Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Exxon Mobil Corp., liquidity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current Ratio Analysis
- The current ratio demonstrates a general upward trend from March 31, 2020, through mid-2023, increasing from 0.78 to a peak of approximately 1.48—indicating an improvement in the company's ability to cover short-term liabilities with short-term assets over this period. Following this peak, the ratio shows a mild decline but remains above 1.2 up to June 30, 2025, suggesting sustained liquidity above the benchmark level of 1.0. The ratio displays cyclical fluctuations but maintains an overall positive momentum, reflecting potentially stronger working capital management or accumulation of current assets relative to current liabilities.
- Quick Ratio Analysis
- The quick ratio follows a similar upward trend, though starting at a lower base of 0.5 in March 2020. It rises steadily to surpass 1.0 by late 2022 and early 2023, peaking around 1.07. This increase implies enhanced liquidity when inventories are excluded, suggesting improvement in more liquid assets such as receivables and cash equivalents. After reaching this peak, the quick ratio experiences a gradual decline, stabilizing slightly below 1.0 by mid-2025. This pattern indicates that while immediate liquidity improved significantly over the analysis period, there has been some easing in the firm's quick asset position relative to current liabilities in recent quarters.
- Cash Ratio Analysis
- The cash ratio starts from a relatively low 0.18 in March 2020 and remains below 0.1 during much of 2020, suggesting low cash and cash equivalents relative to current liabilities. From 2021 onwards, a notable upward trend emerges, culminating in a peak around 0.49 in early 2023. This progression indicates enhanced cash reserves or liquid assets held by the company. However, subsequent quarters show a decline with fluctuations, settling around 0.23 by mid-2025. Despite the reduction after the peak, the cash ratio remains higher than initial 2020 levels, reflecting overall improvement in immediate liquidity though with some volatility possibly due to operational or investment activities.
- Overall Liquidity Perspective
- The collective analysis of these three liquidity ratios reveals a consistent improvement in the company’s short-term financial health from 2020 through 2023. The steady rise in current and quick ratios suggests stronger asset coverage of liabilities, complemented by increased cash reserves indicated by the cash ratio trend. The partial decline observed in all ratios in the latter part of the timeline suggests a possible normalization after a period of liquidity buildup or could be in response to changing market conditions or strategic financial decisions. The data points to cautious yet positive liquidity management with attention to both overall and immediate financial stability.
Current Ratio
Exxon Mobil Corp., current ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibited a fluctuating trend over the analyzed quarters. Starting at approximately 50.2 billion USD in Q1 2020, they showed a slight increase and decrease in the middle of 2020, dipping to around 44.9 billion USD by the end of that year. Subsequently, a general upward trajectory was observed in 2021 and 2022, peaking near 99.3 billion USD in Q3 2022. From late 2022 to early 2023, current assets mostly stabilized around the 97 billion USD mark, with minor fluctuations. However, from mid-2023 onwards, a gradual decline occurred, reaching about 85.1 billion USD by mid-2025.
- Current Liabilities
- Current liabilities declined initially from roughly 64.8 billion USD in Q1 2020 to around 56.4 billion USD by Q4 2020. Following this period, liabilities increased steadily through 2021 and early 2022, peaking near 80.1 billion USD in Q2 2022. Thereafter, they generally trended downward or stabilized between 61.8 billion USD and 73.8 billion USD from late 2022 into 2025, with some variability quarter to quarter. The data indicates an oscillating but slightly downward pattern in current liabilities during the latter part of the observation period.
- Current Ratio
- The current ratio started below 1.0 at 0.78 in Q1 2020, indicating potential liquidity constraints. It improved gradually throughout 2020 and 2021, surpassing 1.0 by Q4 2021 and reaching a peak of approximately 1.48 in mid-2023. This upward trend signifies strengthened short-term liquidity against current obligations. After peaking, the ratio declined slightly but remained above 1.2 through mid-2025, indicating sustained but somewhat moderate liquidity levels relative to current liabilities.
- Overall Analysis
- The data points to an initial phase of constrained liquidity in early 2020, followed by a marked improvement in current ratio driven by both an increase in current assets and a managed level of current liabilities. The peak liquidity ratios in 2022-2023 suggest effective strengthening of the company's short-term financial position. However, the gradual decline in current assets towards mid-2025 combined with fluctuating liabilities led to a slight erosion in the current ratio, though it remained above the critical threshold of 1.0. The trends imply that while liquidity was bolstered significantly after 2020, recent quarters show a moderate tightening, warranting close monitoring of working capital management.
