Stock Analysis on Net
Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

$24.99

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

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Sales and other operating revenue
Income from equity affiliates
Other income
Revenues and other income
Crude oil and product purchases
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion, includes impairments
Exploration expenses, including dry holes
Other taxes and duties
Operating income (loss)
Non-service pension and postretirement benefit expense
Interest expense
Income before (loss) income taxes
Income tax (expense) benefit
Net income (loss) including noncontrolling interests
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to ExxonMobil

Based on: 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), 10-K (reporting date: 2020-12-31).

Revenue and Income Trends
Sales and operating revenue exhibited substantial growth from 2020 to 2022, peaking at approximately $398.7 billion in 2022, followed by a decline in 2023 and a slight increase in 2024. Income from equity affiliates also increased notably through 2022, then decreased in the subsequent two years. Other income steadily rose over the period. Total revenues and other income mirrored the pattern of sales, with a sharp increase up to 2022 and a decrease thereafter.
Expense Patterns
Crude oil and product purchases escalated sharply from 2020 to 2022, reaching nearly $229 billion in 2022, then decreased in 2023 with a minor rebound in 2024. Production and manufacturing expenses followed a similar trajectory, increasing until 2022 and partially declining afterward. Selling, general and administrative expenses remained relatively stable throughout the years, with only minor fluctuations. Depreciation and depletion expenses decreased significantly in 2021, rebounded slightly thereafter but remained below 2020 levels. Exploration expenses declined steadily over the years. Other taxes and duties increased until 2021, then showed some volatility but decreased again by 2024.
Profitability Indicators
Operating income experienced a drastic improvement from a loss of about $26.5 billion in 2020 to positive $79 billion in 2022. However, it diminished in 2023 and 2024, remaining substantially positive. Income before taxes showed a congruent pattern, moving from a loss in 2020 to a significant profit in 2022, followed by a decline while still positive. Income tax expense was negative in 2020 (reflecting a benefit) but turned substantially positive from 2021 onward, increasing tax burdens correspondingly with higher profits. Net income followed the trend of operating income, moving from a large loss in 2020 to peak gains in 2022, then decreasing but remaining profitable through 2023 and 2024.
Other Financial Metrics
Non-service pension and postretirement benefit expenses fluctuated without a clear trend, being highest in 2020 and lowest in 2024. Interest expenses slightly declined in 2021 and 2022 before rising again in 2024. The net income attributable to the company tracked closely with overall net income, reflecting the bulk of earnings accruing to ExxonMobil rather than noncontrolling interests, which represented a relatively small and declining portion of net income impact.
Summary of Financial Performance
The company showed a strong recovery and growth in revenue and profitability from 2020 through 2022, driven by rising revenues and effective control of expenses despite increased cost of goods sold. Following 2022, the financial performance moderated with reduced revenues and operating income, though it remained solidly profitable. Expense control, particularly in general and administrative costs, remained consistent, while major cost components such as purchases and manufacturing costs reflected industry volatility. Overall, the financial data suggests a business cycle characterized by a peak in earnings and revenues in 2022, followed by stabilization in subsequent years.