Exxon Mobil Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business plainly works: $51,970 million of operating cash flow in the weakest year of the cycle, $254,381 million of equity, $603 million of interest expense, production at its highest level in more than 40 years, and an acquisition that produced only $1 billion of goodwill on a $63 billion price — substance bought, not expectation. No going-concern warning, no negative equity, no existential dependence on a single counterparty, no accounting or governance breach. Two operating questions remain open, however, and together they weigh enough for the more cautious rating. First, profitability swings so hard that 2020 carried a loss of $22,440 million; the cause sits outside the company and is quantified by it at $700 million per dollar of Brent. Second, 2025 distributions exceeded cash flow after capital expenditure by $13,892 million, the third year of falling coverage, with cash and the net debt ratio showing the bill. Separately stands the price question: at roughly 26 times trailing earnings the stock looks expensive, yet for a cyclical business that is exactly the usual optics at an earnings trough — measured against average 2020 to 2025 earnings it is roughly 25 times. That is a valuation argument, not a quality argument, and it does not change the rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
ExxonMobil produced more in 2025 than in any year for over four decades and pulled $51,970 million from operations — yet earned only half of what it made in the record year 2022, because its realized Brent price fell from $82.62 to $69.06 per barrel. The company quantifies that dependency itself at roughly $700 million of annual earnings per dollar of price. At the same time, 2025 distributions ran $13,892 million above what was left after capital expenditure, funded from cash and debt. Not investment advice.
Operating performance
Production rose from 3.7 (2023) through 4.3 (2024) to 4.7 million oil-equivalent barrels per day (2025) — by the company's own account the highest level in more than 40 years. The Permian Basin reached 1.6 million net barrels, Guyana 715 thousand gross barrels per day on average and more than 900 thousand in the first quarter of 2026.
Balance sheet
As of March 31, 2026, shareholders' equity of $254,381 million stood against total debt of $43,537 million (December 31, 2025). Interest expense in 2025 was just $603 million against pre-tax income of $41,268 million. No solvency risk is apparent.
Earnings volatility
Net income ran from −$22,440 million (2020) through +$55,740 million (2022) to +$28,844 million (2025), and return on average equity from −12.9 through 30.7 to 11.0 percent. The company quantifies the cause itself: $1 of Brent equals roughly $700 million of annual after-tax earnings (10-K 2025, Market Risks).
Distribution coverage
After capital expenditure, $23,612 million was left in 2025; $37,504 million was distributed. The $13,892 million gap was covered from cash ($23,187m to $10,681m) and debt. Net debt to capital rose from 4.5 percent (2023) through 6.5 percent (2024) to 11.0 percent (2025).
Reserves and retirement obligations
Proved reserves of 19,311 million oil-equivalent barrels (December 31, 2025), roughly ten years of production, 36 percent of them undeveloped. In 2025, additions of 2.2 billion barrels met downward revisions of 0.9 billion. Asset retirement obligations were $12,518 million, expressly not measurable for manufacturing sites.
Capital allocation and governance
The Pioneer acquisition of May 3, 2024 cost 545 million of the company's own shares (fair value $63 billion) with goodwill of only $1 billion — expensive, but backed by substance. The redomiciliation to Texas effective July 1, 2026 passed with 71.2 percent in favour; 28.8 percent of votes cast were against (Form 8-K of May 29, 2026).
Worth Noting
Origin: survey of the 100 largest U.S. stocks by market capitalization as of July 28, 2026. ExxonMobil ranked 16th and had no analysis. Not a scanner hit.
Data basis: Form 10-Q for the quarter ended March 31, 2026 (filed May 4, 2026), Forms 10-K for 2025 and 2022, Form 8-K of May 1, 2026, Form 8-K of July 7, 2026 (Exhibit 99.1). Fundamental data as of July 29, 2026.
Filer number caution: reports through the first quarter of 2026 sit with the SEC under CIK 0000034088 (Exxon Mobil Corporation, New Jersey); newer filings under CIK 0002115436 (ExxonMobil Holdings Corporation, Texas). The XOM ticker and the NYSE listing were unchanged.
The Form 25-NSE of July 2, 2026 concerns the predecessor's common stock and follows from the share exchange; it is not a delisting signal.
