ExxonMobil (XOM) - Company Research
Last Updated: 12 Oct 2026
ExxonMobil (NYSE: XOM) is the largest US-listed integrated oil and gas company, spanning upstream production, refining and fuels marketing, chemicals and specialty lubricants. Since 1 July 2026 the listed parent has been ExxonMobil Holdings Corporation, a Texas corporation, after shareholders approved moving the company's domicile from New Jersey; the shares still trade on the NYSE as XOM. FY2025 sales and other operating revenue were $323.9 billion with net income of $28.8 billion ($6.70 diluted EPS). Q2 2026 was very different: higher crude prices pushed quarterly sales to $114.5 billion and net income to $14.5 billion ($3.48 per share), roughly double a year earlier, despite Middle East disruptions that temporarily took around 10% of production offline. Track the share price on our Live Charts.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / Exchange | NYSE: XOM |
| Legal entity | ExxonMobil Holdings Corporation (Texas), successor registrant from 1 Jul 2026; Exxon Mobil Corporation (New Jersey) is now a subsidiary |
| Headquarters | Spring, Texas, USA |
| Sector / Industry | Energy: Integrated Oil & Gas |
| CEO / Leadership | Darren W. Woods, Chairman and Chief Executive Officer |
| Employees | ~58,000 regular employees (year-end 2025, FY2025 10-K; ~61,000 at year-end 2024) |
| Market cap | ~$695bn (Oct 2026: $168.94 close on 9 Oct 2026 x ~4,112m shares at 30 Jun 2026) |
| FY2025 Revenue | $323.9bn sales and other operating revenue (-4.5% YoY); total revenues and other income $332.2bn |
| FY2025 net income (GAAP) | $28.8bn ($6.70 diluted EPS) |
| Latest quarter | Q2 2026: sales $114.5bn, net income $14.5bn, GAAP EPS $3.48, Adjusted EPS $3.52 |
| Dividend | $1.03 per share quarterly ($4.12 annualised) |
2. Bull & Bear Case
Bull Case
- Earnings leverage to higher prices: Q2 2026 net income of $14.5bn and cash flow from operations of $23.6bn show how much cash the asset base throws off when crude is high; H1 2026 operating cash flow was $32.3bn against $24.5bn a year earlier.
- Advantaged growth barrels: Permian output set a record above 1.8 million oil-equivalent barrels per day in Q2 2026, and the Stabroek block in Guyana passed one billion barrels produced in September 2026 with a fifth FPSO (Uaru) due to start up by year-end.
- Large, steady capital returns: $9.4bn was distributed in Q2 2026 ($4.3bn dividends, $5.1bn buybacks), and management's 2026 plan calls for $20bn of repurchases assuming reasonable market conditions.
- Conservative balance sheet: Total debt of ~$42.4bn against $10.6bn of cash at 30 Jun 2026, alongside $259bn of shareholders' equity, leaves room to keep investing and paying through a downturn.
- LNG adds a new earnings stream: Golden Pass LNG (30% XOM) shipped its first cargo in April 2026 with Train 2 targeted for the second half of 2026.
Bear Case
- Reported earnings are noisy: Q1 2026 GAAP EPS was $1.00 after $3.9bn of negative derivative timing effects, and Q2 2026 carried $2.6bn of identified items (impairments, $1.4bn of financial reserves, Middle East impacts), making the run-rate hard to read.
- Middle East exposure: Management said about 10% of oil and gas production was temporarily lost to regional disruption; Q2 2026 production fell to 4,514 koebd from 4,594 koebd in Q1.
- Guyana entitlement step-down: As cost recovery winds down, ExxonMobil has said it expects roughly 100,000 fewer barrels per day of booked Guyana entitlement from Q3 2026.
- Multiple has re-rated: At ~21.7x trailing GAAP EPS and ~$695bn market cap, the shares sit near the top of their 52-week range after a ~50% one-year gain, leaving less room for a commodity reversal.
- Sovereign and legal disputes: Bloomberg reported on 9 Oct 2026 that ExxonMobil blocked a proposed settlement of a ~$5bn environmental fine at Kazakhstan's Kashagan field, now in international arbitration.
