XOM · 10-Q · 2026Q2 · Full report

Income Tax Rate Changes

ExxonMobil Holdings Corp · 2026-08-03 · Importance 43 · Surprise 32 · From source text

Six-month income tax expense increased 2% to $7,038 million from $6,918 million despite a 18% increase in income before income taxes to $26,391 million from $22,305 million. The effective tax rate declined to approximately 26.7% from 31.0% in the prior-year period. Second-quarter income tax expense increased to $4,543 million from $3,351 million as pretax income rose to $19,424 million from $10,705 million. Six-month segment income tax expense totaled $7,556 million, compared with $7,033 million in 2025.

Key facts

• Total taxes were $10.7 billion for the second quarter, an increase of $0.1 billion from the prior year; income tax expense was $4.5 billion compared to $3.4 billion in the prior year. source
• Total taxes were $19.9 billion for the first six months, a decrease of $1.3 billion from the prior year; income tax expense increased by $0.1 billion to $7.0 billion, and effective income tax rate was 29 percent, down 5 percent compared to the prior year period. source
• Income tax expense for the three months ended June 30 was $4,543 million and for the six months ended June 30 was $7,038 million. source
• Income tax expense for three months ended June 30, 2026: $4,543 million; for six months ended June 30, 2026: $7,038 million. source
• Effective income tax rate for the three months ended June 30 was 24% versus 34% in the prior-year period; effective rate for the six months was 29% versus 34% in the prior-year period. source

Impact estimates