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ExxonMobil Holdings Corp. (NYSE:XOM)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

ExxonMobil Holdings Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Notes and loans payable 2.07 1.09 1.09 0.17 1.26
Trade payables 8.03 7.97 8.30 8.99 7.86
Payables to equity companies 1.94 2.29 3.16 3.95 2.62
Accrued taxes other than income taxes 0.79 0.79 1.01 1.08 1.15
Other 2.81 2.47 2.95 3.11 3.35
Accounts payable and accrued liabilities 13.57% 13.52% 15.42% 17.12% 14.98%
Income taxes payable 0.47 0.89 0.85 1.41 0.47
Current liabilities 16.11% 15.50% 17.36% 18.71% 16.71%
Long-term debt, excluding due within one year 7.63 8.11 9.96 10.99 12.81
Postretirement benefits reserves 1.97 2.14 2.79 2.72 5.44
Deferred income tax liabilities 8.96 8.61 6.50 6.20 5.95
Long-term obligations to equity companies 0.12 0.30 0.48 0.63 0.84
Other long-term obligations 5.83 5.67 6.44 5.89 6.41
Long-term liabilities 24.51% 24.82% 26.16% 26.43% 31.45%
Total liabilities 40.62% 40.33% 43.52% 45.14% 48.16%
Common stock without par value 10.28 10.20 4.73 4.27 4.65
Earnings reinvested 107.46 103.84 120.62 117.28 115.68
Accumulated other comprehensive loss -2.42 -3.22 -3.19 -3.60 -4.06
Common stock held in treasury -57.55 -52.66 -67.74 -65.11 -66.52
Total ExxonMobil share of equity 57.77% 58.15% 54.42% 52.85% 49.74%
Noncontrolling interests 1.61 1.52 2.06 2.01 2.10
Total equity 59.38% 59.67% 56.48% 54.86% 51.84%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A consistent shift in the capital structure is observed between 2021 and 2025, characterized by a steady reduction in total liabilities and a corresponding increase in total equity. Total liabilities decreased from 48.16% of total liabilities and equity in 2021 to 40.62% by 2025. Conversely, total equity rose from 51.84% to 59.38% over the same period, indicating a strengthening of the solvency position and a reduction in financial leverage.

Liability Composition and Trends
A significant contraction is noted in long-term liabilities, which fell from 31.45% in 2021 to 24.51% in 2025. This decline is primarily driven by a substantial reduction in long-term debt, which dropped from 12.81% to 7.63%, and a decrease in postretirement benefits reserves from 5.44% to 1.97%. However, deferred income tax liabilities exhibited a contrary trend, increasing steadily from 5.95% to 8.96%.
Current liabilities remained relatively stable, fluctuating between a high of 18.71% in 2022 and a low of 15.50% in 2024. Trade payables stayed consistent, ranging between 7.86% and 8.99%, suggesting a stable relationship with short-term suppliers.
Equity Structure and Shareholders' Position
The total share of equity attributable to the company increased from 49.74% in 2021 to 57.77% in 2025. A notable shift occurred in the composition of equity starting in 2024, where common stock without par value increased from 4.73% to 10.20%, suggesting a capital issuance or restructuring event.
Earnings reinvested remained the largest component of the balance sheet, though the percentage declined from a peak of 120.62% in 2023 to 107.46% in 2025. This was accompanied by a reduction in the magnitude of common stock held in treasury, which moved from -66.52% in 2021 to -57.55% in 2025, indicating a change in the volume of share buybacks relative to the total balance sheet size.

Overall, the financial trajectory reflects a strategic deleveraging process. The reduction in long-term debt and the increase in the equity base suggest a lowered risk profile and an increased reliance on internal funding and equity rather than borrowed capital.

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