Ticker Scout
← Valero Energy Corporation (VLO)

Valero Energy Corporation (VLO) Q2 FY2026 Financial Statements: Revenue $44.48B, Net income $3.72B

CIK 0001035002 · NYSE · Latest period: Q2 FY2026 (ended 2026-06-30, 10-Q accession 0001628280-26-050937) · Annual report: FY2025 10-K (filed 2026-02-25, accession 0001628280-26-011499) · Next filing: 10-Q, due (projected 2026-10-22)

More for Valero Energy: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ2 FY2026

Published

Valero Energy Corporation reported net income attributable to Valero stockholders of $3.72 billion, or $12.62 per diluted share, for Q2 FY2026, the quarter ended June 30, 2026, up from $714 million, or $2.28 per diluted share, a year earlier. Revenue was $44.48 billion, up 48.8% from a year earlier, and operating income was $5.20 billion, up 421.2%. Wider refining margins, led by diesel, drove most of the gain, lifting operating income in the Refining segment to $4.47 billion from $1.27 billion.

MetricAmountvs. year ago
Revenue$44,476,000,000up 48.8%
Net income$3,720,000,000up 421.0%
Diluted EPS$12.62up 453.5%
Operating income$5,196,000,000up 421.2%
Refining operating income$4,470,000,000up 253.1%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerVLO
CIK0001035002
CompanyValero Energy Corporation
Business typeindustrial
Schema templateStandard industrial template adapted to a petroleum refiner. Valero's income statement presents no gross profit subtotal, so the line items follow the company's own captions: revenues, the components of cost of sales and total cost of sales, operating income, and the lines below it to net income attributable to Valero Energy Corporation stockholders. Segment results are carried at the measure the company's chief operating decision maker uses, operating income (loss) by segment, for its three reportable segments: Refining, Renewable Diesel and Ethanol. Capital spending is carried at the company's own 'capital investments' definition, which includes refinery turnaround and catalyst costs.
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions); per-share amounts in dollars; share counts in shares

