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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
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)43.97Sales (ttm)153.3BNet income (ttm)12.9BSales growth-5.5%EPS growth-11.8%Sales Q/Q+43.3%
Free cash flow-Gross margin12.3%Oper. margin11.5%Net margin8.4%FCF margin-ROE46.3%
ROA19.1%R&D / sales-Dividend4.52Debt/Eq0.39Curr. ratio1.72Cash9.8B
Op. cash flow (ttm)16.0BEBITDA3.2BEBITDA margin2.6%Net debt1.2BQuick ratio1.33Interest cover5.72
ROIC6.1%Payout ratio59.7%Tax rate25.3%Stock pay / sales0.1%Shares out.278.9MShares Y/Y-4.0%
Book / share100.31Cash / share35.28Sales / share549.79Asset turnover2.26Inventory turns15.45Days sales out.27
Sales 3Y CAGR-11.4%Sales 5Y CAGR+13.6%EPS 3Y CAGR-36.1%Employees9,811Sales / employee15.6M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

VLO against Energy peers

Ten years, side by side → · All 21 →
GrowthProfitBalanceCleanInsiders
VLOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth
-5.5%18th of 21 · median -0.3%
Net margin
8.4%17th of 21 · median 13.5%
Return on equity
46.3%3rd of 21 · median 17.4%
Debt / equity (less is better)
0.3910th of 20 · median 0.41
VLO and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VLO Valero Energy$153.3B -5.5%12.3%8.4%46.3%-0.39
CVX Chevron Corporation$233.3B -6.8%42.4%11.6%13.9%14.6%0.17
MPC Marathon Petroleum$174.8B -4.4%15.9%8.4%63.0%11.9%1.42
PSX Phillips 66$168.2B -7.5%15.1%7.5%36.6%-0.54
COP ConocoPhillips$67.7B +7.7%51.0%17.1%17.5%-0.35
OKE Oneok$43.2B +55.0%25.2%9.4%17.4%5.9%1.22

From $114.0B of sales to $930.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.1BRevenue to Cost of revenue: $110.8BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $999.0MOperating profit to Net profit: $930.0MOperating profit to Tax & other: $1.2B Revenue: $114.0B Revenue$114.0B +76% Y/Y Gross profit: $3.1B · 3% margin Gross profit$3.1B3% margin Cost of revenue: $110.8B · 97% of revenue Cost of revenue$110.8B97% of revenue Operating profit: $2.1B · 2% margin Operating profit$2.1B2% margin Operating expenses: $999.0M · 1% of revenue Operating expenses$999.0M1% of revenue Net profit: $930.0M · 1% margin Net profit$930.0M1% margin Tax & other: $1.2B · 1% of revenue Tax & other$1.2B1% of revenue

Swipe sideways for the whole flow →

From $176.4B of sales to $11.5B of profit

FY2022, from the 10-K income statement and revenue by segment
Refining to Revenue: $168.2BEthanol to Revenue: $5.5BRenewable Diesel to Revenue: $5.5BRevenue to Gross profit: $16.8BRevenue to Cost of revenue: $159.6BGross profit to Operating profit: $15.7BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $11.5BOperating profit to Tax & other: $4.2B Refining: $168.2B · 94% Refining$168.2B94% Ethanol: $5.5B · 3% Ethanol$5.5B3% Renewable Diesel: $5.5B · 3% Renewable Diesel$5.5B3% Revenue: $176.4B Revenue$176.4B +55% Y/Y Gross profit: $16.8B · 10% margin Gross profit$16.8B10% margin Cost of revenue: $159.6B · 90% of revenue Cost of revenue$159.6B90% of revenue Operating profit: $15.7B · 9% margin Operating profit$15.7B9% margin +637% Y/Y Operating expenses: $1.1B · 1% of revenue Operating expenses$1.1B1% of revenue Net profit: $11.5B · 7% margin Net profit$11.5B7% margin +1140% Y/Y Tax & other: $4.2B · 2% of revenue Tax & other$4.2B2% of revenue

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From $144.8B of sales to $8.8B of profit

FY2023, from the 10-K income statement and revenue by segment
Refining to Revenue: $136.5BEthanol to Revenue: $5.6BRenewable Diesel to Revenue: $7.0BRevenue to Gross profit: $12.9BRevenue to Cost of revenue: $131.8BGross profit to Operating profit: $11.9BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $8.8BOperating profit to Tax & other: $3.0B Refining: $136.5B · 92% Refining$136.5B92% Ethanol: $5.6B · 4% Ethanol$5.6B4% Renewable Diesel: $7.0B · 5% Renewable Diesel$7.0B5% Revenue: $144.8B Revenue$144.8B −18% Y/Y Gross profit: $12.9B · 9% margin Gross profit$12.9B9% margin Cost of revenue: $131.8B · 91% of revenue Cost of revenue$131.8B91% of revenue Operating profit: $11.9B · 8% margin Operating profit$11.9B8% margin −24% Y/Y Operating expenses: $1.1B · 1% of revenue Operating expenses$1.1B1% of revenue Net profit: $8.8B · 6% margin Net profit$8.8B6% margin −23% Y/Y Tax & other: $3.0B · 2% of revenue Tax & other$3.0B2% of revenue

