3Q26
Filed Oct 30, 2026ExxonMobil Announces Third-Quarter 2026 Results
Third-quarter U.S. GAAP earnings were $15.4 billion and adjusted earnings were $17.5 billion, both above 2Q26 levels, while operating cash flow reached $25.7 billion, free cash flow was $19.1 billion, and shareholder distributions totaled $9.4 billion.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| 3Q26 Earnings/(Loss)GAAP | $15.4B | +888 | – |
| 3Q26 Adjusted Earnings/(Loss)non-GAAP | $17.5B | +2,825 | – |
| 3Q26 Earnings Per Common ShareGAAP | $3.72 per share | +0.24 | – |
| 3Q26 Adjusted Earnings/(Loss) Per Common Sharenon-GAAP | $4.23 per share | +0.71 | – |
| YTD 2026 Earnings/(Loss)GAAP | 34,121 | – | +11,778 |
| YTD 2026 Adjusted Earnings/(Loss)non-GAAP | 40,957 | – | +18,500 |
| YTD 2026 Earnings Per Common ShareGAAP | 8.18 | – | +3.02 |
| YTD 2026 Adjusted Earnings/(Loss) Per Common Sharenon-GAAP | 9.82 | – | +4.63 |
| 3Q26 Upstream Earnings/(Loss)GAAP | 7,088 | – | – |
| 3Q26 Energy Products Earnings/(Loss)GAAP | 7,169 | – | – |
| 3Q26 Chemical Products Earnings/(Loss)GAAP | 735 | – | – |
| 3Q26 Specialty Products Earnings/(Loss)GAAP | 1,285 | – | – |
| 3Q26 Corporate and Financing Earnings/(Loss)GAAP | (864) | – | – |
| 3Q26 Upstream Adjusted Earnings/(Loss)non-GAAP | 7,308 | – | – |
| 3Q26 Energy Products Adjusted Earnings/(Loss)non-GAAP | 9,053 | – | – |
| 3Q26 Chemical Products Adjusted Earnings/(Loss)non-GAAP | 725 | – | – |
| 3Q26 Specialty Products Adjusted Earnings/(Loss)non-GAAP | 1,283 | – | – |
| 3Q26 Corporate and Financing Adjusted Earnings/(Loss)non-GAAP | (864) | – | – |
| YTD 2026 Upstream Earnings/(Loss)GAAP | 20,752 | – | – |
| YTD 2026 Energy Products Earnings/(Loss)GAAP | 11,372 | – | – |
| YTD 2026 Chemical Products Earnings/(Loss)GAAP | 1,976 | – | – |
| YTD 2026 Specialty Products Earnings/(Loss)GAAP | 2,892 | – | – |
| YTD 2026 Corporate and Financing Earnings/(Loss)GAAP | (2,871) | – | – |
| YTD 2026 Upstream Adjusted Earnings/(Loss)non-GAAP | 22,762 | – | – |
| YTD 2026 Energy Products Adjusted Earnings/(Loss)non-GAAP | 15,951 | – | – |
| YTD 2026 Chemical Products Adjusted Earnings/(Loss)non-GAAP | 2,049 | – | – |
| YTD 2026 Specialty Products Adjusted Earnings/(Loss)non-GAAP | 2,903 | – | – |
| YTD 2026 Corporate and Financing Adjusted Earnings/(Loss)non-GAAP | (2,708) | – | – |
| 3Q26 Upstream Productionother | 4,496 | – | – |
| 3Q26 Energy Products Salesother | 5,753 | – | – |
| 3Q26 Chemical Products Salesother | 4,888 | – | – |
| 3Q26 Specialty Products Salesother | 1,737 | – | – |
| YTD 2026 Upstream Productionother | 4,534 | – | – |
| YTD 2026 Energy Products Salesother | 5,694 | – | – |
| YTD 2026 Chemical Products Salesother | 14,717 | – | – |
| YTD 2026 Specialty Products Salesother | 5,497 | – | – |
| 3Q26 Cash Flow from Operating ActivitiesGAAP | $25.7B | – | – |
| 3Q26 Cash Flow from Operations excluding Working Capitalnon-GAAP | 23,434 | – | – |
| 3Q26 Free Cash Flownon-GAAP | $19.1B | – | – |
| 3Q26 Total Cash Capital Expendituresnon-GAAP | 7,002 | – | – |
| YTD 2026 Cash Flow from Operating ActivitiesGAAP | 57,910 | – | – |
| YTD 2026 Free Cash Flownon-GAAP | 39,044 | – | – |
| YTD 2026 Total Cash Capital Expendituresnon-GAAP | 19,976 | – | – |
| Estimated Cumulative Structural Cost Savings versus 2019non-GAAP | -16.9 | – | – |
2027 outlook
- Noteshare repurchases of $20 billion
Capital returns
- Shareholder distributions totaled $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases.
- Declared a fourth-quarter dividend of $1.07 per share, payable on December 10, 2026, to shareholders of record of common stock at the close of business on November 16, 2026.
- Announced 2027 share repurchases of $20 billion.
What drove it
- Upstream sequential earnings decreased driven by lower prices and accelerated Guyana entitlement impact.