VLO annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession10-K10-K10-K
Income statement
Revenues122,687,000,000129,881,000,000144,766,000,000
Cost of materials and other101,096,000,000110,616,000,000117,367,000,000
Taxes other than income taxes6,720,000,0005,900,000,0005,720,000,000
Operating expenses excluding depreciation and amortization6,344,000,0005,831,000,0006,089,000,000
Depreciation and amortization expense in cost of sales3,095,000,0002,729,000,0002,658,000,000
Total cost of sales117,255,000,000125,076,000,000131,834,000,000
Asset impairment loss1,131,000,00000
Other operating expenses15,000,00044,000,00033,000,000
General and administrative expenses excluding depreciation and amortization1,042,000,000961,000,000998,000,000
Depreciation and amortization expense outside cost of sales63,000,00045,000,00043,000,000
Operating income3,181,000,0003,755,000,00011,858,000,000
Other income net380,000,000499,000,000502,000,000
Interest and debt expense net of capitalized interest-556,000,000-556,000,000-592,000,000
Income before income tax expense3,005,000,0003,698,000,00011,768,000,000
Income tax expense759,000,000692,000,0002,619,000,000
Net income2,246,000,0003,006,000,0009,149,000,000
Net income attributable to noncontrolling interests-102,000,000236,000,000314,000,000
Net income attributable to valero energy corporation stockholders2,348,000,0002,770,000,0008,835,000,000
Basic EPS7.578.5824.93
Basic shares309,000,000322,000,000353,000,000
Diluted EPS7.578.5824.92
Diluted shares309,000,000322,000,000353,000,000
Income allocated to participating securities7,000,0008,000,00027,000,000
Net income available to common stockholders2,341,000,0002,762,000,0008,808,000,000
Balance sheet
Cash and cash equivalents4,688,000,0004,657,000,000
Receivables net9,877,000,00010,708,000,000
Inventories7,591,000,0007,761,000,000
Prepaid expenses and other1,054,000,000611,000,000
Total current assets23,210,000,00023,737,000,000
Property plant and equipment net27,617,000,00029,314,000,000
Deferred charges and other assets net7,161,000,0007,092,000,000
Total assets57,988,000,00060,143,000,000
Current portion of debt and finance lease obligations949,000,000743,000,000
Accounts payable10,139,000,00012,092,000,000
Accrued expenses1,403,000,0001,130,000,000
Taxes other than income taxes payable1,550,000,0001,360,000,000
Income taxes payable68,000,000170,000,000
Total current liabilities14,109,000,00015,495,000,000
Debt and finance lease obligations less current portion9,670,000,0009,720,000,000
Deferred income tax liabilities5,146,000,0005,267,000,000
Other long term liabilities2,458,000,0002,140,000,000
Additional paid in capital6,981,000,0006,939,000,000
Treasury stock at cost-30,753,000,000-28,178,000,000
Retained earnings47,959,000,00047,016,000,000
Accumulated other comprehensive loss-469,000,000-1,272,000,000
Total valero energy corporation stockholders equity23,725,000,00024,512,000,000
Noncontrolling interests2,880,000,0003,009,000,000
Total equity26,605,000,00027,521,000,000
Total liabilities derived31,383,000,00032,622,000,000
Total debt and finance lease obligations10,619,000,00010,463,000,000
Cash flow
Net cash provided by operating activities5,826,000,0006,683,000,0009,229,000,000
Depreciation and amortization expense3,158,000,0002,774,000,0002,701,000,000
Capital expenditures excluding vies-719,000,000-649,000,000-665,000,000
Capital expenditures of dgd-71,000,000-250,000,000-235,000,000
Capital expenditures of other vies-6,000,000-8,000,000-11,000,000
Deferred turnaround and catalyst cost expenditures excluding vies-990,000,000-1,079,000,000-946,000,000
Deferred turnaround and catalyst cost expenditures of dgd-99,000,000-71,000,000-59,000,000
Investments in nonconsolidated joint ventures-3,000,00000
Net cash used in investing activities-1,845,000,000-1,981,000,000-1,865,000,000
Purchases of common stock for treasury-2,598,000,000-2,875,000,000-5,136,000,000
Common stock dividend payments-1,405,000,000-1,384,000,000-1,452,000,000
Net cash used in financing activities-4,182,000,000-5,049,000,000-6,941,000,000
Capital investments-1,888,000,000-2,057,000,000-1,916,000,000
Free cash flow3,938,000,0004,626,000,0007,313,000,000
Segment revenues from external customers
Refining116,158,000,000123,853,000,000136,470,000,000
Renewable diesel2,508,000,0002,410,000,0003,823,000,000
Ethanol4,021,000,0003,618,000,0004,473,000,000
Segment operating income
Refining4,040,000,0003,971,000,00011,511,000,000
Renewable diesel-156,000,000507,000,000852,000,000
Ethanol374,000,000288,000,000553,000,000
Total reportable segments4,258,000,0004,766,000,00012,916,000,000
Per share
Dividends declared per common share4.524.284.08

