Revenue growth has decelerated to 2.6% in 2026Q1, while gross margins have compressed significantly from 23.5% in 2024Q1 to 18.9% by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 326.01B | 323.9B | 339.25B | 334.7B | 398.68B | 276.69B | 178.57B | 255.58B | 279.33B | 237.16B | 200.63B | 239.85B | 394.11B | 420.84B | 451.51B | 467.03B | 370.13B | 303.44B | 466.28B | 395.65B | 377.63B | 370.68B | 298.04B | 246.74B | 204.51B | 212.78B | 231.85B | 182.53B | 165.63B | 176.55B | 116.73B |
| Revenue Growth % | -4.09% | -4.52% | 1.36% | -16.05% | 44.09% | 54.95% | -30.13% | -8.5% | 17.78% | 18.21% | -16.35% | -39.14% | -6.35% | -6.79% | -3.32% | 26.18% | 21.98% | -34.92% | 17.85% | 4.77% | 1.88% | 24.37% | 20.79% | 20.65% | -3.89% | -8.22% | 27.02% | 10.2% | -6.19% | 51.25% | 8.19% |
| Cost of Goods Sold | 242.9B | 253.67B | 262.5B | 250.56B | 295.61B | 211.81B | 170.45B | 199.63B | 211.6B | 180.8B | 156.93B | 183.64B | 313.47B | 332.45B | 350.35B | 355.89B | 277.06B | 211.77B | 287.36B | 231.38B | 213.25B | 213B | 163.55B | 129.93B | 109.7B | 111.17B | 127.45B | 95.06B | 81.32B | 104.17B | 70.42B |
| COGS % of Revenue | - | 78.32% | 77.38% | 74.86% | 74.15% | 76.55% | 95.45% | 78.11% | 75.75% | 76.23% | 78.22% | 76.56% | 79.54% | 79% | 77.6% | 76.2% | 74.86% | 69.79% | 61.63% | 58.48% | 56.47% | 57.46% | 54.88% | 52.66% | 53.64% | 52.25% | 54.97% | 52.08% | 49.1% | 59% | 60.33% |
| Gross Profit | 83.11B | 70.23B | 76.74B | 84.14B | 103.07B | 64.89B | 8.13B | 55.96B | 67.73B | 56.36B | 43.7B | 56.22B | 80.64B | 88.38B | 101.16B | 111.14B | 93.07B | 91.67B | 178.92B | 164.27B | 164.38B | 157.68B | 134.49B | 116.81B | 94.81B | 101.61B | 104.4B | 87.47B | 84.31B | 72.38B | 46.3B |
| Gross Margin % | 25.49% | 21.68% | 22.62% | 25.14% | 25.85% | 23.45% | 4.55% | 21.89% | 24.25% | 23.77% | 21.78% | 23.44% | 20.46% | 21% | 22.4% | 23.8% | 25.14% | 30.21% | 38.37% | 41.52% | 43.53% | 42.54% | 45.12% | 47.34% | 46.36% | 47.75% | 45.03% | 47.92% | 50.9% | 41% | 39.67% |
| Gross Profit Growth % | - | -8.48% | -8.79% | -18.36% | 58.84% | 698.4% | -85.48% | -17.38% | 20.17% | 28.97% | -22.26% | -30.28% | -8.77% | -12.63% | -8.98% | 19.42% | 1.52% | -48.76% | 8.92% | -0.07% | 4.25% | 17.24% | 15.13% | 23.21% | -6.7% | -2.67% | 19.36% | 3.74% | 16.48% | 56.32% | 1.68% |
| Operating Expenses | 53.73B | 36.3B | 37.09B | 39.68B | 39.04B | 40.87B | 37.58B | 43.19B | 45.61B | 42.54B | 40.93B | 43.33B | 46.55B | 48.08B | 51.27B | 57.04B | 52.95B | 63.49B | 105.93B | 101.29B | 64.89B | 96.95B | 91.83B | 60.09B | 54.24B | 54.12B | 52.75B | 77.85B | 75.41B | 55.67B | 36.25B |
| OpEx % of Revenue | - | 11.21% | 10.93% | 11.86% | 9.79% | 14.77% | 21.04% | 16.9% | 16.33% | 17.94% | 20.4% | 18.07% | 11.81% | 11.43% | 11.36% | 12.21% | 14.3% | 20.92% | 22.72% | 25.6% | 17.18% | 26.15% | 30.81% | 24.35% | 26.52% | 25.44% | 22.75% | 42.65% | 45.53% | 31.53% | 31.05% |
