Analysis of Reportable Segments
ExxonMobil Holdings Corp. operates in 4 segments: Upstream; Energy Products; Chemical Products; and Specialty Products.
Segment Profit Margin
ExxonMobil Holdings Corp., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 54.21% | 68.38% | 83.32% | 80.77% | 72.37% |
| Energy Products | 3.04% | 1.55% | 4.52% | 4.89% | -0.17% |
| Chemical Products | 3.60% | 11.26% | 7.35% | 12.83% | 24.41% |
| Specialty Products | 16.08% | 16.72% | 14.74% | 12.15% | 18.80% |
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).
The segment profit margin analysis reveals a divergent performance trajectory across the four reportable business segments between 2021 and 2025. While the Upstream segment remains the primary driver of profitability, it experienced a peak in 2023 followed by a significant contraction. In contrast, the product-based segments exhibit substantially lower margins characterized by higher volatility and varying degrees of recovery.
- Upstream
- A period of strong margin expansion was observed from 2021 to 2023, with profit margins rising from 72.37% to a peak of 83.32%. However, this trend reversed sharply in the subsequent two years, declining to 68.38% in 2024 and further to 54.21% by the end of 2025. Despite this downturn, the segment continues to maintain the highest relative profitability of all reported areas.
- Energy Products
- This segment transitioned from a marginal loss of -0.17% in 2021 to positive territory, peaking at 4.89% in 2022. Margins remained relatively low and unstable thereafter, dipping to 1.55% in 2024 before a slight recovery to 3.04% in 2025.
- Chemical Products
- A pronounced downward trend is evident in this segment, with margins falling from 24.41% in 2021 to a low of 7.35% in 2023. Although a temporary recovery to 11.26% occurred in 2024, the margin declined steeply to 3.60% by 2025, representing a significant erosion of profitability over the five-year period.
- Specialty Products
- The Specialty Products segment demonstrated the highest level of stability among the product segments. Following an initial decrease from 18.80% in 2021 to 12.15% in 2022, margins recovered and stabilized in the 14% to 17% range, ending the period at 16.08% in 2025.
Overall, the analysis indicates a shift in the profitability profile of the organization. The substantial margins previously seen in the Upstream and Chemical segments have compressed, while the Specialty Products segment has emerged as a more consistent contributor to the margin base.
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Segment Profit Margin: Upstream
ExxonMobil Holdings Corp.; Upstream; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 21,354) | 25,390) | 21,308) | 36,479) | 15,775) |
| Sales and other operating revenue | 39,389) | 37,131) | 25,574) | 45,164) | 21,797) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 54.21% | 68.38% | 83.32% | 80.77% | 72.37% |
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
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 21,354 ÷ 39,389 = 54.21%
The Upstream segment exhibited significant volatility in financial performance between 2021 and 2025, characterized by a period of aggressive margin expansion followed by a distinct contraction in profitability despite recovering revenue levels.
- Revenue Trends
- Sales and other operating revenue experienced a substantial surge in 2022, reaching a peak of US$ 45,164 million. This was followed by a sharp contraction in 2023 to US$ 25,574 million. A recovery phase ensued in 2024 and 2025, with revenue climbing to US$ 37,131 million and US$ 39,389 million, respectively.
- Net Income Performance
- Segment net income followed a similar trajectory to revenue, peaking in 2022 at US$ 36,479 million. While net income recovered slightly in 2024 to US$ 25,390 million, it declined again in 2025 to US$ 21,354 million, indicating that earnings did not scale proportionally with the revenue growth observed in the final two years of the period.
- Profit Margin Analysis
- The segment profit margin demonstrated a steady upward trend from 2021 through 2023, rising from 72.37% to a peak of 83.32%. This peak occurred in 2023, despite that year recording the lowest revenue of the period, suggesting high operational efficiency or favorable pricing environments. However, a significant downward trend emerged thereafter, with margins falling to 68.38% in 2024 and further declining to 54.21% by December 31, 2025.
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Segment Profit Margin: Energy Products
ExxonMobil Holdings Corp.; Energy Products; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 7,423) | 4,033) | 12,142) | 14,966) | (346) |
| Sales and other operating revenue | 244,451) | 260,856) | 268,383) | 305,977) | 208,906) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 3.04% | 1.55% | 4.52% | 4.89% | -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
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 7,423 ÷ 244,451 = 3.04%
The Energy Products segment experienced significant volatility in financial performance between 2021 and 2025, characterized by a sharp recovery from initial losses followed by a period of fluctuation in both revenue and profitability.
- Revenue Performance
- Sales and other operating revenue reached a peak of US$ 305,977 million in 2022. Following this peak, a consistent downward trend is observed, with revenue declining annually to US$ 244,451 million by December 31, 2025.
- Net Income Volatility
- The segment transitioned from a net loss of US$ 346 million in 2021 to a peak net income of US$ 14,966 million in 2022. Profitability contracted over the subsequent two years, reaching a period low of US$ 4,033 million in 2024, before rebounding to US$ 7,423 million in 2025.
- Profit Margin Dynamics
- The segment profit margin closely mirrors the volatility of net income, expanding from -0.17% in 2021 to a high of 4.89% in 2022. A compression trend followed, leading to a margin of 1.55% in 2024, followed by a recovery to 3.04% in 2025.
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Segment Profit Margin: Chemical Products
ExxonMobil Holdings Corp.; Chemical Products; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 800) | 2,577) | 1,637) | 3,543) | 6,989) |
| Sales and other operating revenue | 22,209) | 22,896) | 22,265) | 27,619) | 28,628) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 3.60% | 11.26% | 7.35% | 12.83% | 24.41% |
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
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 800 ÷ 22,209 = 3.60%
The Chemical Products segment demonstrates a consistent downward trajectory in overall profitability and revenue generation between 2021 and 2025. While there was a temporary recovery in performance during 2024, the period concludes with the lowest recorded levels of both net income and profit margins.
