Return on Equity (ROE)
since 2005
Calculation
ExxonMobil Holdings Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to ExxonMobil1 | ÷ | Total ExxonMobil share of equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 11.12% | = | 100 | × | 28,844) | ÷ | 259,386) |
| Dec 31, 2024 | 12.77% | = | 100 | × | 33,680) | ÷ | 263,705) |
| Dec 31, 2023 | 17.58% | = | 100 | × | 36,010) | ÷ | 204,802) |
| Dec 31, 2022 | 28.58% | = | 100 | × | 55,740) | ÷ | 195,049) |
| Dec 31, 2021 | 13.67% | = | 100 | × | 23,040) | ÷ | 168,577) |
| Dec 31, 2020 | -14.28% | = | 100 | × | (22,440) | ÷ | 157,150) |
| Dec 31, 2019 | 7.48% | = | 100 | × | 14,340) | ÷ | 191,650) |
| Dec 31, 2018 | 10.87% | = | 100 | × | 20,840) | ÷ | 191,794) |
| Dec 31, 2017 | 10.50% | = | 100 | × | 19,710) | ÷ | 187,688) |
| Dec 31, 2016 | 4.69% | = | 100 | × | 7,840) | ÷ | 167,325) |
| Dec 31, 2015 | 9.45% | = | 100 | × | 16,150) | ÷ | 170,811) |
| Dec 31, 2014 | 18.65% | = | 100 | × | 32,520) | ÷ | 174,399) |
| Dec 31, 2013 | 18.72% | = | 100 | × | 32,580) | ÷ | 174,003) |
| Dec 31, 2012 | 27.06% | = | 100 | × | 44,880) | ÷ | 165,863) |
| Dec 31, 2011 | 26.59% | = | 100 | × | 41,060) | ÷ | 154,396) |
| Dec 31, 2010 | 20.74% | = | 100 | × | 30,460) | ÷ | 146,839) |
| Dec 31, 2009 | 17.44% | = | 100 | × | 19,280) | ÷ | 110,569) |
| Dec 31, 2008 | 40.03% | = | 100 | × | 45,220) | ÷ | 112,965) |
| Dec 31, 2007 | 33.35% | = | 100 | × | 40,610) | ÷ | 121,762) |
| Dec 31, 2006 | 34.70% | = | 100 | × | 39,500) | ÷ | 113,844) |
| Dec 31, 2005 | 32.50% | = | 100 | × | 36,130) | ÷ | 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 financial performance from 2005 through 2025 exhibits a cyclical pattern in profitability, with Return on Equity (ROE) demonstrating significant variance. The overall trend is marked by an initial period of high returns, a prolonged phase of decline and volatility, a severe contraction in 2020, and a subsequent partial recovery.
- Peak Performance Phase (2005–2008)
- A period of strong capital efficiency is observed, with ROE maintaining levels above 32%, peaking at 40.03% in 2008. This was driven by net income growth that reached $45.22 billion, while the equity base remained relatively stable between $111 billion and $121 billion.
- Volatility and Sustained Decline (2009–2019)
- A sharp contraction occurred in 2009, where ROE fell to 17.44%. Despite a temporary recovery to 27.06% by 2012, a long-term downward trend ensued. ROE reached a cyclical low of 4.69% in 2016, reflecting a drop in net income to $7.84 billion. For the remainder of this period, ROE largely stagnated in the single and low-double digits, ending 2019 at 7.48%.
- Crisis and Rapid Recovery (2020–2022)
- The year 2020 represents the most significant anomaly in the sequence, with ROE plunging to -14.28% following a net loss of $22.44 billion. This was followed by a sharp V-shaped recovery, with ROE climbing to 28.58% in 2022. This recovery was fueled by a record net income of $55.74 billion, the highest in the analyzed period.
- Recent Performance Trends (2023–2025)
- A moderate downward trajectory is observed in the final years, with ROE declining from 17.58% in 2023 to 11.12% by 2025. This decline coincides with a reduction in net income from $36.01 billion in 2022 to $28.84 billion by 2025.
- Equity Base Expansion
- A consistent long-term increase in total equity is evident, growing from $111.19 billion in 2005 to a peak of $263.71 billion in 2024. The expansion of the equity base has acted as a mathematical drag on ROE; as the denominator increased, substantially higher net income levels were required to replicate the high percentage returns seen in the mid-2000s.
