Exxon Mobil (XOM) Q4 2025 earnings summary

Executive summary

• Full-year earnings reached $28.8 billion ($30.1 billion excluding identified items), with a >20% CAGR since 2019, driven by an advantaged portfolio, execution excellence, and structural cost savings.

• Achieved all 10 key 2025 project startups, including Golden Pass LNG and Proxima/Proxxima Systems expansion, supporting long-term growth and portfolio strength.

• Delivered record upstream production and refinery throughput, with Guyana and Permian assets setting new benchmarks and driving the highest annual output in over 40 years.

• Annualized shareholder return of 29% over five years, with total distributions of ~$150 billion.

• Reduced corporate GHG intensity by over 20% and upstream GHG intensity by more than 40% since 2018, achieving 2030 emission targets ahead of schedule.

Financial highlights

• 2025 GAAP earnings: $28.8 billion; earnings ex. identified items: $30.1 billion.

• Cash flow from operations: $52.0 billion; free cash flow: $26.1 billion.

• Return on capital employed averaged ~11% since 2019, with 2025 at 9.3%.

• Dividends paid: $17.2 billion, with 43 consecutive years of annual dividend-per-share growth.

• Structural cost savings since 2019: $15.1 billion, targeting $20 billion by 2030.

Outlook and guidance

• On track to deliver ~$25 billion earnings growth and ~$35 billion cash flow growth from 2024–2030 at constant prices and margins.

• Upstream annual production expected to grow to ~4.9 million oil-equivalent barrels per day in 2026, with ~60–65% from advantaged assets.

• Cash capital expenditures expected to be $27–$29 billion in 2026.

• Annual share buybacks of $20 billion planned, assuming reasonable market conditions.

• Mozambique LNG FID expected in the back half of the year, with Papua New Guinea also progressing.