Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
ExxonMobil Holdings Corp., long-term (investment) activity 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 investment activity ratios exhibit a consistent cyclical pattern characterized by an initial phase of efficiency growth, a prolonged period of decline, and a nascent recovery toward the end of the observed period. All three metrics—net fixed asset turnover, total asset turnover, and equity turnover—move in high correlation, suggesting that the drivers of asset utilization and equity efficiency are systemic across the organization's capital structure.
- Net Fixed Asset Turnover
- This ratio experienced a significant upward trend during 2022, peaking at 1.95 in December. A subsequent downward trajectory occurred through 2023 and 2024, with a notable sharp decline observed between March 2024 (1.55) and June 2024 (1.14). The ratio reached its nadir of 1.08 in December 2025 before initiating a recovery phase, climbing to 1.31 by September 2026.
- Total Asset Turnover
- Total asset utilization mirrored the trend of fixed assets, rising from 0.86 in March 2022 to a peak of 1.08 in December 2022. A gradual erosion of efficiency followed, with the ratio descending to a low of 0.70 in March 2026. A corrective upward trend is evident in the final two quarters of the period, ending at 0.82 in September 2026.
- Equity Turnover
- Equity efficiency showed the highest absolute values among the measured ratios, peaking at 2.08 in September 2022. A sustained decline was observed over the following three years, bottoming out at 1.25 throughout much of 2025. Similar to the other activity ratios, a rebound occurred in 2026, with the ratio increasing to 1.46 by September 2026.
The synchronized movement of these ratios indicates a period of diminished asset productivity starting in 2023, which may suggest either a significant increase in the asset base that has not yet been matched by proportional revenue growth or a systemic decline in operational throughput. The recovery observed in 2026 suggests an improvement in the company's ability to generate revenue from its invested capital and fixed infrastructure.
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Net Fixed Asset Turnover
ExxonMobil Holdings Corp., net fixed asset turnover 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) | |||||||||||||||||||||||||
| Sales and other operating revenue | 110,503) | 114,529) | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Property, plant and equipment, net | 296,955) | 296,298) | 298,781) | 299,373) | 298,388) | 295,356) | 292,646) | 294,318) | 299,543) | 298,283) | 213,723) | 214,940) | 205,862) | 206,736) | 206,023) | 204,692) | 203,102) | 209,159) | 212,773) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.31 | 1.22 | 1.09 | 1.08 | 1.09 | 1.12 | 1.16 | 1.15 | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.97 | 0.85 | 0.84 | 0.85 | 1.27 | 1.30 | 1.31 | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | ||||||
| ConocoPhillips | — | 0.69 | 0.62 | 0.63 | 0.64 | 0.61 | 0.61 | 0.58 | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | ||||||
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
Net fixed asset turnover
= (Sales and other operating revenueQ3 2026
+ Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025)
÷ Property, plant and equipment, net
= (110,503 + 114,529 + 83,161 + 80,039)
÷ 296,955 = 1.31
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a significant shift in asset utilization and capital structure between March 2022 and September 2026. The net fixed asset turnover ratio, which measures the efficiency of a company's investment in fixed assets to generate revenue, experienced three distinct phases: a period of increasing efficiency, a sharp contraction following a major capital expansion, and a recent recovery phase.
- Revenue Volatility and Initial Efficiency Gains
- From March 2022 to December 2022, the net fixed asset turnover ratio improved from 1.44 to a peak of 1.95. This upward trend was primarily driven by a surge in sales and other operating revenue, which climbed from 87,734 million US$ to a peak of 111,265 million US$ in June 2022, while the net property, plant, and equipment (PPE) remained relatively stable around 203,000 to 212,000 million US$.
- Capital Base Expansion and Utilization Drop
- A structural change in the asset base occurred in June 2024, where net PPE increased abruptly from 213,723 million US$ to 298,283 million US$. This substantial increase in the asset denominator led to an immediate and sharp decline in the net fixed asset turnover ratio, dropping from 1.55 in March 2024 to 1.14 in June 2024. The ratio continued a gradual downward trajectory, reaching its lowest point of 1.08 in December 2025, as revenue remained largely stagnant between 79,000 and 83,000 million US$ during this period.
- Recent Recovery and Revenue Acceleration
- A recovery in asset efficiency is observed in the first half of 2026. While the net PPE remained stable near 296,000 to 298,000 million US$, a significant increase in revenue occurred, peaking at 114,529 million US$ in June 2026. This revenue growth drove the net fixed asset turnover ratio upward from 1.09 in March 2026 to 1.31 by September 2026, indicating that the expanded asset base is beginning to yield higher operational returns.
Overall, the data indicates that the significant capital investment made in mid-2024 initially diluted the efficiency of fixed assets. However, the subsequent increase in revenue during 2026 suggests a transition toward optimizing the utilization of these newly acquired or developed assets.
