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

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Valero Energy (VLO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Valero Energy has an operating margin of 2.6%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is down from 2.9% the prior year.

Growth

Valero Energy's revenue declined 5.5% year-over-year, from $129.9B to $122.7B. This contraction results in a growth score of 24/100.

Leverage

Valero Energy carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Valero Energy's current ratio of 1.65 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 29/100, which could limit financial flexibility.

Returns

Valero Energy's ROE of 9.9% shows moderate profitability relative to equity, earning a score of 33/100. This is down from 11.3% the prior year.

Altman Z-Score Safe

4.92

Valero Energy scores 4.92, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Valero Energy passes 5 of 9 financial strength tests. 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

5.7x

Valero Energy earns $5.7 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

Free Cash Flow

N/A

Cash & Debt

$4.7B

YoY+0.7%

5Y CAGR+7.2%

10Y CAGR+1.3%

Valero Energy held $4.7B in cash against $8.3B 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.

Shares Outstanding

N/A

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

R&D Spending

N/A

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.

Capital Expenditures

N/A

VLO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$122.7B-5.5%	$129.9B-10.3%	$144.8B-17.9%	$176.4B+54.8%	$114.0B+75.6%	$64.9B
Cost of Revenue	$117.3B-6.3%	$125.1B-5.1%	$131.8B-17.4%	$159.6B+44.0%	$110.8B+68.8%	$65.7B
Gross Profit	$5.4B+13.0%	$4.8B-62.8%	$12.9B-23.0%	$16.8B+436.8%	$3.1B+522.8%	-$740.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.0B+8.4%	$961.0M-3.7%	$998.0M+6.9%	$934.0M+8.0%	$865.0M+14.4%	$756.0M
Operating Income	$3.2B-15.3%	$3.8B-68.3%	$11.9B-24.4%	$15.7B+636.6%	$2.1B+234.9%	-$1.6B
Interest Expense	$556.0M0.0%	$556.0M-6.1%	$592.0M+5.3%	$562.0M-6.8%	$603.0M+7.1%	$563.0M
Income Tax	$759.0M+9.7%	$692.0M-73.6%	$2.6B-23.6%	$3.4B+1244.3%	$255.0M+128.2%	-$903.0M
Net Income	$2.3B-15.2%	$2.8B-68.6%	$8.8B-23.4%	$11.5B+1139.6%	$930.0M+165.4%	-$1.4B
EPS (Diluted)	$7.57-11.8%	$8.58-65.6%	$24.92-14.2%	$29.04+1179.3%	$2.27+164.9%	$-3.50

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$30.4B-5.6%	$32.2B+7.6%	$29.9B-1.2%	$30.3B-1.6%	$30.8B-6.4%	$32.9B-4.7%	$34.5B+8.6%	$31.8B
Cost of Revenue	$28.5B-6.3%	$30.4B+6.1%	$28.6B-3.7%	$29.8B-1.2%	$30.1B-6.2%	$32.1B-2.8%	$33.1B+11.0%	$29.8B
Gross Profit	$1.9B+7.4%	$1.8B+41.9%	$1.2B+146.4%	$507.0M-19.4%	$629.0M-16.6%	$754.0M-47.6%	$1.4B-27.4%	$2.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$315.0M+28.0%	$246.0M+11.8%	$220.0M-15.7%	$261.0M-1.9%	$266.0M+13.7%	$234.0M+15.3%	$203.0M-21.3%	$258.0M
Operating Income	$1.6B+4.4%	$1.5B+51.4%	$997.0M+210.8%	-$900.0M-358.6%	$348.0M-31.4%	$507.0M-58.5%	$1.2B-27.3%	$1.7B
Interest Expense	$139.0M0.0%	$139.0M-1.4%	$141.0M+2.9%	$137.0M+1.5%	$135.0M-4.3%	$141.0M+0.7%	$140.0M0.0%	$140.0M
Income Tax	$355.0M-9.0%	$390.0M+39.8%	$279.0M+205.3%	-$265.0M-679.4%	-$34.0M-135.4%	$96.0M-65.3%	$277.0M-21.5%	$353.0M
Net Income	$1.1B+3.6%	$1.1B+53.4%	$714.0M+220.0%	-$595.0M-311.7%	$281.0M-22.8%	$364.0M-58.6%	$880.0M-29.3%	$1.2B
EPS (Diluted)	N/A	$3.53+54.8%	$2.28+220.0%	$-1.90	N/A	$1.14-57.9%	$2.71-27.7%	$3.75

