Analysis of Reportable Segments
Exxon Mobil Corp. operates in 4 segments: Upstream; Energy Products; Chemical Products; and Specialty Products.
Segment Profit Margin
Exxon Mobil Corp., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 54.21% | 68.38% | 83.32% | 80.77% | 72.37% |
| Energy Products | 3.04% | 1.55% | 4.52% | 4.89% | -0.17% |
| Chemical Products | 3.60% | 11.26% | 7.35% | 12.83% | 24.41% |
| Specialty Products | 16.08% | 16.72% | 14.74% | 12.15% | 18.80% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit margins exhibited varied performance across the reporting periods. Significant fluctuations were observed within each segment, indicating sensitivity to external market conditions and internal operational factors. Overall, a declining trend in profitability is apparent when considering the aggregate performance of the segments from 2023 through 2025.
- Upstream
- The Upstream segment demonstrated strong profitability in the initial periods, with margins peaking at 83.32% in 2023. However, a substantial decline is evident in subsequent years, falling to 54.21% by 2025. This represents a considerable erosion of profitability within this segment, potentially attributable to shifts in commodity pricing or increased production costs. The initial increase from 72.37% in 2021 to 80.77% in 2022 suggests a favorable operating environment in those years.
- Energy Products
- The Energy Products segment experienced a notable turnaround from a loss of -0.17% in 2021 to a peak margin of 4.89% in 2022. While margins remained positive in 2023 and 2024, they decreased to 1.55% and 3.04% respectively. This segment’s performance appears more volatile than others, suggesting a greater susceptibility to fluctuations in refining margins or product demand.
- Chemical Products
- The Chemical Products segment began with a relatively high margin of 24.41% in 2021, but experienced a consistent decline through 2023, reaching 7.35%. A modest recovery to 11.26% occurred in 2024, followed by a further decrease to 3.60% in 2025. This pattern suggests challenges in maintaining profitability within the chemical sector, potentially due to increased feedstock costs or competitive pressures.
- Specialty Products
- The Specialty Products segment exhibited the most stable performance of the four segments. Margins fluctuated between 12.15% and 18.80% during the period, with a slight upward trend from 2022 to 2024, peaking at 16.72%. A minor decrease to 16.08% was observed in 2025. This relative stability may indicate a more resilient business model or a differentiated product offering.
In summary, while the Upstream segment initially drove overall profitability, its subsequent decline significantly impacted the aggregate performance. The Energy Products and Chemical Products segments demonstrated volatility and decreasing margins, while Specialty Products maintained a comparatively stable, albeit moderate, level of profitability.
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Segment Profit Margin: Upstream
Exxon Mobil Corp.; Upstream; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 21,354) | 25,390) | 21,308) | 36,479) | 15,775) |
| Sales and other operating revenue | 39,389) | 37,131) | 25,574) | 45,164) | 21,797) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 54.21% | 68.38% | 83.32% | 80.77% | 72.37% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 21,354 ÷ 39,389 = 54.21%
The segment net income exhibited substantial volatility over the observed period. Initial growth was followed by a decline, indicating fluctuating profitability within the segment. Sales and other operating revenue also demonstrated a pattern of increase followed by a decrease, though less pronounced than the net income fluctuations. The segment profit margin, calculated from these figures, reveals a corresponding trend of initial expansion, peak performance, and subsequent contraction.
- Segment Net Income
- Segment net income increased significantly from $15,775 million in 2021 to $36,479 million in 2022. This represents a substantial year-over-year increase. However, income decreased to $21,308 million in 2023, before partially recovering to $25,390 million in 2024. A further decrease to $21,354 million was observed in 2025, suggesting a return to levels comparable to those seen in 2023.
- Sales and Other Operating Revenue
- Sales and other operating revenue mirrored the net income trend, increasing from $21,797 million in 2021 to $45,164 million in 2022. Revenue then decreased to $25,574 million in 2023, followed by an increase to $37,131 million in 2024. Revenue continued to rise, reaching $39,389 million in 2025, though the rate of increase slowed compared to the 2021-2022 period.
- Segment Profit Margin
- The segment profit margin increased from 72.37% in 2021 to a peak of 83.32% in 2023. This indicates improving efficiency in converting revenue to profit during this period. However, the margin declined significantly to 68.38% in 2024 and further decreased to 54.21% in 2025. This substantial decrease suggests increasing costs or pricing pressures impacting profitability, despite the revenue increase in 2025.
The observed trends suggest a period of strong performance in 2022 and 2023, followed by a weakening of profitability in 2024 and 2025. While revenue continued to increase in the latter years, the declining profit margin indicates that the segment is becoming less efficient at generating profit from each dollar of revenue. Further investigation into the cost structure and pricing dynamics would be necessary to understand the drivers behind this margin compression.
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Segment Profit Margin: Energy Products
Exxon Mobil Corp.; Energy Products; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 7,423) | 4,033) | 12,142) | 14,966) | (346) |
| Sales and other operating revenue | 244,451) | 260,856) | 268,383) | 305,977) | 208,906) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 3.04% | 1.55% | 4.52% | 4.89% | -0.17% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 7,423 ÷ 244,451 = 3.04%
The segment net income for Energy Products demonstrated significant volatility over the observed period. Initially reporting a loss in 2021, the segment experienced substantial growth in profitability through 2022 and 2023, followed by a marked decline in 2024, and a partial recovery in 2025.
Sales and other operating revenue exhibited an initial increase from 2021 to 2022, then decreased over the subsequent three years, indicating a potential shift in market conditions or internal strategic adjustments.
- Segment Profit Margin
- The segment profit margin mirrored the fluctuations in net income. In 2021, the margin was negative at -0.17%, reflecting the reported loss. A substantial improvement was observed in 2022, reaching 4.89%, and remained relatively high at 4.52% in 2023. A significant decrease to 1.55% occurred in 2024, suggesting increased cost pressures or reduced pricing power. The margin partially recovered to 3.04% in 2025, but remained below the levels seen in 2022 and 2023.
The correlation between sales revenue and segment net income suggests a strong relationship between revenue generation and profitability within this segment. However, the declining revenue trend from 2022 to 2025, coupled with the volatility in profit margin, indicates that factors beyond revenue volume, such as cost management and pricing strategies, are significantly impacting the segment’s financial performance.
The substantial increase in segment net income and profit margin between 2021 and 2022 warrants further investigation to understand the drivers of this improvement. Similarly, the sharp decline in 2024 requires analysis to identify the contributing factors and assess the sustainability of the 2025 recovery.
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Segment Profit Margin: Chemical Products
Exxon Mobil Corp.; Chemical Products; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 800) | 2,577) | 1,637) | 3,543) | 6,989) |
| Sales and other operating revenue | 22,209) | 22,896) | 22,265) | 27,619) | 28,628) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 3.60% | 11.26% | 7.35% | 12.83% | 24.41% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 800 ÷ 22,209 = 3.60%
The financial performance of the Chemical Products segment demonstrates a significant decline in profitability over the analyzed period. Segment net income decreased substantially from 2021 to 2023, followed by a partial recovery in 2024 before declining again in 2025. Simultaneously, sales and other operating revenue experienced a decrease from 2021 to 2023, showing modest growth in 2024, and then a slight decrease in 2025.