VLO quarterly income statement, balance sheet and cash flow

Q2 2026Q2 2025
Fiscal quarter22
Period start2026-04-012025-04-01
Period end2026-06-302025-06-30
Period typethree monthsthree months
Source accession10-Q10-Q
Income statement
Revenues44,476,000,00029,889,000,000
Cost of materials and other35,130,000,00024,678,000,000
Taxes other than income taxes1,648,000,0001,654,000,000
Operating expenses excluding depreciation and amortization1,506,000,0001,522,000,000
Depreciation and amortization expense in cost of sales723,000,000786,000,000
Total cost of sales39,007,000,00028,640,000,000
Asset impairment loss00
Other operating expenses26,000,0004,000,000
General and administrative expenses excluding depreciation and amortization233,000,000220,000,000
Depreciation and amortization expense outside cost of sales14,000,00028,000,000
Operating income5,196,000,000997,000,000
Other income net116,000,00086,000,000
Interest and debt expense net of capitalized interest-145,000,000-141,000,000
Income before income tax expense5,167,000,000942,000,000
Income tax expense1,094,000,000279,000,000
Net income4,073,000,000663,000,000
Net income attributable to noncontrolling interests353,000,000-51,000,000
Net income attributable to valero energy corporation stockholders3,720,000,000714,000,000
Basic EPS12.622.28
Basic shares294,000,000312,000,000
Diluted EPS12.622.28
Diluted shares294,000,000312,000,000
Income allocated to participating securities10,000,0002,000,000
Net income available to common stockholders3,710,000,000712,000,000
Balance sheet
Cash and cash equivalents7,874,000,000
Receivables net13,928,000,000
Inventories7,625,000,000
Prepaid expenses and other1,243,000,000
Total current assets30,670,000,000
Property plant and equipment net26,845,000,000
Deferred charges and other assets net7,148,000,000
Total assets64,663,000,000
Current portion of debt and finance lease obligations927,000,000
Accounts payable14,423,000,000
Accrued expenses1,338,000,000
Taxes other than income taxes payable1,574,000,000
Income taxes payable480,000,000
Total current liabilities18,742,000,000
Debt and finance lease obligations less current portion10,422,000,000
Deferred income tax liabilities4,886,000,000
Other long term liabilities2,345,000,000
Additional paid in capital7,014,000,000
Treasury stock at cost-33,575,000,000
Retained earnings52,228,000,000
Accumulated other comprehensive loss-673,000,000
Total valero energy corporation stockholders equity25,001,000,000
Noncontrolling interests3,267,000,000
Total equity28,268,000,000
Total liabilities derived36,395,000,000
Total debt and finance lease obligations11,349,000,000
Cash flow
Net cash provided by operating activities5,580,000,000936,000,000
Capital expenditures excluding vies-222,000,000-144,000,000
Capital expenditures of dgd-3,000,000-4,000,000
Capital expenditures of other vies-1,000,000-2,000,000
Deferred turnaround and catalyst cost expenditures excluding vies-120,000,000-247,000,000
Deferred turnaround and catalyst cost expenditures of dgd-4,000,000-10,000,000
Investments in nonconsolidated joint ventures00
Capital investments-350,000,000-407,000,000
Free cash flow5,230,000,000529,000,000
Cash flow source accession0001628280-26-0508220001628280-26-050822
Segment revenues from external customers
Refining42,300,000,00028,324,000,000
Renewable diesel1,176,000,000565,000,000
Ethanol1,000,000,0001,000,000,000
Segment operating income
Refining4,470,000,0001,266,000,000
Renewable diesel717,000,000-79,000,000
Ethanol318,000,00054,000,000
Total reportable segments5,505,000,0001,241,000,000
Per share
Dividends declared per common share1.201.13

VLO year-to-date income statement and cash flow

Six months ended June 30, 2026Six months ended June 30, 2025
Period start2026-01-012025-01-01
Period end2026-06-302025-06-30
Period typesix monthssix months
Source accession10-Q10-Q
Income statement
Revenues76,857,000,00060,147,000,000
Cost of materials and other61,315,000,00050,726,000,000
Taxes other than income taxes3,369,000,0003,154,000,000
Operating expenses excluding depreciation and amortization3,101,000,0003,045,000,000
Depreciation and amortization expense in cost of sales1,551,000,0001,466,000,000
Total cost of sales69,336,000,00058,391,000,000
Asset impairment loss01,131,000,000
Other operating expenses50,000,0008,000,000
General and administrative expenses excluding depreciation and amortization518,000,000481,000,000
Depreciation and amortization expense outside cost of sales26,000,00039,000,000
Operating income6,927,000,00097,000,000
Other income net248,000,000206,000,000
Interest and debt expense net of capitalized interest-285,000,000-278,000,000
Income before income tax expense6,890,000,00025,000,000
Income tax expense1,495,000,00014,000,000
Net income5,395,000,00011,000,000
Net income attributable to noncontrolling interests412,000,000-108,000,000
Net income attributable to valero energy corporation stockholders4,983,000,000119,000,000
Basic EPS16.790.37
Basic shares296,000,000313,000,000
Diluted EPS16.780.37
Diluted shares296,000,000313,000,000
Income allocated to participating securities14,000,0002,000,000
Net income available to common stockholders4,969,000,000117,000,000
Cash flow
Net cash provided by operating activities6,970,000,0001,888,000,000
Depreciation and amortization expense1,577,000,0001,505,000,000
Capital expenditures excluding vies-382,000,000-333,000,000
Capital expenditures of dgd-7,000,000-63,000,000
Capital expenditures of other vies-2,000,000-3,000,000
Deferred turnaround and catalyst cost expenditures excluding vies-374,000,000-621,000,000
Deferred turnaround and catalyst cost expenditures of dgd-33,000,000-46,000,000
Investments in nonconsolidated joint ventures0-1,000,000
Net cash used in investing activities-761,000,000-1,047,000,000
Purchases of common stock for treasury-2,836,000,000-612,000,000
Common stock dividend payments-714,000,000-710,000,000
Net cash used in financing activities-2,909,000,000-1,231,000,000
Capital investments-798,000,000-1,067,000,000
Free cash flow6,172,000,000821,000,000
Segment revenues from external customers
Refining73,105,000,00057,081,000,000
Renewable diesel1,887,000,0001,058,000,000
Ethanol1,865,000,0002,008,000,000
Segment operating income
Refining6,276,000,000736,000,000
Renewable diesel856,000,000-220,000,000
Ethanol408,000,00074,000,000
Total reportable segments7,540,000,000590,000,000
Per share
Dividends declared per common share2.402.26

