Exxon Mobil reported fourth-quarter adjusted earnings of $1.71 per share, exceeding the consensus estimate of $1.68. GAAP earnings totaled $6.5 billion, down from $7.5 billion in the prior quarter, while non-GAAP earnings excluding identified items reached $7.3 billion. Revenue came in at $82.3 billion, slightly above analyst forecasts, despite a year-over-year decline. The company generated $12.7 billion in operating cash flow and $5.6 billion in free cash flow, underpinning a disciplined capital allocation strategy and maintaining one of the industry’s strongest cash conversion ratios.

Net production averaged 5.0 million barrels of oil-equivalent per day in Q4, the highest quarterly output in more than 40 years, led by record contributions of 1.8 million barrels per day in the Permian Basin and 875,000 barrels per day from Guyana. Full-year 2025 upstream volumes reached 4.7 million barrels per day, up 9% year-over-year, with advantaged assets in North America and deepwater projects accounting for 59% of total output. Despite weaker crude realizations, higher throughput and volume growth helped limit upstream earnings declines to $3.5 billion in the quarter.

The downstream segment delivered fourth-quarter earnings of $3.4 billion, an 80% sequential increase, driven by stronger refining margins on diesel and gasoline crack spreads, record North America throughput and favorable year-end inventory effects. Chemical segment results were mixed: losses totaled $281 million due to lower margins and seasonal expenses, while specialty products earnings of $682 million reflected robust demand for high-performance fluids. Full-year downstream earnings rose to $7.4 billion, up $3.4 billion from 2024, benefiting from cost savings and asset sales gains.

Exxon Mobil returned $9.5 billion to shareholders in Q4 through $4.4 billion of dividends and $5.1 billion of share repurchases, contributing to $37.2 billion of distributions for full-year 2025. The company plans $20 billion in buybacks through 2026 and targets $20 billion of cumulative structural cost savings by 2030. Capital expenditures for 2026 are guided at $27–29 billion, with disciplined spending focused on high-return projects in Guyana, Permian and low-carbon technologies. A first-quarter dividend of $1.03 per share will be payable on March 10 to shareholders of record as of February 12.