Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
ExxonMobil Holdings Corp., solvency ratios
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 solvency profile reflects a consistent trend of deleveraging and an overall strengthening of the balance sheet from 2021 through 2025. A systematic reduction in debt relative to equity, capital, and total assets indicates a strategic shift toward a more conservative capital structure and reduced financial risk.
- Debt Leverage Ratios
- A sustained decline is observed across all primary leverage metrics. The debt-to-equity ratio decreased from 0.28 in 2021 to 0.17 by 2025, reaching a minimum of 0.16 in 2024. Similarly, the debt-to-assets ratio fell from 0.14 in 2021 to 0.10 by 2025. The inclusion of operating lease liabilities consistently maintains these ratios at a slightly higher level, but the downward trajectory remains uniform, suggesting that the reduction in total debt is not offset by an increase in lease obligations.
- Capitalization and Financial Leverage
- The debt-to-capital ratio shows a steady decrease from 0.22 in 2021 to 0.14 by 2025, highlighting a lower proportion of debt within the total capital mix. This is supported by the financial leverage ratio, which declined from 2.01 in 2021 to 1.73 by 2025, reflecting a reduced reliance on borrowed funds to finance assets.
- Obligation Coverage Capacity
- The capacity to service debt obligations remains exceptionally robust, despite observable volatility. Interest coverage peaked at 98.43 in 2022 and, while moderating, remained high at 69.44 by 2025. Fixed charge coverage followed a similar trajectory, peaking at 31.21 in 2022 before gradually declining to 14.52 by 2025. While the coverage ratios have normalized from the 2022 peak, they remain significantly above critical thresholds, indicating a strong ability to meet fixed financial commitments.
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Debt to Equity
ExxonMobil Holdings Corp., debt to equity 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) | ||||||
| Notes and loans payable | 9,296) | 4,955) | 4,090) | 634) | 4,276) | |
| Long-term debt, excluding due within one year | 34,241) | 36,755) | 37,483) | 40,559) | 43,428) | |
| Total debt | 43,537) | 41,710) | 41,573) | 41,193) | 47,704) | |
| Total ExxonMobil share of equity | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.17 | 0.16 | 0.20 | 0.21 | 0.28 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Chevron Corp. | 0.22 | 0.16 | 0.13 | 0.15 | 0.23 | |
| ConocoPhillips | 0.36 | 0.38 | 0.38 | 0.35 | 0.44 | |
| Debt to Equity, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.21 | 0.19 | 0.20 | 0.20 | 0.28 | |
| Debt to Equity, Industry | ||||||
| Energy | 0.22 | 0.20 | 0.21 | 0.22 | 0.31 | |
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
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 43,537 ÷ 259,386 = 0.17
2 Click competitor name to see calculations.
An analysis of the solvency position between 2021 and 2025 reveals a consistent strengthening of the balance sheet. The overall trend is characterized by a substantial expansion of the equity base and a managed approach to debt, resulting in a significantly reduced reliance on borrowed capital.
- Total Debt Trends
- Total debt decreased from US$ 47,704 million in 2021 to US$ 41,193 million in 2022. Following this initial reduction, debt levels remained relatively stable through 2024, with a modest increase to US$ 43,537 million recorded by the end of 2025.
- Equity Expansion
- The total share of equity experienced significant growth over the period, rising from US$ 168,577 million in 2021 to a peak of US$ 263,705 million in 2024. A slight correction occurred in 2025, with equity settling at US$ 259,386 million.
- Debt to Equity Ratio Analysis
- The debt to equity ratio exhibited a clear downward trajectory, declining from 0.28 in 2021 to 0.16 in 2024. This improvement indicates a strengthened solvency profile and a reduction in financial leverage. The ratio concluded the period at 0.17 in 2025, maintaining a low leverage position relative to the 2021 baseline.