VLO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$58.0B-3.6%	$60.1B-4.6%	$63.1B+3.4%	$61.0B+5.3%	$57.9B+11.8%	$51.8B
Current Assets	$23.2B-2.2%	$23.7B-9.5%	$26.2B+8.7%	$24.1B+14.0%	$21.2B+33.6%	$15.8B
Cash & Equivalents	$4.7B+0.7%	$4.7B-14.1%	$5.4B+11.6%	$4.9B+18.0%	$4.1B+24.4%	$3.3B
Inventory	$7.6B-2.2%	$7.8B+2.3%	$7.6B+12.3%	$6.8B+7.8%	$6.3B+3.8%	$6.0B
Accounts Receivable	$9.2B-5.4%	$9.7B-11.8%	$11.0B+2.6%	$10.8B+8.0%	$10.0B+107.4%	$4.8B
Goodwill	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M0.0%	$260.0M
Total Liabilities	$34.3B-3.8%	$35.6B-2.9%	$36.7B-1.9%	$37.4B-5.2%	$39.5B+19.7%	$33.0B
Current Liabilities	$14.1B-8.9%	$15.5B-7.8%	$16.8B-3.8%	$17.5B+3.6%	$16.9B+81.5%	$9.3B
Long-Term Debt	$8.3B+2.2%	$8.1B-12.3%	$9.2B-0.2%	$9.2B-22.7%	$11.9B-8.2%	$13.0B
Total Equity	$23.7B-3.2%	$24.5B-7.0%	$26.3B+11.8%	$23.6B+27.8%	$18.4B-2.0%	$18.8B
Retained Earnings	$48.0B+2.0%	$47.0B+3.0%	$45.6B+19.3%	$38.2B+35.2%	$28.3B-2.3%	$29.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$58.0B-1.1%	$58.6B-1.4%	$59.4B+0.4%	$59.2B-1.6%	$60.1B-0.4%	$60.4B-5.1%	$63.6B+1.7%	$62.6B
Current Assets	$23.2B-1.3%	$23.5B-1.3%	$23.8B+0.9%	$23.6B-0.6%	$23.7B-1.0%	$24.0B-11.6%	$27.1B+5.6%	$25.7B
Cash & Equivalents	$4.7B-1.6%	$4.8B+5.0%	$4.5B-2.1%	$4.6B-0.5%	$4.7B-10.2%	$5.2B-1.2%	$5.2B+6.7%	$4.9B
Inventory	$7.6B+2.7%	$7.4B-1.9%	$7.5B+5.9%	$7.1B-8.3%	$7.8B+10.1%	$7.0B-12.2%	$8.0B+1.5%	$7.9B
Accounts Receivable	$9.2B	N/A	N/A	N/A	$9.7B	N/A	N/A	N/A
Goodwill	$260.0M	N/A	N/A	N/A	$260.0M	N/A	N/A	N/A
Total Liabilities	$34.3B-1.7%	$34.9B-1.4%	$35.4B-0.9%	$35.7B+0.2%	$35.6B+1.4%	$35.1B-8.0%	$38.2B+4.5%	$36.5B
Current Liabilities	$14.1B-4.2%	$14.7B+0.4%	$14.7B-3.1%	$15.1B-2.3%	$15.5B+1.3%	$15.3B-16.5%	$18.3B+13.4%	$16.1B
Long-Term Debt	$8.3B-14.7%	$9.7B-5.6%	$10.3B-0.5%	$10.3B+27.5%	$8.1B-17.4%	$9.8B+0.5%	$9.7B-3.0%	$10.0B
Total Equity	$23.7B-0.1%	$23.8B-1.3%	$24.1B+2.5%	$23.5B-4.2%	$24.5B-2.9%	$25.3B-0.7%	$25.4B-2.4%	$26.1B
Retained Earnings	$48.0B+1.7%	$47.2B+1.6%	$46.4B+0.8%	$46.1B-2.0%	$47.0B-0.1%	$47.1B0.0%	$47.1B+1.1%	$46.5B

