ExxonMobil Corporation (XOM) reported fourth-quarter and full-year 2025 financial results that highlighted robust operational performance and disciplined capital allocation, despite a year-over-year decline in annual profit. The energy giant's Q4 2025 earnings of $6.5 billion ($1.53 per share) narrowly surpassed Wall Street expectations, driven by record refining performance and all-time high production volumes.
For the full year 2025, ExxonMobil posted earnings of $28.8 billion, a decrease from $33.7 billion in 2024. The decline was attributed primarily to lower crude oil prices and diminished margins in the chemicals business. However, the company generated a massive $52.0 billion in operating cash flow for the year, strengthening its liquidity and supporting its financial strategy.
Operationally, ExxonMobil achieved its highest annual upstream production in over four decades, reaching 4.7 million oil-equivalent barrels per day. This record output was fueled by significant growth in the Permian Basin (1.6 million barrels per day) and Guyana, where gross production exceeded 700,000 barrels per day. Major project completions, including Guyana's Yellowtail development and Brazil's Bacalhau offshore platform, contributed to this growth.
The company's Energy Products (refining) segment was a standout performer, with full-year earnings soaring to $7.4 billion in 2025 from $4.0 billion the previous year. This was driven by elevated industry refining margins and record global throughput. ExxonMobil also highlighted cumulative structural cost savings of $15.1 billion since 2019, exceeding industry peers.
In terms of shareholder returns, ExxonMobil distributed a total of $37.2 billion in 2025 through $17.2 billion in dividends and $20.0 billion in share repurchases. The company raised its quarterly dividend by 4%, marking 43 consecutive years of annual dividend-per-share growth. Looking ahead, capital expenditure guidance for 2026 is set between $27 billion and $29 billion, and the company confirmed its commitment to repurchasing $20 billion of its shares through 2026, contingent on market conditions.
CEO Darren Woods stated, "We're capturing more value from every barrel and molecule we produce and building growth platforms at scale – creating a long runway of profitable growth through 2030 and beyond." Following the report, ExxonMobil's stock closed at $140.51, rising 2.13% on the day after some initial pre-market volatility.