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Debt to Equity (including Operating Lease Liability)
ExxonMobil Holdings Corp., debt to equity (including operating lease liability) 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) | ||||||
| Notes and loans payable | 9,296) | 4,955) | 4,090) | 634) | 4,276) | |
| Long-term debt, excluding due within one year | 34,241) | 36,755) | 37,483) | 40,559) | 43,428) | |
| Total debt | 43,537) | 41,710) | 41,573) | 41,193) | 47,704) | |
| Operating lease liability due within one year (included in Accounts payable and accrued liabilities) | 1,942) | 1,852) | 1,617) | 1,527) | 1,367) | |
| Long-term operating lease liability (included in Other long-term obligations) | 4,892) | 4,626) | 4,393) | 4,067) | 3,823) | |
| Total debt (including operating lease liability) | 50,371) | 48,188) | 47,583) | 46,787) | 52,894) | |
| Total ExxonMobil share of equity | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.19 | 0.18 | 0.23 | 0.24 | 0.31 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.25 | 0.19 | 0.16 | 0.17 | 0.25 | |
| ConocoPhillips | 0.38 | 0.39 | 0.40 | 0.36 | 0.45 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.24 | 0.21 | 0.22 | 0.23 | 0.31 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Energy | 0.25 | 0.23 | 0.24 | 0.25 | 0.34 | |
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total ExxonMobil share of equity
= 50,371 ÷ 259,386 = 0.19
2 Click competitor name to see calculations.
The solvency profile indicates a strengthening financial position from 2021 through 2024, characterized by a consistent reduction in the leverage ratio despite moderate fluctuations in absolute debt levels.
- Total Debt Trends
- Total debt, including operating lease liabilities, experienced an initial decrease from 52,894 million US dollars in 2021 to 46,787 million US dollars in 2022. Following this period, a gradual upward trajectory was observed, with debt levels rising to 50,371 million US dollars by the end of 2025.
- Equity Expansion
- Share equity exhibited significant growth over the analyzed period, increasing from 168,577 million US dollars in 2021 to a peak of 263,705 million US dollars in 2024. A slight contraction occurred in 2025, with equity settling at 259,386 million US dollars.
- Debt-to-Equity Ratio Interpretation
- The debt-to-equity ratio declined steadily from 0.31 in 2021 to a low of 0.18 in 2024, reflecting a reduction in financial leverage. The primary driver of this improvement was the substantial expansion of the equity base, which outpaced the growth of debt. A marginal increase to 0.19 was recorded in 2025, corresponding with the simultaneous rise in total debt and the slight dip in total equity.
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Debt to Capital
ExxonMobil Holdings Corp., debt to capital 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) | ||||||
| Notes and loans payable | 9,296) | 4,955) | 4,090) | 634) | 4,276) | |
| Long-term debt, excluding due within one year | 34,241) | 36,755) | 37,483) | 40,559) | 43,428) | |
| Total debt | 43,537) | 41,710) | 41,573) | 41,193) | 47,704) | |
| Total ExxonMobil share of equity | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Total capital | 302,923) | 305,415) | 246,375) | 236,242) | 216,281) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.14 | 0.14 | 0.17 | 0.17 | 0.22 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Chevron Corp. | 0.18 | 0.14 | 0.11 | 0.13 | 0.18 | |
| ConocoPhillips | 0.27 | 0.27 | 0.28 | 0.26 | 0.31 | |
| Debt to Capital, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.17 | 0.16 | 0.16 | 0.17 | 0.22 | |
| Debt to Capital, Industry | ||||||
| Energy | 0.18 | 0.17 | 0.18 | 0.18 | 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).
1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 43,537 ÷ 302,923 = 0.14
2 Click competitor name to see calculations.
An analysis of solvency metrics from 2021 to 2025 reveals a consistent strengthening of the financial position, characterized by a reduction in leverage and a substantial expansion of the overall capital base.
- Debt to Capital Ratio
- The debt to capital ratio exhibited a sustained downward trend, decreasing from 0.22 in 2021 to 0.14 by the end of 2025. A significant reduction occurred between 2021 and 2022, with the ratio falling to 0.17. This level remained stable through 2023 before further declining to 0.14 in 2024, a figure that persisted into 2025. This progression indicates a strategic shift toward a more equity-funded capital structure and a reduced reliance on borrowed funds.
