Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Exxon Mobil Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income including noncontrolling interests	29,764)	35,063)	37,354)	57,577)	23,598)
Depreciation and depletion, includes impairments	25,993)	23,442)	20,641)	24,040)	20,607)
Deferred income tax charges (credits)	765)	(865)	634)	3,758)	303)
Postretirement benefits expense in excess of (less than) net payments	(64)	(358)	90)	(2,981)	754)
Other long-term obligation provisions in excess of (less than) payments	(1,430)	(1,712)	(1,501)	(1,932)	50)
Adjustments for noncash transactions	25,264)	20,507)	19,864)	22,885)	21,714)
Dividends received greater than (less than) equity in current earnings of equity companies	3,006)	191)	509)	(2,446)	(668)
Notes and accounts receivable, reduction (increase)	(3,042)	(6,030)	4,370)	(11,019)	(12,098)
Inventories, reduction (increase)	(4,300)	(1,812)	(3,472)	(6,947)	(489)
Other current assets, reduction (increase)	(164)	389)	(426)	(688)	(71)
Accounts and other payables, increase (reduction)	(222)	5,627)	(4,727)	18,460)	16,820)
Changes in operational working capital, excluding cash and debt	(7,728)	(1,826)	(4,255)	(194)	4,162)
Net gain on asset sales	(1,113)	(1,223)	(513)	(1,034)	(1,207)
All other items, net	2,777)	2,310)	2,410)	9)	530)
Net cash provided by operating activities	51,970)	55,022)	55,369)	76,797)	48,129)
Additions to property, plant and equipment	(28,358)	(24,306)	(21,919)	(18,407)	(12,076)
Proceeds from asset sales and returns of investments	3,158)	4,987)	4,078)	5,247)	3,176)
Additional investments and advances	(4,133)	(3,299)	(2,995)	(3,090)	(2,817)
Other investing activities including collection of advances	3,406)	1,926)	1,562)	1,508)	1,482)
Cash acquired from mergers and acquisitions	—)	754)	—)	—)	—)
Net cash used in investing activities	(25,927)	(19,938)	(19,274)	(14,742)	(10,235)
Additions to long-term debt	2,311)	899)	939)	637)	46)
Reductions in long-term debt	(1,108)	(1,150)	(15)	(5)	(8)
Additions to short-term debt	2,359)	—)	—)	198)	12,687)
Reductions in short-term debt	(5,404)	(4,743)	(879)	(8,075)	(29,396)
Additions (reductions) in commercial paper, and debt with three months or less maturity	1,895)	(18)	(284)	25)	(2,983)
Contingent consideration payments	(79)	(27)	(68)	(58)	(30)
Cash dividends to ExxonMobil shareholders	(17,231)	(16,704)	(14,941)	(14,939)	(14,924)
Cash dividends to noncontrolling interests	(935)	(658)	(531)	(267)	(224)
Changes in noncontrolling interests	(704)	(791)	(894)	(1,493)	(436)
Inflows from noncontrolling interests for major projects	88)	32)	124)	18)	—)
Common stock acquired	(20,273)	(19,629)	(17,748)	(15,155)	(155)
Net cash used in financing activities	(39,081)	(42,789)	(34,297)	(39,114)	(35,423)
Effects of exchange rate changes on cash	532)	(676)	105)	(78)	(33)
Increase (decrease) in cash and cash equivalents, including restricted	(12,506)	(8,381)	1,903)	22,863)	2,438)
Cash and cash equivalents at beginning of year, including restricted	23,187)	31,568)	29,665)	6,802)	4,364)
Cash and cash equivalents at end of year, including restricted	10,681)	23,187)	31,568)	29,665)	6,802)

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 cash flow statement reveals a complex pattern of activity over the five-year period. While net cash provided by operating activities remained substantial, fluctuations occurred, and were coupled with significant shifts in investing and financing activities, ultimately impacting the company’s cash position.

Operating Activities: Net cash provided by operating activities demonstrated initial growth, peaking at US$76.797 billion in 2022, before declining to US$51.970 billion in 2025. This decline, while from a high base, warrants attention. Net income exhibited a similar pattern, peaking in 2022 and then decreasing through 2025. Adjustments for noncash transactions remained relatively stable, fluctuating between US$19.864 billion and US$25.264 billion. Working capital changes were particularly volatile, moving from a positive contribution of US$4.162 billion in 2021 to a substantial negative impact of US$7.728 billion in 2025. Accounts and other payables showed a significant increase in 2021 and 2022, followed by a decrease in 2023 and a further reduction in 2025.
Investing Activities: Net cash used in investing activities consistently increased in magnitude over the period, moving from US$10.235 billion in 2021 to US$25.927 billion in 2025. This was primarily driven by increasing additions to property, plant, and equipment, which rose from US$12.076 billion to US$28.358 billion. Proceeds from asset sales and returns of investments remained relatively consistent, while additional investments and advances also showed a gradual increase. A notable inflow of cash from mergers and acquisitions occurred in 2024, amounting to US$754 million.
Financing Activities: Net cash used in financing activities was consistently negative, indicating a net outflow of cash. The magnitude of this outflow fluctuated, peaking at US$42.789 billion in 2024. Cash dividends to shareholders remained a significant drain on cash, consistently exceeding US$14 billion annually. Common stock acquisitions were substantial, particularly in 2022 and 2023, representing a significant use of cash. Changes in debt levels were mixed, with increases in short-term debt in some years offset by reductions in other years. The company consistently repurchased shares, with the amount increasing over time.
Cash Position: The increase (decrease) in cash and cash equivalents was highly variable. A substantial increase was observed in 2022 (US$22.863 billion), followed by a significant decrease in 2024 (US$8.381 billion) and a further decrease in 2025 (US$12.506 billion). Despite these fluctuations, the company maintained a positive cash balance throughout the period, although the ending cash balance decreased from US$29.665 billion in 2022 to US$10.681 billion in 2025. Exchange rate changes had a relatively minor impact on cash, with both positive and negative effects observed in different years.

Overall, the company generated substantial cash from operations but consistently used cash in both investing and financing activities. The increasing investment in property, plant, and equipment suggests a focus on long-term growth, while the significant share repurchases and dividend payments indicate a commitment to returning capital to shareholders. The declining cash balance in the later years of the period, coupled with the increasing use of cash in investing activities, warrants further investigation.

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Exxon Mobil Corp. (NYSE:XOM)

Cash Flow Statement