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: 2025-06-30), 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).
The financial data reveals several noteworthy trends across the periods under analysis. Capital structure indicators show a clear pattern of declining leverage over time. The debt-to-equity ratio decreases steadily from 0.33 in March 2020 to approximately 0.14–0.15 by mid-2025, indicating a reduction in reliance on debt financing relative to shareholder equity. Similarly, the debt-to-capital ratio follows a downward trajectory, moving from 0.25 in early 2020 to about 0.13 towards mid-2025. This suggests that the proportion of debt in the total capital base is diminishing.
The debt-to-assets ratio also exhibits a declining trend, starting at 0.17 in March 2020 and decreasing to roughly 0.08–0.09 by the latter part of the forecast period. This decline in debt relative to total assets points toward enhanced asset funding through equity and retained earnings rather than external borrowing.
Financial leverage ratios remain relatively stable but show a gradual decrease from 1.95 in early 2020 to about 1.7 by mid-2025. This decrease in leverage signifies a modest reduction in the use of fixed financial costs in financing the company’s assets.
Interest coverage, which was negative and volatile in 2020—registering significant negative values such as -23.94 and -20.45—improves dramatically from late 2020 onward. By the first quarter of 2022, interest coverage is positive and substantially increases, reaching values over 50 and even 100 at its peak. The sustained improvement and relatively high levels throughout 2022 to 2025 suggest stronger operating earnings relative to interest expenses, indicating improved capacity to cover debt obligations.
- Summary of Capital Structure Trends
- There is a consistent reduction in leverage measures, reflecting a strategic de-risking in the company’s financial structure with less dependency on debt.
- Financial Leverage Stability
- While leverage ratios are declining, the financial leverage metric remains above 1.7, denoting continuing use of some degree of financial leverage.
- Interest Coverage Improvement
- A significant turnaround from negative to strong positive interest coverage demonstrates enhanced profitability and financial health, improving the ability to service debt.
Debt Ratios
Coverage Ratios
Debt to Equity
Exxon Mobil Corp., debt to equity 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) | |||||||||||||||||||||||||||||
| Notes and loans payable | 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) | 20,458) | 21,911) | 22,952) | 27,755) | |||||||
| Long-term debt, excluding due within one year | 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) | 47,182) | 46,888) | 46,563) | 31,857) | |||||||
| Total debt | 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) | 67,640) | 68,799) | 69,515) | 59,612) | |||||||
| Total ExxonMobil share of equity | 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) | 157,150) | 177,400) | 180,183) | 182,079) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 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 | 0.43 | 0.39 | 0.39 | 0.33 | |||||||
| 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 | 0.34 | 0.26 | 0.25 | 0.22 | |||||||
| 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 | 0.51 | 0.50 | 0.48 | 0.48 | |||||||
| Occidental Petroleum Corp. | 0.67 | 0.74 | 0.76 | 0.77 | 0.62 | 0.64 | 0.65 | 0.68 | 0.68 | 0.67 | 0.66 | 0.73 | 0.80 | 1.06 | 1.46 | 1.68 | 1.97 | 1.97 | 1.95 | 1.94 | 1.65 | 1.23 | |||||||
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
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 38,989 ÷ 262,593 = 0.15
2 Click competitor name to see calculations.
The financial data reveals several observed trends regarding the company's capital structure over the reported periods.
- Total Debt
- Total debt exhibited an overall declining trend from March 31, 2020, through June 30, 2025. Initially, there was an increase from approximately $59.6 billion to nearly $69.5 billion in mid-2020, followed by a gradual but consistent decrease reaching about $37.6 billion by the first quarter of 2025. This indicates a significant reduction in leverage over the five-year span.
- Total ExxonMobil Share of Equity
- Equity values mostly increased through the timeline. Starting near $182 billion at the beginning of 2020, equity remained relatively stable with minor fluctuations until mid-2023. From mid-2023 onward, there was a notable jump from around $205 billion to a peak exceeding $268 billion by late 2024, before slightly receding again towards $263 billion in mid-2025. This increase suggests positive equity growth, potentially bolstered by retained earnings, asset revaluations, or capital increases.
- Debt to Equity Ratio
- The debt to equity ratio followed a clear downward trajectory throughout the periods analyzed. Starting at 0.33 in March 2020, the ratio increased to 0.43 by the end of 2020, reflecting a relatively higher leverage during that year. Afterward, the ratio continuously declined, reaching a low of around 0.14 by March 2025 and slightly increasing to 0.15 mid-2025. This steady reduction indicates an overall strengthening in the company's financial structure, with a greater emphasis on equity financing relative to debt.
