Income And Other Taxes (Tables)

12 Months Ended

Dec. 31, 2025


(millions of dollars)	2025			2024			2023
	U.S.	Non-U.S.	Total	U.S.	Non-U.S.	Total	U.S.	Non-U.S.	Total

Income tax expense (benefit) Federal and non-U.S.
Current	143	10,271	10,414	2,061	11,940	14,001	1,987	12,111	14,098
Deferred - net	372	596	968	(318)	(512)	(830)	463	481	944
U.S. tax on non-U.S. operations	175	—	175	241	—	241	315	—	315
Total federal and non-U.S.	690	10,867	11,557	1,984	11,428	13,412	2,765	12,592	15,357
State	(53)	—	(53)	398	—	398	72	—	72
Total income tax expense (benefit)	637	10,867	11,504	2,382	11,428	13,810	2,837	12,592	15,429

All other taxes and duties
Other taxes and duties	3,521	21,646	25,167	3,849	22,439	26,288	3,871	25,140	29,011
Included in production and manufacturing expenses	2,707	628	3,335	2,510	652	3,162	1,961	726	2,687
Included in SG&A expenses	155	273	428	179	265	444	183	310	493
Total other taxes and duties	6,383	22,547	28,930	6,538	23,356	29,894	6,015	26,176	32,191
Total	7,020	33,414	40,434	8,920	34,784	43,704	8,852	38,768	47,620

Reconciliation Between Income Tax Expense And A Theoretical U.S. Tax

The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2025 is as follows:


(millions of dollars)	2025
Income (loss) before income taxes
United States	11,000
Non-U.S.	30,268
Total	41,268
U.S. federal statutory theoretical tax	8,666	21	%
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax	4,212	10	%
United Arab Emirates rate differential	3,405	8	%
Qatar	(552)	(1)	%
Effect of equity method of accounting	(620)	(2)	%
Other	68	0	%
All other countries	1,359	3	%
State taxes, net of federal tax benefit	(76)	0	%
Other	(1,298)	(3)	%
Total income tax expense (credit)	11,504	28	%


Income tax expense (credit)	11,504
ExxonMobil share of equity company income taxes	2,046
Total income tax expense (credit)	13,550
Net income (loss) including noncontrolling interests	29,764
Total income (loss) before taxes	43,314

Effective income tax rate	31%

The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2024, and 2023 is as follows:


(millions of dollars)	2024	2023

Income (loss) before income taxes
United States	12,258	14,786
Non-U.S.	36,615	37,997
Total	48,873	52,783
Theoretical tax	10,263	11,084
Effect of equity method of accounting	(1,301)	(1,341)
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax	4,986	5,888
State taxes, net of federal tax benefit	314	57
Other	(452)	(259)
Total income tax expense (credit)	13,810	15,429


Income tax expense (credit)	13,810	15,429
ExxonMobil share of equity company income taxes	3,197	3,058
Total income tax expense (credit)	17,007	18,487
Net income (loss) including noncontrolling interests	35,063	37,354
Total income (loss) before taxes	52,070	55,841

Effective income tax rate	33%	33%

Cash Payments For Interest And Income Taxes

Income taxes paid for 2025 U.S. and non-U.S. are shown in the table below:


(millions of dollars)			2025

Income taxes paid
U.S. Federal			944
U.S. State			170
U.S.			1,114
Canada			1,207
Guyana			1,100
United Arab Emirates			5,000
All Other Countries			3,142
Non-U.S.			10,449
Total income taxes paid			11,563


(millions of dollars)	2025	2024	2023

Cash interest paid
Included in cash flows from operating activities	218	624	584
Capitalized, included in cash flows from investing activities	1,534	1,276	1,152
Total cash interest paid	1,752	1,900	1,736

Deferred Tax Liabilities/(Assets)

Deferred tax liabilities/(assets) are comprised of the following at December 31:


Tax effects of temporary differences for: (millions of dollars)	2025	2024

Property, plant, and equipment	41,427	40,881
Other liabilities	8,358	8,113
Total deferred tax liabilities	49,785	48,994

Pension and other postretirement benefits	(972)	(1,365)
Asset retirement obligations	(3,249)	(3,156)
Tax loss carryforwards	(4,740)	(4,575)
Other assets	(7,016)	(7,308)
Total deferred tax assets	(15,977)	(16,404)

Asset valuation allowances	2,649	2,516
Net deferred tax liabilities	36,457	35,106

Deferred Income Tax (Assets) And Liabilities By Balance Sheet Classification


Balance sheet classification (millions of dollars)	2025	2024

Other assets, including intangibles, net	(3,759)	(3,936)
Deferred income tax liabilities	40,216	39,042
Net deferred tax liabilities	36,457	35,106

Unrecognized Tax Benefits

The following table summarizes the movement in unrecognized tax benefits:


Gross unrecognized tax benefits (millions of dollars)	2025	2024	2023

Balance at January 1	4,035	3,935	3,398
Additions based on current year's tax positions	206	376	350
Additions for prior years' tax positions	454	103	400
Reductions for prior years' tax positions	(377)	(293)	(38)
Reductions due to lapse of the statute of limitations	(4)	(17)	(25)
Settlements with tax authorities	(150)	(13)	(153)
Foreign exchange effects/other	(33)	(56)	3
Balance at December 31	4,131	4,035	3,935

Remaining Tax Years Subject To Examination By Major Tax Jurisdiction

The following table summarizes the tax years that remain subject to examination by major tax jurisdiction:


Country of Operation	Open Tax Years

Canada	2001	—	2025
Kazakhstan	2020	—	2025
Papua New Guinea	2008	—	2025
Qatar	2020	—	2025
United Arab Emirates	2024	—	2025
United States	2010	—	2025