven reliability risks, procurement standards, forced statements, unwarranted penalties, compelled production changes, class actions and liability schemes in other jurisdictions; drops the line that EU practices had begun to be applied to competitors. |
| Reworded | Security concerns | Adds military conflict and regional, national or global security concerns, and restrictions applied to a region as well as a jurisdiction. |
| Reworded | Net zero scenarios | Adds that without supportive policies and the innovations they drive net zero will remain out of reach for society and for ExxonMobil and that society's progress continues to lag; the ambition now refers to operated assets. |
| Reworded | Greenhouse gas restrictions | Adds mandates to disclose plans to reduce emissions or the use or production of certain products, names non governmental organizations, and extends compliance cost risk to potential regulations. |
| Reworded | Technology and lower emission solutions | Lists hydrogen and ammonia, Proxxima resin systems and low carbon data centers among Low Carbon Solutions technologies and drops breakthrough energy efficiency processes; frames success as a lower emissions future instead of the energy transition. |
| Reworded | Research and development and technological change | Names AI as an emerging technology to capture, including use of integrated data in decision making, and adds national and international regulatory change. |
| Reworded | Safety, business controls and risk management | Heading drops the word environmental; body adds risks from other technologies besides new energy and lists spills avoidance among safety priorities. |
| Reworded | Competition | Adds that AI, alongside service companies, may raise the competitiveness of smaller firms, and that state owned companies may pursue national or supranational objectives. |
| Reworded | Reputation | Adds divergent and evolving societal views and investor pressures on a future energy transition as a reputational factor; demand effect extended to customers. |
Table 10.4 Risk factor updates in quarterly reports since the annual filing
| Filing | Change disclosed |
|---|---|
| 10-Q Q1 2026 filed 4 May 2026 | No Part II Item 1A section in the filing; risk factors are referenced only through the forward looking statements, which point to Item 1A of the 2025 Form 10-K. |
| 10-Q Q2 2026 filed 3 Aug 2026 | No Part II Item 1A section; the forward looking statements refer to Item 1A of the 2025 Form 10-K and list war, disruption of land or sea transportation routes and AI enhanced technologies among the factors. The Q2 MD&A states that supply disruptions in the Middle East and global refining capacity reductions shaped Q2 2026 markets. |
| 10-Q Q3 2026 | Not filed by 31 Oct 2026; Q3 2026 results were furnished on Form 8-K on 30 Oct 2026 (acc 0002115436-26-000018). |
11 Stock Price, Scenarios & Sensitivity
- XOM last traded at $187.02 on 30 Oct 2026, +2.0% on the results day, 0.8% below the 52 week high of $188.49 and 69.9% above the low of $110.07. The price series joins Exxon Mobil Corporation to Jun 2026 and ExxonMobil Holdings from Jul 2026; the share exchange was one for one.
- Valuation: 19.3x TTM diluted EPS of $9.71; market value $762.9bn; dividend yield 2.3% on the Q4 2026 dividend of $1.07 a quarter; free cash flow yield 5.6% on TTM free cash flow of $43.0bn.
- Scenario model: revenue moves from TTM Q3 2026 $388.2bn for three years; margin on pretax income plus interest as stated; interest expense of $0.9bn a year deducted; 27% tax rate; price equals year three EPS times exit P/E. Scenario inputs follow the oil price and refining margin cases below.
Critical factors and core assumptions
Table 11.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| Oil price (Brent) | $97.01/b in Q3 2026; $69.07/b in Q3 2025 | Brent above $80/b through 2029 | 8-K of 16 Oct 2026: liquids price effect ($1.3bn) against Q2 2026 |
| Refining margins | indicative margin $50.3/b in Q3 2026 | margins above $20/b, above the 2010 to 2019 range | Energy Products adjusted earnings $9.05bn against $1.73bn in Q3 2025 |
| Advantaged volume growth | Permian above 1.8 Moebd (Q2 2026); Guyana about 900 kbd gross; Golden Pass Train 1 running | production toward 5.5 Moebd by 2030 | Corporate plan release Dec 2025; Uaru start Q4 2026 |
| Structural cost savings | $16.9bn against 2019 | $20bn by 2030 | $1.8bn added in 9M 2026; $3.0bn in 2025 |
| Middle East volumes | Qatar LNG trains damaged; UAE sales deferred | volumes restored without lasting asset loss | Q3 2026 call; 9M 2026 identified items ($921m) |
| Capital returns | buybacks $20bn a year in 2026 and 2027; dividend $1.07 | buybacks kept at $20bn a year | Q3 2026 release |
- Revenue base TTM Q3 2026 $388.2bn; pretax income plus interest $56.5bn (14.6% margin).
