EXXON MOBIL CORPORATION (XOM) — DATA TABLES, FY2025
Source documents: Form 10-K for the fiscal year ended December 31, 2025 (auditor's report dated February 18, 2026), the primary source for every figure below unless marked otherwise; 2026 Proxy Statement (DEF 14A), used only where marked "Proxy". Market data supplied by the user: closing price at 31/12/2025 of US$120.34 and 4.18 billion shares outstanding at 31/12/2025.
Units: US$ million unless stated. FY2025 = fiscal year ended 31/12/2025. Abbreviations for internal sources: IS = Consolidated Statement of Income; BS = Consolidated Balance Sheet; CF = Consolidated Statement of Cash Flows; EQ = Statement of Changes in Equity; FI = "Financial Information" page; FUT = "Frequently Used Terms"; BP = "Business Profile"; MD&A = Management's Discussion and Analysis; SUPP = Supplemental Information on Oil and Gas (unaudited).
TABLE A — Statements
A.1 Income statement
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Sales and other operating revenue ("revenue") |
323,905 |
339,247 |
334,697 |
IS |
| Income from equity affiliates |
5,064 |
6,194 |
6,385 |
IS |
| Other income |
3,269 |
4,144 |
3,500 |
IS |
| Total revenues and other income |
332,238 |
349,585 |
344,582 |
IS |
| Crude oil and product purchases |
184,248 |
199,454 |
193,029 |
IS |
| Production and manufacturing expenses |
42,424 |
39,609 |
36,885 |
IS |
| Selling, general and administrative expenses |
11,128 |
9,976 |
9,919 |
IS |
| Depreciation and depletion (includes impairments) |
25,993 |
23,442 |
20,641 |
IS |
| Exploration expenses, including dry holes |
1,007 |
826 |
751 |
IS |
| Non-service pension and postretirement benefit expense |
400 |
121 |
714 |
IS |
| Interest expense |
603 |
996 |
849 |
IS |
| Other taxes and duties |
25,167 |
26,288 |
29,011 |
IS |
| Total costs and other deductions |
290,970 |
300,712 |
291,799 |
IS |
| Income before income taxes |
41,268 |
48,873 |
52,783 |
IS |
| Income tax expense |
11,504 |
13,810 |
15,429 |
IS |
| Net income including noncontrolling interests |
29,764 |
35,063 |
37,354 |
IS |
| Net income attributable to noncontrolling interests |
920 |
1,383 |
1,344 |
IS |
| Net income attributable to ExxonMobil |
28,844 |
33,680 |
36,010 |
IS |
| EPS, basic (US$) |
6.70 |
7.84 |
8.89 |
IS; Note 2 |
| EPS, diluted (US$) |
6.70 |
7.84 |
8.89 |
IS; Note 2 (basic and diluted identical in all years) |
| Weighted-average shares, basic (million) |
4,305 |
4,298 |
4,052 |
Note 2 |
| Weighted-average shares, diluted (million) |
4,305 |
4,298 |
4,052 |
Note 2, footnote 2 |
| Shares outstanding at cover date (31/01/2026) |
4,166,763,453 shares |
— |
— |
Cover page |
| Shares outstanding at year end (million) |
4,179 |
4,353 |
3,971 |
EQ, share activity |
| Dividends paid per share (US$) |
4.00 |
3.84 |
3.68 |
Note 2 |
| Research and development costs |
1,228 |
987 |
879 |
FI; Note 14 |
| Regular employees at year end (thousand) |
57.9 |
60.9 |
61.5 |
FI; Item 1 |
The income statement does not present cost of goods sold, gross profit or operating income. Those lines are not applicable as reported. Where the report uses an operating figure, it is a construction declared in the report (see A.7).
A.2 Segments (Note 3)
Segment revenue below is "Sales and other operating revenue" to third parties. Most Upstream output is sold to other segments (intersegment revenue, eliminated on consolidation), so the external figure understates Upstream activity.
| External sales by segment |
FY2025 |
FY2024 |
FY2023 |
Source |
| Upstream (U.S. + Non-U.S.) |
39,389 (25,396 + 13,993) |
37,131 (22,929 + 14,202) |
25,574 (9,500 + 16,074) |
Note 3 |
| Energy Products |
244,451 (99,073 + 145,378) |
260,856 (101,325 + 159,531) |
268,383 (103,868 + 164,515) |
Note 3 |
| Chemical Products |
22,209 (7,594 + 14,615) |
22,896 (8,558 + 14,338) |
22,265 (7,951 + 14,314) |
Note 3 |
| Specialty Products |
17,771 (5,502 + 12,269) |
18,253 (5,790 + 12,463) |
18,407 (6,044 + 12,363) |
Note 3 |
| Segment total |
323,820 |
339,136 |
334,629 |
Note 3 |
| Residual (Corporate and Financing, derived) |
85 |
111 |
68 |
Derived: IS revenue − segment total |
| Total |
323,905 |
339,247 |
334,697 |
IS |
| Segment income (after tax, attributable to ExxonMobil) |
FY2025 |
FY2024 |
FY2023 |
Source |
| Upstream |
21,354 |
25,390 |
21,308 |
Note 3; BP |
| Energy Products |
7,423 |
4,033 |
12,142 |
Note 3 |
| Chemical Products |
800 |
2,577 |
1,637 |
Note 3 |
| Specialty Products |
2,857 |
3,052 |
2,714 |
Note 3 |
| Total segment income |
32,434 |
35,052 |
37,801 |
Note 3 |
| Corporate and Financing (unallocated) |
(3,590) |
(1,372) |
(1,791) |
Note 3 |
| Net income attributable to ExxonMobil |
28,844 |
33,680 |
36,010 |
Note 3 |
| Segment income before income taxes |
FY2025 |
FY2024 |
FY2023 |
Source |
| Upstream |
31,691 (6,167 + 25,524) |
38,641 (8,240 + 30,401) |
33,556 (5,218 + 28,338) |
Note 3 |
| Energy Products |
9,952 (4,010 + 5,942) |
5,388 (2,918 + 2,470) |
15,875 (7,835 + 8,040) |
Note 3 |
| Chemical Products |
757 (978 − 221) |
3,336 (2,087 + 1,249) |
2,227 (2,022 + 205) |
Note 3 |
| Specialty Products |
3,569 (1,529 + 2,040) |
3,808 (2,072 + 1,736) |
3,435 (1,994 + 1,441) |
Note 3 |
| Segment total |
45,969 |
51,173 |
55,093 |
Note 3 |
Corporate and Financing income before tax is not available: Note 3 reconciles segments to the consolidated total on an after-tax basis only.
