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operating-expenses-chart

XOM Operating Expenses

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In Q4'25, ExxonMobil's (XOM) total operating expenses reached $3.57B USD, comprising $543M USD in R&D expenses and $3.03B USD in SG&A expenses, marking a notable increase from the prior quarter driven primarily by elevated SG&A costs. Over the period from Q1'23 to Q4'25, R&D expenses exhibited volatility with a peak of $339M USD in Q3'24, followed by a sharp decline to $64M USD in Q1'25 before rebounding to $543M USD in Q4'25, suggesting irregular investment patterns possibly tied to project cycles. In contrast, SG&A expenses showed relative stability, fluctuating between $2.30B USD and $3.03B USD, with a gradual upward trend averaging around $2.60B USD annually and a significant spike to $3.03B USD in Q3'25, indicating consistent administrative overhead amid broader operational growth. The stacked bar chart highlights SG&A as the dominant component, accounting for over 95% of total expenses in most quarters, underscoring its role in driving overall operating cost dynamics for XOM.