Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Exxon Mobil Corp., solvency 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).
The analysis of the quarterly financial ratios reveals several key trends related to the company's leverage and ability to cover interest expenses over the observed periods.
- Debt to Equity Ratio
- The debt to equity ratio exhibits a steady decline from 0.40 at the start to approximately 0.16-0.15 in the later periods. This downward trend indicates a progressive reduction in reliance on debt financing relative to shareholders' equity, reflecting a strengthening capital structure and reduced financial risk over time.
- Debt to Capital Ratio
- Similarly, the debt to capital ratio shows a gradual decrease from 0.29 to around 0.13-0.14 across the periods. This confirms the company's movement towards a lower proportion of debt in its overall capital composition, aligning with improved financial stability and potentially lower funding costs.
- Debt to Assets Ratio
- The debt to assets ratio decreases from 0.19 to roughly 0.08-0.09, underscoring a reduction in debt relative to total assets. This pattern supports the observation of diminishing debt levels while asset levels remain stable or grow, further enhancing the company’s financial health.
- Financial Leverage
- Financial leverage ratios follow a declining trend from approximately 2.13 to near 1.7-1.74. This reduction implies the company is becoming less dependent on borrowed funds relative to equity, contributing to a more conservative capital structure which could reduce exposure to financial distress during adverse market conditions.
- Interest Coverage Ratio
- The interest coverage ratio shows a substantial improvement from negative values (-20.45 initially) to consistently high positive ratios exceeding 50 in later periods. This significant upward trend indicates enhanced earnings capacity to service interest obligations, reflecting improved operational profitability and lower financial risk. The increase from negative to strongly positive suggests turnaround from periods of earnings insufficiency for covering interest to robust financial performance.
Overall, the trends demonstrate a clear strengthening in the company’s financial position, characterized by decreasing leverage and substantially improved coverage of interest expenses. These developments suggest a strategic focus on deleveraging and improving profitability, which positions the company more favorably for long-term financial stability and reduced risk.
Debt Ratios
Coverage Ratios
Debt to Equity
Exxon Mobil Corp., debt to equity 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) | |||||||||||||||||||||||||
| Notes and loans payable | 9,212) | 5,419) | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | 4,276) | 12,966) | 15,293) | 18,185) | ||||||
| Long-term debt, excluding due within one year | 32,824) | 33,570) | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | 43,428) | 43,639) | 45,319) | 45,137) | ||||||
| Total debt | 42,036) | 38,989) | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | 47,704) | 56,605) | 60,612) | 63,322) | ||||||
| Total ExxonMobil share of equity | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | 168,577) | 160,589) | 158,571) | 156,974) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.16 | 0.15 | 0.14 | 0.16 | 0.16 | 0.16 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.24 | 0.26 | 0.28 | 0.28 | 0.35 | 0.38 | 0.40 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.20 | 0.20 | 0.16 | 0.17 | 0.15 | 0.14 | 0.13 | 0.12 | 0.14 | 0.15 | 0.15 | 0.15 | 0.17 | 0.20 | 0.23 | 0.27 | 0.32 | 0.34 | ||||||
| ConocoPhillips | — | 0.36 | 0.36 | 0.38 | 0.37 | 0.37 | 0.37 | 0.38 | 0.40 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.38 | 0.44 | 0.45 | 0.45 | 0.46 | ||||||
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
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 42,036 ÷ 260,561 = 0.16
2 Click competitor name to see calculations.
- Total Debt
- The total debt demonstrates a consistent downward trend from March 2021 through the end of 2024. Starting at approximately 63.3 billion USD in early 2021, the debt levels steadily declined, reaching a low of about 37.6 billion USD by March 2025. There are minor fluctuations observed around 2023 and 2024, but the overall movement is towards debt reduction.
- Total ExxonMobil Share of Equity
- Equity has shown a strong and steady increase over the observed period. Beginning near 157 billion USD in March 2021, equity rises gradually with a notable acceleration from mid-2023 onward, peaking around 268.6 billion USD by mid-2024. Subsequently, it stabilizes slightly below this peak, maintaining levels around 260 billion USD as of early 2025, indicating substantial shareholder value growth over time.
- Debt to Equity Ratio
- The debt to equity ratio exhibits a clear declining trend across the timeline. From an initial ratio of 0.40 in March 2021, it decreases steadily, reaching about 0.14 by March 2025. This trend reflects a strengthening balance sheet characterized by reduced leverage. The ratio stabilizes around 0.20 or lower from early 2022 onwards, indicating a conservative capital structure with increasing equity financing relative to debt.
