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.
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Short-term Activity Ratios (Summary)
Exxon Mobil Corp., short-term (operating) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The operating activity ratios exhibit varied trends over the observed period. Inventory turnover generally increased from March 2022 to December 2022, then decreased through December 2025, while working capital turnover demonstrated a more substantial fluctuation. The average inventory processing period remained relatively stable for most of the period, with a slight increase towards the end of the observation window.
- Inventory Turnover
- Inventory turnover increased from 13.84 in March 2022 to a peak of 16.69 in March 2023. Following this peak, a consistent downward trend is observed, decreasing to 12.31 by December 2025. This suggests a slowing in the rate at which inventory is sold and replenished over time. The decline may indicate building inventory levels, potentially due to decreased sales or increased procurement.
- Working Capital Turnover
- Working capital turnover experienced significant volatility. It began at 59.06 in March 2022, followed by a sharp decline to 10.70 by December 2022. A moderate recovery occurred through December 2024, reaching 15.65. Subsequently, working capital turnover increased substantially to 30.49 in September 2025, before decreasing slightly to 29.31 in December 2025. This pattern suggests considerable changes in the relationship between sales and working capital, potentially linked to shifts in operational strategies or financing activities.
- Average Inventory Processing Period
- The average inventory processing period remained relatively consistent between March 2022 and December 2024, fluctuating between 22 and 26 days. A gradual increase is observed from March 2025, reaching 31 days in September 2025, before decreasing to 30 days in December 2025. This indicates a slight lengthening in the time required to convert inventory into sales towards the end of the period, aligning with the observed decline in inventory turnover.
The combined trends suggest a potential shift in inventory management and operational efficiency. While inventory was initially turned over more quickly, the rate slowed down over time. The fluctuations in working capital turnover indicate dynamic changes in how efficiently working capital is utilized to generate sales. The slight increase in the inventory processing period further supports the observation of a potential slowdown in inventory flow.
Turnover Ratios
Average No. Days
Inventory Turnover
Exxon Mobil Corp., inventory turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||
| Inventories | |||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||
| Inventory turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Inventory turnover
= (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
÷ Inventories
= ( + + + )
÷ =
2 Click competitor name to see calculations.
Inventory turnover exhibited a generally increasing trend from March 31, 2022, through December 31, 2022, followed by fluctuations and a subsequent decline through December 31, 2025. The ratio demonstrates the efficiency with which inventories are sold and replaced over the observed period.
- Initial Increasing Trend (Q1 2022 - Q4 2022)
- The inventory turnover ratio increased from 13.84 in March 2022 to 16.32 in December 2022. This suggests improving inventory management and a faster rate of sales relative to inventory levels during this timeframe. The highest value of 16.32 was recorded in the final quarter of 2022.
- Fluctuations and Decline (Q1 2023 - Q4 2025)
- Following the peak in late 2022, the ratio experienced volatility. It decreased to 15.02 in June 2023 before partially recovering to 16.69 in March 2023. Subsequent quarters saw a consistent downward trend, falling to 12.31 by December 2025. This indicates a slowing in the rate at which inventory is sold, potentially due to factors such as decreased demand, increased inventory levels, or a combination of both.
- Recent Performance (Q1 2024 - Q4 2025)
- The ratio remained relatively stable between 13.89 and 14.42 during the first three quarters of 2024. However, the final quarter of 2024 and the first two quarters of 2025 show a more pronounced decline, reaching the lowest point of 11.93 in September 2025, before a slight recovery to 12.31 in December 2025. This recent decline warrants further investigation to understand the underlying causes.
- Inventory and Sales Relationship
- While sales experienced fluctuations throughout the period, the decline in inventory turnover appears more pronounced in the latter half of the observation window. This suggests that inventory levels are not decreasing at the same rate as sales, or that sales are decreasing at a faster rate than inventory adjustments, leading to a lower turnover ratio.
Overall, the observed trend suggests a shift in inventory management efficiency. While initially strong, the ability to efficiently convert inventory into sales has diminished over time, particularly in the most recent periods. Continued monitoring of this ratio is recommended to identify potential issues and implement appropriate corrective actions.
