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

Valero Energy Corporation (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 Corporation (VLO) Financials

VLO

Trailing 12 months to June 30, 2026

Revenue $139.4B +12.6% YoY

Net Income $7.2B +844.0% YoY

EPS (Diluted) $24.05 +885.7% YoY

Operating Cash Flow $10.9B +156.5% YoY

Market Cap $124.9B as of Oct 9, 2026

Price / Sales 0.9x on $139.4B revenue, trailing 12 months to June 30, 2026

Price / Earnings 17.3x on $7.2B net income, trailing 12 months to June 30, 2026

Price / Book 5.0x on $25.0B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VLO SEC filings page.

Valero Energy Corporation (VLO) reported $139.4B in revenue over the twelve months to Jun 30, 2026, up 12.6% from the prior twelve months. 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 2026-10-04

Valero operates on thin margins: FY2025 revenue softened, while cash generation remained above earnings and leverage stayed moderate.

In FY2025, gross margin reached 4.4% while operating margin was only 2.6%, showing that the improvement in gross profitability did not fully reach operating income. The gap points to costs below gross profit absorbing much of the benefit before it became bottom-line earnings.

Operating cash flow of $5.8B was more than twice net income of $2.3B in FY2025, indicating that reported earnings were supplemented by substantial non-cash charges or working-capital effects. Because FY2025 capital expenditures and free cash flow are not reported, the tables cannot establish how much of that cash remained after reinvestment.

The company ended FY2025 with $34.3B of liabilities and a current ratio of 1.6x, a combination consistent with improving short-term coverage rather than balance-sheet expansion through heavier obligations. Shares outstanding fell from 315.0M to 299.0M as buybacks continued, helping per-share results even while total net income declined.

Financial Health Signals

Financial Health Score 44/100

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 Corporation'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

Valero Energy Corporation has an operating margin of 2.6%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is down from 2.9% the prior year.

Growth

Valero Energy Corporation's revenue declined 5.5% year-over-year, from $129.9B to $122.7B. This contraction results in a growth score of 19/100.

Leverage

Valero Energy Corporation has a moderate D/E ratio of 0.41. This balance of debt and equity financing earns a leverage score of 38/100.

Liquidity

Valero Energy Corporation's current ratio of 1.65 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Returns

Valero Energy Corporation earns a strong 9.9% return on equity (ROE), meaning it generates $10 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 67/100. This is down from 11.3% the prior year.

Altman Z-Score Safe

5.83

Valero Energy Corporation scores 5.83, 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 Neutral

6/9

Valero Energy Corporation passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.48x

For every $1 of reported earnings, Valero Energy Corporation 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 Corporation 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

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Earnings & Revenue

Revenue

$44.5B

YoY+48.8%

QoQ+37.4%

5Y CAGR+9.9%

Valero Energy Corporation generated $44.5B in revenue in Q2 2026. This represents an increase of 48.8% from the same quarter a year earlier. Against the prior quarter it is up 37.4%.

EBITDA

$5.2B

YoY+408.3%

QoQ+198.9%

5Y CAGR+58.5%

10Y CAGR+11.8%

Valero Energy Corporation's EBITDA was $5.2B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 408.3% from the same quarter a year earlier. Against the prior quarter it is up 198.9%.

Net Income

$3.7B

YoY+421.0%

QoQ+194.5%

5Y CAGR+87.2%

10Y CAGR+16.4%

Valero Energy Corporation reported $3.7B in net income in Q2 2026. This represents an increase of 421.0% from the same quarter a year earlier. Against the prior quarter it is up 194.5%.

EPS (Diluted)

$12.62

YoY+453.5%

QoQ+199.1%

5Y CAGR+100.4%

10Y CAGR+22.0%

Valero Energy Corporation earned $12.62 per diluted share (EPS) in Q2 2026. This represents an increase of 453.5% from the same quarter a year earlier. Against the prior quarter it is up 199.1%.

Cash & Balance Sheet

Cash & Debt

$7.9B

YoY+73.6%

QoQ+37.3%

5Y CAGR+17.1%

10Y CAGR+4.8%

Valero Energy Corporation held $7.9B in cash against $10.4B in long-term debt as of Q2 2026.