- Summary
- The financial data reveals a company focusing on reducing its leverage through consistent debt repayment while simultaneously building equity. This strategic direction suggests improved financial stability and potentially lower financial risk. The gradual but significant accumulation of equity alongside declining debt levels results in a steadily improving debt to equity ratio, highlighting a stronger capital base and potentially enhanced capacity for future investment or resilience against economic fluctuations.
Debt to Capital
Exxon Mobil Corp., debt to capital 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) | |||||||||||||||||||||||||
| Notes and loans payable | 9,212) | 5,419) | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | 4,276) | 12,966) | 15,293) | 18,185) | ||||||
| Long-term debt, excluding due within one year | 32,824) | 33,570) | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | 43,428) | 43,639) | 45,319) | 45,137) | ||||||
| Total debt | 42,036) | 38,989) | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | 47,704) | 56,605) | 60,612) | 63,322) | ||||||
| Total ExxonMobil share of equity | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | 168,577) | 160,589) | 158,571) | 156,974) | ||||||
| Total capital | 302,597) | 301,582) | 300,271) | 305,415) | 311,142) | 311,591) | 245,690) | 246,375) | 240,956) | 240,542) | 240,131) | 236,242) | 231,528) | 224,199) | 216,752) | 216,281) | 217,194) | 219,183) | 220,296) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.20 | 0.21 | 0.22 | 0.22 | 0.26 | 0.28 | 0.29 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.17 | 0.17 | 0.14 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.13 | 0.15 | 0.17 | 0.18 | 0.22 | 0.24 | 0.26 | ||||||
| ConocoPhillips | — | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.28 | 0.31 | 0.31 | 0.31 | 0.32 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 42,036 ÷ 302,597 = 0.14
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends regarding the company's debt and capital structure over the observed periods.
- Total Debt
- Total debt exhibited a general declining trend from March 31, 2021, through December 31, 2021, decreasing from $63,322 million to $47,704 million. This decline continued with some fluctuations, reaching a low point around March 31, 2025, at $37,551 million. However, intermediate periods, such as mid-2023 and late 2024, showed slight increases, indicating some variability but an overall reduction in total debt over the years.
- Total Capital
- Total capital remained relatively stable in the early periods, fluctuating slightly around $216,000 million to $236,000 million during 2021 and 2022. A significant upward shift occurred starting in mid-2024, with total capital increasing sharply to over $311,000 million, followed by a mild decline but maintaining levels above $300,000 million through the first three quarters of 2025. This jump signifies a substantial increase in the company's capital base during this later stage.
- Debt to Capital Ratio
- The debt to capital ratio consistently declined over the entire period, indicating a reduction in leverage. Starting at 0.29 in March 2021, it steadily dropped to 0.17 by December 2022, and continued to decrease through 2024 and into 2025, reaching a low of 0.13. A slight uptick to 0.14 was noted near the end of the period, yet the overall trend reflects a move toward lower financial leverage and potentially stronger balance sheet health.
In summary, the company has demonstrated a consistent effort to reduce total debt over the years while increasing its capital base significantly from 2024 onwards. This strategic shift has led to a lower debt-to-capital ratio, reflecting decreased reliance on debt financing and improved financial stability. The observed patterns suggest prudent financial management aimed at strengthening the capital structure and reducing risk exposure.
Debt to Assets
Exxon Mobil Corp., debt to assets calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes and loans payable | 9,212) | 5,419) | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | 4,276) | 12,966) | 15,293) | 18,185) | ||||||
| Long-term debt, excluding due within one year | 32,824) | 33,570) | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | 43,428) | 43,639) | 45,319) | 45,137) | ||||||
| Total debt | 42,036) | 38,989) | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | 47,704) | 56,605) | 60,612) | 63,322) | ||||||
| Total assets | 454,340) | 447,597) | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | 338,923) | 336,688) | 337,289) | 333,770) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.09 | 0.09 | 0.08 | 0.09 | 0.09 | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.17 | 0.18 | 0.19 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.12 | 0.12 | 0.10 | 0.10 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.12 | 0.13 | 0.16 | 0.18 | 0.19 | ||||||
| ConocoPhillips | — | 0.19 | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.20 | 0.20 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | 0.22 | 0.23 | 0.23 | 0.24 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 42,036 ÷ 454,340 = 0.09
2 Click competitor name to see calculations.
The financial data reveals several notable trends regarding the company's debt and asset position over the observed quarters.
