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: 2026-06-30), 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).
An analysis of the operating activity ratios reveals fluctuating trends in efficiency and asset utilization from March 2022 through June 2026. While inventory management remained relatively stable with cyclical movements, working capital turnover experienced significant volatility, indicating substantial shifts in short-term financial structure and operational leverage.
- Inventory Management Efficiency
- Inventory turnover exhibited an initial upward trend, peaking at 16.69 in March 2023. This was followed by a gradual decline that reached a trough of 11.93 in September 2025. Correspondingly, the average inventory processing period reached its minimum of 22 days between December 2022 and March 2023, before expanding to a maximum of 31 days in September 2025. By June 2026, these metrics converged toward baseline levels, with turnover recovering to 14.12 and the processing period returning to 26 days.
- Working Capital Utilization
- Working capital turnover demonstrated extreme variance throughout the period. A sharp contraction occurred between March 2022 and December 2023, where the ratio fell from 59.06 to 10.70. Following this period of decline, a recovery phase began, culminating in a significant spike to 95.63 in March 2026. This peak suggests a temporary and acute increase in revenue generation relative to net working capital, before the ratio corrected to 30.18 by June 2026.
- Operational Correlation
- A consistent inverse correlation is observed between inventory turnover and the average inventory processing period. Periods of higher turnover consistently align with lower processing day counts, confirming a stable mechanical relationship between these two metrics. However, the lack of a similar direct correlation between inventory efficiency and working capital turnover suggests that the volatility in the latter is driven by factors beyond inventory levels, such as fluctuations in accounts receivable or accounts payable.
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Turnover Ratios
Average No. Days
Inventory Turnover
Exxon Mobil Corp., inventory turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | 114,529) | 83,161) | 80,039) | 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) | ||||||
| Inventories | 25,563) | 24,975) | 26,302) | 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) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Inventory turnover1 | 14.12 | 13.05 | 12.31 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 19.84 | 17.61 | 18.99 | 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 | ||||||
| ConocoPhillips | 33.71 | 30.46 | 31.47 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Inventory turnover
= (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
÷ Inventories
= (114,529 + 83,161 + 80,039 + 83,331)
÷ 25,563 = 14.12
2 Click competitor name to see calculations.
The inventory management cycle demonstrates a period of initial efficiency gains followed by a prolonged phase of volatility and a subsequent recovery in turnover velocity. Operating revenue and inventory levels exhibit a complex relationship that directly impacts the efficiency with which assets are converted into sales.
- Revenue Volatility and Impact
- Operating revenue experienced significant fluctuations, peaking early in the observed period at 111,265 million USD in June 2022 before entering a period of relative contraction and stabilization between 80,000 and 89,000 million USD from 2023 through early 2026. A sharp increase to 114,529 million USD was recorded in June 2026, which served as a primary driver for the recovery in inventory turnover during that quarter.
- Inventory Level Trends
- Inventories remained relatively stable for much of the period, generally oscillating between 23,000 and 25,000 million USD. However, a noticeable upward trend occurred throughout 2025, reaching a peak of 27,238 million USD in September 2025. This accumulation of stock coincided with the period of lowest turnover efficiency.
- Inventory Turnover Analysis
- The inventory turnover ratio showed a distinct upward trajectory throughout 2022, climbing from 13.84 to a peak of 16.32 by December 2022, indicating optimized asset utilization. This trend reversed in 2023, with the ratio declining to 13.32 by year-end. After a period of stability in 2024, turnover efficiency reached its lowest point of 11.93 in September 2025, driven by the simultaneous occurrence of peak inventory levels and stagnant revenues. A recovery phase began in late 2025, concluding with a return to 14.12 by June 2026.
Overall, the data indicates that the turnover ratio is highly sensitive to revenue spikes. The decline in efficiency observed in 2025 suggests a misalignment between inventory stockpiling and market demand, which was corrected by the substantial increase in operating revenue observed in the final quarter of the analysis.
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Working Capital Turnover
Exxon Mobil Corp., working capital turnover calculation (quarterly data)
| Jun 30, 2026 | 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 | 100,793) | 97,787) | 83,382) | 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) | ||||||
| Less: Current liabilities | 88,830) | 94,378) | 72,330) | 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) | ||||||
| Working capital | 11,963) | 3,409) | 11,052) | 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) | ||||||
| Sales and other operating revenue | 114,529) | 83,161) | 80,039) | 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) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 30.18 | 95.63 | 29.31 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 21.09 | 46.66 | 35.71 | 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 | ||||||
| ConocoPhillips | 9.39 | 15.97 | 16.56 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Working capital turnover
= (Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025
+ Sales and other operating revenueQ3 2025)
÷ Working capital
= (114,529 + 83,161 + 80,039 + 83,331)
÷ 11,963 = 30.18
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a cyclical pattern in working capital management and its corresponding impact on the working capital turnover ratio between March 2022 and June 2026. The period is characterized by a significant expansion of working capital followed by a multi-year contraction, leading to high volatility in asset utilization efficiency.