- Segment Profit Margin
- The segment profit margin exhibited a pronounced downward trend. Starting at 24.41% in 2021, it decreased to 12.83% in 2022, and further to 7.35% in 2023. A modest recovery was observed in 2024, with the margin increasing to 11.26%, but this was followed by a substantial decline to 3.60% in 2025. This indicates a weakening ability to translate revenue into profit within the segment.
The decline in segment net income is not fully proportional to the decrease in sales and other operating revenue, suggesting that factors beyond revenue volume, such as cost pressures or pricing dynamics, are significantly impacting profitability. The recovery in 2024 was insufficient to restore margins to previous levels, and the subsequent drop in 2025 highlights ongoing challenges. Further investigation into the cost structure and competitive landscape of the Chemical Products segment is warranted to understand the drivers behind these trends.
The consistent decrease in segment profit margin, particularly the sharp decline in 2025, is a key area of concern. The segment’s ability to generate profits has diminished considerably, and the trend suggests potential underlying issues that require attention. The relatively stable revenue figures in the later years, coupled with declining profitability, reinforce the need to analyze cost management and pricing strategies within this segment.
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Segment Profit Margin: Specialty Products
Exxon Mobil Corp.; Specialty Products; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 2,857) | 3,052) | 2,714) | 2,415) | 3,259) |
| Sales and other operating revenue | 17,771) | 18,253) | 18,407) | 19,879) | 17,331) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 16.08% | 16.72% | 14.74% | 12.15% | 18.80% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 2,857 ÷ 17,771 = 16.08%
The segment net income for Specialty Products demonstrated variability over the five-year period. Initial values decreased before stabilizing and showing modest fluctuations. Sales and other operating revenue exhibited an initial increase followed by a decline, ultimately settling near the beginning value. The segment profit margin mirrored the net income trend, initially decreasing, then recovering and stabilizing.
- Segment Net Income
- Segment net income began at US$3,259 million in 2021, decreased to US$2,415 million in 2022, and then increased to US$2,714 million in 2023. Further growth was observed in 2024, reaching US$3,052 million, before a slight decrease to US$2,857 million in 2025. This indicates a period of initial weakness followed by recovery, with recent performance remaining below the 2021 level.
- Sales and Other Operating Revenue
- Sales and other operating revenue increased from US$17,331 million in 2021 to US$19,879 million in 2022. Subsequently, revenue decreased to US$18,407 million in 2023, and continued to decline to US$18,253 million in 2024. By 2025, revenue reached US$17,771 million, representing a return towards the initial 2021 value. This suggests a peak in revenue in 2022 followed by a consistent downward trend.
- Segment Profit Margin
- The segment profit margin experienced a significant decrease from 18.80% in 2021 to 12.15% in 2022, coinciding with the decrease in segment net income. A recovery was then observed, with the margin increasing to 14.74% in 2023 and 16.72% in 2024. The margin stabilized at 16.08% in 2025. This indicates a strong correlation between revenue and profitability, with margin improvements following revenue stabilization.
Overall, the Specialty Products segment experienced a period of volatility between 2021 and 2025. While net income and revenue have shown signs of recovery from initial declines, they have not returned to their 2021 levels. The segment profit margin has demonstrated resilience, recovering to a level comparable to its initial value despite fluctuations in revenue and net income.
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Segment Return on Assets (Segment ROA)
Exxon Mobil Corp., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 7.43% | 8.77% | 10.33% | 17.67% | 7.54% |
| Energy Products | 9.29% | 5.34% | 16.31% | 20.34% | -0.54% |
| Chemical Products | 2.26% | 7.33% | 4.72% | 10.67% | 22.36% |
| Specialty Products | 26.02% | 27.94% | 24.67% | 21.65% | 29.88% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment return on assets exhibited varied performance across the reporting periods. Overall, the segment returns demonstrate cyclicality, influenced by commodity price fluctuations and operational efficiencies. A notable divergence in performance is observed between the segments, with Specialty Products consistently demonstrating the highest returns, while Energy Products experienced more volatility.
- Upstream
- The Upstream segment experienced a significant increase in return on assets from 2021 to 2022, rising from 7.54% to 17.67%. This was followed by a decline in 2023 to 10.33%, and a continued downward trend through 2025, reaching 7.43%. This suggests a sensitivity to changes in crude oil and natural gas prices, with the initial increase likely benefiting from favorable market conditions, and subsequent declines reflecting price corrections or increased production costs.
- Energy Products
- The Energy Products segment showed substantial volatility. Beginning at -0.54% in 2021, it experienced a dramatic improvement to 20.34% in 2022. Returns then decreased to 16.31% in 2023 and further to 5.34% in 2024, before partially recovering to 9.29% in 2025. This pattern indicates a strong correlation with refining margins and demand for petroleum products, potentially impacted by economic cycles and geopolitical events.
- Chemical Products
- The Chemical Products segment demonstrated a decreasing trend in return on assets. Starting at a high of 22.36% in 2021, returns declined steadily to 10.67% in 2022, 4.72% in 2023, 7.33% in 2024, and further to 2.26% in 2025. This suggests increasing competitive pressures, rising feedstock costs, or a slowdown in demand for chemical products. The brief increase in 2024 may indicate a temporary improvement in market conditions or operational adjustments.
- Specialty Products
- The Specialty Products segment consistently generated the highest returns among the reported segments. Returns remained strong throughout the period, beginning at 29.88% in 2021, decreasing to 21.65% in 2022, then increasing to 24.67% in 2023 and 27.94% in 2024, before settling at 26.02% in 2025. This indicates a resilient business model with strong pricing power and consistent demand for its specialized offerings.
The observed trends suggest that segment profitability is not uniform and is subject to external market forces. The Specialty Products segment appears to be the most stable and profitable, while the Upstream and Energy Products segments are more sensitive to commodity price fluctuations. The Chemical Products segment faces increasing challenges, as evidenced by its declining returns.
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Segment ROA: Upstream
Exxon Mobil Corp.; Upstream; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 21,354) | 25,390) | 21,308) | 36,479) | 15,775) |
| Total assets | 287,571) | 289,523) | 206,366) | 206,459) | 209,272) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.43% | 8.77% | 10.33% | 17.67% | 7.54% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 21,354 ÷ 287,571 = 7.43%
The Upstream segment demonstrated significant fluctuations in financial performance between 2021 and 2025. Segment net income exhibited substantial growth initially, followed by a period of decline and stabilization. Total assets increased considerably over the period, with a notable jump in 2024. Consequently, Segment Return on Assets (ROA) mirrored these trends, peaking in 2022 before decreasing through 2025.
- Segment Net Income
- Segment net income increased markedly from US$15,775 million in 2021 to US$36,479 million in 2022, representing a substantial year-over-year gain. This was followed by a decrease to US$21,308 million in 2023. A moderate recovery occurred in 2024, with net income reaching US$25,390 million, but this was followed by a slight decline to US$21,354 million in 2025. The 2025 figure is comparable to the 2023 level, suggesting a stabilization of earnings after the initial surge and subsequent correction.
