Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
ExxonMobil Holdings Corp., profitability 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 analyzed period is characterized by a distinct cyclical pattern across all profitability metrics, featuring a significant expansion phase peaking in early 2023, followed by a sustained contraction, and a recent reversal indicating a recovery phase starting in mid-2026.
- Profit Margin Performance
- Operating profit margins experienced a steady increase from 12.25% in March 2022 to a peak of 21.37% in March 2023. Subsequently, a gradual decline was observed over the next three years, reaching a low of 11.56% in March 2026 before recovering to 14.60% by September 2026. Net profit margins mirrored this trajectory, rising from 8.40% in March 2022 to a maximum of 14.87% in March 2023, before descending to 7.76% in March 2026 and recovering to 10.46% by the end of the period.
- Asset and Equity Returns
- Return on Equity (ROE) and Return on Assets (ROA) exhibited higher volatility than the profit margins. ROE climbed sharply from 15.24% in March 2022 to a peak of 29.54% in March 2023, representing the most significant gain among all metrics. However, it then declined consistently to 9.95% by March 2026 before rebounding to 15.28% in September 2026. Similarly, ROA peaked at 15.89% in March 2023, fell to a period low of 5.45% in March 2026, and climbed back to 8.63% by September 2026.
- Trend Correlation and Cyclicality
- A strong positive correlation is evident between all four ratios, as they all peaked simultaneously in the first quarter of 2023 and hit their troughs in the first quarter of 2026. This synchronized movement suggests that profitability was driven by systemic factors affecting both operational efficiency and asset utilization. The recovery observed between June 2026 and September 2026 is consistent across all metrics, indicating a potential shift back toward an expansionary phase.
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Operating Profit Margin
ExxonMobil Holdings Corp., operating profit margin 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) | |||||||||||||||||||||||||
| Operating income | 21,399) | 19,683) | 7,324) | 8,272) | 11,141) | 10,940) | 11,918) | 10,141) | 13,266) | 13,970) | 12,613) | 11,114) | 14,034) | 12,069) | 17,129) | 16,149) | 25,785) | 25,247) | 8,852) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 14.60% | 12.86% | 11.56% | 13.05% | 13.58% | 14.05% | 14.50% | 14.74% | 14.99% | 15.19% | 15.03% | 16.24% | 17.15% | 19.54% | 21.37% | 19.07% | 18.60% | 15.93% | 12.25% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 15.51% | 10.62% | 11.53% | 12.02% | 12.42% | 13.48% | 14.63% | 13.22% | 14.15% | 14.73% | 15.37% | 18.06% | 19.98% | 21.92% | 21.42% | 21.03% | 19.86% | 16.73% | ||||||
| ConocoPhillips | — | 24.30% | 21.31% | 22.97% | 24.14% | 25.41% | 26.65% | 26.64% | 28.67% | 29.76% | 29.79% | 30.57% | 30.06% | 31.80% | 33.89% | 36.80% | 37.27% | 37.07% | 36.63% | ||||||
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
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Sales and other operating revenueQ3 2026
+ Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025)
= 100 × (21,399 + 19,683 + 7,324 + 8,272)
÷ (110,503 + 114,529 + 83,161 + 80,039)
= 14.60%
2 Click competitor name to see calculations.
The analysis of the operating profit margin reveals a distinct cyclical pattern characterized by an initial surge, a prolonged period of contraction, and a recent recovery phase.
- Initial Margin Expansion and Peak Performance
- From March 2022 to March 2023, a consistent upward trajectory in the operating profit margin is observed, rising from 12.25% to a peak of 21.37%. This expansion was supported by a significant increase in operating income, which reached a high of 25,785 million USD in September 2022, indicating a period of high operational efficiency and favorable revenue conversion.
- Sustained Margin Compression
- Following the peak in March 2023, the operating profit margin entered a sustained downward trend for over three years. The margin declined incrementally from 21.37% to a trough of 11.56% by March 2026. During this interval, sales and other operating revenue remained relatively stable, largely fluctuating between 79,000 million USD and 89,000 million USD, suggesting that the margin compression was primarily driven by rising operating costs or decreasing realized prices rather than a collapse in top-line revenue.
- Recent Recovery and Operational Rebound
- A sharp reversal in the trend occurred during the second and third quarters of 2026. After reaching a multi-year low in March 2026, the operating profit margin improved to 14.60% by September 2026. This recovery was driven by a substantial increase in operating income, which surged from 7,324 million USD in March 2026 to 21,399 million USD in September 2026, coinciding with a rise in total revenue to 110,503 million USD.