| Selling, General & Admin | 10.86B | 11.13B | 9.98B | 10.89B | 10.1B | 10.96B | 11.72B | 11.4B | 11.48B | 10.65B | 10.44B | 11.5B | 12.6B | 12.88B | 13.88B | 14.98B | 14.68B | 14.73B | 15.87B | 14.89B | 14.27B | 14.4B | 13.85B | 13.4B | 12.36B | 12.9B | 12.04B | 13.13B | 12.93B | 13.57B | 7.96B |
| SG&A % of Revenue | - | 3.44% | 2.94% | 3.25% | 2.53% | 3.96% | 6.56% | 4.46% | 4.11% | 4.49% | 5.21% | 4.79% | 3.2% | 3.06% | 3.07% | 3.21% | 3.97% | 4.86% | 3.4% | 3.76% | 3.78% | 3.89% | 4.65% | 5.43% | 6.04% | 6.06% | 5.19% | 7.2% | 7.8% | 7.69% | 6.82% |
| Research & Development | 0 | 1.2B | 987M | 879M | 824M | 843M | 1.02B | 1.21B | 1.12B | 1.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.37% | 0.29% | 0.26% | 0.21% | 0.3% | 0.57% | 0.47% | 0.4% | 0.45% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 23.97B | 26.13B | 27.91B | 28.12B | 29.06B | 24.84B | 30.58B | 33.01B | 31.89B | 30.49B | 31.83B | 33.95B | 35.21B | 37.4B | 42.05B | 38.26B | 48.76B | 90.06B | 86.4B | 50.62B | 82.55B | 77.98B | 46.69B | 41.88B | 41.23B | 40.71B | 64.72B | 62.48B | 42.09B | 28.29B |
| Operating Income | 29.38B | 33.94B | 39.65B | 44.46B | 64.03B | 24.02B | -29.45B | 12.77B | 22.12B | 13.82B | 2.77B | 12.88B | 34.08B | 40.3B | 49.88B | 54.1B | 40.12B | 28.18B | 72.99B | 62.98B | 99.49B | 60.73B | 42.66B | 56.72B | 40.57B | 47.49B | 51.64B | 9.62B | 8.9B | 16.71B | 10.06B |
| Operating Margin % | 9.01% | 10.48% | 11.69% | 13.28% | 16.06% | 8.68% | -16.49% | 4.99% | 7.92% | 5.83% | 1.38% | 5.37% | 8.65% | 9.58% | 11.05% | 11.58% | 10.84% | 9.29% | 15.65% | 15.92% | 26.35% | 16.38% | 14.31% | 22.99% | 19.84% | 22.32% | 22.28% | 5.27% | 5.37% | 9.47% | 8.62% |
| Operating Income Growth % | - | -14.41% | -10.82% | -30.56% | 166.57% | 181.56% | -330.68% | -42.3% | 60.1% | 398.7% | -78.49% | -62.2% | -15.43% | -19.21% | -7.81% | 34.85% | 42.37% | -61.39% | 15.9% | -36.7% | 63.83% | 42.37% | -24.8% | 39.82% | -14.57% | -8.05% | 437.01% | 8.04% | -46.75% | 66.19% | 9.35% |
| EBITDA | 56.44B | 59.93B | 63.09B | 65.1B | 88.07B | 44.63B | 16.56B | 31.76B | 40.87B | 33.71B | 25.08B | 30.93B | 51.38B | 57.48B | 65.77B | 69.69B | 54.88B | 40.1B | 85.37B | 75.23B | 110.9B | 70.98B | 52.42B | 65.77B | 48.88B | 55.43B | 59.65B | 17.92B | 17.26B | 24.94B | 15.39B |
| EBITDA Margin % | 17.31% | 18.5% | 18.6% | 19.45% | 22.09% | 16.13% | 9.27% | 12.43% | 14.63% | 14.21% | 12.5% | 12.9% | 13.04% | 13.66% | 14.57% | 14.92% | 14.83% | 13.21% | 18.31% | 19.01% | 29.37% | 19.15% | 17.59% | 26.66% | 23.9% | 26.05% | 25.73% | 9.82% | 10.42% | 14.13% | 13.18% |
| EBITDA Growth % | -11.66% | -5.01% | -3.08% | -26.08% | 97.35% | 169.46% | -47.86% | -22.28% | 21.23% | 34.42% | -18.92% | -39.8% | -10.62% | -12.6% | -5.62% | 26.98% | 36.87% | -53.03% | 13.48% | -32.17% | 56.25% | 35.4% | -20.29% | 34.56% | -11.82% | -7.07% | 232.82% | 3.85% | -30.82% | 62.1% | 5.51% |
| D&A (Non-Cash Add-back) | 27.06B | 25.99B | 23.44B | 20.64B | 24.04B | 20.61B | 46.01B | 19B | 18.75B | 19.89B | 22.31B | 18.05B | 17.3B | 17.18B | 15.89B | 15.58B | 14.76B | 11.92B | 12.38B | 12.25B | 11.42B | 10.25B | 9.77B | 9.05B | 8.31B | 7.94B | 8B | 8.3B | 8.36B | 8.23B | 5.33B |
