Saturday 17 October 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. In the quarter to June 2026, revenue grew 48.8%, EPS grew 453.5%, free cash flow grew 871.1% and total debt rose 6.59%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

444.71 0.65 +0.15%

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Market cap: $127.9B
P/E: 18.4×
Fwd P/E: 8.3×
Dividend yield: 1.06%
F-score: 6/9
Altman Z: 4.60
Beneish M: −2.94
Dividend safety: 62/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 9.39

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	—	1	—	1	2	—	—	—	—

Insider Ownership 2.47%

Capital & Financial Ratios $m

Market Cap 127,860.00

Revenue 139,397.00

Net Income 7,630.00

Free Cash Flow 9,377.00

Net Debt 3,475.00

Current Ratio 1.64

Debt/Equity 0.40

P/E ratio 18.45

Fwd P/E 8.30

P/S ratio 0.94

P/B ratio 4.63

Past 5Y EPS Growth —

This Y EPS Growth 397.01%

Next Y EPS Growth (12.39%)

Next Y revenue growth 25.91%

Next 5Y EPS Growth 35.47%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 79.06%

10-year low 10-year high

P/S against its own 10 years 99.93%

10-year low 10-year high

P/B against its own 10 years 99.93%

10-year low 10-year high

EV/Sales against its own 10 years 99.93%

10-year low 10-year high

EV/FCF against its own 10 years 68.20%

10-year low 10-year high

Dividends

Payout Ratio 0.20

Annual Dividend Rate 4.73

Annual Dividend Yield 1.06%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	4.84	1.20 1.20 1.20
2025	4.52	1.13 1.13 1.13 1.13
2024	4.28	1.07 1.07 1.07 1.07
2023	4.08	1.02 1.02 1.02 1.02
2022	3.92	0.98 0.98 0.98 0.98
2021	3.92	0.98 0.98 0.98 0.98
2020	3.92	0.98 0.98 0.98 0.98
2019	3.60	0.90 0.90 0.90 0.90
2018	3.20	0.80 0.80 0.80 0.80
2017	2.80	0.70 0.70 0.70 0.70
2016	2.40	0.60 0.60 0.60 0.60

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5,424	4,657	4,688	7,874
Receivables	12,525	10,708	9,877	13,928
Inventory	7,583	7,761	7,591	7,625
Other	—	—	—	—
	26,221	23,737	23,210	30,670

	2023	2024	2025	Q'26
Payables	12,567	12,092	10,139	14,423
ST’ Debt	1,406	743	949	927
Other	—	—	—	—
	16,802	15,495	14,109	18,742

Compound Annual Growth %

	10y	5y	3y
Sales	3.40%	13.58%	(11.40%)
Cash Flow	0.38%	43.78%	(22.62%)
Earnings	(5.19%)	0.00%	(41.15%)
Book Value	2.22%	6.26%	1.47%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	32,381	44,476	—	—	—
’25	30,258	29,889	32,168	30,372	122,687
’24	31,759	34,490	32,876	30,756	129,881
’23	36,439	34,509	38,404	35,414	144,766
’22	38,542	51,641	44,454	41,746	176,383
’21	20,806	27,748	29,520	35,903	113,977
’20	22,102	10,397	15,809	16,604	64,912

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,390	5,580	—	—	—
’25	952	936	1,881	2,057	5,826
’24	1,846	2,472	1,295	1,070	6,683
’23	3,170	1,512	3,308	1,239	9,229
’22	588	5,845	2,045	4,096	12,574
’21	(52)	2,008	1,449	2,454	5,859
’20	(49)	736	165	96	948

