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…
Earnings analysis · 10-Q
VLO earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.22
What stood out
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Strong Revenue of $31.8B
Revenue for Q1 2026 reached $31.8 billion, surpassing consensus estimates of $30.07 billion.
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EPS Rebound to $4.22
Diluted EPS improved to $4.22 from a loss of $1.9 in Q1 2025.
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Operational Income Surge
Operating income rose by $2.6 billion year-over-year due to strong refining margins.
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Free Cash Flow Positive
The quarter generated $1.4 billion of cash from operations.
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Cash and Liquidity Increase
Cash and equivalents increased by $1 billion to $5.9 billion as of March 31, 2026.
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Refining Segment Recovery
Refining adjusted operating income increased by $1.2 billion due to higher margins.
What to watch
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Geopolitical Supply Disruptions
Tensions in the Middle East and Russia may disrupt refining capacity and commodity markets.
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Feedstock Cost Volatility
Fluctuations in crude oil prices could adversely impact refining margins.
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Operational Risks from Facilities
The Port Arthur Refinery experienced a fire, which could affect operations and output.
Management's outlook
The company anticipates continued strong demand for petroleum products but acknowledges uncertainties in supply and demand dynamics.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.