Exxon Mobil (XOM) Q4 2025 earnings summary

Executive summary

• Full-year 2025 earnings reached $28.8B, or $30.1B excluding identified items, with EPS of $6.70 ($6.99 ex. items), driven by an advantaged portfolio, execution excellence, and structural cost savings.

• Achieved highest annual upstream production in over 40 years, with records in the Permian and Guyana; delivered all 10 key 2025 projects.

• Industry-leading cash flow from operations ($52.0B) and free cash flow ($26.1B), supporting robust shareholder distributions and investment in growth.

• Structural cost savings since 2019 exceeded $15.1B, surpassing all other IOCs combined.

• Annualized shareholder return of 29% over five years, supported by $150B in distributions.

Financial highlights

• 2025 GAAP earnings: $28.8B; earnings ex. identified items: $30.1B; EPS: $6.70 (GAAP), $6.99 (ex. items); cash flow from operations: $52.0B; free cash flow: $26.1B.

• Return on capital employed averaged ~11% since 2019, with plans to exceed 17% by 2030.

• Net debt-to-capital ended 2025 at 11%; debt-to-capital: 14%.

• Distributed $37.2B to shareholders in 2025 via dividends ($17.2B) and buybacks ($20.0B); annual dividend per share grew for the 43rd consecutive year.

• Structural cost savings since 2019: $15.1B.

Outlook and guidance

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

• Upstream annual production expected to grow to ~4.9 Moebd in 2026, with ~60% from advantaged assets.

• Cash capex planned at $27–29B in 2026, supporting both traditional and new business projects.

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

• 1Q26 volumes expected to be 100–200 Koebd lower due to timing, downtime, and maintenance; higher seasonal maintenance in Product Solutions.