What is Valero Energy's earnings per share (EPS)?

Valero Energy (VLO) reported diluted earnings per share of $7.57 for fiscal year 2025. This represents a -11.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Valero Energy Financials

VLO

FY2025 annual

Revenue $122.7B -5.5% YoY

Net Income $2.3B -15.2% YoY

EPS (Diluted) $7.57 -11.8% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Valero Energy (VLO) reported $122.7B in revenue for fiscal year 2025, down 5.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VLO FY2025 2026-08-15

Valero’s dominant mechanic is cyclical cash generation: FY2025 margins compressed, yet operating cash flow remained well above net income.

In FY2025, operating cash flow was 2.5x net income while net margin was 1.9%; the gap points to cash conversion being helped by working-capital movements or non-cash items rather than earnings alone. That cash-profit gap was broadly similar to FY2024’s 2.4x, making it a recurring operating feature rather than a one-year anomaly.

Gross margin improved from 3.7% to 4.4% despite lower revenue, indicating a more favorable gross spread in FY2025 rather than growth-driven expansion. Operating margin nonetheless fell to 2.6% as SG&A reached $1.04B, so the added gross profit was absorbed before it became operating earnings.

Liquidity strengthened while leverage stayed moderate: current ratio reached 1.6x and debt-to-equity was 0.4x in FY2025, with total liabilities lower than FY2024. Meanwhile, buybacks and dividends totaled $4.00B against operating cash flow of $5.83B, showing that distributions consumed most—but not all—internally generated cash.

Financial Health Signals

Financial Health Score 42/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Valero Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Altman Z-Score Safe

5.40

Valero Energy scores 5.40, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Valero Energy passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.48x

For every $1 of reported earnings, Valero Energy generates $2.48 in operating cash flow ($5.8B OCF vs $2.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

5.72x

Valero Energy earns $5.72 in operating income for every $1 of interest expense ($3.2B vs $556.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$122.7B

YoY-5.5%

5Y CAGR+13.6%

Valero Energy generated $122.7B in revenue in fiscal year 2025. This represents a decrease of 5.5% from the prior year.

EBITDA

$3.2B

YoY-14.6%

10Y CAGR-8.9%

Valero Energy's EBITDA was $3.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.6% from the prior year.

Net Income

$2.3B

YoY-15.2%

10Y CAGR-5.2%

Valero Energy reported $2.3B in net income in fiscal year 2025. This represents a decrease of 15.2% from the prior year.

EPS (Diluted)

$7.57

YoY-11.8%

10Y CAGR-0.5%

Valero Energy earned $7.57 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.8% from the prior year.

Cash & Balance Sheet

Cash & Debt

$4.7B

YoY+0.7%

5Y CAGR+7.2%

10Y CAGR+1.3%

Valero Energy held $4.7B in cash against $9.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$4.52

YoY+5.6%

5Y CAGR+2.9%

10Y CAGR+10.3%

Valero Energy paid $4.52 per share in dividends in fiscal year 2025. This represents an increase of 5.6% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

4.4%

YoY+0.7pp

5Y CAGR+5.6pp

Valero Energy's gross margin was 4.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin

2.6%

YoY-0.3pp

5Y CAGR+5.0pp

Valero Energy's operating margin was 2.6% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.

Net Margin

1.9%

YoY-0.2pp

5Y CAGR+4.1pp

Valero Energy's net profit margin was 1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.

Return on Equity

9.9%

YoY-1.4pp

5Y CAGR+17.5pp

10Y CAGR-9.5pp

Valero Energy's ROE was 9.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the prior year.

Capital Allocation

Share Buybacks

$2.6B

YoY-9.6%

5Y CAGR+75.5%

10Y CAGR-0.9%

Valero Energy spent $2.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 9.6% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