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Total Asset Turnover
ExxonMobil Holdings Corp., total asset turnover 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) | |||||||||||||||||||||||||
| Sales and other operating revenue | 110,503) | 114,529) | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Total assets | 470,917) | 464,482) | 464,410) | 448,980) | 454,340) | 447,597) | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.82 | 0.78 | 0.70 | 0.72 | 0.72 | 0.74 | 0.75 | 0.75 | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 0.63 | 0.56 | 0.57 | 0.57 | 0.75 | 0.75 | 0.75 | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | ||||||
| ConocoPhillips | — | 0.51 | 0.47 | 0.48 | 0.49 | 0.47 | 0.46 | 0.45 | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | ||||||
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
Total asset turnover
= (Sales and other operating revenueQ3 2026
+ Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025)
÷ Total assets
= (110,503 + 114,529 + 83,161 + 80,039)
÷ 470,917 = 0.82
2 Click competitor name to see calculations.
The Total Asset Turnover ratio exhibited a cyclical trend characterized by an initial peak in efficiency, a structural decline following a significant expansion of the asset base, and a subsequent recovery driven by a surge in operating revenues.
- Initial Efficiency Growth (2022)
- A positive trend is observed throughout 2022, with the asset turnover ratio rising from 0.86 in March to a peak of 1.08 by December. This improvement was primarily driven by a substantial increase in sales and other operating revenue, which peaked at 111,265 million USD in June 2022, while the total asset base remained relatively stable between 354,771 million USD and 370,152 million USD.
- Revenue Normalization and Efficiency Decline (2023 – Early 2024)
- Starting in March 2023, a gradual downward trend occurred as operating revenues moderated. The ratio declined from 1.07 to 0.88 by March 2024. During this period, revenues generally fluctuated between 80,000 million USD and 88,000 million USD, while assets grew marginally, leading to a reduction in the revenue generated per unit of asset.
- Structural Shift and Asset Expansion (Mid 2024 – Early 2026)
- A sharp contraction in the asset turnover ratio is noted in June 2024, dropping from 0.88 to 0.74. This decline coincides with a significant increase in total assets, which jumped from 377,918 million USD in March 2024 to 460,707 million USD in June 2024. This expanded asset base created a higher threshold for revenue generation, resulting in a prolonged period of lower efficiency where the ratio plateaued between 0.70 and 0.75 through March 2026.
- Revenue-Led Recovery (Mid 2026 – September 2026)
- An upward trajectory emerged in the second half of 2026. The asset turnover ratio climbed from 0.70 in March 2026 to 0.82 by September 2026. This recovery is attributed to a sharp increase in sales and other operating revenue, reaching a period high of 114,529 million USD in June 2026, which effectively improved the utilization of the expanded asset base.
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Equity Turnover
ExxonMobil Holdings Corp., equity turnover 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) | |||||||||||||||||||||||||
| Sales and other operating revenue | 110,503) | 114,529) | 83,161) | 80,039) | 83,331) | 79,477) | 81,058) | 81,058) | 87,792) | 89,986) | 80,411) | 81,688) | 88,570) | 80,795) | 83,644) | 93,164) | 106,512) | 111,265) | 87,734) | ||||||
| Total ExxonMobil share of equity | 265,789) | 259,380) | 254,381) | 259,386) | 260,561) | 262,593) | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.46 | 1.39 | 1.28 | 1.25 | 1.25 | 1.25 | 1.29 | 1.29 | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 1.10 | 1.01 | 0.99 | 0.98 | 1.28 | 1.29 | 1.27 | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | ||||||
| ConocoPhillips | — | 0.97 | 0.90 | 0.91 | 0.92 | 0.88 | 0.88 | 0.84 | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | ||||||
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
Equity turnover
= (Sales and other operating revenueQ3 2026
+ Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025)
÷ Total ExxonMobil share of equity
= (110,503 + 114,529 + 83,161 + 80,039)
÷ 265,789 = 1.46
2 Click competitor name to see calculations.
The analysis of the long-term activity ratios reveals a general downward trend in equity turnover from 2022 through early 2026, followed by a modest recovery in the final two quarters of the period. This decline is primarily driven by a significant expansion of the equity base that outpaced revenue growth, resulting in a lower efficiency of equity utilization in generating sales.
- Revenue Performance
- Operating revenue experienced significant volatility, peaking in the second quarter of 2022 at 111,265 million USD. Following this peak, revenue entered a period of relative stagnation and slight decline, fluctuating between approximately 79,000 million USD and 89,000 million USD from March 2023 through December 2024. A substantial recovery is observed in the second and third quarters of 2026, with revenue rising to 114,529 million USD and 110,503 million USD, respectively.
- Equity Base Evolution
- The total share of equity showed a consistent upward trajectory from March 2022 (169,215 million USD) through March 2024 (205,250 million USD). A sharp structural increase occurred in June 2024, where equity jumped to 268,405 million USD, representing a growth of approximately 30% in a single quarter. For the remainder of the period, the equity base remained relatively stable, fluctuating within the 254,000 million USD to 268,000 million USD range.
- Equity Turnover Dynamics
- The equity turnover ratio reached its maximum value of 2.08 in September 2022, indicating high asset utilization relative to equity. A gradual decline followed, reaching 1.61 by March 2024. The most pronounced drop occurred in June 2024, where the ratio fell to 1.27, directly correlating with the sudden increase in total equity. The ratio remained largely flat at approximately 1.25 to 1.29 through March 2026. However, an improvement is noted in the final period, with the ratio climbing to 1.46 by September 2026, driven by the surge in operating revenue against a stable equity base.
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