Valero Energy (VLO) financials
Valero Energy revenue and earnings by year
Valero Energy's revenue was $123 billion in the fiscal year to December 31, 2025, down 5.5% from the year before. Net income was $2.35 billion, 1.9% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 5.5% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 122.7 | 129.9 | 144.8 | 176.4 | 114.0 | 64.9 | 108.3 | 117.0 | 94.0 | 75.7 |
| Revenue growth | -5.5% | -10.3% | -17.9% | 54.8% | 75.6% | -40.1% | -7.4% | 24.5% | 24.2% | — |
| Gross profit | 5.4 | 4.8 | 12.9 | 16.8 | 3.1 | -0.7 | 4.8 | 5.6 | 4.5 | 4.3 |
| Gross margin | 4.4% | 3.7% | 8.9% | 9.5% | 2.7% | -1.1% | 4.4% | 4.8% | 4.8% | 5.7% |
| Operating income | 3.2 | 3.8 | 11.9 | 15.7 | 2.1 | -1.6 | 3.8 | 4.6 | 3.6 | 3.5 |
| Operating margin | 2.6% | 2.9% | 8.2% | 8.9% | 1.9% | -2.4% | 3.5% | 3.9% | 3.8% | 4.7% |
| Net income | 2.3 | 2.8 | 8.8 | 11.5 | 0.9 | -1.4 | 2.4 | 3.1 | 4.1 | 2.3 |
| Net margin | 1.9% | 2.1% | 6.1% | 6.5% | 0.8% | -2.2% | 2.2% | 2.7% | 4.3% | 3.0% |
| Diluted EPS | $7.57 | $8.58 | $24.92 | $29.04 | $2.27 | -$3.49 | $5.87 | $7.30 | $9.24 | $4.92 |
| Free cash flow | 4.0 | 4.9 | 7.5 | 10.7 | 4.7 | -1.0 | 2.9 | 1.5 | 3.7 | 3.5 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open VLO in Markets.
How Valero Energy makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Refining | $44.4B | 96.9% |
| Ethanol | $1.42B | 3.1% |
See also: VLO valuation and P/E history · VLO returns
No forecast, no recommendation. This page describes Valero Energy from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.