Quick Ratio
Exxon Mobil Corp., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Notes and accounts receivable, net | |||||||||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
-
The total quick assets exhibited a fluctuating pattern with an overall upward trend from March 2020 through mid-2023. Initially, the quick assets declined from 32,283 million USD at the end of Q1 2020 to a low of 24,945 million USD by the end of Q4 2020. Starting from Q1 2021, there was a steady increase reaching a peak of 74,758 million USD by Q3 2023. However, from Q4 2023 onward, quick assets experienced a decline again, dropping to approximately 56,144 million USD by Q2 2025. This indicates periods of both asset growth and contraction, with a notable recovery phase after 2020 before another decline toward the end of the timeframe.
- Current Liabilities
-
Current liabilities showed variability throughout the period, generally declining from 64,773 million USD in Q1 2020 to 56,643 million USD by Q4 2021. Post Q4 2021, liabilities surged, reaching a peak of about 80,110 million USD in Q2 2022. Following that peak, liabilities started to decrease gradually but remained elevated compared to the 2020 levels, ending at around 68,161 million USD in Q2 2025. This trend suggests increased short-term obligations during the early to mid-2022 period before a moderation in subsequent years.
- Quick Ratio
-
The quick ratio, reflecting liquidity, displayed an initial decrease from 0.50 in Q1 2020 to 0.44 by the end of 2020. This period indicated a weakening liquidity position. Beginning in 2021, the quick ratio improved substantially, surpassing parity in Q4 2022 and reaching a high of approximately 1.07 in Q1 2023, signaling a stronger capacity to cover current liabilities with quick assets. After this peak, the ratio exhibited a gradual decline, falling to 0.82 by Q2 2025. Despite this decline, the ratio remained higher than early 2020 levels, implying an overall improved liquidity stance relative to the earlier period but showing some easing in the most recent quarters.
- Summary of Insights
-
The data reveals an initial stress on liquidity and asset levels during 2020, likely reflecting challenging market or operational conditions. Following this, a recovery phase is evident with increasing quick assets and improving liquidity ratios through 2021 and early 2023. Elevated current liabilities in 2022 suggest increased operational or financing activity during that period. The subsequent decline in both quick assets and quick ratio after mid-2023 points to a moderate tightening of liquidity, though it remains better than the lowest points observed in 2020. Overall, the company’s short-term financial health improved post-2020 but showed signs of pressure returning towards mid-2025.
Cash Ratio
Exxon Mobil Corp., cash ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Cash and cash equivalents, restricted | |||||||||||||||||||||||||||||
| Total cash assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibited significant fluctuations over the analyzed periods. Starting at $11,412 million in March 2020, there was a decline reaching a low point of $3,465 million in June 2021. Subsequently, the cash assets increased markedly, peaking at $30,464 million in September 2022. Following this peak, cash levels showed some volatility but generally remained elevated, with values between approximately $26,000 million and $33,000 million through to March 2024. In the final periods, total cash assets demonstrated a downward trend, falling to $15,711 million by June 2025.
- Current Liabilities
- Current liabilities showed a generally upward trajectory during the period under review. Beginning at $64,773 million in March 2020, liabilities temporarily decreased to about $56,363 million by December 2020 but then increased consistently, reaching a peak near $80,110 million in June 2022. After this peak, liabilities fluctuated in the range of approximately $66,000 million to $73,800 million, without a clear directional trend, ending at $68,161 million in June 2025.
- Cash Ratio
- The cash ratio, reflecting liquidity by comparing cash assets to current liabilities, exhibited a marked pattern over the course of the periods. Starting relatively low at 0.18 in March 2020, the ratio declined further, hitting a low of 0.06 in mid-2021. From that point, it increased substantially, peaking at 0.49 in March 2023, indicating improved liquidity. After maintaining elevated levels around 0.46 through early 2024, the ratio decreased again in the later periods, settling at 0.23 by June 2025. This pattern correlates with the changes in cash assets and current liabilities, showing that liquidity improved notably in the 2021-2023 timeframe but weakened somewhat thereafter.
- Summary Insights
- The overall data suggest a period of reduced liquidity and cash reserves during 2020 and early 2021, followed by substantial cash accumulation and improved liquidity from mid-2021 through early 2023. The rise in cash assets outpaced the increase in current liabilities during this phase, resulting in a peak cash ratio near 0.5, representing stronger financial flexibility. However, from mid-2023 onwards, cash assets declined and the cash ratio decreased, while current liabilities remained relatively high but somewhat stable. This may indicate a tightening of liquidity or increased cash utilization relative to obligations in the most recent periods.