VLO trailing twelve month income statement and cash flow

Trailing twelve months ended June 30, 2026
Period start2025-07-01
Period end2026-06-30
Period typetrailing twelve months
Source accession10-Q
Income statement
Revenues139,397,000,000
Total cost of sales128,200,000,000
Operating income10,011,000,000
Income before income tax expense9,870,000,000
Income tax expense2,240,000,000
Net income7,630,000,000
Net income attributable to noncontrolling interests418,000,000
Net income attributable to valero energy corporation stockholders7,212,000,000
Cash flow
Capital investments-1,619,000,000
Free cash flow9,289,000,000
Net cash provided by operating activities10,908,000,000
Purchases of common stock for treasury-4,822,000,000
Common stock dividend payments-1,409,000,000
  • Derivation. Fiscal 2025 as reported in the FY2025 10-K (accession 0001628280-26-011499) plus the six months ended June 30, 2026 less the six months ended June 30, 2025, both as reported in the second-quarter 2026 10-Q (accession 0001628280-26-050937). No trailing-twelve-month earnings per share is shown: neither filing presents one.

Adjustments

Splits appliednone
ADR ration/a
FXnone - Valero Energy Corporation reports in U.S. dollars

Notes

  • Valero Energy Corporation refines and markets petroleum-based and low-carbon transportation fuels. It reports three segments: Refining (its petroleum refineries), Renewable Diesel (Diamond Green Diesel, or DGD, a consolidated joint venture), and Ethanol.
  • This record covers exactly the periods the two filings behind it present: fiscal 2025, 2024 and 2023 from the FY2025 10-K (accession 0001628280-26-011499), with balance sheets at December 31, 2025 and 2024 only, because the 10-K presents no balance sheet at December 31, 2023; and the three and six months ended June 30, 2026 and 2025 from the second-quarter 2026 10-Q (accession 0001628280-26-050937), with a balance sheet at June 30, 2026 only, because the 10-Q presents none at June 30, 2025.
  • The 10-Q's cash flow statement covers six months only. The three-month operating cash flow and capital investment figures for the second quarters of 2026 and 2025 are taken from Valero's second-quarter 2026 earnings release, furnished as Exhibit 99.1 to a Form 8-K (accession 0001628280-26-050822), and those quarter entries cite that accession for their cash flow figures. The release's six-month columns agree with the 10-Q's cash flow statement line for line.
  • Sign convention: cash outflows are negative, as the cash flow statement prints them, including capital expenditures, turnaround and catalyst spending, share repurchases and dividends paid. The earnings release prints capital investment components as positive amounts; they are stored here as negatives to match. Interest and debt expense is stored as a negative, as the income statement prints it. A negative net income attributable to noncontrolling interests is a loss attributable to the other owners.
  • Capital investments follow Valero's own definition: all capital expenditures (including those of DGD and other consolidated variable interest entities), deferred turnaround and catalyst cost expenditures, and investments in nonconsolidated joint ventures. For the fiscal years the total is the sum of those lines on the 10-K cash flow statement; the 2025 and 2024 totals ($1,888 million and $2,057 million) match the full-year figures in Valero's fourth-quarter 2025 earnings release. For the quarters and six-month periods the total is as printed in the second-quarter 2026 earnings release.
  • Free cash flow is operating cash flow less capital investments as defined above. Neither filing presents a free cash flow measure; this is a derived figure. Both operating cash flow and capital investments include DGD in full, including the share attributable to the other joint venture member.
  • Valero does not print a total liabilities line. Total liabilities here is the sum of total current liabilities, long-term debt and finance lease obligations, deferred income tax liabilities and other long-term liabilities, which equals total liabilities and equity less total equity. Total debt and finance lease obligations is the current portion plus the portion due after one year, as presented on the balance sheet; at June 30, 2026 and December 31, 2025 it matches the totals of $11,349 million and $10,619 million in the second-quarter 2026 earnings release.
  • Valero computes earnings per share under the two-class method. The numerator is net income available to common stockholders, which is net income attributable to Valero stockholders less income allocated to participating securities (restricted stock and performance awards), as shown in the earnings-per-share notes. Weighted-average share counts are printed in millions and stored here in shares.
  • Segment operating income is shown for the three reportable segments and their total before intersegment eliminations and unallocated corporate expenses, so the total does not equal consolidated operating income. Segment revenues are revenues from external customers. Effective in the second quarter of 2026, costs of decommissioning and redeveloping the Benicia Refinery are reported within other corporate expenses rather than in the Refining segment.
  • In the first quarter of 2025 Valero recognized an asset impairment loss of $1,131 million on its Benicia and Wilmington refineries in California, which falls in fiscal 2025 and in the six months ended June 30, 2025.
  • Both filings state that certain prior-year amounts were reclassified: taxes other than income taxes are now presented separately rather than within cost of materials and other. All figures here are as presented in these two filings, on that reclassified basis.
  • Dividends per common share are dividends declared, as stated in the statements of equity: $4.52 for 2025, $4.28 for 2024 and $4.08 for 2023; $1.20 and $1.13 for the second quarters of 2026 and 2025, and $2.40 and $2.26 for the six-month periods.
  • Valero released third-quarter 2026 results on October 22, 2026 (Form 8-K, accession 0001628280-26-066795), before filing its third-quarter 10-Q. Those results are not part of this second-quarter record.
  • No stock split, currency translation or depositary-share adjustment applies: Valero reports in U.S. dollars, and its common stock is not held through depositary receipts.

