$163.82+1.07 (+0.66%)
At close: Oct 1, 2026, 4:00 PM ET
$162.40−1.42 (−0.87%)
Pre-market: Oct 2, 2026, 7:21 AM ET· last 1-minute bar
ExxonMobil Holdings Corp. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue fell 5.0% in FY25, net margin 9.0%; free cash flow runs at 79% of net income. Check the accrual gap. Worth your attention in FY25: Returns vs FCF (166%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($B)▼5.0%
332.2
FY21→FY25CAGR +3.9%/yr
Net income ($B)▼15.1%
29.8
FY21→FY25CAGR +6.0%/yr
Free cash flow ($B)▼23.1%
23.6
FY21→FY25CAGR −10.0%/yr
Diluted EPS▼14.5%
6.70
FY21→FY25CAGR +5.6%/yr
What the receipts whisper · what a headline number hides
Share count
−1.6%
4.2bn → 4.2bn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$28.4B
+16.7% YoY in FY25 · 8.5% of revenue.
Returns vs FCF
166%
$39.1B returned vs $23.6B of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($B)
9¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 33.1% → 31.8%. Net margin 9.0% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 368,757.0 | 332,238.0 | 349,585.0 | 344,582.0 | 413,680.0 | 285,640.0 | ▼5.0% | +3.9% |
Cost of revenue | 256,920.0 | 226,672.0 | 239,063.0 | 229,914.0 | 271,568.0 | 191,199.0 | ▼5.2% | +4.3% |
Gross profit | 111,837.0 | 105,566.0 | 110,522.0 | 114,668.0 | 142,112.0 | 94,441.0 | ▼4.5% | +2.8% |
Selling, general & admin | 11,227.0 | 11,128.0 | 9,976.0 | 9,919.0 | 10,095.0 | 9,574.0 | ▲11.5% | +3.8% |
Total operating expenses | 65,708.0 | 63,695.0 | 60,653.0 | 61,036.0 | 63,561.0 | 62,260.0 | ▲5.0% | +0.6% |
Operating incomefeeds ROC rank | 46,129.0 | 41,871.0 | 49,869.0 | 53,632.0 | 78,551.0 | 32,181.0 | ▼16.0% | +6.8% |
Other income, net | −775.0 | −603.0 | −996.0 | −849.0 | −798.0 | −947.0 | — | — |
Pretax income | 45,354.0 | 41,268.0 | 48,873.0 | 52,783.0 | 77,753.0 | 31,234.0 | ▼15.6% | +7.2% |
Income tax | 11,624.0 | 11,504.0 | 13,810.0 | 15,429.0 | 20,176.0 | 7,636.0 | ▼16.7% | +10.8% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 33,730.0 | 29,764.0 | 35,063.0 | 37,354.0 | 57,577.0 | 23,598.0 | ▼15.1% | +6.0% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 7.78 | 6.70 | 7.84 | 8.89 | 13.26 | 5.39 | ▼14.5% | +5.6% |
Diluted shares (bn) | 4.11 | 4.17 | 4.34 | 3.97 | 4.07 | 4.23 | ▼4.0% | −0.4% |
| Margins | ||||||||
Gross margin41st pct in Energy | 30.3% | 31.8% | 31.6% | 33.3% | 34.4% | 33.1% | ▲0.2pp | −1.3pp |
Operating margin | 12.5% | 12.6% | 14.3% | 15.6% | 19.0% | 11.3% | ▼1.7pp | +1.3pp |
Net margin50th pct in Energy | 9.1% | 9.0% | 10.0% | 10.8% | 13.9% | 8.3% | ▼1.1pp | +0.7pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-18 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.