Exxon Q3 adjusted EPS $4.23 tops estimates as refining profit more than doubles; $20B buyback set for 2027
ExxonMobil earned $17.5 billion on an adjusted basis as war-driven diesel and gasoline margins lifted its refining arm, and it kept its share-buyback pace at $20 billion for next year; shares rose about 1% premarket.
ExxonMobil (XOM) reported third-quarter 2026 results at 6:30 a.m. ET on Friday, joining Chevron in beating Wall Street forecasts on the back of a surge in fuel-making profits.
| Item | Q3 2026 | Comparison |
|---|---|---|
| Adjusted EPS | $4.23 | LSEG estimate $4.08 (Reuters); Bloomberg consensus $4.13 |
| GAAP EPS | $3.72 | GAAP net income $15.4B |
| Adjusted earnings | $17.5B | LSEG estimate $16.6B |
| Energy Products (refining), adjusted | $9.1B | More than double Q2 |
| Upstream, adjusted | $7.3B | Down about 20% from Q2 |
| Production | 4.50M boe/day | Roughly flat from Q2 |
| Cash flow from operations | $25.7B | Free cash flow $19.1B |
| Shareholder returns | $9.4B | $5.1B buybacks + $4.3B dividends |
Why it matters — Refining has replaced oil production as the profit engine for the majors this year. Diesel and gasoline prices spiked as the Middle East conflict disrupted supply, and Exxon’s refining unit earned more in the quarter than its upstream business. The company also booked $921 million of year-to-date Middle East-related charges as identified items. The gap between GAAP ($3.72) and adjusted ($4.23) EPS reflects those items and timing effects.
Payouts — Exxon plans $20 billion of buybacks in 2027, the same pace as 2026, assuming reasonable market conditions, and declared a fourth-quarter dividend of $1.07 per share, payable December 10.
Market reaction — Shares were up a little more than 1% in premarket trading. With Chevron also beating, the energy sector is a relative bright spot on a morning when Nasdaq futures are under pressure from Amazon and Intel.
What to watch next — Comments on the 9:30 a.m. ET call about how long elevated refining margins can last, how the energy sector trades against the tech selloff after the open, and the 8:30 a.m. ET employment cost index.
Sources
- ExxonMobil – Third-Quarter 2026 Results (investor relations)
- SEC – ExxonMobil Form 8-K, Q3 2026 earnings release
- Reuters (via Investing.com) – ExxonMobil beats third-quarter profit estimates on refining boom
- Investing.com – ExxonMobil earnings top estimates as diesel, gasoline spike fuels refining profit
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