- Total Assets
- Total assets remained relatively stable between 2021 and 2023, fluctuating around US$206-209 billion. A significant increase was observed in 2024, with total assets rising to US$289,523 million. This increase continued, albeit at a slower pace, in 2025, reaching US$287,571 million. The substantial asset growth in 2024 likely reflects investment in the segment’s operations.
- Segment ROA
- Segment ROA increased significantly from 7.54% in 2021 to 17.67% in 2022, driven by the substantial increase in segment net income. The ROA then decreased to 10.33% in 2023, mirroring the decline in net income. Further decreases were observed in 2024 (8.77%) and 2025 (7.43%). The declining ROA from 2022 to 2025 suggests that while net income remained positive, it did not grow at the same rate as total assets, indicating diminishing returns on the increased asset base. The 2025 ROA is approaching the level observed in 2021.
The interplay between net income and asset growth suggests a changing dynamic within the Upstream segment. While initial gains were strong, the subsequent increase in assets without a proportional increase in net income resulted in a declining ROA. Continued monitoring of these trends will be important to assess the long-term profitability and efficiency of the segment.
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Segment ROA: Energy Products
Exxon Mobil Corp.; Energy Products; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 7,423) | 4,033) | 12,142) | 14,966) | (346) |
| Total assets | 79,917) | 75,542) | 74,460) | 73,565) | 64,630) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.29% | 5.34% | 16.31% | 20.34% | -0.54% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 7,423 ÷ 79,917 = 9.29%
The segment performance of Energy Products demonstrates significant volatility over the observed five-year period. Initially, the segment experienced a net loss, followed by substantial gains, and then a period of declining, but ultimately recovering, profitability. This is reflected in the segment’s Return on Assets (ROA).
- Segment Net Income (Loss)
- In 2021, the segment reported a net loss of US$346 million. This was followed by a dramatic increase in net income to US$14,966 million in 2022. While remaining positive, net income decreased to US$12,142 million in 2023, and then further to US$4,033 million in 2024. A recovery is observed in 2025, with net income rising to US$7,423 million.
- Total Assets
- Total assets within the Energy Products segment exhibited a consistent upward trend throughout the period. Beginning at US$64,630 million in 2021, assets increased to US$73,565 million in 2022, US$74,460 million in 2023, US$75,542 million in 2024, and reached US$79,917 million in 2025. The rate of asset growth appears to moderate over time.
- Segment ROA
- The segment ROA mirrored the fluctuations in net income. In 2021, the ROA was negative at -0.54%. A substantial improvement occurred in 2022, with the ROA reaching 20.34%. The ROA then decreased to 16.31% in 2023 and further declined to 5.34% in 2024. A partial recovery is evident in 2025, with the ROA increasing to 9.29%. The ROA demonstrates a strong correlation with the segment’s net income, indicating that profitability is a primary driver of asset utilization efficiency.
The observed trends suggest that the Energy Products segment’s profitability is sensitive to external factors. While asset growth is consistent, the significant swings in net income and ROA indicate potential vulnerability to market conditions or internal operational changes. The recovery in 2025 suggests a potential stabilization, but continued monitoring is warranted.
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Segment ROA: Chemical Products
Exxon Mobil Corp.; Chemical Products; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 800) | 2,577) | 1,637) | 3,543) | 6,989) |
| Total assets | 35,356) | 35,137) | 34,675) | 33,217) | 31,250) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.26% | 7.33% | 4.72% | 10.67% | 22.36% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 800 ÷ 35,356 = 2.26%
The financial performance of the Chemical Products segment demonstrates a significant decline in profitability relative to asset investment over the analyzed period. Segment net income decreased substantially from 2021 to 2023, followed by a partial recovery in 2024, and a further decline in 2025. Total assets within the segment exhibited a more moderate, generally increasing trend.
- Segment Net Income
- Segment net income peaked at US$6,989 million in 2021. A considerable decrease was observed in 2022, falling to US$3,543 million. This downward trend continued into 2023, with net income reaching US$1,637 million, representing the lowest value in the observed period. A partial recovery occurred in 2024, with net income increasing to US$2,577 million, but this was followed by another decline to US$800 million in 2025.
- Total Assets
- Total assets for the Chemical Products segment increased steadily from US$31,250 million in 2021 to US$35,356 million in 2025. The year-over-year increases were relatively consistent, ranging from approximately US$1,967 million to US$219 million. This indicates a continued investment in the segment’s asset base despite fluctuating profitability.
- Segment ROA
- Segment Return on Assets (ROA) mirrored the trend in net income. ROA began at a high of 22.36% in 2021, then decreased significantly to 10.67% in 2022. The decline continued to 4.72% in 2023. A modest improvement was seen in 2024, with ROA reaching 7.33%, but this was followed by a substantial decrease to 2.26% in 2025. The decreasing ROA suggests diminishing efficiency in generating profit from the segment’s assets.
The divergence between relatively stable asset growth and declining net income and ROA suggests potential issues with operational efficiency, pricing pressures, or increased costs within the Chemical Products segment. Further investigation into the underlying drivers of these trends is warranted.
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Segment ROA: Specialty Products
Exxon Mobil Corp.; Specialty Products; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 2,857) | 3,052) | 2,714) | 2,415) | 3,259) |
| Total assets | 10,981) | 10,922) | 10,999) | 11,155) | 10,908) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 26.02% | 27.94% | 24.67% | 21.65% | 29.88% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 2,857 ÷ 10,981 = 26.02%
The Specialty Products segment demonstrated fluctuating, but generally positive, financial performance between 2021 and 2025. Segment net income decreased initially, then recovered, while total assets remained relatively stable. This resulted in corresponding changes in the segment’s Return on Assets (ROA).
- Segment Net Income
- Segment net income began at US$3,259 million in 2021, decreased to US$2,415 million in 2022, and then exhibited a recovery, reaching US$2,714 million in 2023. Further growth was observed in 2024, with net income increasing to US$3,052 million. A slight decrease occurred in the final year, with net income reported as US$2,857 million in 2025.
- Total Assets
- Total assets for the Specialty Products segment showed minimal variation throughout the five-year period. Assets increased modestly from US$10,908 million in 2021 to US$11,155 million in 2022, then decreased slightly to US$10,999 million in 2023. Values remained relatively consistent in 2024 (US$10,922 million) and 2025 (US$10,981 million), indicating stable investment in segment-specific resources.
- Segment ROA
- Segment ROA mirrored the trend in net income. It began at a high of 29.88% in 2021, then decreased significantly to 21.65% in 2022, coinciding with the decline in segment net income. ROA recovered to 24.67% in 2023 and continued to improve, reaching 27.94% in 2024. A slight decrease was observed in 2025, with ROA reported at 26.02%. The consistent asset base suggests that changes in ROA are primarily driven by fluctuations in segment profitability.
Overall, the Specialty Products segment demonstrated resilience, recovering from a dip in profitability in 2022. While net income and ROA experienced some fluctuation, they remained at generally healthy levels throughout the analyzed period. The stability of total assets suggests a consistent operational footprint.