In summary, the data indicates a strategic deleveraging over the observed periods, marked by decreasing total debt and an increasing trend in shareholder equity. The debt-to-equity ratio's decline corroborates this shift towards a more conservative capital structure. These patterns suggest improving financial stability and potentially lower financial risk moving into the forecasted quarters.
Debt to Capital
Exxon Mobil Corp., debt to capital calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Notes and loans payable | 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) | 20,458) | 21,911) | 22,952) | 27,755) | |||||||
| Long-term debt, excluding due within one year | 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) | 47,182) | 46,888) | 46,563) | 31,857) | |||||||
| Total debt | 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) | 67,640) | 68,799) | 69,515) | 59,612) | |||||||
| Total ExxonMobil share of equity | 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) | 157,150) | 177,400) | 180,183) | 182,079) | |||||||
| Total capital | 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) | 224,790) | 246,199) | 249,698) | 241,691) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 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 | 0.30 | 0.28 | 0.28 | 0.25 | |||||||
| 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 | 0.25 | 0.21 | 0.20 | 0.18 | |||||||
| 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 | 0.34 | 0.33 | 0.32 | 0.32 | |||||||
| Occidental Petroleum Corp. | 0.40 | 0.42 | 0.43 | 0.43 | 0.38 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.40 | 0.42 | 0.44 | 0.51 | 0.59 | 0.63 | 0.66 | 0.66 | 0.66 | 0.66 | 0.62 | 0.55 | |||||||
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
Debt to capital = Total debt ÷ Total capital
= 38,989 ÷ 301,582 = 0.13
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited fluctuations over the observed periods, peaking at 69,515 million US dollars in June 2020 following an upward trend from March 2020. Subsequently, a general downward trend is observed, with total debt declining steadily from the peak through to March 2025. The most notable decreases occurred between December 2021 and December 2022, where debt reduced from 47,704 million to 41,193 million US dollars. Despite minor variations in 2023 and early 2024, the overall trajectory indicates a consistent reduction in total debt levels towards the end of the timeframe, ending at 38,989 million US dollars in June 2025.
- Total Capital
- Total capital shows an initial modest increase from 241,691 million US dollars in March 2020 to approximately 249,698 million by June 2020, followed by a decline reaching a low of 216,281 million in December 2021. After this decline, an upward recovery trend is evident, with total capital increasing steadily from early 2022 onwards. Notably, from December 2023 to June 2024, there is a substantial jump in total capital from 246,375 million to 311,591 million US dollars, which then stabilizes around the 300,000 million mark through to June 2025. This suggests significant capital growth or adjustments during the later periods.
- Debt to Capital Ratio
- The debt to capital ratio starts at 0.25 in March 2020, rising to a peak of 0.30 by December 2020, indicating increased leverage during this period. Following this peak, the ratio steadily decreases over subsequent quarters, signifying a gradual reduction in the proportion of debt relative to total capital. By December 2022, the ratio declines to 0.17 and maintains this level consistently through 2023. Further decreases occur in 2024 and 2025, with the ratio reaching a low of 0.13 by mid-2025. This trend reflects improved capital structure and reduced financial leverage over time.
- Overall Insights
- The financial data reveals a clear deleveraging process over the analyzed periods. The company's total debt burden has been systematically reduced after an initial increase in early 2020, coinciding with a temporary rise in leverage as indicated by the debt to capital ratio. Concurrently, total capital experienced volatility but ultimately increased substantially in the latter part of the timeline, contributing to a stable and lower leverage position. The decreasing debt to capital ratio underscores enhanced financial stability and potential strengthening of balance sheet health. These trends suggest a strategic focus on lowering debt levels and improving capital composition in response to prior leverage stress.
Debt to Assets
Exxon Mobil Corp., debt to assets 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) | |||||||||||||||||||||||||||||
| Notes and loans payable | 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) | 20,458) | 21,911) | 22,952) | 27,755) | |||||||
| Long-term debt, excluding due within one year | 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) | 47,182) | 46,888) | 46,563) | 31,857) | |||||||
| Total debt | 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) | 67,640) | 68,799) | 69,515) | 59,612) | |||||||
| Total assets | 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) | 332,750) | 358,043) | 361,495) | 355,804) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 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 | 0.20 | 0.19 | 0.19 | 0.17 | |||||||
| 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 | 0.18 | 0.16 | 0.15 | 0.14 | |||||||
| 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 | 0.25 | 0.24 | 0.24 | 0.23 | |||||||
| Occidental Petroleum Corp. | 0.28 | 0.30 | 0.31 | 0.31 | 0.26 | 0.27 | 0.27 | 0.28 | 0.28 | 0.28 | 0.27 | 0.29 | 0.30 | 0.36 | 0.39 | 0.42 | 0.45 | 0.45 | 0.45 | 0.46 | 0.43 | 0.38 | |||||||
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
Debt to assets = Total debt ÷ Total assets
= 38,989 ÷ 447,597 = 0.09
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's debt levels, asset base, and leverage ratio over the observed periods.
