AI Takeaway
ExxonMobil reported FY2025 revenue of $332.2B and net income of $28.8B, both declining year-over-year amid lower energy prices, while the company maintained strong operating cash flow of $52.0B and continued returning capital to shareholders through $20.3B in buybacks.
Revenue
$332.24B
-4.96% YoY
EPS (Basic)
$6.70
-14.54% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue fell 5.0% year-over-year from $349.6B to $332.2B in FY2025, reflecting softer commodity price realizations across ExxonMobil's upstream and downstream segments. This top-line pressure was the primary driver of the earnings decline.
Source: Source: 10-K Income Statement
Net income declined 14.4% from $33.7B to $28.8B, with net margin contracting to 8.7%. The earnings decline outpaced the revenue decline, suggesting cost pressures including a 10.9% rise in D&A to $26.0B and an 11.5% increase in SG&A to $11.1B weighed on profitability.
Source: Source: 10-K Income Statement & Cash Flow Statement
Operating cash flow remained strong at $52.0B (down only 5.5% YoY), significantly exceeding net income of $28.8B, driven by $26.0B in D&A add-backs. This demonstrates the capital-intensive but cash-generative nature of ExxonMobil's integrated business model.
Source: Source: 10-K Cash Flow Statement
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Upgrade to unlockExxonMobil's revenue and earnings are highly sensitive to fluctuations in crude oil and natural gas prices. The 5.0% revenue decline and 14.4% net income drop in FY2025 illustrate how quickly earnings can erode in a softer price environment. Sustained low commodity prices would further compress margins and cash generation.
Source: Source: 10-K Income Statement
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Upgrade to unlockReported EPS of $1.71 versus the $1.70 analyst consensus — a +0.5% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $332.24B | $349.58B | -4.96% |
Net Income | $28.84B | $33.68B | -14.36% |
EPS (Basic) | $6.70 | $7.84 | -14.54% |
EPS (Diluted) | $6.70 | $7.84 | -14.54% |
R&D Expense | $1.2B | $1B | +20.00% |
SG&A Expense | $11.13B | $9.98B | +11.55% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $448.98B | $453.48B | -0.99% |
Current Assets | $83.38B | $91.99B | -9.36% |
Total Liabilities | $182.35B | $182.87B | -0.28% |
Current Liabilities | $72.33B | $70.31B | +2.88% |
Stockholders' Equity | $259.39B | $263.7B | -1.64% |
Cash & Equivalents | $10.68B | $23.03B | -53.62% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $51.97B | $55.02B | -5.55% |
Investing Cash Flow | $-25.93B | $-19.94B | -30.04% |
Financing Cash Flow | $-39.08B | $-42.79B | +8.67% |
Share Buybacks | $20.27B | $19.63B | +3.28% |
D&A | $25.99B | $23.44B | +10.88% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 8.7% | — | — |
ROE | 11.1% | — | — |
ROA | 6.4% | — | — |
Current Ratio | $1.153 | — | — |
Debt to Equity | $0.703 | — | — |
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ExxonMobil reported FY2025 revenue of $332.2B (down 5.0% YoY) and net income of $28.8B (down 14.4% YoY), as lower energy prices weighed on results. Despite the earnings decline, operating cash flow remained strong at $52.0B, and the company returned $20.3B to shareholders through buybacks.
ExxonMobil's net income fell 14.4% to $28.8B in FY2025, primarily due to a 5.0% decline in revenue driven by softer commodity prices. Compounding the issue, SG&A expenses rose 11.5% to $11.1B and D&A increased 10.9% to $26.0B, meaning costs grew faster than revenue.
ExxonMobil maintains a solid balance sheet with $449.0B in total assets and stockholders' equity of $259.4B, though cash fell sharply by 53.6% to $10.7B. The current ratio of 1.15 and debt-to-equity of 0.70 suggest adequate but tightening liquidity, supported by $52.0B in annual operating cash flow.
Yes, ExxonMobil repurchased $20.3B of its own shares in FY2025, slightly above the $19.6B in FY2024, demonstrating continued commitment to returning capital to shareholders even as earnings declined. This buyback activity also helped partially offset the EPS decline by reducing the share count.
Key risks include commodity price volatility, which drove the 14.4% net income decline in FY2025, and a sharp 53.6% drop in cash reserves to $10.7B that tightens liquidity. Additionally, rising costs (SG&A +11.5%, D&A +10.9%) and elevated capital expenditures (investing outflows up 30.0% to $25.9B) could further pressure profitability if energy prices remain weak.