| Earnings excluding Identified Items (non-GAAP, company measure) |
FY2025 |
FY2024 |
FY2023 |
Source |
| Upstream |
22,247 |
25,175 |
23,609 |
FUT |
| Energy Products |
6,940 |
3,954 |
11,998 |
FUT |
| Chemical Products |
1,070 |
2,672 |
2,025 |
FUT |
| Specialty Products |
2,857 |
3,065 |
2,807 |
FUT |
| Corporate and Financing |
(3,005) |
(1,402) |
(1,867) |
FUT |
| Corporate total |
30,109 |
33,464 |
38,572 |
FUT |
| Identified Items, total |
(1,265) |
216 |
(2,562) |
FUT |
| of which impairments |
(1,855) |
(608) |
(3,040) |
FUT |
| of which gain/(loss) on sale of assets |
720 |
415 |
305 |
FUT |
| of which tax-related items |
288 |
409 |
348 |
FUT |
| of which restructuring charges |
(419) |
— |
— |
FUT |
| of which other |
— |
— |
(175) |
FUT |
A.3 Geography (Note 3)
| Revenue by geography |
FY2025 |
FY2024 |
FY2023 |
Source |
| United States |
137,639 |
138,657 |
127,374 |
Note 3 |
| Non-U.S. |
186,266 |
200,590 |
207,323 |
Note 3 |
| Total |
323,905 |
339,247 |
334,697 |
Note 3 |
| of which Canada (largest disclosed non-U.S. country) |
27,363 |
29,746 |
28,994 |
Note 3 |
| Long-lived assets (PP&E, net) |
31/12/2025 |
31/12/2024 |
31/12/2023 |
Source |
| United States |
183,619 |
178,633 |
95,792 |
Note 3 |
| Non-U.S. |
115,754 |
115,685 |
119,148 |
Note 3 |
| Total |
299,373 |
294,318 |
214,940 |
Note 3 |
A.4 Balance sheet
| Item |
31/12/2025 |
31/12/2024 |
31/12/2023 |
Source |
| Cash and cash equivalents (unrestricted) |
10,681 |
23,029 |
not available |
BS |
| Cash and cash equivalents – restricted |
— |
158 |
not available |
BS |
| Cash including restricted |
10,681 |
23,187 |
31,568 |
CF |
| Marketable securities |
not applicable (none reported) |
not applicable |
not applicable |
BS |
| Notes and accounts receivable, net |
44,562 |
43,681 |
not available |
BS; Note 10 |
| Inventories – crude oil, products and merchandise |
22,979 |
19,444 |
not available |
BS; Note 14 |
| Inventories – materials and supplies |
3,323 |
4,080 |
not available |
BS |
| Other current assets |
1,837 |
1,598 |
not available |
BS |
| Total current assets |
83,382 |
91,990 |
not available |
BS |
| Investments, advances and long-term receivables |
45,317 |
47,200 |
not available |
BS; Note 11 |
| PP&E, net |
299,373 |
294,318 |
214,940 |
BS; FI |
| Other assets, including intangibles, net |
20,908 |
19,967 |
not available |
BS |
| Total assets |
448,980 |
453,475 |
376,317 |
BS; FI |
| Notes and loans payable |
9,296 |
4,955 |
4,090 |
BS; FUT |
| Accounts payable and accrued liabilities |
60,911 |
61,297 |
not available |
BS; Note 10 |
| Income taxes payable |
2,123 |
4,055 |
not available |
BS |
| Total current liabilities |
72,330 |
70,307 |
not available |
BS |
| Long-term debt |
34,241 |
36,755 |
37,483 |
BS; FI |
| Postretirement benefits reserves |
8,847 |
9,700 |
not available |
BS |
| Deferred income tax liabilities |
40,216 |
39,042 |
not available |
BS |
| Long-term obligations to equity companies |
542 |
1,346 |
not available |
BS |
| Other long-term obligations |
26,178 |
25,719 |
not available |
BS |
| Total liabilities |
182,354 |
182,869 |
not available |
BS |
| Common stock without par value |
46,150 |
46,238 |
17,781 |
BS; EQ |
| Earnings reinvested |
482,494 |
470,903 |
453,927 |
BS; EQ |
| Accumulated other comprehensive income |
(10,863) |
(14,619) |
(11,989) |
BS; EQ |
| Common stock held in treasury |
(258,395) |
(238,817) |
(254,917) |
BS; EQ |
| ExxonMobil share of equity |
259,386 |
263,705 |
204,802 |
BS; EQ |
| Noncontrolling interests |
7,240 |
6,901 |
7,736 |
BS; EQ |
| Total equity |
266,626 |
270,606 |
212,538 |
BS; EQ |
| ExxonMobil share of equity per share, year-end shares (US$, company figure) |
62.07 |
60.58 |
51.57 |
FI |
Gross debt (company definition: notes and loans payable + long-term debt; finance leases included in long-term debt, operating leases excluded):
| Gross debt |
31/12/2025 |
31/12/2024 |
31/12/2023 |
Source |
