ExxonMobil Holdings Corp. (NYSE:XOM)

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ExxonMobil Holdings Corp., adjusted total assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Total assets	448,980)	453,475)	376,317)	369,067)	338,923)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Reserves	440)	476)	271)	570)	540)
Add: LIFO reserve²	7,000)	10,000)	14,000)	14,900)	14,000)
Less: Deferred income tax assets (included in Other assets, including intangibles, net)³	3,759)	3,936)	3,637)	3,825)	4,450)
After Adjustment
Adjusted total assets	452,661)	460,015)	386,951)	380,712)	349,013)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

³ Deferred income tax assets (included in Other assets, including intangibles, net). See details »

An upward trajectory in both total and adjusted assets is evident from 2021 through 2024, followed by a marginal contraction in 2025. The most significant expansion occurred between 2023 and 2024, during which total assets increased from US$ 376,317 million to US$ 453,475 million, indicating a substantial expansion of the asset base.

Asset Growth Trends: Total assets exhibited consistent growth for the first four periods, with the most aggressive increase occurring in 2024. The subsequent decline in 2025 to US$ 448,980 million suggests a stabilization or slight reduction in the balance sheet following the peak in the preceding year.
Adjusted Asset Variance: Adjusted total assets remained consistently higher than reported total assets throughout the analyzed timeframe. However, the variance between these two figures has narrowed over time. The adjustment amount reached a peak of US$ 11,645 million in 2022 before trending downward to US$ 3,681 million by December 31, 2025.
Comparative Metric Correlation: A strong positive correlation is observed between total assets and adjusted total assets. Both metrics followed an identical growth pattern, peaking simultaneously in 2024 and declining in unison in 2025, suggesting that the underlying drivers of asset growth impacted both reported and adjusted valuations proportionally.

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ExxonMobil Holdings Corp., adjusted current liabilities

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Current liabilities	72,330)	70,307)	65,316)	69,045)	56,643)
Adjustments
Less: Current restructuring reserves	—)	—)	—)	—)	77)
After Adjustment
Adjusted current liabilities	72,330)	70,307)	65,316)	69,045)	56,566)

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).

Current liabilities exhibit a general upward trajectory over the observed five-year period, increasing from US$ 56,643 million in 2021 to US$ 72,330 million by 2025. This growth is characterized by a significant spike in 2022, followed by a moderate correction in 2023, and a subsequent steady rise through 2025.

Liability Trend Analysis: A substantial increase of approximately 21.9% occurred between 2021 and 2022, where liabilities rose to US$ 69,045 million. A subsequent decline of 5.4% was recorded in 2023, bringing the balance to US$ 65,316 million. Following this dip, a recovery phase is evident, with liabilities climbing to US$ 70,307 million in 2024 and reaching a period peak of US$ 72,330 million in 2025.
Adjustment Variance: A discrepancy between reported current liabilities and adjusted current liabilities is observed exclusively in 2021, where adjusted liabilities were lower by US$ 77 million. From 2022 through 2025, the values for both current and adjusted current liabilities are identical, indicating that no adjustments were deemed necessary or applied during these fiscal years.
Comparative Growth Magnitude: Over the full duration from 2021 to 2025, total current liabilities increased by US$ 15,687 million, representing a total growth of approximately 27.7%. The stability between adjusted and unadjusted figures from 2022 onward suggests a period of reporting consistency regarding short-term obligations.

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ExxonMobil Holdings Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Total liabilities	182,354)	182,869)	163,779)	166,594)	163,240)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	40,216)	39,042)	24,452)	22,874)	20,165)
Less: Restructuring reserves	—)	—)	—)	—)	77)
After Adjustment
Adjusted total liabilities	142,138)	143,827)	139,327)	143,720)	142,998)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

The financial trajectory of total liabilities and adjusted total liabilities between 2021 and 2025 reveals a diverging pattern. While total liabilities experienced significant growth, particularly in the latter half of the period, adjusted total liabilities remained relatively stable, indicating that the drivers of total debt increases were largely offset by adjustments.