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Segment Asset Turnover
Exxon Mobil Corp., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 0.14 | 0.13 | 0.12 | 0.22 | 0.10 |
| Energy Products | 3.06 | 3.45 | 3.60 | 4.16 | 3.23 |
| Chemical Products | 0.63 | 0.65 | 0.64 | 0.83 | 0.92 |
| Specialty Products | 1.62 | 1.67 | 1.67 | 1.78 | 1.59 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment asset turnover ratios exhibit varied performance across the reporting periods. Overall, the trends suggest differing efficiencies in asset utilization among the segments.
- Upstream
- The Upstream segment demonstrates considerable fluctuation in asset turnover. The ratio increased significantly from 0.10 in 2021 to 0.22 in 2022, then decreased to 0.12 in 2023. A slight increase to 0.13 in 2024 and 0.14 in 2025 is observed, but remains below the 2022 peak. This suggests inconsistent efficiency in converting upstream assets into revenue.
- Energy Products
- The Energy Products segment consistently exhibits the highest asset turnover ratios among the reported segments. The ratio peaked at 4.16 in 2022, following an increase from 3.23 in 2021. A gradual decline is then apparent, with ratios of 3.60, 3.45, and 3.06 reported for 2023, 2024, and 2025 respectively. While remaining strong, this downward trend warrants monitoring to understand potential underlying causes.
- Chemical Products
- The Chemical Products segment shows a consistent, albeit slow, downward trend in asset turnover. The ratio decreased from 0.92 in 2021 to 0.63 in 2025. The decline is relatively stable, with minor fluctuations between 0.83 in 2022 and 0.64 in 2023, then 0.65 in 2024. This suggests a gradual decrease in the efficiency of asset utilization within this segment.
- Specialty Products
- The Specialty Products segment maintains a relatively stable asset turnover ratio throughout the period. The ratio began at 1.59 in 2021 and decreased slightly to 1.62 in 2025. Minor variations are observed, with a peak of 1.78 in 2022 and a consistent value of 1.67 in 2023 and 2024. This indicates consistent, though not improving, asset utilization.
In summary, the Energy Products segment demonstrates the most efficient asset utilization, while the Upstream and Chemical Products segments show more pronounced changes and potential areas for operational review. The Specialty Products segment exhibits the most stable performance.
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Segment Asset Turnover: Upstream
Exxon Mobil Corp.; Upstream; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 39,389) | 37,131) | 25,574) | 45,164) | 21,797) |
| Total assets | 287,571) | 289,523) | 206,366) | 206,459) | 209,272) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.14 | 0.13 | 0.12 | 0.22 | 0.10 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 39,389 ÷ 287,571 = 0.14
The Upstream segment experienced significant fluctuations in both sales and asset levels between 2021 and 2025. These movements resulted in a corresponding variability in the segment asset turnover ratio.
- Sales and Other Operating Revenue
- Sales and other operating revenue demonstrated a substantial increase from US$21,797 million in 2021 to US$45,164 million in 2022. This was followed by a decrease to US$25,574 million in 2023, before recovering to US$37,131 million in 2024 and further increasing to US$39,389 million in 2025. The 2022 peak suggests a period of particularly strong performance, potentially driven by favorable commodity pricing or increased production volumes. The subsequent decline in 2023 could be attributed to changing market conditions.
- Total Assets
- Total assets within the Upstream segment initially decreased slightly from US$209,272 million in 2021 to US$206,459 million in 2022. Assets remained relatively stable at US$206,366 million in 2023, then increased considerably to US$289,523 million in 2024, and settled at US$287,571 million in 2025. The significant increase in 2024 likely reflects investment in new projects or acquisitions within the segment.
- Segment Asset Turnover
- The segment asset turnover ratio exhibited considerable volatility. It began at 0.10 in 2021, rose sharply to 0.22 in 2022, then decreased to 0.12 in 2023. The ratio continued to increase, reaching 0.13 in 2024 and 0.14 in 2025. The 2022 peak in asset turnover aligns with the substantial increase in sales, indicating efficient asset utilization during that period. The subsequent decline in 2023, despite lower sales, suggests a less efficient use of assets. The gradual increase in the ratio from 2024 to 2025 indicates a potential improvement in asset utilization as sales increased with relatively stable asset levels.
Overall, the Upstream segment’s performance appears sensitive to external factors influencing sales revenue. While asset levels have increased in recent years, the segment asset turnover ratio suggests that the efficiency of asset utilization has varied considerably, with a recent trend toward improvement.
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Segment Asset Turnover: Energy Products
Exxon Mobil Corp.; Energy Products; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 244,451) | 260,856) | 268,383) | 305,977) | 208,906) |
| Total assets | 79,917) | 75,542) | 74,460) | 73,565) | 64,630) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 3.06 | 3.45 | 3.60 | 4.16 | 3.23 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 244,451 ÷ 79,917 = 3.06
The segment asset turnover for Energy Products exhibited fluctuations over the five-year period. Sales and other operating revenue and total assets within this segment also experienced changes, influencing the observed turnover rates.
- Sales and Other Operating Revenue
- Sales and other operating revenue increased significantly from 2021 to 2022, rising from US$208,906 million to US$305,977 million. However, revenue subsequently declined in each of the following years, reaching US$244,451 million by 2025. This represents an overall decrease of approximately 20.4% from the 2022 peak.
- Total Assets
- Total assets within the Energy Products segment demonstrated a generally increasing trend. From 2021 to 2025, assets grew from US$64,630 million to US$79,917 million, representing an increase of approximately 23.7%. The rate of asset growth appeared to moderate in the later years of the period.
- Segment Asset Turnover
- The segment asset turnover ratio initially increased from 3.23 in 2021 to a peak of 4.16 in 2022, coinciding with the substantial rise in sales. Following 2022, the ratio decreased each year, falling to 3.06 in 2025. This decline occurred despite continued growth in total assets, indicating that revenue generation became less efficient in relation to asset deployment over the latter part of the period. The 2025 ratio represents a decrease of approximately 26.4% from the 2022 high.
The observed trends suggest a period of strong revenue growth followed by a decline, while asset levels continued to increase. This combination resulted in a decreasing asset turnover ratio, potentially indicating diminishing returns on asset investment within the Energy Products segment.
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Segment Asset Turnover: Chemical Products
Exxon Mobil Corp.; Chemical Products; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 22,209) | 22,896) | 22,265) | 27,619) | 28,628) |
| Total assets | 35,356) | 35,137) | 34,675) | 33,217) | 31,250) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.63 | 0.65 | 0.64 | 0.83 | 0.92 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 22,209 ÷ 35,356 = 0.63
The Chemical Products segment experienced a declining trend in asset turnover from 2021 to 2025. While sales and total assets fluctuated, the ratio consistently decreased, indicating diminishing efficiency in asset utilization within this segment.
- Sales and Other Operating Revenue
- Sales and other operating revenue for the Chemical Products segment decreased from US$28,628 million in 2021 to US$22,209 million in 2025. A notable drop occurred between 2021 and 2022, followed by a further decline in 2023. Revenue showed a slight increase in 2024 before decreasing again in 2025, but remained below the 2021 level.
