ExxonMobil Holdings Corp. Q1 FY2024 results: revenue $83.1 billion, down 4.0% on the year

ExxonMobil Holdings Corp. (XOM) reported revenue of $83.1 billion for Q1 FY2024, the quarter ended 31 March 2024, down 4.0% on the same quarter a year earlier. Net income was $8.2 billion, down 28.1% on the year, and diluted earnings per share $2.06. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2024.

Revenue$83.1 billiondown 4.0%

Net income$8.2 billiondown 28.1%

Diluted EPS$2.06

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	83,083	84,344	n/a	n/a
Selling, general and administrative	2,495	2,591	n/a	n/a
Operating income	12,369	10,625	n/a	n/a
Operating margin	14.9%	12.6%	n/a
Interest expense	221	272	n/a	n/a
Pre-tax income	12,369	10,625	n/a	n/a
Income tax	3,803	2,613	n/a	n/a
Effective tax rate	30.7%	24.6%	n/a
Net income	8,220	7,630	n/a	n/a
Net margin	9.9%	9.0%	n/a
Diluted EPS	$2.06	$1.91	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	14,664	13,682	n/a	n/a
Capital expenditure	5,074	6,228	n/a	n/a
Free cash flow	9,590	7,454	n/a	n/a
Free cash flow margin	11.5%	8.8%	n/a
Depreciation and amortisation	4,812	7,740	n/a	n/a
Buybacks	3,011	4,656	n/a	n/a
Dividends paid	3,808	3,839	n/a	n/a
Dividend per share	$0.95	n/a	n/a	n/a
Diluted shares, weighted	3,998m	4,052m	n/a	n/a
Shares outstanding at period end	3,943m	3,971m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	377,918	376,317	n/a	n/a
Cash and equivalents	33,320	31,539	n/a	n/a
Receivables	40,366	30,296	n/a	n/a
Long-term debt including finance leases	32,213	37,483	n/a	n/a
Operating lease liabilities	n/a	4,393	n/a	n/a
Shareholders' equity	205,250	204,802	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	90,760	84,344	83,083	93,060	90,016	83,426	83,130	81,506	85,294	82,308	85,138	116,017
SG&A	2,489	2,591	2,495	2,568	2,296	2,617	2,540	2,528	3,032	3,028	2,684	2,483
Operating income	13,699	10,625	12,369	13,665	13,026	9,813	11,600	10,705	10,932	8,031	6,967	19,424
Operating margin	15%	13%	15%	15%	14%	12%	14%	13%	13%	10%	8%	17%
Interest expense	169	272	221	271	207	297	205	145	90.0	163	295	227
Pre-tax income	13,699	10,625	12,369	13,665	13,026	9,813	11,600	10,705	10,932	8,031	6,967	19,424
Tax rate	32%	25%	31%	30%	31%	19%	31%	31%	29%	18%	36%	23%
Net income	9,070	7,630	8,220	9,240	8,610	7,610	7,713	7,082	7,548	6,501	4,183	14,525
Net margin	10%	9%	10%	10%	10%	9%	9%	9%	9%	8%	5%	13%
Diluted EPS	$2.25	$1.91	$2.06	$2.14	$1.92	$1.72	$1.76	$1.64	$1.76	$1.54	$1.00	$3.48
Operating cash flow	15,963	13,682	14,664	10,560	17,569	12,229	12,953	11,550	14,788	12,679	8,705	23,555
Capital expenditure	4,920	6,228	5,074	6,235	6,160	6,837	5,898	6,283	8,727	7,450	6,470	6,527
Free cash flow	11,043	7,454	9,590	4,325	11,409	5,392	7,055	5,267	6,061	5,229	2,235	17,028
Buybacks	4,412	4,656	3,011	5,326	5,512	5,780	4,804	4,964	5,126	5,379	4,868	5,139
Dividends paid	3,663	3,839	3,808	4,285	4,240	4,371	4,335	4,288	4,242	4,366	4,334	4,299
Shares outstanding	3,963m	3,971m	3,943m	4,443m	4,395m	4,353m	4,310m	4,263m	4,217m	4,179m	4,145m	4,112m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 29 April 2024, accession 0000034088-24-000029: the filing on EDGAR. All of ExxonMobil Holdings Corp.'s filings: EDGAR company page.

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