# Petróleos Mexicanos

> Energy, integrated oil and gas · Mexico · IFRS · Fiscal year ends December
>
> Latest report: FY2025, the fiscal year ended 31 December 2025, released 23 July 2026. Snapshot FY2025_07dc2231.

Page: https://annalist.io/company/pemex/

Identifiers: CIK 0000932782

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, fiscal year | MX$1.53tn | 1528515726000 | MXN | −8.6% year on year | FY2025 | 2025-12-31 | 20-F/A 2025-12 |
| Operating profit, fiscal year | MX$34.2bn | 34194780000 | MXN | n.m. year on year | FY2025 | 2025-12-31 | 20-F/A 2025-12 |
| Net income, fiscal year | −MX$81.7bn | -81671843000 | MXN | n.m. year on year | FY2025 | 2025-12-31 | 20-F/A 2025-12 |
| Operating margin, fiscal year | 2.2% | 2.2371 | % | +3.2pp year on year | FY2025 | 2025-12-31 | 20-F/A 2025-12 |

- Operating margin: Operating income / revenue.

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the fiscal year ended 31 December 2025 was MX$1.53 trillion, 8.6% lower than in the previous fiscal year. [Strengthened in FY2025] Sources: 20-F/A 2025-12.
- The company reported a net loss of MX$81.7 billion for fiscal 2025, against a net loss of MX$780.4 billion in the previous fiscal year. [Weakened in FY2025] Sources: 20-F/A 2025-12.
- The operating margin for fiscal 2025 was 2.2%, 3.2 percentage points higher than a year earlier. [New in FY2025] Sources: 20-F/A 2025-12.
- Purchases of property, plant and equipment exceeded operating cash flow by MX$70.9 billion in fiscal 2025. [New in FY2025] Sources: 20-F/A 2025-12.
- Net debt was MX$1.41 trillion at 31 December 2025, 7.5 times EBITDA for fiscal 2025. [Weakened in FY2025] Sources: 20-F/A 2025-12.
- Lease-adjusted debt was 8.4 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 2.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table. [Confirmed in FY2025] Sources: 20-F/A 2025-12.
- Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends. [Strengthened in FY2025] Sources: 20-F/A 2025-12.
- Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 10.7% of average total assets. [Weakened in FY2025] Sources: 20-F/A 2025-12.
- The Altman Z'' score for fiscal 2025 was minus 7.37, below the distress threshold of 1.10. [Confirmed in FY2025] Sources: 20-F/A 2025-12.
- The Beneish M-score for fiscal 2025 was minus 3.20, below the model threshold of minus 1.78. [Weakened in FY2025] Sources: 20-F/A 2025-12.
- The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were return on assets above zero and asset turnover higher than a year earlier. [New in FY2025] Sources: 20-F 2024-12, 20-F/A 2025-12.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | MX$1.53tn | 1528515726000 | MXN | 20-F/A 2025-12 |
| FY2025 | 2025-12-31 | Operating profit | MX$34.2bn | 34194780000 | MXN | 20-F/A 2025-12 |
| FY2025 | 2025-12-31 | Profit attributable to owners of the parent | −MX$81.7bn | -81671843000 | MXN | 20-F/A 2025-12 |
| FY2024 | 2024-12-31 | Revenue | MX$1.67tn | 1672672906000 | MXN | 20-F/A 2025-12 |
| FY2024 | 2024-12-31 | Operating profit | −MX$16.0bn | -15989872000 | MXN | 20-F/A 2025-12 |
| FY2024 | 2024-12-31 | Profit attributable to owners of the parent | −MX$780bn | -780415854000 | MXN | 20-F/A 2025-12 |
| FY2023 | 2023-12-31 | Revenue | MX$1.72tn | 1719937618000 | MXN | 20-F/A 2025-12 |
| FY2023 | 2023-12-31 | Operating profit | MX$123bn | 122951366000 | MXN | 20-F/A 2025-12 |
| FY2023 | 2023-12-31 | Profit attributable to owners of the parent | MX$8.1bn | 8106714000 | MXN | 20-F/A 2025-12 |
| FY2022 | 2022-12-31 | Revenue | MX$2.38tn | 2383388309000 | MXN | 20-F 2024-12 |
| FY2022 | 2022-12-31 | Operating profit | MX$445bn | 445458684000 | MXN | 20-F 2024-12 |
| FY2022 | 2022-12-31 | Profit attributable to owners of the parent | MX$100bn | 100412051000 | MXN | 20-F 2024-12 |
| FY2021 | 2021-12-31 | Revenue | MX$1.50tn | 1495628620000 | MXN | 20-F 2023-12 |
| FY2021 | 2021-12-31 | Operating profit | MX$229bn | 228927832000 | MXN | 20-F 2023-12 |
| FY2021 | 2021-12-31 | Profit attributable to owners of the parent | −MX$295bn | -294532168000 | MXN | 20-F 2023-12 |

## Source Documents

- 20-F/A 2025-12: 20-F/A for the year to 31 December 2025, 23 Jul 2026 (https://www.sec.gov/Archives/edgar/data/932782/000093278226000016/ck0000932782-20251231.htm)
- 20-F 2024-12: 20-F for the year to 31 December 2024, 29 Apr 2025 (https://www.sec.gov/Archives/edgar/data/932782/000093278225000008/ck0000932782-20241231.htm)
- 20-F 2023-12: 20-F for the year to 31 December 2023, 30 Apr 2024 (https://www.sec.gov/Archives/edgar/data/932782/000093278224000004/ck0000932782-20231231.htm)

## Reliability

- 201 checks compare these figures with other official figures; 0 failed.
- 0 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/pemex/snapshots.json

## Cite

Annalist, Petróleos Mexicanos, snapshot pemex/FY2025_07dc2231; <item>, <period>; source <document>. Link the page https://annalist.io/company/pemex/ and the source document of the figure.

A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/pemex/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/pemex/?fig=pl_annual/FY2025/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/pemex/snapshots/FY2025_07dc2231/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/pemex/latest.json)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/pemex/snapshots/FY2025_07dc2231/pl_annual.csv)
- [Balance sheet, year end (CSV)](https://annalist.io/api/v1/companies/pemex/snapshots/FY2025_07dc2231/balance_sheet.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/pemex/snapshots/FY2025_07dc2231/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/pemex/snapshots/FY2025_07dc2231/ratios/annual.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/pemex/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/pemex/feed.xml)
- [Excel workbook](https://annalist.io/company/pemex/pemex.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/pemex/)

## Peers

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- [Exxon Mobil Corporation](https://annalist.io/company/exxon-mobil/brief.md)
- [Side by side](https://annalist.io/compare/?c=pemex,bp,chevron,exxon-mobil)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.