Exxon Mobil (XOM) Q4 2025 earnings summary

Executive summary

• Full-year earnings reached $28.8B ($30.1B excluding identified items), with a >20% CAGR since 2019, driven by an advantaged portfolio, execution excellence, and structural cost savings.

• Achieved highest annual upstream production in over 40 years, with records in the Permian and Guyana, and delivered all 10 key 2025 projects, supporting long-term growth.

• Cash flow from operations was $52.0B and free cash flow $26.1B, leading the industry in both metrics.

• Annualized shareholder return was 29% over five years, with $150B distributed to shareholders, including $37.2B in 2025.

• Reduced corporate GHG intensity by over 20% and upstream GHG intensity by more than 40% since 2018, achieving 2030 emission targets ahead of schedule.

Financial highlights

• 2025 GAAP earnings: $28.8B; earnings ex. identified items: $30.1B; EPS: $6.70 (GAAP), $6.99 (ex. items).

• Return on capital employed averaged ~11% since 2019, with 2025 at 9.3%; plan to exceed 17% by 2030.

• Cash flow from operations: $52.0B; free cash flow: $26.1B; cash capex: $29.0B.

• Net debt-to-capital: 11%; debt-to-capital: 14%; period-end cash balance: $10.7B.

• Dividends paid: $17.2B, with 43 consecutive years of annual dividend-per-share growth.

Outlook and guidance

• On track to deliver ~$25B earnings growth and ~$35B cash flow growth from 2024-2030 at constant prices and margins.

• Upstream annual production expected to grow to ~4.9 Moebd in 2026, with ~60% from advantaged assets.

• Structural cost savings targeted to reach $20B by 2030.

• Cash capital expenditures expected to be $27–$29B in 2026; annual share buybacks of $20B planned, assuming reasonable market conditions.

• First-quarter 2026 dividend declared at $1.03 per share, up 4% from the prior quarter.