Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Exxon Mobil Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Current Ratio
- The current ratio exhibits a clear upward trend from March 2021 through December 2023, increasing from 0.8 to a peak of 1.48. This indicates a strengthening liquidity position over this period, with current assets increasingly covering current liabilities. However, starting in early 2024, the ratio gradually declines, reaching 1.14 by the third quarter of 2025. Despite this decline, the current ratio remains above 1.0 for most of the period after mid-2021, suggesting generally sufficient short-term liquidity with some weakening towards the end of the observed timeframe.
- Quick Ratio
- The quick ratio follows a similar pattern to the current ratio, rising steadily from 0.47 in March 2021 to a peak of approximately 1.07 in March 2023. This ascent reflects an improvement in the company's ability to cover short-term obligations with more liquid assets, excluding inventories. After this peak, there is a slight decline through to the third quarter of 2025, falling to 0.76. The decrease from 2024 onward may signal a reduction in liquid assets relative to current liabilities or a change in asset composition.
- Cash Ratio
- The cash ratio starts very low at 0.06 in March 2021 and increases significantly until December 2023, reaching a high of 0.48, indicating a growing proportion of cash and cash equivalents relative to current liabilities. This substantial improvement points to enhanced immediate liquidity. Similar to the other liquidity measures, the cash ratio experiences a decline from 2024 on, dropping to 0.18 by the third quarter of 2025. This decline could highlight a strategic use of cash or a reduction in liquid reserves in the later periods.
In summary, all three liquidity ratios demonstrate a period of marked improvement in liquidity from early 2021 through the end of 2023, followed by a gradual decline throughout 2024 and into 2025. While the earlier trend suggests strengthening liquidity and better coverage of short-term liabilities, the later downward trend may warrant attention regarding liquidity management and funding strategies going forward.
Current Ratio
Exxon Mobil Corp., current ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 88,505) | 85,108) | 91,233) | 91,990) | 94,349) | 96,238) | 99,377) | 96,609) | 101,142) | 91,760) | 97,224) | 97,631) | 99,289) | 93,163) | 77,255) | 59,154) | 55,555) | 52,842) | 48,195) | ||||||
| Current liabilities | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | 56,643) | 61,856) | 62,238) | 60,150) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.14 | 1.25 | 1.24 | 1.31 | 1.35 | 1.36 | 1.38 | 1.48 | 1.42 | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | 1.04 | 0.90 | 0.85 | 0.80 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 1.15 | 1.00 | 1.08 | 1.06 | 1.07 | 1.16 | 1.23 | 1.27 | 1.25 | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | 1.26 | 1.28 | 1.17 | 1.11 | ||||||
| ConocoPhillips | 1.32 | 1.27 | 1.27 | 1.29 | 1.30 | 1.33 | 1.35 | 1.43 | 1.66 | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | 1.34 | 1.93 | 2.11 | 2.03 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 88,505 ÷ 77,850 = 1.14
2 Click competitor name to see calculations.
- Current assets
- The current assets demonstrated a general upward trend from the beginning of the period until around the end of 2022, increasing from approximately 48,195 million USD to a peak near 99,289 million USD. This was followed by some fluctuations and a moderate decline through 2023 and into 2025, with values moving mostly in the 85,000 to 99,000 million USD range. This pattern suggests a phase of asset growth potentially linked to business expansion or increased liquidity, followed by stabilization and some reduction, possibly reflecting operational adjustments or changes in working capital management.
- Current liabilities
- Current liabilities also rose from about 60,150 million USD in early 2021 to a peak exceeding 80,000 million USD mid-2022, indicating an increase in short-term obligations. Following this peak, liabilities generally declined through late 2022 and 2023, before exhibiting variability in 2024 and 2025 with values fluctuating between roughly 65,000 and 77,000 million USD. This movement may suggest efforts to manage or reduce short-term debts, potentially enhancing financial stability, while still responding to operational needs and market conditions.
