01—Abstract
Summary
Summary of the 10-Q filed August 3, 2026. Cited figures are marked; the original filing is the authoritative source.
ExxonMobil Corporation (XOM) reported a strong financial performance for the second quarter and the first six months of 2026, driven by favorable market conditions, particularly high refining margins and elevated natural gas prices.
Net income attributable to ExxonMobil significantly increased year-over-year, reaching $14.5 billiona in the second quarter and $18.7 billion for the first six months. The company demonstrated robust operational execution across its segments. The Upstream segment benefited from higher crude oil realizations and growth in advantaged assets like Guyana and the Permian.
Energy Products saw a substantial boost from strong refining margins and positive impacts from derivatives, despite some volume reductions due to maintenance. Chemical Products experienced improved margins, primarily driven by North American ethane advantages. The Specialty Products segment also showed increased earnings driven by higher basestock margins.
ExxonMobil continued its focus on capital discipline, investing $6.8 billionb in cash capital expenditures for the quarter and $13.0 billion year-to-date, with plans to invest between $27-$29 billion for the full year 2026. The company also returned significant capital to shareholders through $8.6 billion in dividends and $10.0 billion in share repurchases during the first six months. The balance sheet remains strong, with a debt-to-capital ratio of 13.7% at the end of the second quarter.
02—Key points
Key Highlights
- Net income attributable to ExxonMobil was $14.5 billion for Q2 2026 and $18.7 billion for the first six months of 2026, a significant increase from the prior year.
- Strong refining margins and elevated natural gas prices contributed to robust performance across segments.
- Upstream segment earnings benefited from higher crude realizations and growth from advantaged assets (Guyana, Permian).
- Energy Products segment saw a significant earnings increase driven by strong refining margins and positive derivative impacts.
- Cash capital expenditures for the first six months of 2026 totaled $13.0 billion, with a full-year 2026 projection of $27-$29 billion.
- The company returned $8.6 billion to shareholders through dividends and $10.0 billion through share repurchases in the first six months of 2026.
- ExxonMobil's financial position remains strong, with a debt-to-capital ratio of 13.7% as of June 30, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 3, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $116.02B$81.51B | +42.3% |
| SG&A Expenses | $2.48B$2.53B | −1.8% |
| Operating Expenses | $96.59B$70.80B | +36.4% |
| Interest Expense | $227.00M$145.00M | +56.6% |
| Net Income | $14.53B$7.08B | +105.1% |
| EPS (Basic) | $3.48$1.64 | +112.2% |
| EPS (Diluted) | $3.48$1.64 | +112.2% |
| Shares Outstanding (Basic) | 4.17B4.33B | −3.6% |
05—Questions
Frequently Asked Questions
What was the primary driver of the significant increase in net income for ExxonMobil in the second quarter of 2026?
The significant increase in net income was primarily driven by favorable market conditions, including higher crude oil prices, elevated natural gas prices, and exceptionally strong global industry refining margins. Advantaged investments in the Upstream and Energy Products segments, along with structural cost savings, also contributed to the improved earnings.
How did ExxonMobil utilize its cash flow from operations during the first six months of 2026?
During the first six months of 2026, ExxonMobil generated substantial cash flow from operations, totaling $32.3 billion. The company allocated this capital towards investing in its business (additions to property, plant, and equipment of $13.0 billion), returning capital to shareholders through dividends ($8.6 billion) and share repurchases ($10.0 billion), and managing its debt levels.
What is the company's outlook on capital expenditures and shareholder returns for the remainder of 2026?
ExxonMobil plans to invest in the range of $27 billion to $29 billion in capital expenditures for the full year 2026. The company remains committed to its capital allocation priorities, which include investing in high-return projects and continuing to share success with shareholders through consistent share repurchases and a growing dividend.
Were there any significant identified items or charges that impacted the company's results in the second quarter of 2026?
Yes, the company reported identified items that impacted its results. For the Upstream segment, there was a $1,199 million loss from financial reserves in Q2 2026. The Energy Products segment reported a $1,180 million loss mainly from impairments in Q2 2026. The Chemical Products and Specialty Products segments also reported smaller losses related to identified items.
06—Continue