- Revenue Trends
- Sales and other operating revenue experienced a steady decline from a peak of 28,628 million US$ in 2021 to 22,209 million US$ by 2025. The most significant contraction occurred between 2022 and 2023, where revenue decreased by approximately 19.4%. Despite a marginal increase in 2024, the revenue base remained significantly lower than the 2021 starting point.
- Net Income Volatility
- Segment net income exhibited substantial volatility and a severe overall decrease. Earnings dropped sharply from 6,989 million US$ in 2021 to 1,637 million US$ in 2023. A recovery to 2,577 million US$ was observed in 2024; however, this gain was erased in 2025, as net income fell to 800 million US$, representing an 88.6% decrease compared to the 2021 results.
- Profit Margin Compression
- The segment profit margin reflects significant compression over the analyzed period. Starting at 24.41% in 2021, the margin contracted to 7.35% by 2023. While the margin improved to 11.26% in 2024, it ultimately plummeted to 3.60% in 2025. This pattern indicates that the decline in net income has far outpaced the decline in revenue, suggesting increasing operational costs or decreasing product pricing power.
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Segment Profit Margin: Specialty Products
ExxonMobil Holdings Corp.; Specialty Products; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 2,857) | 3,052) | 2,714) | 2,415) | 3,259) |
| Sales and other operating revenue | 17,771) | 18,253) | 18,407) | 19,879) | 17,331) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 16.08% | 16.72% | 14.74% | 12.15% | 18.80% |
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
Segment profit margin = 100 × Segment net income (loss) ÷ Sales and other operating revenue
= 100 × 2,857 ÷ 17,771 = 16.08%
The Specialty Products segment exhibited volatility in profitability and revenue between 2021 and 2025, characterized by a sharp margin contraction in 2022 followed by a period of operational recovery.
- Revenue Trends
- Sales and other operating revenue reached a peak in 2022 at US$ 19,879 million. Following this peak, a consistent downward trend was observed, with revenue declining to US$ 18,407 million in 2023, US$ 18,253 million in 2024, and ending at US$ 17,771 million in 2025. This represents a gradual contraction of the top line following the 2022 high.
- Net Income Performance
- Segment net income experienced a significant decline from US$ 3,259 million in 2021 to US$ 2,415 million in 2022. A subsequent recovery occurred over the following two years, with income rising to US$ 3,052 million by 2024. A slight moderation in earnings followed in 2025, with net income closing at US$ 2,857 million.
- Segment Profit Margin Analysis
- The profit margin showed a V-shaped trajectory over the analyzed period. A sharp decrease occurred between 2021 and 2022, where the margin fell from 18.80% to 12.15%. This decline is particularly notable as it coincided with the period of highest revenue, suggesting a substantial increase in operating expenses or a decline in average selling prices. Efficiency improved steadily thereafter, with margins climbing to 14.74% in 2023 and 16.72% in 2024, before settling at 16.08% in 2025. The ability to expand margins from 2022 through 2024, despite falling revenues, indicates an improvement in cost management or a shift toward a more profitable product mix.
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Segment Return on Assets (Segment ROA)
ExxonMobil Holdings Corp., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 7.43% | 8.77% | 10.33% | 17.67% | 7.54% |
| Energy Products | 9.29% | 5.34% | 16.31% | 20.34% | -0.54% |
| Chemical Products | 2.26% | 7.33% | 4.72% | 10.67% | 22.36% |
| Specialty Products | 26.02% | 27.94% | 24.67% | 21.65% | 29.88% |
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 analysis of segment return on assets (ROA) reveals divergent performance trajectories across the four business lines from 2021 through 2025. While certain segments exhibit high stability and sustained efficiency, others demonstrate significant volatility or a consistent decline in asset productivity.
- Upstream
- A peak in asset productivity was observed in 2022, where ROA reached 17.67%. Following this peak, a steady downward trend is evident, with the ROA declining to 7.43% by 2025, effectively returning to levels similar to those recorded in 2021.
- Energy Products
- This segment exhibits the highest degree of volatility. After starting with a negative ROA of -0.54% in 2021, it experienced a sharp increase to 20.34% in 2022. Subsequent years show instability, characterized by a decline to 5.34% in 2024 before a partial recovery to 9.29% in 2025.
- Chemical Products
- A pronounced long-term deterioration in asset efficiency is observed. The ROA fell from a high of 22.36% in 2021 to 2.26% by 2025. Despite a brief marginal improvement in 2024, the overall trend indicates a substantial erosion of returns on invested assets within this segment.
- Specialty Products
- This segment represents the most stable and high-performing area of operations. ROA remained consistently elevated throughout the period, maintaining a range between 21.65% and 29.88%. This suggests a resilient capacity to generate returns relative to the asset base, with 2024 marking a notable high of 27.94%.
Comparative analysis indicates that Specialty Products consistently outperforms all other segments in terms of ROA stability and magnitude. In contrast, the Chemical Products segment has transitioned from a primary driver of efficiency to the lowest performing segment by 2025. The simultaneous peak in both Upstream and Energy Products in 2022 suggests a period of external market conditions that temporarily enhanced asset returns across those specific business lines.
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Segment ROA: Upstream
ExxonMobil Holdings Corp.; Upstream; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 21,354) | 25,390) | 21,308) | 36,479) | 15,775) |
| Total assets | 287,571) | 289,523) | 206,366) | 206,459) | 209,272) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.43% | 8.77% | 10.33% | 17.67% | 7.54% |
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
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 21,354 ÷ 287,571 = 7.43%
The financial performance of the Upstream segment is characterized by significant volatility in profitability and a substantial expansion of the asset base during the observed period, leading to a fluctuating Return on Assets (ROA) profile.