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From $129.9B of sales to $2.8B of profit

FY2024, from the 10-K income statement and revenue by segment
Refining to Revenue: $123.9BEthanol to Revenue: $4.5BRenewable Diesel to Revenue: $5.1BRevenue to Gross profit: $4.8BRevenue to Cost of revenue: $125.1BGross profit to Operating profit: $3.8BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $2.8BOperating profit to Tax & other: $985.0M Refining: $123.9B · 93% Refining$123.9B93% Ethanol: $4.5B · 3% Ethanol$4.5B3% Renewable Diesel: $5.1B · 4% Renewable Diesel$5.1B4% Revenue: $129.9B Revenue$129.9B −10% Y/Y Gross profit: $4.8B · 4% margin Gross profit$4.8B4% margin Cost of revenue: $125.1B · 96% of revenue Cost of revenue$125.1B96% of revenue Operating profit: $3.8B · 3% margin Operating profit$3.8B3% margin −68% Y/Y Operating expenses: $1.1B · 1% of revenue Operating expenses$1.1B1% of revenue Net profit: $2.8B · 2% margin Net profit$2.8B2% margin −69% Y/Y Tax & other: $985.0M · 1% of revenue Tax & other$985.0M1% of revenue

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From $122.7B of sales to $2.3B of profit

FY2025, from the 10-K income statement and revenue by segment
Refining to Revenue: $116.2BEthanol to Revenue: $5.0BRenewable Diesel to Revenue: $4.6BRevenue 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 Refining: $116.2B · 92% Refining$116.2B92% Ethanol: $5.0B · 4% Ethanol$5.0B4% Renewable Diesel: $4.6B · 4% Renewable Diesel$4.6B4% Revenue: $122.7B Revenue$122.7B −6% Y/Y Gross profit: $5.4B · 4% margin Gross profit$5.4B4% margin Cost of revenue: $117.3B · 96% of revenue Cost of revenue$117.3B96% of revenue Operating profit: $3.2B · 3% margin Operating profit$3.2B3% margin −15% Y/Y Operating expenses: $2.3B · 2% of revenue Operating expenses$2.3B2% of revenue Net profit: $2.3B · 2% margin Net profit$2.3B2% margin −15% Y/Y Tax & other: $833.0M · 1% of revenue Tax & other$833.0M1% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median8.4% vs 13.5%
  • ✓
    Return on equity above 15%46.3%
  • !
    A profit in 9 of 10 years
Net margin, FY2016 to FY2025: 3.0% → 1.9%

Balance sheet

3 of 3
  • ✓
    Interest covered more than 5 timesOperating income is 5.7× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.39 on the latest balance sheet (peer median 0.41)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.72
Debt / equity at each year end, FY2016 to FY2025: 0.40 → 0.39
What the debt is made of ↓

Cash and shareholders

3 of 4
  • !
    Free cash flow positive in 8 of 9 years$4.6B last year
  • ✓
    Share count down over 5 years−24.1%
  • ✓
    Dividend per share up over 5 years$3.92 → $4.52
  • ✓
    Cash from operations above net income$5.8B vs $2.3B
Free cash flow, FY2016 to FY2025: 3.5B → 4.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $11.0B Debt$11.0B Long-term debt: $10.0B · 91% Long-term debt$10.0B · 91% Short-term debt: $989.0M · 9% Short-term debt$989.0M · 9% Next 12 months: $695.0M · 6% Next 12 months$695.0M · 6% Year 2: $564.0M · 5% Year 2$564.0M · 5% Year 3: $1.0B · 10% Year 3$1.0B · 10% Year 4: $439.0M · 4% Year 4$439.0M · 4% Year 5: $850.0M · 8% Year 5$850.0M · 8% After year 5: $4.7B · 43% After year 5$4.7B · 43%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $23.0M Not stated $8.3B