3. Products & Segments
ExxonMobil reports four operating segments plus Corporate & Financing. Energy Products dominates revenue because refined fuels are sold to third parties at scale; Upstream is the main profit engine but much of its crude is sold to the company's own refineries, so its external revenue share is small.
| Segment | % of revenue | What it is |
|---|---|---|
| Energy Products | ~75.5% ($244.5bn FY2025) | Refining and marketing of gasoline, diesel, jet fuel and other fuels across the US, Europe and Asia-Pacific. |
| Upstream | ~12.2% ($39.4bn FY2025) | Oil and gas exploration and production: Permian, Guyana (Stabroek), LNG (Golden Pass, PNG, Qatar) and other international assets. |
| Chemical Products | ~6.9% ($22.2bn FY2025) | Olefins, polyolefins and aromatics such as polyethylene and polypropylene. |
| Specialty Products | ~5.5% ($17.8bn FY2025) | Finished lubricants (Mobil brand), basestocks, waxes, synthetics and elastomers. |
Segment figures are external sales and other operating revenue from the FY2025 10-K segment note; Corporate & Financing makes up the small remainder of the $323.9bn total.
4. Business Model & Moat
How it makes money. Upstream earnings are driven by oil and gas prices multiplied by production volumes. Energy Products earns refining margins and marketing spreads. Chemical and Specialty Products sell into industrial and consumer markets at steadier margins. In Q2 2026, adjusted segment earnings were Upstream $9.2bn, Energy Products $4.1bn, Chemical Products $1.2bn and Specialty Products $1.0bn.
Why scale matters. ExxonMobil's size lets it run multi-decade megaprojects (Guyana FPSOs, Golden Pass LNG, integrated refining and chemical complexes) that few companies can finance or execute. Integration means its own crude can feed its own refineries and crackers, which cushions some of the swings between upstream and downstream margins.
Where the moat lies and its limits. The advantages are low-cost resource positions (Permian, Guyana), scale in refining and chemicals, and a strong balance sheet. The limit is that the core product is a commodity: no amount of operating discipline removes exposure to crude prices, refining cracks or geopolitical supply shocks, as the 2026 Middle East disruption shows.
5. Financial Health
ExxonMobil reports on a calendar year. Revenue below is sales and other operating revenue (excluding equity-affiliate and other income). All figures are from the company's 10-K filings, earnings releases and SEC XBRL data.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | $276,692m | +54.9% | $5.39 | $5.38† | $3.49 | $43,428m |
| FY2022 | $398,675m | +44.1% | $13.26 | $14.06† | $3.55 | $40,559m |
| FY2023 | $334,697m | -16.0% | $8.89 | $9.52† | $3.68 | $37,483m |
| FY2024 | $339,247m | +1.4% | $7.84 | $7.79† | $3.84 | $36,755m |
| FY2025 | $323,905m | -4.5% | $6.70 | $6.99† | $4.00 | $34,241m |
† Annual figures are earnings excluding identified items per share, ExxonMobil's non-GAAP measure up to 2025. From 2026 the company's Adjusted EPS also strips out estimated derivative timing effects; on that new basis FY2025 is ~$6.81 (sum of restated quarters). Long-term debt is the balance-sheet long-term debt line, excluding notes and loans payable within one year.
Quarterly trend, most recent quarter first (Adjusted EPS on the 2026 definition, with 2025 quarters as restated by the company):
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 (Jun-26) | $114,529m | $3.52 | $3.48 |
| Q1 2026 (Mar-26) | $83,161m | $2.09 | $1.00 |
| Q4 2025 (Dec-25) | $80,039m | $1.63 | $1.53 |
| Q3 2025 (Sep-25) | $83,331m | $1.84 | $1.76 |
| Q2 2025 (Jun-25) | $79,477m | $1.61 | $1.64 |
| Q1 2025 (Mar-25) | $81,058m | $1.73 | $1.76 |
| FY2025 total | $323,905m | ~$6.81‡ | $6.70 |
‡ Sum of the four restated 2025 quarters; ExxonMobil did not publish a single restated full-year figure.
Cash flow and balance sheet. FY2025 cash flow from operations was $51,970m and additions to property, plant and equipment were $28,358m, giving free cash flow of ~$23.6bn. Depreciation and depletion was $25,993m. In H1 2026 operating cash flow rose to $32,260m with PP&E additions of $12,997m. At 30 Jun 2026 the balance sheet showed long-term debt of $32,229m, notes and loans payable of $10,139m (total debt ~$42.4bn) and cash of $10,588m, against shareholders' equity of $259.4bn.