| Bank loans |
3 |
63 |
not available |
Note 10 |
| Commercial paper |
3,059 |
— |
not available |
Note 10 |
| Long-term debt due within one year |
6,234 |
4,892 |
not available |
Note 10 |
| = Notes and loans payable |
9,296 |
4,955 |
4,090 |
Note 10; FUT |
| Long-term debt (incl. finance leases and other obligations of 6,313 and 3,951) |
34,241 |
36,755 |
37,483 |
Note 12 |
| Total debt |
43,537 |
41,710 |
41,573 |
FI |
| Operating lease liabilities (not in total debt) |
6,834 |
6,478 |
not available |
Note 13 |
A.5 Cash flow statement
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Net income including noncontrolling interests |
29,764 |
35,063 |
37,354 |
CF |
| Depreciation and depletion (includes impairments) |
25,993 |
23,442 |
20,641 |
CF |
| Deferred income tax charges/(credits) |
765 |
(865) |
634 |
CF |
| Postretirement benefits expense in excess of/(less than) net payments |
(64) |
(358) |
90 |
CF |
| Other long-term obligation provisions in excess of/(less than) payments |
(1,430) |
(1,712) |
(1,501) |
CF |
| Dividends received greater than/(less than) equity in current earnings of equity companies |
3,006 |
191 |
509 |
CF |
| Notes and accounts receivable reduction/(increase) |
(3,042) |
(6,030) |
4,370 |
CF |
| Inventories reduction/(increase) |
(4,300) |
(1,812) |
(3,472) |
CF |
| Other current assets reduction/(increase) |
(164) |
389 |
(426) |
CF |
| Accounts and other payables increase/(reduction) |
(222) |
5,627 |
(4,727) |
CF |
| Net (gain)/loss on asset sales |
(1,113) |
(1,223) |
(513) |
CF |
| All other items, net |
2,777 |
2,310 |
2,410 |
CF |
| Net cash provided by operating activities |
51,970 |
55,022 |
55,369 |
CF |
| Additions to PP&E (capex, cash) |
(28,358) |
(24,306) |
(21,919) |
CF |
| Proceeds from asset sales and returns of investments |
3,158 |
4,987 |
4,078 |
CF |
| Additional investments and advances |
(4,133) |
(3,299) |
(2,995) |
CF |
| Other investing activities including collection of advances |
3,406 |
1,926 |
1,562 |
CF |
| Cash acquired from mergers and acquisitions |
— |
754 |
— |
CF |
| Net cash used in investing activities |
(25,927) |
(19,938) |
(19,274) |
CF |
| Additions to long-term debt |
2,311 |
899 |
939 |
CF |
| Reductions in long-term debt |
(1,108) |
(1,150) |
(15) |
CF |
| Additions to short-term debt |
2,359 |
— |
— |
CF |
| Reductions in short-term debt |
(5,404) |
(4,743) |
(879) |
CF |
| Additions/(reductions) in commercial paper and debt ≤ 3 months |
1,895 |
(18) |
(284) |
CF |
| Contingent consideration payments |
(79) |
(27) |
(68) |
CF |
| Cash dividends to ExxonMobil shareholders |
(17,231) |
(16,704) |
(14,941) |
CF |
| Cash dividends to noncontrolling interests |
(935) |
(658) |
(531) |
CF |
| Changes in noncontrolling interests |
(704) |
(791) |
(894) |
CF |
| Inflows from noncontrolling interests for major projects |
88 |
32 |
124 |
CF |
| Common stock acquired (buyback, cash) |
(20,273) |
(19,629) |
(17,748) |
CF |
| Net cash used in financing activities |
(39,081) |
(42,789) |
(34,297) |
CF |
| Effect of exchange rate changes |
532 |
(676) |
105 |
CF |
| Increase/(decrease) in cash incl. restricted |
(12,506) |
(8,381) |
1,903 |
CF |
| Income taxes paid in cash |
11,563 |
13,293 |
15,473 |
Note 15 |
| Cash interest paid, total |
1,752 |
1,900 |
1,736 |
Note 17 |
| of which capitalized (in investing activities) |
1,534 |
1,276 |
1,152 |
Note 17 |
| Stock-based compensation cost charged against income |
≈1,000 ("$1.0 billion") |
≈800 |
≈600 |
Note 18 |
| Amortization of stock-based awards (equity statement) |
812 |
735 |
565 |
EQ |
| Cash Capex (non-GAAP, company measure) |
28,997 |
25,647 |
not available |
FUT |
| Cash flow from operations and asset sales (non-GAAP) |
55,128 |
60,009 |
59,447 |
FUT |
The cash flow statement does not show stock-based compensation as a separate reconciling line; it sits in "All other items, net". Note 18 gives the cost only in rounded billions.
