Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Cost of goods sold | $32.1B | $30.1B | $29.8B | $28.6B | $30.4B | $28.5B | $30.3B | $39.0B |
| YoY | — | — | — | — | -5.4% | -5.5% | +1.9% | +36.2% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $507.0M | $348.0M | $-900.0M | $997.0M | $1.5B | $1.6B | $1.7B | $5.2B |
| YoY | — | — | — | — | +197.6% | +352.6% | +292.3% | +421.2% |
| Pretax income | $489.0M | $323.0M | $-917.0M | $942.0M | $1.5B | $1.5B | $1.7B | $5.2B |
| YoY | — | — | — | — | +197.8% | +371.8% | +287.9% | +448.5% |
| Income tax | $96.0M | $-34.0M | $-265.0M | $279.0M | $390.0M | $355.0M | $401.0M | $1.1B |
| YoY | — | — | — | — | +306.2% | +1144.1% | +251.3% | +292.1% |
| Net income | $364.0M | $281.0M | $-595.0M | $714.0M | $1.1B | $1.1B | $1.3B | $3.7B |
| YoY | — | — | — | — | +200.8% | +303.6% | +312.3% | +421.0% |
| EPS — basic | $1.14 | — | $-1.90 | $2.28 | $3.54 | — | $4.22 | $12.62 |
| YoY | — | — | — | — | +210.5% | — | +322.1% | +453.5% |
| EPS — diluted | $1.14 | — | $-1.90 | $2.28 | $3.53 | — | $4.22 | $12.62 |
| YoY | — | — | — | — | +209.6% | — | +322.1% | +453.5% |
| Weighted shares — basic | 318.0M | — | 314.0M | 312.0M | 309.0M | — | 298.0M | 294.0M |
| Weighted shares — diluted | 318.0M | — | 314.0M | 312.0M | 309.0M | — | 298.0M | 294.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.2B | $4.7B | $4.6B | $4.5B | $4.8B | $4.7B | $5.7B | $7.9B |
| YoY | — | — | — | — | -8.1% | +0.7% | +23.7% | +73.6% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $11.1B | $10.7B | $11.2B | $11.1B | $10.3B | $9.9B | $13.4B | $13.9B |
| YoY | — | — | — | — | -6.7% | -7.8% | +19.3% | +25.8% |
| Inventory | $7.0B | $7.8B | $7.1B | $7.5B | $7.4B | $7.6B | $7.6B | $7.6B |
| YoY | — | — | — | — | +4.9% | -2.2% | +6.1% | +1.2% |
| Total current assets | $24.0B | $23.7B | $23.6B | $23.8B | $23.5B | $23.2B | $27.8B | $30.7B |
| YoY | — | — | — | — | -2.0% | -2.2% | +18.0% | +28.8% |
| Total assets | $60.4B | $60.1B | $59.2B | $59.4B | $58.6B | $58.0B | $62.1B | $64.7B |
| YoY | — | — | — | — | -2.9% | -3.6% | +5.0% | +8.8% |
| Total current liabilities | $15.3B | $15.5B | $15.1B | $14.7B | $14.7B | $14.1B | $17.7B | $18.7B |
| YoY | — | — | — | — | -3.7% | -8.9% | +16.6% | +27.7% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $25.3B | $24.5B | $23.5B | $24.1B | $23.8B | $23.7B | $23.9B | $25.0B |
| YoY | — | — | — | — | -5.9% | -3.2% | +1.6% | +3.8% |
| Shares outstanding | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.1B | $952.0M | $936.0M | $1.9B | $2.1B | $1.4B | $5.6B |
| YoY | — | — | — | — | +45.3% | +92.2% | +46.0% | +496.2% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $560.0M | $259.0M | $274.0M | $338.0M | $922.0M | $1.1B | $573.0M | $2.3B |
| YoY | — | — | — | — | +64.6% | +310.8% | +109.1% | +569.5% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — |
| Net margin | — | — | — | — | — | — | — | — |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | 19.6% | -10.5% | 28.9% | 29.6% | 26.8% | 23.3% | 23.3% | 21.2% |
| Current ratio | 1.57x | 1.53x | 1.56x | 1.62x | 1.60x | 1.65x | 1.58x | 1.64x |
| Total liabilities / equity | — | — | — | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Energy), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| VLO FY25 · this stock | — | — | — | — | — | — |
| XOM FY25 | $332.2B | -5.0% | — | — | 8.7% | 7.1% |
| CVX FY25 | $189.0B | -6.8% | — | — | 6.5% | — |
| MPC FY25 | $132.7B | -4.4% | — | 6.2% | 3.0% | 3.6% |
| PSX FY25 | $132.4B | -7.5% | — | — | 3.3% | — |
| COP FY25 | $58.9B | +7.7% | — | — | 13.6% | — |
| SLB FY25 | $35.7B | -1.6% | — | — | 9.4% | 13.4% |
| OKE FY25 | $33.6B | +55.0% | — | 17.1% | 10.1% | 7.3% |
| BKR FY25 | $27.7B | -0.3% | — | — | 9.3% | — |
| OXY FY23 | $23.2B | -36.8% | — | — | — | 28.6% |
| EOG FY25 | $22.6B | -4.5% | — | 28.2% | 22.0% | — |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.