- Best case: 3% revenue CAGR, 15% margin, 18x P/E, share count (8%) from buybacks; Brent near $80/b to $90/b and refining margins above the 2010 to 2019 range.
- Base case: (3%) revenue CAGR, 12% margin, 15x P/E, share count (6%); prices move toward the company planning basis of $65 real Brent and ten year average margins.
- Worst case: (8%) revenue CAGR, 8% margin, 12x P/E, share count (3%) as buybacks are cut; Brent at $55/b to $60/b.
- Tax rate 27% (Q3 2026: 26%); interest expense $0.9bn a year; earnings attributable to noncontrolling interests not deducted.
Scenarios, three years forward
Table 11.2 Scenario analysis, TTM Q3 2026 to TTM Q3 2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Revenue CAGR, 3 years (%) | (8.0) | (3.0) | 3.0 |
| Revenue, TTM Q3 2029 ($bn) | 302.3 | 354.3 | 424.2 |
| Operating margin, TTM Q3 2029 (%) | 8.0 | 12.0 | 15.0 |
| Net income, TTM Q3 2029 ($bn) | 17.0 | 30.4 | 45.8 |
| EPS, TTM Q3 2029 ($) | 4.30 | 7.92 | 12.20 |
| Exit P/E (x) | 12.0 | 15.0 | 18.0 |
| Implied price ($) | 52 | 119 | 220 |
| Change against $187.02 (%) | (72) | (36) | 17 |
| Implied annual return (%) | (34.9) | (14.0) | 5.5 |
Implied annual return excludes dividends ($1.07 per share quarterly from Q4 2026). Margin is income before income taxes plus interest expense over sales and other operating revenue.
Sensitivity analysis
Table 11.3 Sensitivity of implied price to revenue CAGR and operating margin at 15x P/E
| Revenue CAGR \ Operating margin | 8% | 10% | 12% | 14% | 15% |
|---|---|---|---|---|---|
| (8%) | $66 | $84 | $101 | $118 | $127 |
| (5%) | $73 | $92 | $112 | $131 | $140 |
| (3%) | $78 | $99 | $119 | $139 | $149 |
| 0% | $86 | $108 | $130 | $153 | $164 |
| 3% | $94 | $119 | $143 | $167 | $179 |
Cells show implied share price in year 3. Last trade of 30 Oct 2026 $187.02. Blue cells sit above it, red cells below.
Table 11.4 Sensitivity of implied price to exit P/E and operating margin at (3)% revenue CAGR
| Exit P/E \ Operating margin | 8% | 10% | 12% | 14% | 15% |
|---|---|---|---|---|---|
| 12x | $63 | $79 | $95 | $111 | $119 |
| 14x | $73 | $92 | $111 | $130 | $139 |
| 15x | $78 | $99 | $119 | $139 | $149 |
| 16x | $84 | $105 | $127 | $148 | $159 |
| 18x | $94 | $118 | $143 | $167 | $179 |
Cells show implied share price in year 3. Last trade of 30 Oct 2026 $187.02. Blue cells sit above it, red cells below.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 31 October 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server, under central index keys 34088 (Exxon Mobil Corporation) and 2115436 (ExxonMobil Holdings Corporation). Call statements are taken from the Q3 2025 to Q3 2026 earnings calls held by the company. Industry facts on the Middle East disruption name their dated source in the text.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 8-K (2.02) Ex 99.1 and 99.2 | Q3 2026 | 30 Oct 2026 | 0002115436-26-000018 |
| 8-K (7.01) Ex 99.1 | Q3 2026 earnings considerations | 16 Oct 2026 | 0002115436-26-000013 |
| 8-K (2.02) Ex 99.1 and 99.2 | Q2 2026 | 31 Jul 2026 | 0002115436-26-000006 |
| 10-Q | Q2 2026 | 3 Aug 2026 | 0000034088-26-000093 |
| 8-K (2.02) Ex 99.1 and 99.2 | Q1 2026 | 1 May 2026 | 0000034088-26-000065 |
| 8-K (2.02) Ex 99.1 and 99.2 | Q4 2025 / FY2025 | 30 Jan 2026 | 0000034088-26-000033 |
