Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Exxon Mobil Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 investment activity ratios exhibit a synchronized cyclical pattern characterized by a period of peak efficiency in late 2022, followed by a sustained decline and subsequent stabilization starting in mid-2024. This trend suggests a temporary surge in asset utilization and revenue generation relative to the investment base during the first year of the period, which later reverted to a lower, more stable baseline.
- Net Fixed Asset Turnover
- Efficiency in utilizing fixed assets increased from 1.44 in March 2022 to a peak of 1.95 by December 2022. A gradual erosion in turnover followed through early 2024, punctuated by a significant drop between March 2024 (1.55) and June 2024 (1.14). The ratio remained largely stagnant between 1.08 and 1.16 for nearly two years before showing a modest recovery to 1.22 by June 2026.
- Total Asset Turnover
- A similar trajectory is observed in total asset utilization, which climbed from 0.86 in March 2022 to a maximum of 1.08 in December 2022. From 2023 onward, a consistent downward trend occurred, with the ratio falling below 0.80 by June 2024. The turnover rate bottomed out at 0.70 in March 2026 before an uptick to 0.78 in the final quarter, indicating a long-term reduction in the revenue-generating capacity of the total asset base compared to the 2022 peak.
- Equity Turnover
- Equity turnover peaked earlier than the other metrics, reaching 2.08 in September 2022. A steady decline was noted throughout 2023 and the first quarter of 2024, falling from 1.61 in March 2024 to 1.27 in June 2024. This ratio maintained a tight range between 1.25 and 1.29 from mid-2024 through early 2026, eventually rising to 1.39 by June 2026, suggesting a stabilization in the relationship between shareholder equity and generated sales.
The correlation between all three ratios indicates that the decline in efficiency was systemic rather than isolated to a specific asset class. The convergence of these ratios toward a stable floor in 2025 and 2026 suggests that the company reached a new operational equilibrium following the volatility and high utilization rates seen in 2022.
Net Fixed Asset Turnover
Exxon Mobil Corp., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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) | ||||||||||||||||||||||||
| Sales and other operating revenue | ||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Net fixed asset turnover
= (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibited a cyclical trajectory characterized by an initial period of efficiency gains, a significant structural decline linked to asset expansion, and a subsequent phase of stabilization at a lower baseline.
- Initial Efficiency Growth and Peak
- Between March 2022 and December 2022, the net fixed asset turnover ratio increased steadily from 1.44 to a peak of 1.95. This improvement was driven by substantial growth in sales and other operating revenue, which peaked at 111,265 million USD in June 2022, while net property, plant, and equipment remained relatively stable around 203,000 to 212,000 million USD.
- Gradual Decline and Revenue Normalization
- From March 2023 through March 2024, a downward trend emerged, with the ratio retreating from 1.92 to 1.55. This period reflects a normalization of operating revenues, which fluctuated between 80,000 and 88,000 million USD, while the asset base remained constant at approximately 206,000 to 214,000 million USD.
- Structural Asset Expansion and Ratio Compression
- A sharp contraction in the turnover ratio occurred in June 2024, falling to 1.14. This decline is directly attributable to a significant increase in net property, plant, and equipment, which rose from 213,723 million USD in March 2024 to 298,283 million USD in June 2024. This represents a substantial expansion of the fixed asset base that outpaced revenue growth, thereby reducing the revenue generated per unit of net fixed asset.
- Stabilization and Recent Performance
- From June 2024 through March 2026, the ratio remained largely stagnant, fluctuating within a narrow band between 1.08 and 1.16. This indicates a period of adjustment to the higher asset base. A recovery to 1.22 was observed in June 2026, corresponding with a significant surge in quarterly revenue to 114,529 million USD, while net fixed assets slightly decreased to 296,298 million USD.
Total Asset Turnover
Exxon Mobil Corp., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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) | ||||||||||||||||||||||||
| Sales and other operating revenue | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Total asset turnover
= (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a cyclical trajectory characterized by an initial period of efficiency gains, a subsequent sustained decline, and a marginal recovery in the final reported quarter. The overall trend indicates a decoupling between revenue growth and asset expansion, particularly following a significant increase in the total asset base during 2024.
- Revenue and Asset Efficiency (2022–2023)
- During the first year of the observed period, asset turnover improved steadily, peaking at 1.08 in December 2022. This increase was driven by a surge in sales and operating revenue, which reached a peak of 111,265 million USD in June 2022, while the total asset base remained relatively stable between 354,771 million USD and 370,152 million USD. Throughout 2023, a gradual contraction in turnover is observed, falling from 1.07 in March to 0.89 by December, correlating with a general moderation in quarterly revenues.
- Structural Asset Expansion (2024–2025)
- A significant shift in the asset-to-revenue relationship occurred in June 2024, when total assets increased sharply from 377,918 million USD to 460,707 million USD. This expansion of the asset base, without a corresponding immediate increase in revenue, led to a precipitous drop in the total asset turnover ratio from 0.88 to 0.74. For the remainder of 2024 and throughout 2025, the ratio remained depressed, fluctuating within a narrow range between 0.70 and 0.75, suggesting a period of lower capital productivity as the company integrated or utilized the newly acquired assets.
- Recent Performance and Recovery (2026)
- The total asset turnover ratio reached its lowest point of 0.70 in March 2026. However, a recovery to 0.78 is observed by June 2026. This improvement is attributed to a substantial increase in sales and other operating revenue, which rose to 114,529 million USD, the highest value in the reported period, while total assets remained stable at 464,482 million USD. This suggests a return to higher asset utilization and revenue generation capacity relative to the expanded asset base.
Equity Turnover
Exxon Mobil Corp., equity turnover calculation (quarterly data)
| Jun 30, 2026 | 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) | ||||||||||||||||||||||||
| Sales and other operating revenue | ||||||||||||||||||||||||
| Total ExxonMobil share of equity | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Equity turnover
= (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
÷ Total ExxonMobil share of equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of equity turnover from March 2022 to June 2026 reveals a general downward trend in capital efficiency relative to shareholder equity, characterized by an initial peak in late 2022 followed by a period of compression and subsequent stabilization.
- Revenue Dynamics
- Sales and other operating revenue exhibited significant volatility in 2022, reaching a peak of 111,265 million USD in June of that year. Subsequently, revenues entered a phase of relative consolidation, fluctuating primarily between 79,477 million USD and 89,986 million USD from March 2023 through December 2024. A sharp increase is observed in the final recorded period, with revenue climbing to 114,529 million USD by June 2026.
- Equity Base Expansion
- Total equity demonstrated a consistent upward trajectory from March 2022 (169,215 million USD) through March 2024 (205,250 million USD). A significant step-increase occurred in the second quarter of 2024, where equity rose to 268,405 million USD. This elevated equity base remained relatively stable through the end of the period, fluctuating slightly between 254,381 million USD and 268,592 million USD.
- Equity Turnover Ratio Analysis
- The equity turnover ratio peaked at 2.08 in September 2022, indicating high revenue generation relative to the equity invested. A sustained decline followed throughout 2023, reaching 1.61 by March 2024. The most abrupt contraction occurred between March and June 2024, where the ratio dropped to 1.27; this decline is directly attributable to the substantial increase in the equity base during the same period. The ratio remained largely stagnant between 1.25 and 1.29 throughout 2025, before experiencing a recovery to 1.39 in June 2026, driven by the surge in operating revenue.