Exxon Mobil (XOM) Q3 2026 earnings summary

Executive summary

• Q3 GAAP earnings were $15.413B, adjusted earnings $17.505B, operating cash flow $25.650B and free cash flow $19.109B.

• Production growth, refining strength, structural savings and disciplined investment supported $9.4B in Q3 shareholder returns.

Financial highlights

• Q3 GAAP and adjusted EPS were $3.72 and $4.23; YTD GAAP and adjusted EPS were $8.18 and $9.82.

• YTD GAAP earnings were $34.121B and adjusted earnings $40.957B; operating cash flow was $57.9B, cash capex $19.976B and free cash flow $39.0B ($38.8B excluding working capital and other items).

• Q3 business investment was $7.002B; shareholder distributions were $9.4B, comprising $4.3B in dividends and $5.1B in repurchases.

• YTD adjusted earnings increased to $40.957B from $22.5B; higher prices and margins contributed $22.7B and advantaged volume growth added $2.7B.

Outlook and guidance

• FY26 Permian production target is ~1.8M boe/d; the fifth Guyana FPSO is expected to start up in late Q4, with Q4 Middle East production impacts assumed at 350k boe/d.

• FY26 cash capex is expected at $27B–$29B; 4Q Product Solutions maintenance is expected to exceed Q3, and corporate and financing expenses are estimated at $500M–$700M.

• 2027 share repurchases are planned at $20B, assuming reasonable market conditions; the Q4 dividend is $1.07/share, payable December 10, 2026.

• The 2030 plan targets ~$25B earnings growth and ~$35B cash flow growth from 2024, at constant prices and margins; structural savings target is ~$20B versus 2019.

• Uaru startup is expected in Q4; Rovuma LNG FID remains targeted by year-end subject to hurdles, while Golden Pass Train 2 is expected substantially complete by December.