Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
ExxonMobil Holdings Corp., liquidity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Current ratio | 1.15 | 1.31 | 1.48 | 1.41 | 1.04 | |
| Quick ratio | 0.76 | 0.95 | 1.06 | 1.03 | 0.69 | |
| Cash ratio | 0.15 | 0.33 | 0.48 | 0.43 | 0.12 |
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 company's liquidity position exhibited a distinct bell-shaped trajectory between 2021 and 2025, characterized by a period of significant strengthening followed by a consistent contraction. All three liquidity metrics peaked in 2023 before entering a downward trend, suggesting a strategic shift in asset allocation or a period of increased short-term capital deployment.
- Current Ratio
- The current ratio increased from 1.04 in 2021 to a peak of 1.48 in 2023, indicating an improved capacity to meet short-term obligations. A subsequent decline is observed, with the ratio falling to 1.31 in 2024 and 1.15 by the end of 2025. Despite this contraction, the ratio remained above the 1.0 threshold throughout the five-year period.
- Quick Ratio
- The quick ratio mirrored the trend of the current ratio, rising from 0.69 in 2021 to a peak of 1.06 in 2023. This movement indicates that by 2023, the company possessed sufficient liquid assets, excluding inventory, to cover its current liabilities. However, the ratio declined to 0.95 in 2024 and 0.76 in 2025, signifying a growing reliance on inventory to satisfy short-term obligations.
- Cash Ratio
- The most pronounced volatility is observed in the cash ratio, which surged from 0.12 in 2021 to 0.48 in 2023. This rapid increase indicates a substantial accumulation of cash and cash equivalents. This trend reversed sharply after 2023, with the ratio dropping to 0.33 in 2024 and returning to 0.15 in 2025, effectively returning the cash position to near 2021 levels.
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Current Ratio
ExxonMobil Holdings Corp., current ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 83,382) | 91,990) | 96,609) | 97,631) | 59,154) | |
| Current liabilities | 72,330) | 70,307) | 65,316) | 69,045) | 56,643) | |
| Liquidity Ratio | ||||||
| Current ratio1 | 1.15 | 1.31 | 1.48 | 1.41 | 1.04 | |
| Benchmarks | ||||||
| Current Ratio, Competitors2 | ||||||
| Chevron Corp. | 1.15 | 1.06 | 1.27 | 1.47 | 1.26 | |
| ConocoPhillips | 1.30 | 1.29 | 1.43 | 1.46 | 1.34 | |
| Current Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.17 | 1.23 | 1.41 | 1.44 | 1.14 | |
| Current Ratio, Industry | ||||||
| Energy | 1.19 | 1.25 | 1.40 | 1.42 | 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
Current ratio = Current assets ÷ Current liabilities
= 83,382 ÷ 72,330 = 1.15
2 Click competitor name to see calculations.
The liquidity profile shows a period of significant expansion followed by a gradual contraction over the five-year period ending December 31, 2025.
- Current Ratio Volatility
- The current ratio exhibited a notable increase from 1.04 in 2021 to a peak of 1.48 in 2023. This improvement suggests an enhanced ability to meet short-term obligations during this interval. However, a subsequent decline is observed, with the ratio falling to 1.31 in 2024 and further to 1.15 by the end of 2025.
- Current Asset Trends
- Current assets experienced a substantial surge between 2021 and 2022, rising from US$ 59,154 million to US$ 97,631 million. Following this peak, a consistent downward trajectory occurred over the next three years, resulting in a balance of US$ 83,382 million by December 31, 2025.
- Current Liability Trends
- Current liabilities demonstrated relative stability compared to assets but showed a general upward trend in the later years. After a slight dip to US$ 65,316 million in 2023, liabilities increased steadily to reach US$ 72,330 million by 2025.
- Liquidity Implications
- The convergence of decreasing current assets and increasing current liabilities has compressed the liquidity margin. Although the current ratio remains above the 1.0 threshold, indicating that short-term assets still exceed short-term debts, the downward trend since 2023 reflects a reduction in immediate financial flexibility.
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Quick Ratio
ExxonMobil Holdings Corp., quick ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | 10,681) | 23,029) | 31,539) | 29,640) | 6,802) | |
| Notes and accounts receivable, trade, less reserves | 35,744) | 35,282) | 30,296) | 32,844) | 26,883) | |
| Notes and accounts receivable, other, less reserves | 8,818) | 8,399) | 7,719) | 8,905) | 5,500) | |
| Total quick assets | 55,243) | 66,710) | 69,554) | 71,389) | 39,185) | |
| Current liabilities | 72,330) | 70,307) | 65,316) | 69,045) | 56,643) | |
| Liquidity Ratio | ||||||
| Quick ratio1 | 0.76 | 0.95 | 1.06 | 1.03 | 0.69 | |
| Benchmarks | ||||||
| Quick Ratio, Competitors2 | ||||||
| Chevron Corp. | 0.73 | 0.71 | 0.87 | 1.12 | 0.90 | |
| ConocoPhillips | 1.07 | 1.06 | 1.21 | 1.27 | 1.10 | |
| Quick Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.79 | 0.88 | 1.02 | 1.09 | 0.80 | |