| EBIT | 33.37B | 41.87B | 49.87B | 53.63B | 78.55B | 32.18B | -27.73B | 20.89B | 31.72B | 19.27B | 8.42B | 22.28B | 51.92B | 57.72B | 79.05B | 73.5B | 53.22B | 35.33B | 84.07B | 71.88B | 99.49B | 60.73B | 42.66B | 56.72B | 40.57B | 47.49B | 51.64B | 9.62B | 8.9B | 16.71B | 10.06B |
| Net Interest Income | -693M | -603M | -996M | -849M | -798M | -947M | -1.16B | -830M | -766M | -601M | -453M | -311M | -286M | -9M | -327M | -247M | -259M | -548M | -673M | -400M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 693M | 603M | 996M | 849M | 798M | 947M | 1.16B | 830M | 766M | 601M | 453M | 311M | 286M | 9M | 327M | 247M | 259M | 548M | 673M | 400M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.26B | 7.33B | 9.22B | 8.32B | 13.72B | 7.21B | 565M | 7.29B | 8.83B | 4.86B | 5.2B | 9.08B | 17.55B | 17.41B | 28.84B | 19.15B | 12.84B | 6.59B | 10.41B | 8.5B | -32.09B | -1.29B | -1.41B | -24.76B | -23.06B | -23.52B | -24.76B | 1.53B | 3.18B | 2.62B | 1.86B |
| Pretax Income | 36.63B | 41.27B | 48.87B | 52.78B | 77.75B | 31.23B | -28.88B | 20.06B | 30.95B | 18.67B | 7.97B | 21.97B | 51.63B | 57.71B | 78.73B | 73.26B | 52.96B | 34.78B | 83.4B | 71.48B | 67.4B | 59.43B | 41.24B | 31.97B | 17.51B | 23.97B | 26.88B | 11.15B | 12.08B | 19.34B | 11.92B |
| Pretax Margin % | 11.24% | 12.74% | 14.41% | 15.77% | 19.5% | 11.29% | -16.17% | 7.85% | 11.08% | 7.87% | 3.97% | 9.16% | 13.1% | 13.71% | 17.44% | 15.69% | 14.31% | 11.46% | 17.89% | 18.07% | 17.85% | 16.03% | 13.84% | 12.96% | 8.56% | 11.26% | 11.59% | 6.11% | 7.3% | 10.95% | 10.21% |
| Income Tax | 10.43B | 11.5B | 13.81B | 15.43B | 20.18B | 7.64B | -5.63B | 5.28B | 9.53B | -1.17B | -406M | 5.42B | 18.02B | 24.26B | 31.05B | 31.05B | 21.56B | 15.12B | 36.53B | 29.86B | 27.9B | 23.3B | 15.91B | 11.01B | 6.5B | 8.97B | 11.07B | 3.24B | 3.94B | 7.61B | 4.41B |
| Effective Tax Rate % | 28.48% | 27.88% | 28.26% | 29.23% | 25.95% | 24.45% | 19.5% | 26.34% | 30.8% | -6.29% | -5.09% | 24.65% | 34.89% | 42.04% | 39.43% | 42.39% | 40.71% | 43.47% | 43.8% | 41.78% | 41.4% | 39.21% | 38.58% | 34.43% | 37.12% | 37.41% | 41.2% | 29.06% | 32.6% | 39.33% | 36.98% |
| Net Income | 25.31B | 28.84B | 33.68B | 36.01B | 55.74B | 23.04B | -22.44B | 14.34B | 20.84B | 19.71B | 7.84B | 16.15B | 32.52B | 32.58B | 44.88B | 41.06B | 30.46B | 19.28B | 45.22B | 40.61B | 39.5B | 36.13B | 25.33B | 21.51B | 11.46B | 15.32B | 17.72B | 7.91B | 8.07B | 11.73B | 7.51B |
| Net Margin % | 7.76% | 8.91% | 9.93% | 10.76% | 13.98% | 8.33% | -12.57% | 5.61% | 7.46% | 8.31% | 3.91% | 6.73% | 8.25% | 7.74% | 9.94% | 8.79% | 8.23% | 6.35% | 9.7% | 10.26% | 10.46% | 9.75% | 8.5% | 8.72% | 5.6% | 7.2% | 7.64% | 4.33% | 4.87% | 6.65% | 6.43% |
