Analysis of Short-term (Operating) 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.
Short-term Activity Ratios (Summary)
Turnover Ratios
Average No. Days
ExxonMobil Holdings Corp., short-term (operating) 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 analysis of short-term operating activity ratios reveals fluctuating levels of operational efficiency and significant volatility in working capital utilization over the period from March 2022 to September 2026.
- Inventory Turnover
- A cyclical trend is observed in inventory management. The ratio initially increased from 13.84 in March 2022 to a peak of 16.69 in March 2023, indicating an acceleration in inventory movement. This was followed by a sustained decline, reaching a period low of 11.93 by September 2025. However, a recovery trend emerged in the final year, with the ratio climbing back to 15.65 by September 2026.
- Working Capital Turnover
- This metric exhibited extreme volatility. The period opened with a high ratio of 59.06, which underwent a sharp and consistent contraction, bottoming out at 10.70 in December 2023. Following this trough, the ratio showed a general upward trajectory, interrupted by a significant spike to 95.63 in March 2026. This peak was short-lived, as the ratio corrected to 22.29 by September 2026, suggesting substantial fluctuations in the relationship between net working capital and generated revenue.
- Average Inventory Processing Period
- The processing period moved in inverse correlation with inventory turnover. Efficiency improved early in the analyzed period, with the processing time dropping from 26 days to a low of 22 days between December 2022 and March 2023. A subsequent increase in the processing duration occurred, peaking at 31 days in September 2025, before tightening again to 23 days by the end of the period in September 2026.
Overall, the operational metrics suggest a period of instability in working capital efficiency, contrasted with a more predictable, though cyclical, pattern in inventory management. The convergence of an increasing inventory turnover and a decreasing processing period toward the end of 2026 indicates a return to higher operational liquidity and leaner inventory holdings.
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Inventory Turnover
ExxonMobil Holdings Corp., inventory 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) | ||||||
| Inventories | 24,802) | 25,563) | 24,975) | 26,302) | 27,238) | 25,371) | 24,478) | 23,524) | 23,875) | 24,503) | 23,491) | 25,120) | 24,450) | 24,249) | 23,642) | 24,435) | 24,096) | 23,585) | 22,177) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Inventory turnover1 | 15.65 | 14.12 | 13.05 | 12.31 | 11.93 | 12.98 | 13.89 | 14.42 | 14.24 | 13.90 | 14.11 | 13.32 | 14.16 | 15.02 | 16.69 | 16.32 | 16.05 | 14.93 | 13.84 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 19.84 | 17.61 | 18.99 | 17.92 | 21.30 | 21.05 | 21.32 | 19.95 | 18.80 | 19.58 | 22.86 | 21.48 | 23.28 | 25.16 | 28.58 | 25.22 | 26.71 | 27.10 | ||||||
| ConocoPhillips | — | 33.71 | 30.46 | 31.47 | 34.74 | 30.47 | 31.14 | 30.26 | 36.92 | 39.01 | 38.24 | 40.16 | 45.23 | 53.99 | 60.05 | 64.39 | 61.22 | 52.97 | 45.80 | ||||||
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
Inventory 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)
÷ Inventories
= (110,503 + 114,529 + 83,161 + 80,039)
÷ 24,802 = 15.65
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a cyclical pattern in inventory management efficiency from March 2022 through September 2026. The inventory turnover ratio experienced an initial period of growth, followed by a prolonged contraction and a sharp recovery in the final periods of the observed timeframe.
- Revenue and Inventory Correlation
- Operating revenue exhibited significant volatility, peaking in June 2022 at 111,265 million USD and again in June 2026 at 114,529 million USD. During the periods of peak revenue, the inventory turnover ratio generally trended higher, suggesting that increased sales volume drove faster inventory depletion. Conversely, the lowest turnover rates coincided with periods of lower revenue and higher inventory accumulation.
- Inventory Turnover Trends
- The inventory turnover ratio reached its peak in March 2023 at 16.69, following a steady ascent from 13.84 in March 2022. This period represents the highest level of operational efficiency in moving stock. A subsequent downward trend occurred throughout 2023, with the ratio falling to 13.32 by December 31, 2023.
- Efficiency Trough and Recovery
- A notable decline in efficiency was observed during 2025, reaching a minimum ratio of 11.93 in September 2025. This trough aligned with the highest recorded inventory levels of 27,238 million USD, indicating a period of slower stock movement. However, a robust recovery followed in 2026, with the ratio climbing back to 15.65 by September 30, 2026, driven by a substantial increase in quarterly revenue.
- Inventory Level Stability
- Despite the fluctuations in turnover ratios, total inventory values remained relatively stable, fluctuating within a range of approximately 22,177 million USD to 27,238 million USD. The relative stability of the inventory base implies that changes in the turnover ratio were primarily driven by variances in sales revenue rather than drastic shifts in inventory procurement strategies.
