Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Paying user area
Try for free
Exxon Mobil Corp. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Exxon Mobil Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Solvency Ratios (Summary)
Exxon Mobil Corp., solvency 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 solvency profile exhibits a period of sustained deleveraging from early 2022 through the first quarter of 2025, followed by a marginal increase in leverage ratios toward the end of the observed period. Overall, the financial structure indicates a conservative approach to debt management and a robust capacity to meet long-term obligations.
- Debt-to-Equity and Debt-to-Capital Ratios
- A consistent downward trend is observed in both ratios from March 2022, where debt-to-equity stood at 0.28 and debt-to-capital at 0.22. These figures declined steadily to lows of 0.14 and 0.13, respectively, by March 2025. This trajectory suggests a strategic reduction in borrowed capital relative to shareholder equity and total capital. However, a slight reversal occurred between June 2025 and March 2026, with the debt-to-equity ratio rising to 0.19 and debt-to-capital reaching 0.16.
- Debt-to-Assets and Financial Leverage
- The debt-to-assets ratio followed a similar pattern, decreasing from 0.13 in March 2022 to a minimum of 0.08 in March 2025, before stabilizing around 0.10. Similarly, financial leverage decreased from 2.10 to 1.70 by June 2025, indicating a reduction in the proportion of assets funded by debt. The financial leverage ratio ended the period at 1.83, reflecting a slight increase in the utilization of debt to finance assets in the final three quarters.
- Interest Coverage Ratio
- The interest coverage ratio demonstrated significant volatility but remained at exceptionally high levels. A sharp increase is noted from 42.27 in March 2022 to a peak of 108.93 in March 2023, suggesting a period of substantial earnings growth relative to interest expenses. While the ratio moderated throughout 2023 and 2024, it remained above 50.00 for the remainder of the period, concluding at 53.86 in March 2026. This indicates a very high margin of safety for servicing interest payments.
In summary, the data reveals a strengthening of the balance sheet through 2024 and early 2025, characterized by lower debt reliance and high liquidity for interest obligations. The slight uptick in leverage ratios in late 2025 and early 2026 does not appear to compromise the overall solvency position, as the interest coverage remains robust.
Debt Ratios
Coverage Ratios
Debt to Equity
Exxon Mobil Corp., debt to equity 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) | |||||||||||||||||||||||
| Notes and loans payable | |||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Total ExxonMobil share of equity | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
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
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= ÷ =
2 Click competitor name to see calculations.
The financial data indicates a general strengthening of the solvency position between March 2022 and March 2026, characterized by a significant overall reduction in the debt-to-equity ratio. While the ratio experienced a slight increase toward the end of the period, the leverage profile remained substantially lower than the initial levels observed in early 2022.
- Total Debt Trends
- Total debt exhibited a downward trajectory from March 2022, decreasing from 47,537 million US$ to a low of 37,551 million US$ by March 2025. Following this low point, a period of accumulation began, with debt levels rising steadily to 47,661 million US$ by March 2026, nearly returning to the levels seen at the start of the analyzed period.
- Equity Capital Evolution
- Shareholders' equity showed consistent growth throughout 2022 and 2023, rising from 169,215 million US$ to 204,802 million US$. A substantial increase occurred between March 2024 and June 2024, where equity jumped from 205,250 million US$ to 268,405 million US$. From mid-2024 through March 2026, equity remained relatively stable, albeit with a gradual decline to 254,381 million US$.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio declined consistently from 0.28 in March 2022 to a minimum of 0.14 in March 2025. This compression was driven by the simultaneous reduction of total debt and the expansion of the equity base. Since the March 2025 trough, the ratio has trended upward, reaching 0.19 by March 2026, reflecting the recent increase in total debt coupled with a slight contraction in total equity.
Debt to Capital
Exxon Mobil Corp., debt to capital 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) | |||||||||||||||||||||||
| Notes and loans payable | |||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Total ExxonMobil share of equity | |||||||||||||||||||||||
| Total capital | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
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
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a general trend of deleveraging throughout the majority of the observed period, characterized by a consistent reduction in the proportion of debt relative to total capital.
- Debt to Capital Ratio Trends
- The debt to capital ratio declined steadily from a peak of 0.22 in March 2022 to a minimum of 0.13 by June 2025. This downward trajectory indicates a strengthening of the solvency position and a reduction in financial leverage over several years.
- Total Capital Expansion
- Total capital grew progressively from 216,752 million in March 2022 to 245,690 million in March 2024. A significant increase occurred in June 2024, where capital rose sharply to 311,591 million. This expansion of the capital base played a primary role in depressing the debt to capital ratio, even during periods where total debt remained flat or increased slightly.
- Total Debt Volatility
- Total debt showed a general decline from 47,537 million in March 2022 to a low of 37,551 million in March 2025. However, a notable reversal occurred in the final three quarters of the period, with debt increasing to 47,661 million by March 2026, effectively returning to the initial debt levels observed at the start of the analysis.