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Net Profit Margin
ExxonMobil Holdings Corp., net profit margin 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) | |||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 15,413) | 14,525) | 4,183) | 6,501) | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 10.46% | 9.07% | 7.76% | 8.91% | 9.22% | 9.42% | 9.76% | 9.93% | 9.92% | 10.03% | 9.90% | 10.76% | 11.01% | 13.38% | 14.87% | 13.23% | 13.41% | 11.06% | 8.40% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 9.87% | 5.92% | 6.67% | 6.83% | 7.31% | 8.12% | 9.13% | 8.60% | 9.50% | 10.43% | 10.85% | 12.57% | 14.09% | 15.41% | 15.05% | 15.05% | 14.09% | 11.60% | ||||||
| ConocoPhillips | — | 14.65% | 12.58% | 13.55% | 14.81% | 15.89% | 16.62% | 16.89% | 18.01% | 18.93% | 19.19% | 19.52% | 18.67% | 19.37% | 20.97% | 23.80% | 24.06% | 24.34% | 23.91% | ||||||
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 profit margin = 100
× (Net income attributable to ExxonMobilQ3 2026
+ Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025)
÷ (Sales and other operating revenueQ3 2026
+ Sales and other operating revenueQ2 2026
+ Sales and other operating revenueQ1 2026
+ Sales and other operating revenueQ4 2025)
= 100 × (15,413 + 14,525 + 4,183 + 6,501)
÷ (110,503 + 114,529 + 83,161 + 80,039)
= 10.46%
2 Click competitor name to see calculations.
The net profit margin exhibited significant volatility over the analyzed period, characterized by an initial period of rapid expansion, a prolonged phase of gradual contraction and stabilization, and a recent recovery in profitability.
- Peak Profitability Phase (2022 – Early 2023)
- A strong upward trend in profitability was observed between March 2022 and March 2023, with the net profit margin rising from 8.40% to a peak of 14.87%. This expansion was supported by a substantial increase in net income, which reached a period high of US$ 19,660 million in September 2022, coinciding with operating revenues exceeding US$ 100 billion for several consecutive quarters.
- Gradual Compression and Stabilization (Mid-2023 – 2025)
- Following the March 2023 peak, a steady decline in the net profit margin occurred, falling to 8.91% by December 2025. A notable period of stabilization was observed throughout 2024, during which the margin remained nearly flat, fluctuating narrowly between 9.76% and 10.03%. During this phase, operating revenues generally retracted, largely remaining within the US$ 79 billion to US$ 89 billion range.
- Recent Volatility and Recovery (2026)
- The first quarter of 2026 marked the lowest point of profitability in the series, with the net profit margin dropping to 7.76% and net income falling to US$ 4,183 million. This decline was followed by a sharp recovery in the subsequent two quarters. By September 30, 2026, the net profit margin climbed back to 10.46%, driven by a significant resurgence in sales and operating revenue, which returned to levels exceeding US$ 110 billion.
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Return on Equity (ROE)
ExxonMobil Holdings Corp., ROE 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) | |||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 15,413) | 14,525) | 4,183) | 6,501) | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 15.28% | 12.63% | 9.95% | 11.12% | 11.50% | 11.81% | 12.63% | 12.77% | 12.55% | 12.73% | 15.98% | 17.58% | 19.09% | 24.48% | 29.54% | 27.04% | 27.87% | 21.97% | 15.24% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 10.84% | 5.99% | 6.60% | 6.73% | 9.37% | 10.49% | 11.59% | 10.68% | 11.76% | 12.64% | 13.28% | 15.41% | 19.05% | 22.44% | 22.27% | 21.53% | 18.92% | 14.02% | ||||||
| ConocoPhillips | — | 14.20% | 11.34% | 12.39% | 13.63% | 14.01% | 14.63% | 14.27% | 19.94% | 21.48% | 21.47% | 22.23% | 23.46% | 27.20% | 33.15% | 38.91% | 36.79% | 31.69% | 26.12% | ||||||
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
ROE = 100
× (Net income attributable to ExxonMobilQ3 2026
+ Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025)
÷ Total ExxonMobil share of equity
= 100 × (15,413 + 14,525 + 4,183 + 6,501)
÷ 265,789 = 15.28%
2 Click competitor name to see calculations.
The analysis of profitability metrics reveals a cyclical pattern in Return on Equity (ROE), characterized by an initial surge, a prolonged period of contraction, and a recent recovery. ROE peaked at 29.54% in the first quarter of 2023 before entering a downward trajectory that persisted until early 2026, eventually rebounding to 15.28% by the third quarter of 2026.
