# Warehouse and discount retail peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[XOM](/company/XOM/), [CVX](/company/CVX/), [MPC](/company/MPC/), [PSX](/company/PSX/), [VLO](/company/VLO/), [PBF](/company/PBF/)

## Methodology

The cluster is selected mechanically from public SEC SIC 2911 companies already present in grepcent's processed universe, filtered to latest reported revenue of at least $25 billion. Integrated majors and pure refiners are both included and their different business mixes are disclosed rather than relabeled; integrated majors carry upstream and chemical earnings that pure refiners do not, which is visible in the margin rows. The review publishes no proprietary index-membership labels.

Pack hash: `56998cf41ff2fddfc4fff27a68d162b4af5eb33669729b7466313c3bfdb61aa3`. Generated: 2026-07-23.

## Verified Quantitative Matrix

| Metric | XOM | CVX | MPC | PSX | VLO | PBF | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 332,238,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_REVENUE_FY2025; concept us-gaap:Revenues | 189,031,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_REVENUE_FY2025; concept us-gaap:Revenues | 132,699,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 132,376,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PSX_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 122,687,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VLO_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | 29,332,300,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping CVX -> us-gaap:Revenues; MPC -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PBF -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PSX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VLO -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; XOM -> us-gaap:Revenues |
| Net margin | 8.68%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 6.51%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 3.05%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 3.33%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PSX_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 1.91%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VLO_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | -0.54%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping CVX -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MPC -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PBF -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PSX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VLO -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; XOM -> us-gaap:NetIncomeLoss + us-gaap:Revenues |
| Operating margin | Not available | Not available | 6.25%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Not available | 2.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VLO_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | -0.19%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets MPC 0d aligned, PBF 0d aligned, VLO 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; concept mapping MPC -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PBF -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VLO -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Free cash flow | 23,612,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 16,592,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | 4,767,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 4,626,000,000; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_VLO_FREE_CASH_FLOW_FY2024; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | -783,200,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period offset; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, VLO different fiscal year (365 days before row reference) offset, XOM 0d aligned; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping CVX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; MPC -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PBF -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; VLO -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; XOM -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Capital expenditures | 28,358,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 17,347,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 3,486,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 2,057,000,000; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_VLO_CAPEX_FY2024; concept us-gaap:PaymentsToAcquireProductiveAssets | 705,200,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period offset; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, VLO different fiscal year (365 days before row reference) offset, XOM 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping CVX -> us-gaap:PaymentsToAcquireProductiveAssets; MPC -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PBF -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; VLO -> us-gaap:PaymentsToAcquireProductiveAssets; XOM -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 17,231,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 12,751,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,140,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,922,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PSX_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 1,405,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VLO_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | Not available | period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags clean |
| Share buybacks | 20,273,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 12,079,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 3,488,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 1,207,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PSX_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 2,598,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VLO_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 0.00; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags clean |
| Assets | 448,980,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_ASSETS_FY2025; concept us-gaap:Assets | 324,012,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_ASSETS_FY2025; concept us-gaap:Assets | 83,955,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_ASSETS_FY2025; concept us-gaap:Assets | 73,680,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PSX_ASSETS_FY2025; concept us-gaap:Assets | 57,988,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VLO_ASSETS_FY2025; concept us-gaap:Assets | 13,019,900,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_ASSETS_FY2025; concept us-gaap:Assets | period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags clean |
| Liabilities / equity | 0.70; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_XOM_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.71; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVX_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 3.46; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MPC_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.49; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PSX_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | Not available | 1.42; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PBF_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, XOM 0d aligned; tags clean |

## Code-computed comparisons

- Reported net margin range: range endpoints are [PBF](/company/PBF/) (-0.54%) and [XOM](/company/XOM/) (8.68%). Computed from facts NUM_PBF_NET_MARGIN_FY2025 and NUM_XOM_NET_MARGIN_FY2025; comparability: period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping CVX -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MPC -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PBF -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PSX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VLO -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; XOM -> us-gaap:NetIncomeLoss + us-gaap:Revenues.
- Latest reported revenue range: range endpoints are [PBF](/company/PBF/) (29,332,300,000) and [XOM](/company/XOM/) (332,238,000,000). Computed from facts NUM_PBF_REVENUE_FY2025 and NUM_XOM_REVENUE_FY2025; comparability: period aligned; reference 2025-12-31; offsets CVX 0d aligned, MPC 0d aligned, PBF 0d aligned, PSX 0d aligned, VLO 0d aligned, XOM 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping CVX -> us-gaap:Revenues; MPC -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PBF -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PSX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VLO -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; XOM -> us-gaap:Revenues.

Market-risk companion: [/compare/petroleum-refining/risk/](/compare/petroleum-refining/risk/).

## Gate summary

Facts: 47. Claims survived: 0. Claims dropped: 0. Cells quarantined: 36.