Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Profitability Ratios (Summary)
Exxon Mobil Corp., profitability ratios (quarterly data)
Based on: 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 exhibited fluctuating performance over the analyzed period, spanning from March 31, 2022, to December 31, 2025. Generally, the initial period demonstrated increasing profitability, followed by a consistent decline towards the end of the observation window. This summary details the observed trends for each ratio.
- Operating Profit Margin
- The operating profit margin increased from 12.25% in March 2022 to a peak of 19.07% in December 2022. Subsequently, a steady downward trend was observed, decreasing to 13.05% by December 2025. While remaining positive, the margin experienced a cumulative reduction of approximately 6 percentage points over the entire period.
- Net Profit Margin
- Similar to the operating profit margin, the net profit margin showed initial growth, rising from 8.40% in March 2022 to 13.23% in December 2022. A consistent decline followed, with the margin reaching 8.91% by December 2025. The overall decrease amounted to roughly 4.3 percentage points throughout the analyzed timeframe.
- Return on Equity (ROE)
- Return on Equity displayed the most significant fluctuations. It increased substantially from 15.24% in March 2022 to a high of 29.54% in March 2023. Following this peak, a pronounced downward trend emerged, culminating in an ROE of 11.12% by December 2025. This represents a substantial decrease of over 18 percentage points, indicating a diminishing ability to generate profit from shareholder equity.
- Return on Assets (ROA)
- Return on Assets followed a similar pattern to the other profitability ratios. It rose from 7.27% in March 2022 to 15.89% in March 2023, before entering a consistent decline. By December 2025, the ROA stood at 6.42%, a reduction of approximately 0.85 percentage points from its peak. The decline, while less dramatic than that of ROE, still suggests a decreasing efficiency in utilizing assets to generate earnings.
In summary, the observed trends indicate a period of initial profitability expansion followed by a sustained decline across all measured ratios. The magnitude of the decline was most pronounced in Return on Equity, suggesting a weakening in the return generated for shareholders. The consistent downward trajectory across all ratios warrants further investigation to determine the underlying causes and potential implications for future performance.
Return on Sales
Return on Investment
Operating Profit Margin
Exxon Mobil Corp., operating profit margin calculation (quarterly data)
| 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 | |||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally increasing trend from March 31, 2022, through March 31, 2023, followed by a period of decline and stabilization. Initial values indicated a margin of 12.25% which rose consistently over the subsequent quarters, peaking at 21.37% in March 2023. Subsequent quarters saw a decrease, though the margin remained above the initial value for much of 2023. More recently, the margin has stabilized in a narrower range, indicating a potential plateau in profitability.
- Overall Trend
- The operating profit margin demonstrated a strong upward trajectory during the period from March 2022 to March 2023. This was followed by a period of decline through December 2023, and then a period of relative stability through December 2025. The most recent value, 13.05% as of December 31, 2025, represents a decrease from the peak but remains above the initial value observed in March 2022.
- Peak and Subsequent Decline
- The highest operating profit margin recorded was 21.37% in March 2023. Following this peak, the margin decreased in each subsequent quarter, falling to 16.24% by December 2023. This decline suggests a potential shift in the underlying cost structure or revenue generation capabilities.
- Stabilization Phase
- From March 2024 through December 2025, the operating profit margin fluctuated within a relatively narrow range, between 13.05% and 15.19%. This suggests that the factors driving the earlier decline may have stabilized, and the business has reached a new equilibrium in terms of profitability. The most recent quarters show a slight downward trend within this stabilized range.
- Revenue and Income Relationship
- While the operating profit margin is the primary focus, it is worth noting that sales and other operating revenue also experienced fluctuations. Revenue decreased from $111.265 million in June 2022 to $80.039 million in December 2025. The operating income also decreased over the same period, from $25.247 million to $8.272 million. The margin’s behavior should be considered in conjunction with these revenue trends.
In conclusion, the operating profit margin experienced a period of significant growth followed by a decline and subsequent stabilization. The recent stabilization suggests a potential new normal for the business, although continued monitoring is warranted to assess the sustainability of this trend.
Net Profit Margin
Exxon Mobil Corp., net profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income attributable to ExxonMobil | |||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
Net profit margin = 100
× (Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025
+ Net income attributable to ExxonMobilQ1 2025)
÷ (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. An initial upward trend is apparent, followed by a period of stabilization and then a gradual decline.
- Initial Increase (Q1 2022 - Q3 2022)
- The net profit margin began at 8.40% in March 2022 and steadily increased, reaching a peak of 13.41% by September 2022. This suggests improving profitability during this timeframe, potentially driven by increased revenue or effective cost management.
- Stabilization and Slight Decline (Q4 2022 - Q2 2023)
- Following the peak, the net profit margin experienced a slight decrease to 10.76% by December 2022, before stabilizing around the 13-14% range in the first half of 2023. This indicates that while profitability remained strong, the rate of improvement slowed.
- Consistent Downward Trend (Q3 2023 - Q4 2025)
- From September 2023 onwards, a consistent downward trend in the net profit margin is observed. It decreased from 11.01% to 8.91% by December 2025. This suggests increasing cost pressures, declining revenue, or a combination of both, impacting overall profitability. The rate of decline appears relatively consistent throughout this period.