Total Liabilities Trend: Total liabilities exhibited a volatile but generally upward trend, starting at 163,240 million US$ in 2021 and reaching a peak of 182,869 million US$ in 2024. A notable surge occurred between 2023 and 2024, representing an increase of approximately 11.6%. The figure stabilized slightly by 2025, ending at 182,354 million US$.
Adjusted Total Liabilities Trend: In contrast, adjusted total liabilities demonstrated minimal variance over the five-year period. Values fluctuated within a narrow range, moving from 142,998 million US$ in 2021 to a low of 139,327 million US$ in 2023, before returning to 142,138 million US$ by 2025. This suggests a consistent core liability structure regardless of the fluctuations in the unadjusted figures.
Analysis of Adjustments Variance: The variance between total and adjusted liabilities expanded considerably over time. In 2021, the difference was 20,242 million US$, which grew to 40,216 million US$ by 2025. This expansion is most pronounced between 2023 and 2024, where the gap increased by nearly 15 billion US$. The growing disparity indicates that a larger proportion of the total liabilities is being classified as non-core or subject to adjustment in the more recent fiscal years.

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ExxonMobil Holdings Corp., adjusted total ExxonMobil share of equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Total ExxonMobil share of equity	259,386)	263,705)	204,802)	195,049)	168,577)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(36,457)	(35,106)	(20,815)	(19,049)	(15,715)
Add: Reserves	440)	476)	271)	570)	540)
Add: LIFO reserve²	7,000)	10,000)	14,000)	14,900)	14,000)
Add: Restructuring reserves	—)	—)	—)	—)	77)
Add: Noncontrolling interests	7,240)	6,901)	7,736)	7,424)	7,106)
After Adjustment
Adjusted total equity	310,523)	316,188)	247,624)	236,992)	206,015)

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).

¹ Net deferred tax assets (liabilities). See details »

² LIFO reserve. See details »

An examination of stockholders' equity reveals a sustained upward trajectory from 2021 through 2024, followed by a marginal contraction in 2025. Both the total share of equity and the adjusted total equity exhibited synchronized movements, indicating a consistent relationship between the reported equity and its adjusted counterpart.

Total Equity Trends: The total ExxonMobil share of equity grew from US$ 168,577 million in 2021 to a peak of US$ 263,705 million in 2024. The most significant acceleration in growth occurred between 2023 and 2024, where equity increased by approximately 29%. This growth phase was followed by a slight decrease to US$ 259,386 million by the end of 2025.
Adjusted Total Equity Trends: Adjusted total equity followed a nearly identical growth pattern, rising from US$ 206,015 million in 2021 to a maximum of US$ 316,188 million in 2024. Like the total share of equity, the adjusted figure experienced a moderate decline in 2025, settling at US$ 310,523 million.
Equity Adjustment Variance: A persistent positive differential is observed between the adjusted total equity and the total share of equity. This variance increased from US$ 37,438 million in 2021 to US$ 52,483 million in 2024. The widening of this gap suggests that the adjustments applied to the stockholders' equity grew in absolute terms as the total equity base expanded, before stabilizing slightly in 2025 at a variance of US$ 51,137 million.

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ExxonMobil Holdings Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Notes and loans payable	9,296)	4,955)	4,090)	634)	4,276)
Long-term debt, excluding due within one year	34,241)	36,755)	37,483)	40,559)	43,428)
Total reported debt	43,537)	41,710)	41,573)	41,193)	47,704)
Total ExxonMobil share of equity	259,386)	263,705)	204,802)	195,049)	168,577)
Total reported capital	302,923)	305,415)	246,375)	236,242)	216,281)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Operating lease liability due within one year (included in Accounts payable and accrued liabilities)²	1,942)	1,852)	1,617)	1,527)	1,367)
Add: Long-term operating lease liability (included in Other long-term obligations)³	4,892)	4,626)	4,393)	4,067)	3,823)
Adjusted total debt	50,371)	48,188)	47,583)	46,787)	52,894)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(36,457)	(35,106)	(20,815)	(19,049)	(15,715)
Add: Reserves	440)	476)	271)	570)	540)
Add: LIFO reserve⁵	7,000)	10,000)	14,000)	14,900)	14,000)
Add: Restructuring reserves	—)	—)	—)	—)	77)
Add: Noncontrolling interests	7,240)	6,901)	7,736)	7,424)	7,106)
Adjusted total equity	310,523)	316,188)	247,624)	236,992)	206,015)
After Adjustment
Adjusted total capital	360,894)	364,376)	295,207)	283,779)	258,909)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liability due within one year (included in Accounts payable and accrued liabilities). See details »

³ Long-term operating lease liability (included in Other long-term obligations). See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ LIFO reserve. See details »

The capitalization structure exhibits a general trend of expansion and strategic deleveraging between December 31, 2021, and December 31, 2025. Total capital, both reported and adjusted, shows a consistent upward trajectory, driven primarily by substantial growth in equity holdings, which offset modest fluctuations in debt levels.