- Total Debt Trends
- Total debt levels showed an initial sharp decline from 47,704 million US$ in 2021 to 41,193 million US$ in 2022. Following this reduction, a marginal and gradual increase was observed, with total debt rising to 43,537 million US$ by 2025. Despite the slight upward movement in the latter years, absolute debt levels remained significantly below the 2021 peak.
- Total Capital Growth
- Total capital experienced steady expansion over the analyzed period, increasing from 216,281 million US$ in 2021 to a peak of 305,415 million US$ in 2024, before slightly adjusting to 302,923 million US$ in 2025. The growth in total capital consistently outpaced the changes in total debt, serving as the primary driver for the improvement in the solvency ratio.
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Debt to Capital (including Operating Lease Liability)
ExxonMobil Holdings Corp., debt to capital (including operating lease liability) 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) | ||||||
| Notes and loans payable | 9,296) | 4,955) | 4,090) | 634) | 4,276) | |
| Long-term debt, excluding due within one year | 34,241) | 36,755) | 37,483) | 40,559) | 43,428) | |
| Total debt | 43,537) | 41,710) | 41,573) | 41,193) | 47,704) | |
| Operating lease liability due within one year (included in Accounts payable and accrued liabilities) | 1,942) | 1,852) | 1,617) | 1,527) | 1,367) | |
| Long-term operating lease liability (included in Other long-term obligations) | 4,892) | 4,626) | 4,393) | 4,067) | 3,823) | |
| Total debt (including operating lease liability) | 50,371) | 48,188) | 47,583) | 46,787) | 52,894) | |
| Total ExxonMobil share of equity | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Total capital (including operating lease liability) | 309,757) | 311,893) | 252,385) | 241,836) | 221,471) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.16 | 0.15 | 0.19 | 0.19 | 0.24 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.20 | 0.16 | 0.14 | 0.15 | 0.20 | |
| ConocoPhillips | 0.27 | 0.28 | 0.28 | 0.26 | 0.31 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.19 | 0.18 | 0.18 | 0.19 | 0.23 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Energy | 0.20 | 0.19 | 0.20 | 0.20 | 0.25 | |
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 50,371 ÷ 309,757 = 0.16
2 Click competitor name to see calculations.
The solvency profile demonstrates a consistent strengthening of the capital structure over the five-year period ending December 31, 2025. A primary observation is the overall reduction in the reliance on borrowed funds relative to total capital, indicating a decreased risk profile regarding long-term obligations.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, experienced an initial decrease from US$ 52,894 million in 2021 to US$ 46,787 million in 2022. Although a gradual upward trajectory followed, reaching US$ 50,371 million by 2025, the debt levels remained below the 2021 baseline throughout the analyzed period.
- Capital Base Expansion
- Total capital exhibited significant growth, increasing from US$ 221,471 million in 2021 to a peak of US$ 311,893 million in 2024, with a marginal correction to US$ 309,757 million in 2025. This expansion of the capital base has substantially outpaced the increase in total debt, effectively diluting the impact of leverage.
- Debt to Capital Ratio Performance
- The debt-to-capital ratio showed a clear downward trend, falling from 0.24 in 2021 to 0.15 in 2024, before ending at 0.16 in 2025. This trajectory reflects an improved solvency position and a shift toward a more equity-weighted capital structure, which enhances the financial stability and borrowing capacity of the organization.
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Debt to Assets
ExxonMobil Holdings Corp., debt to assets 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) | ||||||
| Notes and loans payable | 9,296) | 4,955) | 4,090) | 634) | 4,276) | |
| Long-term debt, excluding due within one year | 34,241) | 36,755) | 37,483) | 40,559) | 43,428) | |
| Total debt | 43,537) | 41,710) | 41,573) | 41,193) | 47,704) | |
| Total assets | 448,980) | 453,475) | 376,317) | 369,067) | 338,923) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.10 | 0.09 | 0.11 | 0.11 | 0.14 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Chevron Corp. | 0.13 | 0.10 | 0.08 | 0.09 | 0.13 | |
| ConocoPhillips | 0.19 | 0.20 | 0.20 | 0.18 | 0.22 | |
| Debt to Assets, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.12 | 0.11 | 0.11 | 0.11 | 0.15 | |
| Debt to Assets, Industry | ||||||
| Energy | 0.13 | 0.12 | 0.12 | 0.12 | 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).
