ExxonMobil Holdings Corporation
XOM · NYSE
Next quarter
Expected to report Jan 29, 2027 — estimated from last year’s reporting date.
Consensus is $3.94 EPS for Dec 2026 across 7 estimates, ranging $3.24 to $4.73.
XOM Sep 2026
- 8.46%
- $3.90
- $4.23
- —
- $113.16B
Reported results
- $113.16B
- $15.41B
- $3.72
Highlights
- Adjusted EPS: $4.23 beat the $3.90 consensus by 8.46%; GAAP EPS was $3.72, up from $1.76 a year earlier and $3.48 in Q2.
- Earnings and revenue: GAAP earnings rose to $15.4 billion from $7.5 billion year over year and $14.5 billion sequentially; revenue increased 33% year over year to $113.2 billion but eased 2.5% from Q2.
- Energy Products: GAAP earnings climbed to $7.2 billion from $1.8 billion a year ago; stronger refining margins and optimization added $7.66 billion year over year, despite lower throughput.
- Upstream: Earnings were $7.1 billion, while production declined 5.7% year over year to 4.496 million oil-equivalent barrels per day amid Middle East and Kazakhstan disruptions and lower Guyana entitlements.
- Cash generation: Operating cash flow was $25.7 billion and free cash flow $19.1 billion, versus $23.6 billion and $17.2 billion, respectively, in Q2.
- Shareholder returns: Quarterly distributions totaled $9.4 billion—$4.3 billion of dividends and $5.1 billion of repurchases; ExxonMobil announced $20 billion of planned 2027 buybacks, subject to market conditions.
- Investment and balance sheet: Cash capex was $7.0 billion; net debt fell nearly $11 billion year to date to $22.1 billion, and cumulative structural cost savings reached $16.9 billion since 2019.
Analysis
ExxonMobil’s third quarter paired a strong beat with a marked shift in where profits came from. Adjusted EPS of $4.23 exceeded the $3.90 consensus by 8.46%, while GAAP EPS was $3.72. GAAP earnings of $15.4 billion were more than double the $7.5 billion a year earlier and 6% above Q2’s $14.5 billion. Revenue of $113.2 billion was up 33% year over year but 2.5% below Q2’s $116.0 billion. Adjusted EPS rose from $3.52 in Q2. The adjusted result also reflects a $2.54 billion unfavorable estimated timing effect excluded from adjusted earnings, underscoring the quarter’s commodity-derivative volatility.
The defining operating feature was Energy Products: elevated refining margins and optimization drove segment GAAP earnings to $7.2 billion, while Upstream earnings eased sequentially as prices and Guyana entitlements weighed. Global supply disruptions supported high product margins, but also constrained operations; total upstream production fell year over year to 4.496 million oil-equivalent barrels per day. Strong cash generation funded $7.0 billion of quarterly investment and $9.4 billion in shareholder distributions. Management emphasized that long-run cost savings, advantaged projects and operating improvements are intended to support results across market cycles, while the unusually favorable refining environment was a significant contributor to this quarter’s profit mix.
Earnings and cash flow
GAAP earnings were $15.413 billion, versus $14.525 billion in Q2 and $7.548 billion in Q3 2025. Revenue was $113.164 billion, compared with $116.02 billion and $85.294 billion, respectively. Adjusted earnings reached $17.505 billion, up from $14.680 billion sequentially. The difference from GAAP earnings includes $2.541 billion of unfavorable estimated timing effects and $449 million of net positive identified items, including a $675 million asset-sale gain. Operating cash flow of $25.650 billion and free cash flow of $19.109 billion both exceeded Q2 levels.
Refining and Energy Products
- Earnings: GAAP Energy Products earnings were $7.169 billion, against $5.465 billion in Q2 and $1.840 billion a year earlier. Adjusted earnings rose to $9.053 billion from $4.099 billion sequentially.
- Margins and operations: Stronger refining margins and optimization added $7.660 billion to year-over-year segment earnings. Global fuels utilization year to date was a record excluding Middle East impacts; management cited approximately 84% global refinery utilization and 100% crude-unit utilization at U.S. Gulf Coast refineries.
- Throughput and sales: Worldwide refinery throughput was 3.735 million barrels per day, down from 4.106 million a year earlier, reflecting external operating impacts and maintenance. Energy Products sales were 5.753 million barrels per day, up from 5.692 million.
- Further yield improvements: Gulf Coast reconfiguration projects are expected to add about 100,000 barrels per day of distillate yield as phases progress. Management said Beaumont expansion and related investments have increased distillate production about 40% since 2019.
Upstream production
- Earnings: Upstream GAAP earnings were $7.088 billion, down from $7.927 billion in Q2 but above $5.679 billion in Q3 2025. Adjusted earnings were $7.308 billion, compared with $9.189 billion sequentially.
- Prices and disruptions: Higher crude and gas realizations added $3.680 billion to year-over-year earnings, partly offset by an $860 million impact from Middle East disruptions and higher depreciation expenses.
- Volumes: Production fell to 4.496 million oil-equivalent barrels per day from 4.769 million a year earlier. Middle East and Kazakhstan disruptions and lower Guyana entitlement volumes more than offset growth in the Permian and Guyana; management said production excluding Middle East impacts increased year over year.
- Project milestones: Guyana’s Stabroek Block passed 1 billion cumulative barrels, and the fifth development, Uaru, was expected to start up in Q4. Kearl also passed 1 billion cumulative barrels.
Other product segments
- Chemical Products: GAAP earnings were $735 million, down from $1.131 billion in Q2 but above $515 million a year earlier. Sequentially, lower margins were partly offset by seasonal Asia Pacific demand; year-over-year results benefited from North American feed advantage and reliability.
- Specialty Products: Earnings rose to $1.285 billion from $956 million in Q2 and $740 million a year earlier, supported sequentially by higher basestock margins and year over year by stronger margins and structural savings.
Capital returns and balance sheet
- Quarterly cash allocation: ExxonMobil returned $9.4 billion to shareholders, comprising $4.3 billion in dividends and $5.1 billion in repurchases, while investing $7.0 billion in the business.
- Dividends and repurchases: The company declared a Q4 dividend of $1.07 per share and reported 44 consecutive years of annual per-share dividend increases. It plans $20 billion of 2027 share repurchases, assuming reasonable market conditions.
- Financial position: Net debt was $22.1 billion at quarter end, down nearly $11 billion year to date. The net debt-to-capital ratio was 7.5%, 3.5 percentage points below year-end 2025.
Investment and operating model
- Cost savings: Cumulative structural cost savings reached $16.9 billion relative to 2019, including $1.8 billion in the first nine months of 2026; the company’s stated 2030 goal is $20 billion.
- LNG and operatorship: ExxonMobil agreed to raise its interest in Papua LNG to 34% and assume operatorship, and to increase its operated interest in Rovuma LNG to 50%. PNG LNG passed 100 million tons of cumulative production.
- Technology and CCS: Three automated drilling rigs were operating in the Permian, with plans to expand them to about 25% of the fleet next year and half by 2028. The company began CCS operations for Nucor and received approval for the Rose carbon storage project.
