Valero Energy Corporation

VLO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$49,653	$38,810	$44,259	$48,907	$30,708	$23,128	$38,287	$30,650	$37,576	$27,932	$28,909	$26,037	$27,317	$17,144	$10,826	$11,891	$8,277	$10,359	$36,143	$28,552	$25,880	$10,577	$4,856	$3,565	$2,115	$1,988	$1,019	$1,088	$1,485	$785	$668	$419	$562	$603	$751	$363	$270	$198	$112	$154	$200
Enterprise value	$59,548	$48,702	$53,650	$58,674	$43,098	$36,503	$47,399	$37,841	$41,507	$31,947	$32,957	$29,301	$30,075	$22,532	$24,297	$16,894	$14,852	$22,259	$40,541	$32,137	$30,822	$14,035	$8,732	$8,273	$5,272	$3,215	$1,744	$2,059	$2,027	$1,203	$1,758	$1,477	$1,069	$1,100	$1,119	$560	$499	$376	$302	$1,041	$1,104
P/E (TTM) at period end	21.21×	14.05×	5.02×	4.26×	33.23×	–	15.85×	9.85×	9.28×	12.24×	7.25×	7.17×	12.13×	5.50×	5.18×	36.70×	–	–	6.91×	5.23×	7.21×	5.87×	7.81×	38.96×	3.75×	5.86×	71.23×	–	15.45×	10.80×	11.17×	15.58×	15.43×	7.19×	7.61×	3.83×	6.52×	6.48×	6.34×	–	5.77×
P/S (TTM) at period end	0.40×	0.30×	0.31×	0.28×	0.27×	0.36×	0.35×	0.26×	0.40×	0.37×	0.33×	0.20×	0.20×	0.12×	0.09×	0.14×	0.12×	0.09×	0.38×	0.31×	0.31×	0.19×	0.13×	0.13×	0.14×	0.14×	0.13×	0.20×	0.26×	0.16×	0.22×	0.23×	0.46×	0.49×	0.74×	0.31×	0.29×	0.26×	0.18×	0.08×	0.08×
P/B at period end	2.09×	1.58×	1.68×	2.08×	1.67×	1.23×	1.76×	1.41×	1.71×	1.39×	1.41×	1.26×	1.40×	0.95×	0.66×	0.79×	0.56×	0.66×	1.95×	1.53×	1.72×	1.36×	0.85×	0.83×	0.50×	1.30×	0.94×	1.00×	1.28×	0.72×	0.64×	0.41×	0.66×	0.72×	1.07×	0.54×	0.51×	0.39×	0.23×	0.41×	0.41×
EV / EBITDA (TTM)	9.39×	7.46×	3.68×	3.23×	9.50×	47.28×	7.78×	5.70×	7.48×	5.89×	4.02×	3.86×	5.30×	3.42×	4.66×	5.04×	9.23×	10.48×	5.15×	3.51×	4.87×	3.90×	5.04×	8.99×	4.21×	4.10×	8.38×	75.15×	7.34×	3.54×	5.42×	6.47×	6.89×	6.04×	7.18×	3.29×	4.79×	–	–	–	–
EV / Sales (TTM)	0.49×	0.37×	0.37×	0.33×	0.38×	0.56×	0.44×	0.32×	0.44×	0.42×	0.38×	0.22×	0.22×	0.16×	0.19×	0.21×	0.22×	0.19×	0.43×	0.35×	0.38×	0.26×	0.23×	0.31×	0.35×	0.22×	0.22×	0.37×	0.35×	0.24×	0.58×	0.80×	0.87×	0.89×	1.11×	0.48×	0.53×	0.49×	0.48×	0.55×	0.41×
Returns
Return on equity	9.9%	11.3%	33.4%	48.7%	5.0%	(7.6%)	11.1%	14.4%	18.4%	11.4%	19.4%	17.6%	11.6%	17.3%	12.7%	2.2%	(13.5%)	(7.2%)	28.3%	29.4%	23.8%	23.1%	10.8%	2.1%	13.4%	22.2%	1.3%	(4.4%)	8.3%	6.7%	5.7%	2.6%	4.3%	10.0%	14.0%	14.0%	7.8%	6.0%	3.6%	(26.5%)	7.2%
Return on invested capital	7.1%	8.9%	25.8%	36.5%	5.8%	(2.7%)	9.9%	12.6%	13.7%	11.2%	17.8%	16.8%	12.2%	14.1%	7.8%	5.8%	0.4%	–	19.7%	24.1%	18.5%	17.6%	8.0%	3.2%	8.6%	14.2%	2.7%	(1.4%)	7.9%	8.5%	5.6%	3.8%	3.0%	6.4%	7.5%	10.0%	6.4%	5.0%	(8.4%)	(2.5%)	4.9%
Dividend yield	2.8%	3.6%	3.3%	3.2%	5.2%	6.9%	3.9%	4.5%	3.3%	4.0%	2.9%	2.1%	1.7%	2.1%	1.6%	1.0%	3.9%	2.9%	0.7%	0.7%	0.4%	0.7%	1.0%	1.2%	1.0%	0.9%	1.8%	–	0.4%	4.4%	5.2%	7.4%	3.8%	3.2%	2.7%	4.7%	6.8%	–	–	–	–
Financial health
Current ratio	1.65×	1.53×	1.56×	1.38×	1.26×	1.71×	1.44×	1.65×	1.74×	2.02×	2.13×	1.66×	1.47×	1.38×	1.26×	1.54×	1.40×	1.52×	1.24×	1.22×	1.13×	1.16×	1.25×	1.18×	0.87×	1.24×	1.15×	1.29×	1.32×	1.01×	1.33×	1.16×	1.54×	1.75×	1.72×	2.11×	2.03×	2.15×	1.71×	0.97×	1.39×
Debt / equity	0.45×	0.43×	0.44×	0.49×	0.75×	0.78×	0.44×	0.42×	0.40×	0.40×	0.36×	0.31×	0.34×	0.39×	0.47×	0.55×	0.50×	0.42×	0.37×	0.27×	0.35×	0.55×	0.74×	1.15×	0.72×	0.70×	0.72×	0.91×	0.48×	0.47×	1.07×	1.06×	0.60×	0.60×	0.54×	0.37×	0.46×	0.39×	0.44×	2.40×	2.02×
Effective tax rate	25.3%	18.7%	22.3%	22.4%	16.5%	44.9%	20.1%	20.8%	(29.6%)	24.0%	31.3%	32.0%	31.5%	34.3%	36.9%	38.4%	9.6%	292.0%	32.0%	33.3%	32.1%	33.4%	37.0%	38.9%	37.0%	35.8%	29.2%	43.1%	36.3%	36.1%	37.1%	37.1%	46.6%	36.1%	32.6%	35.0%	30.0%	11.0%	(36.9%)	45.0%	47.7%
Share count
Diluted shares outstanding	309	322	353	396	407	407	414	428	444	464	500	530	548	556	569	568	541	524	579	632	588	552	488	436	255	242	227	224	210	176	175	160	171	170	163	152	119	144	144	144	94