A.6 Arithmetic checks (rule A.3)
| Check |
FY2025 |
FY2024 |
FY2023 |
Result |
| Gross profit = revenue − cost of goods sold |
not applicable |
not applicable |
not applicable |
Not presented. Revenue − crude and product purchases = 139,657 / 139,793 / 141,668 (construction, A.7) |
| Operating income = gross profit − operating expenses |
not applicable |
not applicable |
not applicable |
Not presented. EBIT constructed in A.7 |
| Total revenues and other income = revenue + equity income + other income |
323,905 + 5,064 + 3,269 = 332,238 |
339,247 + 6,194 + 4,144 = 349,585 |
334,697 + 6,385 + 3,500 = 344,582 |
Ties |
| Total costs = sum of cost lines |
290,970 |
300,712 |
291,799 |
Ties in all three years |
| Pre-tax income = total revenues − total costs |
332,238 − 290,970 = 41,268 |
349,585 − 300,712 = 48,873 |
344,582 − 291,799 = 52,783 |
Ties |
| Pre-tax income − tax = net income incl. NCI |
41,268 − 11,504 = 29,764 |
48,873 − 13,810 = 35,063 |
52,783 − 15,429 = 37,354 |
Ties |
| Net income incl. NCI − NCI = net income attributable |
29,764 − 920 = 28,844 |
35,063 − 1,383 = 33,680 |
37,354 − 1,344 = 36,010 |
Ties |
| EPS = net income / average shares |
28,844 / 4,305 = 6.700 |
33,680 / 4,298 = 7.836 |
36,010 / 4,052 = 8.887 |
Ties to 6.70 / 7.84 / 8.89 |
| Segments = total revenue |
323,820 + 85 = 323,905 |
339,136 + 111 = 339,247 |
334,629 + 68 = 334,697 |
Ties with residual "Other" |
| Geography = total revenue |
137,639 + 186,266 = 323,905 |
138,657 + 200,590 = 339,247 |
127,374 + 207,323 = 334,697 |
Ties |
| Percentages sum to 100% |
segments 12.16 + 75.47 + 6.86 + 5.49 + 0.03 = 100.0 (rounding); geography 42.49 + 57.51 = 100.0 |
10.95 + 76.89 + 6.75 + 5.38 + 0.03 = 100.0; 40.87 + 59.13 = 100.0 |
7.64 + 80.19 + 6.65 + 5.50 + 0.02 = 100.0; 38.06 + 61.94 = 100.0 |
Ties |
| Gross debt = sum of debt lines |
3 + 3,059 + 6,234 + 34,241 = 43,537 |
63 + 0 + 4,892 + 36,755 = 41,710 |
4,090 + 37,483 = 41,573 |
Ties |
| Long-term debt = sum of Note 12 lines |
sum of 24 lines = 34,241 |
— |
— |
Ties (checked line by line) |
| CFO − capex = free cash flow |
51,970 − 28,358 = 23,612 |
55,022 − 24,306 = 30,716 |
55,369 − 21,919 = 33,450 |
Construction, see A.7 |
| Segment income − unallocated = consolidated |
32,434 − 3,590 = 28,844 |
35,052 − 1,372 = 33,680 |
37,801 − 1,791 = 36,010 |
Ties (after-tax basis; pre-tax basis not available) |
| CFO reconciliation lines sum to CFO |
51,970 |
55,022 |
55,369 |
Ties |
| Sources − uses = change in cash (3 years) |
−18,984 |
— |
— |
Ties (see report, section 5-bis) |
| Equity roll-forward 2025 |
263,705 + 812 − 922 + 28,844 − 17,231 + 3,756 − 20,467 + 889 = 259,386 |
— |
— |
Ties |
| Shares outstanding roll-forward 2025 |
4,353 − 182 + 8 = 4,179 |
3,971 − 170 + 545 + 7 = 4,353 |
4,082 − 165 + 46 + 8 = 3,971 |
Ties |
No check fails. The only items that do not reconcile from disclosed lines are noted where they appear: segment pre-tax income versus consolidated pre-tax income (Corporate and Financing pre-tax not disclosed).
