Debt to Equity
since 2005
Calculation
ExxonMobil Holdings Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Notes, loans payable and long-term debt1 | ÷ | Total ExxonMobil share of equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.17 | = | 43,537) | ÷ | 259,386) |
| Dec 31, 2024 | 0.16 | = | 41,710) | ÷ | 263,705) |
| Dec 31, 2023 | 0.20 | = | 41,573) | ÷ | 204,802) |
| Dec 31, 2022 | 0.21 | = | 41,193) | ÷ | 195,049) |
| Dec 31, 2021 | 0.28 | = | 47,704) | ÷ | 168,577) |
| Dec 31, 2020 | 0.43 | = | 67,640) | ÷ | 157,150) |
| Dec 31, 2019 | 0.24 | = | 46,920) | ÷ | 191,650) |
| Dec 31, 2018 | 0.20 | = | 37,796) | ÷ | 191,794) |
| Dec 31, 2017 | 0.23 | = | 42,336) | ÷ | 187,688) |
| Dec 31, 2016 | 0.26 | = | 42,762) | ÷ | 167,325) |
| Dec 31, 2015 | 0.23 | = | 38,687) | ÷ | 170,811) |
| Dec 31, 2014 | 0.17 | = | 29,121) | ÷ | 174,399) |
| Dec 31, 2013 | 0.13 | = | 22,699) | ÷ | 174,003) |
| Dec 31, 2012 | 0.07 | = | 11,581) | ÷ | 165,863) |
| Dec 31, 2011 | 0.11 | = | 17,033) | ÷ | 154,396) |
| Dec 31, 2010 | 0.10 | = | 15,014) | ÷ | 146,839) |
| Dec 31, 2009 | 0.09 | = | 9,605) | ÷ | 110,569) |
| Dec 31, 2008 | 0.08 | = | 9,425) | ÷ | 112,965) |
| Dec 31, 2007 | 0.08 | = | 9,566) | ÷ | 121,762) |
| Dec 31, 2006 | 0.07 | = | 8,347) | ÷ | 113,844) |
| Dec 31, 2005 | 0.07 | = | 7,991) | ÷ | 111,186) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity trajectory from 2005 to 2025 reveals a long-term pattern of conservative leverage followed by a period of increased borrowing and a subsequent strategic deleveraging. The financial structure shifted from a highly equity-funded model in the mid-2000s to a more leveraged position peaking in 2020, before returning to levels comparable to the previous decade.
- Period of Low Leverage (2005–2012)
- During this interval, a highly stable and conservative capital structure is observed. The debt-to-equity ratio remained consistently low, fluctuating minimally between 0.07 and 0.11. Long-term debt grew modestly from 7.99 billion USD in 2005 to 11.58 billion USD by 2012, while equity expanded steadily from 111.19 billion USD to 165.86 billion USD, indicating a reliance on internal funding and equity over borrowed capital.
- Expansion of Debt Obligations (2013–2019)
- A transition toward higher leverage began in 2013, as notes and long-term debt increased sharply from 22.70 billion USD to 46.92 billion USD by 2019. This trend drove the debt-to-equity ratio upward, reaching a localized peak of 0.26 in 2016. Despite consistent growth in total equity during this period, the rate of debt accumulation outpaced equity growth, resulting in a gradual increase in the company's financial gearing.
- Peak Volatility and Deleveraging (2020–2025)
- The year 2020 marked a significant spike in leverage, with long-term debt reaching a peak of 67.64 billion USD and total equity contracting to 157.15 billion USD. This convergence resulted in a maximum debt-to-equity ratio of 0.43. Following this peak, a robust recovery phase is evident. Debt was reduced to approximately 41.57 billion USD by 2022, while equity grew substantially to a peak of 263.71 billion USD in 2024. Consequently, the debt-to-equity ratio declined sharply, normalizing to 0.16 by 2024 and 0.17 by 2025, effectively resetting the leverage profile to levels seen in the early 2010s.