VLO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VLO annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$139.4B	$122.7B-5.5%	$129.9B-10.3%	$144.8B-17.9%	$176.4B+54.8%	$114.0B+75.6%	$64.9B-40.1%	$108.3B-7.4%	$117.0B+24.5%	$94.0B+24.2%	$75.7B	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$128.2B	$117.3B-6.3%	$125.1B-5.1%	$131.8B-17.4%	$159.6B+44.0%	$110.8B+68.8%	$65.7B-36.6%	$103.5B-7.1%	$111.4B+24.5%	$89.5B+25.5%	$71.3B-11.6%	$80.7B	N/A	N/A	N/A	N/A
Gross Profit	$11.2B	$5.4B+13.0%	$4.8B-62.8%	$12.9B-23.0%	$16.8B+436.8%	$3.1B+522.8%	-$740.0M-115.5%	$4.8B-14.6%	$5.6B+24.2%	$4.5B+3.6%	$4.3B	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.1B	$1.0B+8.4%	$961.0M-3.7%	$998.0M+6.9%	$934.0M+8.0%	$865.0M+14.4%	$756.0M-12.9%	$868.0M-6.2%	$925.0M+11.6%	$829.0M+16.9%	$709.0M-0.1%	$710.0M-1.9%	$724.0M-4.5%	$758.0M+8.6%	$698.0M+22.2%	$571.0M
Operating Income	$10.0B	$3.2B-15.3%	$3.8B-68.3%	$11.9B-24.4%	$15.7B+636.6%	$2.1B+234.9%	-$1.6B-141.2%	$3.8B-16.1%	$4.6B+28.3%	$3.6B+0.8%	$3.5B-44.4%	$6.4B+7.7%	$5.9B+49.2%	$4.0B-21.6%	$5.0B+37.1%	$3.7B
Interest Expense	$563.0M	$556.0M0.0%	$556.0M-6.1%	$592.0M+5.3%	$562.0M-6.8%	$603.0M+7.1%	$563.0M+24.0%	$454.0M-3.4%	$470.0M+0.4%	$468.0M+4.9%	$446.0M+3.0%	$433.0M+9.1%	$397.0M+8.8%	$365.0M+16.2%	$314.0M-21.7%	$401.0M
Income Tax	$2.2B	$759.0M+9.7%	$692.0M-73.6%	$2.6B-23.6%	$3.4B+1244.3%	$255.0M+128.2%	-$903.0M-228.6%	$702.0M-20.1%	$879.0M+192.6%	-$949.0M-224.1%	$765.0M-59.1%	$1.9B+5.2%	$1.8B+41.7%	$1.3B-22.9%	$1.6B+32.6%	$1.2B
Net Income	$7.2B	$2.3B-15.2%	$2.8B-68.6%	$8.8B-23.4%	$11.5B+1139.6%	$930.0M+165.4%	-$1.4B-158.7%	$2.4B-22.4%	$3.1B-23.2%	$4.1B+77.6%	$2.3B-42.6%	$4.0B+9.9%	$3.6B+33.5%	$2.7B+30.6%	$2.1B-0.3%	$2.1B
EPS (Diluted)	—	$7.57-11.8%	$8.58-65.6%	$24.92-14.2%	$29.04+1179.3%	$2.27+164.9%	-$3.50-159.9%	$5.84-19.9%	$7.29-20.4%	$9.16+85.4%	$4.94-38.2%	$7.99+16.6%	$6.85+37.8%	$4.97+32.5%	$3.75+1.9%	$3.68

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$44.5B+37.4%	$32.4B+6.6%	$30.4B-5.6%	$32.2B+7.6%	$29.9B-1.2%	$30.3B-1.6%	$30.8B-6.4%	$32.9B
Cost of Revenue	$39.0B+28.6%	$30.3B+6.5%	$28.5B-6.3%	$30.4B+6.1%	$28.6B-3.7%	$29.8B-1.2%	$30.1B-6.2%	$32.1B
Gross Profit	$5.5B+166.5%	$2.1B+7.8%	$1.9B+7.4%	$1.8B+41.9%	$1.2B+146.4%	$507.0M-19.4%	$629.0M-16.6%	$754.0M
SG&A Expenses	$233.0M-18.2%	$285.0M-9.5%	$315.0M+28.0%	$246.0M+11.8%	$220.0M-15.7%	$261.0M-1.9%	$266.0M+13.7%	$234.0M
Operating Income	$5.2B+200.2%	$1.7B+9.9%	$1.6B+4.4%	$1.5B+51.4%	$997.0M+210.8%	-$900.0M-358.6%	$348.0M-31.4%	$507.0M
Interest Expense	$145.0M+3.6%	$140.0M+0.7%	$139.0M0.0%	$139.0M-1.4%	$141.0M+2.9%	$137.0M+1.5%	$135.0M-4.3%	$141.0M
Income Tax	$1.1B+172.8%	$401.0M+13.0%	$355.0M-9.0%	$390.0M+39.8%	$279.0M+205.3%	-$265.0M-679.4%	-$34.0M-135.4%	$96.0M
Net Income	$3.7B+194.5%	$1.3B+11.4%	$1.1B+3.6%	$1.1B+53.4%	$714.0M+220.0%	-$595.0M-311.7%	$281.0M-22.8%	$364.0M
EPS (Diluted)	$12.62+199.1%	$4.22	N/A	$3.53+54.8%	$2.28+220.0%	-$1.90	N/A	$1.14