- Net Income Volatility
- Segment net income experienced a sharp increase, peaking in 2022 at 36,479 million US dollars. This represents a more than twofold increase from 2021 levels. Following this peak, income normalized to 21,308 million US dollars in 2023, before showing a slight recovery in 2024 and a subsequent decline to 21,354 million US dollars by the end of 2025.
- Asset Base Expansion
- Total assets remained relatively stable between 2021 and 2023, fluctuating within a narrow range around 206 billion to 209 billion US dollars. However, a significant capital expansion occurred in 2024, with total assets increasing to 289,523 million US dollars, a jump of approximately 40% compared to the previous year. This elevated asset level was maintained through 2025.
- Return on Assets (ROA) Trends
- The Segment ROA reached a maximum of 17.67% in 2022, driven by the surge in net income against a stable asset base. From 2023 onward, a consistent downward trend is observed. The decline to 10.33% in 2023 was primarily due to the reduction in net income. The further compression of ROA to 8.77% in 2024 and 7.43% in 2025 reflects the combined impact of normalized earnings and the substantial increase in the denominator (total assets), which diluted the overall return efficiency.
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Segment ROA: Energy Products
ExxonMobil Holdings Corp.; Energy Products; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 7,423) | 4,033) | 12,142) | 14,966) | (346) |
| Total assets | 79,917) | 75,542) | 74,460) | 73,565) | 64,630) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.29% | 5.34% | 16.31% | 20.34% | -0.54% |
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
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 7,423 ÷ 79,917 = 9.29%
The Energy Products segment exhibited significant volatility in financial performance between 2021 and 2025, characterized by a sharp recovery in profitability followed by a period of fluctuation against a backdrop of steady asset growth.
- Segment Net Income Trends
- A transition from a net loss of 346 million USD in 2021 to a peak of 14,966 million USD in 2022 represents a substantial turnaround in profitability. Following this peak, a downward trend is observed through 2024, with net income declining to 4,033 million USD, before recovering to 7,423 million USD in 2025.
- Asset Base Expansion
- Total assets demonstrated a consistent and incremental upward trajectory over the five-year period. From a base of 64,630 million USD in 2021, the asset value increased annually to reach 79,917 million USD by 2025, indicating a continuous expansion of the segment's capital investment.
- Return on Assets (ROA) Analysis
- The Segment ROA mirrored the volatility of net income, shifting from -0.54% in 2021 to a peak of 20.34% in 2022. A significant contraction followed, with the ROA falling to 16.31% in 2023 and further dropping to 5.34% in 2024. A partial recovery is evident in 2025, with the ROA rising to 9.29%. The combination of a steadily increasing asset base and fluctuating income indicates that asset utilization efficiency peaked in 2022 and has since remained unstable.
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Segment ROA: Chemical Products
ExxonMobil Holdings Corp.; Chemical Products; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 800) | 2,577) | 1,637) | 3,543) | 6,989) |
| Total assets | 35,356) | 35,137) | 34,675) | 33,217) | 31,250) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.26% | 7.33% | 4.72% | 10.67% | 22.36% |
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
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 800 ÷ 35,356 = 2.26%
The Chemical Products segment exhibits a significant decline in overall profitability and asset efficiency over the five-year period ending December 31, 2025. While the asset base expanded consistently, net income experienced high volatility and a strong downward trajectory, resulting in a substantial compression of the Return on Assets (ROA).
- Segment Net Income Trends
- Net income peaked in 2021 at 6,989 million US$, followed by a sharp decline to 1,637 million US$ by 2023. Although a partial recovery occurred in 2024, with income rising to 2,577 million US$, this gain was erased by 2025, when income fell to its lowest point in the period at 800 million US$.
- Asset Base Expansion
- Total assets demonstrate a steady and linear growth pattern, increasing from 31,250 million US$ in 2021 to 35,356 million US$ by 2025. This indicates continuous capital investment or asset accumulation within the segment regardless of the fluctuations in profitability.
- Return on Assets (ROA) Performance
- The segment ROA plummeted from a high of 22.36% in 2021 to 2.26% in 2025. The decline was most acute between 2021 and 2023, where the ratio dropped from 22.36% to 4.72%. The synchronization of declining net income and an expanding asset base intensified the erosion of asset productivity, as the segment failed to generate proportional earnings from its increased investment.
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Segment ROA: Specialty Products
ExxonMobil Holdings Corp.; Specialty Products; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment net income (loss) | 2,857) | 3,052) | 2,714) | 2,415) | 3,259) |
| Total assets | 10,981) | 10,922) | 10,999) | 11,155) | 10,908) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 26.02% | 27.94% | 24.67% | 21.65% | 29.88% |
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
Segment ROA = 100 × Segment net income (loss) ÷ Total assets
= 100 × 2,857 ÷ 10,981 = 26.02%
The Specialty Products segment exhibits a pattern of volatile profitability maintained over a remarkably stable asset base between 2021 and 2025. While net income experienced significant fluctuations, the consistency of total assets suggests that changes in the Return on Assets (ROA) are driven primarily by operational earnings performance rather than capital expansion or divestment.
- Net Income Performance
- Segment net income showed considerable volatility over the five-year period. A notable decline occurred in 2022, where income dropped from 3,259 million US$ to 2,415 million US$. This was followed by a two-year recovery phase, with earnings rising to 2,714 million US$ in 2023 and peaking at 3,052 million US$ in 2024. However, a slight contraction was observed by the end of 2025, with net income receding to 2,857 million US$.
- Asset Base Stability
- Total assets remained nearly constant throughout the analyzed period, oscillating within a narrow range between 10,908 million US$ and 11,155 million US$. The marginal variance in asset totals indicates a steady capital allocation strategy within the Specialty Products segment, with no significant acquisitions or large-scale write-downs impacting the balance sheet.
