Analysis of Geographic Areas
ExxonMobil Holdings Corp. operates in 2 regions: United States and Non-U.S..
Area Asset Turnover
ExxonMobil Holdings Corp., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 0.75 | 0.78 | 1.33 | 1.66 | 1.15 |
| Non-U.S. | 1.61 | 1.73 | 1.74 | 2.18 | 1.37 |
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 asset turnover ratios for both domestic and international operations exhibit a synchronized peak in 2022, followed by a general downward trajectory through 2025. Throughout the analyzed period, Non-U.S. operations consistently maintained a higher asset turnover ratio than United States operations, indicating a higher level of efficiency in generating revenue from assets in international markets.
- United States Asset Turnover
- The ratio for United States operations experienced an initial increase from 1.15 in 2021 to a peak of 1.66 in 2022. However, this was followed by a sustained decline, with a notable drop occurring between 2023 and 2024, where the ratio fell from 1.33 to 0.78. The period concluded with a slight further decrease to 0.75 in 2025, representing a significant contraction in asset efficiency relative to the 2022 peak.
- Non-U.S. Asset Turnover
- Non-U.S. operations followed a similar pattern of peaking in 2022 at 2.18, up from 1.37 in 2021. While a downward trend occurred thereafter, the decline was more gradual than that seen in the domestic segment. The ratio moved to 1.74 in 2023 and remained relatively stable at 1.73 in 2024, before ending at 1.61 in 2025.
- Geographic Performance Divergence
- A widening gap in asset utilization efficiency between the two geographic areas is evident. While the disparity in 2021 was relatively modest, the difference became pronounced by 2025, where the Non-U.S. asset turnover ratio of 1.61 more than doubled the United States ratio of 0.75.
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Area Asset Turnover: United States
ExxonMobil Holdings Corp.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 137,639) | 138,657) | 127,374) | 149,225) | 104,236) |
| Long-lived assets | 183,619) | 178,633) | 95,792) | 90,051) | 90,412) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.75 | 0.78 | 1.33 | 1.66 | 1.15 |
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).
1 2025 Calculation
Area asset turnover = Sales and other operating revenue ÷ Long-lived assets
= 137,639 ÷ 183,619 = 0.75
The financial trajectory of assets within the United States indicates a period of peak operational efficiency followed by a significant expansion of the capital base, which has subsequently diluted the asset turnover ratio.
- Revenue Performance
- Operating revenue exhibited a substantial increase in 2022, rising from 104,236 million USD in 2021 to a peak of 149,225 million USD. Following this peak, revenues experienced a moderate decline in 2023 before stabilizing between 138,657 million USD in 2024 and 137,639 million USD in 2025.
- Long-Lived Asset Growth
- The asset base remained relatively constant from 2021 through 2023, hovering around 90,000 to 95,000 million USD. A significant shift occurred in 2024, where long-lived assets surged to 178,633 million USD, nearly doubling the previous year's valuation. This expansion continued into 2025, reaching 183,619 million USD.
- Area Asset Turnover Analysis
- The area asset turnover ratio peaked at 1.66 in 2022, reflecting high revenue generation relative to the asset base. However, a pronounced downward trend is observed from 2023 onward, with the ratio falling to 0.78 in 2024 and 0.75 by 2025. This decline is directly attributable to the rapid increase in long-lived assets, which has outpaced the growth of operating revenue, thereby reducing the efficiency of asset utilization in the region.
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Area Asset Turnover: Non-U.S.
ExxonMobil Holdings Corp.; Non-U.S.; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 186,266) | 200,590) | 207,323) | 249,450) | 172,456) |
| Long-lived assets | 115,754) | 115,685) | 119,148) | 114,641) | 126,140) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.61 | 1.73 | 1.74 | 2.18 | 1.37 |
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 2025 Calculation
Area asset turnover = Sales and other operating revenue ÷ Long-lived assets
= 186,266 ÷ 115,754 = 1.61
Analysis of non-U.S. operations reveals a period of significant volatility in revenue generation and asset utilization efficiency from 2021 through 2025.