Not reported in any period shown, so not listed: R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

VLO Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VLO annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$58.0B-3.6%	$60.1B-4.6%	$63.1B+3.4%	$61.0B+5.3%	$57.9B+11.8%	$51.8B-3.9%	$53.9B+7.4%	$50.2B0.0%	$50.2B+8.6%	$46.2B+4.4%	$44.2B-2.9%	$45.5B-3.6%	$47.3B+6.3%	$44.5B+4.0%	$42.8B
Current Assets	$23.2B-2.2%	$23.7B-9.5%	$26.2B+8.7%	$24.1B+14.0%	$21.2B+33.6%	$15.8B-16.5%	$19.0B+7.3%	$17.7B-8.5%	$19.3B+15.0%	$16.8B+12.8%	$14.9B-10.3%	$16.6B-13.8%	$19.3B+17.1%	$16.5B+3.1%	$16.0B
Cash & Equivalents	$4.7B+0.7%	$4.7B-14.1%	$5.4B+11.6%	$4.9B+18.0%	$4.1B+24.4%	$3.3B+28.3%	$2.6B-13.4%	$3.0B-49.0%	$5.8B+21.5%	$4.8B+17.1%	$4.1B+11.5%	$3.7B-14.0%	$4.3B+149.1%	$1.7B+68.3%	$1.0B
Inventory	$7.6B-2.2%	$7.8B+2.3%	$7.6B+12.3%	$6.8B+7.8%	$6.3B+3.8%	$6.0B-13.9%	$7.0B+7.4%	$6.5B+2.3%	$6.4B+11.8%	$5.7B-3.2%	$5.9B-10.9%	$6.6B+15.0%	$5.8B-3.6%	$6.0B+6.2%	$5.6B
Accounts Receivable	$9.2B-5.4%	$9.7B-11.8%	$11.0B+2.6%	$10.8B+8.0%	$10.0B+107.4%	$4.8B-40.3%	$8.1B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$34.3B-3.8%	$35.6B-2.9%	$36.7B-1.9%	$37.4B-5.2%	$39.5B+19.7%	$33.0B+2.8%	$32.1B+12.5%	$28.5B+1.1%	$28.2B+7.7%	$26.1B+10.3%	$23.7B-4.7%	$24.9B-10.5%	$27.8B+5.1%	$26.4B+0.3%	$26.4B
Current Liabilities	$14.1B-8.9%	$15.5B-7.8%	$16.8B-3.8%	$17.5B+3.6%	$16.9B+81.5%	$9.3B-29.5%	$13.2B+22.7%	$10.7B-3.1%	$11.1B+32.9%	$8.3B+19.1%	$7.0B-29.9%	$10.0B-24.0%	$13.1B+10.0%	$11.9B-6.1%	$12.7B
Long-Term Debt	$9.7B-0.5%	$9.7B-3.9%	$10.1B-3.9%	$10.5B-16.5%	$12.6B-9.7%	$14.0B+52.0%	$9.2B+3.5%	$8.9B+1.4%	$8.8B+11.0%	$7.9B+9.4%	$7.2B+24.7%	$5.8B-7.7%	$6.3B-3.1%	$6.5B-4.0%	$6.7B
Total Equity	$23.7B-3.2%	$24.5B-7.0%	$26.3B+11.8%	$23.6B+27.8%	$18.4B-2.0%	$18.8B-13.8%	$21.8B+0.6%	$21.7B-1.5%	$22.0B+9.8%	$20.0B-2.5%	$20.5B-0.7%	$20.7B+6.3%	$19.5B+7.9%	$18.0B+9.8%	$16.4B
Retained Earnings	$48.0B+2.0%	$47.0B+3.0%	$45.6B+19.3%	$38.2B+35.2%	$28.3B-2.3%	$29.0B-9.4%	$32.0B+3.0%	$31.0B+6.3%	$29.2B+10.7%	$26.4B+4.7%	$25.2B+14.3%	$22.0B+16.2%	$19.0B+11.4%	$17.0B+11.3%	$15.3B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$64.7B+4.1%	$62.1B+7.2%	$58.0B-1.1%	$58.6B-1.4%	$59.4B+0.4%	$59.2B-1.6%	$60.1B-0.4%	$60.4B
Current Assets	$30.7B+10.2%	$27.8B+19.9%	$23.2B-1.3%	$23.5B-1.3%	$23.8B+0.9%	$23.6B-0.6%	$23.7B-1.0%	$24.0B
Cash & Equivalents	$7.9B+37.3%	$5.7B+22.3%	$4.7B-1.6%	$4.8B+5.0%	$4.5B-2.1%	$4.6B-0.5%	$4.7B-10.2%	$5.2B
Inventory	$7.6B+0.9%	$7.6B-0.5%	$7.6B+2.7%	$7.4B-1.9%	$7.5B+5.9%	$7.1B-8.3%	$7.8B+10.1%	$7.0B
Accounts Receivable	N/A	N/A	$9.2B	N/A	N/A	N/A	$9.7B	N/A
Goodwill	N/A	N/A	$260.0M	N/A	N/A	N/A	$260.0M	N/A
Total Liabilities	$39.7B+3.6%	$38.3B+11.7%	$34.3B-1.7%	$34.9B-1.4%	$35.4B-0.9%	$35.7B+0.2%	$35.6B+1.4%	$35.1B
Current Liabilities	$18.7B+6.2%	$17.7B+25.1%	$14.1B-4.2%	$14.7B+0.4%	$14.7B-3.1%	$15.1B-2.3%	$15.5B+1.3%	$15.3B
Long-Term Debt	$10.4B-0.4%	$10.5B+8.2%	$9.7B-0.2%	$9.7B-5.6%	$10.3B-0.5%	$10.3B+6.1%	$9.7B-0.7%	$9.8B
Total Equity	$25.0B+4.7%	$23.9B+0.6%	$23.7B-0.1%	$23.8B-1.3%	$24.1B+2.5%	$23.5B-4.2%	$24.5B-2.9%	$25.3B
Retained Earnings	$52.2B+6.9%	$48.9B+1.9%	$48.0B+1.7%	$47.2B+1.6%	$46.4B+0.8%	$46.1B-2.0%	$47.0B-0.1%	$47.1B

