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: 2026-06-30), 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 profitability metrics exhibit a synchronized cyclical pattern characterized by a sharp expansion phase from early 2022 to early 2023, followed by a sustained period of contraction that persists until early 2026, with a slight recovery observed in the final quarter.
- Profit Margins
- The operating profit margin experienced a significant increase from 12.25% in March 2022 to a peak of 21.37% in March 2023. Subsequently, a consistent downward trend was observed, reaching a low of 11.56% by March 2026 before rebounding to 12.86% in June 2026. The net profit margin followed a nearly identical trajectory, rising from 8.40% in March 2022 to a peak of 14.87% in March 2023, followed by a steady decline to a minimum of 7.76% in March 2026, ending at 9.07% in June 2026.
- Return on Equity (ROE)
- ROE showed the most pronounced volatility among the measured ratios. After starting at 15.24% in March 2022, the ratio ascended rapidly to a peak of 29.54% in March 2023. A prolonged contraction followed, with the ratio declining steadily for thirteen consecutive quarters to a low of 9.95% in March 2026. A moderate recovery is noted in the final period, bringing the ROE to 12.63%.
- Return on Assets (ROA)
- The ROA mirrored the trends seen in the margin and equity ratios, increasing from 7.27% in March 2022 to a maximum of 15.89% in March 2023. This peak was followed by a gradual decline, reaching 5.45% in March 2026. Similar to other metrics, a rebound occurred in the final quarter, with ROA rising to 7.05%.
The alignment of these four indicators suggests that the peak in profitability in the first quarter of 2023 was a systemic event. The subsequent synchronized decline across margins and returns indicates a period of reduced operational efficiency or unfavorable market conditions, which began to stabilize and reverse slightly by mid-2026.
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Return on Sales
Return on Investment
Operating Profit Margin
Exxon Mobil Corp., operating profit margin 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) | ||||||||||||||||||||||||
| Operating income | 19,683) | 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 | 114,529) | 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 | 12.86% | 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. | 15.51% | 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 | 24.30% | 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: 2026-06-30), 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
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
= 100 × (19,683 + 7,324 + 8,272 + 11,141)
÷ (114,529 + 83,161 + 80,039 + 83,331)
= 12.86%
2 Click competitor name to see calculations.
The operating profit margin exhibits a cyclical trajectory characterized by a sharp initial ascent, a prolonged period of contraction, and a recent marginal recovery. The margin peaked in the first quarter of 2023 before entering a steady decline that persisted through the first quarter of 2026.
- Expansion Phase (March 2022 – March 2023)
- A significant upward trend in profitability is observed during this period. The operating profit margin rose from 12.25% in March 2022 to a peak of 21.37% by March 2023. This growth was driven by a substantial increase in operating income, which climbed from 8,852 million USD to 17,129 million USD, outpacing the fluctuations in total sales and other operating revenue.
- Contraction Phase (June 2023 – March 2026)
- Following the peak, the operating profit margin entered a consistent downward trend. Between June 2023 (19.54%) and March 2026 (11.56%), the margin declined by approximately 798 basis points. This contraction occurred despite relatively stable revenue levels, suggesting a steady increase in operating expenses or a decrease in the pricing power of core products relative to costs.
- Recent Performance and Volatility (June 2026)
- A reversal of the downward trend is noted in the final reported quarter. The operating profit margin increased to 12.86% in June 2026. This recovery is correlated with a sharp spike in both operating income, which rose to 19,683 million USD, and sales revenue, which reached 114,529 million USD, the highest level observed in the period analyzed.
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Net Profit Margin
Exxon Mobil Corp., net profit margin 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) | ||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 14,525) | 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 | 114,529) | 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 | 9.07% | 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. | 9.87% | 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 | 14.65% | 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: 2026-06-30), 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 profit margin = 100
× (Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025)
÷ (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
= 100 × (14,525 + 4,183 + 6,501 + 7,548)
÷ (114,529 + 83,161 + 80,039 + 83,331)
= 9.07%
2 Click competitor name to see calculations.
The net profit margin exhibited significant volatility over the observed period, characterized by an initial expansion phase, a prolonged period of compression, and a recent sharp fluctuation in the first half of 2026. While the margin reached a peak in early 2023, it subsequently entered a steady decline before seeing a partial recovery in the most recent quarter.
- Margin Expansion and Peak Performance
- A strong upward trend in profitability is observed from March 31, 2022, to March 31, 2023. During this window, the net profit margin rose from 8.40% to a period high of 14.87%. This growth was supported by a substantial increase in net income, which peaked at 19,660 million US dollars in September 2022.