| 8-K (2.02) Ex 99.1 | Q2 2025 | 1 Aug 2025 | 0000034088-25-000040 |
| 10-K | FY2025 | 18 Feb 2026 | 0000034088-26-000045 |
| 10-K | FY2023 | 28 Feb 2024 | 0000034088-24-000018 |
| 10-K | FY2022 | 22 Feb 2023 | 0000034088-23-000020 |
| 8-K, successor registrant | Redomiciliation | 1 Jul 2026 | 0001193125-26-291990 |
| 8-K (5.07) | Annual meeting 2026 | 29 May 2026 | 0000034088-26-000078 |
| DEF 14A | 2026 proxy | 8 Apr 2026 | 0001193125-26-147614 |
| SCHEDULE 13G | Sep 30 2026 | 30 Oct 2026 | 0002100119-26-001597 |
| SCHEDULE 13G | Sep 30 2026 | 27 Oct 2026 | 0002012383-26-003778 |
| SCHEDULE 13G | Jun 30 2026 | 7 Aug 2026 | 0000093751-26-000461 |
| 8-K Ex 99.1 (Chevron) | Q3 2026 | 30 Oct 2026 | 0000093410-26-000196 |
| 6-K Ex 99.2 (Shell) | Q3 2026 | Oct 2026 | 0001628280-26-068044 |
| 6-K Ex 99.1 (TotalEnergies) | Q3 2026 | Oct 2026 | 0001104659-26-119833 |
| 6-K (BP) | Q3 2026 | Oct 2026 | 0000313807-26-000018 |
Table A.2 Further ExxonMobil filings and peer filings used
| Company | Form | Filed | Accession number |
|---|---|---|---|
| ExxonMobil | 10-K FY2024 | 19 Feb 2025 | 0000034088-25-000010 |
| ExxonMobil | 8-K | 31 Oct 2025 | 0000034088-25-000059 |
| ExxonMobil | 8-K | 3 Nov 2025 | 0000034088-25-000063 |
| ExxonMobil | 8-K | 13 Nov 2025 | 0001193125-25-279379 |
| ExxonMobil | 8-K | 18 Nov 2025 | 0000034088-25-000074 |
| ExxonMobil | 8-K | 9 Dec 2025 | 0000034088-25-000122 |
| ExxonMobil | 8-K | 7 Jan 2026 | 0000034088-26-000030 |
| ExxonMobil | 8-K | 20 Feb 2026 | 0000034088-26-000047 |
| ExxonMobil | 8-K | 31 Mar 2026 | 0001193125-26-134838 |
| ExxonMobil | 8-K | 8 Apr 2026 | 0000034088-26-000056 |
| ExxonMobil | 8-K | 4 May 2026 | 0000034088-26-000069 |
| ExxonMobil | 10-Q Q1 2026 | 4 May 2026 | 0000034088-26-000067 |
| ExxonMobil | 8-K | 1 Jul 2026 | 0001193125-26-291986 |
| ExxonMobil | 8-K | 7 Jul 2026 | 0002115436-26-000003 |
| ExxonMobil | 8-K | 28 Aug 2026 | 0001193125-26-373026 |
| ExxonMobil | 8-K | 25 Sep 2026 | 0001193125-26-402986 |
| ConocoPhillips | 8-K Ex 99.1 | 6 Aug 2026 | 0001163165-26-000030 |
| Dow | 8-K Ex 99.1 | 22 Oct 2026 | 0001751788-26-000155 |
| LyondellBasell | 8-K Ex 99.1 | 30 Oct 2026 | 0001489393-26-000067 |
| Occidental | 8-K Ex 99.1 | 5 Aug 2026 | 0001628280-26-053377 |
| Phillips 66 | 8-K Ex 99.1 | 28 Oct 2026 | 0001534701-26-000035 |
| Valero | 8-K Ex 99.01 | 22 Oct 2026 | 0001628280-26-066795 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 31 Oct 2025 | Ex 99.1 | Q3 2025 earnings news release | Q3 2025 earnings $7.5bn ($1.76 per diluted share); excluding identified items $8.1bn ($1.88 per share); Q2 2025 was $7.1bn; Cash flow from operations $14.8bn and free cash flow $6.3bn in Q3 2025; YTD cash flow from operations $39.3bn |
| 31 Oct 2025 | Ex 99.2 | Q3 2025 investor relations data summary | Effective income tax rate 32% in Q3 2025 against 34% in Q2 2025; Common shares outstanding 4.22bn at quarter end (4.26bn in Q2 2025); diluted weighted average 4.29bn |
| 13 Nov 2025 | Ex 1.1 | Underwriting agreement, Floating Rate Notes due 2075 | Exxon Mobil Corp sells $111.9m Floating Rate Notes due 12 Nov 2075; agreement dated 7 Nov 2025, closing 12 Nov 2025; Underwriters buy at 99.000% of principal; price to public 100.000% |