Dividends Per Share

$1.20

YoY+6.2%

QoQ0.0%

5Y CAGR+4.1%

10Y CAGR+7.2%

Valero Energy Corporation paid $1.20 per share in dividends in Q2 2026. This represents an increase of 6.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

288M

YoY-7.3%

QoQ-3.0%

5Y CAGR-6.8%

10Y CAGR-4.6%

Valero Energy Corporation had 288M shares outstanding in Q2 2026. This represents a decrease of 7.3% from the same quarter a year earlier. Against the prior quarter it is down 3.0%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Gross Margin

12.3%

YoY+8.1pp

QoQ+6.0pp

5Y change+9.7pp

Valero Energy Corporation's gross margin was 12.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 8.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.0 percentage points.

Operating Margin

11.7%

YoY+8.3pp

QoQ+6.3pp

5Y change+9.8pp

Valero Energy Corporation's operating margin was 11.7% in Q2 2026, reflecting core business profitability. This is up 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.3 percentage points.

Net Margin

8.4%

YoY+6.0pp

QoQ+4.5pp

5Y change+7.8pp

Valero Energy Corporation's net profit margin was 8.4% in Q2 2026, showing the share of revenue converted to profit. This is up 6.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.

Return on Equity

14.9%

YoY+11.9pp

QoQ+9.6pp

5Y change+14.0pp

10Y change+10.9pp

Valero Energy Corporation's ROE was 14.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 11.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.6 percentage points.

Capital Allocation

Share Buybacks

$2.3B

YoY+569.5%

QoQ+294.9%

5Y CAGR+368.7%

10Y CAGR+18.9%

Valero Energy Corporation spent $2.3B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 569.5% from the same quarter a year earlier. Against the prior quarter it is up 294.9%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

VLO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VLO quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	$3.2B-14.6%	$3.8B-68.1%	$11.9B-24.4%	$15.7B+622.8%	$2.2B+242.2%	-$1.5B-139.4%	$3.9B-15.9%	$4.6B+27.9%	$3.6B+0.9%	$3.6B-56.3%	$8.2B+8.0%	$7.6B+33.7%	$5.7B-14.2%	$6.6B+26.9%	$5.2B
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 (Basic)	N/A	$7.57-11.8%	$8.58-65.6%	$24.93-14.2%	$29.05+1179.7%	$2.27+164.9%	-$3.50-159.9%	$5.84-20.0%	$7.30-20.4%	$9.17+85.6%	$4.94-38.2%	$8.00+16.3%	$6.88+37.9%	$4.99+32.4%	$3.77+2.2%	$3.69
EPS (Diluted)	$24.05	$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
Diluted Shares (Avg)	N/A	309M-4.0%	322M-8.8%	353M-10.9%	396M-2.7%	407M0.0%	407M-1.7%	414M-3.3%	428M-3.6%	444M-4.3%	464M-7.2%	500M-5.7%	530M-3.3%	548M-1.4%	556M-2.3%	569M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$44.5B+48.8%	$32.4B+7.0%	$30.4B-1.2%	$32.2B-2.2%	$29.9B-13.3%	$30.3B-4.7%	$30.8B-13.2%	$32.9B-14.4%
Cost of Revenue	$39.0B+36.2%	$30.3B+1.9%	$28.5B-5.5%	$30.4B-5.4%	$28.6B-13.3%	$29.8B-0.1%	$30.1B-10.2%	$32.1B-7.3%
Gross Profit	$5.5B+337.9%	$2.1B+304.7%	$1.9B+202.7%	$1.8B+135.0%	$1.2B-13.2%	$507.0M-74.4%	$629.0M-66.4%	$754.0M-80.0%
SG&A Expenses	$233.0M+5.9%	$285.0M+9.2%	$315.0M+18.4%	$246.0M+5.1%	$220.0M+8.4%	$261.0M+1.2%	$266.0M-9.8%	$234.0M-6.4%
Operating Income	$5.2B+421.2%	$1.7B+292.3%	$1.6B+352.6%	$1.5B+197.6%	$997.0M-18.3%	-$900.0M-153.6%	$348.0M-77.6%	$507.0M-85.5%
EBITDA	$5.2B+408.3%	$1.7B+296.1%	$1.6B+342.1%	$1.5B+194.2%	$1.0B-16.9%	-$889.0M-152.6%	$359.0M-77.0%	$517.0M-85.3%
Interest Expense	$145.0M+2.8%	$140.0M+2.2%	$139.0M+3.0%	$139.0M-1.4%	$141.0M+0.7%	$137.0M-2.1%	$135.0M-9.4%	$141.0M-5.4%
Income Tax	$1.1B+292.1%	$401.0M+251.3%	$355.0M+1144.1%	$390.0M+306.3%	$279.0M+0.7%	-$265.0M-175.1%	-$34.0M-110.3%	$96.0M-88.2%
Net Income	$3.7B+421.0%	$1.3B+312.3%	$1.1B+303.6%	$1.1B+200.8%	$714.0M-18.9%	-$595.0M-147.8%	$281.0M-76.6%	$364.0M-86.1%
EPS (Basic)	$12.62+453.5%	$4.22+322.1%	$3.68+300.0%	$3.54+210.5%	$2.28-15.9%	-$1.90-150.7%	$0.92-75.2%	$1.14-84.8%
EPS (Diluted)	$12.62+453.5%	$4.22+322.1%	$3.68+300.0%	$3.53+209.6%	$2.28-15.9%	-$1.90-150.7%	$0.92-75.2%	$1.14-84.8%
Diluted Shares (Avg)	294M-5.8%	298M-5.1%	N/A	309M-2.8%	312M-3.7%	314M-5.1%	N/A	318M-8.9%