- Recent Performance (Q1 2024 - Q4 2025)
- The net profit margin remained within a narrow range of 9.90% to 9.76% during the first three quarters of 2024, before concluding the period at 8.91% in December 2025. This suggests a more pronounced weakening of profitability towards the end of the analyzed timeframe.
Overall, the company demonstrated strong profitability in the earlier part of the period, but experienced a gradual erosion of its net profit margin in the latter half. Further investigation into revenue trends and cost structures would be necessary to fully understand the drivers behind these changes.
Return on Equity (ROE)
Exxon Mobil Corp., ROE calculation (quarterly data)
| 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 | |||||||||||||||||||||
| Total ExxonMobil share of equity | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
ROE = 100
× (Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025
+ Net income attributable to ExxonMobilQ1 2025)
÷ Total ExxonMobil share of equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited a generally increasing trend from March 31, 2022, to March 31, 2023, followed by a subsequent decline through December 31, 2025. Net income attributable to ExxonMobil demonstrated significant volatility over the observed period, while total equity showed a more consistent, albeit fluctuating, increase. The interplay between these two factors heavily influenced the observed ROE trajectory.
- Initial Increase (March 31, 2022 – March 31, 2023)
- ROE increased from 15.24% in March 2022 to a peak of 29.54% in March 2023. This rise coincided with a substantial increase in net income, particularly noticeable in the June 30, 2022, and September 30, 2022, periods. While equity also increased, the growth in net income outpaced the growth in equity, driving the ROE higher. The largest single increase in ROE occurred between March and June 2022.
- Subsequent Decline (June 30, 2023 – December 31, 2025)
- Following the peak in March 2023, ROE experienced a consistent downward trend, falling to 11.12% by December 2025. This decline occurred despite a continued, though slower, increase in total equity. The primary driver of this decrease was a reduction in net income. Net income decreased from US$11,430 million in March 2023 to US$6,501 million in December 2025. The rate of decline in ROE appeared to moderate slightly between September 2024 and December 2025.
- Equity Trends
- Total equity consistently increased throughout the period, rising from US$169,215 million in March 2022 to US$259,386 million in December 2025. However, the rate of equity growth slowed considerably in the latter half of the period. A significant jump in equity occurred between March and June 2024, coinciding with a substantial increase in the reported equity value.
- Net Income Volatility
- Net income exhibited considerable fluctuation. The highest levels were observed in June and September 2022, while the lowest levels were recorded in December 2022 and December 2025. This volatility directly impacted the ROE, contributing to the observed peaks and troughs. The decline in net income from the peak in September 2022 to the trough in December 2022 was particularly pronounced.
In summary, the ROE trend was largely dictated by the performance of net income. While equity growth provided some support, the fluctuations in profitability were the dominant factor influencing the observed changes in ROE. The period demonstrated a shift from strong profitability and increasing ROE to a period of declining profitability and decreasing ROE.
Return on Assets (ROA)
Exxon Mobil Corp., ROA calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income attributable to ExxonMobil | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 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 Q4 2025 Calculation
ROA = 100
× (Net income attributable to ExxonMobilQ4 2025
+ Net income attributable to ExxonMobilQ3 2025
+ Net income attributable to ExxonMobilQ2 2025
+ Net income attributable to ExxonMobilQ1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited a generally increasing trend from March 31, 2022, through March 31, 2023, followed by a subsequent decline and stabilization in later periods. Initial values demonstrate a substantial increase in ROA over the observed timeframe, peaking in the first quarter of 2023 before entering a period of moderation.
- Initial Increase (Mar 31, 2022 – Mar 31, 2023)
- The ROA began at 7.27% in March 2022 and progressively increased, reaching a high of 15.89% by March 2023. This indicates a growing efficiency in utilizing assets to generate profit during this period. The most significant gains occurred between March 2022 and June 2022, and again between September 2022 and March 2023.
- Subsequent Decline (Jun 30, 2023 – Dec 31, 2024)
- Following the peak in March 2023, the ROA experienced a consistent decline, falling to 7.43% by December 2024. This suggests a weakening in the relationship between net income and total assets. The rate of decline appeared to moderate in the latter half of 2024.
- Stabilization (Mar 31, 2025 – Dec 31, 2025)
- From March 2025 through December 2025, the ROA demonstrated a period of relative stability, fluctuating between 6.42% and 7.34%. This suggests that the downward trend observed previously may have reached a plateau. The final reported value for December 2025 is 6.42%, representing the lowest point in the observed period.
- Net Income and Total Assets Relationship
- While net income fluctuated throughout the period, total assets generally increased. The initial ROA growth suggests net income grew at a faster rate than total assets. The subsequent decline in ROA, despite continued asset growth, indicates that net income growth slowed or did not keep pace with the expansion of the asset base.
Overall, the ROA trend indicates a period of strong performance followed by a moderation and eventual stabilization. Further investigation into the drivers of net income and asset changes would be necessary to fully understand the underlying causes of these observed patterns.