- Return on Assets (ROA) Dynamics
- The segment ROA mirrored the fluctuations of net income due to the static nature of the asset base. The ratio peaked at 29.88% in 2021 before falling to a period low of 21.65% in 2022. A consistent upward trend followed, reaching 27.94% in 2024, before settling at 26.02% in 2025. The data indicates that despite the volatility, the segment consistently generates a high return on its invested capital, maintaining an ROA well above 20% across all reported years.
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Segment Asset Turnover
ExxonMobil Holdings Corp., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 0.14 | 0.13 | 0.12 | 0.22 | 0.10 |
| Energy Products | 3.06 | 3.45 | 3.60 | 4.16 | 3.23 |
| Chemical Products | 0.63 | 0.65 | 0.64 | 0.83 | 0.92 |
| Specialty Products | 1.62 | 1.67 | 1.67 | 1.78 | 1.59 |
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 asset turnover across reportable segments exhibits significant variance in capital efficiency, with Energy Products consistently demonstrating the highest turnover and Upstream the lowest. A notable volatility peak occurred in 2022 across most segments, followed by varying degrees of normalization or decline through 2025.
- Upstream
- This segment maintains the lowest asset turnover, reflecting the highly capital-intensive nature of exploration and production. After a significant spike from 0.10 in 2021 to 0.22 in 2022, the ratio retreated to 0.12 in 2023 and showed a marginal upward trend to 0.14 by 2025.
- Energy Products
- Energy Products represents the most efficient utilization of assets among all segments. A peak turnover of 4.16 was reached in 2022, though a subsequent steady downward trend is observed, with the ratio declining to 3.06 by the end of 2025.
- Chemical Products
- A persistent decline in asset efficiency is evident in this segment. Turnover decreased from 0.92 in 2021 to 0.63 in 2025, indicating a long-term reduction in revenue generated per unit of asset investment.
- Specialty Products
- This segment displays the highest level of relative stability. Following a peak of 1.78 in 2022, the turnover ratio remained comparatively flat, ending the period at 1.62 in 2025.
Overall, the data suggests a general trend of normalization following the 2022 performance peak. While Energy Products remains the primary driver of asset efficiency, the Chemical Products segment shows a consistent deterioration in turnover over the five-year period.
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Segment Asset Turnover: Upstream
ExxonMobil Holdings Corp.; Upstream; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 39,389) | 37,131) | 25,574) | 45,164) | 21,797) |
| Total assets | 287,571) | 289,523) | 206,366) | 206,459) | 209,272) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.14 | 0.13 | 0.12 | 0.22 | 0.10 |
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
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 39,389 ÷ 287,571 = 0.14
The Upstream segment exhibits significant volatility in revenue generation and a substantial expansion of its asset base over the five-year period from 2021 to 2025.
- Revenue Trends
- Sales and other operating revenue demonstrated a sharp increase in 2022, reaching a peak of US$ 45,164 million, followed by a contraction in 2023 to US$ 25,574 million. A subsequent recovery trend is observed in 2024 and 2025, with revenue rising to US$ 39,389 million by the end of the period.
- Asset Base Evolution
- Total assets remained relatively stable between 2021 and 2023, ranging from US$ 206,366 million to US$ 209,272 million. A significant capital expansion occurred in 2024, with total assets increasing to US$ 289,523 million, a level that remained largely consistent through 2025.
- Segment Asset Turnover Analysis
- The asset turnover ratio peaked in 2022 at 0.22, driven by a surge in revenue relative to a stable asset base. The ratio declined to 0.12 in 2023, mirroring the drop in operating revenue. Despite the substantial increase in the asset base in 2024, the turnover ratio showed a marginal recovery to 0.13 in 2024 and 0.14 in 2025. This indicates that revenue growth has not yet scaled proportionally with the expanded asset base to match the efficiency levels seen in 2022.
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Segment Asset Turnover: Energy Products
ExxonMobil Holdings Corp.; Energy Products; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 244,451) | 260,856) | 268,383) | 305,977) | 208,906) |
| Total assets | 79,917) | 75,542) | 74,460) | 73,565) | 64,630) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 3.06 | 3.45 | 3.60 | 4.16 | 3.23 |
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
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 244,451 ÷ 79,917 = 3.06
The Energy Products segment experienced significant volatility in revenue coupled with a steady expansion of its asset base between 2021 and 2025. This divergence resulted in a fluctuating asset turnover ratio that peaked in 2022 before entering a consistent downward trend.
- Revenue Performance
- Sales and other operating revenue saw a substantial increase from US$ 208,906 million in 2021 to a peak of US$ 305,977 million in 2022. Following this peak, revenue declined steadily over the subsequent three years, ending at US$ 244,451 million by December 31, 2025.
- Asset Growth
- Total assets grew incrementally and without interruption throughout the analyzed period. The asset base increased from US$ 64,630 million in 2021 to US$ 79,917 million in 2025, indicating a continuous investment in the segment's infrastructure or capital holdings.
- Asset Turnover Efficiency
- The segment asset turnover ratio reached its maximum of 4.16 in 2022, driven by the surge in operating revenue. However, the ratio declined sequentially to 3.60 in 2023, 3.45 in 2024, and 3.06 in 2025. This downward trajectory suggests a diminishing efficiency in utilizing assets to generate sales, as the asset base continued to expand while revenues contracted. By the end of 2025, the turnover ratio fell below the initial 2021 level of 3.23.
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Segment Asset Turnover: Chemical Products
ExxonMobil Holdings Corp.; Chemical Products; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 22,209) | 22,896) | 22,265) | 27,619) | 28,628) |
| Total assets | 35,356) | 35,137) | 34,675) | 33,217) | 31,250) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.63 | 0.65 | 0.64 | 0.83 | 0.92 |
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
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 22,209 ÷ 35,356 = 0.63
The Chemical Products segment has experienced a consistent decline in asset utilization efficiency over the five-year period from 2021 to 2025. This trend is characterized by a contraction in operating revenue occurring simultaneously with a steady expansion of the asset base.