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

VLO Balance Sheet

VLO quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$20.2B+0.1%	$20.1B+1.1%	$19.9B-0.3%	$20.0B-11.7%	$22.6B-4.6%	$23.7B+25.3%	$18.9B+6.4%	$17.8B+3.9%	$17.1B-4.1%	$17.8B+6.7%	$16.7B+12.2%	$14.9B+1.5%	$14.7B+1.1%	$14.5B+6.3%	$13.7B
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$64.7B+8.8%	$62.1B+5.0%	$58.0B-3.6%	$58.6B-2.9%	$59.4B-6.6%	$59.2B-5.4%	$60.1B-4.6%	$60.4B-4.4%
Current Assets	$30.7B+28.8%	$27.8B+18.0%	$23.2B-2.2%	$23.5B-2.0%	$23.8B-12.2%	$23.6B-8.1%	$23.7B-9.5%	$24.0B-9.8%
Cash & Equivalents	$7.9B+73.6%	$5.7B+23.7%	$4.7B+0.7%	$4.8B-8.1%	$4.5B-13.5%	$4.6B-5.8%	$4.7B-14.1%	$5.2B-11.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$7.6B+1.2%	$7.6B+6.1%	$7.6B-2.2%	$7.4B+4.9%	$7.5B-6.1%	$7.1B-10.0%	$7.8B+2.3%	$7.0B-6.2%
Accounts Receivable	N/A	N/A	$9.2B-5.4%	N/A	N/A	N/A	$9.7B-11.8%	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$260.0M0.0%	N/A	N/A	N/A	$260.0M0.0%	N/A
Total Liabilities	$39.7B+12.2%	$38.3B+7.2%	$34.3B-3.8%	$34.9B-0.8%	$35.4B-7.4%	$35.7B-2.3%	$35.6B-2.9%	$35.1B-5.6%
Current Liabilities	$18.7B+27.7%	$17.7B+16.6%	$14.1B-8.9%	$14.7B-3.7%	$14.7B-19.9%	$15.1B-6.2%	$15.5B-7.8%	$15.3B-13.0%
Non-Current Liabilities	$20.9B+1.2%	$20.6B+0.4%	$20.2B+0.1%	$20.1B+1.5%	$20.7B+4.2%	$20.5B+0.9%	$20.1B+1.1%	$19.8B+1.1%
Long-Term Debt	$10.4B+1.5%	$10.5B+1.5%	$9.7B-0.5%	$9.7B-1.1%	$10.3B+5.3%	$10.3B+2.7%	$9.7B-3.9%	$9.8B-3.1%
Total Equity	$25.0B+3.8%	$23.9B+1.6%	$23.7B-3.2%	$23.8B-5.9%	$24.1B-5.4%	$23.5B-9.9%	$24.5B-7.0%	$25.3B-2.8%
Retained Earnings	$52.2B+12.5%	$48.9B+6.1%	$48.0B+2.0%	$47.2B+0.2%	$46.4B-1.3%	$46.1B-1.0%	$47.0B+3.0%	$47.1B+5.1%

