Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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Exxon Mobil Corp., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial performance presented demonstrates significant volatility over the five-year period. Revenues and other income experienced a substantial increase from 2021 to 2022, followed by a decline in subsequent years, ultimately ending below the 2021 level. Operating income mirrored this pattern, peaking in 2022 before decreasing annually through 2025. Net income attributable to ExxonMobil followed a similar trajectory, with a marked decrease observed from 2022 to 2025.
- Revenue Trends
- Revenues and other income rose considerably from $285.64 billion in 2021 to $413.68 billion in 2022, representing a growth of approximately 44.3%. However, this was followed by a decline to $344.58 billion in 2023, $349.58 billion in 2024, and finally $332.24 billion in 2025. This suggests a potential cyclical pattern or sensitivity to external market factors.
- Cost of Goods Sold and Operating Expenses
- Crude oil and product purchases consistently represent a substantial outflow, ranging from approximately $184.25 billion to $228.96 billion annually. Production and manufacturing expenses remained relatively stable, fluctuating between $36.04 billion and $42.61 billion. Selling, general, and administrative expenses exhibited a gradual increase over the period, rising from $9.57 billion in 2021 to $11.13 billion in 2025. Depreciation and depletion also increased steadily, reaching $25.99 billion in 2025.
- Profitability Analysis
- Operating income peaked at $79.03 billion in 2022, a significant increase from $32.97 billion in 2021. However, it subsequently decreased to $42.27 billion in 2025. Net income attributable to ExxonMobil followed a similar pattern, declining from $55.74 billion in 2022 to $28.84 billion in 2025. This indicates a compression of profit margins in the later years of the observed period.
- Other Income and Expenses
- Income from equity affiliates remained relatively stable, though with a slight downward trend, decreasing from $6.66 billion in 2021 to $5.06 billion in 2025. Other income showed some fluctuation, peaking at $4.14 billion in 2024. Interest expense remained relatively consistent, with a slight decrease observed in 2025. Income tax expense decreased from $20.18 billion in 2022 to $11.50 billion in 2025, potentially influencing net income trends.
Overall, the period under review demonstrates a strong performance in 2022, followed by a consistent decline in key financial metrics. This suggests a potential shift in market conditions or company-specific factors impacting revenue generation and profitability. The increasing trend in certain operating expenses, such as depreciation and administrative costs, may also contribute to the observed decline in net income.