- Total Debt
-
Total debt shows an overall declining trend from March 2021 through December 2021, decreasing from approximately $63.3 billion to $47.7 billion. This reduction stabilizes somewhat through 2022, hovering around $41 billion to $47 billion with minor fluctuations. From early 2023 to the end of the observed period in September 2025, total debt remains relatively steady with values mostly between $37.5 billion and $43 billion, indicating a controlled management of liabilities without significant increases.
- Total Assets
-
Total assets present a generally increasing trend from March 2021 to the end of 2024. Assets rose steadily from around $333.8 billion in early 2021 to a peak of approximately $461.9 billion in the middle of 2024. After this peak, assets slightly decreased but remained near $450 billion through September 2025, suggesting sustained asset base growth over the timeframe with some stabilization toward the later periods.
- Debt to Assets Ratio
-
The debt to assets ratio demonstrates a clear decreasing trajectory throughout the periods. Starting at 0.19 in March 2021, it declines steadily to about 0.11 by early 2023. The ratio drops further to around 0.08–0.09 toward mid and late 2024 and stays stable in this lower range through September 2025. This trend signifies an improvement in the company's capital structure, reflecting a reduction in leverage relative to asset growth.
Overall, the data indicates that the company has been successful in reducing its relative indebtedness while growing its asset base over the analyzed timeframe. The stabilization of debt and assets in the later periods suggests a potential equilibrium point in the company's financial leverage strategy. The declining debt-to-assets ratio is a positive indicator of enhanced financial strength and potentially lower risk levels.
Financial Leverage
Exxon Mobil Corp., financial leverage calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 454,340) | 447,597) | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | 338,923) | 336,688) | 337,289) | 333,770) | ||||||
| Total ExxonMobil share of equity | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | 168,577) | 160,589) | 158,571) | 156,974) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.74 | 1.70 | 1.72 | 1.72 | 1.72 | 1.72 | 1.84 | 1.84 | 1.86 | 1.82 | 1.86 | 1.89 | 1.99 | 2.07 | 2.10 | 2.01 | 2.10 | 2.13 | 2.13 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 1.71 | 1.72 | 1.69 | 1.66 | 1.64 | 1.63 | 1.63 | 1.60 | 1.59 | 1.60 | 1.62 | 1.64 | 1.68 | 1.70 | 1.72 | 1.77 | 1.82 | 1.83 | ||||||
| ConocoPhillips | — | 1.87 | 1.90 | 1.89 | 1.94 | 1.93 | 1.93 | 1.95 | 1.96 | 1.89 | 1.91 | 1.95 | 1.93 | 1.87 | 1.90 | 2.00 | 1.98 | 1.93 | 1.94 | ||||||
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
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 454,340 ÷ 260,561 = 1.74
2 Click competitor name to see calculations.
- Total Assets
- The total assets demonstrate a generally increasing trend from March 31, 2021, through March 31, 2025, with some fluctuations. Starting at approximately $334 billion, the assets gradually increased over this period, peaking notably around mid-2024 at over $460 billion. Following this peak, there is a slight decline but the asset base remains significantly higher compared to the beginning of the period.
- Total ExxonMobil Share of Equity
- Shareholders' equity shows a consistent upward trajectory throughout the timeline. Starting near $157 billion in early 2021, equity increases steadily and accelerates notably around early 2024, where it rises above $268 billion. After this peak, equity stabilizes and experiences a slight decline towards the end of the observed period but remains considerably elevated relative to its initial value.
- Financial Leverage
- The financial leverage ratio exhibits a clear downward trend from 2.13 in early 2021 to around 1.74 by late 2025. This indicates a gradual reduction in the reliance on debt relative to equity, suggesting an improvement in the company’s capitalization and reduced financial risk over the evaluation period. The decline is steady and consistent, with minor short-term fluctuations.
- Overall Observations
- The data portrays a company that has successfully expanded its asset base and strengthened its shareholder equity over the analyzed quarters. The significant increase in equity in early 2024 is particularly notable and corresponds with the peak in total assets. Concurrently, the decreasing financial leverage ratio reflects a positive shift toward a stronger balance sheet with lower relative debt levels. This may indicate effective financial management aimed at improving financial stability and reducing exposure to leverage-related risks.
