Common-Size Balance Sheet: Assets
Quarterly Data
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Exxon Mobil Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset composition of the balance sheet reveals a distinct cyclical shift in capital allocation between 2021 and 2026, characterized by a significant temporary increase in liquidity and a subsequent return to a heavy concentration in long-term fixed assets.
- Liquidity and Current Asset Trends
- Current assets experienced a substantial expansion from 14.44% in March 2021 to a peak of 27.17% in September 2023. This growth was primarily driven by a sharp increase in cash and cash equivalents, which rose from 1.05% to a peak of 8.85% during the same period. Following this peak, liquidity contracted, with cash and cash equivalents declining to 1.82% by March 2026. Notes and accounts receivable showed volatility, peaking at 13.07% in June 2022 and reaching a period high of 13.30% by March 2026, indicating a shift in the composition of current assets from cash toward receivables toward the end of the observed period.
- Inventory Management
- Inventories remained relatively stable as a percentage of total assets, generally fluctuating between 5.17% and 6.68%. A gradual increase was observed through December 2022, followed by a slight decline and stabilization around 5.38% by March 2026. Crude oil, products, and merchandise consistently represented the bulk of inventory, maintaining a range between 4.12% and 5.54%.
- Fixed Asset and Long-term Investment Dynamics
- Property, plant, and equipment (PP&E) demonstrated a notable U-shaped trend. The allocation decreased from 67.30% in March 2021 to a low of 54.87% in September 2022, coinciding with the period of maximum liquidity accumulation. However, a strong rebound occurred starting in June 2024, with PP&E returning to levels between 64% and 66% through early 2026. Concurrently, investments, advances, and long-term receivables showed a gradual downward trend, decreasing from 13.24% in early 2021 to 9.93% by March 2026.
- Total Asset Structure Shift
- The overall balance sheet structure transitioned from a long-term asset dominance of 85.56% in March 2021 to a low of 72.83% in September 2023. This represented a strategic pivot toward shorter-term liquidity. By December 2025, the structure reverted toward its original state, with long-term assets recovering to 81.43% of the total asset base.
The observed patterns indicate a period of significant capital accumulation between 2021 and 2023, followed by a strategic redeployment of those resources back into fixed productive assets (PP&E) beginning in 2024. The increase in receivables at the end of the period suggests a growing proportion of credit-based operational activity relative to total assets.