Common-Size Income Statement
Quarterly Data
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Exxon Mobil Corp., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals significant fluctuations in profitability and cost structures over the observed period, spanning from March 2021 to December 2025. Revenue consistency is maintained throughout, with sales and other operating revenue consistently representing 100% of the total. However, underlying components demonstrate considerable variability.
- Profitability
- Operating income as a percentage of sales demonstrates a notable increase from 7.35% in March 2021 to a peak of 24.21% in September 2022, before declining to 10.33% by December 2025. Net income attributable to ExxonMobil follows a similar pattern, rising from 4.74% in March 2021 to 10.91% in December 2021, peaking at 18.46% in September 2022, and subsequently decreasing to 8.12% in December 2025. This suggests a strong correlation between operating performance and overall net profitability. Income from equity affiliates also exhibited volatility, increasing from 2.56% to 4.35% in September 2022, then decreasing to 1.21% in December 2025.
- Cost of Goods Sold & Expenses
- Crude oil and product purchases consistently represent the largest expense, ranging between -54.49% and -60.23% of sales. A noticeable increase in this expense occurred in the first half of 2022. Production and manufacturing expenses also show variability, with a significant increase in the percentage from -12.13% in September 2021 to -14.35% in December 2021, and again to -15.17% in September 2023. Selling, general and administrative expenses remained relatively stable, fluctuating between -2.18% and -4.22%. Depreciation and depletion experienced a substantial rise in the latter part of the period, increasing from -5.30% in September 2022 to -9.64% in September 2023 and -9.64% in September 2025. Other taxes and duties generally decreased over the period, from -11.75% to -8.00%.
- Other Income & Expenses
- Other income shows fluctuations, peaking at 1.95% in December 2021 and 1.83% in September 2023. Interest expense remained relatively consistent, generally between -0.20% and -0.45%. Non-service pension and postretirement benefit expense decreased over the period, from -0.66% to -0.10%.
The period between September 2021 and September 2022 appears to be a period of heightened profitability, likely driven by favorable market conditions. The subsequent decline in profitability from late 2022 through December 2025 suggests a changing economic environment or increased cost pressures. The increasing depreciation and depletion expense may indicate significant capital investments or asset impairments. Overall, the common-size income statement highlights a dynamic financial performance with considerable sensitivity to external factors.