Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Exxon Mobil Corp., profitability 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 profitability metrics exhibit a consistent cyclical pattern characterized by a period of rapid expansion reaching a peak in the first quarter of 2023, followed by a sustained contraction through the first quarter of 2026. All four measured ratios—operating profit margin, net profit margin, return on equity, and return on assets—demonstrate highly correlated movement, suggesting that the primary drivers of profitability influenced operational efficiency and capital returns simultaneously.
- Profit Margins
- Operating profit margin increased from 12.25% in March 2022 to a peak of 21.37% in March 2023. Following this peak, a steady decline is observed, with the margin receding to 11.56% by March 2026. Net profit margin mirrored this trajectory, rising from 8.40% to a maximum of 14.87% in March 2023, before trending downward to end the period at 7.76%.
- Return on Equity (ROE)
- Return on equity experienced the most significant volatility among the metrics. The ratio surged from 15.24% in March 2022 to a peak of 29.54% in March 2023. A consistent downward trend followed, characterized by a sharp contraction throughout 2023 and 2024, ultimately falling to 9.95% by March 2026.
- Return on Assets (ROA)
- Return on assets followed the general trend of the other profitability indicators, growing from 7.27% in March 2022 to a high of 15.89% in March 2023. The subsequent decline was gradual but persistent, with the ratio ending the observed period at 5.45%.
The synchronization of these trends indicates a period of peak financial performance in early 2023, after which the company experienced a progressive erosion of both margins and returns on invested capital. The decline in ROE and ROA suggests a reduction in the efficiency of asset utilization and shareholder equity generation over the final three years of the analysis.
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Return on Sales
Return on Investment
Operating Profit Margin
Exxon Mobil Corp., operating profit margin 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) | |||||||||||||||||||||||
| Operating income | 7,324) | 8,272) | 11,141) | 10,940) | 11,918) | 10,141) | 13,266) | 13,970) | 12,613) | 11,114) | 14,034) | 12,069) | 17,129) | 16,149) | 25,785) | 25,247) | 8,852) | ||||||
| Sales and other operating revenue | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | 11.56% | 13.05% | 13.58% | 14.05% | 14.50% | 14.74% | 14.99% | 15.19% | 15.03% | 16.24% | 17.15% | 19.54% | 21.37% | 19.07% | 18.60% | 15.93% | 12.25% | ||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 10.62% | 11.53% | 12.02% | 12.42% | 13.48% | 14.63% | 13.22% | 14.15% | 14.73% | 15.37% | 18.06% | 19.98% | 21.92% | 21.42% | 21.03% | 19.86% | 16.73% | ||||||
| ConocoPhillips | 21.31% | 22.97% | 24.14% | 25.41% | 26.65% | 26.64% | 28.67% | 29.76% | 29.79% | 30.57% | 30.06% | 31.80% | 33.89% | 36.80% | 37.27% | 37.07% | 36.63% | ||||||
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
Operating profit margin = 100
× (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ (Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
= 100 × (7,324 + 8,272 + 11,141 + 10,940)
÷ (83,161 + 80,039 + 83,331 + 79,477)
= 11.56%
2 Click competitor name to see calculations.
The operating profit margin exhibits a bell-shaped trajectory over the analyzed period, characterized by a period of rapid expansion followed by a sustained, multi-year contraction.
- Margin Expansion and Peak
- From March 2022 to March 2023, the operating profit margin increased significantly, rising from 12.25% to a peak of 21.37%. This growth phase was driven by a substantial surge in operating income, which reached a high of 25,785 million US$ in September 2022, coinciding with peak revenue levels exceeding 111 billion US$ in June 2022.
- Sustained Margin Contraction
- Following the peak in March 2023, a consistent downward trend is observed. The margin declined through the remainder of 2023 and remained relatively stable but low throughout 2024, hovering around the 14% to 15% range. The decline accelerated through 2025, culminating in a period low of 11.56% by March 2026, which represents a value lower than the initial margin recorded in early 2022.
- Analysis of Operating Income vs. Revenue
- The erosion of the operating profit margin is more closely correlated with the decline in operating income than with changes in revenue. While sales and other operating revenue remained relatively resilient, fluctuating between approximately 79 billion and 89 billion US$ from 2023 onwards, operating income experienced a more severe contraction, falling from 17,129 million US$ in March 2023 to 7,324 million US$ by March 2026.
