Analysis of Geographic Areas
Exxon Mobil Corp. operates in 2 regions: United States and Non-U.S..
Area Asset Turnover
Exxon Mobil Corp., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 0.75 | 0.78 | 1.33 | 1.66 | 1.15 |
| Non-U.S. | 1.61 | 1.73 | 1.74 | 2.18 | 1.37 |
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).
Asset turnover ratios for the geographic areas presented demonstrate differing performance trends between 2021 and 2025. The United States exhibits a marked decline in asset turnover, while the Non-U.S. area shows more stability, albeit with some fluctuation.
- United States
- The asset turnover ratio for the United States decreased from 1.15 in 2021 to 0.75 in 2025. A substantial increase to 1.66 was observed in 2022, followed by a decrease to 1.33 in 2023, and then a more significant decline to 0.78 in 2024. This suggests a diminishing efficiency in utilizing assets to generate revenue within the United States over the period. The ratio’s final value in 2025 represents the lowest point within the observed timeframe.
- Non-U.S.
- The Non-U.S. asset turnover ratio began at 1.37 in 2021 and peaked at 2.18 in 2022. It then decreased to 1.74 in 2023, followed by 1.73 in 2024, and finally 1.61 in 2025. While there is some decline from the 2022 high, the ratio remains consistently above the level seen in the United States and demonstrates a more moderate trend. The Non-U.S. area generally maintains a higher asset turnover than the United States throughout the analyzed period.
- Comparative Analysis
- In 2021, the Non-U.S. area had a higher asset turnover ratio than the United States. This relationship persisted through 2025, despite the Non-U.S. ratio experiencing a decrease from its peak. The divergence in trends is particularly noticeable from 2023 onwards, with the United States experiencing a more pronounced decrease in its asset turnover ratio compared to the Non-U.S. area. This suggests potential differences in operational efficiency or asset management strategies between the two geographic areas.
Overall, the analysis indicates a weakening asset utilization efficiency in the United States, contrasted with a relatively more stable, though declining, performance in the Non-U.S. area.
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Area Asset Turnover: United States
Exxon Mobil Corp.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 137,639) | 138,657) | 127,374) | 149,225) | 104,236) |
| Long-lived assets | 183,619) | 178,633) | 95,792) | 90,051) | 90,412) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.75 | 0.78 | 1.33 | 1.66 | 1.15 |
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).
1 2025 Calculation
Area asset turnover = Sales and other operating revenue ÷ Long-lived assets
= 137,639 ÷ 183,619 = 0.75
Analysis of the United States geographic area reveals fluctuating performance in asset utilization between 2021 and 2025. Sales and other operating revenue exhibited initial growth followed by a decline, while long-lived assets consistently increased over the period. Consequently, the area asset turnover ratio demonstrates a marked downward trend.
- Sales and Other Operating Revenue
- Sales and other operating revenue increased significantly from US$104.236 billion in 2021 to US$149.225 billion in 2022, representing a substantial gain. However, revenue decreased to US$127.374 billion in 2023 before partially recovering to US$138.657 billion in 2024 and stabilizing at US$137.639 billion in 2025. This suggests potential volatility in the United States market or shifts in revenue generation strategies.
- Long-Lived Assets
- Long-lived assets remained relatively stable between 2021 and 2023, fluctuating around US$90-96 billion. A substantial increase is observed in 2024, reaching US$178.633 billion, and continuing to US$183.619 billion in 2025. This indicates significant investment in long-term assets within the United States during these years, potentially related to expansion or modernization efforts.
- Area Asset Turnover
- The area asset turnover ratio, a measure of how efficiently assets are used to generate revenue, decreased from 1.15 in 2021 to 1.66 in 2022, coinciding with the revenue increase. However, the ratio then declined to 1.33 in 2023. A more pronounced decrease is evident in 2024 and 2025, falling to 0.78 and 0.75 respectively. This downward trend suggests a diminishing ability to generate sales from the increasing asset base, potentially due to underutilized assets or slower revenue growth relative to asset investment.
The combination of increasing long-lived assets and fluctuating, ultimately stabilizing, revenue resulted in a significant decline in asset turnover. This warrants further investigation to determine the underlying causes and potential strategies to improve asset utilization within the United States geographic area.
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Area Asset Turnover: Non-U.S.
Exxon Mobil Corp.; Non-U.S.; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 186,266) | 200,590) | 207,323) | 249,450) | 172,456) |
| Long-lived assets | 115,754) | 115,685) | 119,148) | 114,641) | 126,140) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.61 | 1.73 | 1.74 | 2.18 | 1.37 |
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).
1 2025 Calculation
Area asset turnover = Sales and other operating revenue ÷ Long-lived assets
= 186,266 ÷ 115,754 = 1.61
Analysis of the non-U.S. geographic area reveals fluctuating performance in asset utilization between 2021 and 2025. Sales and other operating revenue exhibited significant volatility, while long-lived assets remained relatively stable. This dynamic is reflected in the area asset turnover ratio, which demonstrates a clear pattern of initial improvement followed by a gradual decline.
- Sales and Other Operating Revenue
- Sales and other operating revenue increased substantially from US$172,456 million in 2021 to US$249,450 million in 2022, representing a significant year-over-year growth. However, this was followed by a decrease to US$207,323 million in 2023 and a further reduction to US$200,590 million in 2024. The most recent period, 2025, shows a continued downward trend, with revenue reaching US$186,266 million. This indicates a weakening revenue performance in the latter part of the analyzed period.
