01—Abstract
Summary
Summary of the 10-Q filed August 4, 2025. Cited figures are marked; the original filing is the authoritative source.
ExxonMobil Corporation (XOM) reported its financial results for the quarter and six months ended June 30, 2025.
For the second quarter, net income attributable to ExxonMobil was $7.1 billiona ($1.64 per diluted share), a decrease from $9.2 billion ($2.14 per diluted share) in the same period last year. This decline was primarily driven by lower crude oil prices, weaker chemical realizations, and increased expenses related to growth initiatives, partially offset by higher volumes from advantaged Upstream investments and structural cost savings. For the first six months of 2025, net income attributable to ExxonMobil was $14.8 billion ($3.40 per diluted share), compared to $17.5 billion ($4.20 per diluted share) in the first six months of 2024.
The company continued to prioritize shareholder returns, distributing $8.6 billionb in dividends and repurchasing $9.8 billion of common stock year-to-date. Despite lower net income, ExxonMobil maintained a strong balance sheet with a debt-to-total capital ratio of 12.6% as of June 30, 2025.
02—Key points
Key Highlights
- Net income for Q2 2025 was $7.1 billion, down from $9.2 billion in Q2 2024, attributed to lower commodity prices and higher expenses.
- Earnings per diluted share for Q2 2025 were $1.64, compared to $2.14 in Q2 2024.
- Year-to-date net income was $14.8 billion, a decrease from $17.5 billion in the prior year period.
- The company distributed $8.6 billion in dividends and repurchased $9.8 billion of stock in the first six months of 2025.
- Upstream segment earnings decreased due to lower liquid realizations, though partially offset by volume growth from the Pioneer acquisition and structural cost savings.
- Chemical Products segment experienced weaker margins, significantly impacting its earnings compared to the prior year.
- Cash capital expenditures for the first six months of 2025 were $12.3 billion, an increase from $11.8 billion in the same period last year.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 4, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $81.51B$93.06B | −12.4% |
| SG&A Expenses | $2.53B$2.57B | −1.6% |
| Operating Expenses | $70.80B$79.39B | −10.8% |
| Interest Expense | $145.00M$271.00M | −46.5% |
| Net Income | $7.08B$9.24B | −23.4% |
| EPS (Basic) | $1.64$2.14 | −23.4% |
| EPS (Diluted) | $1.64$2.14 | −23.4% |
| Shares Outstanding (Basic) | 4.33B4.32B | +0.3% |
05—Questions
Frequently Asked Questions
What were the primary drivers for the decrease in net income compared to the prior year?
The primary drivers for the decrease in net income were weaker crude oil prices, lower chemical realizations, and higher expenses related to growth initiatives. These factors were partially offset by increased volumes from advantaged Upstream investments, such as the Permian and Guyana, and structural cost savings.
How did the Pioneer Natural Resources merger impact the financial results?
The acquisition of Pioneer Natural Resources, completed in May 2024, contributed to increased volumes from advantaged Upstream assets, particularly in the Permian region, which positively impacted earnings. The financial statements reflect the results of Pioneer from the acquisition date onwards.
What is the company's capital allocation strategy?
ExxonMobil's capital allocation priorities are investing in competitively advantaged, high-return projects, maintaining a strong balance sheet, and sharing success with shareholders through consistent share repurchases and a growing dividend. Year-to-date 2025, the company distributed $8.6 billion in dividends and repurchased $9.8 billion of common stock.
How is the company addressing the current market conditions in the chemical segment?
The Chemical Products segment faced weaker margins, described as being at the bottom of the cycle, due to continued industry oversupply. The company's earnings driver analysis indicates that weaker margins decreased earnings by $560 million in the second quarter, primarily on lower North America ethane feed advantage.
06—Continue