Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Exxon Mobil Corp., short-term (operating) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Inventory Turnover
- The inventory turnover ratio exhibited a general upward trend from March 2021 through March 2023, increasing from 9.86 to a peak of 16.69. This indicates a significant improvement in the frequency of inventory being sold and replaced during this period. However, from March 2023 onwards, the ratio shows a declining pattern, dropping to 11.93 by September 2025. This decline suggests a slowdown in inventory liquidity towards the latter periods analyzed.
- Working Capital Turnover
- Working capital turnover data is available starting from December 2021. Initially, there is a sharp decrease, moving from a very high value of 110.19 down to 10.7 by March 2024. Following this trough, a recovery trend emerges, with the turnover ratio rising steadily to 30.49 by September 2025. The initial steep decline may reflect operational or liquidity challenges, while the subsequent increase suggests improved efficiency in using working capital to generate sales.
- Average Inventory Processing Period
- The average inventory processing period steadily decreased from 37 days in March 2021 to a low of 22 days by December 2022, indicating faster inventory turnover during this time. After reaching this low, the processing period fluctuates slightly but generally trends upwards, reaching 31 days by September 2025. This increase suggests a lengthening in the time inventory remains on hand, consistent with the observed decline in inventory turnover ratios in the later periods.
- Summary
- The financial data reveals a period of improving inventory and working capital efficiency until early 2023, followed by signs of slowing operational efficiency in inventory management. The initial rise and subsequent fall in inventory turnover, coupled with the inverse trend in the average inventory processing period, suggest changing market or operational conditions impacting inventory management. The working capital turnover shows early volatility but later recovery, indicating a possible stabilization in capital utilization efficiency in more recent quarters.
Turnover Ratios
Average No. Days
Inventory Turnover
Exxon Mobil Corp., inventory turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenue | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | 81,305) | 71,892) | 65,943) | 57,552) | ||||||
| Inventories | 27,238) | 25,371) | 24,478) | 23,524) | 23,875) | 24,503) | 23,491) | 25,120) | 24,450) | 24,249) | 23,642) | 24,435) | 24,096) | 23,585) | 22,177) | 18,780) | 19,607) | 19,275) | 18,357) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Inventory turnover1 | 11.93 | 12.98 | 13.89 | 14.42 | 14.24 | 13.90 | 14.11 | 13.32 | 14.16 | 15.02 | 16.69 | 16.32 | 16.05 | 14.93 | 13.84 | 14.73 | 12.30 | 11.14 | 9.86 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 17.92 | 21.30 | 21.05 | 21.32 | 19.95 | 18.80 | 19.58 | 22.86 | 21.48 | 23.28 | 25.16 | 28.58 | 25.22 | 26.71 | 27.10 | 24.68 | 21.96 | 18.60 | 17.05 | ||||||
| ConocoPhillips | 34.74 | 30.47 | 31.14 | 30.26 | 36.92 | 39.01 | 38.24 | 40.16 | 45.23 | 53.99 | 60.05 | 64.39 | 61.22 | 52.97 | 45.80 | 37.94 | 34.71 | 25.71 | 20.45 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Inventory turnover
= (Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024)
÷ Inventories
= (83,331 + 79,477 + 81,058 + 81,058)
÷ 27,238 = 11.93
2 Click competitor name to see calculations.
- Sales and Other Operating Revenue
- Sales and operating revenue showed an overall growth trend from the first quarter of 2021 through mid-2022, reaching a peak in June 2022 at 111,265 million US dollars. After this peak, there was a notable decline during the latter half of 2022, followed by fluctuating but generally lower values in 2023 and early 2024. Revenue figures exhibit some recovery attempts with intermittent increases in mid and late 2024, but the values remain below the 2022 peak. The fluctuations suggest variability in market conditions or operational factors impacting revenue generation over these periods.
- Inventories
- Inventories increased steadily from March 2021 to December 2022, rising from 18,357 million US dollars to 24,435 million US dollars. Following this period, inventory levels fluctuated slightly but generally remained elevated, peaking again at 27,238 million US dollars by September 2025. This upward trend indicates either accumulation of stock or changes in supply chain management and procurement strategies aiming to support operational needs or respond to market demand uncertainties.
- Inventory Turnover Ratio
- The inventory turnover ratio, which measures the efficiency of inventory management, increased sharply from 9.86 at the start of 2021 to a peak of 16.69 in March 2023, indicating improved efficiency in inventory usage during this time. However, after this apex, the ratio gradually declined to 11.93 by September 2025. The initial improvement suggests better alignment of inventory levels with sales and reduced holding periods, while the subsequent decline may reflect challenges such as slower sales, overstocking, or less efficient inventory management practices in the later periods.
- Overall Analysis
- The period under review shows initial growth in revenue accompanied by rising inventory levels and increasing inventory turnover, reflecting operational scaling and improving inventory efficiency. Post mid-2022, sales revenue experienced fluctuations with a downward trend, while inventory levels remained relatively high, and turnover ratios declined. This combination could imply increasing inventory holding costs and potential challenges in matching inventory with sales volumes, potentially affecting working capital management and profitability. The trends call for monitoring inventory control practices and sales performance to adapt to evolving market conditions.