- Long-Lived Assets
- Long-lived assets experienced a decrease from US$126,140 million in 2021 to US$114,641 million in 2022. A slight increase was observed in 2023, reaching US$119,148 million, followed by a decrease to US$115,685 million in 2024. The value remained relatively consistent in 2025 at US$115,754 million. The overall change in long-lived assets is minimal compared to the fluctuations in revenue.
- Area Asset Turnover
- The area asset turnover ratio increased from 1.37 in 2021 to a peak of 2.18 in 2022, suggesting improved efficiency in asset utilization. However, the ratio subsequently declined to 1.74 in 2023 and 1.73 in 2024, indicating a diminishing ability to generate sales from the existing asset base. This downward trend continued into 2025, with the ratio falling to 1.61. The decreasing asset turnover ratio, coupled with declining revenue, suggests a potential issue with asset efficiency in the non-U.S. areas.
The observed trends suggest that while the non-U.S. areas initially benefited from increased sales relative to their asset base, this advantage has eroded over time. The recent decline in both revenue and asset turnover warrants further investigation to determine the underlying causes and potential mitigation strategies.
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Sales and other operating revenue
Exxon Mobil Corp., sales and other operating revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 137,639) | 138,657) | 127,374) | 149,225) | 104,236) |
| Non-U.S. | 186,266) | 200,590) | 207,323) | 249,450) | 172,456) |
| Total | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) |
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).
Overall sales and other operating revenue exhibited significant fluctuation between 2021 and 2025. Initial growth was followed by a decline, indicating potential shifts in market dynamics or company strategy. A detailed examination of geographic contributions reveals distinct trends within the United States and non-U.S. markets.
- United States Revenue
- Revenue from the United States increased substantially from US$104,236 million in 2021 to US$149,225 million in 2022. However, this was followed by a decrease to US$127,374 million in 2023. A moderate recovery occurred in 2024, reaching US$138,657 million, but revenue slightly declined again in 2025 to US$137,639 million. This suggests a volatile performance within the domestic market, potentially influenced by factors such as domestic energy prices, demand, and regulatory changes.
- Non-U.S. Revenue
- Non-U.S. revenue demonstrated a similar pattern of growth followed by decline. It rose from US$172,456 million in 2021 to US$249,450 million in 2022, before decreasing to US$207,323 million in 2023. Further declines were observed in 2024 (US$200,590 million) and 2025 (US$186,266 million). The magnitude of the decrease in non-U.S. revenue is noteworthy, potentially indicating challenges in international markets, currency fluctuations, or geopolitical factors.
- Total Revenue
- Total revenue peaked in 2022 at US$398,675 million, representing a significant increase from US$276,692 million in 2021. Subsequent years witnessed a downward trend, with revenue falling to US$334,697 million in 2023, US$339,247 million in 2024, and US$323,905 million in 2025. While 2024 showed a slight increase compared to 2023, the overall trend from 2022 to 2025 is demonstrably negative.
- Geographic Contribution
- In 2021, non-U.S. revenue contributed approximately 62.3% of total revenue, while the United States accounted for 37.7%. By 2025, the proportion shifted, with non-U.S. revenue representing approximately 57.6% of the total and the United States contributing 42.4%. This indicates a relative increase in the importance of the U.S. market to overall revenue, despite the absolute decline in revenue from both regions.
The observed declines in both geographic areas after 2022 warrant further investigation to determine the underlying causes and potential mitigation strategies. A comprehensive analysis of market conditions, competitive pressures, and internal operational factors is recommended.
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Long-lived assets
Exxon Mobil Corp., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 183,619) | 178,633) | 95,792) | 90,051) | 90,412) |
| Non-U.S. | 115,754) | 115,685) | 119,148) | 114,641) | 126,140) |
| Total | 299,373) | 294,318) | 214,940) | 204,692) | 216,552) |
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 value of long-lived assets within the United States demonstrated a notable increase over the observed period. Conversely, the value of long-lived assets categorized as Non-U.S. exhibited a different pattern. Total long-lived assets experienced fluctuations, ultimately showing an overall increase.
- United States
- The value of long-lived assets in the United States decreased from US$90,412 million in 2021 to US$90,051 million in 2022. A subsequent increase was observed, reaching US$95,792 million in 2023. This was followed by a substantial rise to US$178,633 million in 2024 and a further increase to US$183,619 million in 2025. This represents a significant growth trend in the latter part of the period.
- Non-U.S.
- The value of long-lived assets in Non-U.S. regions decreased from US$126,140 million in 2021 to US$114,641 million in 2022. A partial recovery occurred in 2023, with the value rising to US$119,148 million. However, this was followed by a decrease to US$115,685 million in 2024 and remained relatively stable at US$115,754 million in 2025. The trend indicates a general decline from the initial value, with stabilization in the most recent year.
- Total
- Total long-lived assets decreased from US$216,552 million in 2021 to US$204,692 million in 2022. An increase was then observed in 2023, reaching US$214,940 million. The total value then increased significantly to US$294,318 million in 2024 and continued to rise to US$299,373 million in 2025. The overall trend is upward, driven primarily by the growth in United States assets.
- Relative Contribution
- In 2021, Non-U.S. assets represented approximately 58.3% of the total, while U.S. assets accounted for roughly 41.7%. By 2025, this proportion shifted considerably, with Non-U.S. assets representing approximately 38.7% of the total and U.S. assets comprising approximately 61.3%. This indicates a growing reliance on assets located within the United States.
The substantial increase in United States assets in 2024 and 2025 warrants further investigation to understand the underlying drivers, such as acquisitions, capital expenditures, or revaluation of existing assets. The relative stability of Non-U.S. assets in the latter years of the period, following an initial decline, suggests a potential shift in investment strategy or regional economic factors.
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