VLO Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VLO annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$10.9B	$5.8B-12.8%	$6.7B-27.6%	$9.2B-26.6%	$12.6B+114.6%	$5.9B+518.0%	$948.0M-82.9%	$5.5B+26.5%	$4.4B-20.3%	$5.5B+13.7%	$4.8B-14.1%	$5.6B+32.3%	$4.2B-23.8%	$5.6B+5.6%	$5.3B+30.5%	$4.0B
Capital Expenditures	N/A	N/A	$2.1B+7.4%	$1.9B-30.0%	$2.7B+11.4%	$2.5B+0.9%	$2.4B-14.4%	$2.8B-15.7%	$3.4B+149.5%	$1.4B+5.9%	$1.3B-21.0%	$1.6B-24.8%	$2.2B+1.5%	$2.1B-27.6%	$2.9B+24.5%	$2.4B
Free Cash Flow	N/A	N/A	$4.6B-36.7%	$7.3B-25.7%	$9.8B+189.2%	$3.4B+328.6%	-$1.5B-155.4%	$2.7B+169.8%	$995.0M-75.9%	$4.1B+16.6%	$3.5B-11.3%	$4.0B+91.2%	$2.1B-39.4%	$3.4B+47.2%	$2.3B+39.0%	$1.7B
Investing Cash Flow	-$1.6B	-$1.8B+6.9%	-$2.0B-6.2%	-$1.9B+33.5%	-$2.8B-29.9%	-$2.2B+11.0%	-$2.4B+19.2%	-$3.0B+23.6%	-$3.9B-64.9%	-$2.4B-18.7%	-$2.0B+19.3%	-$2.5B+12.6%	-$2.8B-1.1%	-$2.8B+16.1%	-$3.4B+36.7%	-$5.3B
Financing Cash Flow	-$5.9B	-$4.2B+17.2%	-$5.0B+27.3%	-$6.9B+21.6%	-$8.8B-210.9%	-$2.8B-237.0%	$2.1B+169.3%	-$3.0B+5.4%	-$3.2B-39.4%	-$2.3B-12.9%	-$2.0B+20.9%	-$2.5B-31.9%	-$1.9B-1084.0%	-$163.0M+86.8%	-$1.2B-15.7%	-$1.1B
Dividends Paid	$1.4B	$1.4B+1.5%	$1.4B-4.7%	$1.5B-7.0%	$1.6B-2.5%	$1.6B+0.1%	$1.6B+7.2%	$1.5B+9.0%	$1.4B+10.2%	$1.2B+11.8%	$1.1B+31.0%	$848.0M+53.1%	$554.0M+19.9%	$462.0M+28.3%	$360.0M+113.0%	$169.0M
Share Buybacks	$4.8B	$2.6B-9.6%	$2.9B-44.0%	$5.1B+12.2%	$4.6B+16851.9%	$27.0M-82.7%	$156.0M-79.9%	$777.0M-54.5%	$1.7B+24.5%	$1.4B+2.7%	$1.3B-52.9%	$2.8B+119.0%	$1.3B+39.7%	$928.0M+230.2%	$281.0M-19.5%	$349.0M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$5.6B+301.4%	$1.4B-32.4%	$2.1B+9.4%	$1.9B+101.0%	$936.0M-1.7%	$952.0M-11.0%	$1.1B-17.4%	$1.3B
Capital Expenditures	N/A	N/A	N/A	$409.0M+0.5%	$407.0M-38.2%	$659.0M+20.5%	$547.0M+27.5%	$429.0M
Free Cash Flow	N/A	N/A	N/A	$1.5B+178.3%	$529.0M+80.5%	$293.0M-44.0%	$523.0M-39.6%	$866.0M
Investing Cash Flow	-$361.0M+9.8%	-$400.0M+4.5%	-$419.0M-10.6%	-$379.0M+8.0%	-$412.0M+35.1%	-$635.0M-16.7%	-$544.0M-33.3%	-$408.0M
Financing Cash Flow	-$3.0B-2546.0%	$124.0M+107.1%	-$1.8B-46.1%	-$1.2B-41.2%	-$849.0M-122.3%	-$382.0M+51.3%	-$784.0M+27.0%	-$1.1B
Dividends Paid	$355.0M-1.1%	$359.0M+4.4%	$344.0M-2.0%	$351.0M-0.8%	$354.0M-0.6%	$356.0M+5.0%	$339.0M-0.9%	$342.0M
Share Buybacks	$2.3B+294.9%	$573.0M-46.1%	$1.1B+15.4%	$922.0M+172.8%	$338.0M+23.4%	$274.0M+5.8%	$259.0M-53.8%	$560.0M

