Debt to Equity
since 2005
Calculation
Exxon Mobil Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Notes, loans payable and long-term debt1 | ÷ | Total ExxonMobil share of equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.17 | = | 43,537) | ÷ | 259,386) |
| Dec 31, 2024 | 0.16 | = | 41,710) | ÷ | 263,705) |
| Dec 31, 2023 | 0.20 | = | 41,573) | ÷ | 204,802) |
| Dec 31, 2022 | 0.21 | = | 41,193) | ÷ | 195,049) |
| Dec 31, 2021 | 0.28 | = | 47,704) | ÷ | 168,577) |
| Dec 31, 2020 | 0.43 | = | 67,640) | ÷ | 157,150) |
| Dec 31, 2019 | 0.24 | = | 46,920) | ÷ | 191,650) |
| Dec 31, 2018 | 0.20 | = | 37,796) | ÷ | 191,794) |
| Dec 31, 2017 | 0.23 | = | 42,336) | ÷ | 187,688) |
| Dec 31, 2016 | 0.26 | = | 42,762) | ÷ | 167,325) |
| Dec 31, 2015 | 0.23 | = | 38,687) | ÷ | 170,811) |
| Dec 31, 2014 | 0.17 | = | 29,121) | ÷ | 174,399) |
| Dec 31, 2013 | 0.13 | = | 22,699) | ÷ | 174,003) |
| Dec 31, 2012 | 0.07 | = | 11,581) | ÷ | 165,863) |
| Dec 31, 2011 | 0.11 | = | 17,033) | ÷ | 154,396) |
| Dec 31, 2010 | 0.10 | = | 15,014) | ÷ | 146,839) |
| Dec 31, 2009 | 0.09 | = | 9,605) | ÷ | 110,569) |
| Dec 31, 2008 | 0.08 | = | 9,425) | ÷ | 112,965) |
| Dec 31, 2007 | 0.08 | = | 9,566) | ÷ | 121,762) |
| Dec 31, 2006 | 0.07 | = | 8,347) | ÷ | 113,844) |
| Dec 31, 2005 | 0.07 | = | 7,991) | ÷ | 111,186) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity ratio for the analyzed period demonstrates a generally increasing trend, punctuated by periods of stabilization and decline. From 2005 to 2010, the ratio experienced a gradual increase, indicating a growing reliance on debt financing relative to equity. A more substantial increase occurred between 2014 and 2020, followed by a decrease and subsequent stabilization in more recent years.
- Initial Stability (2005-2007)
- The debt-to-equity ratio remained relatively stable between 2005 and 2007, fluctuating between 0.07 and 0.08. This suggests a consistent financial leverage strategy during this period.
- Gradual Increase (2008-2010)
- From 2008 to 2010, the ratio increased from 0.08 to 0.10. This indicates a moderate increase in debt financing as a proportion of equity. The increase in 2010 was more pronounced, potentially reflecting strategic investment or financing decisions.
- Fluctuation and Moderate Leverage (2011-2013)
- The ratio peaked at 0.11 in 2011 before decreasing to 0.07 in 2012. It then rose again to 0.13 in 2013, demonstrating some volatility but remaining within a moderate range of leverage.
- Significant Increase (2014-2020)
- A notable increase in the debt-to-equity ratio occurred between 2014 and 2020, rising from 0.17 to 0.43. This represents a substantial shift towards increased debt financing. The largest single-year increase occurred between 2019 and 2020. This period likely involved significant capital expenditure or strategic acquisitions funded by debt.
- Recent Stabilization and Decline (2021-2025)
- Following the peak in 2020, the ratio decreased to 0.28 in 2021 and further to 0.17 in 2025. This suggests a deliberate effort to reduce debt levels or an increase in equity, potentially through retained earnings or new equity issuance. The ratio stabilized in the most recent periods, indicating a more balanced capital structure.
Overall, the analyzed period reveals a dynamic shift in the company’s capital structure. While initially maintaining a conservative approach to debt, the company significantly increased its leverage between 2014 and 2020, followed by a period of deleveraging and stabilization. The recent trend suggests a return to a more moderate and sustainable debt-to-equity position.