Peak-earnings note: ExxonMobil is a cyclical business. Earnings, cash flow and return on equity are shown here across the full 2020 to 2025 cycle. Price scenarios appear solely as the sensitivity published by the company itself, not as a forecast of our own.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at XOM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 110.60 $ to 171.50 $ · Last price: 163.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Integrated
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Exxon Mobil Corp XOM | 670.8 | 27.6 | 9.4 | 29.8 | 6.4 | -4.5 | 45.7 |
| Chevron Corp CVX | 421.4 | 36.6 | 8.0 | 44.3 | 7.3 | -4.6 | 37.4 |
| Petroleo Brasileiro Petrobras SA PBR | 134.9 | 5.4 | 3.4 | 50.6 | 32.0 | -3.6 | 73.8 |
| BP PLC ADR BP | 116.9 | 21.7 | 3.7 | 28.3 | 13.2 | 0.1 | 38.6 |
| Eni SpA E | 80.2 | 12.3 | 4.1 | 21.5 | 10.7 | -7.5 | 63.8 |
| Ecopetrol SA EC | 35.9 | 11.4 | 7.5 | 32.8 | 0.0 | -16.4 | 95.4 |
| YPF Sociedad Anonima YPF | 21.3 | – | 4.0 | 35.6 | 27.6 | 48.3 | 97.2 |
| National Fuel Gas Company NFG | 7.6 | 11.2 | 6.6 | 63.2 | 42.0 | 17.1 | -6.9 |
| Transportadora de Gas del Sur S.A. TGS | 4.4 | 14.5 | 5.5 | 55.0 | 49.7 | 63.0 | 32.1 |
| Median of companies shown | 80.2 | 13.4 | 5.5 | 35.6 | 13.2 | -3.6 | 45.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 200,628 | 2,771 | 7,840 | 1.88 | 22,082 | 167,325 | 330,314 |
| 2017 | 237,162 | 13,819 | 19,710 | 4.63 | 30,066 | 187,688 | 348,691 |
| 2018 | 279,332 | 22,124 | 20,840 | 4.92 | 36,014 | 191,794 | 346,196 |
| 2019 | 255,583 | 12,766 | 14,340 | 3.36 | 29,716 | 191,650 | 362,597 |
| 2020 | 178,574 | -29,448 | -22,440 | -5.25 | 14,668 | 157,150 | 332,750 |
| 2021 | 276,692 | 24,019 | 23,040 | 5.39 | 48,129 | 168,577 | 338,923 |
| 2022 | 398,675 | 64,028 | 55,740 | 13.26 | 76,797 | 195,049 | 369,067 |
| 2023 | 334,697 | 44,461 | 36,010 | 8.89 | 55,369 | 204,802 | 376,317 |
| 2024 | 339,247 | 39,652 | 33,680 | 7.84 | 55,022 | 263,705 | 453,475 |
| 2025 | 323,905 | 33,938 | 28,844 | 6.70 | 51,970 | 259,386 | 448,980 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.71 | -10.40 | 81,058 | -0.80 | 9.40 | 12,229 | 5,392 |
| 2025: Q1 | 1.73 | -15.90 | 81,058 | 0.80 | 9.50 | 12,953 | 7,055 |
| 2025: Q2 | 1.64 | -23.60 | 81,506 | – | 8.70 | 11,550 | 5,267 |
| 2025: Q3 | 1.74 | -9.70 | 83,331 | -5.10 | 9.10 | 14,788 | 6,061 |
| 2025: Q4 | 1.53 | -10.10 | 80,039 | -1.30 | 8.10 | 12,679 | 5,229 |
| 2026: Q1 | 1.00 | -42.10 | 83,161 | 2.60 | 5.00 | 8,705 | 2,235 |
| 2026: Q2 | 3.48 | 112.20 | 116,017 | 42.30 | 12.50 | – | – |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Aktien.Guide
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 11.75 | 10.36 – 13.55 | 407,012 | 68.1% | 21 |
| 12/31/2027 | 10.79 | 7.56 – 16.65 | 399,554 | -8.1% | 22 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 9.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $30.55B |
|---|---|
| Market cap | $670.77B |
| Free cash flow in year ten | $72.19B |
| Terminal value as a share of market value | 56.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 29.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 18.02.2026), den Geschäftsbericht für 2024 und die vier jüngsten Quartalsberichte (10-Q): Künstliche Intelligenz erscheint in den ausgewerteten Filings ausschließlich als Nachfragefaktor für die eigenen Produkte (10-K 2025, Item 1A, „Other demand-related factors“) sowie als geplantes, noch umsatzloses Geschäftsfeld „low-carbon data centers“ im Bereich Low Carbon Solutions. Weder eine KI-Umsatzquelle noch ein konkretes KI-Risiko für das eigene Geschäftsmodell noch dokumentierter operativer KI-Einsatz sind belegt.