| 13 Nov 2025 | Ex 4.3 | Officer's certificate setting note terms | Defines terms of the $111.9m Floating Rate Notes due 2075 under the 20 Mar 2014 indenture with Deutsche Bank Trust Company Americas as trustee; Interest at Compounded SOFR minus 0.450% (margin of negative 0.450%), payable 12 Feb, 12 May, 12 Aug, 12 Nov; rate floored at zero |
| 13 Nov 2025 | Ex 5.1 | Legal opinion of Davis Polk & Wardwell | Opines the $111.9m Floating Rate Notes due 2075 will be valid and binding obligations under New York law; Notes registered under shelf a shelf Form S-3 |
| 13 Nov 2025 | Ex 5.2 | Legal opinion of Timothy Kim, Counsel, Corporate | Opines Exxon Mobil Corp is validly existing under New Jersey law and has authorized the indenture and the $111.9m notes |
| 7 Jan 2026 | Ex 99.1 | Q4 2025 earnings considerations (Item 7.01) | Q3 2025 base: earnings $7.5bn GAAP, $8.1bn excluding identified items ($0.2bn impairments, $0.4bn restructuring in Corporate); Upstream liquids price change expected at negative $1.2bn to negative $0.8bn against Q3 2025; gas price change negative $0.3bn to positive $0.1bn |
| 30 Jan 2026 | Ex 99.1 | Q4 and full year 2025 earnings news release | Q4 2025 earnings $6.5bn ($1.53 per share); $7.3bn ($1.71) excluding identified items; cash flow from operations $12.7bn, free cash flow $5.6bn; Full year 2025 earnings $28.8bn ($6.70 per share) against $33.7bn in 2024; excluding identified items $30.1bn ($6.99) |
| 30 Jan 2026 | Ex 99.2 | Q4 2025 investor relations data summary | Effective tax rate 21% in Q4 2025 against 32% in Q3 2025; Shares outstanding 4.18bn at year end 2025 against 4.31bn at end Q1 2025 |
| 31 Mar 2026 | Ex 1.1 | Underwriting agreement, Floating Rate Notes due 2076 | Exxon Mobil Corp sells $169.3m Floating Rate Notes due 2076; agreement dated 26 Mar 2026; Underwriters buy at 99.000% of principal: RBC Capital Markets $107.3m, UBS $51.7m, J.P. Morgan $10.4m |
| 31 Mar 2026 | Ex 4.3 | Officer's certificate setting note terms | Sets terms of the $169.3m Floating Rate Notes due 2076 under the 2014 indenture with Deutsche Bank Trust Company Americas; Interest at Compounded SOFR minus 0.450%, floored at zero; additional notes may be issued without holder consent |
| 31 Mar 2026 | Ex 5.1 | Legal opinion of Davis Polk & Wardwell | Opines the $169.3m notes due 2076 will be valid and binding obligations under New York law |
| 31 Mar 2026 | Ex 5.2 | Legal opinion of Timothy Kim, Counsel, Corporate | Opines on New Jersey corporate existence and authorization of the indenture and the $169.3m notes |
| 8 Apr 2026 | Ex 99.1 | Q1 2026 earnings considerations (Item 7.01) | Q4 2025 base: $6.5bn GAAP, $7.3bn excluding identified items (impairments $1.7bn, divestments $0.7bn gain); Upstream liquids price change positive $1.9bn to $2.3bn and gas price change positive $0.2bn to $0.6bn against Q4 2025 |
| 8 Apr 2026 | Ex 99.2 | Update on impact of Middle East conflict | Q1 2026 EPS expected above Q4 2025 excluding timing effects; Middle East disruptions to cut global production about 6% against Q4 2025; Attacks in Q1 2026 damaged two Qatar LNG trains, about 3% of 2025 Upstream production; repair time not yet assessed |
