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Company Research17 Jan 2024
The Largest Announced M&A Deals of 2023
Explore the biggest M&A deals of 2023, including major moves in energy, tech, and biotech sectors, reflecting a trend in strategic growth.
Exxon Mobil
Exxon Mobil (XOM) investor relations material
Exxon Mobil Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Full-year earnings reached $28.8B, or $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 Guyana and Permian, and delivered all 10 key 2025 projects, including Golden Pass LNG and Proxima Systems expansion.
Cash flow from operations was $52.0B and free cash flow $26.1B, leading the industry.
Annualized shareholder return was ~29% over five years, with $150B distributed to shareholders and $37.2B in 2025 alone.
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.
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.
Structural cost savings since 2019 reached $15.1B, targeted to reach $20B by 2030.
Debt-to-capital: 14%; net-debt-to-capital: 11%.
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.
Cash capital expenditures expected to be $27–$29B in 2026, supporting profitable growth.
Annual share buybacks of $20B planned through 2026, assuming reasonable market conditions.
Structural cost savings targeted to reach $20B by 2030.
How sustainable are 2025 structural cost savings?
What offset record Upstream production growth?
What is 2026 earnings impact from new projects?
Guyana force majeure area unlock milestones
New data system: financial manifestation
Data center CCS project timeline and impact
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Next Exxon Mobil earnings date
Q1 20261 May, 2026
Exxon Mobil
Next Exxon Mobil earnings date
Q1 20261 May, 2026
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Frequently asked questions
One of the largest energy companies in the world
ExxonMobil is a multinational oil and gas corporation based in Irving, Texas. The company was formed in 1999 through the merger of Exxon Corporation and Mobil Corporation and has since become one of the largest energy companies in the world. Some of ExxonMobil's competitors include Chevron, BP, and ConocoPhillips.
The business model
ExxonMobil's business model is based on the exploration, production, transportation, and sale of oil and gas products around the world. The company operates in over 50 countries, with a focus on developing and managing large-scale energy projects that have a significant impact on the global energy industry.
How ExxonMobil makes money
ExxonMobil generates revenue primarily through the sale of oil and gas products, as well as through its chemical and refining operations.
The company's products include:
Crude oil
Natural gas
Gasoline
Diesel fuel
And petrochemicals
In addition, ExxonMobil also generates revenue through various other services, including lubricants, electricity, and renewable energy.
One of the largest companies in the world
ExxonMobil is one of the largest companies in the world, and has a rich history dating back over 150 years, with a legacy of innovation and technological advancement. The company was one of the first to develop offshore drilling technology in the 1950s, and it also pioneered the use of 3D seismic imaging technology for oil exploration in the 1970s.
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