Line, as the company names itKindRateFixed or floatingAmount
6.625% Valero Senior Notes Due 2037 (Senior Notes)Notes and bonds6.62%not stated$1.4B
3.650% Valero Senior Notes Due 2051 (Senior Notes)Notes and bonds3.65%not stated$829.0M
7.5% Valero Senior Notes Due 2032 (Senior Notes)Notes and bonds7.50%not stated$729.0M
5.150% Valero Senior Notes Due 2030 (Senior Notes)Notes and bonds5.15%not stated$650.0M
4.90% Valero Senior Notes Due 2045 (Senior Notes)Notes and bonds4.90%not stated$621.0M
4.350% Valero Senior Notes Due 2028 (Senior Notes)Notes and bonds4.35%not stated$591.0M
2.150% Valero Senior Notes Due 2027 (Senior Notes)Notes and bonds2.15%not stated$564.0M
4.000% Valero Senior Notes Due 2052 (Senior Notes)Notes and bonds4.00%not stated$508.0M
2.800% Valero Senior Notes Due 2031 (Senior Notes)Notes and bonds2.80%not stated$462.0M
4.500% VLP Senior Notes Due 2028 (Senior Notes)Notes and bonds4.50%not stated$456.0M
4.000% Valero Senior Notes Due 2029 (Senior Notes)Notes and bonds4.00%not stated$439.0M
3.400% Valero Senior Notes Due 2026 (Senior Notes)Notes and bonds3.40%not stated$426.0M
8.75% Valero Senior Notes Due 2030 (Senior Notes)Notes and bonds8.75%not stated$200.0M
4.375% VLP Senior Notes Due 2026 (Senior Notes)Notes and bonds4.38%not stated$146.0M
10.500% Valero Senior Notes Due 2039 (Senior Notes)Notes and bonds10.50%not stated$113.0M
Debenture, 7.65% Due 2026 (Notes Payable Other Payables)Notes and bonds7.65%not stated$100.0M
7.45% Valero Senior Notes Due 2097 (Senior Notes)Notes and bonds7.45%not stated$70.0M
6.75% Valero Senior Notes Due 2037 (Senior Notes)Notes and bonds6.75%not stated$24.0M
IEnova Revolver (Line Of Credit)Bank loans–floating$23.0M
All 19 lines

From the debt note in the 10-K's XBRL (0001628280-26-011499), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 122.7B Net income 2.3B
FY2016 revenue 75.7B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-19-000008 FY2016 net income 2.3B · NetIncomeLoss, 0001035002-19-000008 75.7B FY2016 FY2017 revenue 94.0B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-20-000007 FY2017 net income 4.1B · NetIncomeLoss, 0001035002-20-000007 94.0B FY2017 FY2018 revenue 117.0B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-21-000051 FY2018 net income 3.1B · NetIncomeLoss, 0001035002-21-000051 117.0B FY2018 FY2019 revenue 108.3B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-22-000007 FY2019 net income 2.4B · NetIncomeLoss, 0001035002-22-000007 108.3B FY2019 FY2020 revenue 64.9B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-23-000027 FY2020 net income -1.4B · NetIncomeLoss, 0001035002-23-000027 64.9B FY2020 FY2021 revenue 114.0B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-24-000007 FY2021 net income 930.0M · NetIncomeLoss, 0001035002-24-000007 114.0B FY2021 FY2022 revenue 176.4B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001035002-25-000005 FY2022 net income 11.5B · NetIncomeLoss, 0001035002-25-000005 176.4B FY2022 FY2023 revenue 144.8B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-26-011499 FY2023 net income 8.8B · NetIncomeLoss, 0001628280-26-011499 144.8B FY2023 FY2024 revenue 129.9B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-26-011499 FY2024 net income 2.8B · NetIncomeLoss, 0001628280-26-011499 129.9B FY2024 FY2025 revenue 122.7B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-26-011499 FY2025 net income 2.3B · NetIncomeLoss, 0001628280-26-011499 122.7B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

VLO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue122.7B
FY2016: 75.7BFY2017: 94.0BFY2018: 117.0BFY2019: 108.3BFY2020: 64.9BFY2021: 114.0BFY2022: 176.4BFY2023: 144.8BFY2024: 129.9BFY2025: 122.7B FY2017FY2019FY2021FY2023FY2025
Net income2.3B
FY2016: 2.3BFY2017: 4.1BFY2018: 3.1BFY2019: 2.4BFY2020: -1.4BFY2021: 930.0MFY2022: 11.5BFY2023: 8.8BFY2024: 2.8BFY2025: 2.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow4.6B
FY2016: 3.5BFY2017: 4.1BFY2018: 995.0MFY2019: 2.7BFY2020: -1.5BFY2021: 3.4BFY2022: 9.8BFY2023: 7.3BFY2024: 4.6BFY2025: - FY2017FY2019FY2021FY2023FY2025
EPS (diluted)7.57
FY2016: 4.94FY2017: 9.16FY2018: 7.29FY2019: 5.84FY2020: -3.50FY2021: 2.27FY2022: 29.04FY2023: 24.92FY2024: 8.58FY2025: 7.57 FY2017FY2019FY2021FY2023FY2025
Dividend per share4.52
FY2016: 2.40FY2017: 2.80FY2018: 3.20FY2019: 3.60FY2020: 3.92FY2021: 3.92FY2022: 3.92FY2023: 4.08FY2024: 4.28FY2025: 4.52 FY2017FY2019FY2021FY2023FY2025
Diluted shares309.0M
FY2016: 464.0MFY2017: 444.0MFY2018: 428.0MFY2019: 414.0MFY2020: 407.0MFY2021: 407.0MFY2022: 396.0MFY2023: 353.0MFY2024: 322.0MFY2025: 309.0M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Refining 116.2B94.7% -6.2%
Ethanol 5.0B4.1% +10.9%
Renewable Diesel 4.6B3.7% -9.3%