6. Valuation
Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Market cap | ~$695bn ($168.94 close on 9 Oct 2026 x ~4,112m shares outstanding at 30 Jun 2026) |
| Enterprise value | ~$727bn (market cap ~$695bn + total debt ~$42.4bn [long-term $32.2bn + short-term $10.1bn] - cash ~$10.6bn, per 30 Jun 2026 balance sheet; excludes noncontrolling interests and leases) |
| Trailing P/E (GAAP) | ~21.7x ($168.94 / TTM GAAP EPS $7.77, Q3 2025 to Q2 2026); on TTM Adjusted EPS of $9.08 the multiple is ~18.6x |
| P/E (forward) | ~13.6x (MarketBeat, data to 9 Oct 2026) |
| P/S (TTM) | ~1.92x (market cap ~$695bn / TTM sales ~$361.1bn) |
| EV/EBITDA (TTM) | ~9.6x (EV ~$727bn / TTM EBITDA ~$75.8bn; EBITDA = pre-tax income $45.4bn + interest $0.8bn + depreciation and depletion $29.7bn, TTM to 30 Jun 2026. ExxonMobil does not report an operating income line, so EBIT is built from pre-tax income plus interest; the depreciation line includes impairments) |
| P/FCF | ~22.7x (market cap ~$695bn / TTM FCF ~$30.6bn; FCF = operating CF $59.7bn - PP&E additions $29.2bn, TTM to 30 Jun 2026. On FY2025 alone FCF was $23.6bn) |
| 52-week high | $176.41 (30 Mar 2026) |
| 52-week low | $110.39 (16 Oct 2025) |
| Dividend yield | ~2.4% ($4.12 annualised / $168.94) |
| Short interest (% of float) | ~0.96% (39.7m shares, settlement 15 Sep 2026, MarketBeat) |
| Days to cover | ~3.0 days (MarketBeat, 15 Sep 2026) |
7. What Are They Building
Guyana: fifth FPSO. The Uaru development's FPSO sailed for Guyana in June 2026 and is on plan to start up in Q4 2026, adding about 250,000 barrels per day of gross capacity. The Stabroek block passed one billion barrels of cumulative production on 28 Sep 2026.
Permian scale. Following the Pioneer acquisition, Permian production reached a record above 1.8 million oil-equivalent barrels per day in Q2 2026. ExxonMobil is also tidying up the acquired debt, tendering for Pioneer's 2030 and 2031 notes in September 2026.
Golden Pass LNG. The Texas export terminal (ExxonMobil 30%, QatarEnergy 70%) shipped its first cargo on 22 Apr 2026, with Train 2 targeted for the second half of 2026.
Downstream and products. With Q2 2026 results the company took a final investment decision on expanding Proxxima blending capacity in Louisiana, part of a push into higher-value polymer and product lines.
Corporate structure. The 1 Jul 2026 redomiciliation to Texas created ExxonMobil Holdings Corporation as the listed parent, with a one-for-one share exchange and no change to the NYSE listing.
8. Peer Comparison
| Peer | Market cap (Oct 2026) | Key 2025 metric |
|---|---|---|
| Chevron (CVX) | ~$416bn (9 Oct 2026 close) | FY2025 earnings $12.3bn; adjusted EPS $7.29 (Chevron FY2025 release, 30 Jan 2026) |
| Shell (SHEL) | ~$285bn (9 Oct 2026 close) | FY2025 adjusted earnings $18.5bn (Shell Q4 2025 results) |
| TotalEnergies (TTE) | ~$190bn (9 Oct 2026 close) | FY2025 adjusted net income $15.6bn (TotalEnergies FY2025 release) |
| ConocoPhillips (COP) | ~$161bn (9 Oct 2026 close) | FY2025 net income $8.0bn; diluted EPS $6.35 (ConocoPhillips FY2025 release) |
| BP (BP) | ~$119bn (9 Oct 2026 close) | FY2025 underlying replacement-cost profit $7.5bn (BP Q4 2025 results) |
9. Insider Activity
Form 4 filings for 2026 show only open-market sales by one officer and no open-market purchases. Chairman and CEO Darren Woods has filed no open-market transactions in 2026. Since the 1 Jul 2026 redomiciliation, filings move to the new ExxonMobil Holdings registrant; MarketBeat reports no insider buying or selling in the three months to early October 2026.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Darrin L. Talley (VP Corporate Strategic Planning) | 16 Mar 2026 | Open-market sale | 1,080 | $155.50 | ~$0.17m | Not indicated |
| Darrin L. Talley | 02 Mar 2026 | Open-market sale | 2,150 | $157.82 | ~$0.34m | Not indicated |
| Darrin L. Talley | 09 Feb 2026 | Open-market sale | 3,230 | $149.18 | ~$0.48m | Not indicated |
| Darrin L. Talley | 02 Feb 2026 | Open-market sale (revocable trust) | 5,000 | $139.75 | ~$0.70m | Not a 10b5-1 plan (per Form 4) |
10. Key Risks
- Commodity prices: Upstream and refining earnings move with Brent, WTI, Henry Hub and refining margins. Brent settled at $104.61 on 11 Sep 2026; a fall back toward pre-conflict levels would reverse much of the 2026 earnings uplift.
