Valero Energy VLO
Bought back $2.6B of its own shares, 22.2× what it paid in stock
XBRL, latest 10-KNew shares against shares bought back
Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K
Shares offered
Since Nov 15, 2023: 1 shelf registration; also 2 notes offerings.
- Jan 30, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
Diluted shares: 309.00M in the year to Dec 31, 2025 2025 -4.0%2024 -8.8%2023 -10.9%2022 -2.7%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. How
Where the cash came from and where it went
FY2025, from the cash flow statement in the 10-K, added up
The same cash, step by step
Came from
| Operating cash flow | $5.8B |
Went to
| Buybacks | $2.6B |
| Dividends | $1.4B |
| Added to cash | $36.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$1.8B |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
Where the operating cash went, year by year
FY2016 to FY2025 · cash flow statements, 10-K XBRL
| Fiscal year | Operating cash | Capital spending | Acquisitions | Buybacks | Dividends |
|---|---|---|---|---|---|
| Dec 31, 2025 | $5.8B | - | - | $2.6B | $1.4B |
| Dec 31, 2024 | $6.7B | $2.1B | - | $2.9B | $1.4B |
| Dec 31, 2023 | $9.2B | $1.9B | - | $5.1B | $1.5B |
| Dec 31, 2022 | $12.6B | $2.7B | - | $4.6B | $1.6B |
| Dec 31, 2021 | $5.9B | $2.5B | - | $27.0M | $1.6B |
| Dec 31, 2020 | $948.0M | $2.4B | - | $156.0M | $1.6B |
| Dec 31, 2019 | $5.5B | $2.8B | - | $777.0M | $1.5B |
| Dec 31, 2018 | $4.4B | $3.4B | $468.0M | $1.7B | $1.4B |
| Dec 31, 2017 | $5.5B | $1.4B | - | $1.4B | $1.2B |
| Dec 31, 2016 | $4.8B | $1.3B | - | $1.3B | $1.1B |
| Added up | $61.3B | $20.5B 33% of operating cash | $468.0M 1% of operating cash | $20.6B 34% of operating cash | $14.2B 23% of operating cash |
Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.
Buybacks, dividends and share count
Year by year · XBRL, each 10-K
| Fiscal year to | Buybacks | Dividends | Diluted shares |
|---|---|---|---|
| Dec 31, 2025 | $2.6B | $1.4B | 309.00M |
| Dec 31, 2024 | $2.9B | $1.4B | 322.00M |
| Dec 31, 2023 | $5.1B | $1.5B | 353.00M |
| Dec 31, 2022 | $4.6B | $1.6B | 396.00M |
| Dec 31, 2021 | $27.0M | $1.6B | 407.00M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividendsCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
Dividend per share, year by year
Dividends · declared per share, each 10-K; cash paid, cash flow statement
Declared since the 10-K: Sep 30, 2026 $1.20Jun 30, 2026 $1.20Mar 31, 2026 $1.20
| Fiscal year to | Per share | Against year before | Cash paid out |
|---|---|---|---|
| Dec 31, 2025 | $4.52 | ▲+5.6% | $1.4B |
| Dec 31, 2024 | $4.28 | ▲+4.9% | $1.4B |
| Dec 31, 2023 | $4.08 | ▲+4.1% | $1.5B |
| Dec 31, 2022 | $3.92 | 0.0% | $1.6B |
| Dec 31, 2021 | $3.92 | 0.0% | $1.6B |
| Dec 31, 2020 | $3.92 | ▲+8.9% | - |
| Dec 31, 2019 | $3.60 | ▲+12.5% | - |
| Dec 31, 2018 | $3.20 | ▲+14.3% | - |
Dividend per share as the company tagged it (CommonStockDividendsPerShareCashPaid), from the latest 10-K that reports each year, so a stock split is already in it. A change is left blank when the year before is missing or the jump is more than five times.
Buybacks month by month, and what is left to buy
Share buybacks · 10-Q, Part II Item 2, latest 4 quarters
“As of September 30, 2026, we had $3.0 billion remaining available for purchase under the July 2026 Program.”
10-Q, Part II Item 2
“On October 27, 2026, our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $10.0 billion with no expiration date, which is in addition to the amount remaining under the July 2026 Program.”
10-Q, Part II Item 2
Spent each month (shares × average price)
| Month | Shares bought | Average price |
|---|---|---|
| Sep 2026 | 6,010,390 | $389.63 |
| Aug 2026 | 3,042,477 | $334.89 |
| Jun 2026 | 6,497,555 | $253.15 |
| May 2026 | 2,511,104 | $245.73 |
| Mar 2026 | 2,170,375 | $243.28 |
| Feb 2026 | 45,258 | $198.24 |
| Jan 2026 | 111,390 | $191.83 |
| Sep 2025 | 4,804,191 | $167.08 |
| Aug 2025 | 856,546 | $138.07 |
Shares and average price are the numbers in the 10-Q table, row by row; "shares × price" is our multiplication of the two. A row with a price of "-" is an accelerated repurchase paid up front, where the 10-Q does not give a price yet. A 10-Q that counts shares in millions gives a rounded number, shown as "about". Shares withheld for employees' taxes are not in this table. A month that no 10-Q table gives, or that this page could not read with confidence, is not shown.
What the 10-Ks show for each CEO's years
Each CEO's years · the CEO of each fiscal year as named in the proxy's pay versus performance table
R. Lane Riggs
- Operating cash flow
- $5.8B
- Buybacks
- $2.6B
- Dividends
- $1.4B
- Stock-based pay
- $117.0M
- Diluted shares since FY2024
- -4.0%
- Revenue since FY2024
- -6%
- Debt since FY2024
- +$382.0M
- CEO pay (reported)
- $34.2M
Sources
The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.
Also
CEO pay: what the CEO was paid over the same years.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/VLO/export.csv") into a cell.