VLO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VLO annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	4.4%+0.7pp	3.7%-5.2pp	8.9%-0.6pp	9.5%+6.8pp	2.8%+3.9pp	-1.1%-5.5pp	4.4%-0.4pp	4.8%0.0pp	4.8%-1.0pp	5.8%	N/A	N/A	N/A	N/A	N/A
Operating Margin	2.6%-0.3pp	2.9%-5.3pp	8.2%-0.7pp	8.9%+7.0pp	1.9%+4.3pp	-2.4%-6.0pp	3.5%-0.4pp	3.9%+0.1pp	3.8%-0.9pp	4.7%	N/A	N/A	N/A	N/A	N/A
Net Margin	1.9%-0.2pp	2.1%-4.0pp	6.1%-0.4pp	6.5%+5.7pp	0.8%+3.0pp	-2.2%-4.4pp	2.2%-0.4pp	2.7%-1.7pp	4.3%+1.3pp	3.0%	N/A	N/A	N/A	N/A	N/A
Return on Equity	9.9%-1.4pp	11.3%-22.2pp	33.5%-15.4pp	48.9%+43.9pp	5.1%+12.6pp	-7.6%-18.7pp	11.1%-3.3pp	14.4%-4.1pp	18.5%+7.0pp	11.4%-8.0pp	19.4%+1.9pp	17.6%+3.6pp	14.0%+2.4pp	11.6%-1.2pp	12.7%
Return on Assets	4.0%-0.6pp	4.6%-9.4pp	14.0%-4.9pp	18.9%+17.3pp	1.6%+4.3pp	-2.7%-7.2pp	4.5%-1.7pp	6.2%-1.9pp	8.1%+3.1pp	5.0%-4.1pp	9.0%+1.1pp	8.0%+2.2pp	5.8%+1.1pp	4.7%-0.2pp	4.9%
Current Ratio	1.65+0.1x	1.530.0x	1.56+0.2x	1.38+0.1x	1.26-0.5x	1.71+0.3x	1.44-0.2x	1.65-0.1x	1.74-0.3x	2.02-0.1x	2.13+0.5x	1.66+0.2x	1.47+0.1x	1.38+0.1x	1.26
Debt-to-Equity	0.410.0x	0.400.0x	0.38-0.1x	0.45-0.2x	0.68-0.1x	0.74+0.3x	0.420.0x	0.410.0x	0.400.0x	0.390.0x	0.35+0.1x	0.280.0x	0.320.0x	0.36-0.1x	0.41
FCF Margin	N/A	3.6%-1.5pp	5.1%-0.5pp	5.6%+2.6pp	3.0%+5.3pp	-2.3%-4.8pp	2.5%+1.6pp	0.9%-3.5pp	4.4%-0.3pp	4.7%	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	12.3%+6.0pp	6.3%+0.1pp	6.3%+0.8pp	5.5%+1.3pp	4.2%+2.5pp	1.7%-0.4pp	2.1%-0.2pp	2.3%
Operating Margin	11.7%+6.3pp	5.3%+0.2pp	5.2%+0.5pp	4.7%+1.3pp	3.3%+6.3pp	-3.0%-4.1pp	1.1%-0.4pp	1.5%
Net Margin	8.4%+4.5pp	3.9%+0.2pp	3.7%+0.3pp	3.4%+1.0pp	2.4%+4.4pp	-2.0%-2.9pp	0.9%-0.2pp	1.1%
Return on Equity	14.9%+9.6pp	5.3%+0.5pp	4.8%+0.2pp	4.6%+1.6pp	3.0%+5.5pp	-2.5%-3.7pp	1.1%-0.3pp	1.4%
Return on Assets	5.8%+3.7pp	2.0%+0.1pp	2.0%+0.1pp	1.9%+0.7pp	1.2%+2.2pp	-1.0%-1.5pp	0.5%-0.1pp	0.6%
Current Ratio	1.64+0.1x	1.58-0.1x	1.650.0x	1.600.0x	1.62+0.1x	1.560.0x	1.530.0x	1.57
Debt-to-Equity	0.420.0x	0.440.0x	0.410.0x	0.410.0x	0.430.0x	0.440.0x	0.400.0x	0.39
FCF Margin	N/A	N/A	N/A	4.6%+2.8pp	1.8%+0.8pp	1.0%-0.7pp	1.7%-0.9pp	2.6%

