Company file · VLO

Valero Energy

Ethanol was Valero Energy's fastest-growing segment in FY2025, up 11.1%

Revenue fell 5.5% to $122.7B in FY2025, from $129.9B in FY2024. Net income fell 15.2% to $2.3B. Refining was the largest segment, at 95% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Oct 28, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Valero Energy (NYSE: VLO) took in $122.7B of revenue (down 5.5% on fiscal 2024); net income was $2.3B (down 15.2%). The most recent quarter, ended Sep 30, 2026, brought revenue of $46.1B, up 43.3% year over year, with net income of $6.8B. Refining was the biggest single line by segment: 95% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$122.7BFY2025 · −5.5% vs FY2024

Net income$2.3BFY2025 · −15.2% vs FY2024

Operating cash flow$5.8BFY2025 · −12.8% vs FY2024

Cash & equivalents$9.8Bat Sep 30, 2026 · +109.9% vs FY2025 end

Total debt$9.2BFY2025 end · +4.3% vs FY2024

Diluted shares309MFY2025 avg · −4.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 28, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Refining$116.2B95%−6.2%
Ethanol$4.0B3%+11.1%
Renewable Diesel$2.5B2%+4.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Refining (95%), Ethanol (3%) and Renewable Diesel (2%), as shares of total revenue. Total revenue was $122.7B.

By segment: three-year mixShare of the total each fiscal year

FY2023

94%

FY2024

95%

FY2025

95%

RefiningEthanolRenewable Diesel

Source: 10-K FY2025

By region, FY2025

United States$87.8B72%−5.9%

United Kingdom and Ireland$15.8B13%+3.9%

Canada$8.1B7%−5.1%

Other Countries$5.7B5%−22.0%

Mexico and Peru$5.2B4%−4.4%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$46.1B Q3 2026

$32.2B Q3 2025

43.3% increase

Net income

$6.8B Q3 2026

$1.1B Q3 2025

523.6% increase

Source: Valero Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

By segment

Refining

$44.4B Q3 2026

$30.4B Q3 2025

45.9% increase

Ethanol

$1.1B Q3 2026

$1.0B Q3 2025

2.9% increase

Renewable Diesel

$664M Q3 2026

$719M Q3 2025

7.6% decrease

Source: Valero Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

Cash & equivalents $9.8B at Sep 30, 2026, vs $4.7B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $13.9B vs $3.8B a year earlier.

The bull case and the bear case

The bull case

Diluted shares fell 4.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $46.1B, up 43.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $6.8B, up 523.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Ethanol revenue grew 11.1% in FY2025 to $4.0B. 10-K, FY2025

The bear case

Revenue fell 5.5% in FY2025 to $122.7B, from $129.9B a year earlier. 10-K, FY2025
Net income fell 15.2% in FY2025 to $2.3B, from $2.8B. 10-K, FY2025
Operating cash flow fell 12.8% in FY2025 to $5.8B. 10-K, FY2025
Total debt rose 4.3% in FY2025 to $9.2B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Valero Energy is in the oil & gas refining & marketing industry, part of the energy sector. The SEC files it under Petroleum Refining.

Valero Energy reports 3 segments: Refining, Ethanol and Renewable Diesel.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas refining & marketing industry. They are not a summary of Valero Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$144.8B	$129.9B	$122.7B
Net income	$8.8B	$2.8B	$2.3B
Operating cash flow	$9.2B	$6.7B	$5.8B
Cash & equivalents (year end)	$5.4B	$4.7B	$4.7B
Total debt (year end)	$10.6B	$8.8B	$9.2B
Diluted shares	353M	322M	309M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 28, 2026	Sep 30, 2026
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Mar 19, 2026	May 7, 2026
10-K	Feb 25, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Valero Energy

How does Valero Energy make money?

In fiscal 2025, revenue totaled $122.7B. By segment in FY2025: Refining (95%), Ethanol (3%) and Renewable Diesel (2%), as shares of total revenue. Total revenue was $122.7B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Valero Energy's revenue in fiscal 2025?

Revenue came to $122.7B in the year ended Dec 31, 2025. Going back two years, it was $144.8B in fiscal 2023 and $129.9B in fiscal 2024, so the latest year was down 5.5%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Valero Energy profitable?

Yes, by US accounting rules (GAAP): net income was $2.3B in fiscal 2025, down 15.2% from $2.8B a year earlier. For the quarter ended Sep 30, 2026, net income was $6.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Valero Energy report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $46.1B, against $32.2B in the same quarter a year before (up 43.3%), and net income of $6.8B, against $1.1B (up 523.6%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

What are the main risks Valero Energy faces?

Valero Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the oil & gas refining & marketing industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Valero Energy numbers come from?

Two filings Valero Energy made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in VLO: The editor holds no position in Valero Energy (VLO). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell VLO from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold VLO, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Valero EnergyVLO	FY2025	$122.7B	−5.5%	$2.3B
Marathon PetroleumMPC	FY2025	$132.7B	−4.4%	$4.0B
Phillips 66PSX	FY2025	$132.4B	−7.5%	$4.4B
ExxonMobilXOM	FY2025	$332.2B	−5.0%	$28.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.