Exxon Mobil (XOM) Q3 2025 earnings summary

Executive summary

• Achieved GAAP earnings of $7.5B in 3Q25, with adjusted earnings of $8.1B, driven by record production in Permian (1.7 million boe/d) and Guyana (over 700,000 boe/d), strong cost discipline, and execution excellence.

• Eight of ten key 2025 projects have started up, including Yellowtail in Guyana (four months early), with further expansion and new projects sanctioned.

• Strategic acquisitions included 80,000 net acres in the Permian Basin and Superior Graphite assets, supporting growth in unconventional and specialty carbon markets.

• Returned $9.4B to shareholders in 3Q25, totaling nearly $28B year-to-date, with a 43rd consecutive annual dividend increase.

• Delivered over $14B in structural cost savings since 2019, with $2.2B achieved year-to-date.

Financial highlights

• 3Q25 GAAP earnings: $7.5B; adjusted earnings: $8.1B; cash flow from operations: $14.8B; free cash flow: $6.3B.

• Q3 2025 revenue was $85.3B, with year-to-date revenue at $249.9B.

• Cash capex for 3Q25: $8.6B, including $2.4B for acquisitions; full-year capex expected slightly below $27–$29B guidance, excluding M&A.

• Net debt-to-capital ratio at 9.5%; debt-to-capital at 13.5%.

• Shareholder distributions year-to-date totaled $27.8B, including $12.9B in dividends and $14.9B in share repurchases.

Outlook and guidance

• Full-year Permian production outlook raised to 1.6 million oil-equivalent barrels per day; total production guidance unchanged at 4.7 million boepd.

• Full-year cash capex projected slightly below lower end of $27B–$29B guidance, excluding acquisitions.

• Share repurchase program expected to continue at a $20B annual pace through 2026, subject to market conditions.

• Continued ramp-up of China Chemical Complex and Singapore Resid Upgrade projects through year-end.

• Annual dividend-per-share payments have grown for 43 consecutive years.