VLO Cash Flow Statement

VLO quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$63.0M+40.0%	$45.0M+4.7%	$43.0M-4.4%	$45.0M-4.3%	$47.0M-2.1%	$48.0M-9.4%	$53.0M+1.9%	$52.0M0.0%	$52.0M+8.3%	$48.0M-97.4%	$1.8B+9.0%	$1.7B-1.7%	$1.7B+9.3%	$1.6B+2.6%	$1.5B
Stock-Based Compensation	N/A	$117.0M+17.0%	$100.0M-6.5%	$107.0M+3.9%	$103.0M+17.0%	$88.0M+10.0%	$80.0M-10.1%	$89.0M+3.5%	$86.0M+11.7%	$77.0M+13.2%	$68.0M+15.3%	$59.0M-1.7%	$60.0M-6.3%	$64.0M+10.3%	$58.0M0.0%	$58.0M
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$5.6B+496.2%	$1.4B+46.0%	$2.1B+92.2%	$1.9B+45.3%	$936.0M-62.1%	$952.0M-48.4%	$1.1B-13.6%	$1.3B-60.9%
Depreciation & Amortization	$14.0M-50.0%	$12.0M+9.1%	$12.0M+9.1%	$12.0M+20.0%	$28.0M+133.3%	$11.0M-8.3%	$11.0M0.0%	$10.0M-9.1%
Capital Expenditures	N/A	N/A	N/A	$409.0M-4.7%	$407.0M-3.1%	$659.0M-0.3%	$547.0M	$429.0M
Free Cash Flow	N/A	N/A	N/A	$1.5B+70.0%	$529.0M-74.2%	$293.0M-75.3%	$523.0M	$866.0M
Investing Cash Flow	-$361.0M+12.4%	-$400.0M+37.0%	-$419.0M+23.0%	-$379.0M+7.1%	-$412.0M-5.1%	-$635.0M+0.3%	-$544.0M-12.6%	-$408.0M-34.2%
Financing Cash Flow	-$3.0B-257.2%	$124.0M+132.5%	-$1.8B-123.5%	-$1.2B-11.6%	-$849.0M+45.1%	-$382.0M+76.8%	-$784.0M+39.5%	-$1.1B+49.5%
Dividends Paid	$355.0M+0.3%	$359.0M+0.8%	$344.0M+1.5%	$351.0M+2.6%	$354.0M+2.0%	$356.0M0.0%	$339.0M-2.0%	$342.0M-5.0%
Share Buybacks	$2.3B+569.5%	$573.0M+109.1%	$1.1B+310.8%	$922.0M+64.6%	$338.0M-67.3%	$274.0M-73.2%	$259.0M-72.9%	$560.0M-68.7%

Not reported in any period shown, so not listed: Stock-Based Compensation.