- Revenue Performance
- Sales and other operating revenue exhibited a general downward trajectory, decreasing from US$ 28,628 million in 2021 to US$ 22,209 million by the end of 2025. The most pronounced contraction occurred between 2022 and 2023, during which revenue fell by approximately 19.4%.
- Asset Base Growth
- Total assets increased linearly throughout the observed period, rising from US$ 31,250 million in 2021 to US$ 35,356 million in 2025. This represents a total growth in the asset base of approximately 13.1%, indicating continued capital allocation or asset accumulation despite falling top-line results.
- Segment Asset Turnover Analysis
- The segment asset turnover ratio declined from 0.92 in 2021 to 0.63 in 2025. A significant drop is observed between 2022 and 2023, where the ratio fell from 0.83 to 0.64. From 2023 through 2025, the ratio remained relatively stagnant, fluctuating between 0.63 and 0.65, suggesting a stabilization at a lower level of operational efficiency.
The divergence between expanding asset holdings and declining revenue indicates a reduction in the productivity of the segment's capital investments. The inability to leverage a larger asset base to generate increased sales has resulted in a sustained compression of the asset turnover ratio over the analyzed period.
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Segment Asset Turnover: Specialty Products
ExxonMobil Holdings Corp.; Specialty Products; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenue | 17,771) | 18,253) | 18,407) | 19,879) | 17,331) |
| Total assets | 10,981) | 10,922) | 10,999) | 11,155) | 10,908) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.62 | 1.67 | 1.67 | 1.78 | 1.59 |
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
Segment asset turnover = Sales and other operating revenue ÷ Total assets
= 17,771 ÷ 10,981 = 1.62
The Specialty Products segment demonstrated a period of fluctuating operational efficiency between 2021 and 2025, characterized by a significant peak in asset utilization followed by a gradual normalization.
- Revenue Performance
- Sales and other operating revenue experienced a sharp increase from US$ 17,331 million in 2021 to a peak of US$ 19,879 million in 2022. Following this peak, revenue entered a period of steady decline over the subsequent three years, falling to US$ 18,407 million in 2023, US$ 18,253 million in 2024, and ending at US$ 17,771 million in 2025.
- Asset Base Stability
- Total assets remained remarkably consistent throughout the five-year period, fluctuating minimally between a low of US$ 10,908 million in 2021 and a high of US$ 11,155 million in 2022. The lack of significant variance in the asset base suggests a period of stagnant capital expenditure or a strategy of maintaining existing capacity.
- Asset Turnover Analysis
- The segment asset turnover ratio mirrored the revenue trajectory, rising from 1.59 in 2021 to 1.78 in 2022, marking the period of highest efficiency in generating sales relative to the asset base. This was followed by a decrease to 1.67 in 2023 and 2024, and a further decline to 1.62 by 2025. Because the total assets remained nearly constant, the volatility in the asset turnover ratio is directly attributable to the fluctuations in operating revenue.
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Segment Capital Expenditures to Depreciation
ExxonMobil Holdings Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 1.19 | 5.28 | 1.12 | 0.63 | 0.51 |
| Energy Products | 1.24 | 1.33 | 1.64 | 1.06 | 1.07 |
| Chemical Products | 0.98 | 1.49 | 1.81 | 2.75 | 1.31 |
| Specialty Products | 2.20 | 1.93 | 1.43 | 0.82 | 0.56 |
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).
An analysis of capital expenditures relative to depreciation across the reportable segments reveals divergent investment strategies and asset management cycles. While some segments exhibit cyclical spikes in investment, others show sustained growth or a gradual reduction in capital deployment relative to asset aging.
- Upstream
- A significant volatility pattern is observed, characterized by a sharp increase in the ratio from 0.51 in 2021 to a peak of 5.28 in 2024. This surge indicates a period of aggressive capital expansion far exceeding depreciation. However, the ratio corrected sharply to 1.19 in 2025, suggesting a return to a more normalized investment level after a period of intense capital expenditure.
- Energy Products
- This segment maintained a relatively stable ratio, fluctuating between 1.06 and 1.07 in the first two years before reaching a peak of 1.64 in 2023. A subsequent gradual decline to 1.24 by 2025 is evident, indicating a balanced approach where capital spending consistently stays slightly above the depreciation of existing assets.
- Chemical Products
- An initial spike to 2.75 in 2022 was followed by a steady downward trend over the subsequent three years, ending at 0.98 in 2025. This progression reflects a transition from a high-investment phase to a period where capital expenditures are roughly equal to or slightly less than depreciation, potentially signaling a shift toward asset optimization over expansion.
- Specialty Products
- A consistent and strong upward trend is observed, with the ratio rising monotonically from 0.56 in 2021 to 2.20 in 2025. This steady increase suggests a sustained strategic prioritization of this segment, with capital investments growing progressively relative to the depreciation of the asset base.
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Segment Capital Expenditures to Depreciation: Upstream
ExxonMobil Holdings Corp.; Upstream; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 25,362) | 103,020) | 18,589) | 12,381) | 8,616) |
| Depreciation and depletion, includes impairments | 21,357) | 19,524) | 16,600) | 19,804) | 16,749) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.19 | 5.28 | 1.12 | 0.63 | 0.51 |
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
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 25,362 ÷ 21,357 = 1.19
The Upstream segment exhibits a significant shift in investment strategy over the five-year period, transitioning from a phase of conservative capital allocation to a period of aggressive asset expansion, followed by a stabilization of spending.
