Exxon Mobil (XOM) Q2 2026 earnings summary

Executive summary

• Achieved GAAP earnings of $14.5B and adjusted earnings of $14.7B in 2Q26, with strong cash flow from operations at $23.6B and free cash flow of $17.2B; YTD adjusted earnings reached $23.5B.

• Highest upstream production in over two decades (excluding Middle East disruptions), with record Permian and diesel production, and a 9% CAGR target through 2030.

• Fifth Guyana FPSO set to start production in 4Q26, adding 250 Kbd capacity and accelerating investment recovery.

• Cumulative structural cost savings since 2019 reached $16.3B, surpassing all other IOCs.

• Returned $9.4B to shareholders in 2Q26, including $4.3B in dividends and $5.1B in share repurchases.

Financial highlights

• Q2 2026 GAAP earnings: $14.5B; adjusted earnings: $14.7B; EPS: $3.48 GAAP, $3.52 adjusted; cash flow from operations: $23.6B; free cash flow: $17.2B.

• Year-to-date GAAP earnings: $18.7B; adjusted earnings: $23.5B; EPS: $4.47 GAAP, $5.60 adjusted.

• Cash capital expenditures YTD: $13.0B; Q2 capex: $6.8B; planned 2026 investments are 20% higher than the nearest IOC.

• Net debt reduced by over $7B in 2Q26; net debt to capital improved to 11%; S&P affirmed credit rating with a positive outlook.

• Shareholder distributions: $9.4B in 2Q26, $18.6B YTD.

Outlook and guidance

• Fifth Guyana FPSO on track for 4Q26 startup, increasing capacity by 250 Kbd; Guyana net entitlement to decrease by ~100 Kbd in 3Q26 due to production-sharing agreement.

• Expect ~$25B earnings growth and ~$35B cash flow growth from 2024-2030 at constant prices/margins.

• Scheduled maintenance expected to be lower in 3Q26; corporate expenses forecasted at $0.8B–$1.0B.

• Strait of Hormuz closure could reduce Middle East production by ~750 Koebd versus 2025.

• Continued focus on high-return projects, technology adoption, and operational transformation to drive efficiencies.