- Energy Products sequential earnings improved on higher margins and strong operational performance, including 100% crude unit utilization at U.S. Gulf Coast refineries.
- Chemical Products sequential earnings decreased as margins declined, partly offset by high-value product volume growth driven by Asia Pacific seasonal demand.
- Specialty Products sequential earnings improved with higher basestock margins.
- Year-to-date Upstream earnings improved on higher prices and advantaged volume growth in Guyana, Permian, and Golden Pass LNG.
- Structural cost savings totaled $16.9 billion since 2019, including an additional $1.8 billion in the first nine months of 2026.
Concerns
- Upstream earnings were lower sequentially because of lower prices and accelerated Guyana entitlement impact.
- Chemical Products earnings decreased sequentially as margins declined.
- Middle East volume impacts affected year-to-date Upstream earnings, while external impacts to operations and scheduled maintenance partly offset Energy Products performance.
- Upstream production was 4,496 koebd in 3Q26 versus 4,514 koebd in 2Q26.
What to watch
- Execution of 2027 share repurchases of $20 billion, which is stated as assuming reasonable market conditions.
- The effect of lower prices and Guyana entitlement impacts on Upstream earnings.
- Whether Energy Products sustains higher margins, 100% crude unit utilization at U.S. Gulf Coast refineries, and strong optimization activity.
- Chemical Products margin trends and high-value product volume growth driven by Asia Pacific seasonal demand.
- Progress on Papua LNG operatorship, the Papua LNG working-interest increase to 34%, and the Rovuma, Mozambique working-interest increase to 50%.
Balance sheet and cash flow
- Cash flow from operating activities was $25.7 billion and free cash flow was $19.1 billion.
- Net debt of $22.1 billion as of September 30, 2026, is total debt of $34.3 billion less $12.2 billion of cash and cash equivalents excluding restricted cash.
- Achieved nearly $11 billion of year-to-date net debt reduction.
- YTD 2026 Total Cash Capital Expenditures were 19,976.
Analysis
ExxonMobil reported 3Q26 U.S. GAAP earnings of $15.4 billion, or $3.72 per share, and adjusted earnings of $17.5 billion, or $4.23 per share. The results summary shows U.S. GAAP earnings of 15,413 versus 14,525 in 2Q26 and adjusted earnings of 17,505 versus 14,680. Year-to-date U.S. GAAP earnings were 34,121 versus 22,343 in YTD 2025, while adjusted earnings were 40,957 versus 22,457.
Energy Products was the principal sequential earnings improvement. Its U.S. GAAP earnings were 7,169 versus 5,465 in 2Q26, and adjusted earnings were 9,053 versus 4,099. Management attributed the improvement to higher margins, strong operational performance, 100% crude unit utilization at U.S. Gulf Coast refineries, and strong optimization activities. Upstream U.S. GAAP earnings fell to 7,088 from 7,927 and adjusted earnings fell to 7,308 from 9,189, driven by lower prices and accelerated Guyana entitlement impact. Chemical Products earnings also declined sequentially as margins fell, while Specialty Products improved with higher basestock margins.
Cash generation was substantial. Cash flow from operating activities was $25.7 billion and free cash flow was $19.1 billion in the quarter. Total Cash Capital Expenditures were 7,002 in 3Q26, while YTD 2026 Total Cash Capital Expenditures were 19,976 versus 21,134 in YTD 2025. The company reported shareholder distributions of $9.4 billion, including $4.3 billion of dividends and $5.1 billion of share repurchases. It also reported net debt of $22.1 billion as of September 30, 2026, total debt of $34.3 billion, and cash and cash equivalents excluding restricted cash of $12.2 billion.
Operationally, 3Q26 Upstream production was 4,496 koebd versus 4,514 koebd in 2Q26. Energy Products sales rose sequentially to 5,753 kbd from 5,698 kbd, while Chemical Products sales rose to 4,888 kt from 4,471 kt. The company highlighted record year-to-date refining operational performance and $16.9 billion in structural cost savings since 2019, including an additional $1.8 billion in the first nine months of 2026.
The forward capital-return announcement was 2027 share repurchases of $20 billion, assuming reasonable market conditions. ExxonMobil also declared a fourth-quarter dividend of $1.07 per share, payable December 10, 2026, to shareholders of record November 16, 2026. The release did not provide revenue, margin, operating-expense, or tax-rate guidance.
Management, verbatim
In the third quarter, we continued to rise to the challenge of meeting global energy needs, drawing on unmatched scale, integration, and technical capabilities.
Darren Woods, ExxonMobil chairman and chief executive officer
We're increasing production while improving efficiency - the result of years of consistent and disciplined investment and execution excellence.
Darren Woods, ExxonMobil chairman and chief executive officer
Advantaged investments, technology, and $16.9 billion in structural cost savings since 2019 are expanding our earnings power.
Darren Woods, ExxonMobil chairman and chief executive officer
Not in the filing
stated, not guessed- Total revenue for 3Q26 and YTD 2026
- Segment revenue for Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing
- Gross profit and gross margin
- Operating income and operating margin
- Net income line item separately labeled as such
- 3Q26 prior-year earnings, EPS, cash-flow, capital-expenditure, and volume comparatives
- Revenue guidance
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Prior-release outlook for comparison
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.