- Total Debt
- Between March 2020 and June 2020, total debt increased from approximately 59.6 billion USD to 69.5 billion USD, showing a peak early in the period. From mid-2020 onwards, total debt exhibits a general downward trajectory with some minor fluctuations. By the end of the period in June 2025, total debt declines to roughly 38.9 billion USD, representing a significant reduction compared to the initial data point. This decline suggests a consistent effort to reduce liabilities over time.
- Total Assets
- Total assets show a more variable pattern compared to total debt. The asset base initially remains relatively stable, fluctuating slightly around 355 to 361 billion USD in the first few quarters of 2020. From early 2021 to late 2022, the asset base incrementally increases, reaching around 370 billion USD. Subsequently, there is a pronounced jump starting in mid-2023, with assets rising sharply to exceed 460 billion USD by mid-2024. Towards the latest quarters, total assets maintain a high level above 440 billion USD. This significant increase in assets indicates potential growth initiatives, acquisitions, or reevaluation of asset values in recent periods.
- Debt to Assets Ratio
- The debt-to-assets ratio reflects the company's leverage and shows a clear decreasing trend over the timeframe. Initially, the ratio hovers around 0.17 to 0.20, indicating moderate leverage. From mid-2020 onward, the ratio steadily declines, reaching as low as 0.08 to 0.09 by early 2025. This decline complements the reduction in total debt and the growth in total assets, signifying improved financial stability and lower risk exposure in terms of debt relative to asset size.
Overall, the data indicates that the company has successfully lowered its total debt while expanding its asset base, leading to a more conservative capital structure with reduced leverage. The substantial increase in total assets in the later periods is a key driver behind the improved debt-to-assets ratio and may reflect strategic asset acquisitions, investments, or revaluation. The sustained reduction in debt and leverage ratio suggests enhanced financial flexibility and potentially a stronger credit profile.
Financial Leverage
Exxon Mobil Corp., financial leverage 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) | |||||||||||||||||||||||||||||
| Total assets | 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) | 332,750) | 358,043) | 361,495) | 355,804) | |||||||
| Total ExxonMobil share of equity | 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) | 157,150) | 177,400) | 180,183) | 182,079) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 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 | 2.12 | 2.02 | 2.01 | 1.95 | |||||||
| 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 | 1.82 | 1.69 | 1.67 | 1.64 | |||||||
| 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 | 2.10 | 2.05 | 2.00 | 2.08 | |||||||
| Occidental Petroleum Corp. | 2.36 | 2.45 | 2.50 | 2.47 | 2.38 | 2.41 | 2.45 | 2.45 | 2.45 | 2.42 | 2.41 | 2.51 | 2.67 | 2.98 | 3.69 | 4.01 | 4.38 | 4.34 | 4.31 | 4.25 | 3.83 | 3.25 | |||||||
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
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 447,597 ÷ 262,593 = 1.70
2 Click competitor name to see calculations.
- Total assets
- Across the observed periods, total assets demonstrated a fluctuating pattern. Initially, total assets decreased from March 2020 (355,804 million USD) to December 2020 (332,750 million USD), reflecting a contraction likely due to external conditions or strategic decisions. From early 2021, assets gradually increased, reaching a peak of 377,918 million USD by September 2024. Subsequently, a decline occurred toward mid-2025, ending at 447,597 million USD. A notable surge in total assets around mid-2024 indicates significant asset accumulation or revaluation during this period.
- Total ExxonMobil share of equity
- The equity attributable to ExxonMobil exhibited a downward trend during 2020, falling from 182,079 million USD in March 2020 to 157,150 million USD in December 2020. From 2021 through late 2023, equity steadily increased, peaking at approximately 205,250 million USD by June 2024. The most substantial increase occurred starting in early 2024, with equity reaching 268,592 million USD by June 2024, suggesting capital infusions or retained earnings growth. Towards mid-2025, a moderate decline occurred, ending near 262,593 million USD.