Working Capital Turnover
Exxon Mobil Corp., working capital turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 88,505) | 85,108) | 91,233) | 91,990) | 94,349) | 96,238) | 99,377) | 96,609) | 101,142) | 91,760) | 97,224) | 97,631) | 99,289) | 93,163) | 77,255) | 59,154) | 55,555) | 52,842) | 48,195) | ||||||
| Less: Current liabilities | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | 56,643) | 61,856) | 62,238) | 60,150) | ||||||
| Working capital | 10,655) | 16,947) | 17,404) | 21,683) | 24,356) | 25,475) | 27,456) | 31,293) | 29,956) | 29,945) | 30,558) | 28,586) | 25,232) | 13,053) | 5,196) | 2,511) | (6,301) | (9,396) | (11,955) | ||||||
| Sales and other operating revenue | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | 81,305) | 71,892) | 65,943) | 57,552) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Working capital turnover1 | 30.49 | 19.44 | 19.53 | 15.65 | 13.95 | 13.37 | 12.07 | 10.70 | 11.56 | 12.16 | 12.91 | 13.95 | 15.33 | 26.98 | 59.06 | 110.19 | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 34.66 | — | 67.18 | 82.20 | 78.58 | 36.88 | 25.72 | 22.20 | 23.91 | 16.54 | 15.89 | 14.61 | 15.53 | 17.08 | 13.09 | 22.40 | 19.37 | 24.04 | 32.46 | ||||||
| ConocoPhillips | 15.43 | 19.57 | 16.05 | 15.54 | 17.16 | 16.55 | 15.51 | 12.98 | 8.76 | 16.88 | 16.56 | 13.30 | 11.63 | 9.84 | 9.02 | 11.37 | 3.72 | 3.24 | 3.02 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Working capital turnover
= (Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025
+ Sales and other operating revenueQ4 2024)
÷ Working capital
= (83,331 + 79,477 + 81,058 + 81,058)
÷ 10,655 = 30.49
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends regarding working capital, sales revenue, and working capital turnover over the observed periods.
- Working Capital
- The company's working capital demonstrated a significant improvement from a negative position of -11,955 million USD in the first quarter of 2021 to a positive and increasing amount peaking at 31,293 million USD by the end of 2023. Following this peak, a gradual decline is observed through 2024 and into 2025, with working capital declining to 10,655 million USD by the third quarter of 2025. This suggests that the company was initially strengthening its short-term liquidity but encountered a reduction in available working capital in the most recent quarters.
- Sales and Other Operating Revenue
- Sales revenue showed an upward trajectory in 2021 and the first half of 2022, reaching a maximum of 111,265 million USD in the second quarter of 2022. After this high point, revenue experienced noticeable volatility and an overall downward movement, declining to approximately 79,477 million USD by mid-2025, with some quarters showing recovery, such as in the third quarter of 2023 and early 2024. The fluctuations indicate variability in sales performance, possibly reflective of changing market conditions or operational factors.
- Working Capital Turnover
- The working capital turnover ratio was only available starting in the first quarter of 2022. It showed a steep decline from 110.19 to 13.95 by the fourth quarter of 2022, indicating that initially the company was generating high sales relative to its small working capital but then adjusted to a more balanced relationship. From 2023 onward, the turnover ratio consistently improved, increasing from approximately 10.7 in early 2023 to a notably higher level of 30.49 by the third quarter of 2025. This upward trend signifies increasing efficiency in utilizing working capital to generate sales.
In summary, the company moved from a negative to a substantially positive working capital position within the initial two years, accompanied by volatile but generally high sales revenue around 2022. Subsequently, while working capital diminished, the efficiency of working capital usage improved markedly, as indicated by rising turnover ratios. The recent reduction in working capital combined with improved turnover ratios might reflect strategic asset management and efforts to optimize operational performance amid fluctuating sales.
Average Inventory Processing Period
Exxon Mobil Corp., average inventory processing period calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Inventory turnover | 11.93 | 12.98 | 13.89 | 14.42 | 14.24 | 13.90 | 14.11 | 13.32 | 14.16 | 15.02 | 16.69 | 16.32 | 16.05 | 14.93 | 13.84 | 14.73 | 12.30 | 11.14 | 9.86 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average inventory processing period1 | 31 | 28 | 26 | 25 | 26 | 26 | 26 | 27 | 26 | 24 | 22 | 22 | 23 | 24 | 26 | 25 | 30 | 33 | 37 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 20 | 17 | 17 | 17 | 18 | 19 | 19 | 16 | 17 | 16 | 15 | 13 | 14 | 14 | 13 | 15 | 17 | 20 | 21 | ||||||
| ConocoPhillips | 11 | 12 | 12 | 12 | 10 | 9 | 10 | 9 | 8 | 7 | 6 | 6 | 6 | 7 | 8 | 10 | 11 | 14 | 18 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 11.93 = 31
2 Click competitor name to see calculations.
- Inventory Turnover Ratio
- The inventory turnover ratio showed a consistent upward trend from March 2021 through March 2023, increasing from 9.86 to a peak of 16.69. This indicates improving efficiency in inventory management, with the company turning over its inventory more frequently over this period. Following the peak, the ratio declined gradually to 11.93 by September 2025, suggesting a slowdown in inventory turnover in the latter periods.
- Average Inventory Processing Period
- The average inventory processing period, expressed in days, decreased steadily from 37 days in March 2021 to 22 days by December 2022, reflecting a faster inventory cycle and enhanced operational efficiency. From early 2023 onwards, this metric exhibited an increasing trend again, rising to 31 days by September 2025. This suggests a lengthening of the inventory cycle during the final periods under review.
- Overall Analysis
- The data illustrates an inverse relationship between the inventory turnover ratio and the average inventory processing period, as expected. The initial trend indicates that the company improved its inventory management efficiency significantly until early 2023. However, starting in 2023 and continuing through 2025, there is a noticeable reversal in these trends, with turnover decreasing and the average processing period increasing, which may point to changes in operational strategy, demand fluctuations, or inventory accumulation challenges in the recent periods.