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-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The analysis of short-term operating activity ratios reveals a period of significant volatility in asset utilization and inventory management efficiency from March 2022 through March 2026.
- Inventory Management Efficiency
- Inventory turnover exhibited an initial upward trend, peaking at 16.69 in March 2023. Following this peak, a gradual decline was observed, reaching a low of 11.93 in September 2025, before recovering to 13.05 by March 2026. This fluctuation is mirrored in the average inventory processing period, which decreased from 26 days in early 2022 to a minimum of 22 days between December 2022 and March 2023. The processing period subsequently lengthened, peaking at 31 days in September 2025, indicating a slower movement of goods during that period before stabilizing at 28 days in the final quarter analyzed.
- Working Capital Utilization
- The working capital turnover ratio experienced a sharp and sustained contraction during the first two years of the period. Starting at a high of 59.06 in March 2022, the ratio declined steeply to a trough of 10.70 by December 2023, suggesting a significant increase in working capital relative to revenue generation or a decrease in operational efficiency. However, a strong recovery phase began in early 2024, with the ratio accelerating upward to reach 95.63 by March 2026, marking a substantial increase in the efficiency of working capital deployment.
Overall, the data indicates a divergence between inventory efficiency and working capital utilization. While inventory movement slowed slightly over the long term, the ability to generate revenue from working capital recovered from a deep decline to reach its highest observed level by the end of the period.
Turnover Ratios
Average No. Days
Inventory Turnover
Exxon Mobil Corp., inventory turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Sales and other operating revenue | |||||||||||||||||||||||
| Inventories | |||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Inventory turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Inventory turnover
= (Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
÷ Inventories
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The inventory turnover performance over the analyzed period demonstrates a non-linear trajectory, characterized by an initial period of efficiency gains followed by a multi-phase decline and a recent recovery toward baseline levels.
- Revenue and Turnover Correlation
- A positive correlation is observed between sales revenue and the inventory turnover ratio during the first half of 2022. As operating revenue reached a peak of 111,265 million USD in June 2022, the turnover ratio trended upward, reaching its maximum value of 16.69 by March 2023. The subsequent stabilization of revenue, which largely fluctuated between 80,000 and 90,000 million USD, coincided with a general compression of the turnover ratio.
- Inventory Level Trends and Efficiency Impacts
- Inventory levels remained relatively stable for the majority of the period, typically oscillating between 22,000 and 25,000 million USD. However, a significant increase in inventories to 27,238 million USD in September 2025 coincided with the lowest recorded turnover ratio of 11.93. This indicates a period where inventory accumulation outpaced revenue generation, leading to reduced operational efficiency in stock movement.
- Analysis of Turnover Cyclicality
- The inventory turnover ratio progressed through three distinct phases. The first phase was an expansion of efficiency from March 2022 (13.84) to March 2023 (16.69). The second phase involved a contraction, bringing the ratio down to 13.32 by December 2023. The third phase was marked by a period of relative stability near 14.0, a sharp dip to 11.93 in September 2025, and a final recovery to 13.05 by March 2026.
Working Capital Turnover
Exxon Mobil Corp., working capital turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| 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-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Working capital turnover
= (Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025
+ Sales and other operating revenueQ2 2025)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals a volatile trajectory in working capital management relative to operating revenues between March 2022 and March 2026, characterized by an initial period of expansion followed by a significant contraction.
- Working Capital Trends
- Working capital experienced a period of rapid expansion from March 2022 through the end of 2023, rising from $5.196 billion to a peak of $31.293 billion by December 31, 2023. Subsequent to this peak, a sustained reduction phase occurred, with a particularly sharp decline observed between December 2025 and March 2026, where the balance fell to $3.409 billion.
- Revenue Stability
- Operating revenues exhibited significantly lower volatility compared to working capital. After a peak of $111.265 billion in June 2022, revenues stabilized, generally fluctuating between $79 billion and $89 billion for the remainder of the period. This stability indicates that the changes in the turnover ratio were driven primarily by fluctuations in the working capital base rather than changes in top-line performance.
- Working Capital Turnover Dynamics
- The working capital turnover ratio followed an inverse trajectory to the working capital balance. A precipitous decline was observed from March 2022 (59.06) to December 2023 (10.70), as the increase in working capital outpaced revenue growth. Beginning in March 2024, the ratio began a steady recovery, which accelerated drastically in the final quarters. By March 2026, the ratio surged to 95.63, reflecting an extremely lean operating cycle resulting from the minimized working capital balance.
The analysis indicates a strategic shift in short-term asset and liability management. The transition from a high-turnover lean state to a high-liquidity position, and eventually back to an aggressive lean posture, suggests significant changes in how short-term operating requirements were funded or managed over the four-year period.
Average Inventory Processing Period
Exxon Mobil Corp., average inventory processing period calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| 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-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The inventory management cycle exhibits a fluctuating pattern over the analyzed period, characterized by an initial phase of increased efficiency followed by a period of volatility and a subsequent temporary decline in turnover velocity.
- Inventory Turnover Trends
- The inventory turnover ratio showed an upward trajectory from March 2022, reaching a peak of 16.69 in March 2023. This peak was followed by a gradual decline throughout the remainder of 2023, reaching 13.32 by December. While the ratio remained relatively stable during 2024, a significant downturn occurred in 2025, with the ratio falling to a low of 11.93 in September 2025 before recovering to 13.05 by March 2026.
- Average Inventory Processing Period
- The average inventory processing period moved in inverse correlation with the turnover ratio. The duration of inventory holding decreased from 26 days in March 2022 to a minimum of 22 days in March 2023, indicating a period of peak operational efficiency. Subsequently, the period lengthened to 27 days by December 2023. After maintaining a range between 25 and 26 days for most of 2024, the processing period peaked at 31 days in September 2025, marking the slowest movement of inventory in the observed timeframe, before moderating to 28 days by March 2026.
The convergence of a declining turnover ratio and an increasing processing period throughout 2025 suggests a temporary expansion of inventory levels relative to cost of goods sold or a slowdown in the operational processing cycle. The most recent figures indicate a shift back toward historical norms, reflecting a moderate improvement in inventory velocity.