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Comparison to Competitors
ExxonMobil Holdings Corp., debt to equity, long-term trends, comparison to competitors
| ExxonMobil Holdings Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Dec 31, 2025 | 0.17 | 0.22 | 0.36 |
| Dec 31, 2024 | 0.16 | 0.16 | 0.38 |
| Dec 31, 2023 | 0.20 | 0.13 | 0.38 |
| Dec 31, 2022 | 0.21 | 0.15 | 0.35 |
| Dec 31, 2021 | 0.28 | 0.23 | 0.44 |
| Dec 31, 2020 | 0.43 | 0.34 | 0.51 |
| Dec 31, 2019 | 0.24 | 0.19 | 0.43 |
| Dec 31, 2018 | 0.20 | 0.22 | 0.47 |
| Dec 31, 2017 | 0.23 | 0.26 | 0.64 |
| Dec 31, 2016 | 0.26 | 0.32 | 0.78 |
| Dec 31, 2015 | 0.23 | 0.25 | 0.63 |
| Dec 31, 2014 | 0.17 | 0.18 | 0.43 |
| Dec 31, 2013 | 0.13 | 0.14 | 0.42 |
| Dec 31, 2012 | 0.07 | 0.09 | 0.45 |
| Dec 31, 2011 | 0.11 | 0.08 | 0.35 |
| Dec 31, 2010 | 0.10 | 0.11 | 0.34 |
| Dec 31, 2009 | 0.09 | 0.11 | 0.46 |
| Dec 31, 2008 | 0.08 | 0.10 | 0.50 |
| Dec 31, 2007 | 0.08 | 0.09 | 0.24 |
| Dec 31, 2006 | 0.07 | 0.14 | 0.33 |
| Dec 31, 2005 | 0.07 | 0.21 | 0.24 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ExxonMobil Holdings Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ExxonMobil Holdings Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 0.17 | 0.21 |
| Dec 31, 2024 | 0.16 | 0.19 |
| Dec 31, 2023 | 0.20 | 0.20 |
| Dec 31, 2022 | 0.21 | 0.20 |
| Dec 31, 2021 | 0.28 | 0.28 |
| Dec 31, 2020 | 0.43 | 0.40 |
| Dec 31, 2019 | 0.24 | 0.24 |
| Dec 31, 2018 | 0.20 | 0.23 |
| Dec 31, 2017 | 0.23 | 0.28 |
| Dec 31, 2016 | 0.26 | 0.33 |
| Dec 31, 2015 | 0.23 | 0.28 |
| Dec 31, 2014 | 0.17 | 0.21 |
| Dec 31, 2013 | 0.13 | 0.17 |
| Dec 31, 2012 | 0.07 | 0.13 |
| Dec 31, 2011 | 0.11 | 0.15 |
| Dec 31, 2010 | 0.10 | 0.16 |
| Dec 31, 2009 | 0.09 | 0.18 |
| Dec 31, 2008 | 0.08 | 0.18 |
| Dec 31, 2007 | 0.08 | 0.13 |
| Dec 31, 2006 | 0.07 | 0.17 |
| Dec 31, 2005 | 0.07 | 0.15 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ExxonMobil Holdings Corp., debt to equity, long-term trends, comparison to industry (energy)
| ExxonMobil Holdings Corp. | Energy | |
|---|---|---|
| Dec 31, 2025 | 0.17 | 0.22 |
| Dec 31, 2024 | 0.16 | 0.20 |
| Dec 31, 2023 | 0.20 | 0.21 |
| Dec 31, 2022 | 0.21 | 0.22 |
| Dec 31, 2021 | 0.28 | 0.31 |
| Dec 31, 2020 | 0.43 | 0.44 |
| Dec 31, 2019 | 0.24 | 0.26 |
| Dec 31, 2018 | 0.20 | 0.25 |
| Dec 31, 2017 | 0.23 | 0.30 |
| Dec 31, 2016 | 0.26 | 0.35 |
| Dec 31, 2015 | 0.23 | 0.30 |
| Dec 31, 2014 | 0.17 | 0.22 |
| Dec 31, 2013 | 0.13 | 0.19 |
| Dec 31, 2012 | 0.07 | 0.15 |
| Dec 31, 2011 | 0.11 | 0.16 |
| Dec 31, 2010 | 0.10 | 0.17 |
| Dec 31, 2009 | 0.09 | 0.19 |
| Dec 31, 2008 | 0.08 | 0.19 |
| Dec 31, 2007 | 0.08 | 0.15 |
| Dec 31, 2006 | 0.07 | 0.19 |
| Dec 31, 2005 | 0.07 | 0.16 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).