- Current ratio
- The current ratio improved significantly over the analysis period, starting below 1.0 at 0.8 and rising steadily to a high of approximately 1.48 in late 2023. A ratio above 1 indicates that current assets exceed current liabilities, reflecting improved short-term financial health and liquidity. However, after peaking, the ratio showed a gradual decline to around 1.14 by the third quarter of 2025. Despite this decrease, the ratio remained above 1, suggesting continued adequate liquidity, though with a slight reduction in cushion relative to previous peaks.
- Summary of liquidity trends
- The financial data reveals a period of strengthening liquidity through 2022 and early 2023, with increasing current assets outpacing the growth in current liabilities and yielding a healthier current ratio. The subsequent moderation in current assets and current ratio, combined with fluctuating current liabilities, indicates a tightening of liquidity later in the timeline. Overall, the company maintained current ratios above 1.0 from late 2021 onward, signifying consistent capability to meet short-term obligations despite evolving asset and liability balances.
Quick Ratio
Exxon Mobil Corp., quick ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 13,814) | 14,352) | 17,036) | 23,029) | 26,926) | 26,460) | 33,320) | 31,539) | 32,944) | 29,528) | 32,651) | 29,640) | 30,407) | 18,861) | 11,074) | 6,802) | 4,768) | 3,465) | 3,515) | ||||||
| Notes and accounts receivable, net | 45,285) | 41,792) | 46,303) | 43,681) | 41,505) | 43,071) | 40,366) | 38,015) | 41,814) | 35,915) | 38,808) | 41,749) | 42,411) | 48,063) | 42,142) | 32,383) | 29,516) | 28,540) | 24,755) | ||||||
| Total quick assets | 59,099) | 56,144) | 63,339) | 66,710) | 68,431) | 69,531) | 73,686) | 69,554) | 74,758) | 65,443) | 71,459) | 71,389) | 72,818) | 66,924) | 53,216) | 39,185) | 34,284) | 32,005) | 28,270) | ||||||
| Current liabilities | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | 56,643) | 61,856) | 62,238) | 60,150) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.76 | 0.82 | 0.86 | 0.95 | 0.98 | 0.98 | 1.02 | 1.06 | 1.05 | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | 0.69 | 0.55 | 0.51 | 0.47 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 0.72 | 0.62 | 0.68 | 0.71 | 0.68 | 0.73 | 0.81 | 0.87 | 0.84 | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | 0.90 | 0.90 | 0.83 | 0.77 | ||||||
| ConocoPhillips | 1.00 | 1.01 | 1.02 | 1.06 | 1.08 | 1.10 | 1.13 | 1.21 | 1.46 | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | 1.10 | 1.66 | 1.86 | 1.81 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 59,099 ÷ 77,850 = 0.76
2 Click competitor name to see calculations.
- Trend in Total Quick Assets
- Total quick assets demonstrate an overall increasing trend from the first reported quarter through late 2022, rising from 28,270 million USD to a peak of 72,818 million USD in September 2022. This growth indicates a strengthening of liquid asset positions over this period. However, following this peak, the figures exhibit fluctuations, with a gradual decline observed through to June 2025, where quick assets decreased to 56,144 million USD, followed by a slight rebound to 59,099 million USD in September 2025.
- Trend in Current Liabilities
- Current liabilities generally increase over the timeframe with some volatility. Starting at 60,150 million USD in the first quarter of 2021, current liabilities rise to 80,110 million USD by mid-2022. After a subsequent reduction towards the end of 2022, they fluctuate around the range of mid-60,000 to upper-70,000 millions USD through 2023 and into 2025. The highest liability value appears in September 2025 at 77,850 million USD, showing continued upward pressure on short-term obligations.
- Quick Ratio Analysis
- The quick ratio reflects an improving liquidity position starting from 0.47 in early 2021 to surpassing parity in late 2022, reaching a peak of 1.07 in March 2023. This suggests the company’s quick assets were, at times, greater than its current liabilities, signifying a strong ability to cover short-term liabilities without reliance on inventory sales. However, from this peak, the quick ratio steadily declines, falling below 1.0 from June 2024 onward and reaching 0.76 by September 2025. This downward trend indicates a weakening liquidity cushion, as quick assets decrease relative to rising current liabilities.
