Valero Energy (VLO) financials

NYSE · Energy · Oil & Gas Refining & Marketing · 9,785 employees · CEO R. Lane Riggs

Price: $399.66 +3.92%
Market cap: $111B
Enterprise value: $113B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-04 EPS est. $19.40

Revenue (TTM)$147B+19.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)12.0%+10.4 pp vs a year agoOperating income $17.6B

Net income (TTM)$12.9B+765.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$15.1B+280.8% vs a year agoCapex $881M

Diluted EPS (TTM)$44.47+826.5% vs a year agoSum of the last 4 quarters

Net cash-$1.16B+80.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $111B
Revenue: $147B
Revenue growth: +34%
Profit margin: 8.8%
P/E: 9.0×
P/S: 0.8×
EV / EBITDA: 5.4×
Free cash flow: $15.1B
Net income: $12.9B
Revenue estimate: $164B
Earnings: 2027-02-04
Dividend: $4.73

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-22): revenue beat by 7.9%, EPS beat by 12.9%Revenue $46.1B vs $42.7B expected (+7.9%); EPS $23.90 vs $21.17 (+12.9%).
Revenue growth accelerating: 43.3% year on yearQ3 '26 revenue $46.1B, against an average of 7.7% over the four quarters before.
Operating margin 12.0% (TTM), +10.4 pp on a year agoOperating income grew 799.4% while revenue grew 19.3%.
Capex 0.6% of revenue (a year ago 0.7%)$881M invested in the last 4 quarters (+0.2% on a year earlier). Free cash flow $15.1B = 116.5% of net income.
Returned $8.67B to shareholders = 57.5% of free cash flowBuybacks $7.26B (a year earlier $1.79B), dividends $1.4B, stock-based pay $0 (TTM).
Diluted share count down 7.8% in a year285M diluted shares in Q3 '26, 309M a year earlier.
Net debt $1.16BCash + short-term investments $9.84B, debt incl. leases $11B; a year ago net debt $5.82B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$46.1B	$32.2B	+43.3%
Gross margin	20.4%	5.5%	+14.9 pp
Operating income	$9.07B	$1.51B	+501.3%
Operating margin	19.7%	4.7%	+15.0 pp
Net income	$6.83B	$1.1B	+523.6%
Diluted EPS	$23.89	$3.53	+576.8%
Operating cash flow	$6.93B	$1.88B	+268.5%
Capex	$270M	$177M	+52.5%
Free cash flow	$6.66B	$1.7B	+291.0%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-22

	Actual	Consensus	vs consensus
Revenue	$46.1B	$42.7B	+7.9%
EPS (as estimated)	$23.90	$21.17	+12.9%

From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Refining	$44.4B	–	92.1%	$177B	–
Renewable Diesel	$2.39B	–	5.0%	$7.52B	–
Ethanol	$1.42B	–	2.9%	$6.13B	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Refining	–	–	$8.78B	+445.5%	–	–	$16.8B
Renewable Diesel	–	–	$353M	+1,360.7%	–	–	$1.3B
Ethanol	–	–	$272M	+48.6%	–	–	$797M
Corporate Reconciling Items And Eliminations	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $16B
Capex: -$881M
Buybacks: -$7.26B
Dividends: -$1.4B
Acquisitions: -$2M
Net debt issued: -$62M
Stock-based compensation: $0
Free cash flow: $15.1B
Returned to shareholders / FCF: 57.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	9.0×	15.7×	4.4× – 33.1×
EV / EBITDA	5.4×	6.2×	3.2× – 9.1×
EV / Sales	0.8×	0.4×	0.3× – 0.5×
Price / FCF	7.4×	6.8×	4.6× – 10.0×
Price / Book	4.1×	1.9×	1.6× – 2.1×
FCF yield	13.5%	15.6%	10.0% – 21.7%
Return on invested capital	27.6%	12.9%	4.2% – 27.1%
Return on equity	51.5%	21.7%	5.0% – 48.9%