- Working Capital Trends
- A substantial increase in working capital is observed from March 2022, where it stood at 5,196 million US$, peaking at 30,558 million US$ by March 2023. This period of expansion was followed by a steady downward trend, with working capital decreasing to 11,052 million US$ by December 2025. A critical low point occurred in March 2026, with working capital dropping to 3,409 million US$, before recovering to 11,963 million US$ in June 2026.
- Revenue Stability
- Operating revenues exhibited moderate fluctuations throughout the analyzed timeframe. After an initial peak of 111,265 million US$ in June 2022, revenues generally stabilized within a range of 79,000 million to 89,000 million US$ per quarter for several years. A significant increase in revenue is noted in June 2026, reaching 114,529 million US$, marking the highest revenue point in the series.
- Working Capital Turnover Analysis
- The turnover ratio shows an inverse relationship with the volume of working capital. The ratio declined sharply from 59.06 in March 2022 to a trough of 10.70 in December 2023, reflecting the buildup of short-term assets and liabilities relative to revenue. From March 2024, a recovery trend is evident as working capital was reduced, pushing the ratio back up to 29.31 by December 2025.
- Operational Anomalies and Efficiency Peaks
- An extreme spike in the turnover ratio to 95.63 occurred in March 2026. This surge is directly attributable to the simultaneous occurrence of stable revenue and a drastic reduction in working capital to its minimum level. This indicates a period of extreme lean working capital management. The ratio subsequently normalized to 30.18 in June 2026 as working capital levels were replenished.
Overall, the data indicates a strategic shift from a high-liquidity position in 2023 toward a more aggressive, lean approach to working capital by 2026, resulting in significantly higher turnover ratios in the latter part of the period.
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Average Inventory Processing Period
Exxon Mobil Corp., average inventory processing period calculation (quarterly data)
| Jun 30, 2026 | 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 | 14.12 | 13.05 | 12.31 | 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 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average inventory processing period1 | 26 | 28 | 30 | 31 | 28 | 26 | 25 | 26 | 26 | 26 | 27 | 26 | 24 | 22 | 22 | 23 | 24 | 26 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | ||||||||||||||||||||||||
| Chevron Corp. | 18 | 21 | 19 | 20 | 17 | 17 | 17 | 18 | 19 | 19 | 16 | 17 | 16 | 15 | 13 | 14 | 14 | 13 | ||||||
| ConocoPhillips | 11 | 12 | 12 | 11 | 12 | 12 | 12 | 10 | 9 | 10 | 9 | 8 | 7 | 6 | 6 | 6 | 7 | 8 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 14.12 = 26
2 Click competitor name to see calculations.
The analysis of inventory activity from March 2022 through June 2026 reveals a cyclical pattern in operational efficiency, characterized by periods of accelerated inventory throughput followed by phases of slowing processing times.
- Inventory Turnover Trends
- A steady increase in the turnover ratio is observed during 2022, peaking at 16.69 in March 2023. This indicates a period of heightened efficiency in moving inventory. Following this peak, the ratio experienced a gradual decline, reaching a low of 11.93 by September 2025. A recovery phase followed in the final three quarters of the observed period, with the ratio climbing back to 14.12 by June 2026.
- Average Inventory Processing Period
- The processing period exhibits an inverse correlation with the turnover ratio. The duration required to process inventory decreased from 26 days in March 2022 to a minimum of 22 days between December 2022 and March 2023. A subsequent increase in processing time occurred, peaking at 31 days in September 2025, marking the slowest operational phase in the data set. By June 2026, the processing period returned to 26 days, aligning with the baseline levels observed at the start of the analysis period.
- Operational Correlation and Stability
- The data demonstrates a consistent relationship between turnover velocity and processing days. The period between December 2023 and December 2024 showed relative stability, with the processing period fluctuating minimally between 25 and 27 days. The most significant volatility occurred between late 2024 and late 2025, where the processing period extended by approximately 24% before correcting back toward the historical average.
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