XOM · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
An exceptionally strong quarter — net income more than doubled (+105% y/y) to $14,525M as Energy Products pre-tax income rose 3.5x on refining margins and Upstream grew 37% on prices and record Permian output, even after $2.6B of identified items (impairments and financial reserves), which were offset by $2.5B of favorable derivative timing effects.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Upstream | $11,290 · +36.7% |
| Energy Products | $6,840 · ×3.5 |
| Chemical Products | $1,507 · ×4.6 |
| Specialty Products | $1,150 · +17.2% |
| Segment Pre-tax Income | $20,787 · +80.9% |
| Corporate & Financing | $1,363 · vs $786 |
| Pre-tax Income | $19,424 · +81.4% |
| Income Tax | $4,543 · +35.6% · ~23% effective rate |
| Noncontrolling Interests | $356 · vs $272 |
| Net Income (ExxonMobil) | $14,525 · +105.1% · EPS $3.48 vs $1.64 |
Verdict: an exceptionally strong quarter — net income more than doubled (+105% y/y) to $14,525M as Energy Products pre-tax income rose 3.5x on refining margins and Upstream grew 37% on prices and record Permian output, even after $2.6B of identified items (impairments and financial reserves), which were offset by $2.5B of favorable derivative timing effects.
Adjusted earnings $14,680M, EPS $3.52 (GAAP $3.48 vs $1.64) · operating cash flow $23.6B, free cash flow $17.2B · shareholder distributions $9.4B: dividends $4.3B, buybacks $5.1B · cash capex $13.0B year-to-date · Q3 dividend $1.03 per share.
Source and notation
* marks non-cash / ≈ estimated. Segment bars are pre-tax segment income from the 10-Q. Source: Exxon Mobil press release, 8-K EX-99.1, and 10-Q (SEC EDGAR).
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Chart: “XOM Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/xom/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/xom/q2-2026"><img src="https://whoreportstoday.com/t/xom/q2-2026/sankey.png" alt="XOM Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/xom/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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- Energy Products pre-tax income jumped to $6,840M from $1,927M on strong U.S. Gulf Coast utilization and record diesel production; after tax the segment earned $5,465M vs $1,366M a year ago.
- Upstream pre-tax income rose 36.7% to $11,290M ($7,927M after tax vs $5,402M) — record Permian production above 1.8 Moebd offset Middle East disruptions and higher depreciation.
- Identified items cut earnings by $2,638M — $1,079M of impairments and $1,559M of other items, including $1,365M of additions to financial reserves — but derivative timing effects added $2,483M, so adjusted earnings ($14,680M) were close to GAAP.
- Corporate & Financing cost $1,363M pre-tax ($954M after tax vs $759M); it bridges $20,787M of segment pre-tax income to the consolidated $19,424M.
- Chemical Products pre-tax income rose to $1,507M from $325M on North American feed advantage, and Specialty Products to $1,150M (+17.2%) on higher basestock margins.
- The effective tax rate fell to about 23% from 31% a year ago; cumulative structural cost savings reached $16.3B versus 2019, including $1.2B so far in 2026.
What distorts the picture in this report and what to watch beyond the headlines.
XOM — ExxonMobil is an integrated oil and gas company engaged in exploration, production, refining, and marketing of oil and natural gas. It is headquartered in Irving, Texas.
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