Valero Energy Corporation (VLO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$10.1	$12.5	+23.8%	—	—	—
Q3 26	$3.27	$3.82	+16.8%	—	—	—
Q2 26	$3.05	$3.66	+20.0%	—	—	—
Q1 26	$1.77	$2.28	+28.8%	—	—	—
Q4 25	$0.41	$0.89	+117.1%	—	—	—
Q3 25	$0.06	$0.64	+966.7%	—	—	—
Q2 25	$0.98	$1.14	+16.3%	—	—	—
Q1 25	$2.6	$2.71	+4.2%	—	—	—
Q4 24	$3.24	$3.82	+17.9%	—	—	—
Q3 24	$3	$3.55	+18.3%	—	—	—
Q2 24	$7.32	$7.49	+2.3%	—	—	—
Q1 24	$5.08	$5.4	+6.3%	—	—	—
Q4 23	$7.21	$8.27	+14.7%	—	—	—
Q3 23	$7.24	$8.45	+16.7%	—	—	—
Q2 23	$6.94	$7.14	+2.9%	—	—	—
Q1 23	$9.38	$11.4	+21.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.57	—	—	$122.7B	—
FY24	—	$8.58	—	—	$129.9B	—
FY23	—	$24.9	—	—	$144.8B	—
FY22	—	$29.1	—	—	$176.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$75.7B	$94B	$117B	$108.3B	$64.9B	$114B	$176.4B	$144.8B	$129.9B	$122.7B
YoY change	-13.8%	+24.2%	+24.5%	-7.44%	-40.1%	+75.6%	+54.8%	-17.9%	-10.3%	-5.54%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	75.7B	94B	117B	108.3B	64.9B	114B	176.4B	144.8B	129.9B	122.7B
Cost of revenue	71.4B	89.5B	111.5B	103.6B	65.7B	110.9B	159.6B	131.9B	125.1B	117.3B
Gross profit	4.3B	4.5B	5.5B	4.7B	-788M	3.1B	16.8B	12.9B	4.8B	5.4B
Gross margin	5.68%	4.74%	4.74%	4.36%	-1.21%	2.7%	9.5%	8.9%	3.66%	4.38%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	709M	829M	925M	868M	756M	865M	992M	998M	961M	1B
Operating expenses	709M	890M	970M	889M	791M	952M	1.1B	1B	1B	1.1B
Operating income	3.6B	3.6B	4.6B	3.8B	-1.6B	2.1B	15.7B	11.9B	3.8B	4.3B
Operating margin	4.74%	3.79%	3.91%	3.54%	-2.43%	1.87%	8.9%	8.19%	2.89%	3.51%
Non-operating income, net	38M	112M	130M	104M	132M	16M	71M	209M	499M	-751M
Pretax income	3.2B	3.2B	4.2B	3.5B	-2B	1.5B	15.3B	11.8B	3.7B	3B
Income tax	765M	-949M	879M	702M	-903M	255M	3.4B	2.6B	692M	759M
Net income	2.4B	4.2B	3.4B	2.8B	-1.1B	1.3B	11.9B	9.1B	3B	2.2B
Net margin	3.19%	4.42%	2.87%	2.57%	-1.71%	1.13%	6.73%	6.32%	2.31%	1.83%
EBITDA	5.6B	5.7B	6.8B	6.2B	904M	4.6B	18.4B	15.1B	7B	7.8B
EPS	4.94	9.17	7.3	5.84	-3.5	2.27	29.1	24.9	8.58	7.57
Diluted EPS	4.94	9.16	7.29	5.84	-3.5	2.27	29	24.9	8.58	7.57

