Stock Analysis on Net
Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Exxon Mobil Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales and other operating revenue
Income from equity affiliates
Other income
Revenues and other income
Crude oil and product purchases
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion, including impairments
Exploration expenses, including dry holes
Other taxes and duties
Operating income
Non-service pension and postretirement benefit expense
Interest expense
Income before income taxes
Income tax expense
Net income including noncontrolling interests
Net income attributable to noncontrolling interests
Net income attributable to ExxonMobil

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The financial performance exhibited significant fluctuations over the observed period, spanning from March 2021 to December 2025. Revenues and other income demonstrated an overall upward trend initially, peaking in June 2022, before experiencing a decline and stabilizing in the latter part of the period. Net income attributable to ExxonMobil mirrored this pattern, with substantial growth leading to a peak in June 2022, followed by a decrease and subsequent stabilization.

Revenue Trends
Revenues increased consistently from March 2021 to June 2022, rising from $57.552 billion to $111.265 billion. This represents a period of strong growth. However, revenues then began to decline, reaching $80.039 billion by September 2025. The decline from the peak in June 2022 to the end of the period suggests potential shifts in market conditions or company strategy.
Profitability Analysis
Operating income followed a similar trajectory to revenues, increasing significantly until June 2022 ($25.785 billion) and then decreasing to $8.272 billion by September 2025. Net income attributable to ExxonMobil peaked at $17.850 billion in June 2022, before declining to $6.501 billion by September 2025. This indicates a compression of profit margins during the latter part of the period, potentially due to rising costs or decreased pricing power.
Cost of Goods Sold and Expenses
Crude oil and product purchases consistently represent a substantial outflow, increasing from $32.601 billion in March 2021 to $65.613 billion in June 2022, and then decreasing to $44.205 billion by September 2025. Production and manufacturing expenses also increased over much of the period, peaking at $13.365 billion in December 2022, before showing some moderation. Selling, general and administrative expenses remained relatively stable, while depreciation and depletion exhibited an increase, particularly in 2022 and 2023. These cost trends contributed to the observed fluctuations in profitability.
Other Income and Affiliates
Income from equity affiliates and other income contributed positively to overall revenues, with both experiencing increases through 2022. However, these contributions were less substantial than the core revenue stream from sales and other operating revenue. The variability in 'Other Income' is notable, with significant spikes in certain quarters, suggesting non-recurring items or fluctuating investment returns.
Tax Impact
Income tax expense generally increased with pre-tax income, representing a significant portion of earnings. The effective tax rate appears to have fluctuated, impacting net income. The expense rose from $796 million in March 2021 to a peak of $6,359 million in June 2022, then decreased alongside pre-tax income.

In summary, the period under review demonstrates a clear cycle of growth followed by a decline in financial performance. While revenues and profits reached substantial levels in 2022, subsequent quarters show a contraction, potentially indicating a changing business environment or strategic adjustments. The consistent and significant cost of crude oil and product purchases remains a key factor influencing overall profitability.