| 1 May 2026 | Ex 99.1 | Q1 2026 earnings news release | Q1 2026 earnings $4.2bn ($1.00 per share); $8.8bn ($2.09) excluding $3.9bn unfavorable timing effects and $0.7bn hedge loss identified item; Cash flow from operations $8.7bn, or $13.8bn excluding margin postings; free cash flow $2.7bn |
| 1 May 2026 | Ex 99.2 | Q1 2026 investor relations data summary | Effective tax rate 40% in Q1 2026 against 21% in Q4 2025; Shares outstanding 4.14bn at quarter end; diluted weighted average 4.20bn |
| 1 Jul 2026 | Ex 3(i) | Amended and restated certificate of incorporation of Exxon Mobil Corp (now a subsidiary) | Effective 1 Jul 2026 on completion of the redomiciliation merger into ExxonMobil Holdings, a Texas corporation; Authorized shares of Exxon Mobil Corp cut from 9bn to 100 shares of common stock, one vote each |
| 1 Jul 2026 | Ex 3(ii) | Bylaws of Exxon Mobil Corp as revised 1 Jul 2026 | Subsidiary bylaws revised 1 Jul 2026; directors elected annually by plurality vote; Shareholder meeting notice 10 to 60 days; special meetings callable by the president, the board or requesting shareholders |
| 1 Jul 2026 | Ex 4(i) | Second supplemental indenture adding parent guarantee | Dated 1 Jul 2026 among Exxon Mobil Corp (issuer), ExxonMobil Holdings (parent guarantor) and Deutsche Bank Trust Company Americas (trustee); ExxonMobil Holdings fully and unconditionally guarantees, on a senior unsecured basis, all notes under the 2014 indenture |
| 1 Jul 2026 | Ex 21 | Form subsidiaries of the registrant at 1 Jul 2026 | Lists subsidiaries and affiliates incl. Imperial Oil 69.6%, Al Jubail Petrochemical 50%, Barzan Gas 7%, Caspian Pipeline Consortium 7.5%, Coral FLNG 25% |
| 1 Jul 2026 | Ex 3(i) | Form amended and restated certificate of formation of ExxonMobil Holdings | Texas certificate of formation effective 1 Jul 2026; ExxonMobil Holdings becomes successor registrant trading as XOM on NYSE from 2 Jul 2026; Shareholders holding 15% of voting power may request a special meeting |
| 1 Jul 2026 | Ex 3(ii) | Form bylaws of ExxonMobil Holdings | Special meeting requests require holders of at least 15% of voting power, measured on net long shares; Includes a proxy access bylaw for director nominations |
| 1 Jul 2026 | Ex 4(i) | Form second supplemental indenture (parent guarantee) | Same 1 Jul 2026 indenture filed under the old CIK: ExxonMobil Holdings guarantees all Exxon Mobil Corp notes under the 2014 indenture |
| 1 Jul 2026 | Ex 4(vi) | Form description of ExxonMobil Holdings capital stock | Authorized capital: 9bn common shares and 200m preferred shares, each $0.001 par; One vote per common share; governed by Texas law |
| 7 Jul 2026 | Ex 99.1 | Q2 2026 earnings considerations (Item 7.01), first filing under ExxonMobil Holdings | Q1 2026 base: $4.2bn GAAP, $8.8bn adjusted after $0.7bn Middle East hedge loss and $3.9bn timing effects; Upstream liquids price change positive $3.5bn to $3.9bn against Q1 2026; gas price negative $0.2bn to positive $0.2bn |
| 31 Jul 2026 | Ex 99.1 | Q2 2026 earnings news release | Q2 2026 earnings $14.5bn ($3.48 per share); adjusted $14.7bn ($3.52); H1 2026 earnings $18.7bn against $14.8bn in H1 2025; Cash flow from operations $23.6bn, free cash flow $17.2bn; distributions $9.4bn ($4.3bn dividends, $5.1bn buybacks) |
