Exxon Mobil delivered Q4 2025 adjusted EPS of $1.71 on revenue of $82.3 billion, with full‑year earnings of $28.8 billion. EPS beat consensus while revenue was roughly in line to slightly below some estimates. Despite record production and strong cash generation, the stock fell about 1.7% in pre‑market trading after the release.
About Exxon Mobil Corporation
Exxon Mobil Corporation (NYSE: XOM) is one of the world’s largest integrated oil and gas companies, with operations spanning upstream exploration and production, refining and marketing, chemicals, and emerging low‑carbon solutions. The company traces its roots to John D. Rockefeller’s Standard Oil and was effectively founded in 1870; today it is headquartered in Spring, Texas. As of early February 2026, Exxon Mobil commands a market capitalization of roughly $628–630 billion, placing it among the most valuable public companies globally.
The shares trade at a trailing price‑to‑earnings ratio of about 22x, a premium to the stock’s long‑term average but broadly in line with large energy peers. ExxonMobil offers an income‑oriented profile, with a trailing twelve‑month dividend yield around 2.7–2.8% and 43 consecutive years of annual dividend growth. The group employs roughly 61,000 people worldwide as of 2024.
Top Financial Highlights
- Full-year 2025 revenue was approximately $323.9 billion, down from about $339.2 billion in 2024 as weaker crude prices and softer chemical margins weighed on the top line.
- FY 2025 net income came in at $28.8 billion, versus $33.7 billion a year earlier, with EPS of $6.70 (GAAP) and $6.99 excluding identified items.
- Q4 2025 net income was $6.5 billion, or $1.53 per share (GAAP), while adjusted EPS (excluding identified items) was $1.71.
- Q4 2025 revenue totaled about $82.3 billion, slightly below some Zacks consensus estimates of $83.2 billion and down from $83.4 billion in Q4 2024.
- Gross profitability remained strong: based on reported sales and crude purchases, Exxon’s full‑year gross margin was roughly 43%, modestly higher than about 41% in 2024, reflecting stronger refining margins and cost efficiencies.
- Cash flow from operations for 2025 reached $52.0 billion, supporting free cash flow of $26.1 billion and underscoring the integrated portfolio’s cash-generation capacity.
- Q4 2025 cash flow from operating activities was $12.7 billion, with free cash flow of $5.6 billion, even as quarterly net income declined year over year.
- Shareholder distributions in 2025 totalled $37.2 billion, including $17.2 billion in dividends and $20.0 billion in share repurchases. Management plans to repurchase an additional $20 billion of stock through 2026, subject to market conditions.
- Balance sheet strength remained a key pillar, with period‑end cash of $10.7 billion, total debt of $43.5 billion, and a net debt‑to‑capital ratio of 11% (debt‑to‑capital 14%).
- Capital spending (cash capex) was $29.0 billion in 2025, including $2.6 billion in acquisitions. For 2026, ExxonMobil guides to $27–29 billion in cash capex.
- Upstream segment earnings were $21.4 billion (down from $25.4 billion in 2024) on record production of 4.7 million boe/d, with the Permian at 1.6 million boe/d and Guyana exceeding 700,000 barrels per day.
- Energy Products (refining & fuels) delivered $7.4 billion of full‑year earnings, up by about $3.4 billion year over year, supported by higher refining margins and record global refining throughput.
- Chemical Products earnings fell to $0.8 billion (from $2.6 billion) amid weaker industry margins and ramp‑up costs at the China Chemical Complex, while Specialty Products earned $2.9 billion, slightly below 2024 but with record high‑value product volumes.
- Since 2019, ExxonMobil has realised $15.1 billion in structural cost savings, including $3.0 billion in 2025, and targets $20 billion by 2030.
- Return on capital employed (ROCE) stood at 9.3% for 2025, averaging around 11% since 2019 and leading large integrated peers, according to the company.
Beat or Miss?
| Metric | Reported | Estimated / Consensus | Difference / Analysis |
| Adjusted EPS (Q4 2025, ex identified items) | $1.71 per share | $1.68 (Zacks consensus) | Beat by $0.03 (~2%) – solid earnings execution despite weaker commodity prices. |
| GAAP EPS (Q4 2025) | $1.53 per share | N/A | Below adjusted EPS due to impairments and other identified items; not primary focus of estimates. |
| Revenue (Q4 2025) | $82.3 billion | $83.2 billion (Zacks consensus) | Missed by ~$0.9 billion (~1%); still broadly in line with expectations. |
| Full-year EPS 2025 (ex identified items) | $6.99 per share | $6.62 FY 2025 consensus before report | Outperformed FY EPS forecast as structural cost savings and advantaged projects offset price headwinds. |
| Cash flow from operations (FY 2025) | $52.0 billion | N/A | Strong cash generation; no widely cited consensus, but compares favorably to prior years. |
Overall, Q4 2025 was a clean EPS beat with a marginal revenue shortfall versus one set of Street estimates, while full‑year earnings and cash flow slightly outpaced prior expectations.
What Leadership Is Saying?
“ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that. Our transformation is delivering a more resilient, lower‑cost, technology‑led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence.” — Darren Woods, Chairman and CEO
“If you look, since 2019, when we started this work on the strategy, implementing the strategy, we’re over 14 billion dollars of structural cost reductions. My expectation is we’ll see something similar to that this year. Frankly, going forward, we continue to see additional opportunities to become more effective and through that then get more efficient.” — Kathryn Mikells, Senior Vice President & CFO, discussing cost savings and efficiency on a 2025 earnings call
Historical Performance
Exxon Mobil – Q4 2025 vs Q4 2024 (YoY)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $82.3 billion | $83.4 billion | ‑1.3% – modest top‑line decline amid lower commodity prices. |
| Net Income | $6.50 billion | $7.61 billion | ‑14.6% – earnings compressed by weaker crude and chemicals margins. |
| EPS (GAAP) | $1.53 per share | $1.72 per share | ‑11.0% – reflects lower profitability and identified items. |
While Q4 revenue slipped only slightly year over year, profit metrics declined more sharply as Exxon cycled very strong refining and chemical conditions from 2024 and absorbed higher depreciation and growth‑related costs.
Historical Performance By Competitors
Chevron Corporation – Q4 2025 vs Q4 2024 (YoY) – Chevron (NYSE: CVX), a key U.S. integrated peer, also faced a tougher macro backdrop in Q4 2025.
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $46.87 billion | $52.20 billion | ‑10.2% – steeper top‑line decline than Exxon’s. |
| Net Income | $2.84 billion | $3.25 billion | ‑12.5% – profits pressured by lower liquids realizations. |
| EPS (GAAP) | $1.39 per share | $1.84 per share | ‑24.5% – sharper per‑share earnings compression. |
Compared with Chevron, Exxon saw a smaller revenue contraction and a somewhat less severe EPS decline, supported by record upstream volumes, stronger refining contribution, and larger structural cost savings. Both majors, however, reported lower year‑on‑year profitability as the cycle cooled from 2022–2023 peaks.
How the Market Reacted?
Initial market reaction to Exxon Mobil’s Q4 and full‑year 2025 results was cautiously negative. Despite beating EPS expectations and highlighting record upstream production plus robust cash flows, the stock fell about 1.7% in pre‑market trading following the release. Investors appeared focused on the year‑over‑year decline in earnings, lingering weakness in chemical margins, and a modest revenue miss against at least one consensus benchmark. Nonetheless, the narrative of structural cost reductions, advantaged asset growth in Guyana and the Permian, and continued large‑scale buybacks and dividends should underpin a broadly constructive long‑term sentiment among income and quality‑oriented shareholders.
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