Revenue flow

Margins

Stage	XOM	% of rev	DK	% of rev	Gap · A − B
Revenue	$113B	100.00%	$4.4B	100.00%	XOM ×25.77
Gross profit	$36.2B	32.01%	$1.6B	35.96%	DK +4.0pp
Operating income	$21.4B	18.93%	$1.5B	34.58%	DK +15.7pp
Pre-tax income	$21.2B	18.77%	$1.5B	33.43%	DK +14.7pp
Net income	$16.0B	14.16%	$1.2B	26.24%	DK +12.1pp

Stage	XOM	DK	Gap · A − B
Revenue	$113B100.00%	$4.4B100.00%	XOM ×25.77
Gross profit	32.01%$36.2B	35.96%$1.6B	DK +4.0pp
Operating income	18.93%$21.4B	34.58%$1.5B	DK +15.7pp
Pre-tax income	18.77%$21.2B	33.43%$1.5B	DK +14.7pp
Net income