- Capital Expenditure Trends
- Additions to property, plant, and equipment demonstrated a steady upward trajectory from 2021 to 2023, increasing from 8,616 million US$ to 18,589 million US$. This was followed by an extraordinary surge in 2024, where expenditures reached 103,020 million US$, representing a more than five-fold increase over the previous year. By 2025, capital spending moderated to 25,362 million US$, indicating the conclusion of a major investment cycle.
- Depreciation and Depletion Patterns
- Depreciation and depletion expenses remained relatively stable compared to capital expenditures. Values fluctuated between a low of 16,600 million US$ in 2023 and a high of 21,357 million US$ in 2025. This stability suggests a consistent base of depreciable assets, with the slight overall increase reflecting the integration of new capital projects into the asset base over time.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation provides a measure of whether the segment is maintaining, expanding, or contracting its asset base. From 2021 to 2022, the ratio remained below 1.0 (0.51 and 0.63 respectively), indicating that investment was insufficient to cover the depreciation of existing assets. A pivot occurred in 2023, as the ratio rose to 1.12, signaling the start of net asset growth. The ratio peaked at an anomalous 5.28 in 2024, corresponding with the massive spike in additions to property, plant, and equipment. In 2025, the ratio normalized to 1.19, suggesting a return to a sustainable growth profile where investments slightly exceed depreciation.
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Segment Capital Expenditures to Depreciation: Energy Products
ExxonMobil Holdings Corp.; Energy Products; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 1,954) | 2,039) | 2,561) | 2,105) | 1,853) |
| Depreciation and depletion, includes impairments | 1,577) | 1,533) | 1,562) | 1,987) | 1,736) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.24 | 1.33 | 1.64 | 1.06 | 1.07 |
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
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 1,954 ÷ 1,577 = 1.24
The Energy Products segment demonstrates a strategic cycle of asset investment characterized by a significant expansion phase peaking in 2023, followed by a period of stabilization. Investment levels consistently exceeded depreciation expenses throughout the analyzed period, indicating a sustained commitment to expanding or modernizing the asset base rather than merely maintaining existing capacity.
- Additions to Property, Plant, and Equipment
- Capital expenditures exhibited a growth trend from 2021 to 2023, increasing from 1,853 million US$ to a peak of 2,561 million US$. Following this peak, investment levels contracted in 2024 and 2025, ending at 1,954 million US$. This pattern suggests a concentrated period of capital deployment followed by a transition toward a more moderate spending regime.
- Depreciation and Depletion
- Depreciation expenses showed moderate volatility, rising to 1,987 million US$ in 2022 before declining sharply to 1,562 million US$ in 2023. For the remainder of the period, these expenses remained relatively stable, fluctuating narrowly between 1,533 million US$ and 1,577 million US$, suggesting a steady rate of asset consumption in recent years.
- Segment Capital Expenditures to Depreciation Ratio
- The investment-to-depreciation ratio remained near parity in 2021 and 2022, at 1.07 and 1.06 respectively. A substantial increase occurred in 2023, where the ratio reached a peak of 1.64, driven by the simultaneous increase in capital additions and a decrease in depreciation charges. While the ratio moderated to 1.33 in 2024 and 1.24 in 2025, it remained consistently above 1.0, confirming that capital reinvestment has outpaced the depletion of the asset base across the entire five-year horizon.
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Segment Capital Expenditures to Depreciation: Chemical Products
ExxonMobil Holdings Corp.; Chemical Products; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 1,322) | 1,635) | 2,375) | 2,718) | 1,250) |
| Depreciation and depletion, includes impairments | 1,355) | 1,096) | 1,311) | 988) | 955) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.98 | 1.49 | 1.81 | 2.75 | 1.31 |
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
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 1,322 ÷ 1,355 = 0.98
The Chemical Products segment experienced a cycle of aggressive capital investment peaking in 2022, followed by a sustained reduction in capital expenditures through 2025. This period is characterized by an initial phase of capacity expansion and subsequent transition toward a maintenance-oriented investment strategy.
- Capital Expenditure Trends
- Additions to property, plant, and equipment increased significantly from US$ 1,250 million in 2021 to a peak of US$ 2,718 million in 2022. Following this peak, capital spending declined steadily for three consecutive years, reaching US$ 1,322 million by December 31, 2025.
- Depreciation and Depletion Patterns
- Expenses for depreciation and depletion exhibited a general upward trend, rising from US$ 955 million in 2021 to US$ 1,355 million in 2025. Although a temporary decrease to US$ 1,096 million occurred in 2024, the long-term trajectory suggests an increase in the total depreciable asset base or an acceleration of asset consumption.
- Analysis of the Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation peaked at 2.75 in 2022, indicating that the segment was investing in new assets at nearly three times the rate of depreciation. A consistent downward trend followed, with the ratio falling to 1.81 in 2023, 1.49 in 2024, and finally reaching 0.98 in 2025. This final value signifies that annual capital additions have fallen below the level of annual depreciation, suggesting a shift from growth-oriented investment to a phase of asset contraction or strict maintenance.
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Segment Capital Expenditures to Depreciation: Specialty Products
ExxonMobil Holdings Corp.; Specialty Products; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Additions to property, plant and equipment | 595) | 457) | 451) | 237) | 164) |
| Depreciation and depletion, includes impairments | 270) | 237) | 315) | 288) | 292) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.20 | 1.93 | 1.43 | 0.82 | 0.56 |
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
Segment capital expenditures to depreciation = Additions to property, plant and equipment ÷ Depreciation and depletion, includes impairments
= 595 ÷ 270 = 2.20
The Specialty Products segment has undergone a significant shift in its capital allocation strategy between 2021 and 2025, transitioning from a period of conservative spending to a phase of aggressive investment in property, plant, and equipment.
- Additions to Property, Plant, and Equipment
- A consistent and substantial upward trend is observed in capital additions. Investment grew from 164 million US dollars in 2021 to 595 million US dollars by 2025. The most notable acceleration occurred between 2022 and 2023, where expenditures nearly doubled from 237 million to 451 million US dollars.