| Net Income Growth % | -23.69% | -14.36% | -6.47% | -35.4% | 141.93% | 202.67% | -256.49% | -31.19% | 5.73% | 151.4% | -51.46% | -50.34% | -0.18% | -27.41% | 9.3% | 34.8% | 57.99% | -57.36% | 11.35% | 2.81% | 9.33% | 42.64% | 17.76% | 87.7% | -25.2% | -13.54% | 124.02% | -2.03% | -31.18% | 56.22% | 16.07% |
| Net Income (Continuing) | 26.2B | 29.76B | 35.06B | 37.35B | 57.58B | 23.6B | -23.25B | 14.77B | 21.42B | 19.85B | 8.38B | 16.55B | 33.62B | 33.45B | 47.68B | 42.21B | 31.4B | 19.66B | 46.87B | 41.62B | 39.5B | 36.13B | 25.33B | 20.96B | 11.01B | 15B | 15.81B | 7.91B | 8.14B | 11.73B | 7.51B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 449M | 102M | 184M | 0 | 0 | 0 | 0 |
| Minority Interest | 6.62B | 7.24B | 6.9B | 7.74B | 7.42B | 7.11B | 6.98B | 7.29B | 6.73B | 6.81B | 6.5B | 6B | 6.67B | 6.49B | 5.8B | 6.35B | 5.84B | 4.82B | 4.56B | 4.28B | 0 | 3.53B | 3.95B | 3.38B | 2.77B | 2.83B | 3.23B | 3.69B | 1.81B | 2.37B | 1.91B |
| EPS (Diluted) | 6.05 | 6.70 | 7.84 | 8.89 | 13.26 | 5.39 | -5.25 | 3.36 | 4.92 | 4.63 | 1.88 | 3.85 | 7.59 | 7.37 | 9.70 | 8.42 | 6.22 | 3.98 | 8.69 | 7.28 | 6.62 | 5.71 | 3.89 | 3.23 | 1.68 | 2.21 | 2.52 | 1.13 | 1.29 | 1.69 | 1.51 |
| EPS Growth % | -21.35% | -14.54% | -11.81% | -32.96% | 146.01% | 202.67% | -256.25% | -31.71% | 6.26% | 146.28% | -51.17% | -49.28% | 2.99% | -24.02% | 15.2% | 35.37% | 56.28% | -54.2% | 19.37% | 9.97% | 15.94% | 46.79% | 20.43% | 92.26% | -23.98% | -12.3% | 123.01% | -12.4% | -23.67% | 11.92% | 16.15% |
| EPS (Basic) | - | 6.66 | 7.84 | 8.89 | 13.26 | 5.39 | -5.25 | 3.36 | 4.92 | 4.63 | 1.88 | 3.85 | 7.59 | 7.37 | 9.70 | 8.43 | 6.24 | 3.99 | 8.78 | 7.36 | 6.68 | 5.76 | 3.91 | 3.24 | 1.69 | 2.23 | 2.55 | 1.14 | 1.31 | 1.71 | 1.51 |
| Diluted Shares Outstanding | 4.18B | 4.3B | 4.3B | 4.05B | 4.21B | 4.28B | 4.27B | 4.27B | 4.24B | 4.26B | 4.17B | 4.19B | 4.28B | 4.42B | 4.63B | 4.88B | 4.9B | 4.84B | 5.2B | 5.58B | 5.97B | 6.33B | 6.51B | 6.66B | 6.82B | 6.93B | 7.03B | 7B | 4.93B | 5.02B | 5.04B |
| Basic Shares Outstanding | 4.18B | 4.33B | 4.3B | 4.05B | 4.21B | 4.28B | 4.27B | 4.27B | 4.24B | 4.26B | 4.17B | 4.19B | 4.28B | 4.42B | 4.63B | 4.87B | 4.88B | 4.83B | 5.15B | 5.52B | 5.91B | 6.27B | 6.48B | 6.64B | 6.78B | 6.87B | 6.95B | 6.91B | 4.87B | 4.96B | 4.97B |
| Dividend Payout Ratio | - | 59.74% | 49.6% | 41.49% | 26.8% | 64.77% | - | 102.18% | 66.21% | 65.96% | 158.84% | 74.86% | 35.57% | 33.38% | 22.49% | 21.97% | 27.9% | 41.61% | 17.82% | 18.77% | 19.31% | 19.89% | 27.22% | 32.29% | 55.72% | 42.09% | 35.97% | 77% | 77.16% | 37.09% | 55.83% |
Commodity price volatility exposure
According to recent financial filings, XOM's revenue growth has trended toward deceleration, with the most recent quarter showing a modest 2.6% increase following a period of contraction, highlighting the inherent sensitivity of the company's integrated model to global commodity price fluctuations and shifting industrial demand cycles.