Uncertainties

  • Only operating cash flow and capital investment components are available for the three-month quarters; the earnings release does not print three-month investing or financing totals, share repurchases paid or dividends paid, so those lines appear only for the fiscal years and the six-month periods.
  • Free cash flow and capital investment totals for the fiscal years are derived by summing printed lines rather than read from a single printed total in the 10-K.

Company details

NameValero Energy Corp/Tx
TickerVLO
CIK0001035002
ExchangeNYSE
StateTexas
IncorporationDelaware
SIC2911
OfficeEnergy & Transportation
IndustryPetroleum Refining

Fiscal period

Fiscal year2026
Fiscal periodQ2
TagFY26Q2
Period end2026-06-30
Form10-Q
Accession0001628280-26-050937
Fiscal year end1231
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno10-K2025FYFY252025-12-312026-02-250001628280-26-011499reported
quarterlyyes10-Q2026Q2FY26Q22026-06-302026-07-300001628280-26-050937facts

FAQ · Valero Energy financial statements

How much did Valero earn in Q2 FY2026?

Valero Energy Corporation reported net income attributable to Valero stockholders of $3.72 billion for Q2 FY2026, the quarter ended June 30, 2026. That is up 421.0% from $714 million in the same quarter a year earlier.

What was Valero's earnings per share in Q2 FY2026?

Valero Energy Corporation earned $12.62 per diluted share in Q2 FY2026, the quarter ended June 30, 2026, compared with $2.28 per diluted share in the same quarter a year earlier.

What was Valero's revenue in Q2 FY2026?

Valero Energy Corporation reported revenue of $44.48 billion for Q2 FY2026, the quarter ended June 30, 2026, up 48.8% from $29.89 billion in the same quarter a year earlier.

How much did Valero's refining business earn in Q2 FY2026?

Valero Energy Corporation's Refining segment reported operating income of $4.47 billion for Q2 FY2026, up 253.1% from $1.27 billion a year earlier, as wider margins on diesel and gasoline more than offset narrower crude oil differentials.

Where can I get Valero Energy Corporation (VLO) financial data in machine-readable form?

Ticker Scout publishes Valero Energy Corporation's financial statements as JSON at https://tickerscout.ai/vlo/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/vlo/narrative.md and https://tickerscout.ai/vlo/events.md. Valero Energy Corporation's SEC CIK is 0001035002. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Valero Energy Corporation (VLO) next file with the SEC?

Valero Energy Corporation (VLO) is due to file its next Form 10-Q with the SEC. The projected date, October 22, 2026, has passed, which means the filing is due or overdue rather than already reported here. That date is a projection rather than a company-announced date: it is derived from Valero Energy Corporation's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001628280-26-050937.

Related companies

See every covered company and its filings data.

How this page was built

This page was built from four of Valero Energy Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer

Built from Valero Energy Corporation's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.