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Where Valero Energy Ranks

Frequently Asked Questions

What is Valero Energy's annual revenue?

Valero Energy (VLO) reported $122.7B in total revenue for fiscal year 2025. This represents a -5.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Valero Energy's revenue growing?

Valero Energy (VLO) revenue declined by 5.5% year-over-year, from $129.9B to $122.7B in fiscal year 2025.

Is Valero Energy profitable?

Yes, Valero Energy (VLO) reported a net income of $2.3B in fiscal year 2025, with a net profit margin of 1.9%.

What is Valero Energy's EBITDA?

Valero Energy (VLO) had EBITDA of $3.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Valero Energy have?

As of fiscal year 2025, Valero Energy (VLO) had $4.7B in cash and equivalents against $9.7B in long-term debt.

What is Valero Energy's gross margin?

Valero Energy (VLO) had a gross margin of 4.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Valero Energy's operating margin?

Valero Energy (VLO) had an operating margin of 2.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Valero Energy's net profit margin?

Valero Energy (VLO) had a net profit margin of 1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Valero Energy pay dividends?

Yes, Valero Energy (VLO) paid $4.52 per share in dividends during fiscal year 2025.

What is Valero Energy's return on equity (ROE)?

Valero Energy (VLO) has a return on equity of 9.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Valero Energy's operating cash flow?

Valero Energy (VLO) generated $5.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Valero Energy's total assets?

Valero Energy (VLO) had $58.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Valero Energy buy back shares?

Yes, Valero Energy (VLO) spent $2.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Valero Energy's current ratio?

Valero Energy (VLO) had a current ratio of 1.65 as of fiscal year 2025, which is generally considered healthy.

What is Valero Energy's debt-to-equity ratio?

Valero Energy (VLO) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Valero Energy's return on assets (ROA)?

Valero Energy (VLO) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Valero Energy's Altman Z-Score?

Valero Energy (VLO) has an Altman Z-Score of 5.40, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Valero Energy's Piotroski F-Score?

Valero Energy (VLO) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Valero Energy's earnings high quality?

Valero Energy (VLO) has an earnings quality ratio of 2.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Valero Energy cover its interest payments?

Valero Energy (VLO) has an interest coverage ratio of 5.72x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Valero Energy?

Valero Energy (VLO) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.