Exxon Mobil Corporation
XOMFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$85.1B
Q1 2026 · +2.4% YoY
TTM ROIC
7.4%
FY2025 · ROCE = Net Income / Average Capital Employed (Total Assets - Current Liabilities) · WACC ~6.75% · Moat spread +0.5pp
Financial Snapshot
ticker: XOM step: 04 generated: 2026-05-11 source: quick-research
Exxon Mobil Corporation (XOM) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $344.6B | $339.2B | $343.5B | +1.3% |
| Earnings | $36.0B | $33.7B | $28.8B | -15% |
| Adjusted Earnings (ex-items) | $36.6B | $33.5B | $30.1B | -10% |
| EPS (diluted) | $8.89 | $7.84 | $6.85 | -13% |
| Upstream Earnings | $21.3B | $25.4B | ~$22B | -13% |
| Product Solutions Earnings | $12.1B | $4.2B | ~$5B | +20% |
Production & Operations (FY2025)
| Metric | Value |
|---|---|
| Total Production | 4.7M BOE/day (40-year high) |
| Permian Production | 1.6M BOE/day |
| Guyana Production | 700K+ gross bpd |
| Pioneer Synergies (annual) | $3B+ (raised from $2B initial target) |
| Refining Throughput | ~3.9M bpd |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Cash Flow from Operations | $52.0B |
| Capital Expenditures | ~$26B |
| Free Cash Flow | ~$26B |
| Cash & Equivalents | ~$22B |
| Total Debt | ~$38B |
| Debt-to-Capital | ~12% (lowest among super-majors) |
Key Ratios (approximate, May 2026)
- P/E (forward): ~13x | EV/EBITDA: ~7x | Dividend Yield: ~2.6%
- Buyback Yield: ~3.1% ($20B annual program / ~$640B mkt cap)
- ROIC: ~13% | FCF Yield: ~4%
- Reserve Life Index: ~13 years
Growth Profile
XOM is in execution mode on its post-Pioneer growth plan — record production of 4.7M BOE/day in 2025, with management targeting >5M BOE/day by 2030 and ~$20B in additional earnings vs 2024 base case. Key projects: Golden Pass LNG (first cargo Q1 2026), additional Guyana FPSOs, expanded Permian cube development, and emerging Low Carbon (CCS contracts at 9Mt and ramping; Arkansas lithium 2027). Earnings sensitivity remains high to oil price (Brent has averaged $85-115 across 2025-2026 windows).
Forward Estimates
- 2026E Revenue: ~$355B (depends on oil price assumption)
- 2026E EPS: ~$8.50 (consensus, +24% — assumes Brent ~$85-95)
- 2026E FCF: ~$32B (consensus)
- 2030 Plan target: $20B incremental earnings + $30B incremental cash flow vs. 2024
- Capex range 2026-2030: $27-29B annually
Capital Return
- $20B/year share repurchase program ongoing
- Dividend grown 41+ consecutive years (current ~$4/share annual)
- Q1 2026 shareholder distributions: $9.2B
- Target: returning $130B+ to shareholders by 2027
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $XOM.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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