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Screener / SEC EDGAR /CIK 0001035002 /10-K filed Feb 25, 2026, compared with Feb 26, 2025 /Numbers from the XBRL of the 10-Ks
Energy peers:
VLOCVXMPCOKEPSXCOP
NYSE Energy · Oil Refining

Valero Energy VLO

VLO quote by TradingView
Employees
9,811
Headquarters
San Antonio, TX
CEO
R. Lane Riggs
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $122.7B through the costs to a net profit of $2.3B · income statement of the 10-K

3% operating margin
Revenue to Gross profit: $5.4BRevenue to Cost of revenue: $117.3BGross profit to Operating profit: $3.2BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $2.3BOperating profit to Tax & other: $833.0M Revenue: $122.7B REVENUE $122.7B −6% Y/Y Gross profit: $5.4B · 4% margin GROSS PROFIT $5.4B 4% margin Cost of revenue: $117.3B · 96% of revenue COST OF REVENUE $117.3B 96% of revenue Operating profit: $3.2B · 3% margin OPERATING PROFIT $3.2B 3% margin · −15% Y/Y Operating expenses: $2.3B · 2% of revenue OPERATING EXPENSES $2.3B 2% of revenue Net profit: $2.3B · 2% margin NET PROFIT $2.3B 2% margin · −15% Y/Y Tax & other: $833.0M · 1% of revenue TAX & OTHER $833.0M 1% of revenue
Gross profit $5.4B 4% margin
Operating profit $3.2B 3% margin · −15% Y/Y
Net profit $2.3B 2% margin · −15% Y/Y
The full income statement, year by year

VLO among Energy peers

Six ratios from the latest 10-K. Each corner is the share of 20 peers the company is above, not a score.

Compare
Revenue growth: -5.5%, above 15% of 20 peers (their median 1.8%) REVENUE GROWTH -5.5% · above 15% Gross margin: 12.3%, above 0% of 7 peers (their median 41.8%) GROSS MARGIN 12.3% · above 0% Operating margin: 11.5%, above 0% of 12 peers (their median 27.3%) OPERATING MARGIN 11.5% · above 0% Net margin: 8.4%, above 20% of 20 peers (their median 14.8%) NET MARGIN 8.4% · above 20% Return on capital: 6.1%, above 17% of 12 peers (their median 8.8%) RETURN ON CAPITAL 6.1% · above 17%
VLO Peer median Below the median

What changed

20 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 25, 2026 against Feb 26, 2025.

Risk factors
20 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New 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
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

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

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New 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)
9 more checks with nothing to note
  • Cash from operations $5.8B vs net income $2.3B (FY ending Dec 31, 2025)
  • 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

In their words

20 paragraphs in Risk Factors that were not in the 10-K filed Feb 26, 2025. Quoted as filed.

All 20 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    The U.S. federal government under the current administration has also implemented and indicated the potential for new or revised tariffs, duties, sanctions, and other actions with respect to U.S. and foreign trade, manufacturing, and investment, and some foreign governments have in turn implemented or indicated the potential for similar…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    Our pursuit of capital and other strategic projects and actions exposes us to various risks.
  4. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    In recent years, a number of climate- and other sustainability-related advocacy groups, both in the U.S. and internationally, have campaigned for government and private action to promote various climate- and other sustainability-related disclosure frameworks, actions, and initiatives. As a result, we have faced, and may continue to…

New risk paragraphs, against peers

Latest 10-K of each, Energy companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$176.4B$144.8B$129.9B$122.7B
Net income$11.5B$8.8B$2.8B$2.3B
Operating cash flow$12.6B$9.2B$6.7B$5.8B
Free cash flow$9.8B$7.3B$4.6B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$122.7B ▼ 5.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Valero Energy, San Antonio, TX · from the 10-K filed Feb 25, 2026

Headquarters
San Antonio, TX
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 22, 2026
Incorporated in
DE

Employees, at the top of the page: "On December 31, 2025, we had 9,811 employees" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 26, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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.