| 31 Jul 2026 | Ex 99.2 | Q2 2026 investor relations data summary incl. preliminary financial statements | Q2 2026 revenue $114.5bn against $79.5bn in Q2 2025; pretax income $19.4bn; effective tax rate 24% against 40% in Q1; Total assets $464.5bn at 30 Jun 2026; long term debt $32.2bn, notes and loans payable $10.1bn; cash $10.6bn |
| 28 Aug 2026 | Ex 99.1 | Redemption notice, XTO Energy 6.10% Senior Notes due 2036 | XTO Energy Inc. to redeem all $174.4m outstanding 6.10% notes due 2036 on 27 Sep 2026; Price 100% of principal plus make whole amount and accrued interest; paying agent The Bank of New York Trust Company |
| 28 Aug 2026 | Ex 99.2 | Redemption notice, XTO Energy 6.75% Senior Notes due 2037 | XTO Energy Inc. to redeem all $252.4m outstanding 6.75% notes due 2037 on 27 Sep 2026 at 100% plus make whole amount |
| 28 Aug 2026 | Ex 99.3 | Redemption notice, XTO Energy 6.375% Senior Notes due 2038 | XTO Energy Inc. to redeem all $199.7m outstanding 6.375% notes due 2038 on 27 Sep 2026 at 100% plus make whole amount; Three XTO redemptions total $626.5m of principal |
| 25 Sep 2026 | Ex 1.1 | Form of underwriting agreement, standard provisions (debt securities) | Dated 23 Sep 2026; new standard terms for debt sold by Exxon Mobil Corp with full and unconditional guarantee from ExxonMobil Holdings; Debt to be issued under the indenture with Deutsche Bank Trust Company Americas as trustee |
| 25 Sep 2026 | Ex 1.2 | Underwriting agreement, Floating Rate Notes due 2076 (guaranteed) | Exxon Mobil Corp sells $185.9m Floating Rate Notes due 25 Sep 2076, guaranteed by ExxonMobil Holdings; closing 25 Sep 2026; Underwriters buy at 99.000%: Morgan Stanley $111.8m, UBS $31.4m, J.P. Morgan $21.0m, RBC $16.7m, Deutsche Bank $5.0m |
| 25 Sep 2026 | Ex 4.4 | Officer's certificate setting note terms | Sets terms of the guaranteed Floating Rate Notes due 2076 under the 2014 indenture as supplemented on 1 Jul 2026; Registered on a shelf Form S-3 filed 18 Feb 2026, amended 1 Jul 2026; authorized by boards on 27 Jan 2026 and 27 May 2026 |
| 25 Sep 2026 | Ex 5.1 | Legal opinion of Davis Polk & Wardwell | Opines the $185.9m notes and the parent guarantee will be valid and binding obligations under New York law |
| 25 Sep 2026 | Ex 5.2 | Legal opinion of Timothy Kim, Counsel, Corporate | Opines on corporate authority of Exxon Mobil Corp (New Jersey) and ExxonMobil Holdings (Texas) for the notes and guarantee |
| 16 Oct 2026 | Ex 99.1 | Q3 2026 market and planned impacts to earnings (Item 7.01) | Q2 2026 base: $14.5bn GAAP, $14.7bn adjusted (impairments $1.1bn, other incl. financial reserves $1.4bn, timing effects positive $2.5bn); Liquids price change negative $1.3bn and gas price positive $0.3bn against Q2 2026 |
| 30 Oct 2026 | Ex 99.1 | Q3 2026 earnings news release | Q3 2026 earnings $15.4bn ($3.72 per share); adjusted $17.5bn ($4.23); YTD earnings $34.1bn against $22.3bn; Cash flow from operations $25.7bn, free cash flow $19.1bn; distributions $9.4bn ($4.3bn dividends, $5.1bn buybacks) |
| 30 Oct 2026 | Ex 99.2 | Q3 2026 investor relations data summary incl. preliminary financial statements | Q3 2026 revenue $110.5bn against $83.3bn in Q3 2025; pretax income $21.2bn; effective tax rate 26%; YTD operating cash flow $57.9bn against $39.3bn; capex additions $20.2bn; buybacks $15.1bn |