1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 43,537 ÷ 448,980 = 0.10
2 Click competitor name to see calculations.
The solvency profile of the organization demonstrates a consistent strengthening of its financial position between 2021 and 2025. A general reduction in the reliance on debt relative to the total asset base is evident, contributing to a lower overall risk profile and improved financial stability.
- Total Debt Trends
- Debt levels experienced a notable reduction from US$ 47,704 million in 2021 to US$ 41,193 million in 2022. Following this decline, a period of relative stability occurred, characterized by a gradual increase to US$ 43,537 million by 2025. Despite the late-period increase, the total debt remained significantly lower than the initial 2021 levels.
- Total Asset Expansion
- The asset base grew steadily from US$ 338,923 million in 2021 to a peak of US$ 453,475 million in 2024, before a marginal correction to US$ 448,980 million in 2025. This overall upward trajectory indicates a substantial increase in the scale of operations or significant capital investments.
- Debt to Assets Ratio Interpretation
- The debt to assets ratio declined from 0.14 in 2021 to a low of 0.09 in 2024, finishing at 0.10 in 2025. This trend confirms that the expansion of the asset base has significantly outpaced the accumulation of debt. The result is a strengthened solvency position, as a smaller proportion of total assets is financed through debt over the observed period.
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Debt to Assets (including Operating Lease Liability)
ExxonMobil Holdings Corp., debt to assets (including operating lease liability) 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) | ||||||
| Notes and loans payable | 9,296) | 4,955) | 4,090) | 634) | 4,276) | |
| Long-term debt, excluding due within one year | 34,241) | 36,755) | 37,483) | 40,559) | 43,428) | |
| Total debt | 43,537) | 41,710) | 41,573) | 41,193) | 47,704) | |
| Operating lease liability due within one year (included in Accounts payable and accrued liabilities) | 1,942) | 1,852) | 1,617) | 1,527) | 1,367) | |
| Long-term operating lease liability (included in Other long-term obligations) | 4,892) | 4,626) | 4,393) | 4,067) | 3,823) | |
| Total debt (including operating lease liability) | 50,371) | 48,188) | 47,583) | 46,787) | 52,894) | |
| Total assets | 448,980) | 453,475) | 376,317) | 369,067) | 338,923) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.11 | 0.11 | 0.13 | 0.13 | 0.16 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.14 | 0.12 | 0.10 | 0.11 | 0.15 | |
| ConocoPhillips | 0.20 | 0.21 | 0.20 | 0.18 | 0.23 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.14 | 0.12 | 0.13 | 0.13 | 0.16 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Energy | 0.14 | 0.13 | 0.14 | 0.14 | 0.17 | |
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).
1 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 50,371 ÷ 448,980 = 0.11
2 Click competitor name to see calculations.
The solvency profile exhibits a positive trajectory, characterized by a consistent reduction in the debt-to-assets ratio over the five-year period. The ratio declined from 0.16 at the end of 2021 to 0.11 by the end of 2025, indicating a strengthened financial position and a lower reliance on debt relative to the total asset base.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, experienced an initial decrease from US$ 52,894 million in 2021 to US$ 46,787 million in 2022. Following this initial reduction, a gradual upward trend was observed, with debt levels rising to US$ 50,371 million by December 31, 2025. Despite the incremental increases between 2022 and 2025, total debt remained below the 2021 baseline.
- Asset Base Expansion
- Total assets demonstrated substantial growth, increasing from US$ 338,923 million in 2021 to a peak of US$ 453,475 million in 2024. A slight contraction occurred in 2025, resulting in a year-end value of US$ 448,980 million. The overall expansion of assets throughout the period provided the primary mechanism for the reduction in leverage.
