Name: ExxonMobil Holdings Corp. (NYSE:XOM) | Cash Flow Statement
Creator: Stock Analysis on Net

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Download chart

ExxonMobil Holdings Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income including noncontrolling interests	29,764)	35,063)	37,354)	57,577)	23,598)
Depreciation and depletion, includes impairments	25,993)	23,442)	20,641)	24,040)	20,607)
Deferred income tax charges (credits)	765)	(865)	634)	3,758)	303)
Postretirement benefits expense in excess of (less than) net payments	(64)	(358)	90)	(2,981)	754)
Other long-term obligation provisions in excess of (less than) payments	(1,430)	(1,712)	(1,501)	(1,932)	50)
Adjustments for noncash transactions	25,264)	20,507)	19,864)	22,885)	21,714)
Dividends received greater than (less than) equity in current earnings of equity companies	3,006)	191)	509)	(2,446)	(668)
Notes and accounts receivable, reduction (increase)	(3,042)	(6,030)	4,370)	(11,019)	(12,098)
Inventories, reduction (increase)	(4,300)	(1,812)	(3,472)	(6,947)	(489)
Other current assets, reduction (increase)	(164)	389)	(426)	(688)	(71)
Accounts and other payables, increase (reduction)	(222)	5,627)	(4,727)	18,460)	16,820)
Changes in operational working capital, excluding cash and debt	(7,728)	(1,826)	(4,255)	(194)	4,162)
Net gain on asset sales	(1,113)	(1,223)	(513)	(1,034)	(1,207)
All other items, net	2,777)	2,310)	2,410)	9)	530)
Net cash provided by operating activities	51,970)	55,022)	55,369)	76,797)	48,129)
Additions to property, plant and equipment	(28,358)	(24,306)	(21,919)	(18,407)	(12,076)
Proceeds from asset sales and returns of investments	3,158)	4,987)	4,078)	5,247)	3,176)
Additional investments and advances	(4,133)	(3,299)	(2,995)	(3,090)	(2,817)
Other investing activities including collection of advances	3,406)	1,926)	1,562)	1,508)	1,482)
Cash acquired from mergers and acquisitions	—)	754)	—)	—)	—)
Net cash used in investing activities	(25,927)	(19,938)	(19,274)	(14,742)	(10,235)
Additions to long-term debt	2,311)	899)	939)	637)	46)
Reductions in long-term debt	(1,108)	(1,150)	(15)	(5)	(8)
Additions to short-term debt	2,359)	—)	—)	198)	12,687)
Reductions in short-term debt	(5,404)	(4,743)	(879)	(8,075)	(29,396)
Additions (reductions) in commercial paper, and debt with three months or less maturity	1,895)	(18)	(284)	25)	(2,983)
Contingent consideration payments	(79)	(27)	(68)	(58)	(30)
Cash dividends to ExxonMobil shareholders	(17,231)	(16,704)	(14,941)	(14,939)	(14,924)
Cash dividends to noncontrolling interests	(935)	(658)	(531)	(267)	(224)
Changes in noncontrolling interests	(704)	(791)	(894)	(1,493)	(436)
Inflows from noncontrolling interests for major projects	88)	32)	124)	18)	—)
Common stock acquired	(20,273)	(19,629)	(17,748)	(15,155)	(155)
Net cash used in financing activities	(39,081)	(42,789)	(34,297)	(39,114)	(35,423)
Effects of exchange rate changes on cash	532)	(676)	105)	(78)	(33)
Increase (decrease) in cash and cash equivalents, including restricted	(12,506)	(8,381)	1,903)	22,863)	2,438)
Cash and cash equivalents at beginning of year, including restricted	23,187)	31,568)	29,665)	6,802)	4,364)
Cash and cash equivalents at end of year, including restricted	10,681)	23,187)	31,568)	29,665)	6,802)

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 cash flow profile indicates a period of high volatility in earnings and a strategic shift toward aggressive capital investment and shareholder distributions. Operating cash flow peaked in 2022 at 76,797 million US$, followed by a stabilization phase between 51,970 million US$ and 55,369 million US$ from 2023 through 2025. This trend aligns with a peak in net income during 2022, which subsequently declined to 29,764 million US$ by the end of 2025.

Operating Cash Flow and Working Capital: Cash provided by operating activities remains strong, though it exhibits a downward trajectory from its 2022 high. A significant volatility is observed in operational working capital, which transitioned from a positive contribution of 4,162 million US$ in 2021 to a substantial cash outflow of 7,728 million US$ in 2025. This is largely driven by fluctuating notes and accounts receivable and inventory levels, which exerted consistent downward pressure on cash from 2022 onwards.
Investment Strategy and Capital Expenditure: There is a clear and accelerating trend in capital intensity. Additions to property, plant, and equipment increased steadily every year, rising from 12,076 million US$ in 2021 to 28,358 million US$ in 2025. Consequently, net cash used in investing activities expanded from 10,235 million US$ to 25,927 million US$ over the five-year period, indicating a substantial ramp-up in long-term asset investment despite declining net income.
Financing Activities and Shareholder Returns: The company has significantly intensified its return of capital to shareholders. While cash dividends remained relatively stable, increasing slightly from 14,924 million US$ in 2021 to 17,231 million US$ in 2025, common stock acquisitions saw an exponential increase. Share repurchases rose from a nominal 155 million US$ in 2021 to over 20,000 million US$ annually between 2024 and 2025. This shift represents a primary driver of net cash used in financing activities, which averaged approximately 38,000 million US$ per year.
Liquidity and Cash Position: Cash and cash equivalents experienced a sharp increase between 2021 and 2023, peaking at 31,568 million US$. However, a rapid depletion is observed in the final two years, with the ending cash balance falling to 10,681 million US$ by December 31, 2025. This decline is the result of the combined impact of escalating capital expenditures and aggressive share buyback programs exceeding the cash generated from operations.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?