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Net Profit Margin
Exxon Mobil Corp., net profit margin 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 | 4,183) | 6,501) | 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) | ||||||
| Sales and other operating revenue | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | 7.76% | 8.91% | 9.22% | 9.42% | 9.76% | 9.93% | 9.92% | 10.03% | 9.90% | 10.76% | 11.01% | 13.38% | 14.87% | 13.23% | 13.41% | 11.06% | 8.40% | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 5.92% | 6.67% | 6.83% | 7.31% | 8.12% | 9.13% | 8.60% | 9.50% | 10.43% | 10.85% | 12.57% | 14.09% | 15.41% | 15.05% | 15.05% | 14.09% | 11.60% | ||||||
| ConocoPhillips | 12.58% | 13.55% | 14.81% | 15.89% | 16.62% | 16.89% | 18.01% | 18.93% | 19.19% | 19.52% | 18.67% | 19.37% | 20.97% | 23.80% | 24.06% | 24.34% | 23.91% | ||||||
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
Net profit margin = 100
× (Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025)
÷ (Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
= 100 × (4,183 + 6,501 + 7,548 + 7,082)
÷ (83,161 + 80,039 + 83,331 + 79,477)
= 7.76%
2 Click competitor name to see calculations.
The net profit margin exhibits a cyclical trajectory characterized by a sharp expansion during 2022, a peak in early 2023, and a subsequent multi-year contraction leading into the first quarter of 2026.
- Margin Expansion and Peak Performance
- A significant upward trend is observed from March 31, 2022, through March 31, 2023, where the net profit margin rose from 8.40% to a peak of 14.87%. This growth phase was driven by a substantial surge in net income, which peaked at 19,660 million US dollars in September 2022, coinciding with the highest revenue levels of the period.
- Period of Stabilization and Gradual Decline
- Following the peak in early 2023, the net profit margin entered a period of gradual erosion. Between June 30, 2023, and December 31, 2024, the margin fluctuated between 13.38% and 9.90%. During this interval, revenue remained relatively stable, generally fluctuating between 80 billion and 90 billion US dollars, while net income began to normalize from its 2022 highs.
- Recent Margin Compression
- A consistent downward trend is evident throughout 2025, with the net profit margin declining steadily from 9.76% in March 2025 to 8.91% by December 31, 2025. This contraction accelerated in the first quarter of 2026, reaching a period low of 7.76%. This decline is attributed to a notable drop in net income to 4,183 million US dollars, despite revenues remaining consistent with previous quarterly averages.
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Return on Equity (ROE)
Exxon Mobil Corp., ROE 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 | 4,183) | 6,501) | 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) | ||||||
| Total ExxonMobil share of equity | 254,381) | 259,386) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | 9.95% | 11.12% | 11.50% | 11.81% | 12.63% | 12.77% | 12.55% | 12.73% | 15.98% | 17.58% | 19.09% | 24.48% | 29.54% | 27.04% | 27.87% | 21.97% | 15.24% | ||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 5.99% | 6.60% | 6.73% | 9.37% | 10.49% | 11.59% | 10.68% | 11.76% | 12.64% | 13.28% | 15.41% | 19.05% | 22.44% | 22.27% | 21.53% | 18.92% | 14.02% | ||||||
| ConocoPhillips | 11.34% | 12.39% | 13.63% | 14.01% | 14.63% | 14.27% | 19.94% | 21.48% | 21.47% | 22.23% | 23.46% | 27.20% | 33.15% | 38.91% | 36.79% | 31.69% | 26.12% | ||||||
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
ROE = 100
× (Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025)
÷ Total ExxonMobil share of equity
= 100 × (4,183 + 6,501 + 7,548 + 7,082)
÷ 254,381 = 9.95%
2 Click competitor name to see calculations.
The analysis of profitability metrics from March 31, 2022, through March 31, 2026, reveals a distinct cyclical trajectory in the Return on Equity (ROE), characterized by a sharp ascent to a peak in early 2023 followed by a consistent multi-year decline.