- Revenue Trends
- Sales and other operating revenue exhibited a sharp increase in 2022, reaching a peak of 249,450 million USD. This growth was followed by a consistent downward trend over the subsequent three years, with revenue decreasing to 186,266 million USD by the end of 2025.
- Long-Lived Asset Base
- The value of long-lived assets remained relatively stable throughout the period. After an initial decrease from 126,140 million USD in 2021 to 114,641 million USD in 2022, the asset base fluctuated minimally, concluding the period at 115,754 million USD in 2025.
- Area Asset Turnover Performance
- The area asset turnover ratio peaked in 2022 at 2.18, reflecting a period of maximum efficiency where revenue growth coincided with a reduction in the asset base. However, a gradual decline in the ratio is observed from 2023 onward, falling to 1.74 in 2023 and ending at 1.61 in 2025. This suggests a diminishing capacity to generate sales relative to the invested long-lived assets in non-U.S. regions.
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Sales and other operating revenue
ExxonMobil Holdings Corp., sales and other operating revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 137,639) | 138,657) | 127,374) | 149,225) | 104,236) |
| Non-U.S. | 186,266) | 200,590) | 207,323) | 249,450) | 172,456) |
| Total | 323,905) | 339,247) | 334,697) | 398,675) | 276,692) |
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).
Total operating revenue experienced a significant surge in 2022, peaking at 398,675 million US dollars before undergoing a correction in 2023. Following this peak, the overall revenue trend exhibits relative stabilization, with a slight increase in 2024 and a marginal decline projected for 2025, remaining consistently above 2021 levels.
- United States Revenue Trends
- Revenue within the United States grew from 104,236 million US dollars in 2021 to a peak of 149,225 million US dollars in 2022. While a decline occurred in 2023, the US market demonstrated resilience with a recovery to 138,657 million US dollars in 2024 and maintaining a stable position at 137,639 million US dollars in 2025.
- Non-U.S. Revenue Trends
- International revenue followed a similar trajectory to total revenue, spiking to 249,450 million US dollars in 2022. However, unlike the US market, non-U.S. revenue has entered a sustained downward trend from 2023 through 2025, declining to a projected 186,266 million US dollars.
- Geographic Revenue Composition
- A shift in the geographic revenue mix is observed over the analyzed period. In 2021, non-U.S. operations accounted for approximately 62.3% of total revenue. By 2025, this proportion is expected to decrease to approximately 57.5%, indicating an increasing reliance on the United States market for total revenue generation.
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Long-lived assets
ExxonMobil Holdings Corp., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 183,619) | 178,633) | 95,792) | 90,051) | 90,412) |
| Non-U.S. | 115,754) | 115,685) | 119,148) | 114,641) | 126,140) |
| Total | 299,373) | 294,318) | 214,940) | 204,692) | 216,552) |
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 total value of long-lived assets experienced moderate fluctuations between 2021 and 2023, followed by a substantial increase beginning in 2024. Total assets rose from 216,552 million US dollars in 2021 to 299,373 million US dollars by 2025, representing an overall growth trend heavily weighted toward the latter period of the analysis.
- United States Asset Growth
- Domestic long-lived assets remained relatively stable between 2021 and 2023, hovering around 90,000 to 95,000 million US dollars. However, a significant acceleration occurred in 2024, where assets surged to 178,633 million US dollars, followed by a further increase to 183,619 million US dollars in 2025. This indicates a substantial expansion of the domestic asset base.
- Non-U.S. Asset Trends
- International long-lived assets exhibited a general downward trend over the five-year period. From a peak of 126,140 million US dollars in 2021, these assets declined to 115,754 million US dollars by 2025. The most notable decrease occurred between 2021 and 2022, with subsequent years showing relative stagnation.
- Geographic Asset Redistribution
- A strategic shift in geographic concentration is evident. From 2021 through 2023, Non-U.S. assets constituted the majority of the long-lived asset portfolio. By 2024, this dynamic reversed, with United States assets becoming the dominant component of the total asset base. By the end of 2025, domestic assets accounted for approximately 61% of the total long-lived assets, compared to approximately 42% in 2021.
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