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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
An analysis of the liquidity position from March 2022 through June 2026 reveals a distinct cyclical pattern characterized by an initial period of liquidity strengthening followed by a prolonged gradual decline and a late-stage stabilization.
- Current Ratio
- The current ratio exhibited a steady upward trajectory from 1.07 in March 2022, peaking at 1.48 in June and December 2023. Following this peak, a consistent downward trend is observed, with the ratio declining to a low of 1.04 by March 2026. A marginal recovery to 1.13 occurred in the final quarter analyzed, suggesting a return toward baseline liquidity levels.
- Quick Ratio
- The quick ratio followed a similar trajectory to the current ratio, rising from 0.74 in March 2022 to a peak of 1.07 in March 2023. After reaching this zenith, the ratio entered a sustained period of contraction, falling back to 0.74 by March 2026. The period ended with a slight increase to 0.80, indicating a reduction in the availability of highly liquid assets relative to current liabilities over the long term.
- Cash Ratio
- The most significant volatility is observed in the cash ratio, which surged from 0.15 in March 2022 to a peak of 0.49 in March 2023. This was followed by a gradual decline that accelerated in late 2024 and 2025, reaching a minimum of 0.09 in March 2026. This represent a substantial reduction in immediate cash availability to cover short-term obligations compared to the 2023 peak.
The correlation between the three ratios indicates that the improvement in liquidity observed throughout 2022 and early 2023 was driven largely by an increase in cash and cash equivalents. The subsequent decline across all metrics suggests a strategic utilization of liquid assets or an increase in current liabilities, with the most pronounced impact seen in the cash position.
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Current Ratio
Exxon Mobil Corp., current ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 100,793) | 97,787) | 83,382) | 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) | ||||||
| Current liabilities | 88,830) | 94,378) | 72,330) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 1.13 | 1.04 | 1.15 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 1.25 | 1.09 | 1.15 | 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 | ||||||
| ConocoPhillips | 1.54 | 1.29 | 1.30 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 100,793 ÷ 88,830 = 1.13
2 Click competitor name to see calculations.
The liquidity profile exhibits a cyclical pattern characterized by a period of strengthening, a phase of stability, and a subsequent contraction followed by a modest recovery in the final recorded quarter.
- Liquidity Expansion Phase
- From March 31, 2022, to June 30, 2023, the current ratio improved from 1.07 to a peak of 1.48. This growth was underpinned by a significant increase in current assets, which rose from 77,255 million US$ to 91,760 million US$, occurring simultaneously with a reduction in current liabilities from 72,059 million US$ to 61,815 million US$.
- Stabilization Period
- Between June 30, 2023, and December 31, 2024, the current ratio remained relatively stable, fluctuating within a range between 1.31 and 1.48. During this interval, current assets peaked at 101,142 million US$ in September 2023, while current liabilities remained largely contained between 65,316 million US$ and 71,921 million US$, maintaining a consistent liquidity buffer.
- Liquidity Contraction and Recent Recovery
- A downward trend emerged starting in early 2025, with the current ratio declining to a period low of 1.04 by March 31, 2026. This contraction coincided with current liabilities reaching a peak of 94,378 million US$. However, a recovery is observed as of June 30, 2026, where the ratio increased to 1.13, driven by an expansion of current assets to 100,793 million US$ and a corresponding reduction in current liabilities to 88,830 million US$.
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Quick Ratio
Exxon Mobil Corp., quick ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 10,588) | 8,435) | 10,681) | 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) | ||||||
| Notes and accounts receivable, net | 60,558) | 61,783) | 44,562) | 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) | ||||||
| Total quick assets | 71,146) | 70,218) | 55,243) | 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) | ||||||
| Current liabilities | 88,830) | 94,378) | 72,330) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 0.80 | 0.74 | 0.76 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.84 | 0.73 | 0.73 | 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 | ||||||
| ConocoPhillips | 1.18 | 1.07 | 1.07 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 71,146 ÷ 88,830 = 0.80
2 Click competitor name to see calculations.
The liquidity position of the entity exhibited a cyclical trend over the analyzed period, characterized by an initial strengthening of the quick ratio followed by a prolonged decline and a subsequent marginal recovery. The quick ratio evolved from a low of 0.74 in March 2022 to a peak of 1.07 in March 2023, before retreating to a low of 0.74 in March 2026 and ending at 0.80 in June 2026.