- ROE Performance Phases
- An expansionary phase is observed from March 2022 to March 2023, where ROE increased from 15.24% to its peak of 29.54%. This growth was primarily driven by a significant increase in net income, which rose from 5,480 million US$ to a peak of 19,660 million US$ in September 2022. Subsequently, a consistent decline occurred over the following three years, reaching a low of 9.95% in March 2026. The most recent period shows a sharp reversal, with ROE climbing back to 15.28% by September 2026.
- Equity Base Influence
- The denominator of the ROE calculation, the total share of equity, experienced steady growth from 169,215 million US$ in March 2022 to 205,250 million US$ in March 2024. A substantial structural increase in equity is noted in June 2024, where the value jumped to 268,405 million US$. This expansion of the equity base contributed to the compression of ROE, as the increased capital base required significantly higher net income to maintain previous return levels.
- Net Income Volatility
- Net income exhibited high volatility, particularly in the 2022 and 2026 periods. After the highs of 2022, net income stabilized between 6,501 million US$ and 11,430 million US$ for several quarters. A notable trough occurred in March 2026 with net income falling to 4,183 million US$, which aligned with the lowest recorded ROE of 9.95%. The recovery in 2026 was driven by a rapid increase in net income, reaching 15,413 million US$ by September 2026.
The overall trend indicates that while the equity base has expanded and stabilized at a higher level (approximately 265,789 million US$ by late 2026), the ROE remains highly sensitive to fluctuations in quarterly net income. The correlation between net income spikes and ROE peaks suggests that profitability is driven more by operational earnings volatility than by changes in capital structure.
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Return on Assets (ROA)
ExxonMobil Holdings Corp., ROA 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) | |||||||||||||||||||||||||
| Net income attributable to ExxonMobil | 15,413) | 14,525) | 4,183) | 6,501) | 7,548) | 7,082) | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 8.63% | 7.05% | 5.45% | 6.42% | 6.59% | 6.93% | 7.34% | 7.43% | 7.30% | 7.41% | 8.68% | 9.57% | 10.24% | 13.41% | 15.89% | 14.29% | 14.01% | 10.59% | 7.27% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 6.24% | 3.34% | 3.80% | 3.91% | 5.47% | 6.11% | 6.87% | 6.43% | 7.18% | 7.76% | 8.17% | 9.65% | 11.98% | 13.98% | 13.76% | 13.15% | 11.26% | 8.23% | ||||||
| ConocoPhillips | — | 7.47% | 5.97% | 6.55% | 7.23% | 7.49% | 7.68% | 7.53% | 10.29% | 11.13% | 11.10% | 11.42% | 11.96% | 14.43% | 17.32% | 19.91% | 19.04% | 16.98% | 13.78% | ||||||
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
ROA = 100
× (Net income attributable to ExxonMobilQ3 2026
+ Net income attributable to ExxonMobilQ2 2026
+ Net income attributable to ExxonMobilQ1 2026
+ Net income attributable to ExxonMobilQ4 2025)
÷ Total assets
= 100 × (15,413 + 14,525 + 4,183 + 6,501)
÷ 470,917 = 8.63%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a cyclical trajectory characterized by an initial period of rapid growth, a prolonged phase of contraction, and a recent recovery between March 2022 and September 2026.
- Profitability Peak and Contraction
- An upward trend in ROA is observed from March 2022 (7.27%), culminating in a peak of 15.89% by March 2023. This surge was primarily driven by high net income levels, which reached a maximum of 19.66 billion USD in September 2022. Following this peak, the ratio entered a steady decline, reaching a minimum of 5.45% by March 2026.
- Impact of Asset Base Expansion
- A significant increase in the asset base occurred between March 2024 and June 2024, with total assets rising from 377.9 billion USD to 460.7 billion USD. This expansion exerted downward pressure on the ROA, as the increase in total assets outpaced the growth in net income during this period. Consequently, the ROA remained suppressed throughout late 2024 and 2025, fluctuating between 6.42% and 7.43%.
- Recent Performance Recovery
- A sharp reversal in the downward trend is evident in the second and third quarters of 2026. Net income rose significantly to 14.5 billion USD in June 2026 and 15.4 billion USD in September 2026. This rebound in profitability drove the ROA from its trough of 5.45% in March 2026 up to 8.63% by September 2026, suggesting a renewed efficiency in utilizing the expanded asset base to generate earnings.
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