VLO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VLO quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	2.120.0x	2.16-0.1x	2.30-0.6x	2.89+0.9x	1.97+0.7x	1.25-0.8x	2.01-0.3x	2.33+0.5x	1.87+0.2x	1.64	N/A	N/A	N/A	N/A	N/A
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	12.3%+8.1pp	6.3%+4.7pp	6.3%+4.2pp	5.5%+3.2pp	4.2%0.0pp	1.7%-4.6pp	2.1%-3.2pp	2.3%-7.5pp
Operating Margin	11.7%+8.3pp	5.3%+8.3pp	5.2%+4.1pp	4.7%+3.1pp	3.3%-0.2pp	-3.0%-8.3pp	1.1%-3.3pp	1.5%-7.6pp
Net Margin	8.4%+6.0pp	3.9%+5.9pp	3.7%+2.8pp	3.4%+2.3pp	2.4%-0.2pp	-2.0%-5.9pp	0.9%-2.5pp	1.1%-5.7pp
Return on Equity	14.9%+11.9pp	5.3%+7.8pp	4.8%+3.6pp	4.6%+3.2pp	3.0%-0.5pp	-2.5%-7.3pp	1.1%-3.4pp	1.4%-8.7pp
Return on Assets	5.8%+4.5pp	2.0%+3.0pp	2.0%+1.5pp	1.9%+1.3pp	1.2%-0.2pp	-1.0%-3.0pp	0.5%-1.4pp	0.6%-3.6pp
Current Ratio	1.640.0x	1.580.0x	1.65+0.1x	1.600.0x	1.62+0.1x	1.560.0x	1.530.0x	1.57+0.1x
Debt-to-Equity	0.420.0x	0.440.0x	0.410.0x	0.410.0x	0.430.0x	0.44+0.1x	0.400.0x	0.390.0x
Asset Turnover	0.69+0.2x	0.520.0x	0.520.0x	0.550.0x	0.500.0x	0.510.0x	0.51-0.1x	0.54-0.1x
FCF Margin	N/A	N/A	N/A	4.6%+1.9pp	1.8%-4.2pp	1.0%-2.8pp	1.7%	2.6%

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Valero Energy Corporation VLO	FY2025	$122.7B	$2.3B	1.9%	$124.9B	44/100
MARATHON PETROLEUM CORPORATION MPC	FY2025	$132.7B	$4.0B	3.0%	$130.1B	45/100
PHILLIPS 66 PSX	FY2025	$132.4B	$4.4B	3.3%	$112.4B	23/100
HF Sinclair Corporation DINO	FY2025	$26.9B	$579.0M	2.1%	$21.5B	42/100
SUNOCO LP SUN	FY2025	$25.2B	$527.0M	2.1%	$13.9B	34/100
Icahn Enterprises L.P IEP	FY2025	$9.7B	-$299.0M	-3.1%	$4.7B	16/100

Where Valero Energy Corporation Ranks

Frequently Asked Questions

What is Valero Energy Corporation's annual revenue?

Valero Energy Corporation (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 Corporation's revenue growing?

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

Is Valero Energy Corporation profitable?

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

What is Valero Energy Corporation's EBITDA?

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

How much debt does Valero Energy Corporation have?

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

What is Valero Energy Corporation's gross margin?

Valero Energy Corporation (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 Corporation's operating margin?

Valero Energy Corporation (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 Corporation's net profit margin?

Valero Energy Corporation (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 Corporation pay dividends?

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

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

Valero Energy Corporation (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 Corporation's operating cash flow?

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

What are Valero Energy Corporation's total assets?

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

Does Valero Energy Corporation buy back shares?

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

How many shares does Valero Energy Corporation have outstanding?

Valero Energy Corporation (VLO) had 299M shares outstanding as of fiscal year 2025.

What is Valero Energy Corporation's current ratio?

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

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

Valero Energy Corporation (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 Corporation's return on assets (ROA)?

Valero Energy Corporation (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 Corporation's P/E ratio?

Valero Energy Corporation (VLO) trades at 17.3x earnings, its market capitalization divided by net income of $7.2B net income, trailing 12 months to June 30, 2026. The market capitalization is $124.9B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Valero Energy Corporation's price-to-sales ratio?

Valero Energy Corporation (VLO) trades at 0.9x sales, its market capitalization divided by revenue of $139.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $124.9B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Valero Energy Corporation's Altman Z-Score?

Valero Energy Corporation (VLO) has an Altman Z-Score of 5.83, 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 Corporation's Piotroski F-Score?

Valero Energy Corporation (VLO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 Corporation's earnings high quality?

Valero Energy Corporation (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 Corporation cover its interest payments?

Valero Energy Corporation (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 Corporation?

Valero Energy Corporation (VLO) scores 44 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.