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VLO

Valero Energy Corporation

VLO

Valero Energy Corporation • NYSE
$176.76 ▲ 1.31% (+2.29)
Market Cap $55.19 B
52w High $185.62
52w Low $99.00
Dividend Yield 4.52%
P/E 36.75
Volume 919.41K
Outstanding Shares 312.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $32.168B ▲ $262M ▲ $1.066B ▲ 3.314% ▲ $3.54 ▲ $2.419B ▲
Q2-2025 $29.889B ▼ $224M ▼ $714M ▲ 2.389% ▲ $2.28 ▲ $1.897B ▲
Q1-2025 $30.258B ▼ $1.396B ▲ $-595M ▼ -1.966% ▼ $-1.9 ▼ $-89M ▼
Q4-2024 $30.756B ▼ $270M ▲ $281M ▼ 0.914% ▼ $0.89 ▼ $1.156B ▼
Q3-2024 $32.876B $237M $364M 1.107% $1.14 $1.315B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.764B ▲ $58.615B ▼ $31.869B ▼ $23.754B ▼
Q2-2025 $4.564B ▼ $59.433B ▲ $32.486B ▼ $24.078B ▲
Q1-2025 $4.634B ▼ $59.177B ▼ $32.862B ▲ $23.49B ▼
Q4-2024 $4.657B ▼ $60.143B ▼ $32.622B ▲ $24.512B ▼
Q3-2024 $5.184B $60.382B $32.382B $25.253B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $663M ▲ $936M ▼ $-412M ▲ $-849M ▼ $-95M ▼ $1.185B ▲
Q1-2025 $-652M ▼ $952M ▼ $-635M ▼ $-382M ▲ $-22M ▲ $703M ▼
Q4-2024 $357M ▼ $1.07B ▼ $-544M ▼ $-784M ▲ $-525M ▼ $767M ▼
Q3-2024 $363M ▼ $1.295B ▼ $-408M ▼ $-1.074B ▲ $-60M ▼ $1.085B ▼
Q2-2024 $877M $2.472B $-392M $-1.547B $497M $2.052B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Ethanol
Ethanol
 $1.15Bn ▲$2.22Bn ▲$1.23Bn ▼$1.21Bn ▼
Refining
Refining
 $31.34Bn ▲$59.48Bn ▲$28.76Bn ▼$28.33Bn ▼
Renewable Diesel
Renewable Diesel
 $1.23Bn ▲$2.66Bn ▲$1.04Bn ▼$1.18Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Valero’s recent income statements show classic refining cyclicality. Profits surged in 2022 and 2023 when refining margins were unusually strong, then eased back in 2024 as conditions normalized. Even with this comedown, the business remained clearly profitable in 2024, which suggests the company kept a good share of the upcycle gains. Margins are now closer to what you’d expect in a more typical environment rather than at boom-time levels. Overall, earnings power looks solid but still very sensitive to fuel demand, crude prices, and crack spreads.

Balance Sheet

Balance Sheet The balance sheet has steadily strengthened over the past few years. Debt has been trimmed, equity has built up, and cash on hand is meaningfully higher than it was before the pandemic. This points to a company that used the recent good years to repair and fortify its finances. Valero still runs a heavy industrial asset base, so it will always carry substantial fixed assets and some leverage, but today it looks more resilient and better positioned to handle a downturn than it did in 2020–2021.

Cash Flow

Cash Flow Cash generation has been a clear bright spot. Operating cash flow was very strong during the peak refining years and, even after a step down in 2024, remains healthy. After funding ongoing capital spending on refineries and renewables projects, Valero has still been left with solid free cash flow in most years. This gives the company room to keep investing in its energy transition strategy while also maintaining flexibility for debt reduction and shareholder returns. The main risk is that a weaker refining cycle would quickly tighten this cash flow cushion.

Competitive Edge

Competitive Edge Valero is one of the leading independent refiners, with large, complex plants in advantaged locations, especially along the U.S. Gulf Coast. These refineries can process a wide range of crude types, helping the company shift feedstocks as economics change and often giving it a cost edge. Its integration across refining, ethanol, and renewable diesel creates practical synergies, such as moving byproducts from one segment into another as feedstock. Early, large-scale moves into renewable diesel have also given Valero a meaningful foothold in low‑carbon fuels, particularly in markets that reward lower carbon intensity. Against this, the company remains heavily exposed to volatile refining cycles and to environmental and regulatory pressures on fossil fuels.

Innovation and R&D

Innovation and R&D Valero’s innovation focus is less about lab-style research and more about applied technology and process improvement. It uses advanced data analytics and automation to squeeze more efficiency from its refining system, which supports its cost-leadership profile. The standout area is renewable fuels: through the Diamond Green Diesel joint venture, Valero has become a top global producer of renewable diesel made from waste fats and oils. It is now extending that platform into sustainable aviation fuel, where demand interest appears strong but still early. The company is also pursuing carbon capture projects and exploring new feedstocks and processes, which could lower the carbon footprint of its products and keep it competitive as policy and customer preferences shift toward lower-carbon energy.

Summary

Valero today looks like a financially stronger refiner coming off an exceptional profit boom and settling into more normal, but still healthy, conditions. The business remains cyclical and tightly tied to refining margins, yet the balance sheet and cash flows suggest it has used recent good years to improve resilience. Competitively, its scale, complex refineries, and logistics footprint underpin a strong position in traditional fuels, while early investments in renewable diesel and sustainable aviation fuel give it a meaningful role in the energy transition. Key uncertainties are the depth and length of future refining cycles, the pace and shape of decarbonization policies, and execution on large-scale low‑carbon projects. Overall, Valero appears to straddle two worlds: a mature, volatile refining business and a growing, policy-driven renewables platform.

NEWS

October 29, 2025 · 6:38 AM UTC

Valero Energy Corporation Announces CFO Transition

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October 29, 2025 · 6:30 AM UTC

Valero Energy Corporation Declares Regular Cash Dividend on Common Stock

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October 23, 2025 · 6:30 AM UTC

Valero Energy Reports Third Quarter 2025 Results

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September 19, 2025 · 7:33 AM UTC

Valero Energy Corporation Elects Robert L. Reymond to Board of Directors

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