Exxon Mobil (XOM) Q2 2026 earnings summary

Executive summary

• Second-quarter 2026 earnings reached $14.5 billion ($3.48 per share), with adjusted earnings of $14.7 billion ($3.52 per share), and cash flow from operations of $23.6 billion, despite a temporary 10% loss in upstream production due to Middle East disruptions.

• Achieved highest upstream production in over two decades (excluding Middle East disruptions), record Permian and diesel production, and record quarterly and first-half adjusted earnings in specialty products.

• Guyana project exceeded expectations, accelerating investment recovery by two years, with the fifth FPSO set to start production in 4Q26, adding 250 Kbd capacity.

• Cumulative structural cost savings since 2019 reached $16.3 billion, surpassing all other IOCs.

• Completed redomiciling from New Jersey to Texas, making ExxonMobil Holdings Corporation the new parent as of July 1, 2026.

Financial highlights

• Q2 2026 GAAP earnings: $14.5 billion; adjusted earnings: $14.7 billion; EPS: $3.48 GAAP, $3.52 adjusted; revenues: $116.0 billion.

• Cash flow from operations: $23.6 billion in Q2; free cash flow: $17.2 billion; cash capex: $6.8 billion for Q2, $13.0 billion YTD.

• Net debt reduced by over $7 billion in the quarter; net debt to capital improved to 11%.

• Shareholder distributions reached $9.4 billion in Q2, including $4.3 billion in dividends and $5.1 billion in share repurchases.

• Effective income tax rate for Q2 2026 was 24%, down from 34% in Q2 2025.

Outlook and guidance

• Expect continued robust refining margins due to global supply constraints and high demand; planned capital expenditures for 2026 are $27–29 billion.

• Guyana free cash flow projected to double by 2030 compared to 2025, with the fifth FPSO set to start in 4Q26.

• LNG portfolio diversification underway, with Mozambique and Papua New Guinea projects targeted for FID later this year.

• Share repurchases expected to reach $20 billion in 2026, assuming reasonable market conditions.

• Ongoing transformation and technology adoption, including AI, expected to drive further operational and cost efficiencies.