- Recent Solvency Divergence
- In the final quarters of the analysis, the debt to capital ratio moved upward from 0.13 to 0.16. This increase is driven by the rise in total debt while total capital remained relatively stable, fluctuating around 302,000 million. This suggests a recent shift toward increased borrowing or a reduction in equity components of total capital.
Debt to Assets
Exxon Mobil Corp., debt to assets 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) | |||||||||||||||||||||||
| Notes and loans payable | |||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
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
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The solvency profile demonstrates a general trend of deleveraging and balance sheet expansion over the analyzed period, resulting in an overall reduction of the debt-to-assets ratio.
- Total Debt Trends
- Debt levels exhibited a consistent downward trajectory from March 2022, decreasing from 47.54 billion to a period low of 37.55 billion in March 2025. However, a subsequent reversal is observed from April 2025 through March 2026, with total debt rising back to 47.66 billion, effectively returning to the levels seen at the beginning of the analyzed timeframe.
- Total Asset Analysis
- Assets remained relatively stable within the 354 billion to 378 billion range between March 2022 and March 2024. A significant structural increase occurred in June 2024, where total assets jumped to 460.71 billion. This elevated asset base was maintained throughout the remainder of the period, fluctuating between 447 billion and 464 billion.
- Debt to Assets Ratio Interpretation
- The debt-to-assets ratio declined from a peak of 0.13 in the first half of 2022 to a minimum of 0.08 in March 2025. This improvement in the solvency ratio was driven by the simultaneous reduction in total debt and the substantial increase in total assets during 2024. By March 2026, the ratio settled at 0.10, indicating a marginal increase in leverage relative to the expanded asset base.
Financial Leverage
Exxon Mobil Corp., financial leverage 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) | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Total ExxonMobil share of equity | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Financial leverage1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
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
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the solvency profile reveals a general reduction in financial leverage over the observed period, indicating a shift toward a more conservative capital structure. The financial leverage ratio decreased from a peak of 2.10 in March 2022 to a low of 1.70 in June 2025, before experiencing a moderate uptick toward the end of the series.
- Balance Sheet Expansion
- A substantial increase in the scale of the balance sheet is observed in the second quarter of 2024. Total assets rose from 377,918 million in March 2024 to 460,707 million in June 2024. This growth was accompanied by a corresponding increase in total equity, which climbed from 205,250 million to 268,405 million during the same interval. This suggests a significant capital event or acquisition that was heavily equity-funded, as the increase in equity outpaced the increase in assets.
- Financial Leverage Trajectory
- A consistent downward trend in the leverage ratio is evident from March 2022 through June 2024, moving from 2.10 to 1.72. This decline indicates a systematic reduction in the reliance on debt to finance assets. Following this period of contraction, the ratio remained relatively stable, fluctuating within a narrow band between 1.70 and 1.74 from June 2024 through December 2025.
- Recent Solvency Shifts
- In the final quarters of the period, a reversal of the previous downward trend is noted. From December 2025 to March 2026, the financial leverage ratio increased from 1.73 to 1.83. This uptick coincides with a decrease in total equity, which fell from 259,386 million in September 2025 to 254,381 million in March 2026, while total assets increased to 464,410 million.
- Overall Solvency Position
- Despite the recent increase in the leverage ratio, the long-term trend demonstrates an improved solvency position compared to the start of the analysis. The terminal ratio of 1.83 remains significantly lower than the initial 2.10, suggesting that the entity maintains a stronger equity cushion relative to its total asset base than it did in early 2022.
Interest Coverage
Exxon Mobil Corp., interest coverage 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) | |||||||||||||||||||||||
| Net income attributable to ExxonMobil | |||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
| Add: Income tax expense | |||||||||||||||||||||||
| Add: Interest expense | |||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Interest coverage1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
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
Interest coverage
= (EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025
+ EBITQ2 2025)
÷ (Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025
+ Interest expenseQ2 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The interest coverage profile reflects a strong solvency position characterized by a high capacity to service debt obligations. Although the ratio exhibits significant volatility over the analyzed period, it consistently remains well above critical thresholds, suggesting minimal financial risk regarding interest payments.
- Earnings Before Interest and Tax (EBIT) Trends
- A significant peak in operational earnings occurred between June and September 2022, with EBIT reaching a high of 25,631 million USD. Following this peak, a gradual contraction is observed, with earnings declining to 7,262 million USD by March 2026. This volatility in operational income serves as the primary driver for the fluctuations observed in the interest coverage ratio.
- Interest Expense Analysis
- Interest expenses have remained relatively low and stable in proportion to overall earnings. While costs fluctuated between a minimum of 90 million USD in September 2025 and a maximum of 297 million USD in December 2024, these variations had a secondary impact on solvency compared to the larger swings in EBIT.
- Interest Coverage Ratio Dynamics
- The coverage ratio experienced a sharp ascent from 42.27 in March 2022 to a peak of 108.93 in March 2023, mirroring the surge in operational earnings. A subsequent downward correction followed, with the ratio stabilizing primarily between 50.07 and 69.44 throughout 2024 and 2025. The analysis concludes with a ratio of 53.86 in March 2026, indicating that the company maintains a robust cushion to cover its interest obligations despite the decline in EBIT.