- Middle East disruption: Regional conflict temporarily cut about 10% of production and produced $0.9bn of identified Middle East impacts in H1 2026; prolonged disruption could hit LNG and upstream volumes further.
- Derivative timing effects: Unsettled derivatives produced -$3.9bn of timing effects in Q1 2026 and +$2.5bn in Q2 2026, so reported quarterly earnings can swing sharply away from underlying performance.
- Host-government and legal disputes: The Kashagan dispute in Kazakhstan (a ~$5bn environmental fine now in arbitration) and earlier public friction with the US administration over Venezuela show sovereign risk across the portfolio.
- Guyana fiscal terms: The end of cost recovery is expected to cut booked Guyana entitlement by around 100,000 barrels per day from Q3 2026, partly offsetting new FPSO volumes.
- Project execution: Uaru, Golden Pass Train 2 and further Permian and chemical expansions involve multi-billion-dollar capital; delays or overruns would weigh on the planned growth in cash flow.
11. Recent Developments
- 09 Oct 2026 — Kashagan settlement blocked. Bloomberg reported that ExxonMobil blocked a proposal for the Kashagan partners to settle a disputed ~$5bn environmental fine with Kazakhstan, and has tied any large new investment in the field to resolving the dispute.
- 28 Sep 2026 — Stabroek passes one billion barrels. ExxonMobil said cumulative production from the Guyana Stabroek block passed one billion barrels.
- 15 Sep 2026 — Debt clean-up. The company announced pricing and results of cash tender offers for Pioneer's 1.900% 2030 and 2.150% 2031 notes, following a 28 Aug 2026 call of XTO Energy's 2036 to 2038 notes for redemption.
- 31 Jul 2026 — Q2 2026 results. Net income of $14.5bn ($3.48 per share) and Adjusted EPS of $3.52 on sales of $114.5bn; operating cash flow $23.6bn; $9.4bn returned to shareholders; Q3 dividend of $1.03 declared and paid 10 Sep 2026.
- 01 Jul 2026 — Redomiciliation to Texas completed. ExxonMobil Holdings Corporation became the listed parent through a one-for-one share exchange, trading as XOM from 2 Jul 2026.
12. Key Dates & Catalysts
- Expected 30 Oct 2026 — Q3 2026 results, before the US open (date per MarketBeat; not yet confirmed by the company). Q4 dividend normally declared at the same time.
- Expected Dec 2026 — Uaru FPSO start-up in Guyana, on plan for Q4 2026.
- Expected Dec 2026 — Annual corporate plan update (the 2025 update was held on 9 Dec 2025).
- Expected Jan 2027 — Q4 and full-year 2026 results.
Also worth watching: Golden Pass Train 2 commissioning, any change in Middle East supply conditions, and the Kashagan arbitration. Check our Economic Calendar for oil inventory and macro releases, and discuss the stock on the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
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13. Thesis Verdict
The central thesis. ExxonMobil is an integrated oil major that earns most of its profit from producing oil and gas in the Permian, Guyana and LNG, and most of its revenue from refining and selling fuels, chemicals and lubricants. FY2025 sales were $323.9bn with net income of $28.8bn ($6.70 per share), and higher crude prices lifted Q2 2026 net income to $14.5bn ($3.48 per share) with $23.6bn of operating cash flow; management plans $20bn of buybacks in 2026 alongside a $1.03 quarterly dividend. The main volume drivers are record Permian output above 1.8 Moebd and the fifth Guyana FPSO (Uaru), due to start up by year-end 2026.
What would confirm or break it. Confirmation would be Q3 2026 results on or around 30 Oct 2026 showing earnings holding near Q2 levels as Middle East disruption eases, with Uaru starting on schedule. The thesis weakens if crude prices fall back sharply, if derivative timing effects and identified items keep distorting earnings, or if the Guyana entitlement step-down and disputes such as Kashagan cut into expected cash flow.
Watchpoints
- ConfirmsQ3 2026 earnings (expected 30 Oct 2026) (18 days) landing in line with or above management guidance.
- ConfirmsEvidence supporting the "Earnings leverage to higher prices:" thesis continuing to build across subsequent filings.
- InvalidatesMaterialisation of the "Commodity prices:" risk, or any disclosure that fundamentally alters the capital-return or growth profile stated by management.
Diagnostic grid
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 12 Oct 2026.