Working Capital Turnover
Exxon Mobil Corp., working capital turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Current assets | |||||||||||||||||||||
| Less: Current liabilities | |||||||||||||||||||||
| Working capital | |||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||
| Working capital turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Working capital turnover
= (Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025
+ Sales and other operating revenueQ1 2025)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The working capital turnover ratio exhibited considerable fluctuation throughout the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio demonstrated a substantial decline from 59.06 to 13.95 over the first four quarters. Subsequently, the ratio stabilized within a narrower range, fluctuating between approximately 10.70 and 15.65 for the following eight quarters. A noticeable upward trend emerged in the final four quarters, culminating in values of 30.49 and 29.31.
- Initial Decline (Mar 31, 2022 – Dec 31, 2022)
- The working capital turnover ratio experienced a significant decrease during this period. This suggests a less efficient utilization of working capital in relation to sales. The substantial drop could be attributed to increases in working capital components, such as inventory or accounts receivable, outpacing growth in sales revenue, or a combination of both. The initial high value of 59.06 is an outlier compared to subsequent periods.
- Stabilization Phase (Jan 1, 2023 – Dec 31, 2024)
- Following the initial decline, the ratio entered a period of relative stability. Values remained within a range of 10.70 to 15.65, indicating a more consistent, though still moderate, level of working capital efficiency. The fluctuations within this range likely reflect normal business cycle variations and seasonal impacts on sales and working capital needs.
- Recent Increase (Jan 1, 2025 – Dec 31, 2025)
- The final four quarters witnessed a marked increase in the working capital turnover ratio, reaching 30.49 and 29.31. This indicates a substantial improvement in the efficiency with which working capital is being employed to generate sales. This could be due to effective working capital management strategies, such as reduced inventory levels, faster collection of receivables, or increased sales volume without a proportional increase in working capital.
- Working Capital Trend
- Working capital itself increased significantly from March 31, 2022, to December 31, 2022, then plateaued and began a gradual decline from March 31, 2023, through December 31, 2025. This trend, when considered alongside the turnover ratio, suggests that the recent improvements in efficiency are not solely driven by reductions in working capital, but also by increased sales activity.
- Sales Trend
- Sales and other operating revenue demonstrated variability throughout the period. While there was an initial increase from March 31, 2022, to June 30, 2022, sales then decreased through December 31, 2022. Sales recovered in the subsequent periods, with a slight decline in the final quarter of 2025. The correlation between sales fluctuations and the working capital turnover ratio is evident, particularly in the final period where increased turnover coincided with relatively stable sales.
Average Inventory Processing Period
Exxon Mobil Corp., average inventory processing period calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Inventory turnover | |||||||||||||||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||
| Average inventory processing period1 | |||||||||||||||||||||
| Benchmarks (no. days) | |||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The average inventory processing period exhibited a generally decreasing trend from the first quarter of 2022 through the fourth quarter of 2022, followed by fluctuations and a subsequent increasing trend through the first quarter of 2025. A detailed examination reveals specific patterns and potential areas of interest.
- Overall Trend
- The average number of days to process inventory decreased from 26 days in March 2022 to a low of 22 days by December 2022. This indicates improved efficiency in managing inventory during this period. However, beginning in March 2023, the period began to lengthen, reaching 28 days in June 2025 and 30 days in December 2025. This suggests a potential slowdown in inventory turnover or an increase in inventory levels.
- Short-Term Fluctuations
- While the overall trend is discernible, quarterly variations exist. A slight increase was observed from March 2023 (24 days) to June 2023 (24 days), followed by increases in subsequent quarters, peaking at 27 days in September 2023 and remaining elevated through December 2023. The period then decreased slightly in March 2024 before resuming its upward trajectory.
- Recent Developments
- The most recent periods demonstrate a clear lengthening of the average inventory processing period. The increase from 26 days in March 2024 to 28 days in June 2025 and 30 days in December 2025 warrants further investigation. This could be attributable to factors such as changes in supply chain dynamics, shifts in product mix, or deliberate increases in inventory to buffer against potential disruptions.
- Correlation with Inventory Turnover
- The observed trends in the average inventory processing period are inversely related to the inventory turnover ratio. As inventory turnover decreased from 16.69 in March 2023 to 12.31 in December 2025, the average inventory processing period increased, confirming the expected relationship between these two metrics. This suggests that the company is taking longer to sell its inventory.
In conclusion, while initial periods showed improvements in inventory management efficiency, more recent trends indicate a potential need to reassess inventory control strategies. The lengthening processing period, coupled with the declining inventory turnover, suggests a possible build-up of inventory that could impact financial performance.