10-K 0001628280-26-011499, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. 87.8B71.6% -5.9%
U.K. and Ireland 15.8B12.9% +3.9%
Canada 8.1B6.6% -5.1%
Other Countries 5.7B4.7% -22.0%
Mexico and Peru 5.2B4.2% -4.4%

10-K 0001628280-26-011499, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue75.7B94.0B117.0B108.3B64.9B114.0B176.4B144.8B129.9B122.7B
Cost of revenue71.3B89.5B111.4B103.5B65.7B110.8B159.6B131.8B125.1B117.3B
SG&A709.0M829.0M925.0M868.0M756.0M865.0M934.0M998.0M961.0M1.0B
Operating income3.5B3.6B4.6B3.8B-1.6B2.1B15.7B11.9B3.8B3.2B
Interest expense446.0M468.0M470.0M454.0M563.0M603.0M562.0M592.0M556.0M556.0M
Pretax income3.2B3.2B4.2B3.5B-2.0B1.5B15.3B11.8B3.7B3.0B
Income tax765.0M-949.0M879.0M702.0M-903.0M255.0M3.4B2.6B692.0M759.0M
Net income2.3B4.1B3.1B2.4B-1.4B930.0M11.5B8.8B2.8B2.3B
EPS (diluted)4.949.167.295.84-3.502.2729.0424.928.587.57
Diluted shares464.0M444.0M428.0M414.0M407.0M407.0M396.0M353.0M322.0M309.0M
Depreciation & amortization48.0M52.0M52.0M53.0M48.0M47.0M45.0M43.0M45.0M63.0M
EBITDA3.6B3.6B4.6B3.9B-1.5B2.2B15.7B11.9B3.8B3.2B
Operating margin4.7%3.8%3.9%3.5%-2.4%1.9%8.9%8.2%2.9%2.6%
Net margin3.0%4.3%2.7%2.2%-2.2%0.8%6.5%6.1%2.1%1.9%
Revenue growth-+24.2%+24.5%-7.4%-40.1%+75.6%+54.8%-17.9%-10.3%-5.5%
EPS growth-+85.4%-20.4%-19.9%-160%-+1179%-14.2%-65.6%-11.8%

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow4.8B5.5B4.4B5.5B948.0M5.9B12.6B9.2B6.7B5.8B
Capital spending1.3B1.4B3.4B2.8B2.4B2.5B2.7B1.9B2.1B-
Free cash flow3.5B4.1B995.0M2.7B-1.5B3.4B9.8B7.3B4.6B-
Stock-based pay (added back)68.0M77.0M86.0M89.0M80.0M88.0M103.0M107.0M100.0M117.0M
Dividends paid1.1B1.2B1.4B1.5B1.6B1.6B1.6B1.5B1.4B1.4B
Buybacks1.3B1.4B1.7B777.0M156.0M27.0M4.6B5.1B2.9B2.6B
Acquisitions00468.0M00-----
Debt raised2.2B380.0M--------
Investing cash flow-2.0B-2.4B-3.9B-3.0B-2.4B-2.2B-2.8B-1.9B-2.0B-1.8B
Financing cash flow-2.0B-2.3B-3.2B-3.0B2.1B-2.8B-8.8B-6.9B-5.0B-4.2B
Dividend per share2.402.803.203.603.923.923.924.084.284.52

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)68.0M77.0M86.0M89.0M80.0M88.0M103.0M107.0M100.0M117.0M
Stock-based pay / revenue0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%
Operating lease cost---439.0M434.0M381.0M379.0M418.0M508.0M517.0M
Operating lease cash paid---441.0M444.0M397.0M395.0M428.0M527.0M527.0M
Finance lease principal paid---40.0M80.0M135.0M180.0M250.0M245.0M268.0M
Right-of-use assets---1.3B1.2B1.3B1.1B1.1B1.1B1.1B
Operating lease liabilities---1.3B1.2B1.3B1.1B1.1B1.1B1.1B
Finance lease liabilities---791.0M1.7B1.9B2.4B2.3B2.4B2.4B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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.