Exxon Q4 2025 Earnings Beat Estimates
Exxon Q4 2025 earnings beat consensus with $1.71 EPS and strong cash flow from lower-cost Permian and Guyana production reinforcing investor confidence.
KEY TAKEAWAYS
- Q4 non-GAAP EPS was $1.71, beating $1.68 consensus and revenue topped $82.3 billion.
- Operating cash flow was $12.7 billion and free cash flow was $5.6 billion.
- Lower-cost Permian and Guyana production improved unit economics and underpinned funding for growth to 2030.
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Exxon Mobil reported Q4 2025 results on Jan. 30, 2026, with earnings beating estimates as lower-cost production in the Permian Basin and Guyana offset crude-price headwinds and supported strong cash flow.
Q4 Results and Cash Flow
The company said in a press release on Jan. 30, 2026, that it posted non-GAAP earnings of $1.71 a share for the quarter, beating the $1.68 consensus by $0.03. Revenue reached $82.3 billion, surpassing the $81.0 billion forecast. Operating cash flow totaled $12.7 billion, while free cash flow was $5.6 billion. GAAP net income for the quarter was $6.5 billion, and earnings excluding items came to $7.3 billion.
For full-year 2025, GAAP net income declined to $28.8 billion from $33.7 billion in 2024. Non-GAAP earnings excluding items fell to $30.1 billion from $33.5 billion, with full-year non-GAAP EPS at $6.99 compared with $7.79 the prior year.
Production Drivers and Outlook
Exxon attributed the quarter’s outperformance to lower-cost oil production in the Permian Basin and Guyana, which improved unit economics and value capture per barrel and molecule. CEO Darren Woods said, "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."
The earnings beat came despite crude oil posting its largest annual price decline since 2020 in 2024. Shares traded near record highs ahead of the report, even as analysts trimmed profit forecasts.
Exxon’s strong cash generation combined with lower-cost barrels provides operating leverage to fund scaled investment and growth platforms toward 2030.