| Quick Ratio, Industry | ||||||
| Energy | 0.80 | 0.89 | 1.01 | 1.06 | 0.80 | |
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
Quick ratio = Total quick assets ÷ Current liabilities
= 55,243 ÷ 72,330 = 0.76
2 Click competitor name to see calculations.
The company's short-term liquidity position experienced a significant surge between 2021 and 2023, followed by a consistent deterioration through 2025. This cycle is characterized by an initial aggressive accumulation of quick assets, which temporarily enhanced the organization's ability to meet immediate obligations, before a subsequent decline in liquid resources coincided with rising current liabilities.
- Quick Ratio Trend
- The quick ratio exhibited a bell-shaped trajectory over the five-year period. Starting at 0.69 in 2021, the ratio improved sharply to 1.03 in 2022 and peaked at 1.06 in 2023, indicating a period where quick assets fully covered current liabilities. However, a downward trend emerged thereafter, with the ratio falling to 0.95 in 2024 and further declining to 0.76 by 2025.
- Total Quick Assets Analysis
- A substantial increase in liquid assets occurred between 2021 and 2022, where total quick assets rose from 39,185 million US$ to 71,389 million US$. Following this peak, a steady contraction was observed, with assets decreasing to 69,554 million US$ in 2023, 66,710 million US$ in 2024, and reaching a low of 55,243 million US$ by 2025.
- Current Liabilities Analysis
- Current liabilities demonstrated a general upward trend over the analyzed period. Obligations increased from 56,643 million US$ in 2021 to 72,330 million US$ in 2025. A temporary reduction was noted in 2023, when liabilities dipped to 65,316 million US$, which contributed to the peak quick ratio observed in that year.
- Liquidity Interpretation
- The correlation between declining quick assets and rising current liabilities from 2023 to 2025 resulted in a weakened liquidity profile. The reduction of the quick ratio to 0.76 by the end of 2025 suggests a diminishing capacity to settle short-term debts using only the most liquid assets, representing a reversal of the strengthened solvency position achieved in the 2022-2023 window.
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Cash Ratio
ExxonMobil Holdings Corp., cash ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | 10,681) | 23,029) | 31,539) | 29,640) | 6,802) | |
| Total cash assets | 10,681) | 23,029) | 31,539) | 29,640) | 6,802) | |
| Current liabilities | 72,330) | 70,307) | 65,316) | 69,045) | 56,643) | |
| Liquidity Ratio | ||||||
| Cash ratio1 | 0.15 | 0.33 | 0.48 | 0.43 | 0.12 | |
| Benchmarks | ||||||
| Cash Ratio, Competitors2 | ||||||
| Chevron Corp. | 0.19 | 0.18 | 0.25 | 0.52 | 0.21 | |
| ConocoPhillips | 0.58 | 0.50 | 0.66 | 0.72 | 0.55 | |
| Cash Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.20 | 0.30 | 0.43 | 0.49 | 0.20 | |
| Cash Ratio, Industry | ||||||
| Energy | 0.21 | 0.30 | 0.42 | 0.47 | 0.21 | |
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
Cash ratio = Total cash assets ÷ Current liabilities
= 10,681 ÷ 72,330 = 0.15
2 Click competitor name to see calculations.
The liquidity position, as measured by the cash ratio, demonstrates a cyclical pattern characterized by a rapid expansion of liquidity between 2021 and 2023, followed by a significant contraction through 2025.
- Cash Asset Trends
- Total cash assets experienced a sharp increase from 6,802 million US dollars in 2021 to a peak of 31,539 million US dollars in 2023. This growth was followed by a steep decline, with cash assets falling to 23,029 million US dollars in 2024 and further decreasing to 10,681 million US dollars by December 31, 2025.
- Current Liabilities Trajectory
- Current liabilities exhibited a general upward trend over the analyzed period. Obligations rose from 56,643 million US dollars in 2021 to 72,330 million US dollars in 2025. Despite a minor dip in 2023, the overall trajectory indicates a steady increase in short-term financial obligations.
- Cash Ratio Analysis
- The cash ratio reflects the volatility of the underlying cash assets against a backdrop of rising liabilities. The ratio improved significantly from 0.12 in 2021 to a high of 0.48 in 2023, suggesting a period of strengthened immediate liquidity. However, this trend reversed sharply in the subsequent two years, with the ratio dropping to 0.33 in 2024 and concluding at 0.15 in 2025, returning the liquidity profile to levels similar to those observed at the start of the period.
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