Valero Energy Corporation Q2 2026 Earnings Recap

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%.