A.7 Constructions used in the report (not exposed by the company)
| Construction |
Formula |
FY2025 |
FY2024 |
FY2023 |
| Revenue less crude and product purchases |
revenue − crude oil and product purchases |
139,657 |
139,793 |
141,668 |
| EBIT |
income before income taxes + interest expense |
41,871 |
49,869 |
53,632 |
| EBITDA |
EBIT + depreciation and depletion (incl. impairments) |
67,864 |
73,311 |
74,273 |
| Book tax rate (consolidated) |
income tax expense / income before income taxes |
27.88% |
28.26% |
29.23% |
| NOPAT |
EBIT × (1 − book tax rate) |
30,199 |
35,778 |
37,955 |
| Invested capital (year end) |
total debt + total equity − cash |
299,482 |
289,287 |
222,543 (cash incl. restricted) |
| Net debt |
total debt − unrestricted cash |
32,856 |
18,681 |
10,005 |
| Free cash flow |
CFO − additions to PP&E |
23,612 |
30,716 |
33,450 |
TABLE A-bis — Notes, auditor, commitments
Taxes (Note 15)
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Current tax, federal and non-U.S. |
10,414 |
14,001 |
14,098 |
Note 15 |
| Deferred tax, net |
968 |
(830) |
944 |
Note 15 |
| U.S. tax on non-U.S. operations |
175 |
241 |
315 |
Note 15 |
| State |
(53) |
398 |
72 |
Note 15 |
| Total income tax expense |
11,504 |
13,810 |
15,429 |
Note 15 |
| Other taxes and duties, total (incl. amounts in P&M and SG&A) |
28,930 |
29,894 |
32,191 |
Note 15 |
| Effective tax rate, company definition (incl. equity-company taxes) |
31% |
33% |
33% |
Note 15; MD&A |
| Income taxes paid in cash |
11,563 |
13,293 |
15,473 |
Note 15 |
| Income taxes paid 2025 by jurisdiction |
U.S. 1,114; Canada 1,207; Guyana 1,100; UAE 5,000; all other 3,142 |
not available |
not available |
Note 15 |
Rate reconciliation, FY2025 (new ASU 2023-09 format, adopted prospectively; prior years in old format):
| Line |
US$ m |
% |
Source |
| U.S. federal statutory theoretical tax (21%) on 41,268 |
8,666 |
21% |
Note 15 |
| Non-U.S. taxes in excess of theoretical U.S. tax |
4,212 |
10% |
Note 15 |
| of which United Arab Emirates rate differential |
3,405 |
8% |
Note 15 |
| of which Qatar (net) |
(552) |
(1)% |
Note 15 |
| of which all other countries |
1,359 |
3% |
Note 15 |
| State taxes, net |
(76) |
0% |
Note 15 |
| Other |
(1,298) |
(3)% |
Note 15 |
| Total |
11,504 |
28% |
Note 15 |
FY2024 reconciliation (old format): theoretical tax 10,263; equity method effect (1,301); non-U.S. in excess 4,986; state 314; other (452); total 13,810. FY2023: 11,084; (1,341); 5,888; 57; (259); total 15,429 (Note 15).
| Deferred taxes |
31/12/2025 |
31/12/2024 |
Source |
| DTL – PP&E |
41,427 |
40,881 |
Note 15 |
| DTL – other liabilities |
8,358 |
8,113 |
Note 15 |
| DTA – pension and OPEB |
(972) |
(1,365) |
Note 15 |
| DTA – asset retirement obligations |
(3,249) |
(3,156) |
Note 15 |
| DTA – tax loss carryforwards |
(4,740) |
(4,575) |
Note 15 |
| DTA – other assets |
(7,016) |
(7,308) |
Note 15 |
| Valuation allowance |
2,649 |
2,516 |
Note 15 (+133: net provisions 39, FX/other 172) |
| Net deferred tax liabilities |
36,457 |
35,106 |
Note 15 |
| Expiry of tax loss carryforwards |
not available |
not available |
— |
| Gross unrecognized tax benefits (UTB) |
4,131 |
4,035 |
Note 15 (3,935 at end-2023) |
| UTB movement 2025 |
+206 current, +454 prior, −377 prior, −4 lapse, −150 settlements, −33 FX |
— |
Note 15 |
| Open tax years |
U.S. 2010–2025; Canada 2001–2025; PNG 2008–2025; Kazakhstan, Qatar 2020–2025; UAE 2024–2025 |
— |
Note 15 |
Debt (Notes 10, 12)
| Item |
Value |
Source |
| Long-term debt maturities (excl. finance leases) |
2026: 6,234 (current); 2027: ~2,500; 2028: ~1,700; 2029: ~1,700; 2030: ~5,300 |
Notes 10, 12 |
| Currency |
U.S. dollars 26.4bn; foreign currency 7.8bn (of long-term portion) |
Note 12 |
| Rate and nature |
Corporate notes fixed coupon 0.524%–4.327%; XTO 6.100%–6.750%; Pioneer 1.900%–7.200%; Parsley 4.125%; industrial revenue bonds average 2.540%; finance leases and other 4.668%; short-term borrowings weighted 3.8% |
Notes 10, 12 |
| Interest-rate swaps (fixed-for-floating, fair value hedges) |
notional not available ("not material") |
Note 6 |
| Covenants |
not available (none described) |
— |
| Undrawn committed lines |
short-term 7.3bn; long-term 1.0bn; 364-day revolver 7.0bn established Q4 2025 |
MD&A; Notes 10, 12 |
| Convertible or exchangeable instruments |