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	971	5,234	—	—	—
’25	329	539	2,325	847	4,040
’24	1,646	1,642	1,721	(312)	4,697
’23	2,905	834	3,596	37	7,372
’22	204	4,747	2,263	2,681	9,895
’21	(391)	1,227	1,412	1,429	3,677
’20	(488)	(137)	195	(1,033)	(1,463)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	4.22	12.62	—	—	—
’25	(1.90)	2.28	3.53	3.73	7.57
’24	3.75	2.71	1.14	0.88	8.58
’23	8.29	5.40	7.49	3.55	24.92
’22	2.21	11.57	7.19	8.15	29.04
’21	(1.73)	0.39	1.13	2.46	2.27
’20	(4.54)	3.07	(1.14)	(0.88)	(3.50)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	46.88	60.69	68.81	69.44	31.00	54.78	75.04	104.18	116.84	99.00	Analyst estimates 2026–2028 Powerpack
	High	72.49	93.18	126.98	101.99	98.03	84.95	146.81	152.20	184.79	185.62
People
People	Employees	9,996	10,015	10,261	10,222	9,964	9,794	9,743	9,908	9,922	9,811
	Revenue/emp, $m	7.57	9.38	11.41	10.60	6.51	11.64	18.10	14.61	13.09	12.51
Income, $m
Income, $m	Revenue	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
	Gross margin, %	13.80	4.79	4.78	4.41	(1.14)	2.75	9.52	8.93	3.70	4.43
	EBT	3,182	3,207	4,232	3,486	(2,010)	1,543	15,307	11,768	3,698	3,005
	EBT margin, %	4.21	3.41	3.62	3.22	(3.10)	1.35	8.68	8.13	2.85	2.45
	Net income	2,417	4,156	3,353	2,784	(1,107)	1,288	11,879	9,149	3,006	2,246
	Depreciation	1,894	1,986	2,069	2,255	2,351	2,405	2,473	2,701	2,774	3,158
Per share, $
Per share, $	Revenue	164.12	212.62	274.73	262.29	159.49	280.04	446.54	410.10	403.36	397.05
	Earnings	4.94	9.17	7.30	5.84	(3.50)	2.27	29.05	24.93	8.58	7.57
	Cash flow	10.46	12.40	10.26	13.39	2.33	14.40	31.83	26.14	20.75	18.85
	Capex	(2.77)	(4.29)	(4.11)	(4.83)	(5.92)	(5.36)	(6.78)	(5.26)	(6.17)	(5.78)
	Free cash flow	7.68	8.11	6.15	8.56	(3.59)	9.03	25.05	20.88	14.59	13.07
	Book value	45.24	51.81	53.36	54.57	48.26	48.69	64.48	80.80	85.47	86.10
	Shares, m	461	442	426	413	407	407	395	353	322	309
Valuation, ×
Valuation, ×	P/E	14.28	10.03	10.24	15.95	0.00	33.23	4.12	5.28	14.44	21.28
	P/S	0.43	0.44	0.27	0.36	0.35	0.27	0.27	0.32	0.30	0.41
	P/B	1.56	1.79	1.41	1.72	1.17	1.54	1.86	1.62	1.43	1.89
	EV/Sales	0.47	0.47	0.33	0.42	0.53	0.35	0.31	0.36	0.35	0.46
	EV/FCF	10.06	12.29	14.53	12.94	(23.51)	10.96	5.48	7.08	9.64	13.92
Cash, $m
Cash, $m	Operating cash flow	4,820	5,482	4,371	5,531	948	5,859	12,574	9,229	6,683	5,826
	Capex	(1,278)	(1,898)	(1,752)	(1,994)	(2,411)	(2,182)	(2,679)	(1,857)	(1,986)	(1,786)
	Free cash flow	3,542	3,584	2,619	3,537	(1,463)	3,677	9,895	7,372	4,697	4,040
Balance, $m
Balance, $m	Working capital	8,472	8,241	6,951	5,809	6,561	4,314	6,672	9,419	8,242	9,101
	Total debt	8,001	8,872	9,109	9,672	14,677	13,870	11,635	11,524	10,463	10,619
	Net debt	3,185	3,022	6,127	7,089	11,364	9,748	6,773	6,100	5,806	5,931
	Shareholders’ equity	20,854	22,900	22,731	22,536	19,642	19,817	25,468	28,524	27,521	26,605
Returns, %
Returns, %	ROA	5.06	8.44	6.22	4.66	(2.69)	1.69	19.32	14.20	4.48	3.96
	ROIC	9.19	8.59	9.90	8.09	(3.18)	4.50	30.42	21.40	7.04	6.11
	ROE	10.85	18.58	13.68	10.70	(6.74)	4.68	50.72	32.63	9.86	8.65

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MPC Marathon Petroleum Corporation	$133.9B	16.4×	7.8×	+53.83% (above 0%: growing)	+348.48% (above 0%: growing)	+366.29% (above 0%: growing)	17.18%	14.08%	Compare
VLO Valero Energy Corporation	$127.9B	18.4×	8.3×	+48.80% (above 0%: growing)	+453.51% (above 0%: growing)	+871.06% (above 0%: growing)	12.30%	11.68%
PSX Phillips 66	$115.4B	16.7×	9.2×	+53.06% (above 0%: growing)	+346.05% (above 0%: growing)	+2,432.17% (above 0%: growing)	14.39%	9.14%	Compare
DINO HF Sinclair Corporation	$22.2B	12.0×	6.2×	+53.15% (above 0%: growing)	+348.18% (above 0%: growing)	+191.21% (above 0%: growing)	21.72%	11.24%	Compare
PBF PBF Energy Inc.	$10.3B	7.4×	4.0×	+56.23% (above 0%: growing)	n/m	+4,076.29% (above 0%: growing)	15.56%	10.89%	Compare
SUN Sunoco LP	$9.9B	16.3×	7.2×	+164.55% (above 0%: growing)	+184.85% (above 0%: growing)	+955.68% (above 0%: growing)	10.27%	4.09%	Compare
UGP Ultrapar Participacoes S.A.	$8.2B	12.4×	—	+36.71% (above 0%: growing)	+61.11% (above 0%: growing)	+873.56% (above 0%: growing)	11.12%	7.25%	Compare
CVI CVR Energy Inc.	$6.2B	90.3×	90.4×	+55.48% (above 0%: growing)	n/m	+104.65% (above 0%: growing)	4.27%	2.85%	Compare
IEP Icahn Enterprises L.P.	$4.7B	— (loss-making)	18.5×	+25.58% (above 0%: growing)	n/m	+12.90% (above 0%: growing)	3.09%	(8.67%)	Compare
Median of peers	$10.1B	16.3×	7.8×	+53.49%	+346.05%	+619.93%	12.76%	8.20%

All 19 Oil & Gas Refining & Marketing stocks →

Valero Energy Corporation (VLO) key facts

Concern: Valero Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $122.7 billion, down 5.54% from fiscal 2024.
Concern: Net income was $2.2 billion, or $7.57 per share (basic), a net margin of 1.91%.
Valero Energy Corporation (VLO) is an Oil & Gas Refining & Marketing company in the Energy sector, listed on the New York Stock Exchange.
As of October 16, 2026, VLO traded at $444.71, a market capitalization of $127.9 billion.
At that price the stock trades at 18.4× trailing-twelve-month earnings and 0.9× sales; its P/E is higher than 79% of its own readings over the past ten years.
Valero Energy Corporation pays an annual dividend of $4.73 per share, a yield of 1.06%, with a payout ratio of 19.6%.
Return on equity was 8.65% and debt-to-equity 0.40.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 4.60 (safe zone) for fiscal 2025.