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$153,327	$122,687	$129,881	$144,766	$176,383	$113,977	$64,912	$108,324	$117,033	$93,980	$75,659	$87,804	$130,844	$138,074	$138,393	$125,987	$82,233	$68,144	$119,114	$95,327	$91,832	$82,161	$54,618	$37,969	$26,976	$14,988	$14,671	$7,961	$5,539	$5,756	$4,991	$3,020	$1,837	$1,222	$1,235	$1,012	$1,169	$941	$771	$628	$1,880	$2,662
Cost of revenue	($134,495)	($117,255)	($125,076)	($131,834)	($159,587)	($110,848)	($65,652)	($103,546)	($111,439)	($89,475)	($71,312)	($80,689)	($118,141)	($127,316)	($126,485)	($115,719)	($74,458)	($65,270)	($111,984)	($85,661)	($81,267)	($74,599)	($49,938)	($35,243)	($25,127)	($13,684)	($13,757)	($7,685)	($5,442)	($5,426)	($4,570)	($2,618)	($1,609)	($1,067)	($1,052)	($741)	($885)	($837)	($698)	($652)	($1,652)	($2,338)
Gross profit	$18,832	$5,432	$4,805	$12,932	$16,796	$3,129	($740)	$4,778	$5,594	$4,505	$4,347	$7,115	$12,703	$10,758	$11,908	$10,268	$7,775	$2,874	$7,130	$9,666	$10,565	$7,562	$4,680	$2,726	$1,850	$1,304	$915	$277	$97	$330	$421	$402	$228	$155	$182	$271	$284	$104	$72	($24)	$228	$324
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,141)	($1,042)	($961)	($998)	($934)	($865)	($756)	($868)	($925)	($829)	($709)	($710)	($724)	($758)	($698)	($571)	($531)	($572)	($559)	($638)	($1,401)	($1,229)	($1,084)	($993)	($929)	($165)	($131)	($68)	($70)	($54)	($82)	($78)	–	–	–	($115)	($114)	–	–	–	($128)	($128)
Total operating expenses	($1,257)	($2,251)	($1,050)	($1,074)	($1,106)	($999)	($839)	($942)	($1,022)	($942)	($813)	($757)	($6,801)	($6,801)	($6,864)	($6,588)	($5,899)	($2,791)	($6,369)	($3,036)	($2,555)	($2,103)	($1,701)	($1,504)	($1,379)	($303)	($304)	($208)	($148)	($119)	($220)	($213)	($102)	($80)	($48)	($152)	($150)	($34)	($34)	($33)	($286)	($194)
Total costs and expenses	($135,752)	($119,506)	($126,126)	($132,908)	($160,693)	($111,847)	($66,491)	($104,488)	($112,461)	($90,417)	($72,125)	($81,446)	($124,942)	($134,117)	($133,349)	($122,307)	($80,357)	($68,061)	($118,353)	($88,697)	($83,822)	($76,702)	($51,639)	($36,747)	($26,505)	($13,987)	($14,060)	($7,892)	($5,591)	($5,545)	($4,790)	($2,831)	($1,712)	($1,147)	($1,101)	($892)	($1,034)	($872)	($732)	($686)	($1,938)	($2,531)
Operating income	$17,575	$3,181	$3,755	$11,858	$15,690	$2,130	($1,579)	$3,836	$4,572	$3,563	$3,534	$6,358	$5,902	$3,957	$5,044	$3,680	$1,876	$83	$761	$6,630	$8,010	$5,459	$2,979	$1,222	$471	$1,001	$611	$69	($51)	$211	$201	$189	$126	$76	$134	$119	$134	$70	$39	($57)	($58)	$130
Earnings
EBITDA	–	$6,339	$6,529	$14,559	$18,163	$4,535	$772	$6,091	$6,641	$5,549	$5,428	$8,200	$7,592	$5,677	$6,593	$5,214	$3,349	$1,610	$2,124	$7,874	$9,165	$6,334	$3,598	$1,732	$920	$1,254	$784	$208	$27	$276	$339	$324	$228	$155	$182	$156	$170	$104	–	–	–	–