- Total Assets
- Total assets within the Chemical Products segment generally increased over the five-year period, rising from US$31,250 million in 2021 to US$35,356 million in 2025. The largest increase occurred between 2021 and 2022. Growth slowed in subsequent years, with relatively small increases observed from 2023 to 2025.
- Segment Asset Turnover
- The segment asset turnover ratio decreased from 0.92 in 2021 to 0.63 in 2025. This indicates that the segment generated less revenue for each dollar of assets employed over time. The most significant decline occurred between 2021 and 2023, with the ratio stabilizing around 0.65 in 2024 and decreasing slightly in 2025. The decreasing ratio, coupled with increasing assets, suggests a potential inefficiency in converting assets into sales within the Chemical Products segment.
The combination of decreasing sales and increasing assets contributed to the observed decline in asset turnover. Further investigation would be required to determine the underlying causes of these trends, such as changes in market conditions, operational inefficiencies, or strategic investment decisions.
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Segment Asset Turnover: Specialty Products
Exxon Mobil Corp.; Specialty Products; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 17,771) | 18,253) | 18,407) | 19,879) | 17,331) |
| Total assets | 10,981) | 10,922) | 10,999) | 11,155) | 10,908) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.62 | 1.67 | 1.67 | 1.78 | 1.59 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 17,771 ÷ 10,981 = 1.62
The Specialty Products segment experienced fluctuating revenue between 2021 and 2025, while total assets remained relatively stable. This resulted in a segment asset turnover ratio that exhibited a moderate downward trend over the five-year period.
- Sales and Other Operating Revenue
- Sales and other operating revenue increased from US$17,331 million in 2021 to US$19,879 million in 2022, representing a substantial year-over-year increase. However, revenue subsequently declined to US$18,407 million in 2023 and continued to decrease, reaching US$17,771 million in 2025. This indicates a period of initial growth followed by a consistent contraction in revenue generation.
- Total Assets
- Total assets for the Specialty Products segment demonstrated considerable stability throughout the analyzed period. The value ranged between US$10,908 million and US$11,155 million, with minimal fluctuation. This suggests consistent investment levels or limited asset disposal within the segment.
- Segment Asset Turnover
- The segment asset turnover ratio, a measure of how efficiently assets are used to generate revenue, began at 1.59 in 2021. It peaked at 1.78 in 2022, coinciding with the highest revenue figure. Following 2022, the ratio decreased to 1.67 in both 2023 and 2024, and further declined to 1.62 in 2025. This downward trend suggests a decreasing efficiency in asset utilization, potentially due to the declining revenue despite relatively constant asset levels. While the ratio remains above 1.6, the consistent decrease warrants further investigation.
The combination of stable assets and declining revenue suggests that the segment may be experiencing challenges in converting its asset base into sales. Continued monitoring of these trends is recommended to assess the long-term implications for segment performance.
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Segment Capital Expenditures to Depreciation
Exxon Mobil Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 1.19 | 5.28 | 1.12 | 0.63 | 0.51 |
| Energy Products | 1.24 | 1.33 | 1.64 | 1.06 | 1.07 |
| Chemical Products | 0.98 | 1.49 | 1.81 | 2.75 | 1.31 |
| Specialty Products | 2.20 | 1.93 | 1.43 | 0.82 | 0.56 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The relationship between segment capital expenditures and depreciation exhibits varied trends across the reporting periods and segments. Significant fluctuations are observed, particularly within the Upstream and Chemical Products segments. Overall, the ratios suggest changing investment patterns and asset utilization across the business units.
- Upstream
- The Upstream segment demonstrates a substantial increase in the ratio from 0.51 in 2021 to a peak of 5.28 in 2024. This indicates a period of significantly higher capital expenditure relative to depreciation. Following this peak, the ratio decreased to 1.19 in 2025, suggesting a moderation in investment relative to asset write-down. The initial increase may reflect substantial investment in new projects or expansion, while the subsequent decline could indicate project completion or a shift in investment strategy.
- Energy Products
- The Energy Products segment displays relative stability in the ratio, fluctuating between 1.06 and 1.64 over the five-year period. A slight downward trend is observable from 2022 to 2025, moving from 1.06 to 1.24. This suggests a consistent level of capital expenditure relative to depreciation, with a minor indication of potentially slowing investment or increasing asset age.
- Chemical Products
- The Chemical Products segment exhibits considerable volatility. The ratio increased from 1.31 in 2021 to 2.75 in 2022, then decreased to 0.98 in 2025. This pattern suggests a period of increased investment followed by a substantial reduction, potentially linked to project cycles, market conditions, or strategic realignment. The decline to below 1.0 in 2025 indicates that depreciation exceeded capital expenditures during that year.
- Specialty Products
- The Specialty Products segment shows a consistent upward trend in the ratio, increasing from 0.56 in 2021 to 2.20 in 2025. This indicates a growing investment in capital assets relative to depreciation, potentially driven by expansion, technological upgrades, or increased demand. The consistent increase suggests a sustained commitment to growth within this segment.
In summary, the segment-specific ratios reveal differing investment strategies and asset management practices. The Upstream and Chemical Products segments experienced significant fluctuations, while Energy Products remained relatively stable and Specialty Products demonstrated consistent growth. These trends warrant further investigation to understand the underlying drivers and their implications for future performance.
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Segment Capital Expenditures to Depreciation: Upstream
Exxon Mobil Corp.; Upstream; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 25,362) | 103,020) | 18,589) | 12,381) | 8,616) |
| Depreciation and depletion, includes impairments | 21,357) | 19,524) | 16,600) | 19,804) | 16,749) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.19 | 5.28 | 1.12 | 0.63 | 0.51 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 25,362 ÷ 21,357 = 1.19
The segment capital expenditures to depreciation ratio for the Upstream segment demonstrates significant fluctuation over the observed period. Initial values are relatively low, increasing substantially in 2024 before declining again. Additions to property, plant and equipment show an increasing trend overall, with a particularly large increase in 2024, while depreciation and depletion remain relatively stable with a slight upward trend.
- Segment Capital Expenditures to Depreciation (Upstream)
- The ratio begins at 0.51 in 2021, indicating that capital expenditures were approximately half the value of depreciation and depletion. This ratio increases to 0.63 in 2022, suggesting a moderate increase in capital spending relative to depreciation. A further increase is observed in 2023, reaching 1.12, signifying that capital expenditures exceeded depreciation.
- A dramatic surge occurs in 2024, with the ratio reaching 5.28. This substantial increase is driven by a significant rise in additions to property, plant and equipment, while depreciation remains comparatively stable. The ratio then decreases to 1.19 in 2025, indicating a reduction in capital expenditures relative to the peak in 2024, but still remaining above the levels seen in 2021-2023.
- Additions to Property, Plant and Equipment (Upstream)
- Additions to property, plant and equipment show a general upward trend, increasing from US$8,616 million in 2021 to US$12,381 million in 2022. This trend continues with a further increase to US$18,589 million in 2023. A substantial increase is then observed in 2024, reaching US$103,020 million, representing a significant investment in the segment. The value then decreases to US$25,362 million in 2025, though remaining higher than the values recorded prior to 2024.
