Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Exxon Mobil Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Notes and loans payable	9,296)	4,955)	4,090)	634)	4,276)
Trade payables	36,049)	36,145)	31,249)	33,169)	26,623)
Payables to equity companies	8,694)	10,378)	11,885)	14,585)	8,885)
Accrued taxes other than income taxes	3,549)	3,577)	3,817)	3,969)	3,896)
Other	12,619)	11,197)	11,086)	11,474)	11,362)
Accounts payable and accrued liabilities	60,911)	61,297)	58,037)	63,197)	50,766)
Income taxes payable	2,123)	4,055)	3,189)	5,214)	1,601)
Current liabilities	72,330)	70,307)	65,316)	69,045)	56,643)
Long-term debt, excluding due within one year	34,241)	36,755)	37,483)	40,559)	43,428)
Postretirement benefits reserves	8,847)	9,700)	10,496)	10,045)	18,430)
Deferred income tax liabilities	40,216)	39,042)	24,452)	22,874)	20,165)
Long-term obligations to equity companies	542)	1,346)	1,804)	2,338)	2,857)
Other long-term obligations	26,178)	25,719)	24,228)	21,733)	21,717)
Long-term liabilities	110,024)	112,562)	98,463)	97,549)	106,597)
Total liabilities	182,354)	182,869)	163,779)	166,594)	163,240)
Common stock without par value	46,150)	46,238)	17,781)	15,752)	15,746)
Earnings reinvested	482,494)	470,903)	453,927)	432,860)	392,059)
Accumulated other comprehensive loss	(10,863)	(14,619)	(11,989)	(13,270)	(13,764)
Common stock held in treasury	(258,395)	(238,817)	(254,917)	(240,293)	(225,464)
Total ExxonMobil share of equity	259,386)	263,705)	204,802)	195,049)	168,577)
Noncontrolling interests	7,240)	6,901)	7,736)	7,424)	7,106)
Total equity	266,626)	270,606)	212,538)	202,473)	175,683)
Total liabilities and equity	448,980)	453,475)	376,317)	369,067)	338,923)

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).

An examination of the provided financial information reveals notable shifts in the company’s liabilities and stockholders’ equity between 2021 and 2025. Total liabilities initially increased before stabilizing, while total equity experienced significant fluctuations. A detailed breakdown of these changes follows.

Current Liabilities: Current liabilities generally increased from 2021 to 2025, rising from US$56.643 billion to US$72.330 billion. The most substantial increase occurred between 2021 and 2022, reaching US$69.045 billion. While there was a slight dip in 2023, the trend resumed upward in subsequent years. Accounts payable and accrued liabilities consistently represent the largest component of current liabilities, fluctuating between US$50.766 billion and US$63.197 billion over the period. Income taxes payable also exhibited volatility, peaking at US$5.214 billion in 2022 before decreasing to US$2.123 billion in 2025.
Long-Term Liabilities: Long-term liabilities demonstrated a more complex pattern. They decreased from US$106.597 billion in 2021 to US$97.549 billion in 2022, then increased to US$112.562 billion in 2024 before settling at US$110.024 billion in 2025. Deferred income tax liabilities showed a consistent increase, rising from US$20.165 billion to US$40.216 billion over the five-year period. Long-term debt, excluding amounts due within one year, decreased steadily from US$43.428 billion to US$34.241 billion. Long-term obligations to equity companies experienced a significant decline, falling from US$2.857 billion to US$0.542 billion.
Total Liabilities: Total liabilities increased from US$163.240 billion in 2021 to US$182.354 billion in 2025, with a peak of US$182.869 billion in 2024. The increase was driven by fluctuations in both current and long-term liabilities. The year 2023 saw a slight decrease in total liabilities compared to 2022, but the overall trend remained positive.
Stockholders’ Equity: Total stockholders’ equity increased substantially from US$175.683 billion in 2021 to US$266.626 billion in 2025. Earnings reinvested represent the largest portion of equity, growing from US$392.059 billion to US$482.494 billion. Common stock without par value experienced a dramatic increase between 2022 and 2024, rising from US$15.752 billion to US$46.238 billion, before decreasing slightly to US$46.150 billion in 2025. Accumulated other comprehensive loss remained relatively stable, fluctuating between -US$13.270 billion and -US$10.863 billion. Common stock held in treasury consistently represented a significant deduction from equity, ranging from -US$225.464 billion to -US$258.395 billion.
Total Liabilities and Equity: Total liabilities and equity increased from US$338.923 billion in 2021 to US$448.980 billion in 2025. This growth reflects the combined effect of changes in both liabilities and equity. The largest increase occurred between 2023 and 2024, coinciding with the substantial increase in common stock without par value.

In summary, the company experienced growth in both liabilities and equity over the observed period. The composition of liabilities shifted, with deferred income tax liabilities increasing and long-term debt decreasing. Equity growth was primarily driven by earnings reinvestment and a significant, though temporary, increase in common stock without par value. These trends suggest a dynamic financial position with ongoing adjustments to the company’s capital structure.

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Exxon Mobil Corp. (NYSE:XOM)

Balance Sheet: Liabilities and Stockholders’ Equity