*hot_take* Earnings Quality Red Flags Pile Up at Marathon Petroleum reported $9.1B in quarterly revenue, up YoY. But a deeper dive reveals some troubling accounting practices that may be inflating their free cash flow. 's reported in Q4 2025 appears bloated compared to - a sizable conversion ratio. This is a red flag, as typical refining businesses should generate FCF at closer to 100% of OCF. 's management may be using aggressive inventory accounting, working capital management, or other tactics to prop up their cash flow numbers. The data shows their net margin has compressed from to just over the past year - a massive 1,240 bps drop.

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