- Debt to Assets Ratio Interpretation
- The ratio transitioned from 0.16 in 2021 to 0.13 in 2022 and 2023, before stabilizing at 0.11 during 2024 and 2025. This downward trend reflects a scenario where asset accumulation significantly outpaced the growth of liabilities, thereby enhancing the long-term solvency margin and reducing the proportion of assets financed through debt.
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Financial Leverage
ExxonMobil Holdings Corp., financial leverage 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) | ||||||
| Total assets | 448,980) | 453,475) | 376,317) | 369,067) | 338,923) | |
| Total ExxonMobil share of equity | 259,386) | 263,705) | 204,802) | 195,049) | 168,577) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.73 | 1.72 | 1.84 | 1.89 | 2.01 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Chevron Corp. | 1.74 | 1.69 | 1.63 | 1.62 | 1.72 | |
| ConocoPhillips | 1.89 | 1.89 | 1.95 | 1.95 | 2.00 | |
| Financial Leverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.75 | 1.73 | 1.77 | 1.79 | 1.90 | |
| Financial Leverage, Industry | ||||||
| Energy | 1.77 | 1.76 | 1.80 | 1.82 | 1.93 | |
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
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 448,980 ÷ 259,386 = 1.73
2 Click competitor name to see calculations.
The balance sheet demonstrates a period of significant expansion between 2021 and 2024, followed by a phase of stabilization in 2025. The overall trend indicates an improvement in solvency and a strategic reduction in financial risk through the strengthening of the equity base relative to total assets.
- Total Asset Growth
- Total assets exhibited a steady upward trajectory from 2021 to 2024, increasing from US$ 338,923 million to a peak of US$ 453,475 million. A slight contraction occurred in 2025, with assets totaling US$ 448,980 million, suggesting a move toward asset consolidation after a period of rapid growth.
- Equity Expansion
- The share of equity grew substantially over the observed period, rising from US$ 168,577 million in 2021 to US$ 263,705 million in 2024. While a marginal decline to US$ 259,386 million was recorded in 2025, the total equity remains significantly elevated compared to the initial 2021 levels, reinforcing the company's capital cushion.
- Financial Leverage Dynamics
- A consistent decline in the financial leverage ratio is observed from 2021 through 2024, falling from 2.01 to 1.72. This downward trend reflects a decrease in the reliance on debt to finance the asset base. The ratio remained nearly constant in 2025 at 1.73, indicating that the capital structure has stabilized at a lower risk level than that present at the start of the period.
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Interest Coverage
ExxonMobil Holdings Corp., interest coverage 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) | ||||||
| Net income attributable to ExxonMobil | 28,844) | 33,680) | 36,010) | 55,740) | 23,040) | |
| Add: Net income attributable to noncontrolling interest | 920) | 1,383) | 1,344) | 1,837) | 558) | |
| Add: Income tax expense | 11,504) | 13,810) | 15,429) | 20,176) | 7,636) | |
| Add: Interest expense | 603) | 996) | 849) | 798) | 947) | |
| Earnings before interest and tax (EBIT) | 41,871) | 49,869) | 53,632) | 78,551) | 32,181) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 69.44 | 50.07 | 63.17 | 98.43 | 33.98 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Chevron Corp. | 17.22 | 47.31 | 64.08 | 97.27 | 31.39 | |
| ConocoPhillips | 15.80 | 18.46 | 21.88 | 36.07 | 15.38 | |
| Interest Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 28.54 | 38.95 | 48.02 | 74.46 | 26.79 | |
| Interest Coverage, Industry | ||||||
| Energy | 25.11 | 34.18 | 40.96 | 62.30 | 23.05 | |
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
Interest coverage = EBIT ÷ Interest expense
= 41,871 ÷ 603 = 69.44
2 Click competitor name to see calculations.
The analysis of solvency ratios indicates a strong capacity to meet interest obligations over the period from 2021 to 2025. Despite fluctuations in operating earnings, the interest coverage ratio remained consistently high, suggesting a minimal risk of default on interest payments and a substantial margin of safety.