- Depreciation and Depletion (Upstream)
- Depreciation and depletion exhibits a relatively stable pattern with a slight upward trend. The value increases from US$16,749 million in 2021 to US$19,804 million in 2022. A decrease is observed in 2023 to US$16,600 million, followed by increases to US$19,524 million in 2024 and US$21,357 million in 2025. The fluctuations are less pronounced than those observed in capital expenditures.
The significant increase in capital expenditures in 2024, coupled with relatively stable depreciation, resulted in a substantial increase in the segment capital expenditures to depreciation ratio. The subsequent decrease in capital expenditures in 2025 led to a reduction in the ratio, though it remained elevated compared to earlier years. These trends suggest a period of substantial investment in the Upstream segment in 2024, followed by a moderation of that investment in 2025.
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Segment Capital Expenditures to Depreciation: Energy Products
Exxon Mobil Corp.; Energy Products; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 1,954) | 2,039) | 2,561) | 2,105) | 1,853) |
| Depreciation and depletion, includes impairments | 1,577) | 1,533) | 1,562) | 1,987) | 1,736) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.24 | 1.33 | 1.64 | 1.06 | 1.07 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 1,954 ÷ 1,577 = 1.24
Analysis of segment capital expenditures to depreciation for the Energy Products segment reveals a fluctuating pattern over the five-year period. Additions to property, plant and equipment increased from 2021 to 2023, before declining in 2024 and 2025. Depreciation and depletion experienced a similar pattern, increasing initially then decreasing, though remaining relatively stable in the latter years of the period.
- Additions to Property, Plant and Equipment
- Additions to property, plant and equipment increased from US$1,853 million in 2021 to US$2,561 million in 2023, representing a 38% increase over the period. A subsequent decrease is observed in 2024 to US$2,039 million, followed by a further decline to US$1,954 million in 2025. This suggests a potential shift in investment strategy or project completion within the segment.
- Depreciation and Depletion
- Depreciation and depletion increased from US$1,736 million in 2021 to US$1,987 million in 2022, then decreased to US$1,562 million in 2023. It remained relatively stable at US$1,533 million in 2024 and increased slightly to US$1,577 million in 2025. The decrease in depreciation following the peak in capital expenditures in 2023 is expected, but the stabilization suggests a consistent level of depreciable assets in recent years.
- Segment Capital Expenditures to Depreciation
- The segment capital expenditures to depreciation ratio was relatively stable at 1.07 and 1.06 in 2021 and 2022, respectively. A significant increase to 1.64 is observed in 2023, indicating that capital expenditures substantially exceeded depreciation during that year. The ratio then decreased to 1.33 in 2024 and 1.24 in 2025, though remaining above the levels seen in the earlier years of the period. This suggests a period of increased investment relative to the depreciation of existing assets, followed by a moderation of that trend.
The observed trends suggest a period of significant investment in the Energy Products segment, peaking in 2023, followed by a stabilization and slight decrease in capital expenditure. The capital expenditures to depreciation ratio indicates that the segment has been actively renewing and expanding its asset base, although the rate of expansion has slowed in the most recent years.
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Segment Capital Expenditures to Depreciation: Chemical Products
Exxon Mobil Corp.; Chemical Products; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 1,322) | 1,635) | 2,375) | 2,718) | 1,250) |
| Depreciation and depletion, includes impairments | 1,355) | 1,096) | 1,311) | 988) | 955) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.98 | 1.49 | 1.81 | 2.75 | 1.31 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 1,322 ÷ 1,355 = 0.98
The segment capital expenditures to depreciation ratio for Chemical Products demonstrates a fluctuating pattern over the five-year period. Initial values are relatively high, followed by a decline towards parity with depreciation expense.
- Additions to Property, Plant and Equipment
- Additions to property, plant and equipment increased significantly from $1,250 million in 2021 to $2,718 million in 2022. Subsequent years show a decreasing trend, with values of $2,375 million in 2023, $1,635 million in 2024, and $1,322 million in 2025. This suggests a peak in investment during 2022, followed by a moderation of capital spending.
- Depreciation and Depletion
- Depreciation and depletion experienced a moderate increase from $955 million in 2021 to $988 million in 2022. It then rose more substantially to $1,311 million in 2023 before decreasing to $1,096 million in 2024. A further increase is observed in 2025, reaching $1,355 million. This pattern indicates a growing asset base requiring increased depreciation, with some fluctuation year-over-year.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio began at 1.31 in 2021, indicating that capital expenditures exceeded depreciation expense by 31%. This ratio increased substantially to 2.75 in 2022, suggesting a significant investment in new assets relative to the depreciation of existing assets. The ratio then decreased to 1.81 in 2023 and further to 1.49 in 2024, indicating a narrowing gap between capital expenditures and depreciation. By 2025, the ratio reached 0.98, signifying that depreciation expense nearly equaled capital expenditures. This trend suggests a shift from a period of substantial investment to a phase where investments are more aligned with maintaining the existing asset base.
The decreasing trend in the ratio from 2022 to 2025 warrants attention. While continued investment is occurring, the relative magnitude compared to depreciation is diminishing. This could indicate a strategic shift towards maximizing the utilization of existing assets or a change in investment priorities within the Chemical Products segment.
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Segment Capital Expenditures to Depreciation: Specialty Products
Exxon Mobil Corp.; Specialty Products; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 595) | 457) | 451) | 237) | 164) |
| Depreciation and depletion, includes impairments | 270) | 237) | 315) | 288) | 292) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.20 | 1.93 | 1.43 | 0.82 | 0.56 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 595 ÷ 270 = 2.20
Analysis of segment capital expenditures to depreciation for the Specialty Products segment reveals a consistent upward trend over the five-year period. Additions to property, plant and equipment increased from US$164 million in 2021 to US$595 million in 2025, while depreciation and depletion fluctuated, ultimately decreasing from US$292 million in 2021 to US$270 million in 2025. This combination resulted in a significant increase in the segment capital expenditures to depreciation ratio.
- Additions to Property, Plant and Equipment
- Additions to property, plant and equipment demonstrate a clear increasing trend throughout the period. Growth was substantial, with a nearly 3.6-fold increase from 2021 to 2025. The largest single-year increase occurred between 2022 and 2023, suggesting a period of significant investment.
- Depreciation and Depletion
- Depreciation and depletion exhibited more variability. While remaining relatively stable between 2021 and 2023, a decrease is observed in 2024, followed by a modest increase in 2025. Overall, the decline from US$292 million in 2021 to US$270 million in 2025 indicates a potential slowing in the rate of asset base aging or a shift in the composition of depreciable assets.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio increased consistently from 0.56 in 2021 to 2.20 in 2025. This indicates that capital investments are increasingly outpacing depreciation expense. A ratio exceeding 1.0 suggests that investment in new assets is greater than the expense recognized for the consumption of existing assets. The accelerating increase in this ratio from 2022 onwards suggests a growing emphasis on expansion or modernization within the Specialty Products segment. The substantial increase in the ratio from 1.43 in 2023 to 1.93 in 2024, and then to 2.20 in 2025, warrants further investigation to understand the drivers of this accelerated investment.
