Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
ExxonMobil Holdings Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The liquidity profile exhibits a distinct cyclical pattern characterized by a period of strengthening from early 2022 through early 2023, followed by a prolonged contraction phase that lasts through the first quarter of 2026, before showing signs of a modest recovery in the final three quarters of the period.
- Current Ratio
- The current ratio demonstrates an initial upward trajectory, rising from 1.07 in March 2022 to a peak of 1.48 in June 2023. Following this peak, a gradual downward trend is observed, reaching a period low of 1.04 by March 2026. Despite this decline, the ratio remains above 1.00 throughout the entire period, indicating that current assets consistently exceed current liabilities. A recovery trend emerges in the latter half of 2026, closing at 1.19 in September 2026.
- Quick Ratio
- The quick ratio mirrors the movements of the current ratio, increasing from 0.74 in March 2022 to a peak of 1.07 in March 2023. This indicates a period where the company maintained highly liquid assets sufficient to cover its short-term obligations. However, a steady decline began in 2024, with the ratio returning to 0.74 by March 2026. The subsequent rise to 0.87 by September 2026 suggests a recent improvement in the availability of liquid assets relative to current liabilities.
- Cash Ratio
- The cash ratio exhibits the most significant volatility among the liquidity metrics. After starting at 0.15 in March 2022, it experienced a sharp increase to a peak of 0.49 in March 2023. This was followed by a sustained and steep decline, bottoming out at 0.09 in March 2026. The magnitude of this decrease suggests a significant reduction in cash and cash equivalents relative to current liabilities, potentially indicating increased capital expenditures or debt settlements during this timeframe. A marginal recovery to 0.13 is noted by September 2026.
The synchronized decline across all three ratios from 2024 through early 2026 suggests a systemic reduction in liquidity buffers. The fact that the cash ratio declined more aggressively than the current ratio indicates that the reduction in liquidity was driven primarily by a decrease in the most liquid assets rather than a general reduction in all current assets. The stabilization and slight uptick observed in 2026 suggest a pivot toward rebuilding short-term financial flexibility.
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Current Ratio
ExxonMobil Holdings Corp., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 107,625) | 100,793) | 97,787) | 83,382) | 88,505) | 85,108) | 91,233) | 91,990) | 94,349) | 96,238) | 99,377) | 96,609) | 101,142) | 91,760) | 97,224) | 97,631) | 99,289) | 93,163) | 77,255) | ||||||
| Current liabilities | 90,209) | 88,830) | 94,378) | 72,330) | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.19 | 1.13 | 1.04 | 1.15 | 1.14 | 1.25 | 1.24 | 1.31 | 1.35 | 1.36 | 1.38 | 1.48 | 1.42 | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 1.25 | 1.09 | 1.15 | 1.15 | 1.00 | 1.08 | 1.06 | 1.07 | 1.16 | 1.23 | 1.27 | 1.25 | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | ||||||
| ConocoPhillips | — | 1.54 | 1.29 | 1.30 | 1.32 | 1.27 | 1.27 | 1.29 | 1.30 | 1.33 | 1.35 | 1.43 | 1.66 | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 107,625 ÷ 90,209 = 1.19
2 Click competitor name to see calculations.
The liquidity profile of the organization exhibits a cyclical pattern over the analyzed period, characterized by an initial strengthening of the current ratio followed by a period of contraction and a subsequent recovery. The current ratio ascended from 1.07 in March 2022 to a peak of 1.48 in June and December 2023, indicating a significant improvement in the ability to cover short-term obligations with short-term assets.
- Current Ratio Trends
- A period of liquidity expansion occurred between March 2022 and June 2023, where the ratio increased from 1.07 to 1.48. This upward trajectory was subsequently followed by a sustained decline starting in March 2024, reaching a local minimum of 1.04 by March 2026. A recovery phase is observed in the final two quarters, with the ratio climbing back to 1.19 by September 2026.
- Current Asset Dynamics
- Current assets demonstrated volatility, peaking at 101,142 million US$ in September 2023. A gradual downward trend was observed through 2024 and 2025, with assets reaching a low of 83,382 million US$ in December 2025. However, a sharp increase occurred in 2026, with assets rising to 107,625 million US$ by September 2026, marking the highest absolute level in the observed period.
- Current Liability Behavior
- Short-term obligations remained relatively stable between 61,815 million US$ and 77,850 million US$ for the majority of the period. A notable spike in current liabilities occurred in March 2026, reaching 94,378 million US$. This sudden increase in liabilities coincided with the period's lowest current ratio of 1.04, suggesting a temporary tightening of liquidity before liabilities normalized to 90,209 million US$ by September 2026.
- Liquidity Correlation Analysis
- The fluctuations in the current ratio were primarily driven by the divergence between asset growth and liability management. The peak liquidity in 2023 resulted from a combination of high current assets and reduced current liabilities. Conversely, the liquidity dip in early 2026 was the direct result of a simultaneous decline in assets and a sharp increase in short-term liabilities.
