Valero Energy Corporation Earnings Recaps
Q2 2026
Aug 1, 2026
Valero’s second-quarter results outpaced expectations, driving a 3.8% stock gain as solid operational execution across refining, renewable diesel, and ethanol segments translated into robust profitability and cash generation.
Key takeaways
- Net income attributable to Valero was $3.7 billion ($12.62 per share), a substantial increase from $714 million ($2.28 per share) in Q2 2025.
- Refining operating income reached $4.5 billion on 3 million barrels per day throughput, with cash operating expenses at $4.70 per barrel.
- Renewable Diesel segment swung to $717 million operating income from a $79 million loss a year ago, with sales volumes averaging 3.8 million gallons per day.
- Ethanol operating income rose to $318 million on 4.7 million gallons per day production.
- The balance sheet strengthened, with cash reserves building by $2.1 billion to $7.9 billion and a low net debt-to-capitalization ratio of 11%.
Q1 2026
May 1, 2026
Valero shares declined 1.8% post-earnings, as a largely in-line quarter failed to deliver a positive surprise for investors. While headline results showed year-over-year improvements across segments and solid cash generation, muted market reaction suggests the outcome was anticipated and lacked a clear catalyst.
Key takeaways
- Net income attributable to shareholders was $1.3 billion ($4.22 per share), turning around from a net loss in the prior year.
- Refining segment delivered $1.8 billion in operating income, with throughput averaging 2.9 million barrels per day and cash operating expenses of $5.13 per barrel.
- Renewable diesel posted $139 million operating income; ethanol segment reported $90 million, both rebounding from losses a year ago.
- Shareholder cash returns reached $938 million this quarter, with a 6% dividend increase approved in January.
- Capital investments totaled $448 million, and the balance sheet remains strong with a debt/capitalization ratio (net of cash) at 18% and a higher cash balance following a strategic debt issuance.
Q3 2025
Oct 24, 2025
Valero Energy Corp. reported robust Q3 2025 results with net income soaring to $1.1 billion, driven by record refinery throughput and strong refining margins amid ongoing market tightness.
Key takeaways
- Net income attributable to Valero stockholders increased significantly to $1.1 billion, or $3.66 per share, compared to $371 million in Q3 2024.
- Refining segment operating income surged to $1.6 billion, supported by 97% throughput capacity utilization and strong global demand.
- Ethanol production reached record levels with operating income of $183 million, while renewable diesel operations faced an operating loss of $28 million.
- Returned $1.3 billion to shareholders via dividends and stock buybacks, resulting in a payout ratio of 78% for the quarter.
- Strong balance sheet with $5.3 billion in available liquidity and a low debt-to-capitalization ratio of 18% as of September 30, 2025.