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	38.4B	35.4B	31.8B	34.5B	32.9B	30.8B	30.3B	29.9B	32.2B	30.4B	32.4B	44.5B
Cost of revenue	34.6B	33.6B	29.8B	33.1B	32.1B	30.1B	29.8B	28.7B	30.4B	28.5B	30.3B	39B
Gross profit	3.8B	1.9B	2B	1.4B	744M	618M	496M	1.2B	1.8B	1.9B	2B	5.5B
Gross margin	9.79%	5.26%	6.21%	4.14%	2.26%	2.01%	1.64%	4.09%	5.47%	6.23%	6.3%	12.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	250M	295M	258M	203M	234M	266M	261M	220M	246M	315M	285M	233M
Operating expenses	256M	310M	292M	206M	237M	270M	265M	224M	251M	317M	309M	259M
Operating income	3.5B	1.6B	1.7B	1.2B	507M	348M	231M	997M	1.5B	1.6B	1.7B	5.2B
Operating margin	9.12%	4.39%	5.29%	3.54%	1.54%	1.13%	0.76%	3.34%	4.69%	5.19%	5.35%	11.7%
Non-operating income, net	122M	49M	144M	122M	123M	110M	-1B	86M	86M	88M	132M	116M
Pretax income	3.5B	1.5B	1.7B	1.2B	489M	323M	-917M	942M	1.5B	1.5B	1.7B	5.2B
Income tax	813M	331M	353M	277M	96M	-34M	-265M	279M	390M	355M	401M	1.1B
Net income	2.7B	1.2B	1.3B	926M	393M	357M	-652M	663M	1.1B	1.2B	1.3B	4.1B
Net margin	6.93%	3.44%	4.19%	2.68%	1.2%	1.16%	-2.15%	2.22%	3.31%	3.85%	4.08%	9.16%
EBITDA	4.3B	2.4B	2.5B	2B	1.3B	1.2B	1B	1.9B	2.4B	2.5B	2.7B	6B
EPS	7.49	3.55	3.75	2.71	1.14	0.89	-1.9	2.28	3.54	3.73	4.22	12.6
Diluted EPS	7.49	3.55	3.75	2.71	1.14	0.88	-1.9	2.28	3.53	3.73	4.22	12.6

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	31.5B	40.6B	31.9B	38.7B	23B	30.6B	50.1B	—	39.5B	50.3B	111.6B
Enterprise value	34.7B	43.6B	38.1B	47.1B	35.6B	41.6B	58B	—	46.4B	57.3B	118.9B
Shares outstanding	461M	442M	426M	413M	407M	407M	395M	353M	322M	309M	309M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13	9.77	9.52	13.9	—	23.7	4.22	—	13.1	22.4	16.3
P/S	0.42	0.43	0.27	0.36	0.35	0.27	0.28	—	0.3	0.41	0.85
P/B	1.51	1.77	1.41	1.72	1.17	1.54	1.97	—	1.43	1.89	4.49
EV/EBITDA	6.22	7.71	5.62	7.6	39.3	9.13	3.15	—	6.6	7.3	8.89
EV/Sales	0.46	0.46	0.33	0.43	0.55	0.36	0.33	—	0.36	0.47	0.9
Earnings yield	7.67%	10.2%	10.5%	7.2%	—	4.21%	23.7%	—	7.62%	4.47%	6.15%
FCF yield	11.2%	10.1%	7.2%	9.14%	-3.65%	13.7%	21.7%	—	14.6%	10%	7.54%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	5.68%	4.74%	4.74%	4.36%	-1.21%	2.7%	9.5%	8.9%	3.66%	4.38%	12.3%
Operating margin	4.74%	3.79%	3.91%	3.54%	-2.43%	1.87%	8.9%	8.19%	2.89%	3.51%	12.3%
Net margin	3.19%	4.42%	2.87%	2.57%	-1.71%	1.13%	6.73%	6.32%	2.31%	1.83%	5.45%
ROE	11.6%	18.1%	14.8%	12.4%	-5.64%	6.5%	46.6%	32.1%	10.9%	8.44%	27.6%
ROA	5.23%	8.29%	6.69%	5.17%	-2.14%	2.22%	19.5%	14.5%	5%	3.87%	10.6%
ROIC	11.3%	13.7%	12.6%	9.91%	-4.91%	5.77%	36.5%	25.8%	8.87%	9.59%	24.4%
Return on tangible assets	5.25%	8.33%	6.84%	5.27%	-2.18%	2.26%	19.8%	14.7%	5.07%	3.93%	11.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.02	1.74	1.65	1.44	1.71	1.26	1.38	1.56	1.53	1.65	1.64
Quick ratio	1.33	1.17	1.04	0.91	1.06	0.88	1	1.11	1.03	1.11	1.23
Debt / equity	0.38	0.39	0.4	0.49	0.81	0.76	0.5	0.44	0.42	0.44	0.4
Debt / assets	0.17	0.18	0.18	0.2	0.31	0.26	0.21	0.2	0.19	0.2	0.18
Net debt / EBITDA	0.57	0.53	0.9	1.35	13.9	2.42	0.43	0.48	0.98	0.89	0.25
Interest coverage	8.13	7.85	10	8.68	-2.57	3.56	28.2	20.9	7.65	6.4	18.5
Effective tax rate	24%	0%	20.8%	20.1%	0%	16.5%	22.4%	22.3%	18.7%	25.3%	22.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	164.1	212.6	274.7	262.3	159.5	280	446.5	410.1	403.4	397	440.7
EPS (basic)	4.94	9.17	7.3	5.84	-3.5	2.27	29.1	24.9	8.58	7.57	7.57
EPS (diluted)	4.94	9.16	7.29	5.84	-3.5	2.27	29	24.9	8.58	7.57	24
Book value per share	45.2	51.8	53.4	54.6	48.3	48.7	64.5	80.8	85.5	86.1	86.8
FCF per share	7.68	9.28	5.4	8.56	-2.06	10.3	27.6	23.6	17.9	16.3	34.4
Cash per share	10.4	13.2	7	6.25	8.14	10.1	12.3	15.4	14.5	15.2	27.3
Capex per share	0	0	0.75	0.01	0	—	—	—	—	2.58	2.68