Interest income	–	–	–	$293	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($568)	($556)	($556)	($592)	($562)	($603)	($563)	($454)	($470)	($468)	($446)	($433)	($397)	($365)	($314)	($401)	($484)	($520)	($451)	($466)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$17,470	$3,005	$3,698	$11,768	$15,307	$1,543	($2,010)	$3,486	$4,232	$3,207	$3,182	$5,971	$5,552	$3,976	$4,740	$3,322	$1,498	($449)	$527	$6,436	$8,189	$5,287	$2,710	$987	$150	$895	$528	$20	($83)	$176	$114	$95	$43	$68	$131	$146	$146	$59	$34	$23	($182)	$66
Income tax expense	($3,917)	($759)	($692)	($2,619)	($3,428)	($255)	$903	($702)	($879)	$949	($765)	($1,870)	($1,777)	($1,254)	($1,626)	($1,226)	($575)	$43	($1,539)	($2,059)	($2,726)	($1,697)	($906)	($365)	($58)	($331)	($189)	($6)	$36	($64)	($41)	($35)	($16)	($32)	($48)	($48)	($51)	($18)	($4)	$9	$82	($32)
Net income	$12,945	$2,348	$2,770	$8,835	$11,528	$930	($1,421)	$2,422	$3,122	$4,065	$2,289	$3,990	$3,630	$2,720	$2,083	$2,090	$324	($1,982)	($1,131)	$5,234	$5,462	$3,589	$1,803	$622	$92	$564	$339	$14	($47)	$96	$73	$60	$27	$36	$84	$99	$95	$42	$31	$18	($100)	$35
Per share
Diluted EPS (GAAP)	$44.47	$7.57	$8.58	$24.92	$29.04	$2.27	($3.50)	$5.84	$7.29	$9.16	$4.94	$7.99	$6.85	$4.97	$3.75	$3.68	$0.57	($3.67)	($2.16)	$8.88	$8.64	$6.10	$3.27	$1.27	$0.21	$2.21	$1.40	$0.0625	($0.21)	$0.44	$0.41	$0.34	$0.17	$0.21	$0.49	$0.57	$0.58	$0.24	$0.14	$0.06	($1.00)	$0.27
Basic EPS (GAAP)	$44.48	$7.57	$8.58	$24.93	$29.05	$2.27	($3.50)	$5.84	$7.30	$9.17	$4.94	$8.00	$6.88	$4.99	$3.77	$3.69	$0.57	($3.67)	($2.16)	$9.24	$8.94	$6.51	$3.51	$1.34	$0.21	$2.32	$1.45	$0.0625	($0.21)	$0.44	$0.35	$0.34	$0.17	$0.21	$0.49	$0.57	$0.58	$0.25	$0.21	$0.12	($0.70)	$0.27
Basic shares outstanding	295	309	322	353	395	407	407	413	426	442	461	497	526	542	550	563	563	541	524	565	611	549	510	459	422	243	234	224	224	207	176	175	160	171	170	163	152	115	144	144	144	94
Margins
Gross margin	12.3%	4.4%	3.7%	8.9%	9.5%	2.7%	(1.1%)	4.4%	4.8%	4.8%	5.7%	8.1%	9.7%	7.8%	8.6%	8.2%	9.5%	4.2%	6.0%	10.1%	11.5%	9.2%	8.6%	7.2%	6.9%	8.7%	6.2%	3.5%	1.7%	5.7%	8.4%	13.3%	12.4%	12.7%	14.8%	26.8%	24.3%	11.1%	9.4%	(3.8%)	12.1%	12.2%
Operating margin	11.5%	2.6%	2.9%	8.2%	8.9%	1.9%	(2.4%)	3.5%	3.9%	3.8%	4.7%	7.2%	4.5%	2.9%	3.6%	2.9%	2.3%	0.1%	0.6%	7.0%	8.7%	6.6%	5.5%	3.2%	1.7%	6.7%	4.2%	0.9%	(0.9%)	3.7%	4.0%	6.3%	6.9%	6.2%	10.9%	11.8%	11.5%	7.4%	5.0%	(9.1%)	(3.1%)	4.9%
Net margin	8.4%	1.9%	2.1%	6.1%	6.5%	0.8%	(2.2%)	2.2%	2.7%	4.3%	3.0%	4.5%	2.8%	2.0%	1.5%	1.7%	0.4%	(2.9%)	(0.9%)	5.5%	5.9%	4.4%	3.3%	1.6%	0.3%	3.8%	2.3%	0.2%	(0.9%)	1.7%	1.5%	2.0%	1.5%	3.0%	6.8%	9.8%	8.1%	4.4%	4.0%	2.8%	(5.3%)	1.3%