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Comparison to Competitors
Exxon Mobil Corp., debt to equity, long-term trends, comparison to competitors
| Exxon Mobil Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Dec 31, 2025 | 0.17 | 0.22 | 0.36 |
| Dec 31, 2024 | 0.16 | 0.16 | 0.38 |
| Dec 31, 2023 | 0.20 | 0.13 | 0.38 |
| Dec 31, 2022 | 0.21 | 0.15 | 0.35 |
| Dec 31, 2021 | 0.28 | 0.23 | 0.44 |
| Dec 31, 2020 | 0.43 | 0.34 | 0.51 |
| Dec 31, 2019 | 0.24 | 0.19 | 0.43 |
| Dec 31, 2018 | 0.20 | 0.22 | 0.47 |
| Dec 31, 2017 | 0.23 | 0.26 | 0.64 |
| Dec 31, 2016 | 0.26 | 0.32 | 0.78 |
| Dec 31, 2015 | 0.23 | 0.25 | 0.63 |
| Dec 31, 2014 | 0.17 | 0.18 | 0.43 |
| Dec 31, 2013 | 0.13 | 0.14 | 0.42 |
| Dec 31, 2012 | 0.07 | 0.09 | 0.45 |
| Dec 31, 2011 | 0.11 | 0.08 | 0.35 |
| Dec 31, 2010 | 0.10 | 0.11 | 0.34 |
| Dec 31, 2009 | 0.09 | 0.11 | 0.46 |
| Dec 31, 2008 | 0.08 | 0.10 | 0.50 |
| Dec 31, 2007 | 0.08 | 0.09 | 0.24 |
| Dec 31, 2006 | 0.07 | 0.14 | 0.33 |
| Dec 31, 2005 | 0.07 | 0.21 | 0.24 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Exxon Mobil Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 0.17 | 0.21 |
| Dec 31, 2024 | 0.16 | 0.19 |
| Dec 31, 2023 | 0.20 | 0.20 |
| Dec 31, 2022 | 0.21 | 0.20 |
| Dec 31, 2021 | 0.28 | 0.28 |
| Dec 31, 2020 | 0.43 | 0.40 |
| Dec 31, 2019 | 0.24 | 0.24 |
| Dec 31, 2018 | 0.20 | 0.23 |
| Dec 31, 2017 | 0.23 | 0.28 |
| Dec 31, 2016 | 0.26 | 0.33 |
| Dec 31, 2015 | 0.23 | 0.28 |
| Dec 31, 2014 | 0.17 | 0.21 |
| Dec 31, 2013 | 0.13 | 0.17 |
| Dec 31, 2012 | 0.07 | 0.13 |
| Dec 31, 2011 | 0.11 | 0.15 |
| Dec 31, 2010 | 0.10 | 0.16 |
| Dec 31, 2009 | 0.09 | 0.18 |
| Dec 31, 2008 | 0.08 | 0.18 |
| Dec 31, 2007 | 0.08 | 0.13 |
| Dec 31, 2006 | 0.07 | 0.17 |
| Dec 31, 2005 | 0.07 | 0.15 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Exxon Mobil Corp., debt to equity, long-term trends, comparison to industry (energy)
| Exxon Mobil Corp. | Energy | |
|---|---|---|
| Dec 31, 2025 | 0.17 | 0.22 |
| Dec 31, 2024 | 0.16 | 0.20 |
| Dec 31, 2023 | 0.20 | 0.21 |
| Dec 31, 2022 | 0.21 | 0.22 |
| Dec 31, 2021 | 0.28 | 0.31 |
| Dec 31, 2020 | 0.43 | 0.44 |
| Dec 31, 2019 | 0.24 | 0.26 |
| Dec 31, 2018 | 0.20 | 0.25 |
| Dec 31, 2017 | 0.23 | 0.30 |
| Dec 31, 2016 | 0.26 | 0.35 |
| Dec 31, 2015 | 0.23 | 0.30 |
| Dec 31, 2014 | 0.17 | 0.22 |
| Dec 31, 2013 | 0.13 | 0.19 |
| Dec 31, 2012 | 0.07 | 0.15 |
| Dec 31, 2011 | 0.11 | 0.16 |
| Dec 31, 2010 | 0.10 | 0.17 |
| Dec 31, 2009 | 0.09 | 0.19 |
| Dec 31, 2008 | 0.08 | 0.19 |
| Dec 31, 2007 | 0.08 | 0.15 |
| Dec 31, 2006 | 0.07 | 0.19 |
| Dec 31, 2005 | 0.07 | 0.16 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).