VLO earnings analysis
What we found in VLO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Valero Energy achieved a significant turnaround in Q1 2026, reporting a net income of $1.3 billion or $4.22 per share, rebounding from a net loss of $595 million in Q1 2025. Revenue for the quarter was $31.8 billion, exceeding estimates and demonstrating strong demand coupled with constrained global supply.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue of $31.8B
- Revenue for Q1 2026 reached $31.8 billion, surpassing consensus estimates of $30.07 billion.
- EPS Rebound to $4.22
- Diluted EPS improved to $4.22 from a loss of $1.9 in Q1 2025.
- Operational Income Surge
- Operating income rose by $2.6 billion year-over-year due to strong refining margins.
- Free Cash Flow Positive
- The quarter generated $1.4 billion of cash from operations.
- Cash and Liquidity Increase
- Cash and equivalents increased by $1 billion to $5.9 billion as of March 31, 2026.
- Refining Segment Recovery
- Refining adjusted operating income increased by $1.2 billion due to higher margins.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Supply Disruptions
- Tensions in the Middle East and Russia may disrupt refining capacity and commodity markets.
- Feedstock Cost Volatility
- Fluctuations in crude oil prices could adversely impact refining margins.
- Operational Risks from Facilities
- The Port Arthur Refinery experienced a fire, which could affect operations and output.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.22
What they said about what is next.
The company anticipates continued strong demand for petroleum products but acknowledges uncertainties in supply and demand dynamics.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Valero presents a two-pronged strategy: operate a low-cost, integrated refining platform (15 refineries, ~3.2 million BPD throughput capacity) while scaling low‑carbon liquid fuels via its DGD renewable diesel/SAF joint…
- 10-Q · October 30, 2024
- Valero reported Q3 2024 revenue of $32,876,000,000 and EPS of $1.14. Revenue and margins remain materially below the prior-year quarter while operating cash flow for the nine months is strong at $5,613,000,000 and the…
- 10-K · February 22, 2024
- Valero Energy Corporation has strategically positioned itself as a leading manufacturer and marketer of low-carbon liquid fuels, leveraging its extensive infrastructure of refineries and renewable energy investments.…
- 10-Q · July 27, 2023
- Valero reported Q2 2023 revenue of $34,509 million and diluted EPS of $5.40, both substantially below prior-year levels. Gross margin and operating margin compressed meaningfully vs Q2 2022, but the company generated…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing VLO makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever