Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Exxon Mobil Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Federal	2,061)	1,987)	696)	236)	262)
Non-U.S.	11,940)	12,111)	15,071)	6,948)	2,908)
U.S. tax on non-U.S. operations	241)	315)	65)	26)	13)
State	398)	72)	761)	470)	(763)
Current	14,640)	14,485)	16,593)	7,680)	2,420)
Federal	(318)	463)	4,122)	870)	(6,045)
Non-U.S.	(512)	481)	(539)	(914)	(2,007)
Deferred, net	(830)	944)	3,583)	(44)	(8,052)
Income tax expense (benefit)	13,810)	15,429)	20,176)	7,636)	(5,632)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Exxon Mobil Corp. current decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Deferred, net	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Exxon Mobil Corp. deferred, net decreased from 2022 to 2023 and from 2023 to 2024.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Exxon Mobil Corp. income tax expense (benefit) decreased from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp., effective income tax rate (EITR) reconciliation

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Theoretical U.S. tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	33.00%	33.00%	33.00%	31.00%	17.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Exxon Mobil Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Pension and other postretirement benefits	1,365)	1,777)	1,754)	3,687)	4,703)
Asset retirement obligations	3,156)	3,532)	3,045)	2,865)	3,150)
Tax loss carryforwards	4,575)	4,317)	4,862)	6,914)	8,982)
Other assets	7,308)	6,361)	6,948)	7,694)	7,095)
Deferred tax assets, gross	16,404)	15,987)	16,609)	21,160)	23,930)
Asset valuation allowances	(2,516)	(2,641)	(2,650)	(2,634)	(2,731)
Deferred tax assets, net	13,888)	13,346)	13,959)	18,526)	21,199)
Property, plant and equipment	(40,881)	(26,627)	(25,607)	(27,888)	(28,778)
Other liabilities	(8,113)	(7,534)	(7,401)	(6,353)	(6,427)
Deferred tax liabilities	(48,994)	(34,161)	(33,008)	(34,241)	(35,205)
Net deferred tax assets (liabilities)	(35,106)	(20,815)	(19,049)	(15,715)	(14,006)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Deferred tax assets, gross	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Exxon Mobil Corp. deferred tax assets, gross decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Deferred tax assets, net	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Exxon Mobil Corp. deferred tax assets, net decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Exxon Mobil Corp. net deferred tax assets (liabilities) decreased from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Deferred income tax assets (included in Other assets, including intangibles, net)	3,936)	3,637)	3,825)	4,450)	4,159)
	Deferred income tax liabilities	39,042)	24,452)	22,874)	20,165)	18,165)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Deferred income tax assets (included in Other assets, including intangibles, net)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Exxon Mobil Corp. deferred income tax assets (included in Other assets, including intangibles, net) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Exxon Mobil Corp. deferred income tax liabilities increased from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	453,475)	376,317)	369,067)	338,923)	332,750)
Less: Noncurrent deferred tax assets, net	3,936)	3,637)	3,825)	4,450)	4,159)
Total assets (adjusted)	449,539)	372,680)	365,242)	334,473)	328,591)
Adjustment to Total Liabilities
Total liabilities (as reported)	182,869)	163,779)	166,594)	163,240)	168,620)
Less: Noncurrent deferred tax liabilities, net	39,042)	24,452)	22,874)	20,165)	18,165)
Total liabilities (adjusted)	143,827)	139,327)	143,720)	143,075)	150,455)
Adjustment to Total ExxonMobil Share Of Equity
Total ExxonMobil share of equity (as reported)	263,705)	204,802)	195,049)	168,577)	157,150)
Less: Net deferred tax assets (liabilities)	(35,106)	(20,815)	(19,049)	(15,715)	(14,006)
Total ExxonMobil share of equity (adjusted)	298,811)	225,617)	214,098)	184,292)	171,156)
Adjustment to Net Income (loss) Attributable To ExxonMobil
Net income (loss) attributable to ExxonMobil (as reported)	33,680)	36,010)	55,740)	23,040)	(22,440)
Add: Deferred income tax expense (benefit)	(830)	944)	3,583)	(44)	(8,052)
Net income (loss) attributable to ExxonMobil (adjusted)	32,850)	36,954)	59,323)	22,996)	(30,492)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Exxon Mobil Corp., Financial Data: Reported vs. Adjusted

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Exxon Mobil Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	9.93%	10.76%	13.98%	8.33%	-12.57%
Adjusted net profit margin	9.68%	11.04%	14.88%	8.31%	-17.08%
Total Asset Turnover
Reported total asset turnover	0.75	0.89	1.08	0.82	0.54
Adjusted total asset turnover	0.75	0.90	1.09	0.83	0.54
Financial Leverage
Reported financial leverage	1.72	1.84	1.89	2.01	2.12
Adjusted financial leverage	1.50	1.65	1.71	1.81	1.92
Return on Equity (ROE)
Reported ROE	12.77%	17.58%	28.58%	13.67%	-14.28%
Adjusted ROE	10.99%	16.38%	27.71%	12.48%	-17.82%
Return on Assets (ROA)
Reported ROA	7.43%	9.57%	15.10%	6.80%	-6.74%
Adjusted ROA	7.31%	9.92%	16.24%	6.88%	-9.28%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Exxon Mobil Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Exxon Mobil Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Exxon Mobil Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Exxon Mobil Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Exxon Mobil Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	33,680)	36,010)	55,740)	23,040)	(22,440)
Sales and other operating revenue	339,247)	334,697)	398,675)	276,692)	178,574)
Profitability Ratio
Net profit margin¹	9.93%	10.76%	13.98%	8.33%	-12.57%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil	32,850)	36,954)	59,323)	22,996)	(30,492)
Sales and other operating revenue	339,247)	334,697)	398,675)	276,692)	178,574)
Profitability Ratio
Adjusted net profit margin²	9.68%	11.04%	14.88%	8.31%	-17.08%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 33,680 ÷ 339,247 = 9.93%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × 32,850 ÷ 339,247 = 9.68%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Exxon Mobil Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenue	339,247)	334,697)	398,675)	276,692)	178,574)
Total assets	453,475)	376,317)	369,067)	338,923)	332,750)
Activity Ratio
Total asset turnover¹	0.75	0.89	1.08	0.82	0.54
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Sales and other operating revenue	339,247)	334,697)	398,675)	276,692)	178,574)
Adjusted total assets	449,539)	372,680)	365,242)	334,473)	328,591)
Activity Ratio
Adjusted total asset turnover²	0.75	0.90	1.09	0.83	0.54

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Sales and other operating revenue ÷ Total assets
= 339,247 ÷ 453,475 = 0.75

² Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= 339,247 ÷ 449,539 = 0.75

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Exxon Mobil Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	453,475)	376,317)	369,067)	338,923)	332,750)
Total ExxonMobil share of equity	263,705)	204,802)	195,049)	168,577)	157,150)
Solvency Ratio
Financial leverage¹	1.72	1.84	1.89	2.01	2.12
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	449,539)	372,680)	365,242)	334,473)	328,591)
Adjusted total ExxonMobil share of equity	298,811)	225,617)	214,098)	184,292)	171,156)
Solvency Ratio
Adjusted financial leverage²	1.50	1.65	1.71	1.81	1.92

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 453,475 ÷ 263,705 = 1.72

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total ExxonMobil share of equity
= 449,539 ÷ 298,811 = 1.50

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Exxon Mobil Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	33,680)	36,010)	55,740)	23,040)	(22,440)
Total ExxonMobil share of equity	263,705)	204,802)	195,049)	168,577)	157,150)
Profitability Ratio
ROE¹	12.77%	17.58%	28.58%	13.67%	-14.28%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil	32,850)	36,954)	59,323)	22,996)	(30,492)
Adjusted total ExxonMobil share of equity	298,811)	225,617)	214,098)	184,292)	171,156)
Profitability Ratio
Adjusted ROE²	10.99%	16.38%	27.71%	12.48%	-17.82%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to ExxonMobil ÷ Total ExxonMobil share of equity
= 100 × 33,680 ÷ 263,705 = 12.77%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total ExxonMobil share of equity
= 100 × 32,850 ÷ 298,811 = 10.99%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Exxon Mobil Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ExxonMobil	33,680)	36,010)	55,740)	23,040)	(22,440)
Total assets	453,475)	376,317)	369,067)	338,923)	332,750)
Profitability Ratio
ROA¹	7.43%	9.57%	15.10%	6.80%	-6.74%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to ExxonMobil	32,850)	36,954)	59,323)	22,996)	(30,492)
Adjusted total assets	449,539)	372,680)	365,242)	334,473)	328,591)
Profitability Ratio
Adjusted ROA²	7.31%	9.92%	16.24%	6.88%	-9.28%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to ExxonMobil ÷ Total assets
= 100 × 33,680 ÷ 453,475 = 7.43%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to ExxonMobil ÷ Adjusted total assets
= 100 × 32,850 ÷ 449,539 = 7.31%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Exxon Mobil Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp. (NYSE:XOM)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Exxon Mobil Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)