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	0%	0.27%	0%	0%	—	—	—	—	0.65%	0.57%
Capex / operating cash flow	0%	0%	5.97%	0.06%	0%	—	—	—	—	13.7%	7.22%
Payout ratio	46%	29.9%	40.8%	53.6%	-144.5%	124.4%	13.1%	15.9%	46%	62.6%	19.4%
Dividend yield	3.53%	3.06%	4.29%	3.86%	6.95%	5.24%	3.12%	—	3.51%	2.79%	1.21%

Yield

1.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.20

ex-dividend Jul 31, 2026

Payout ratio

19%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$1.20
May 21, 2026	$1.20
Feb 5, 2026	$1.20

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$38.4B	$35.4B	$31.8B	$34.5B	$32.9B	$30.8B	$30.3B	$29.9B	$32.2B	$30.4B	$32.4B	$44.5B
YoY change	-13.6%	-15.2%	-12.8%	-0.06%	-14.4%	-13.2%	-4.73%	-13.3%	-2.15%	-1.25%	+7.02%	+48.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.8B	5.8B	3B	2.6B	3.3B	4.1B	4.9B	5.4B	4.7B	4.7B
Receivables	5.7B	6.8B	7B	8.1B	4.8B	10B	10.8B	11B	9.7B	9.2B
Inventory	5.7B	6.4B	6.5B	7B	6B	6.3B	6.8B	7.6B	7.8B	7.6B
Total current assets	16.8B	19.3B	17.7B	19B	15.8B	21.2B	24.1B	26.2B	23.7B	23.2B
Property, plant & equipment	25.6B	26.6B	27.9B	29.6B	30.6B	31.1B	31B	30.2B	29.3B	27.6B
Goodwill & intangibles	148M	284M	1.1B	1.1B	1B	956M	924M	886M	822M	766M
Total assets	46.2B	50.2B	50.2B	53.9B	51.8B	57.9B	61B	63.1B	60.1B	58B
Accounts payable	6.4B	8.3B	8.6B	10.2B	6.1B	12.5B	12.7B	12.6B	12.1B	10.1B
Short-term debt	115M	122M	238M	825M	1B	1.6B	1.4B	1.8B	1.1B	1.4B
Total current liabilities	8.3B	11.1B	10.7B	13.2B	9.3B	16.9B	17.5B	16.8B	15.5B	14.1B
Long-term debt	7.9B	8.8B	8.9B	10.1B	14.8B	13.5B	11.3B	10.9B	10.4B	10.3B
Total liabilities	25.3B	27.3B	27.4B	31.3B	32.1B	38.1B	35.5B	34.5B	32.6B	31.4B
Shareholders' equity	20.9B	22.9B	22.7B	22.5B	19.6B	19.8B	25.5B	28.5B	27.5B	26.6B
Total debt	8B	8.9B	9.1B	11B	15.8B	15.1B	12.7B	12.6B	11.5B	11.7B
Net debt	3.2B	3B	6.1B	8.4B	12.5B	11B	7.9B	7.2B	6.9B	7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.8B	5.4B	4.9B	5.2B	5.2B	4.7B	4.6B	4.5B	4.8B	4.7B	5.7B	7.9B
Receivables	12.6B	11B	12.2B	13.1B	11.1B	9.7B	11.2B	11.1B	10.3B	9.2B	13.4B	13.9B
Inventory	7.5B	7.6B	7.9B	8B	7B	7.8B	7.1B	7.5B	7.4B	7.6B	7.6B	7.6B
Total current assets	26.6B	26.2B	25.7B	27.1B	24B	23.7B	23.6B	23.8B	23.5B	23.2B	27.8B	30.7B
Property, plant & equipment	-21B	30.2B	-21.9B	-22.3B	-22.7B	29.3B	-20.7B	-21.5B	-21.9B	27.6B	-22.9B	-23.2B
Goodwill & intangibles	—	886M	—	—	—	822M	—	—	—	766M	—	—
Total assets	63.2B	63.1B	62.6B	63.6B	60.4B	60.1B	59.2B	59.4B	58.6B	58B	62.1B	64.7B
Accounts payable	13.3B	12.6B	12.5B	14.6B	11.5B	12.1B	12B	11.5B	10.7B	10.1B	13.4B	14.4B