none outstanding; Pioneer 0.250% convertible notes redeemed June 2024 |
Note 20 |
| Fair value of long-term debt (excl. finance leases) |
28,587 vs carrying 31,835 |
Note 6 |
| Euro debt designated as net investment hedge |
3.5bn |
Note 12 |
Stock-based compensation (Note 18; Item 12)
| Item |
Value |
Source |
| Compensation cost, restricted stock and RSUs |
1.0bn (2025), 0.8bn (2024), 0.6bn (2023) |
Note 18 |
| Instruments |
restricted stock and RSUs only; no options outstanding |
Note 18; Item 12 |
| Unrecognized cost |
2.7bn over weighted 4.6 years |
Note 18 |
| Restricted stock and units outstanding |
40,654 thousand (39,595 at 1/1/2025); 10,327 granted; 8,716 vested; 552 forfeited |
Note 18 |
| RSUs to be settled in shares (equity plan table) |
45,870,110 |
Item 12 |
| Shares available for future awards |
50,547,885 (2003 Program 40,903,325; Pioneer LTIP 9,425,860; Director plan 218,700) |
Item 12 |
| Grant value 2025 |
1,139 (settled in stock 1,031; in cash 108) |
Note 18 |
Shares (EQ; Item 5; MD&A)
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Shares repurchased (million) |
182 |
170 |
165 |
EQ |
| Cost of repurchases, equity statement |
20,467 |
19,451 |
17,993 |
EQ |
| Program repurchases, MD&A |
180.1m shares, book value $20bn |
167m shares, $19.1bn |
not available |
MD&A |
| Cash paid, CF |
20,273 |
19,629 |
17,748 |
CF |
| Q4 2025 average price paid (excl. 1% excise tax) |
US$116.01 (46,412,832 shares) |
— |
— |
Item 5 |
| Shares issued for compensation ("Dispositions", million) |
8 |
7 |
8 |
EQ |
| Shares issued for acquisitions (million) |
— |
545 (Pioneer, 63,352) |
46 (Denbury, 4,844) |
EQ |
| Antidilutive instruments excluded |
not applicable (basic = diluted) |
— |
— |
Note 2 |
| Remaining dollar value under program at 31/12/2025 |
$20.0bn |
— |
— |
Item 5 |
| Stated 2026 repurchase pace |
$20bn, "assuming reasonable market conditions" |
— |
— |
Item 5; MD&A |
Revenue (Note 1; Note 3)
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Revenue from contracts with customers (ASC 606) |
226,909 |
245,143 |
256,455 |
Note 3 |
| Revenue outside ASC 606 (physically settled commodity derivatives) |
96,996 |
94,104 |
78,242 |
Note 3 |
| Trading gains/(losses) in revenue, before tax |
1.1bn |
(0.7)bn |
1.0bn |
Note 6 |
| Deferred revenue / contract liabilities |
not available ("not significant") |
— |
— |
Note 1 |
| Remaining performance obligations |
not available (fully constrained by price volatility) |
— |
— |
Note 1 |
| Payment terms |
"typically due within 30 days" |
— |
— |
Note 1 |
Litigation and contingencies (Note 7)
| Item |
Value |
Source |
| Climate-change lawsuits by U.S. state and local governments |
no amount accrued or estimated; company assesses material adverse outcome as "remote" |
Note 7 |
| Louisiana coastal erosion suits |
no amount; same assessment |
Note 7 |
| Reasonably possible additional loss |
not available |
Note 7 |
| Environmental liabilities on balance sheet |
0.9bn (0.7bn at end-2024); provisions 0.4bn in 2025 |
MD&A |
| Guarantees |
6,852 (equity company 667; third party 6,185), all non-debt-related |
Note 7 |
| Proceedings closed in the year |
not available |
— |
Goodwill and intangibles
| Item |
Value |
Source |
| Goodwill, total |
not available |
— |
| Goodwill from Pioneer |
~1bn, allocated to Upstream |
Note 20 |
| Goodwill from Denbury |
"immaterial" |
Note 20 |
| Intangibles by category, useful life |
not available ("Other assets, including intangibles" 20,908 not broken down) |
BS |
| Goodwill impairment test, headroom |
not available |
— |
Fair value (Note 6)
| 31/12/2025 |
Level 1 |
Level 2 |
Level 3 |
Net carrying |
| Derivative assets (gross) |
5,197 |
2,259 |
— |
854 |
| Advances to/receivables from equity companies |
— |
1,935 |
3,938 |
6,129 |
| Other long-term financial assets |
1,536 |
— |
1,800 |
3,552 |
| Derivative liabilities (gross) |
4,994 |
2,043 |
— |
635 |
| Long-term debt (excl. finance leases) |
24,678 |
3,909 |
— |
31,835 |
| Long-term obligations to equity companies |
— |
— |
542 |
542 |
| Other long-term financial liabilities |
— |
— |
348 |
364 |
Equity securities at fair value and other investments at adjusted cost: 271 (343). Unrealized gains/losses on equity investments through income: not available (not separately disclosed).
