Exxon Mobil (XOM) Q2 2026 Earnings
Adjusted EPS excludes identified items totaling $(0.63) per share: impairments of $1,079 million ($(0.26)/share) and other items of $1,559 million ($(0.37)/share). The other items comprise $1,365 million in additions to financial reserves and $194 million in Middle East impacts. Adjusted EPS also excludes estimated timing effects of +$2,483 million (+$0.59/share). GAAP diluted EPS was $3.48.
How Did XOM Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +1.97%.
Did XOM Beat Earnings? Q2 2026 Results
No. Exxon Mobil reported Q2 2026 earnings of $3.52 a share on Jul 31, 2026, missing the $3.68 consensus estimate by 4.4%. Revenue was $116.0B against a $97.7B estimate.
ExxonMobil Holdings Corporation delivered a revenue blowout in the second quarter of 2026, even as its earnings per share fell just short of Wall Street's target, ending a five-quarter streak of beating consensus EPS estimates. The company posted adjusted diluted EPS of $3.52, missing the $3.63 consensus by 3.00%, while revenue surged 46.00% year over year to $116.02 billion, clearing the $97.66 billion estimate by 18.80%. The quarter's story was scale and operational execution: record Permian Basin output of more than 1.8 million oil-equivalent barrels per day anchored upstream performance, though Middle East disruptions, which included $194 million in direct impacts, weighed on results. Identified items totaling a $2.64 billion charge, partially offset by $2.48 billion in favorable timing effects, helped bridge adjusted earnings of $14.68 billion to GAAP earnings of $14.53 billion. Free cash flow reached $17.20 billion, funding $9.40 billion in shareholder distributions. Looking ahead, a fifth Guyana FPSO set sail targeting a fourth-quarter 2026 startup, and management reaffirmed a 9% Permian production growth target through 2030.
- Highest Upstream production in more than two decades, excluding the Middle East disruptions
- Record Permian production of more than 1.8 Moebd
- Absence of operational disruptions in Kazakhstan versus 1Q26
- Record second-quarter diesel production and strong U.S. Gulf Coast utilization
- North American feed advantage and reliability-enabled margin capture in Chemical Products
- Higher basestock margins and strong Middle East response in Specialty Products
- Cumulative structural cost savings of $16.3B versus 2019, including $1.2B added in 1H26
- Estimated timing effects of +$2,483 million in 2Q26 versus -$3,883 million in 1Q26
“The second quarter was shaped by disruption, but defined by execution. Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years.”
Exxon Mobil CEO, on the earnings call
What Was Exxon Mobil's Outlook in Q2 2026?
ExxonMobil said it remains committed to growing advantaged production. It expects Permian production to grow at a planned 9% CAGR through 2030. The fifth Guyana FPSO has set sail, with production startup on plan for 4Q26, adding 250 Kbd of capacity. The company said its 2026 planned investments are 20% higher than those of the nearest IOC. It continues to invest in advantaged assets and high-value products, including a newly sanctioned 120KTA Proxxima blending expansion in Louisiana.
XOM YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $116.0B | $79.5B | +46.0% |
| Net Income | $14.5B | $7.1B | +105.1% |
Figures from SEC filings and company reports. Not investment advice.