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Working Capital Turnover
ExxonMobil Holdings Corp., working capital 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) | |||||||||||||||||||||||||
| Current assets | 107,625) | 100,793) | 97,787) | 83,382) | 88,505) | 85,108) | 91,233) | 91,990) | 94,349) | 96,238) | 99,377) | 96,609) | 101,142) | 91,760) | 97,224) | 97,631) | 99,289) | 93,163) | 77,255) | ||||||
| Less: Current liabilities | 90,209) | 88,830) | 94,378) | 72,330) | 77,850) | 68,161) | 73,829) | 70,307) | 69,993) | 70,763) | 71,921) | 65,316) | 71,186) | 61,815) | 66,666) | 69,045) | 74,057) | 80,110) | 72,059) | ||||||
| Working capital | 17,416) | 11,963) | 3,409) | 11,052) | 10,655) | 16,947) | 17,404) | 21,683) | 24,356) | 25,475) | 27,456) | 31,293) | 29,956) | 29,945) | 30,558) | 28,586) | 25,232) | 13,053) | 5,196) | ||||||
| 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) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Working capital turnover1 | 22.29 | 30.18 | 95.63 | 29.31 | 30.49 | 19.44 | 19.53 | 15.65 | 13.95 | 13.37 | 12.07 | 10.70 | 11.56 | 12.16 | 12.91 | 13.95 | 15.33 | 26.98 | 59.06 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 21.09 | 46.66 | 35.71 | 34.66 | — | 67.18 | 82.20 | 78.58 | 36.88 | 25.72 | 22.20 | 23.91 | 16.54 | 15.89 | 14.61 | 15.53 | 17.08 | 13.09 | ||||||
| ConocoPhillips | — | 9.39 | 15.97 | 16.56 | 15.43 | 19.57 | 16.05 | 15.54 | 17.16 | 16.55 | 15.51 | 12.98 | 8.76 | 16.88 | 16.56 | 13.30 | 11.63 | 9.84 | 9.02 | ||||||
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
Working capital 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)
÷ Working capital
= (110,503 + 114,529 + 83,161 + 80,039)
÷ 17,416 = 22.29
2 Click competitor name to see calculations.
The analysis of working capital turnover reveals a period of significant volatility, characterized by an initial contraction in efficiency followed by a sharp peak and a subsequent correction. The turnover ratio is primarily influenced by dramatic shifts in the working capital base rather than fluctuations in operating revenue.
- Initial Downtrend and Capital Expansion (March 2022 – December 2023)
- A substantial decline in the working capital turnover ratio is observed, falling from 59.06 to 10.70. This trend correlates with a rapid expansion of working capital, which grew from 5,196 million USD to a peak of 31,293 million USD. During this period, the increase in net current assets far outpaced revenue growth, leading to a diminished rate of asset utilization relative to sales.
- Efficiency Recovery and Working Capital Reduction (March 2024 – March 2026)
- The turnover ratio experienced a sustained increase, climbing from 12.07 to a peak of 95.63. This movement was driven by a consistent reduction in working capital, which reached a minimum of 3,409 million USD in March 2026. With revenues remaining relatively stable between 80,000 million USD and 83,000 million USD during the latter part of this phase, the sharp decrease in the denominator resulted in an exceptionally high turnover ratio, indicating lean working capital management.
- Recent Stabilization and Correction (June 2026 – September 2026)
- A sharp correction is evident in the final two quarters, with the turnover ratio dropping from 95.63 to 22.29. This reversal is attributed to a significant increase in working capital, which rose from 3,409 million USD to 17,416 million USD. Despite a corresponding spike in sales to 114,529 million USD in June 2026, the rapid accumulation of working capital exerted a dominant downward pressure on the turnover ratio.
Overall, the data indicates a cyclical pattern of working capital accumulation and liquidation. The extreme peak in March 2026 suggests a period of minimal liquidity cushion relative to sales, while the subsequent increase in working capital suggests a strategic shift toward increasing current asset positions or managing higher current liabilities.
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Average Inventory Processing Period
ExxonMobil Holdings Corp., average inventory processing period 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 | |||||||||||||||||||||||||
| Inventory turnover | 15.65 | 14.12 | 13.05 | 12.31 | 11.93 | 12.98 | 13.89 | 14.42 | 14.24 | 13.90 | 14.11 | 13.32 | 14.16 | 15.02 | 16.69 | 16.32 | 16.05 | 14.93 | 13.84 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average inventory processing period1 | 23 | 26 | 28 | 30 | 31 | 28 | 26 | 25 | 26 | 26 | 26 | 27 | 26 | 24 | 22 | 22 | 23 | 24 | 26 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | — | 18 | 21 | 19 | 20 | 17 | 17 | 17 | 18 | 19 | 19 | 16 | 17 | 16 | 15 | 13 | 14 | 14 | 13 | ||||||
| ConocoPhillips | — | 11 | 12 | 12 | 11 | 12 | 12 | 12 | 10 | 9 | 10 | 9 | 8 | 7 | 6 | 6 | 6 | 7 | 8 | ||||||
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 15.65 = 23
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a cyclical pattern in inventory management efficiency between March 2022 and September 2026. There is a consistent inverse correlation between the inventory turnover ratio and the average inventory processing period, where peaks in turnover correspond with the lowest number of days required to process inventory.
- Inventory Efficiency and Processing Cycle
- An initial improvement in operational efficiency is observed from March 2022 to March 2023, during which the inventory turnover ratio rose from 13.84 to a peak of 16.69. Consequently, the average inventory processing period declined from 26 days to a minimum of 22 days. This phase indicates a period of accelerated inventory movement and optimized stock levels.
- Period of Stability and Marginal Increase
- Between June 2023 and December 2024, the processing period exhibited relative stability, fluctuating within a narrow range of 25 to 27 days. The turnover ratio during this timeframe remained largely consistent, hovering between 13.32 and 14.42, suggesting a steady-state operational pace with minimal volatility in supply chain throughput.
- Operational Slowdown and Peak Processing Time
- A notable deterioration in inventory velocity occurred throughout 2025. The average inventory processing period climbed steadily, reaching a peak of 31 days in September 2025. This coincided with the lowest recorded inventory turnover ratio of 11.93, marking the point of lowest operational efficiency within the analyzed period.
- Recovery and Optimization Phase
- From December 2025 through September 2026, a strong recovery trend is evident. The inventory processing period decreased from 30 days back down to 23 days. This recovery is mirrored by a sharp increase in the turnover ratio, which climbed to 15.65 by the end of the period, indicating a return to high-efficiency inventory management practices.
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