Exxon Mobil (XOM) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 earnings were $7.1B, supported by record Upstream production, high-value product sales, and disciplined cost management, despite weaker crude prices and lower chemical margins compared to the prior year.

• Shareholder distributions exceeded $9B in Q2, including $5B in share buybacks, with year-to-date distributions totaling $18.4B and the company on track for $20B in annual repurchases.

• Initiated start-up of more than half of 10 key projects for 2025, including Singapore Resid Upgrade, Fawley Hydrofiner, and Strathcona Renewable Diesel, expected to add over $3B in 2026 earnings at constant prices.

• Continued investment in both traditional and lower-emissions businesses, with progress in CCS agreements, advanced recycling, and battery materials.

• Achieved highest second-quarter Upstream production since the Exxon and Mobil merger, with growth driven by the Permian, Guyana, and the Pioneer acquisition.

Financial highlights

• Q2 2025 GAAP earnings were $7.1B; cash flow from operations was $11.5B; free cash flow was $5.4B.

• Year-to-date 2025 earnings totaled $14.8B, down from $17.5B in the first half of 2024, mainly due to lower prices and margins.

• Cash capex for Q2 was $6.3B; year-to-date capex reached $12.3B.

• Net debt-to-capital was 8%; debt-to-capital was 13%.

• 5-year total shareholder return CAGR reached 25%.

Outlook and guidance

• Full-year 2025 cash capital expenditures expected between $27B and $29B, with actual spending dependent on project progress and acquisitions.

• On track to deliver $18B in cumulative structural cost savings by 2030 versus 2019.

• Plans to repurchase $20B in shares for the year, having already repurchased 40% of shares issued for the Pioneer acquisition.

• Q3 2025 expected to see lower scheduled maintenance in Product Solutions and continued ramp-up of key projects.

• Corporate and financing expenses for Q3 projected at $700M–$900M.