View the full file — quotes, sources, reviewed filings
„Other factors that may affect the demand for oil, gas, petrochemicals or our other products, and therefore our results, include … increased demand for artificial intelligence (AI), including the construction and expansion of AI data centers …"
Weitere Faktoren, die die Nachfrage nach Öl, Gas, Petrochemie oder unseren übrigen Produkten und damit unsere Ergebnisse beeinflussen können, sind unter anderem … die gestiegene Nachfrage nach künstlicher Intelligenz (KI), einschließlich des Baus und der Erweiterung von KI-Rechenzentren …
10-K · 2026-02-18 · View SEC filing
„ExxonMobil's Low Carbon Solutions business is working with the Product Solutions and Upstream businesses to grow a pipeline of emission-reduction opportunities in carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima resin systems, carbon materials, and low-carbon data centers, as well as lithium to supply the global battery and electric vehicle markets."
Der Geschäftsbereich Low Carbon Solutions von ExxonMobil arbeitet mit den Bereichen Product Solutions und Upstream daran, ein Portfolio an Emissionsminderungsmöglichkeiten aufzubauen — in Kohlenstoffabscheidung und -speicherung, Wasserstoff und Ammoniak, emissionsärmeren Kraftstoffen, Proxxima-Harzsystemen, Kohlenstoffmaterialien und emissionsarmen Rechenzentren sowie Lithium für die globalen Batterie- und Elektrofahrzeugmärkte.
10-K · 2026-02-18 · View SEC filing
Filings Reviewed: 10-Q 2026-05-04 · 10-K 2026-02-18 · 10-Q 2025-11-03 · 10-Q 2025-08-04 · 10-Q 2025-05-05 · 10-K 2025-02-19
Rated on July 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -6.7%
- More than 10% revenue growth is expected for the coming year -5.4%
- Share count grows by less than 3% a year 0.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 2.8%
- Gross margin at 40% or higher and without meaningful erosion 21.7%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 0.5 x EBITDA
- Operating cash flow covers the profits of the last three years 63,827 m
- Return on capital at 15% or higher, or up versus two years ago 9.0%
- Insiders hold at least 10% or are net buyers 0.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.5%
- Exp. sales growth 3Y > 5% 11.1%
- EBIT growth 10Y > 5% 32.1%
- Exp. EBIT growth 3Y > 5% 26.9%
- Net debt < 4x EBIT 1.0x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 12.1%
- ROCE > 15% 9.0%
- Expected return > 10% 31.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Exxon Mobil Corporation betreibt die Exploration und Förderung von Rohöl und Erdgas in den USA, Kanada und international. Das Unternehmen ist in den Segmenten Upstream, Energy Products, Chemical Products und Specialty Products tätig.
- Employees
- 57,900
- Headquarters
- Spring, TX
- Address
- 22777 Springwoods Village Parkway, 77389-1425 Spring, United States
- Phone
- 972-940-6000
- Website
- corporate.exxonmobil.com
- IPO Date
- 01/13/1978
- ISIN
- US30233Q1085
- Stock Split
- 2:1 on 07/19/2001
- Stock Split
- 2:1 on 04/14/1997
- Stock Split
- 2:1 on 09/15/1987
Management
| Name | Title | Birth Year |
|---|---|---|
| Darren W. Woods | Chairman of the Board & CEO | 1965 |
| Jon M. Gibbs | Senior President of ExxonMobil Global Operations | 1972 |
| Neil A. Chapman | Senior Vice President | 1962 |
| Jack P. Williams Jr. | Senior Vice President | 1964 |
| James R. Chapman | President & Treasurer | 1970 |
| Neil A. Hansen | Senior VP & CFO | 1975 |
| Susan E. Buchanan | VP, Chief Accounting Officer & Controller | 1982 |
| Jeffrey A. Taylor J.D. | VP, General Counsel & Secretary | 1965 |
| Inge A. Van Coppenolle | Vice President of Human Resources | – |
| Tracey C. Gunnlaugsson | President of Global Trading | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.