Receivables, inventories, reserves
| Item |
31/12/2025 |
31/12/2024 |
Source |
| Trade receivables, net |
35,744 |
35,282 |
Note 10 |
| Allowance on trade receivables |
270 |
162 |
Note 10 |
| Other receivables, net |
8,818 |
8,399 |
Note 10 |
| Allowance on other receivables |
170 |
314 |
Note 10 |
| Allowance on long-term receivables |
2,500 |
2,433 |
Note 11 |
| Allowance on equity-company advances |
33 |
40 |
Note 11 |
| Inventory method |
LIFO (crude, products, merchandise); materials and supplies at cost or less |
— |
Note 1 |
| Excess of replacement cost over LIFO carrying value |
~7bn |
~10bn |
Note 14 |
| LIFO effects in net income |
gain 0.3bn (2025); 0.2bn (2024); 0.4bn (2023) |
— |
Note 14 |
| Crude oil / petroleum products / chemical products / gas and other |
7,976 / 6,889 / 4,261 / 3,853 |
6,483 / 6,017 / 4,142 / 2,802 |
Note 14 |
| Insurance or technical reserves |
not applicable |
— |
— |
Oil and gas reserves (Item 2; SUPP)
| Item |
31/12/2025 |
31/12/2024 |
31/12/2023 |
Source |
| Total proved reserves (million oil-equivalent barrels) |
19,311 |
19,949 |
16,928 |
SUPP |
| of which proved undeveloped |
7,007 |
7,350 (consolidated 5,838 + equity 1,512) |
6,252 (4,389 + 1,863) |
SUPP |
| Proved developed share |
64% |
— |
— |
MD&A |
| PUD transferred to developed in 2025 |
~1.4 GOEB |
— |
— |
Item 2 |
| PUD added from extensions and discoveries |
~2.0 GOEB |
— |
— |
Item 2 |
| PUD reclassified out ("no longer met the SEC definition") |
~1.0 GOEB, primarily U.S. |
— |
— |
Item 2 |
| Investment to develop PUD in the year |
19.0bn |
— |
— |
Item 2 |
| Reserve changes 2025, consolidated (Mboe) |
revisions (929); purchases 118; sales (132); extensions/discoveries 2,048; production (1,478) |
2024: 521; 2,281; (123); 1,915; (1,355) |
2023: (553); 159; (92); 1,065; (1,121) |
SUPP |
| Reserve changes 2025, equity companies (Mboe) |
revisions 23; sales (4); production (284) |
2024: 46; —; (264) |
2023: 124; (115); (281) |
SUPP |
| Standardized measure, total |
149,129 |
185,664 |
154,266 |
SUPP |
Leases and commitments
| Item |
Value |
Source |
| Operating leases: liability / remaining term / discount rate |
6,834 / 8 years / 4.7% |
Note 13 |
| Finance leases: liability / remaining term / discount rate |
2,659 / 17 years / 8.1% |
Note 13 |
| Leases not yet commenced (undiscounted) |
operating 3.0bn (mainly LNG vessels); finance 0.8bn |
Note 13 |
| Take-or-pay and unconditional purchase obligations |
54.1bn total; 6.3bn in 2026; 6.2bn in 2027 |
MD&A |
| Firm capital commitments |
8.5bn in 2026; 8.0bn in 2027 and beyond |
MD&A |
| 2026 capital plan |
27–29bn |
MD&A |
| Delivery commitments 2026–2028 |
~73 million bbl oil; 2.9 tcf gas |
Item 2 |
| Asset retirement obligations |
12,518 (12,032); long-term 11.3bn; payments 1.3bn (2026), 1.5bn (2027); 2025 revisions +1,154 |
Note 9 |
| Off-balance-sheet: equity-company debt, ExxonMobil share |
2,793 |
FUT |
Pensions and OPEB (Note 4)
| Funded status, 31/12/2025 (31/12/2024) |
U.S. pension |
Non-U.S. pension |
OPEB |
| Funded plans |
(81) ((267)) |
2,879 (1,679) |
— |
| Unfunded plans |
(1,393) ((1,488)) |
(3,249) ((3,499)) |
— |
| Total |
(1,474) ((1,755)) |
(370) ((1,820)) |
(4,508) ((4,427)) |
| Discount rate, obligations |
5.50% (5.70%) |
5.00% (4.60%) |
5.50% (5.80%) |
| Expected return on assets, 2025 cost |
6.00% |
4.70% |
5.30% |
Auditor and control
| Item |
Value |
Source |
| Auditor |
PricewaterhouseCoopers LLP, Houston; auditor "since 1934" |
Auditor's report |
| Critical Audit Matter |
"The Impact of Proved Developed Oil and Natural Gas Reserves on Upstream Property, Plant, and Equipment, Net": upstream PP&E net 228.2bn; related D&D 21.4bn |
Auditor's report |
| Internal control over financial reporting |
effective; no material weakness disclosed |
Item 9A; auditor's report |
| Restatement of prior periods |
none (cover check boxes unticked) |
Cover page |
| Related parties |
equity companies: 10% of their revenues are sales to ExxonMobil; payables to equity companies 8,694; advances 6,130. Proxy: four executive family members employed at US$120,000–500,000 |
Notes 8, 10, 11; Proxy |
| Subsequent events |
dividend of $1.03 declared 29/01/2026; new CFO from 01/02/2026 (N.A. Hansen) |
Item 5; executive officers list |
TABLE A-ter — Inputs for sections 3-quinquies onward
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Depreciation and depletion, incl. impairments |
25,993 |
23,442 |
20,641 |
IS; CF |
| Impairments, before tax |
~2.0bn (Upstream 1.6; Chemical 0.1; Other 0.3) |
"immaterial" |
3.3bn |
Note 9 |
| Impairments, after tax |
"$2.0 billion" (MD&A) / 1,855 (Identified Items) |
608 (Identified Items) |
3.4bn (MD&A) / 3,040 (Identified Items) |
MD&A; FUT |