Analysts

Consensus target $451.11 (+12.9%)
range $394.00 – $530.00 · rating Buy

Strong buy1

Buy19

Hold16

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$164B	+33.9%	$59.20	+682.1%	6.8×	10
FY2027	$146B	-11.3%	$52.78	-10.8%	7.6×	11
FY2028	$119B	-18.0%	$28.08	-46.8%	14.2×	5
FY2029	$151B	+26.1%	$44.09	+57.0%	9.1×	1
FY2030	$158B	+5.3%	$31.10	-29.5%	12.9×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 261 figures Valero Energy Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$13.8B	$10.7B	+29.0%	$10.1B	$12.1B	-16.2%
Accounts Receivable, after Allowance for Credit Loss, Current	$9.21B2025-12-31	$9.73B	-5.4%	$9.21B	$9.73B	-5.4%
Accounts Receivable, Allowance for Credit Loss, Current	$19M2025-12-31	$20M	-5.0%	$19M	$20M	-5.0%
Accounts Receivable, before Allowance for Credit Loss, Current	$9.23B2025-12-31	$9.75B	-5.4%	$9.23B	$9.75B	-5.4%
Accrued Environmental Loss Contingencies, Current	$32M2025-12-31	$45M	-28.9%	$32M	$45M	-28.9%
Accrued Environmental Loss Contingencies, Noncurrent	$243M2025-12-31	$261M	-6.9%	$243M	$261M	-6.9%
Accrued Income Taxes, Current	$1.58B	$290M	+444.5%	$68M	$170M	-60.0%
Accrued Liabilities, Current	$1.44B	$1.44B	-0.3%	$1.4B	$1.13B	+24.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$797M	-$708M	-12.6%	-$469M	-$1.27B	+63.1%
Additional Paid in Capital, Common Stock	$7.03B	$6.97B	+0.8%	$6.98B	$6.94B	+0.6%
Amortization of Other Deferred Charges	–	–	–	$876M	$852M	+2.8%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$10M	$18M	-44.4%	$100M	$89M	+12.4%
Asset Retirement Obligation	$382M2025-12-31	$38M	+905.3%	$382M	$38M	+905.3%
Asset Retirement Obligation, Accretion Expense	–	–	–	$15M	$2M	+650.0%
Asset Retirement Obligation, Current	$02025-12-31	$2M	-100.0%	$0	$2M	-100.0%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$337M	$0	–
Asset Retirement Obligation, Liabilities Settled	–	–	–	$8M	$3M	+166.7%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$0	$2M	-100.0%
Asset Retirement Obligations, Noncurrent	$382M2025-12-31	$36M	+961.1%	$382M	$36M	+961.1%
Assets	$68B	$58.6B	+15.9%	$58B	$60.1B	-3.6%
Assets for Plan Benefits, Defined Benefit Plan	$948M2025-12-31	$724M	+30.9%	$948M	$724M	+30.9%
Assets, Current	$33.6B	$23.5B	+42.8%	$23.2B	$23.7B	-2.2%
Cash and Cash Equivalents, at Carrying Value	$9.84B	$4.76B	+106.5%	$4.69B	$4.66B	+0.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$10B	$4.94B	+102.8%	$4.87B	$4.83B	+0.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.97B	$229M	+759.0%	$36M	-$595M	+106.1%
Common Stock, Dividends, Per Share, Cash Paid	$1.20	$1.13	+6.2%	$4.52	$4.28	+5.6%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	1.2B	1.2B	0.0%	1.2B	1.2B	0.0%
Common Stock, Shares, Issued	674M	674M	0.0%	674M	674M	0.0%
Common Stock, Value, Issued	$7M	$7M	0.0%	$7M	$7M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$74M	-$25M	+396.0%	-$88M	$191M	-146.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$6.7B	$940M	+613.2%	$3.15B	$2.37B	+33.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$6.78B	$915M	+640.8%	$3.06B	$2.56B	+19.7%
Contract with Customer, Liability	$82M	$62M	+32.3%	$60M	$82M	-26.8%
Contract with Customer, Liability, Current	$60M2025-12-31	$82M	-26.8%	$60M	$82M	-26.8%
Contract with Customer, Liability, Revenue Recognized	–	–	–	$81M	$39M	+107.7%
Contract with Customer, Receivable, before Allowance for Credit Loss, Current	$9.45B	$6.32B	+49.5%	$6.23B	$5.81B	+7.2%
Cost of Revenue	$36.7B	$30.4B	+20.7%	$117B	$125B	-6.3%
Cost, Depreciation and Amortization	$669M	$824M	-18.8%	$3.1B	$2.73B	+13.4%
Cost, Direct Material	$32.7B	$26.1B	+25.3%	$101B	$111B	-8.6%
Cost, Overhead	$1.63B	$1.61B	+0.8%	$6.34B	$5.83B	+8.8%
Current Federal Tax Expense (Benefit)	–	–	–	$574M	$464M	+23.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$330M	$278M	+18.7%
Current Income Tax Expense (Benefit)	–	–	–	$956M	$779M	+22.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$52M	$37M	+40.5%
Debt and Lease Obligation	$10.6B2025-12-31	$10.5B	+1.5%	$10.6B	$10.5B	+1.5%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$70M2025-12-31	$71M	-1.4%	$70M	$71M	-1.4%
Debt, Current	$989M	$894M	+10.6%	$949M	$743M	+27.7%
Debt, Long-term and Short-term, Combined Amount	$8.58B	$8.37B	+2.5%	$8.26B	$8.09B	+2.2%
Deferred Compensation Liability, Classified, Noncurrent	$104M2025-12-31	$102M	+2.0%	$104M	$102M	+2.0%
Deferred Costs, Noncurrent	$7.46B	–	–	$7.16B	$7.09B	+1.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$364M	-$99M	-267.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$178M	$25M	+612.0%
Deferred Income Tax Expense (Benefit)	–	–	–	-$197M	-$87M	-126.4%
Deferred Income Tax Liabilities, Net	$4.63B	$5.02B	-7.9%	$5.15B	$5.27B	-2.3%
Deferred Income Taxes and Tax Credits	-$307M	-$29M	-958.6%	-$197M	-$87M	-126.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$11M	-$13M	+15.4%
Deferred Tax Assets, Gross	$2.78B2025-12-31	$2.76B	+0.9%	$2.78B	$2.76B	+0.9%
Deferred Tax Assets, Inventory	$159M2025-12-31	$197M	-19.3%	$159M	$197M	-19.3%
Deferred Tax Assets, Net of Valuation Allowance	$1.28B2025-12-31	$1.27B	+0.2%	$1.28B	$1.27B	+0.2%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01