- Depreciation and Depletion
- Depreciation and depletion expenses remained relatively stable in the early part of the period, fluctuating between 288 million and 315 million US dollars from 2021 to 2023. A decrease to 237 million US dollars was recorded in 2024, followed by a moderate increase to 270 million US dollars in 2025.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation demonstrates a strong positive trajectory, increasing from 0.56 in 2021 to 2.20 in 2025. In 2021, the segment was investing significantly less than the value of the assets it was consuming. By 2023, the ratio surpassed 1.0, indicating that investments began to exceed depreciation. The rise to 2.20 by 2025 suggests a strategic pivot toward capacity expansion and asset modernization, as current capital spending now more than doubles the annual depreciation charge.
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Sales and other operating revenue
ExxonMobil Holdings Corp., sales and other operating revenue by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 39,389) | 37,131) | 25,574) | 45,164) | 21,797) |
| Energy Products | 244,451) | 260,856) | 268,383) | 305,977) | 208,906) |
| Chemical Products | 22,209) | 22,896) | 22,265) | 27,619) | 28,628) |
| Specialty Products | 17,771) | 18,253) | 18,407) | 19,879) | 17,331) |
| Segment total | 323,820) | 339,136) | 334,629) | 398,639) | 276,662) |
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).
Total segment revenue exhibited a significant peak in 2022, reaching 398,639 million US dollars, before correcting to a range between 323,820 million and 339,136 million US dollars from 2023 through 2025. This trajectory indicates a period of heightened revenue expansion followed by a stabilization phase.
- Energy Products Revenue Contribution
- Energy Products remains the dominant revenue driver. After reaching a peak of 305,977 million US dollars in 2022, the segment entered a consistent downward trend, declining to 244,451 million US dollars by 2025. This represents a steady contraction in revenue following the 2022 surge.
- Upstream Segment Volatility and Recovery
- The Upstream segment displayed substantial volatility. A sharp increase to 45,164 million US dollars occurred in 2022, followed by a correction to 25,574 million US dollars in 2023. Subsequently, a recovery trend is observed, with revenue climbing to 39,389 million US dollars by the end of 2025.
- Chemical and Specialty Products Trends
- Chemical Products revenue followed a general downward trajectory, decreasing from 28,628 million US dollars in 2021 to 22,209 million US dollars in 2025. Specialty Products exhibited the highest level of stability among all segments, maintaining revenue between 17,331 million and 19,879 million US dollars throughout the observed period.
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Segment net income (loss)
ExxonMobil Holdings Corp., segment net income (loss) by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 21,354) | 25,390) | 21,308) | 36,479) | 15,775) |
| Energy Products | 7,423) | 4,033) | 12,142) | 14,966) | (346) |
| Chemical Products | 800) | 2,577) | 1,637) | 3,543) | 6,989) |
| Specialty Products | 2,857) | 3,052) | 2,714) | 2,415) | 3,259) |
| Segment total | 32,434) | 35,052) | 37,801) | 57,403) | 25,677) |
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).
Total segment net income experienced significant volatility over the five-year period, reaching a peak of US$ 57,403 million in 2022 before entering a sustained period of decline to US$ 32,434 million by 2025. The overall financial performance was primarily driven by the cyclical nature of the Upstream and Energy Products segments.
- Upstream Segment Performance
- The Upstream segment acted as the primary driver of total profitability. A substantial increase in net income was observed between 2021 and 2022, rising from US$ 15,775 million to US$ 36,479 million. Following this peak, earnings experienced a sharp correction to US$ 21,308 million in 2023, followed by a temporary recovery to US$ 25,390 million in 2024 and a subsequent decrease to US$ 21,354 million in 2025.
- Energy Products Volatility
- This segment exhibited the highest degree of variance. It transitioned from a net loss of US$ 346 million in 2021 to a significant profit of US$ 14,966 million in 2022. A downward trend followed in the subsequent years, with net income falling to US$ 4,033 million in 2024, before a partial recovery to US$ 7,423 million in 2025.
- Chemical Products Erosion
- A clear long-term downward trend is observable in the Chemical Products segment. Net income decreased from US$ 6,989 million in 2021 to US$ 800 million in 2025. While a brief recovery occurred in 2024 with income rising to US$ 2,577 million, the overall trajectory indicates a significant reduction in the segment's earnings capacity.
- Specialty Products Stability
- The Specialty Products segment demonstrated the most stability of all reportable segments. Net income remained within a relatively tight corridor, fluctuating between a low of US$ 2,415 million in 2022 and a high of US$ 3,259 million in 2021, concluding the period at US$ 2,857 million in 2025.
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Depreciation and depletion, includes impairments
ExxonMobil Holdings Corp., depreciation and depletion, includes impairments by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 21,357) | 19,524) | 16,600) | 19,804) | 16,749) |
| Energy Products | 1,577) | 1,533) | 1,562) | 1,987) | 1,736) |
| Chemical Products | 1,355) | 1,096) | 1,311) | 988) | 955) |
| Specialty Products | 270) | 237) | 315) | 288) | 292) |
| Segment total | 24,559) | 22,390) | 19,788) | 23,067) | 19,732) |
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).
Total depreciation and depletion expenses across all reportable segments exhibited an overall upward trajectory from 2021 to 2025, increasing from 19,732 million USD to 24,559 million USD. This growth was non-linear, characterized by a peak in 2022, a subsequent contraction in 2023, and a recovery leading into 2025. The total expenditure is heavily concentrated in the Upstream segment, which dictates the overall volatility and trend of the combined figures.