- Net Income Trends
- Net income exhibited significant volatility during the initial phase of the period. A rapid increase is observed from March 2022, reaching a peak of US$ 19,660 million in September 2022. Following this peak, earnings entered a gradual downward trend, interrupted by minor fluctuations, eventually descending to US$ 4,183 million by March 31, 2026. This represents a substantial contraction in quarterly profitability over the analyzed timeframe.
- Equity Base Evolution
- Total equity demonstrated a steady upward trajectory for the first two years, growing from US$ 169,215 million in March 2022 to a peak of US$ 268,592 million in June 2024. This expansion of the equity base suggests significant capital retention or infusions. After June 2024, a marginal and steady decline in total equity is observed, ending at US$ 254,381 million in March 2026.
- Return on Equity (ROE) Performance
- ROE mirrored the initial surge in net income, climbing from 15.24% in March 2022 to a maximum of 29.54% in March 2023. However, a persistent downward trend followed this peak. The decline was accelerated by the simultaneous occurrence of falling net income and a significantly expanded equity base. By the end of the period, ROE reached its lowest point at 9.95% in March 2026.
The compression of the ROE is attributed to a dual impact: the erosion of quarterly net income and the substantial increase in the equity denominator. The transition from a peak of 29.54% to a sub-10% return indicates a significant reduction in the efficiency of generating profits from shareholders' equity over the observed period.
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Return on Assets (ROA)
Exxon Mobil Corp., ROA 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 | 4,183) | 6,501) | 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) | ||||||
| Total assets | 464,410) | 448,980) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | 5.45% | 6.42% | 6.59% | 6.93% | 7.34% | 7.43% | 7.30% | 7.41% | 8.68% | 9.57% | 10.24% | 13.41% | 15.89% | 14.29% | 14.01% | 10.59% | 7.27% | ||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | 3.34% | 3.80% | 3.91% | 5.47% | 6.11% | 6.87% | 6.43% | 7.18% | 7.76% | 8.17% | 9.65% | 11.98% | 13.98% | 13.76% | 13.15% | 11.26% | 8.23% | ||||||
| ConocoPhillips | 5.97% | 6.55% | 7.23% | 7.49% | 7.68% | 7.53% | 10.29% | 11.13% | 11.10% | 11.42% | 11.96% | 14.43% | 17.32% | 19.91% | 19.04% | 16.98% | 13.78% | ||||||
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
ROA = 100
× (Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025)
÷ Total assets
= 100 × (4,183 + 6,501 + 7,548 + 7,082)
÷ 464,410 = 5.45%
2 Click competitor name to see calculations.
The Return on Assets (ROA) for the analyzed period exhibits a cyclical trajectory, characterized by a sharp ascent to a peak in early 2023 followed by a sustained downward trend through the first quarter of 2026. This volatility reflects the interplay between fluctuating net income and a significant expansion of the total asset base.
- ROA Growth and Peak Phase
- Between March 2022 and March 2023, ROA experienced substantial growth, rising from 7.27% to a peak of 15.89%. This period was driven by a surge in net income, which reached its highest quarterly values in mid-2022, peaking at 19.66 billion US dollars in September 2022, while total assets remained relatively stable between 354 billion and 370 billion US dollars.
- Period of Gradual Decline
- From June 2023 to March 2024, a consistent erosion of profitability efficiency is observed. ROA decreased from 13.41% to 8.68%. This decline correlates with a normalization of net income, which shifted from the exceptional highs of 2022 to a range between 7.6 billion and 11.4 billion US dollars.
- Asset Base Expansion and Margin Compression
- A significant structural change occurred in June 2024, where total assets increased abruptly from 377.9 billion to 460.7 billion US dollars. This increase in the denominator of the ROA calculation contributed to a compression of the ratio, maintaining it in a tight range between 6.42% and 7.43% throughout the remainder of 2024 and most of 2025, despite net income remaining relatively stable around 6.5 billion to 9.2 billion US dollars.
- Recent Performance Trend
- The final quarter of the analysis shows a marked deceleration in efficiency. ROA fell to its lowest point in the series at 5.45% by March 2026. This downturn is primarily attributed to a sharp contraction in net income, which dropped to 4.183 billion US dollars, coinciding with the asset base reaching its peak of 464.4 billion US dollars.
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