XOM · 10-Q · 2026Q1 · Full report
Income Tax Expense and Rate
EXXON MOBIL CORP · 2026-05-04 · Importance 66 · Surprise 74 · From source text
Income tax expense was $2,495 million for the first quarter, down from $3,567 million in the prior-year quarter, a decrease of approximately $1,072 million (about 30%). The effective income tax rate was 40 percent in the quarter, 6 percentage points higher than the prior-year period, driven by portfolio mix effects impacted by derivative mark-to-market losses. Total taxes and duties were $9,270 million for the quarter, down $1,363 million year-over-year. The combination of lower income tax expense but a higher effective rate indicates shifts in taxable income mix and significant non-operational mark-to-market impacts on tax calculations.
Key facts
- Total taxes were $9.3 billion for the first quarter, a decrease of $1.4 billion from the prior year. source
- Income tax expense was $2,495 million for the three months ended March 31 in the current period (prior $3,567 million). source
- Total other taxes and duties were $6,775 million for the three months ended March 31 in the current period (prior $7,066 million). source
- Income tax expense for the three months ended March 31, 2026: $2,495 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +1.6% | Total taxes were $9.3 billion for the first quarter, a decrease of $1.4 billion from the prior year. |
| net_income | positive | realized | +1.3% | Income tax expense was $2,495 million for the three months ended March 31 in the current period (prior $3,567 million). |