In summary, the Specialty Products segment is experiencing a period of significant capital investment relative to depreciation. This suggests a strategic focus on growth, modernization, or expansion within this segment.
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Sales and other operating revenue
Exxon Mobil Corp., sales and other operating revenue by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 39,389) | 37,131) | 25,574) | 45,164) | 21,797) |
| Energy Products | 244,451) | 260,856) | 268,383) | 305,977) | 208,906) |
| Chemical Products | 22,209) | 22,896) | 22,265) | 27,619) | 28,628) |
| Specialty Products | 17,771) | 18,253) | 18,407) | 19,879) | 17,331) |
| Segment total | 323,820) | 339,136) | 334,629) | 398,639) | 276,662) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment total sales and other operating revenue exhibited significant fluctuation between 2021 and 2025. Initial growth was followed by a decline, indicating a dynamic revenue landscape. The largest contributor to revenue, Energy Products, demonstrated a complex pattern of growth and subsequent contraction. The Upstream segment experienced volatility, while Chemical and Specialty Products showed relative stability with a gradual downward trend.
- Overall Segment Performance
- Segment total revenue increased substantially from US$276.662 billion in 2021 to US$398.639 billion in 2022, representing a significant year-over-year increase. However, this growth was not sustained, with revenue decreasing to US$334.629 billion in 2023. A slight increase to US$339.136 billion occurred in 2024, followed by a further decrease to US$323.820 billion in 2025. This suggests potential cyclicality or external factors impacting overall performance.
- Energy Products Segment
- The Energy Products segment consistently generated the largest portion of revenue. Revenue increased from US$208.906 billion in 2021 to a peak of US$305.977 billion in 2022. Subsequently, revenue decreased to US$268.383 billion in 2023 and continued to decline to US$260.856 billion in 2024, before reaching US$244.451 billion in 2025. This represents a substantial decrease from the 2022 high, potentially indicating shifts in market demand or pricing pressures.
- Upstream Segment
- The Upstream segment experienced considerable volatility. Revenue more than doubled from US$21.797 billion in 2021 to US$45.164 billion in 2022. This was followed by a decrease to US$25.574 billion in 2023, a rebound to US$37.131 billion in 2024, and a further increase to US$39.389 billion in 2025. This suggests a sensitivity to commodity price fluctuations or production levels.
- Chemical Products Segment
- The Chemical Products segment demonstrated a relatively stable, albeit declining, revenue stream. Revenue decreased from US$28.628 billion in 2021 to US$27.619 billion in 2022, and continued to decline to US$22.265 billion in 2023. A slight increase to US$22.896 billion occurred in 2024, but revenue decreased again to US$22.209 billion in 2025. This indicates a gradual erosion of revenue within this segment.
- Specialty Products Segment
- The Specialty Products segment exhibited a similar pattern to the Chemical Products segment, with a gradual decline in revenue. Revenue increased from US$17.331 billion in 2021 to US$19.879 billion in 2022, then decreased to US$18.407 billion in 2023, US$18.253 billion in 2024, and finally to US$17.771 billion in 2025. This suggests a consistent, though moderate, downward trend.
In summary, while the segment total experienced initial growth, the period between 2021 and 2025 was characterized by fluctuating revenues, particularly within the Energy Products and Upstream segments. The Chemical and Specialty Products segments demonstrated a more consistent, albeit declining, revenue trend.
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Segment net income (loss)
Exxon Mobil Corp., segment net income (loss) by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 21,354) | 25,390) | 21,308) | 36,479) | 15,775) |
| Energy Products | 7,423) | 4,033) | 12,142) | 14,966) | (346) |
| Chemical Products | 800) | 2,577) | 1,637) | 3,543) | 6,989) |
| Specialty Products | 2,857) | 3,052) | 2,714) | 2,415) | 3,259) |
| Segment total | 32,434) | 35,052) | 37,801) | 57,403) | 25,677) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment net income demonstrates significant fluctuations across the five-year period. Overall, while 2022 exhibited substantial growth, subsequent years show a moderating trend, with 2023-2025 levels declining from the peak in 2022 but generally remaining above 2021 figures, excluding the Upstream segment.
- Upstream Segment
- The Upstream segment experienced a dramatic increase in net income from 2021 to 2022, rising from US$15,775 million to US$36,479 million. However, this was followed by a considerable decrease in 2023 to US$21,308 million. A partial recovery occurred in 2024, reaching US$25,390 million, but this momentum did not sustain into 2025, with net income falling back to US$21,354 million. This suggests a high degree of sensitivity to commodity price fluctuations or production volumes.
- Energy Products Segment
- The Energy Products segment displayed a substantial turnaround from a loss of US$346 million in 2021 to a profit of US$14,966 million in 2022. Net income remained strong in 2023 at US$12,142 million, but experienced a significant decline in 2024 to US$4,033 million. A modest recovery was observed in 2025, with net income increasing to US$7,423 million, though still considerably below the 2022 and 2023 levels. This segment appears to be influenced by refining margins and demand for petroleum products.
- Chemical Products Segment
- The Chemical Products segment exhibited a consistent downward trend in net income throughout the period. Starting at US$6,989 million in 2021, net income decreased to US$3,543 million in 2022, US$1,637 million in 2023, US$2,577 million in 2024, and further declined to US$800 million in 2025. This suggests challenges within the chemical industry, potentially related to feedstock costs, pricing pressures, or reduced demand.
- Specialty Products Segment
- The Specialty Products segment demonstrated relative stability compared to other segments. Net income fluctuated modestly, beginning at US$3,259 million in 2021, decreasing to US$2,415 million in 2022, increasing to US$2,714 million in 2023, then to US$3,052 million in 2024, and finally settling at US$2,857 million in 2025. This segment appears to be less volatile than the Upstream and Energy Products segments.
The segment total net income mirrored the trends observed in the individual segments. A peak of US$57,403 million was reached in 2022, followed by a decline to US$37,801 million in 2023, US$35,052 million in 2024, and US$32,434 million in 2025. The overall trend indicates a return to more normalized earnings levels after the exceptional performance in 2022.
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Depreciation and depletion, includes impairments
Exxon Mobil Corp., depreciation and depletion, includes impairments by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 21,357) | 19,524) | 16,600) | 19,804) | 16,749) |
| Energy Products | 1,577) | 1,533) | 1,562) | 1,987) | 1,736) |
| Chemical Products | 1,355) | 1,096) | 1,311) | 988) | 955) |
| Specialty Products | 270) | 237) | 315) | 288) | 292) |
| Segment total | 24,559) | 22,390) | 19,788) | 23,067) | 19,732) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The reportable segments demonstrate varying trends in depreciation and depletion, including impairments, over the five-year period. Overall, segment total depreciation and depletion increased from 2021 to 2025, though not consistently year-over-year. The Upstream segment consistently represents the largest portion of total depreciation and depletion expense.
- Upstream Segment
- Depreciation and depletion within the Upstream segment increased from US$16.749 billion in 2021 to US$19.804 billion in 2022. A subsequent decrease was observed in 2023, falling to US$16.600 billion, before rising again to US$19.524 billion in 2024. The segment continued this upward trend, reaching US$21.357 billion in 2025, representing the highest value within the observed period. This suggests potential increases in capital expenditure or asset base within the Upstream segment, followed by periods of reassessment or optimization.