Interest Coverage
Exxon Mobil Corp., interest coverage calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to ExxonMobil | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | 8,870) | 6,750) | 4,690) | 2,730) | ||||||
| Add: Net income attributable to noncontrolling interest | 220) | 272) | 320) | 345) | 361) | 331) | 346) | 382) | 276) | 273) | 413) | 305) | 538) | 724) | 270) | 209) | 192) | 91) | 66) | ||||||
| Add: Income tax expense | 3,164) | 3,351) | 3,567) | 1,858) | 4,055) | 4,094) | 3,803) | 2,613) | 4,353) | 3,503) | 4,960) | 5,787) | 5,224) | 6,359) | 2,806) | 2,650) | 2,664) | 1,526) | 796) | ||||||
| Add: Interest expense | 90) | 145) | 205) | 297) | 207) | 271) | 221) | 272) | 169) | 249) | 159) | 207) | 209) | 194) | 188) | 221) | 214) | 254) | 258) | ||||||
| Earnings before interest and tax (EBIT) | 11,022) | 10,850) | 11,805) | 10,110) | 13,233) | 13,936) | 12,590) | 10,897) | 13,868) | 11,905) | 16,962) | 16,049) | 25,631) | 25,127) | 8,744) | 11,950) | 9,820) | 6,561) | 3,850) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 59.41 | 53.86 | 50.09 | 50.07 | 52.17 | 54.97 | 54.07 | 63.17 | 74.98 | 85.62 | 108.93 | 94.68 | 88.00 | 68.10 | 42.27 | 33.98 | -5.84 | -14.48 | -20.45 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 27.24 | 37.58 | 47.31 | 49.42 | 59.46 | 60.29 | 64.08 | 77.06 | 87.36 | 102.29 | 97.27 | 86.49 | 68.50 | 44.87 | 31.39 | 19.12 | 8.50 | -11.85 | ||||||
| ConocoPhillips | — | 17.75 | 19.30 | 18.46 | 19.45 | 20.40 | 20.49 | 21.88 | 24.35 | 28.69 | 33.08 | 36.07 | 33.30 | 28.10 | 22.60 | 15.38 | 9.41 | 4.77 | 1.17 | ||||||
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
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= (11,022 + 10,850 + 11,805 + 10,110)
÷ (90 + 145 + 205 + 297)
= 59.41
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in profitability and financing costs over the observed periods.
- Earnings Before Interest and Tax (EBIT)
- EBIT experienced a significant increase from March 2021 to December 2021, rising sharply from 3,850 million USD to 11,950 million USD. This upward trend indicates improvement in operational profitability during that year. Following this peak, there was a decline in the first quarter of 2022 to 8,744 million USD, which was quickly reversed as EBIT surged again to over 25,000 million USD during mid and late 2022, suggesting volatile but strong profitability. However, starting from late 2022 through 2025, EBIT showed a fluctuating downward trend with values generally declining towards an average range near 11,000 million USD. This pattern indicates a stabilization in earnings but at a lower level compared to the mid-2022 peaks, potentially reflecting changing market conditions or operational challenges.
- Interest Expense
- Interest expense remained relatively stable and modest in comparison to EBIT throughout the entire period. It fluctuated between approximately 90 million USD and 297 million USD, with no clear upward or downward long-term trend. This stability suggests controlled financing costs and effective management of debt-related expenses despite fluctuations in earnings.
- Interest Coverage Ratio
- The interest coverage ratio displayed an unusual pattern initially with negative values in early 2021, which then shifted to positive and increasing ratios starting in late 2021. From December 2021 onwards, the ratio improved markedly, peaking above 100 in early 2023, indicating a strong capacity to cover interest expenses with operating earnings. After this peak, the ratio gradually declined but remained robust, maintaining values above 50 through 2025. This trend reflects improved financial health and reduced risk associated with interest-bearing debt, demonstrating the company's enhanced ability to meet interest obligations from EBIT.
In summary, the financial data shows a company that saw considerable growth and volatility in operational earnings, followed by a period of stabilization at moderate levels. Interest expenses remained controlled and relatively minor in comparison to earnings, contributing to a very strong interest coverage ratio from late 2021 onward. These trends suggest improved operational efficiency and financial resilience over the analyzed quarters.