Short-term debt	1.3B	1.8B	853M	995M	1B	1.1B	542M	382M	894M	1.4B	1B	927M
Total current liabilities	17.6B	16.8B	16.1B	18.3B	15.3B	15.5B	15.1B	14.7B	14.7B	14.1B	17.7B	18.7B
Long-term debt	10.1B	10.9B	10B	9.7B	9.8B	10.4B	10.3B	10.3B	9.7B	10.3B	10.5B	10.4B
Total liabilities	35.1B	34.5B	33.8B	35.4B	32.4B	32.6B	32.9B	32.5B	31.9B	31.4B	35.2B	36.4B
Shareholders' equity	28.1B	28.5B	28.8B	28.3B	28B	27.5B	26.3B	26.9B	26.7B	26.6B	26.9B	28.3B
Total debt	11.4B	12.6B	10.9B	10.7B	10.8B	11.5B	10.9B	10.6B	10.6B	11.7B	11.5B	11.3B
Net debt	5.6B	7.2B	6B	5.5B	5.6B	6.9B	6.2B	6.1B	5.8B	7B	5.8B	3.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.4B	4.2B	3.4B	2.8B	-1.1B	1.3B	11.9B	9.1B	3B	2.2B
Depreciation & amortization	1.9B	2B	2.1B	2.3B	2.4B	2.4B	2.5B	2.7B	2.8B	3.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	790M	1.1B	-310M	50M	-378M	1.6B	-2B	-1.6B	1B	-836M
Operating cash flow	5.3B	5.2B	5.4B	5.3B	1B	5.1B	12.1B	9.9B	6.7B	5.8B
Capital expenditure	0	0	-320M	-3M	0	—	—	—	—	-796M
Investing cash flow	-728M	-1B	-2.2B	-1B	-637M	-494M	-1.1B	-954M	-1.1B	-1.8B
Dividends paid	-1.1B	-1.2B	-1.4B	-1.5B	-1.6B	-1.6B	-1.6B	-1.5B	-1.4B	-1.4B
Share repurchases	-1.3B	-1.4B	-1.7B	-1.7B	-156M	-27M	-4.6B	-5.1B	-2.9B	-2.6B
Financing cash flow	-2B	-2.2B	-3.2B	-3B	2.1B	-2.8B	-8.8B	-6.9B	-5B	-4.2B
Net change in cash	2.6B	2B	14M	1.3B	2.4B	1.8B	2.2B	2B	611M	-201M
Free cash flow	3.5B	4.1B	2.3B	3.5B	-840M	4.2B	10.9B	8.3B	5.8B	5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.7B	1.2B	1.3B	926M	393M	357M	-652M	663M	1.1B	1.2B	1.3B	4.1B
Depreciation & amortization	682M	690M	695M	696M	685M	698M	691M	814M	836M	817M	840M	737M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	41M	-576M	-179M	1B	187M	-5M	143M	-759M	-582M	239M	-536M	539M
Operating cash flow	3.3B	1.3B	1.8B	2.6B	1.3B	1B	-142M	936M	1.9B	2.1B	1.4B	5.6B
Capital expenditure	—	—	—	—	—	—	—	-150M	-177M	-220M	-165M	-226M
Investing cash flow	-84M	-227M	-437M	-198M	-198M	-241M	-386M	-416M	-383M	-419M	-400M	-361M
Dividends paid	-360M	-346M	-356M	-347M	-342M	-339M	-356M	-354M	-351M	-344M	-359M	-355M
Share repurchases	-1.8B	-956M	-1B	-1B	-560M	-259M	-274M	-338M	-922M	-1.1B	-573M	-2.3B
Financing cash flow	-2.1B	-1.3B	-1.6B	-1.5B	-1.1B	-784M	-382M	-849M	-1.2B	-1.8B	124M	-3B
Net change in cash	1.1B	-229M	-254M	884M	15M	16M	-910M	-329M	299M	-114M	1.1B	2.2B
Free cash flow	3.1B	983M	1.6B	2.3B	1.1B	767M	703M	786M	1.7B	1.8B	1.2B	5.4B

Date	Ratio
May 2, 2013	1094:1000
Dec 16, 2005	2:1
Oct 8, 2004	2:1

Valero Energy Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history