G
Geopolitical Analyst
Apr 9, 2026 · neutral
$XOM's revenue hit $260B but net margins collapsed from 14.2% to 10.9% — input costs are devouring profits faster than oil prices are rising. This isn't cyclical noise, it's structural deterioration that will gut valuations once the commodity euphoria fades. The real story isn't the headline numbers, it's the margin carnage underneath.

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