In the fourth quarter of 2025, ExxonMobil reported U.S. GAAP earnings of $6.5 billion, down $1.0 billion sequentially, and non-GAAP earnings of $7.3 billion, a decrease of $0.8 billion versus the prior quarter. GAAP earnings per share were $1.53, compared with $1.76 in the third quarter, while adjusted earnings per share stood at $1.71, down $0.17 sequentially. Operating cash flow in the quarter reached $12.7 billion and free cash flow was $5.6 billion, reflecting strong underlying cash generation despite headwinds from weaker crude realizations and higher depreciation expense.

For the full year, ExxonMobil reported U.S. GAAP earnings of $28.8 billion, a decline of $4.8 billion from 2024, and non-GAAP earnings of $30.1 billion, down $3.4 billion year-over-year. Earnings per share were $6.70, versus $7.84 in the prior year, and adjusted earnings per share were $6.99, compared with $7.79 in 2024. The company generated $52.0 billion of cash flow from operations, a compound annual growth rate of approximately 10% since 2019, and delivered $26.1 billion of free cash flow. Structural cost savings reached $3.0 billion in 2025, contributing to a cumulative $15.1 billion since 2019, and are on track to hit a $20 billion target by 2030.

In 2025, ExxonMobil returned $37.2 billion to investors through dividends of $17.2 billion and share repurchases of $20.0 billion. The company declared a first-quarter 2026 dividend of $1.03 per share, marking a 4% increase in the fourth-quarter payout and extending its consecutive annual dividend growth streak to 43 years. At year-end, net debt stood at $32.8 billion (total debt of $43.5 billion less $10.7 billion of cash), resulting in a net-debt-to-capital ratio of 11.0% and a debt-to-capital ratio of 14.0%, underscoring industry-leading leverage metrics and financial flexibility.

Upstream full-year 2025 earnings were $21.4 billion, down $4.0 billion from 2024, with impairments reducing results by $1.1 billion. Excluding identified items, earnings decreased $2.9 billion, driven by lower crude realizations and higher depreciation, partially offset by volume growth in the Permian (1.6 million barrels per day) and Guyana (over 700,000 barrels per day). Fourth-quarter upstream earnings were $3.5 billion on net production of 5.0 million barrels per day, including record quarterly volumes in advantaged assets. Energy Products posted full-year earnings of $7.4 billion, up $3.4 billion on stronger refining margins and record throughput of 5.6 million barrels per day, with downstream adjusted earnings in the quarter rising more than 80% year-over-year to $3.4 billion.