Friday 6 November 2026 Export VLO’s income statement to Excel — free account

Valero Energy Corporation

VLO Energy Oil & Gas Refining & Marketing

Valero Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $122.7 billion, down 5.54% from fiscal 2024.

Revenue: +43.3%
EPS: +575.1%
Free cash flow: +202.6%
Total debt: +3.97%

Quarter to September 2026, against a year earlier

352.09 13.25 −3.63%

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Market cap: $98.0B
P/E: 7.9×
Fwd P/E: 6.9×
Dividend yield: 1.34%
F-score: 6/9
Altman Z: 4.60
Beneish M: −2.94
Dividend safety: 62/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Valero Energy Corporation (VLO) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Refining	116,158	94.68%
Ethanol	4,021	3.28%
Renewable Diesel	2,508	2.04%
Gross margin		4.43%
Operating margin		2.59%
Pre-tax margin		2.45%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Refining	116,158 94.68%	123,853 95.36%	136,470 94.27%	168,154 95.33%	106,961 93.84%	60,848 93.74%	103,764 95.79%	113,118 96.65%	90,258 96.04%	71,968 95.12%
Ethanol	4,021 3.28%	3,618 2.79%	4,473 3.09%	4,746 2.69%	5,589 4.90%	3,243 5.00%	3,837 3.54%	3,638 3.11%	3,324 3.54%	3,901 5.16%
Renewable Diesel	2,508 2.04%	2,410 1.86%	3,823 2.64%	3,483 1.97%	2,342 2.05%	1,267 1.95%	1,217 1.12%	508 0.43%	393 0.42%	—
Vlp	—	—	—	—	—	—	—	—	—	363 0.48%
Eliminations	—	—	—	—	(915) (0.80%)	(446) (0.69%)	—	—	—	(573) (0.76%)
Revenue	122,687	129,881	144,766	176,383	113,977	64,912	108,324	117,033	93,980	75,659

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Refining	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ethanol	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Renewable Diesel	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vlp	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
U.S.	87,819 71.58%	93,311 71.84%	104,208 71.98%	126,722 71.84%	82,940 72.77%	45,174 69.59%	77,173 71.24%	82,992 70.91%	66,614 70.88%	51,479 68.04%
U.K. and Ireland	15,830 12.90%	15,236 11.73%	16,148 11.15%	17,822 10.10%	13,307 11.68%	9,268 14.28%	13,584 12.54%	15,208 12.99%	11,556 12.30%	10,797 14.27%
Canada	8,137 6.63%	8,577 6.60%	10,107 6.98%	11,743 6.66%	6,597 5.79%	4,294 6.62%	7,915 7.31%	9,211 7.87%	7,039 7.49%	6,115 8.08%
Other Countries	5,733 4.67%	7,352 5.66%	7,865 5.43%	11,700 6.63%	7,278 6.39%	6,176 9.51%	9,652 8.91%	9,622 8.22%	8,771 9.33%	7,268 9.61%
Mexico and Peru	5,168 4.21%	5,405 4.16%	6,438 4.45%	8,396 4.76%	3,855 3.38%	—	—	—	—	—
Revenue	122,687	129,881	144,766	176,383	113,977	64,912	108,324	117,033	93,980	75,659

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Blendstocks and other	Q3 FY2026	366.0K	346.0K	+5.78%
Distillates	Q3 FY2026	1.2M	1.2M	−3.25%
Gasolines and blendstocks	Q3 FY2026	1.4M	1.5M	−7.58%
Heavy sour crude oil	Q3 FY2026	512.0K	506.0K	+1.19%
Medium/light sour crude oil	Q3 FY2026	274.0K	281.0K	−2.49%
North Atlantic throughput volumes	Q3 FY2026	507.0K	516.0K	−1.74%
Other feedstocks	Q3 FY2026	117.0K	89.0K	+31.46%
Other products	Q3 FY2026	430.0K	399.0K	+7.77%
Production volumes	Q3 FY2026	4.8M	4.6M	+3.54%
Residuals	Q3 FY2026	109.0K	204.0K	−46.57%
Sales volumes	Q3 FY2026	3.4M	2.7M	+25.98%
Sweet crude oil	Q3 FY2026	1.6M	1.7M	−4.03%
Total feedstocks	Q3 FY2026	2.6M	2.7M	−4.93%
Total throughput volumes	Q3 FY2026	3.0M	3.1M	−3.73%
Total yields	Q3 FY2026	3.0M	3.1M	−3.95%
U.S. Gulf Coast throughput volumes	Q3 FY2026	1.9M	1.8M	+1.52%
U.S. Mid-Continent throughput volumes	Q3 FY2026	472.0K	466.0K	+1.29%
U.S. West Coast throughput volumes	Q3 FY2026	119.0K	259.0K	−54.05%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Blendstocks and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Distillates	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gasolines and blendstocks	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Heavy sour crude oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medium/light sour crude oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
North Atlantic throughput volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other feedstocks	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Production volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Residuals	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sales volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sweet crude oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total feedstocks	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total yields	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. Gulf Coast throughput volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. Mid-Continent throughput volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. West Coast throughput volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.