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Comparison to Competitors
ExxonMobil Holdings Corp., ROE, long-term trends, comparison to competitors
| ExxonMobil Holdings Corp. | Chevron Corp. | ConocoPhillips | |
|---|---|---|---|
| Dec 31, 2025 | 11.12% | 6.60% | 12.39% |
| Dec 31, 2024 | 12.77% | 11.59% | 14.27% |
| Dec 31, 2023 | 17.58% | 13.28% | 22.23% |
| Dec 31, 2022 | 28.58% | 22.27% | 38.91% |
| Dec 31, 2021 | 13.67% | 11.24% | 17.79% |
| Dec 31, 2020 | -14.28% | -4.21% | -9.05% |
| Dec 31, 2019 | 7.48% | 2.03% | 20.55% |
| Dec 31, 2018 | 10.87% | 9.59% | 19.59% |
| Dec 31, 2017 | 10.50% | 6.21% | -2.79% |
| Dec 31, 2016 | 4.69% | -0.34% | -10.34% |
| Dec 31, 2015 | 9.45% | 3.00% | -11.14% |
| Dec 31, 2014 | 18.65% | 12.41% | 13.23% |
| Dec 31, 2013 | 18.72% | 14.37% | 17.58% |
| Dec 31, 2012 | 27.06% | 19.18% | 17.56% |
| Dec 31, 2011 | 26.59% | 22.16% | 19.07% |
| Dec 31, 2010 | 20.74% | 18.10% | 16.57% |
| Dec 31, 2009 | 17.44% | 11.41% | 7.78% |
| Dec 31, 2008 | 40.03% | 27.62% | -30.81% |
| Dec 31, 2007 | 33.35% | 24.24% | 13.36% |
| Dec 31, 2006 | 34.70% | 24.86% | 18.82% |
| Dec 31, 2005 | 32.50% | 22.50% | 25.66% |
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., ROE, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ExxonMobil Holdings Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2025 | 11.12% | 9.63% |
| Dec 31, 2024 | 12.77% | 12.60% |
| Dec 31, 2023 | 17.58% | 16.46% |
| Dec 31, 2022 | 28.58% | 27.31% |
| Dec 31, 2021 | 13.67% | 13.24% |
| Dec 31, 2020 | -14.28% | -9.63% |
| Dec 31, 2019 | 7.48% | 6.59% |
| Dec 31, 2018 | 10.87% | 11.08% |
| Dec 31, 2017 | 10.50% | 7.66% |
| Dec 31, 2016 | 4.69% | 1.07% |
| Dec 31, 2015 | 9.45% | 4.49% |
| Dec 31, 2014 | 18.65% | 15.37% |
| Dec 31, 2013 | 18.72% | 16.83% |
| Dec 31, 2012 | 27.06% | 22.69% |
| Dec 31, 2011 | 26.59% | 23.57% |
| Dec 31, 2010 | 20.74% | 18.98% |
| Dec 31, 2009 | 17.44% | 13.07% |
| Dec 31, 2008 | 40.03% | 20.47% |
| Dec 31, 2007 | 33.35% | 24.73% |
| Dec 31, 2006 | 34.70% | 27.20% |
| Dec 31, 2005 | 32.50% | 28.14% |
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., ROE, long-term trends, comparison to industry (energy)
| ExxonMobil Holdings Corp. | Energy | |
|---|---|---|
| Dec 31, 2025 | 11.12% | 9.79% |
| Dec 31, 2024 | 12.77% | 12.96% |
| Dec 31, 2023 | 17.58% | 16.67% |
| Dec 31, 2022 | 28.58% | 26.98% |
| Dec 31, 2021 | 13.67% | 13.21% |
| Dec 31, 2020 | -14.28% | -12.46% |
| Dec 31, 2019 | 7.48% | 3.63% |
| Dec 31, 2018 | 10.87% | 10.63% |
| Dec 31, 2017 | 10.50% | 6.58% |
| Dec 31, 2016 | 4.69% | 0.52% |
| Dec 31, 2015 | 9.45% | 4.61% |
| Dec 31, 2014 | 18.65% | 15.28% |
| Dec 31, 2013 | 18.72% | 16.85% |
| Dec 31, 2012 | 27.06% | 22.06% |
| Dec 31, 2011 | 26.59% | 22.94% |
| Dec 31, 2010 | 20.74% | 18.51% |
| Dec 31, 2009 | 17.44% | 13.29% |
| Dec 31, 2008 | 40.03% | 21.20% |
| Dec 31, 2007 | 33.35% | 25.23% |
| Dec 31, 2006 | 34.70% | 27.51% |
| Dec 31, 2005 | 32.50% | 28.17% |
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).