| Inventories (total) |
26,302 |
23,524 |
not available |
BS |
| Trade receivables gross / allowance |
36,014 / 270 |
35,444 / 162 |
not available |
Note 10 |
| Trade payables |
36,049 |
36,145 |
not available |
Note 10 |
| Payables to equity companies |
8,694 |
10,378 |
not available |
Note 10 |
| Other current assets / other accrued liabilities |
1,837 / 12,619 |
1,598 / 11,197 |
not available |
BS; Note 10 |
| Change in operating working capital (CF) |
(7,728) |
(1,826) |
(4,255) |
CF (sum of four lines) |
| Acquisitions net of cash acquired |
~2.6bn inside cash capex (no separate line) |
Pioneer non-cash (shares 63,352, debt 5bn); cash acquired +754 |
Denbury: shares 4,844 + cash ~0.3bn |
MD&A; Note 20 |
| PP&E gross / net |
570,059 / 299,373 |
553,903 / 294,318 |
not available / 214,940 |
Note 9 |
| Accumulated depreciation |
270,686 |
259,585 |
not available |
Note 9 |
| Upstream PP&E gross / net |
436,018 / 228,235 |
423,038 / 226,021 |
not available |
Note 9 |
| Incomplete construction, upstream (consolidated + equity) |
24,524 + 2,718 |
25,399 + 5,561 |
not available |
SUPP |
| Unproved property costs, consolidated |
47,892 |
55,081 |
not available |
SUPP |
| Capitalized interest (cash) |
1,534 |
1,276 |
1,152 |
Note 17 |
| Suspended exploratory well costs |
3,286 (charged to expense 432) |
3,600 (69) |
3,559 (95) |
Note 16 |
| Research and development |
1,228 |
987 |
879 |
Note 14 |
| Shares issued for cash (financing section) |
— |
— |
— |
CF |
| Shares repurchased (cash) |
20,273 |
19,629 |
17,748 |
CF |
| Debt issued (LT + ST + CP net) |
6,565 |
899 |
939 |
CF |
| Debt repaid (LT + ST) |
6,512 |
5,911 (incl. CP −18) |
1,178 (incl. CP −284) |
CF |
| Goodwill / intangibles |
not available (Pioneer goodwill ~1bn) |
— |
— |
Note 20 |
| Dividend per share |
4.00 |
3.84 |
3.68 |
Note 2 |
Operating data (BP; MD&A; Item 2)
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Oil-equivalent production (kboe/d) |
4,736 |
4,333 |
3,738 |
Item 2; MD&A |
| Liquids production (kb/d) |
3,329 |
2,987 |
2,449 |
MD&A |
| Gas available for sale (mcf/d, million) |
8,442 |
8,078 |
7,734 |
MD&A |
| Permian production (Moe/d) |
1.6 |
~1.2 (derived: 1.6 less "approximately 0.4") |
not available |
MD&A |
| Guyana gross production (kb/d) |
715 |
not available |
not available |
MD&A |
| Average realized crude price, total (US$/bbl) |
65.18 |
76.23 |
77.92 |
Item 2 |
| Average realized gas price, total (US$/kcf) |
4.28 |
4.53 |
6.05 |
Item 2 |
| Average production cost, total (US$/boe) |
10.20 |
10.53 |
10.63 |
Item 2 |
| Brent (US$/bbl) |
69.06 |
80.76 |
82.62 |
MD&A, Market Risks |
| Henry Hub (US$/mmbtu) |
3.43 |
2.27 |
2.74 |
MD&A |
| Sensitivity: US$1/bbl Brent |
~700m after tax, annual, for 2026 |
— |
— |
MD&A |
| Refinery throughput (kb/d) |
3,979 |
3,900 |
4,068 |
MD&A |
| Energy Products sales (kb/d) |
5,593 |
5,418 |
5,461 |
MD&A |
| Chemical Products sales (kt) |
21,303 |
19,392 |
19,382 |
MD&A |
| Specialty Products sales (kt) |
7,791 |
7,666 |
7,597 |
MD&A |
| Upstream earnings driver analysis 2025 vs 2024 (US$bn) |
price (6.1); advantaged volume +1.9; base volume (0.7); cost savings +1.4; expenses (0.6); other +0.6; timing +0.6; identified items (1.1) |
— |
— |
MD&A |
| Return on average capital employed (company, %) |
9.3 |
12.7 |
15.0 |
FUT |
| ROCE Upstream U.S. / Non-U.S. (%) |
4.3 / 17.7 |
7.5 / 20.3 |
not available |
BP |
| ROCE Energy / Chemical / Specialty (%) |
19.7 / 2.7 / 35.4 |
11.7 / 8.9 / 37.1 |
not available |
BP |
| Average capital employed (company) |
305,775 |
278,102 |
243,440 |
FUT |
| Financing costs, after tax (company ROCE table) |
+547 (gross third-party debt (1,360); equity cos (165); all other +2,072) |
(1,554) |
(551) |
FUT |
Proxy data used
| Item |
Value |
Source |
| Shares owned by CEO D.W. Woods (28/02/2026) |
374,437 |
Proxy |
| Directors and executive officers together |
1,315,797 shares, ~0.03% |
Proxy |
| Bonus program formula |
% change in bonus program = (% change in annual earnings) × 2/3; 2025 program −10% vs 2024 |
Proxy |
| Long-term award |
restricted stock units, 50% vesting in 5 years, 50% in 10 years; >70% of total direct compensation |
Proxy |
| Metrics reviewed by Compensation Committee |
safety, ROCE, CFOAS, TSR (relative to IOC peers BP, Chevron, Shell, TotalEnergies); spills; GHG intensity |
Proxy |
| CEO total compensation (Summary Compensation Table) |
32,998,628 (2025); 44,052,537 (2024); 36,919,898 (2023) |
Proxy |
| Pioneer synergies |
"approximately $4.0 billion", "doubling initial expectations" |
Proxy |
| Distributions stated |
"$37.2 billion to shareholders through dividends and share repurchases" |
Proxy |
| Board leadership |
combined Chairman/CEO; independent Lead Director |
Proxy |