- Earnings Before Interest and Tax (EBIT)
- A significant surge in EBIT is observed in 2022, where earnings peaked at US$ 78,551 million. Following this peak, a consistent downward trend occurred, with earnings declining to US$ 53,632 million in 2023, US$ 49,869 million in 2024, and reaching US$ 41,871 million by the end of 2025. This volatility reflects a period of exceptional profitability in 2022 followed by a gradual normalization of operating income.
- Interest Expense Trends
- Interest expenses remained relatively stable between 2021 and 2024, fluctuating within a narrow range between US$ 798 million and US$ 996 million. A notable reduction is observed in 2025, where expenses dropped to US$ 603 million, representing the lowest interest cost recorded during the analyzed five-year period.
- Interest Coverage Ratio Performance
- The interest coverage ratio experienced a dramatic increase from 33.98 in 2021 to a peak of 98.43 in 2022, directly correlating with the spike in EBIT. While the ratio trended downward through 2024 to a level of 50.07, a reversal occurred in 2025, with the ratio rising to 69.44. This late-period improvement was driven primarily by the substantial decrease in interest expenses, which more than offset the simultaneous decline in EBIT.
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Fixed Charge Coverage
ExxonMobil Holdings Corp., fixed charge coverage 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) | ||||||
| Net income attributable to ExxonMobil | 28,844) | 33,680) | 36,010) | 55,740) | 23,040) | |
| Add: Net income attributable to noncontrolling interest | 920) | 1,383) | 1,344) | 1,837) | 558) | |
| Add: Income tax expense | 11,504) | 13,810) | 15,429) | 20,176) | 7,636) | |
| Add: Interest expense | 603) | 996) | 849) | 798) | 947) | |
| Earnings before interest and tax (EBIT) | 41,871) | 49,869) | 53,632) | 78,551) | 32,181) | |
| Add: Operating lease cost | 2,450) | 2,296) | 1,976) | 1,776) | 1,542) | |
| Earnings before fixed charges and tax | 44,321) | 52,165) | 55,608) | 80,327) | 33,723) | |
| Interest expense | 603) | 996) | 849) | 798) | 947) | |
| Operating lease cost | 2,450) | 2,296) | 1,976) | 1,776) | 1,542) | |
| Fixed charges | 3,053) | 3,292) | 2,825) | 2,574) | 2,489) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 14.52 | 15.85 | 19.68 | 31.21 | 13.55 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Chevron Corp. | 5.00 | 7.81 | 9.57 | 18.28 | 8.43 | |
| ConocoPhillips | 10.72 | 13.34 | 17.14 | 28.76 | 11.94 | |
| Fixed Charge Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 8.93 | 11.67 | 14.54 | 25.07 | 10.99 | |
| Fixed Charge Coverage, Industry | ||||||
| Energy | 7.87 | 10.25 | 12.31 | 20.61 | 9.19 | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 44,321 ÷ 3,053 = 14.52
2 Click competitor name to see calculations.
The solvency profile exhibits significant volatility in earnings capacity and a gradual increase in fixed obligations, resulting in a fluctuating fixed charge coverage ratio over the five-year period ending December 31, 2025.
- Earnings before fixed charges and tax
- A substantial increase in earnings was recorded in 2022, reaching a peak of US$ 80,327 million, representing a significant surge from the US$ 33,723 million reported in 2021. Following this peak, a consistent downward trend occurred, with earnings declining to US$ 55,608 million in 2023, US$ 52,165 million in 2024, and US$ 44,321 million in 2025.
- Fixed charges
- Fixed obligations demonstrated a steady upward trajectory between 2021 and 2024, rising from US$ 2,489 million to a peak of US$ 3,292 million. A slight reduction was observed in 2025, where charges decreased to US$ 3,053 million.
- Fixed charge coverage ratio
- The coverage ratio peaked at 31.21 in 2022, driven by the temporary surge in earnings. Subsequently, the ratio experienced a steady contraction, falling to 19.68 in 2023, 15.85 in 2024, and 14.52 in 2025. This decline is attributed to the simultaneous decrease in earnings and the increase in fixed charges through 2024. Despite the downward trend from the 2022 peak, the 2025 ratio remains slightly above the 13.55 recorded in 2021, indicating a continued, though diminished, margin of safety in meeting fixed obligations.
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