- Prolonged Margin Compression
- Following the peak in March 2023, a consistent downward trajectory is evident. The net profit margin contracted from 14.87% to a low of 7.76% by March 31, 2026. This decline occurred despite sales and other operating revenue remaining relatively stable, generally fluctuating between 79,000 million and 89,000 million US dollars, suggesting a gradual increase in costs or a reduction in pricing power over this timeframe.
- Recent Volatility and Recovery
- The first half of 2026 shows extreme variance in financial performance. A significant dip in net income to 4,183 million US dollars in March 2026 resulted in the period's lowest margin of 7.76%. However, a sharp reversal occurred by June 30, 2026, where revenue surged to 114,529 million US dollars and net income climbed to 14,525 million US dollars, effectively restoring the net profit margin to 9.07%.
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Return on Equity (ROE)
Exxon Mobil Corp., ROE 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) | ||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 14,525) | 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 | 259,380) | 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 | 12.63% | 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. | 10.84% | 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 | 14.20% | 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: 2026-06-30), 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
ROE = 100
× (Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025)
÷ Total ExxonMobil share of equity
= 100 × (14,525 + 4,183 + 6,501 + 7,548)
÷ 259,380 = 12.63%
2 Click competitor name to see calculations.
The profitability profile of the entity reflects a period of significant volatility in Return on Equity (ROE), characterized by a sharp ascent to a peak in early 2023 followed by a sustained downward trajectory and a recent period of instability. The ROE progressed from 15.24% in March 2022 to a maximum of 29.54% by March 2023, after which a consistent decline was observed, reaching a low of 9.95% in March 2026 before a modest recovery to 12.63% in June 2026.
- Net Income Volatility
- Profitability was initially driven by a substantial surge in net income during 2022, with quarterly earnings peaking at 19,660 million USD in September 2022. Following this period, net income normalized, generally fluctuating between 6,501 million USD and 11,430 million USD from 2023 through 2025. A notable anomaly occurred in the first half of 2026, where a sharp contraction to 4,183 million USD in March was immediately followed by a significant spike to 14,525 million USD in June, directly impacting the ROE variance.
- Equity Expansion and ROE Dilution
- A critical shift in the capital structure is evident between March 2024 and June 2024, where total equity increased abruptly from 205,250 million USD to 268,405 million USD. This expansion of the equity base acted as a primary driver for ROE dilution; despite net income remaining relatively stable during this transition, the increased denominator caused the ROE to drop from 15.98% to 12.73% within a single quarter. Equity levels remained elevated around the 260 billion USD mark through June 2026, maintaining downward pressure on the ROE ratio.
- Correlation Analysis
- The relationship between net income and equity reveals that the initial ROE growth in 2022 was primarily fueled by exponential earnings growth. However, the subsequent decline in ROE from 2023 to 2026 was a dual result of normalizing net income levels and a significantly larger equity base. The recovery in ROE observed in June 2026 is attributable exclusively to the surge in net income, as the total share of equity remained nearly constant at 259,380 million USD.
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Return on Assets (ROA)
Exxon Mobil Corp., ROA 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) | ||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 14,525) | 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 | 464,482) | 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 | 7.05% | 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. | 6.24% | 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 | 7.47% | 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: 2026-06-30), 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
ROA = 100
× (Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025)
÷ Total assets
= 100 × (14,525 + 4,183 + 6,501 + 7,548)
÷ 464,482 = 7.05%
2 Click competitor name to see calculations.
The analysis of the return on assets (ROA) reveals a cyclical pattern characterized by a significant peak in the first quarter of 2023, followed by a prolonged period of contraction and subsequent volatility through mid-2026.
- ROA Trajectory and Peak Performance
- A strong upward trend in asset efficiency is observed from March 2022, where ROA stood at 7.27%, peaking at 15.89% by March 31, 2023. This growth was primarily driven by a substantial increase in net income, which reached a high of 19.66 billion US dollars in September 2022, while the total asset base remained relatively stable between 354 billion and 370 billion US dollars during the same period.
- Asset Base Expansion and Margin Compression
- A significant structural shift occurs in the second quarter of 2024, marked by an increase in total assets from approximately 378 billion US dollars to 461 billion US dollars. This expansion of the asset base coincided with a period of stabilizing or declining net income, resulting in a downward pressure on ROA. Consequently, the ROA entered a gradual decline, falling from 8.68% in March 2024 to a period low of 5.45% by March 31, 2026.
- Net Income Volatility and Recovery
- The latter portion of the observed period is characterized by high volatility in profitability. A sharp contraction in net income to 4.183 billion US dollars in March 2026 drove the ROA to its lowest point of 5.45%. However, a rapid recovery is evident by June 30, 2026, as net income surged to 14.525 billion US dollars, lifting the ROA back to 7.05%.
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