- Upstream Segment
- The Upstream segment represents the most significant portion of depreciation and depletion costs. Expenses rose from 16,749 million USD in 2021 to 21,357 million USD in 2025. A notable fluctuation occurred between 2022 and 2023, where expenses dropped from 19,804 million USD to 16,600 million USD, before resuming a growth pattern through 2024 and 2025.
- Energy Products
- Expenses within the Energy Products segment peaked in 2022 at 1,987 million USD. Following this peak, a downward trend was observed, with costs stabilizing between 1,533 million USD and 1,577 million USD during the 2023 to 2025 period, representing a overall decrease from the 2022 high.
- Chemical Products
- The Chemical Products segment showed a general increase in depreciation and depletion costs, rising from 955 million USD in 2021 to 1,355 million USD in 2025. This segment experienced a significant increase in 2023, reaching 1,311 million USD, followed by a temporary decline in 2024 to 1,096 million USD.
- Specialty Products
- This segment maintained the lowest and most stable expense levels among all reportable segments. Costs fluctuated minimally, beginning at 292 million USD in 2021 and ending at 270 million USD in 2025, with a periodic low of 237 million USD recorded in 2024.
- Consolidated Trend Analysis
- The aggregate depreciation and depletion costs increased by approximately 24.5% over the analyzed five-year period. The Upstream segment consistently accounted for the vast majority of these costs, often exceeding 80% of the segment total, implying that corporate-level depreciation trends are primarily driven by Upstream asset valuations and depletion schedules.
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Additions to property, plant and equipment
ExxonMobil Holdings Corp., additions to property, plant and equipment by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 25,362) | 103,020) | 18,589) | 12,381) | 8,616) |
| Energy Products | 1,954) | 2,039) | 2,561) | 2,105) | 1,853) |
| Chemical Products | 1,322) | 1,635) | 2,375) | 2,718) | 1,250) |
| Specialty Products | 595) | 457) | 451) | 237) | 164) |
| Segment total | 29,233) | 107,151) | 23,976) | 17,441) | 11,883) |
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).
Total additions to property, plant and equipment across all reportable segments exhibited a general upward trajectory from 2021 through 2023, followed by an extraordinary increase in 2024 and a subsequent contraction in 2025. The aggregate investment rose from 11,883 million USD in 2021 to a peak of 107,151 million USD in 2024, before normalizing to 29,233 million USD in 2025.
- Upstream Segment
- This segment represents the primary driver of capital expenditure. Investment grew steadily from 8,616 million USD in 2021 to 18,589 million USD in 2023. A significant surge occurred in 2024, where additions reached 103,020 million USD, indicating a massive capital allocation event. This was followed by a sharp reduction to 25,362 million USD in 2025, although this remains higher than pre-2024 levels.
- Energy Products Segment
- Capital additions in this segment remained relatively stable throughout the period. Expenditures increased from 1,853 million USD in 2021 to a peak of 2,561 million USD in 2023, before entering a gradual decline to 1,954 million USD by 2025.
- Chemical Products Segment
- A peaking pattern is observed in this segment, with investment rising from 1,250 million USD in 2021 to a high of 2,718 million USD in 2022. Subsequently, a consistent downward trend occurred, with expenditures falling to 1,322 million USD by 2025, effectively returning to 2021 levels.
- Specialty Products Segment
- This segment demonstrates a consistent and uninterrupted growth trend. Additions increased every year, rising from 164 million USD in 2021 to 595 million USD in 2025, representing the most stable growth rate across all segments despite the smaller absolute dollar amounts.
The overall capital expenditure profile is characterized by a heavy concentration of investment within the Upstream segment, particularly during the 2024 fiscal year. While the Energy and Chemical segments show signs of stabilizing or contracting, the Specialty Products segment shows a strategic and steady increase in capacity investment.
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Total assets
ExxonMobil Holdings Corp., total assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Upstream | 287,571) | 289,523) | 206,366) | 206,459) | 209,272) |
| Energy Products | 79,917) | 75,542) | 74,460) | 73,565) | 64,630) |
| Chemical Products | 35,356) | 35,137) | 34,675) | 33,217) | 31,250) |
| Specialty Products | 10,981) | 10,922) | 10,999) | 11,155) | 10,908) |
| Segment total | 413,825) | 411,124) | 326,500) | 324,396) | 316,060) |
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).
Total reportable segment assets experienced a significant upward trajectory over the five-year period ending December 31, 2025. The aggregate asset value grew from 316,060 million USD in 2021 to 413,825 million USD in 2025. This expansion was characterized by a period of relative stability through 2023, followed by a substantial surge in total asset valuation during the 2024 fiscal year.
- Upstream Segment Growth
- The Upstream segment remains the primary driver of the asset base. After maintaining a stable valuation near 206,000 million USD between 2022 and 2023, there was a sharp increase to 289,523 million USD in 2024. This represents a growth of approximately 40% in a single year, followed by a marginal decrease to 287,571 million USD by the end of 2025.
- Energy Products Expansion
- A consistent and steady increase in assets is observed within the Energy Products segment. Valuation rose from 64,630 million USD in 2021 to 79,917 million USD in 2025. Unlike other segments, Energy Products demonstrated uninterrupted year-over-year growth throughout the entire analyzed period.
- Chemical and Specialty Products Trends
- The Chemical Products segment exhibited moderate growth, increasing from 31,250 million USD in 2021 to 35,356 million USD in 2025, with the most significant gains occurring between 2021 and 2023. Conversely, the Specialty Products segment remained nearly flat, starting at 10,908 million USD in 2021 and ending at 10,981 million USD in 2025, indicating a lack of significant capital expansion in this area.
- Overall Asset Composition
- The concentration of assets is heavily skewed toward the Upstream segment. The proportion of total assets allocated to Upstream increased from 66.2% in 2021 to approximately 69.5% in 2025. This shift highlights an intensified focus on the asset base associated with exploration and production relative to downstream and specialty product operations.
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