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: 2026-03-31), 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).
The liquidity profile of the entity exhibits a cyclical trend, characterized by a period of significant strengthening between early 2022 and early 2023, followed by a steady contraction in liquidity metrics through the first quarter of 2026.
- Current Ratio
- A positive trend is observed from March 31, 2022, where the ratio stood at 1.07, peaking at 1.48 in both June and December 2023. Subsequently, a gradual decline occurred over the following two years, with the ratio returning to 1.04 by March 31, 2026, effectively neutralizing the gains made during the growth phase.
- Quick Ratio
- The quick ratio mirrored the movement of the current ratio, rising from 0.74 in March 2022 to a peak of 1.07 in March 2023. From this peak, a consistent downward trajectory is evident, concluding at 0.74 in March 2026. This return to the initial value suggests that the reduction in liquid assets has offset any corresponding reductions in current liabilities over the long term.
- Cash Ratio
- The cash ratio demonstrated the highest degree of volatility. It increased sharply from 0.15 in March 2022 to a peak of 0.49 in March 2023. A sustained decrease followed, with a notable acceleration in the decline starting in 2024. By March 31, 2026, the ratio fell to 0.09, representing the lowest liquidity level across the entire period analyzed.
The synchronized decline across all three liquidity ratios since 2023 indicates a systemic reduction in short-term solvency margins. The fact that the cash ratio ended significantly lower than its starting point, while the current and quick ratios returned to baseline, suggests a strategic shift in asset composition or an increase in the utilization of cash reserves relative to other current assets.
AI Ask an analyst for more
Current Ratio
Exxon Mobil Corp., current ratio calculation (quarterly data)
| 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 | 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 | 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 | 1.04 | 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. | 1.09 | 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 | 1.29 | 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: 2026-03-31), 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 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 97,787 ÷ 94,378 = 1.04
2 Click competitor name to see calculations.
An analysis of the liquidity position between March 31, 2022, and March 31, 2026, reveals a cyclical trend in the current ratio, characterized by a period of strengthening followed by a steady decline toward baseline levels.
- Current Ratio Trend Analysis
- The current ratio experienced a significant upward trajectory during the first half of the observed period, rising from 1.07 in March 2022 to a peak of 1.48 by June 2023. This improvement indicates a strengthening of short-term solvency, as the company increased its cushion of current assets relative to its short-term obligations. Following this peak, the ratio remained elevated above 1.30 through December 2023, before entering a sustained downward trend that concluded at 1.04 by March 31, 2026.
- Current Assets Performance
- Current assets exhibited growth in the early stages, climbing from 77,255 million US dollars in March 2022 to a maximum of 101,142 million US dollars in September 2023. A gradual contraction followed, with assets dipping to a low of 83,382 million US dollars by December 2025. A sharp recovery is noted in the final quarter, with assets rising to 97,787 million US dollars by March 31, 2026.
- Current Liabilities Dynamics
- Current liabilities showed an inverse relationship to assets during the initial growth phase, decreasing from 72,059 million US dollars in March 2022 to a low of 61,815 million US dollars in June 2023. This reduction in obligations contributed significantly to the peak in the current ratio. However, liabilities trended upward in the latter half of the period, particularly accelerating toward the end of the analysis to reach 94,378 million US dollars by March 31, 2026.
- Liquidity Implications
- The convergence of declining current assets and rising current liabilities through 2024 and 2025 led to a compression of the current ratio. By the end of the period, the ratio of 1.04 suggests a return to a tighter liquidity position, where current assets only marginally exceed current liabilities, mirroring the solvency levels observed at the start of the analysis period.
AI Ask an analyst for more
Quick Ratio
Exxon Mobil Corp., quick ratio calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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 | 0.74 | 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. | 0.73 | 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 | 1.07 | 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: 2026-03-31), 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 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 70,218 ÷ 94,378 = 0.74
2 Click competitor name to see calculations.
The liquidity profile exhibits a cyclical pattern characterized by an initial period of strengthening followed by a sustained contraction. The quick ratio shifted from a position of deficit relative to current liabilities to a state of coverage, before returning to its original baseline.
- Liquidity Growth Phase
- Between March 2022 and March 2023, a consistent upward trend in the quick ratio is observed, rising from 0.74 to a peak of 1.07. This improvement was primarily driven by a significant expansion in total quick assets, which increased from 53,216 million USD to 71,459 million USD, outpacing the growth of current liabilities.
- Period of Stabilization
- Throughout the 2023 calendar year, the quick ratio remained relatively stable, fluctuating within a narrow range between 1.05 and 1.07. During this phase, the organization maintained a liquid asset base that was slightly greater than its current obligations, indicating a period of optimal short-term liquidity.
- Liquidity Contraction Phase
- A progressive decline in the quick ratio began in March 2024, falling from 1.02 to 0.74 by March 2026. This downward trajectory is attributed to a gradual reduction in total quick assets, which reached a low of 55,243 million USD in December 2025, coupled with a substantial increase in current liabilities.
- Terminal Liquidity Analysis
- The final quarter of the analyzed period shows a sharp increase in current liabilities to 94,378 million USD. Despite a recovery in quick assets to 70,218 million USD in March 2026, the surge in liabilities resulted in the quick ratio returning to 0.74, mirroring the level recorded at the start of the analysis in March 2022.
AI Ask an analyst for more
Cash Ratio
Exxon Mobil Corp., cash ratio calculation (quarterly data)
| 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 | 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 | 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 | 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 | 0.09 | 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. | 0.13 | 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 | 0.51 | 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: 2026-03-31), 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 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 8,435 ÷ 94,378 = 0.09
2 Click competitor name to see calculations.
The cash ratio exhibits a cyclical trajectory over the analyzed period, characterized by a sharp initial ascent, a phase of relative stability, and a subsequent sustained contraction. This movement reflects a significant fluctuation in the company's immediate liquidity position relative to its short-term obligations.
- Liquidity Accumulation Phase (March 2022 – March 2023)
- A strong upward trend is observed during this period, with the cash ratio increasing from 0.15 to a peak of 0.49. This growth was primarily driven by a substantial increase in total cash assets, which rose from 11,074 million US$ to 32,676 million US$, while current liabilities remained relatively stable, fluctuating between approximately 66,000 million US$ and 80,000 million US$.
- Stabilization Period (March 2023 – March 2024)
- The cash ratio entered a period of consolidation, maintaining a range between 0.37 and 0.49. Total cash assets remained elevated, generally staying above 26,000 million US$, suggesting a strategic maintenance of liquidity buffers during this timeframe.
- Liquidity Contraction Phase (June 2024 – March 2026)
- A consistent and accelerating decline in the cash ratio is evident starting in mid-2024, culminating in a period low of 0.09 by March 2026. This downturn is attributed to a significant reduction in total cash assets, which plummeted from 26,488 million US$ in June 2024 to 8,435 million US$ by March 2026. The decline was further exacerbated in the final quarter, where current liabilities spiked to 94,378 million US$, the highest level recorded in the period, severely compressing the ratio.
AI Ask an analyst for more