- Financial leverage (ratio)
- Financial leverage ratios increased progressively from 1.95 in March 2020 to a high of 2.13 in mid-2021, indicating elevated use of debt relative to equity during this interval. Afterward, leverage decreased steadily, reaching 1.7 by mid-2025. This decline reflects a strengthening equity base or a reduction in debt levels, thereby lowering financial risk. The consistent reduction in leverage from late 2021 onwards suggests improved balance sheet stability and potentially more conservative financial management.
- Overall insights
- The data reveals a period of contraction in both assets and equity during 2020, likely aligned with adverse market conditions. The subsequent recovery phase beginning in 2021 illustrates asset growth, equity accumulation, and a controlled reduction in leverage. The peak in assets and equity around mid-2024 signals a strategic expansion or improved operational performance. The reduction in financial leverage throughout the latter half of the timeframe indicates effective capital management and lower financial risk exposure. These trends collectively suggest a progression toward a stronger, more resilient financial position over the analyzed periods.
Interest Coverage
Exxon Mobil Corp., interest coverage 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) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to ExxonMobil | 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) | (20,070) | (680) | (1,080) | (610) | |||||||
| Add: Net income attributable to noncontrolling interest | 272) | 320) | 345) | 361) | 331) | 346) | 382) | 276) | 273) | 413) | 305) | 538) | 724) | 270) | 209) | 192) | 91) | 66) | (533) | (29) | (89) | (160) | |||||||
| Add: Income tax expense | 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) | (6,010) | 337) | (471) | 512) | |||||||
| Add: Interest expense | 145) | 205) | 297) | 207) | 271) | 221) | 272) | 169) | 249) | 159) | 207) | 209) | 194) | 188) | 221) | 214) | 254) | 258) | 313) | 279) | 317) | 249) | |||||||
| Earnings before interest and tax (EBIT) | 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) | (26,300) | (93) | (1,323) | (9) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Interest coverage1 | 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 | -23.94 | — | — | — | |||||||
| 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 | -9.69 | — | — | — | |||||||
| 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 | -2.90 | — | — | — | |||||||
| Occidental Petroleum Corp. | 3.83 | 4.63 | 4.46 | 6.29 | 6.94 | 6.76 | 7.80 | 8.59 | 9.99 | 15.23 | 14.71 | 12.90 | 9.58 | 5.07 | 3.30 | 1.15 | -2.26 | -8.10 | -10.03 | — | — | — | |||||||
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
Interest coverage
= (EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024
+ EBITQ3 2024)
÷ (Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024
+ Interest expenseQ3 2024)
= (10,850 + 11,805 + 10,110 + 13,233)
÷ (145 + 205 + 297 + 207)
= 53.86
2 Click competitor name to see calculations.
- Earnings before interest and tax (EBIT)
- The EBIT experienced significant volatility over the periods under review. Initially, the values were negative, starting at -9 million US dollars in March 2020 and reaching a pronounced low of -26,300 million US dollars by December 2020. Following this downturn, there was a marked recovery commencing in the first quarter of 2021, where EBIT rose sharply to a positive 3,850 million US dollars. This upward trend continued steadily, with particularly strong performance in mid-2022 where EBIT peaked around 25,631 million US dollars in September 2022. However, after this peak, EBIT exhibited fluctuating but generally declining values toward the end of 2024 and into early 2025, settling near 10,850 to 11,805 million US dollars. Overall, the EBIT trajectory shows a recovery from severe losses to substantial profitability, followed by some moderation in the latest quarters.
- Interest Expense
- Interest expense demonstrated relative stability across the periods, generally fluctuating between approximately 145 million and 317 million US dollars. In the early period (2020), the interest expense hovered around the mid-200 millions. There were minor peaks such as 317 million US dollars in June 2020 and 297 million US dollars in June 2025, but these occurred sporadically and without a clear trend upwards or downwards. The expense remains fairly consistent, indicating stable financing costs over the examined timeframe.
- Interest Coverage Ratio
- Interest coverage ratios were initially negative, reflecting EBIT losses that far exceeded interest expenses. The earliest recorded value in Q4 2020 was around -23.94, improving slightly but remaining negative until the end of 2020. From Q1 2021 onwards, there was a dramatic positive turnaround. The ratio moved sharply upward, reaching very high values by mid and late 2022, including a peak of 108.93 in March 2023, indicating exceptionally strong ability to cover interest expenses from operating earnings. In subsequent quarters, the ratio showed a declining pattern but remained well above 50 through the end of 2025, implying a consistently robust capacity to meet interest obligations despite slight decreases in operating performance or increases in interest expenses.