Name: Exxon Mobil Corp. (NYSE:XOM) | Income Statement
Creator: Stock Analysis on Net

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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Exxon Mobil Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Sales and other operating revenue	323,905)	339,247)	334,697)	398,675)	276,692)
Income from equity affiliates	5,064)	6,194)	6,385)	11,463)	6,657)
Other income	3,269)	4,144)	3,500)	3,542)	2,291)
Revenues and other income	332,238)	349,585)	344,582)	413,680)	285,640)
Crude oil and product purchases	(184,248)	(199,454)	(193,029)	(228,959)	(155,164)
Production and manufacturing expenses	(42,424)	(39,609)	(36,885)	(42,609)	(36,035)
Selling, general and administrative expenses	(11,128)	(9,976)	(9,919)	(10,095)	(9,574)
Depreciation and depletion, includes impairments	(25,993)	(23,442)	(20,641)	(24,040)	(20,607)
Exploration expenses, including dry holes	(1,007)	(826)	(751)	(1,025)	(1,054)
Other taxes and duties	(25,167)	(26,288)	(29,011)	(27,919)	(30,239)
Operating income	42,271)	49,990)	54,346)	79,033)	32,967)
Non-service pension and postretirement benefit expense	(400)	(121)	(714)	(482)	(786)
Interest expense	(603)	(996)	(849)	(798)	(947)
Income before income taxes	41,268)	48,873)	52,783)	77,753)	31,234)
Income tax expense	(11,504)	(13,810)	(15,429)	(20,176)	(7,636)
Net income including noncontrolling interests	29,764)	35,063)	37,354)	57,577)	23,598)
Net income attributable to noncontrolling interests	(920)	(1,383)	(1,344)	(1,837)	(558)
Net income attributable to ExxonMobil	28,844)	33,680)	36,010)	55,740)	23,040)

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.

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