The revenue trajectory appears increasingly volatile, reflecting the difficulty of maintaining top-line momentum in a fluctuating energy market. Investors should monitor whether the recent uptick in revenue can be sustained or if it remains a temporary deviation from the broader trend of stagnant growth observed over the last ten quarters.
As reported in quarterly statements, XOM experienced significant margin compression, with gross margins falling from 23.5% in 2024Q1 to 18.9% by 2025Q4, suggesting that the company's integrated refining and chemical operations are struggling to pass through rising feedstock costs to end-market consumers effectively.
The sharp decline in gross margin indicates that the company's cost structure is highly sensitive to the crack spread, which appears to have narrowed significantly. This trend warrants further investigation into whether the company's downstream segment is losing its historical pricing power or if external inflationary pressures are permanently altering the profitability profile of its refined products.
Based on the provided income statement data, XOM's operating income has failed to scale proportionally with gross profit, as evidenced by the drop in operating margins from 12.4% in 2024Q1 to 6.4% in 2026Q1, indicating that fixed costs are exerting downward pressure on overall profitability.
The inability to maintain operating margins during periods of revenue fluctuation suggests that the company's high fixed-cost base, typical of capital-intensive energy assets, is limiting its operational flexibility. Analysts should consider whether management's current expense discipline is sufficient to protect the bottom line if revenue growth remains muted in the coming quarters.
Data from recent periods reveals a concerning trend in earnings quality, as EPS growth has consistently lagged behind revenue performance, with a 43.2% decline in 2026Q1, suggesting that non-operating items or tax anomalies may be masking the underlying operational performance of the core business segments.
The divergence between top-line revenue and bottom-line EPS growth may indicate that the company is facing structural headwinds that are not immediately apparent in headline figures. Investors should be wary of the potential for future non-cash impairments, particularly if commodity price assumptions used for reserve valuations are forced to adjust downward.
Quick answers to the most common questions about buying XOM stock.
For fiscal year 2025, Exxon Mobil Corporation (XOM) reported total revenue of $323.90B. This represents a 177.5% increase compared to $116.73B in 1996.
Exxon Mobil Corporation (XOM) is profitable, generating $28.84B in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
Exxon Mobil Corporation (XOM) reported an operating income of $33.94B, resulting in an operating profit margin of 10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Exxon Mobil Corporation (XOM) generated $70.23B in gross profit for the year, representing a gross profit margin of 21.7%. This demonstrates the company's core pricing power and production efficiency.