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ExxonMobil Holdings Corp. (NYSE:XOM)

Common-Size Income Statement

ExxonMobil Holdings Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Sales and other operating revenue 100.00 100.00 100.00 100.00 100.00
Income from equity affiliates 1.56 1.83 1.91 2.88 2.41
Other income 1.01 1.22 1.05 0.89 0.83
Revenues and other income 102.57% 103.05% 102.95% 103.76% 103.23%
Crude oil and product purchases -56.88 -58.79 -57.67 -57.43 -56.08
Production and manufacturing expenses -13.10 -11.68 -11.02 -10.69 -13.02
Selling, general and administrative expenses -3.44 -2.94 -2.96 -2.53 -3.46
Depreciation and depletion, includes impairments -8.02 -6.91 -6.17 -6.03 -7.45
Exploration expenses, including dry holes -0.31 -0.24 -0.22 -0.26 -0.38
Other taxes and duties -7.77 -7.75 -8.67 -7.00 -10.93
Operating income 13.05% 14.74% 16.24% 19.82% 11.91%
Non-service pension and postretirement benefit expense -0.12 -0.04 -0.21 -0.12 -0.28
Interest expense -0.19 -0.29 -0.25 -0.20 -0.34
Income before income taxes 12.74% 14.41% 15.77% 19.50% 11.29%
Income tax expense -3.55 -4.07 -4.61 -5.06 -2.76
Net income including noncontrolling interests 9.19% 10.34% 11.16% 14.44% 8.53%
Net income attributable to noncontrolling interests -0.28 -0.41 -0.40 -0.46 -0.20
Net income attributable to ExxonMobil 8.91% 9.93% 10.76% 13.98% 8.33%

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 financial performance over the analyzed five-year period is characterized by a significant profitability peak in 2022, followed by a gradual contraction in margins through 2025. While total revenues and other income remained relatively stable as a percentage of sales, operating efficiency and net profit margins experienced notable volatility.

Revenue and Operating Income Trends
Revenues and other income stayed consistent, fluctuating between 102.57% and 103.76% of sales and other operating revenue. However, operating income exhibited a sharp increase from 11.91% in 2021 to a peak of 19.82% in 2022. This was followed by a steady downward trend, with operating income declining to 16.24% in 2023, 14.74% in 2024, and ending at 13.05% in 2025.
Operating Expense Analysis
Crude oil and product purchases constitute the largest cost component, consistently representing between 56% and 59% of revenue, with a peak cost impact in 2024 at 58.79%. Production and manufacturing expenses showed a dip in 2022 to 10.69% before rising steadily to 13.10% by 2025. Depreciation and depletion costs followed a similar pattern, decreasing to 6.03% in 2022 and subsequently increasing to 8.02% by 2025, suggesting a rise in capital intensity or asset aging toward the end of the period.
Taxation and Other Expenses
Other taxes and duties saw a marked reduction from 10.93% in 2021 to 7.00% in 2022, remaining relatively stable between 7.75% and 8.67% in the following years. Income tax expense peaked in 2022 at 5.06% of revenue, correlating with the peak in pre-tax income, before trending downward to 3.55% by 2025.
Net Profitability
Net income attributable to the company mirrored the trajectory of operating income, peaking at 13.98% in 2022. A subsequent decline is observed, with the margin contracting to 10.76% in 2023, 9.93% in 2024, and finally 8.91% in 2025. This indicates that the factors driving the 2022 windfall were not sustained, and the company returned to profitability levels similar to those seen in 2021.

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