Exxon Mobil (XOM) Q1 2026 earnings summary

Executive summary

• Achieved industry-leading reliability and record production in Guyana, with expanded LNG footprint via Golden Pass Train 1 coming online, increasing U.S. exports by 5%.

• First-quarter 2026 earnings were $4.2 billion ($1.00 per share), or $8.8 billion ($2.09 per share) excluding $3.9 billion in unfavorable estimated timing effects and $0.7 billion in identified items.

• Delivered strong operational performance and $8.7B cash flow from operations ($13.8B excluding margin postings), leveraging scale and integration to navigate unprecedented market volatility.

• Total shareholder return reached 42% for the quarter, with $9.2B distributed to shareholders, including $4.9B in share buybacks.

• Cash capital expenditures were $6.2 billion, in line with full-year guidance.

Financial highlights

• Earnings excluding identified items and timing effects rose to $8.8 billion from $7.6 billion year-over-year; GAAP earnings declined from $7.7 billion in 1Q25 to $4.2 billion in 1Q26.

• Cash flow from operations was $8.7 billion, or $13.8 billion excluding margin postings; free cash flow was $2.7 billion.

• Net debt-to-capital stood at 13%, with a net debt-to-EBITDA ratio of 0.4x, and debt-to-capital at 15.4%.

• Structural cost savings since 2019 totaled $15.6B, with $0.6B added in Q1 2026, targeting $20B by 2030.

• Shareholder distributions totaled $9.2 billion, including $4.3 billion in dividends and $4.9 billion in share repurchases.

Outlook and guidance

• Planned capital investments for 2026 are in the range of $27–29 billion; cash capex of $6.2B in Q1 2026.

• Share repurchases are on pace for $20 billion in 2026, assuming reasonable market conditions.

• 2Q26 Upstream production expected at 4.1–4.3 million oil-equivalent barrels/day if Strait of Hormuz closure persists; Product Solutions throughput expected to be 3% lower versus 4Q25.

• On track to bring 5th Guyana FPSO online in late 2026, adding 250 Kbd gross; Golden Pass Train 2 mechanical completion planned for 4Q26.

• Structural cost savings expected to reach $20 billion by 2030.