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Quick Ratio
ExxonMobil Holdings Corp., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 12,153) | 10,588) | 8,435) | 10,681) | 13,814) | 14,352) | 17,036) | 23,029) | 26,926) | 26,460) | 33,320) | 31,539) | 32,944) | 29,528) | 32,651) | 29,640) | 30,407) | 18,861) | 11,074) | ||||||
| Notes and accounts receivable, net | 66,533) | 60,558) | 61,783) | 44,562) | 45,285) | 41,792) | 46,303) | 43,681) | 41,505) | 43,071) | 40,366) | 38,015) | 41,814) | 35,915) | 38,808) | 41,749) | 42,411) | 48,063) | 42,142) | ||||||
| Total quick assets | 78,686) | 71,146) | 70,218) | 55,243) | 59,099) | 56,144) | 63,339) | 66,710) | 68,431) | 69,531) | 73,686) | 69,554) | 74,758) | 65,443) | 71,459) | 71,389) | 72,818) | 66,924) | 53,216) | ||||||
| Current liabilities | 90,209) | 88,830) | 94,378) | 72,330) | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.87 | 0.80 | 0.74 | 0.76 | 0.76 | 0.82 | 0.86 | 0.95 | 0.98 | 0.98 | 1.02 | 1.06 | 1.05 | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.84 | 0.73 | 0.73 | 0.72 | 0.62 | 0.68 | 0.71 | 0.68 | 0.73 | 0.81 | 0.87 | 0.84 | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | ||||||
| ConocoPhillips | — | 1.18 | 1.07 | 1.07 | 1.00 | 1.01 | 1.02 | 1.06 | 1.08 | 1.10 | 1.13 | 1.21 | 1.46 | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 78,686 ÷ 90,209 = 0.87
2 Click competitor name to see calculations.
The liquidity profile of the entity exhibited significant fluctuations over the observed period, characterized by an initial strengthening phase, a subsequent period of contraction, and a final recovery trend.
- Liquidity Expansion and Peak (March 2022 – March 2023)
- A consistent upward trend in the quick ratio is observed, rising from 0.74 to a peak of 1.07. This improvement was primarily driven by a substantial increase in total quick assets, which grew from US$ 53,216 million to US$ 71,459 million, while current liabilities remained relatively stable, eventually decreasing to US$ 66,666 million by March 2023.
- Liquidity Contraction (March 2024 – December 2025)
- A steady erosion of the quick ratio occurred throughout 2024 and 2025, falling from 1.02 to 0.76. This decline is attributed to a reduction in total quick assets, which reached a period low of US$ 55,243 million in December 2025, while current liabilities fluctuated between US$ 68,161 million and US$ 77,850 million.
- Recent Recovery and Liability Shift (March 2026 – September 2026)
- A reversal in the downward trend is noted starting in March 2026. Despite a significant spike in current liabilities, which reached US$ 94,378 million in the first quarter of 2026, the quick ratio improved to 0.87 by September 2026. This recovery was supported by a robust increase in total quick assets, which climbed to US$ 78,686 million by the end of the analyzed period.
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Cash Ratio
ExxonMobil Holdings Corp., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 12,153) | 10,588) | 8,435) | 10,681) | 13,814) | 14,352) | 17,036) | 23,029) | 26,926) | 26,460) | 33,320) | 31,539) | 32,944) | 29,528) | 32,651) | 29,640) | 30,407) | 18,861) | 11,074) | ||||||
| Cash and cash equivalents, restricted | —) | —) | —) | —) | 55) | 1,359) | 1,476) | 158) | 46) | 28) | 29) | 29) | 29) | 29) | 25) | 25) | 57) | —) | —) | ||||||
| Total cash assets | 12,153) | 10,588) | 8,435) | 10,681) | 13,869) | 15,711) | 18,512) | 23,187) | 26,972) | 26,488) | 33,349) | 31,568) | 32,973) | 29,557) | 32,676) | 29,665) | 30,464) | 18,861) | 11,074) | ||||||
| Current liabilities | 90,209) | 88,830) | 94,378) | 72,330) | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.13 | 0.12 | 0.09 | 0.15 | 0.18 | 0.23 | 0.25 | 0.33 | 0.39 | 0.37 | 0.46 | 0.48 | 0.46 | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.22 | 0.13 | 0.19 | 0.22 | 0.12 | 0.13 | 0.18 | 0.13 | 0.12 | 0.19 | 0.25 | 0.18 | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | ||||||
| ConocoPhillips | — | 0.62 | 0.51 | 0.58 | 0.52 | 0.49 | 0.54 | 0.50 | 0.63 | 0.58 | 0.60 | 0.66 | 0.91 | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 12,153 ÷ 90,209 = 0.13
2 Click competitor name to see calculations.
An analysis of the liquidity position reveals a distinct cyclical pattern in the cash ratio, characterized by an initial phase of accumulation, a period of sustained stability, and a subsequent significant contraction followed by a modest recovery.
- Cash Asset Trends
- Total cash assets experienced a substantial increase from 11,074 million USD in March 2022, reaching a peak of 33,349 million USD by March 2024. Following this peak, a consistent downward trend occurred, with assets declining to a low of 8,435 million USD in March 2026, before recovering to 12,153 million USD by September 2026.
- Current Liabilities Trends
- Current liabilities remained relatively stable between 61,815 million USD and 71,921 million USD for the majority of the period from March 2022 through December 2024. However, a notable increase in short-term obligations was observed starting in early 2026, with liabilities peaking at 94,378 million USD in March 2026 before stabilizing around 90,209 million USD by September 2026.
- Cash Ratio Interpretation
- The cash ratio improved sharply from 0.15 in March 2022 to a peak of 0.49 in March 2023, indicating an enhanced ability to cover immediate obligations with cash. This strength was maintained through March 2024, where the ratio remained above 0.45. Subsequently, the simultaneous decline in cash assets and the increase in current liabilities led to a deterioration of the ratio, which reached a minimum of 0.09 in March 2026. A slight upward correction is evident in the final two quarters, ending at 0.13 in September 2026.
The data suggests a strategic shift in liquidity management, where the high cash buffers maintained between 2022 and 2024 were significantly reduced by 2026. The sharp decline in the cash ratio during 2025 and early 2026 indicates a period of reduced immediate liquidity, coinciding with a peak in short-term liabilities.
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