VLO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.8B-12.8%	$6.7B-27.6%	$9.2B-26.6%	$12.6B+114.6%	$5.9B+518.0%	$948.0M
Capital Expenditures	N/A	$2.1B+7.4%	$1.9B-30.0%	$2.7B+11.4%	$2.5B+0.9%	$2.4B
Free Cash Flow	N/A	$4.6B-36.7%	$7.3B-25.7%	$9.8B+189.2%	$3.4B+328.6%	-$1.5B
Investing Cash Flow	-$1.8B+6.9%	-$2.0B-6.2%	-$1.9B+33.5%	-$2.8B-29.9%	-$2.2B+11.0%	-$2.4B
Financing Cash Flow	-$4.2B+17.2%	-$5.0B+27.3%	-$6.9B+21.6%	-$8.8B-210.9%	-$2.8B-237.0%	$2.1B
Dividends Paid	$1.4B+1.5%	$1.4B-4.7%	$1.5B-7.0%	$1.6B-2.5%	$1.6B+0.1%	$1.6B
Share Buybacks	$2.6B-9.6%	$2.9B-44.0%	$5.1B+12.2%	$4.6B+16851.9%	$27.0M-82.7%	$156.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$2.1B+9.4%	$1.9B+101.0%	$936.0M-1.7%	$952.0M-11.0%	$1.1B-17.4%	$1.3B-47.6%	$2.5B+33.9%	$1.8B
Capital Expenditures	N/A	$409.0M+0.5%	$407.0M-38.2%	$659.0M+20.5%	$547.0M+27.5%	$429.0M+2.1%	$420.0M-36.5%	$661.0M
Free Cash Flow	N/A	$1.5B+178.3%	$529.0M+80.5%	$293.0M-44.0%	$523.0M-39.6%	$866.0M-57.8%	$2.1B+73.2%	$1.2B
Investing Cash Flow	-$419.0M-10.6%	-$379.0M+8.0%	-$412.0M+35.1%	-$635.0M-16.7%	-$544.0M-33.3%	-$408.0M-4.1%	-$392.0M+38.5%	-$637.0M
Financing Cash Flow	-$1.8B-46.1%	-$1.2B-41.2%	-$849.0M-122.3%	-$382.0M+51.3%	-$784.0M+27.0%	-$1.1B+30.6%	-$1.5B+5.9%	-$1.6B
Dividends Paid	$344.0M-2.0%	$351.0M-0.8%	$354.0M-0.6%	$356.0M+5.0%	$339.0M-0.9%	$342.0M-1.4%	$347.0M-2.5%	$356.0M
Share Buybacks	$1.1B+15.4%	$922.0M+172.8%	$338.0M+23.4%	$274.0M+5.8%	$259.0M-53.8%	$560.0M-45.8%	$1.0B+1.0%	$1.0B

VLO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	4.4%+0.7pp	3.7%-5.2pp	8.9%-0.6pp	9.5%+6.8pp	2.8%+3.9pp	-1.1%
Operating Margin	2.6%-0.3pp	2.9%-5.3pp	8.2%-0.7pp	8.9%+7.0pp	1.9%+4.3pp	-2.4%
Net Margin	1.9%-0.2pp	2.1%-4.0pp	6.1%-0.4pp	6.5%+5.7pp	0.8%+3.0pp	-2.2%
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%
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%
Current Ratio	1.65+0.1	1.53-0.0	1.56+0.2	1.38+0.1	1.26-0.5	1.71
Debt-to-Equity	0.35+0.0	0.33-0.0	0.35-0.0	0.39-0.3	0.65-0.0	0.69
FCF Margin	N/A	3.6%-1.5pp	5.1%-0.5pp	5.6%+2.6pp	3.0%+5.3pp	-2.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	6.3%+0.8pp	5.5%+1.3pp	4.2%+2.5pp	1.7%-0.4pp	2.1%-0.2pp	2.3%-1.9pp	4.2%-2.1pp	6.2%
Operating Margin	5.2%+0.5pp	4.7%+1.3pp	3.3%+6.3pp	-3.0%-4.1pp	1.1%-0.4pp	1.5%-2.0pp	3.5%-1.8pp	5.3%
Net Margin	3.7%+0.3pp	3.4%+1.0pp	2.4%+4.4pp	-2.0%-2.9pp	0.9%-0.2pp	1.1%-1.4pp	2.5%-1.4pp	3.9%
Return on Equity	4.8%+0.2pp	4.6%+1.6pp	3.0%+5.5pp	-2.5%-3.7pp	1.1%-0.3pp	1.4%-2.0pp	3.5%-1.3pp	4.8%
Return on Assets	2.0%+0.1pp	1.9%+0.7pp	1.2%+2.2pp	-1.0%-1.5pp	0.5%-0.1pp	0.6%-0.8pp	1.4%-0.6pp	2.0%
Current Ratio	1.65+0.0	1.60-0.0	1.62+0.1	1.56+0.0	1.53-0.0	1.57+0.1	1.48-0.1	1.59
Debt-to-Equity	0.35-0.1	0.41-0.0	0.43-0.0	0.44+0.1	0.33-0.1	0.390.0	0.380.0	0.39
FCF Margin	N/A	4.6%+2.8pp	1.8%+0.8pp	1.0%-0.7pp	1.7%-0.9pp	2.6%-3.3pp	5.9%+2.2pp	3.7%

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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 $8.3B 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 0.35 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 4.92, 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 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 7–9 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 5.7x, 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 Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.