- Overall Liquidity Insight
- The initial period shows significant improvement in liquidity with increasing quick assets and a rising quick ratio surpassing 1.0, implying stronger short-term financial health. Subsequent periods reveal a deteriorating liquidity position, marked by reducing quick assets combined with rising current liabilities and a falling quick ratio below the critical threshold of 1.0. This shift may warrant attention regarding short-term financial risk and operational efficiency.
Cash Ratio
Exxon Mobil Corp., cash ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 13,814) | 14,352) | 17,036) | 23,029) | 26,926) | 26,460) | 33,320) | 31,539) | 32,944) | 29,528) | 32,651) | 29,640) | 30,407) | 18,861) | 11,074) | 6,802) | 4,768) | 3,465) | 3,515) | ||||||
| Cash and cash equivalents, restricted | 55) | 1,359) | 1,476) | 158) | 46) | 28) | 29) | 29) | 29) | 29) | 25) | 25) | 57) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 13,869) | 15,711) | 18,512) | 23,187) | 26,972) | 26,488) | 33,349) | 31,568) | 32,973) | 29,557) | 32,676) | 29,665) | 30,464) | 18,861) | 11,074) | 6,802) | 4,768) | 3,465) | 3,515) | ||||||
| Current liabilities | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | 56,643) | 61,856) | 62,238) | 60,150) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.18 | 0.23 | 0.25 | 0.33 | 0.39 | 0.37 | 0.46 | 0.48 | 0.46 | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | 0.12 | 0.08 | 0.06 | 0.06 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 0.22 | 0.12 | 0.13 | 0.18 | 0.13 | 0.12 | 0.19 | 0.25 | 0.18 | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | 0.21 | 0.24 | 0.27 | 0.26 | ||||||
| ConocoPhillips | 0.52 | 0.49 | 0.54 | 0.50 | 0.63 | 0.58 | 0.60 | 0.66 | 0.91 | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | 0.55 | 1.14 | 1.31 | 1.18 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 13,869 ÷ 77,850 = 0.18
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibit a rising trend beginning in early 2021, increasing from approximately $3.5 billion to a peak of around $30.5 billion by the third quarter of 2022. Following this peak, cash assets generally decline through the subsequent periods, dropping to approximately $13.9 billion by the third quarter of 2025. This pattern indicates a strong accumulation of cash in the 2021-2022 timeframe, followed by a gradual reduction over the next years.
- Current Liabilities
- Current liabilities fluctuate over the time span, starting at around $60.2 billion in the first quarter of 2021. They increase sharply during 2022, reaching a high near $80.1 billion mid-year, then show variation around the $69 billion to $71 billion range with occasional spikes thereafter. By the third quarter of 2025, current liabilities are approximately $77.9 billion, reflecting an overall upward pressure on obligations over the period with some volatility.
- Cash Ratio
- The cash ratio shows an improving trend from 0.06 at the start of 2021 to a peak near 0.49 during early to mid-2023, reflecting enhanced liquidity relative to current liabilities. However, after this peak, the ratio steadily decreases, reaching 0.18 by the third quarter of 2025. This decline corresponds to the reduction in cash relative to relatively high current liabilities, suggesting a weakening of liquidity position in the later periods.
- Summary
- The data reveals a cycle where liquidity strengthened significantly through 2021 into 2023, driven primarily by an increase in cash assets and a rising cash ratio. Despite this, current liabilities remained elevated and volatile throughout the period, posing ongoing financial obligations. Post-2023, the sustained decline in cash assets combined with high current liabilities contributes to a weakening liquidity position as indicated by a falling cash ratio. Overall, the company appears to have managed interim liquidity improvements before experiencing reduced liquidity levels towards mid-2025.