- Liquidity Expansion Phase (March 2022 – March 2023)
- A consistent upward trend in liquidity is observed during this interval. Total quick assets increased from 53,216 million to 71,459 million, while current liabilities remained relatively contained. This resulted in the quick ratio ascending from 0.74 to 1.07, indicating an improved ability to meet short-term obligations using only the most liquid assets.
- Stability and Plateau Period (June 2023 – December 2023)
- The quick ratio maintained a period of relative stability, fluctuating minimally between 1.05 and 1.06. During this phase, quick assets and current liabilities moved in tandem, keeping the liquidity coverage marginally above the 1.0 threshold.
- Liquidity Contraction Phase (March 2024 – December 2025)
- A gradual erosion of the quick ratio occurred throughout this period, falling from 1.02 in March 2024 to 0.76 by December 2025. This decline was driven by a reduction in total quick assets, which reached a low of 55,243 million in December 2025, while current liabilities remained consistently higher than the levels seen in the 2023 plateau.
- Recent Volatility and Adjusted Recovery (March 2026 – June 2026)
- The most recent quarters show significant volatility in the balance sheet. Current liabilities spiked to a period high of 94,378 million in March 2026. However, a simultaneous increase in quick assets to 71,146 million by June 2026 supported a moderate recovery of the quick ratio to 0.80.
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Cash Ratio
Exxon Mobil Corp., cash ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 10,588) | 8,435) | 10,681) | 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) | ||||||
| Cash and cash equivalents, restricted | —) | —) | —) | 55) | 1,359) | 1,476) | 158) | 46) | 28) | 29) | 29) | 29) | 29) | 25) | 25) | 57) | —) | —) | ||||||
| Total cash assets | 10,588) | 8,435) | 10,681) | 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) | ||||||
| Current liabilities | 88,830) | 94,378) | 72,330) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.12 | 0.09 | 0.15 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 0.22 | 0.13 | 0.19 | 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 | ||||||
| ConocoPhillips | 0.62 | 0.51 | 0.58 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 10,588 ÷ 88,830 = 0.12
2 Click competitor name to see calculations.
The liquidity profile of the entity demonstrates a cyclical pattern characterized by an initial strengthening of the cash position followed by a sustained contraction over the subsequent periods.
- Cash Asset Trends
- Total cash assets exhibited a significant upward trajectory during the first year, rising from 11,074 million US$ in March 2022 to a peak of 32,676 million US$ by March 2023. Following this peak, a long-term declining trend is observed, with cash levels falling consistently to a period low of 8,435 million US$ in March 2026, before a slight recovery to 10,588 million US$ in June 2026.
- Current Liability Movements
- Current liabilities remained relatively range-bound between approximately 61,000 million US$ and 74,000 million US$ for the majority of the analysis period. However, a sharp increase in short-term obligations occurred toward the end of the timeline, peaking at 94,378 million US$ in March 2026, which exerted downward pressure on liquidity metrics.
- Cash Ratio Interpretation
- The cash ratio reflects the interplay between declining assets and fluctuating liabilities. The ratio improved from 0.15 in March 2022 to a maximum of 0.49 in March 2023, indicating an enhanced ability to meet immediate obligations. This trend reversed after March 2024, with the ratio sliding to 0.09 by March 2026. The final reading of 0.12 in June 2026 suggests a marginal stabilization, though liquidity remains significantly lower than the levels observed between 2023 and 2024.
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