Key Highlights

  • ExxonMobil reported second-quarter 2026 earnings of $14,525 million, or $3.48 per diluted share, up from $7,082 million a year earlier.
  • Operating cash flow was $23.6 billion; shareholders received $9.4 billion, including $4.3 billion of dividends and $5.1 billion of buybacks.
  • Since July 1, Texas-incorporated ExxonMobil Holdings has been the publicly traded parent, following a one-for-one share exchange.
  • The fifth Guyana FPSO set sail, and its fourth-quarter startup would add 250,000 barrels a day of capacity.

ExxonMobil Holdings (NYSE:XOM) shares were trading near their 52-week high at USD 178.73 on October 19, 2026, down 0.14%. The ticker has not changed, but the issuer has: since July 1, the shares have been those of a Texas parent company that took over from Exxon Mobil Corporation, a New Jersey company, as the publicly traded entity. Its first results under that structure arrived July 31, and six large brokerages have updated their views since.

What six large brokerages have said since July 31

Barclays raised its target to $200 from $177 on October 19 and kept Overweight. Morgan Stanley kept Overweight on October 15 and lifted its target to $185 from $177. Wells Fargo downgraded the shares to Equal Weight from Overweight on October 1, with a $182 target. RBC Capital Markets held Sector Perform with a $180 target on September 21. Jefferies raised its target to $200 from $184 on August 17, rated Buy, and BMO Capital Markets lifted its target to $170 from $160 on August 12, rated Market Perform. The price sits above BMO's target and below the other five. These are the firms' own views, not a forecast by this article.

Second-quarter earnings more than doubled, and Middle East disruption stayed in the numbers

ExxonMobil reported second quarter 2026 earnings of $14,525 million, or $3.48 per diluted share, against $7,082 million a year earlier. Earnings excluding identified items, a non-GAAP measure, were $14,680 million, or $3.52 per share. The 10-Q says identified items, primarily impairments and financial reserves, partly offset earnings growth; the release lists $1,365 million of additions to financial reserves and $194 million of Middle East impacts.

Upstream earned $7,927 million and Energy Products $5,465 million. Production of 4,514 thousand oil-equivalent barrels a day was down 116 thousand from a year earlier, and the company said Middle East disruption reduced Upstream earnings by $1,060 million.

Operating cash flow was $23.6 billion, and free cash flow, a non-GAAP measure, was $17.2 billion. Distributions of $9.4 billion included $4.3 billion of dividends and $5.1 billion of share repurchases, and the third-quarter dividend of $1.03 a share was payable September 10. At June 30, total debt was $42.4 billion and net debt to capital, as the company calculates it, was 10.7%.

A move to Texas and a round of bond transactions

The July 1 redomiciliation merger followed a merger agreement dated April 8. Each Exxon Mobil Corporation share became one ExxonMobil Holdings share, shareholder rights are now governed by Texas law, and the 10-Q says the consolidated business, operations, assets and liabilities did not change. Exxon Mobil Corporation remains the primary obligor on its notes, which Holdings guarantees.

Debt activity followed. XTO Energy issued redemption notices on August 28 for three senior note series due 2036 through 2038. Pioneer Natural Resources launched tender offers on September 8, and on September 15 ExxonMobil announced that $570,360,000 of the 2030 notes and $615,599,000 of the 2031 notes were accepted. On September 23, Exxon Mobil Corporation agreed to issue $185,883,000 of Floating Rate Notes due 2076, guaranteed by Holdings, with proceeds for general corporate purposes. The 10-Q also records a Louisiana coastal claims settlement, effective July 31, that the company calls not material.

Outlook and the October 30 report

ExxonMobil will release third quarter results on October 30, 2026, with a call at 8:30 a.m. Central. In an October 16 filing it estimated market effects against the second quarter, including a $1.3 billion Upstream decrease from liquids prices and a $4.4 billion increase from product margins, and said the figures are not an estimate of third-quarter earnings. The 10-Q says the company plans to invest $27 billion to $29 billion in 2026 and expects $20 billion of share repurchases, assuming reasonable market conditions. The fifth Guyana floating production, storage and offloading vessel is on plan to start up in the fourth quarter. These are management's own expectations.