Debt Management Trends: Total reported debt experienced an initial decline from US$ 47,704 million in 2021 to US$ 41,193 million in 2022, followed by a period of relative stability through 2024. A moderate increase is noted in 2025, with reported debt rising to US$ 43,537 million. Adjusted total debt mirrors this trend but maintains a consistently higher valuation than reported figures, decreasing from a peak of US$ 52,894 million in 2021 to US$ 50,371 million by the end of 2025.
Equity and Capital Expansion: A significant growth pattern is observed in the equity base. Total reported equity rose from US$ 168,577 million in 2021 to a peak of US$ 263,705 million in 2024, before experiencing a slight contraction to US$ 259,386 million in 2025. Adjusted total equity followed a similar trajectory, reaching its maximum of US$ 316,188 million in 2024. This growth contributed to an overall increase in adjusted total capital, which expanded from US$ 258,909 million in 2021 to US$ 360,894 million in 2025.
Impact of Financial Adjustments: A persistent positive variance exists between reported and adjusted financial metrics. The adjustment to equity is particularly substantial, with the delta increasing from US$ 37,438 million in 2021 to US$ 51,137 million in 2025. Similarly, adjusted debt consistently exceeds reported debt, with the variance widening from US$ 5,190 million in 2021 to US$ 6,834 million by the end of the analyzed period. These adjustments result in a significantly higher adjusted total capital base compared to the reported figures across all five years.

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ExxonMobil Holdings Corp., adjusted net income attributable to ExxonMobil

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Net income attributable to ExxonMobil	28,844)	33,680)	36,010)	55,740)	23,040)
Adjustments
Add: Deferred income tax expense (benefit)¹	968)	(830)	944)	3,583)	(44)
Add: Increase (decrease) in reserves	(36)	205)	(299)	30)	66)
Add: Increase (decrease) in LIFO reserve²	(3,000)	(4,000)	(1,000)	900)	8,600)
Add: Increase (decrease) in restructuring reserves	—)	—)	—)	(77)	(326)
Add: Other comprehensive income (loss), net of income taxes	4,069)	(2,950)	1,542)	316)	3,169)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	1,233)	1,063)	1,605)	1,659)	786)
After Adjustment
Adjusted net income including noncontrolling interests	32,078)	27,168)	38,802)	62,151)	35,291)

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).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

An examination of the financial results from 2021 through 2025 reveals a period of significant volatility, characterized by a sharp earnings peak in 2022 followed by a multi-year contraction in both reported and adjusted net income.

Net Income Attributable to ExxonMobil: Reported net income experienced a substantial surge between 2021 and 2022, rising from 23,040 million US$ to a peak of 55,740 million US$. Following this peak, a consistent downward trend is observed, with values declining to 36,010 million US$ in 2023, 33,680 million US$ in 2024, and further reducing to 28,844 million US$ by the end of 2025.
Adjusted Net Income Including Noncontrolling Interests: Adjusted net income followed a similar trajectory to reported income, reaching its maximum value of 62,151 million US$ in 2022. A sharp decline occurred over the next two years, reaching a period low of 27,168 million US$ in 2024. Unlike the reported net income, which continued to decline into 2025, the adjusted figure showed a recovery, increasing to 32,078 million US$.
Analysis of Income Adjustments: The relationship between reported and adjusted income shifted notably over the five-year period. From 2021 to 2023, adjusted net income remained consistently higher than the net income attributable to the company. A divergence occurred in 2024, when adjusted net income fell below reported net income, suggesting a period of negative adjustments. This trend reversed in 2025, as adjusted net income once again exceeded reported net income, indicating a return to positive adjustments despite the overall decline in reported earnings.

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