Exxon Mobil reports mixed Q2 2026 results as revenue beats estimates but adjusted earnings fall short.
Stock Earnings Results
July 31, 2026
Table of Contents
July 31, 2026
Exxon Mobil Corporation (NYSE: XOM) reported second-quarter 2026 results with revenue above expectations, strong cash flow, higher Upstream earnings, record Permian production, and large shareholder returns, but adjusted earnings per share came in below analyst estimates.
Exxon Mobil is a global integrated energy company with operations across oil and gas production, refining, chemicals, specialty products, low-carbon solutions, and global energy trading.
The company reported adjusted EPS of $3.52, below estimates of $3.68, representing a 4.3% earnings miss. Revenue came in at $116.02 billion, above estimates of $95.80 billion, with revenue growth of 42.3%.
ExxonMobil reported GAAP earnings of $14.5 billion, or $3.48 per share.
Adjusted earnings were $14.7 billion, or $3.52 per share.
Cash flow from operating activities was $23.6 billion.
Free cash flow was $17.2 billion.
The company said the quarter was shaped by market disruption, but supported by execution across its integrated portfolio.
Upstream earnings were $7.93 billion on a GAAP basis.
Adjusted Upstream earnings were $9.19 billion.
ExxonMobil said Upstream results improved as reliability supported the highest production in more than two decades, excluding Middle East disruptions.
Sequentially, Upstream benefited from record Permian production of more than 1.8 million oil-equivalent barrels per day and the absence of operational disruptions in Kazakhstan.
Those gains were partly offset by Middle East disruptions.
Energy Products earnings were $5.47 billion on a GAAP basis.
Adjusted Energy Products earnings were $4.10 billion.
The segment improved sharply from the prior quarter, when GAAP Energy Products posted a loss.
ExxonMobil said Energy Products earnings increased because of strong U.S. Gulf Coast utilization and record diesel production.
The improvement was partly offset by scheduled maintenance impacts.
Chemical Products earnings were $1.13 billion on a GAAP basis.
Adjusted Chemical Products earnings were $1.21 billion.
The improvement was supported by North American feed advantage and reliability that helped capture margin.
Specialty Products earnings were $956 million on a GAAP basis.
Adjusted Specialty Products earnings were $969 million.
The segment improved with higher basestock margins and a strong response Products earnings were $969 million.
The segment improved with higher basestock margins and a strong response to Middle East disruptions.
Production was 4.51 million oil-equivalent barrels per day in the second quarter.
That was down from 4.59 million in the first quarter.
Energy Products sales increased to 5.70 million barrels per day.
Chemical Products sales declined to 4.47 million kilotons.
Specialty Products sales declined to 1.78 million kilotons.
The quarter showed stronger earnings performance in several segments despite mixed volume trends.
ExxonMobil returned $9.4 billion to shareholders during the quarter.
That included $4.3 billion of dividends and $5.1 billion of share repurchases.
The company also declared a third-quarter dividend of $1.03 per share.
The dividend is payable September 10, 2026, to shareholders of record as of August 17.
ExxonMobil reported cumulative structural cost savings of $16.3 billion.
The company said this included an additional $1.2 billion in savings during the first six months of 2026.
Year-to-date cash capital expenditures were $13.0 billion.
Management said the company continued investing in advantaged assets and high-value products.
ExxonMobil also reached a final investment decision for a 120 KTA Proxxima blending expansion in Louisiana.
ExxonMobil said its fifth Guyana FPSO set sail, with production startup still planned for the fourth quarter of 2026.
The project is expected to add 250,000 barrels per day of capacity.
The company also highlighted record Permian production, consistent with its planned 9% compound annual growth rate through 2030.
These growth projects remain central to ExxonMobil’s long-term production strategy.
ExxonMobil delivered strong cash flow and higher revenue, but the earnings miss made the quarter less clean.
Revenue beat expectations, free cash flow was strong, Upstream earnings improved, Energy Products rebounded, and shareholder returns remained large. The company also continued to highlight cost savings, record Permian output, and its next Guyana production startup.
The key question is whether ExxonMobil can keep converting advantaged production, refining strength, and structural savings into earnings growth while managing commodity volatility and geopolitical disruptions.
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