- Energy Products Segment
- The Energy Products segment exhibited a relatively stable pattern. Depreciation and depletion rose from US$1.736 billion in 2021 to US$1.987 billion in 2022. A slight decline occurred in 2023 to US$1.562 billion, followed by a further decrease to US$1.533 billion in 2024. The segment experienced a modest increase in 2025, reaching US$1.577 billion. The fluctuations are less pronounced than those observed in the Upstream segment.
- Chemical Products Segment
- The Chemical Products segment showed an increasing trend overall. Depreciation and depletion increased from US$955 million in 2021 to US$988 million in 2022. A more significant increase was noted in 2023, reaching US$1.311 billion, before decreasing to US$1.096 billion in 2024. The segment recovered in 2025, reaching US$1.355 billion. This pattern may indicate investment in new chemical production facilities or upgrades to existing ones, followed by potential impairment or optimization efforts.
- Specialty Products Segment
- The Specialty Products segment demonstrated the smallest absolute values and the most moderate fluctuations. Depreciation and depletion decreased slightly from US$292 million in 2021 to US$288 million in 2022, then increased to US$315 million in 2023. A decrease was observed in 2024, falling to US$237 million, before rising again to US$270 million in 2025. The relative stability suggests a consistent asset base and operational profile.
- Segment Total
- The combined depreciation and depletion expense across all segments increased from US$19.732 billion in 2021 to US$23.067 billion in 2022. A decrease was observed in 2023 to US$19.788 billion, followed by increases in both 2024 (US$22.390 billion) and 2025 (US$24.559 billion). The overall trend indicates a growing investment in depreciable and depletable assets, with some year-to-year volatility likely influenced by asset impairments and changes in capital spending.
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Additions to property, plant and equipment
Exxon Mobil Corp., additions to property, plant and equipment by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 25,362) | 103,020) | 18,589) | 12,381) | 8,616) |
| Energy Products | 1,954) | 2,039) | 2,561) | 2,105) | 1,853) |
| Chemical Products | 1,322) | 1,635) | 2,375) | 2,718) | 1,250) |
| Specialty Products | 595) | 457) | 451) | 237) | 164) |
| Segment total | 29,233) | 107,151) | 23,976) | 17,441) | 11,883) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Additions to property, plant, and equipment exhibited varied trends across reportable segments between 2021 and 2025. Significant fluctuations were observed, particularly within the Upstream segment, while other segments demonstrated more moderate changes. Overall, segment totals increased substantially in 2024 before declining in 2025.
- Upstream
- The Upstream segment experienced a notable increase in additions to property, plant, and equipment from US$8.616 billion in 2021 to US$12.381 billion in 2022, continuing to US$18.589 billion in 2023. A dramatic surge occurred in 2024, reaching US$103.020 billion, representing a substantial capital investment. This was followed by a significant decrease to US$25.362 billion in 2025. The 2024 peak suggests a period of major project development or expansion, followed by a reduction in investment in the subsequent year.
- Energy Products
- Additions to property, plant, and equipment in the Energy Products segment showed a modest increase from US$1.853 billion in 2021 to US$2.105 billion in 2022 and US$2.561 billion in 2023. A slight decline was observed in 2024, falling to US$2.039 billion, followed by a further decrease to US$1.954 billion in 2025. This segment’s investment remained relatively stable compared to the Upstream segment.
- Chemical Products
- The Chemical Products segment saw an increase from US$1.250 billion in 2021 to US$2.718 billion in 2022. Investment decreased to US$2.375 billion in 2023 and continued to decline to US$1.635 billion in 2024, before reaching US$1.322 billion in 2025. This indicates a decreasing trend in capital expenditure within this segment over the analyzed period.
- Specialty Products
- Additions to property, plant, and equipment in the Specialty Products segment demonstrated consistent growth, increasing from US$0.164 billion in 2021 to US$0.237 billion in 2022, US$0.451 billion in 2023, US$0.457 billion in 2024, and reaching US$0.595 billion in 2025. This segment consistently increased its capital investment throughout the period.
- Segment Total
- The combined additions to property, plant, and equipment across all segments increased from US$11.883 billion in 2021 to US$17.441 billion in 2022 and US$23.976 billion in 2023. A substantial increase was recorded in 2024, reaching US$107.151 billion, driven primarily by the Upstream segment. This was followed by a decrease to US$29.233 billion in 2025, reflecting the decline in Upstream investment.
The significant investment in the Upstream segment in 2024 heavily influenced the overall segment total. The subsequent reduction in Upstream spending in 2025 resulted in a considerable decrease in the total additions to property, plant, and equipment. The other segments exhibited more moderate and consistent investment patterns.
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Total assets
Exxon Mobil Corp., total assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 287,571) | 289,523) | 206,366) | 206,459) | 209,272) |
| Energy Products | 79,917) | 75,542) | 74,460) | 73,565) | 64,630) |
| Chemical Products | 35,356) | 35,137) | 34,675) | 33,217) | 31,250) |
| Specialty Products | 10,981) | 10,922) | 10,999) | 11,155) | 10,908) |
| Segment total | 413,825) | 411,124) | 326,500) | 324,396) | 316,060) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The segment total of assets increased consistently over the five-year period, exhibiting a notable acceleration in later years. While individual segments demonstrate varying patterns, the overall trend indicates a growing asset base. A detailed examination of each segment follows.
- Upstream
- Assets within the Upstream segment experienced a slight decrease from 2021 to 2022, followed by relative stability through 2023. A significant increase is then observed between 2023 and 2024, continuing with a modest increase into 2025. This suggests substantial investment or revaluation within the Upstream segment in recent periods. The segment consistently represents the largest portion of total assets.
- Energy Products
- The Energy Products segment demonstrated a consistent upward trend in assets throughout the observed period. While the increases were incremental, they were steady, indicating ongoing investment or growth within this segment. The rate of increase appears to accelerate slightly between 2022 and 2025.
- Chemical Products
- Assets in the Chemical Products segment also exhibited a consistent, though modest, upward trend. The increases were smaller in magnitude compared to the Upstream and Energy Products segments, suggesting a more stable, less rapidly expanding asset base. Growth appears to be leveling off towards the end of the period.
- Specialty Products
- The Specialty Products segment maintained a relatively stable asset base throughout the period. Fluctuations were minimal, indicating a consistent level of investment and a mature asset profile. The segment represents the smallest portion of total assets.
- Segment Total
- The combined assets across all segments increased from US$316,060 million in 2021 to US$413,825 million in 2025. The most substantial increase occurred between 2023 and 2025, driven primarily by the significant growth in the Upstream segment. This suggests a strategic shift towards increased investment in upstream activities or a revaluation of existing upstream assets.
Overall, the asset base expanded considerably over the five-year period, with the Upstream segment contributing the most to this growth. The Energy Products and Chemical Products segments also experienced growth, albeit at a slower pace. The Specialty Products segment remained relatively stable.
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