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VLOValero Energy

Energy · Oil Refining · NYSE
Employees
9,811
Headquarters
San Antonio, TX
CEO
R. Lane Riggs
Next results
around Jan 28, 2027
Compare with peers → Embed
RevenueFY2016–25 $122.7B−5.5% FY2024: $129.9B 10-K FY2025 · XBRL Net incomeFY2016–25 $2.3B−15.2% FY2024: $2.8B 10-K FY2025 · XBRL Operating marginFY2016–25 2.6%−0.3 pts 4.7% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 25, 2026 against Feb 26, 2025
AreaWhat changedSource
Risk factors20 new paragraphs, nothing like them in the previous 10-K10-K Item 1A
Critical audit matters changedNew this year: Sufficiency of audit evidence over quantities of inventories (“As discussed in Note 4 to the consolidated financial statements, the Company held $7.6 billion of inventories as of December 31, 2025. The Company’s inventories are held across its refineries, renewable diesel plants, ethanol plants, and third-party locations.”); Fair value of certain long-lived assets (“As discussed in Note 1 to the consolidated financial statements, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exce”). No longer listed: Assessment of gross unrecognized tax benefits10-K · XBRL
Accounting checks10 other checks clear, 1 worth a look10-K · XBRL
InsidersNo open-market buys in the last 90 daysForm 4
Filings3 in the last 30 daysEDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 25, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-26. Quoted as filed.

  1. Our operations depend on the reliable supply of natural gas, electricity, and water. We consume significant amounts of natural gas, electricity, and water to operate our refineries and plants, and the prices thereof can have a measurable effect on the total cost of our operations. Volatility in the prices for natural gas and…
    10-K, Item 1A
All 20 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

  • !
    Critical audit matters changedNew this year: Sufficiency of audit evidence over quantities of inventories (“As discussed in Note 4 to the consolidated financial statements, the Company held $7.6 billion of inventories as of December 31, 2025. The Company’s inventories are held across its refineries, renewable diesel plants, ethanol plants, and third-party locations.”); Fair value of certain long-lived assets (“As discussed in Note 1 to the consolidated financial statements, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exce”). No longer listed: Assessment of gross unrecognized tax benefits
  • ✓
    Receivables -5.4% vs revenue -5.5% (+0.2 pts)
  • ✓
    Cash from operations $5.8B vs net income $2.3B (FY ending 2025-12-31)
  • ✓
    Inventory -2.2% vs revenue -5.5% (+3.3 pts)
  • ✓
    Same auditor in both 10-Ks: KPMG LLP
  • ✓
    No statement of substantial doubt about going concern
  • ✓
    No 8-K item 4.02 in the last 2 years
  • ✓
    No NT 10-K or NT 10-Q in the last 2 years
  • ✓
    No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • ✓
    No 8-K item 2.06 in the last 2 years
  • ✓
    No 8-K item 1.03 in the last 2 years
How each check works, with sources →

In the last 30 days

All filings →

Work on VLO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/VLO/export.csv") into a cell.