Analyst consensus

Buy37 analysts

Bearish · 1 · Hold · 15 · Bullish · 21

Earnings history

	EPS	Estimate
Q4 2024	$0.64	$0.07	Beat
Q1 2025	$0.89	$0.41	Beat
Q2 2025	$2.28	$1.75	Beat
Q3 2025	$3.66	$3.05	Beat
Q4 2025	$3.82	$3.27	Beat
Q1 2026	$4.22	$3.16	Beat
Q2 2026	$12.54	$10.11	Beat
Q3 2026	$23.90	$21.17	Beat

Peers

Company overview

IPO dateJan 4, 1982

CEOR. Lane Riggs

Employees9,785

SectorEnergy

IndustryOil & Gas Refining & Marketing

CountryUS

ExchangeNew York Stock Exchange

Websitewww.valero.com

Valero Energy Corporation functions as a global producer and marketer of transportation fuels and petrochemicals, with operations spanning the United States, Canada, the United Kingdom, Ireland, and other international territories. The company organizes its business across three primary divisions: Refining, Renewable Diesel, and Ethanol. Its Refining segment generates a wide array of products, including various types of gasoline (conventional, premium, reformulated, and California Air Resources Board-compliant), diverse diesel fuels (low-sulfur, ultra-low-sulfur, and CARB diesel), jet fuels, blendstocks, asphalts, petrochemicals, and lubricants. This division also handles the sale of lube oils and natural gas liquids. As of the end of 2021, Valero managed 15 petroleum refineries, boasting a combined daily processing capacity of approximately 3.2 million barrels of crude oil. The Ethanol division comprises 12 plants, capable of producing around 1.6 billion gallons of ethanol annually. These facilities also yield co-products such as dry distiller grains, syrup, and inedible corn oil, which are largely supplied to animal feed markets. Valero distributes its refined goods through wholesale rack and bulk channels, in addition to approximately 7,000 branded retail stations operating under names like Valero, Beacon, Diamond Shamrock, Shamrock, Ultramar, and Texaco. Furthermore, Valero contributes to renewable energy production by owning and operating a facility dedicated to converting animal fats, used cooking oils, and inedible distillers corn oils into renewable diesel. Supporting its extensive operations, the company maintains a comprehensive logistics network that includes crude oil and refined product pipelines, storage terminals, tanks, marine docks, and truck rack bays. Originally established in 1980 as Valero Refining and Marketing Company, the firm adopted its current name, Valero Energy Corporation, in August 1997. Its corporate headquarters are situated in San Antonio, Texas.

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