Valero Energy (VLO) Financials

$241.03 +4.68 (+1.98%)

As of 03:45 PM Eastern

Annual Income Statements for Valero Energy

This table shows Valero Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3,990	2,289	4,065	3,122	2,422	-1,421	930	11,528	8,835	2,770	2,348
Consolidated Net Income / (Loss)	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
Net Income / (Loss) Continuing Operations	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
Total Pre-Tax Income	5,971	3,182	3,207	4,232	3,486	-2,010	1,543	15,307	11,768	3,698	3,005
Total Operating Income	6,358	3,534	3,563	4,572	3,836	-1,579	2,130	15,690	11,858	3,755	3,181
Total Gross Profit	7,115	4,347	4,505	5,594	4,778	-740	3,129	16,796	12,932	4,805	5,432
Total Revenue	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
Operating Revenue	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
Total Cost of Revenue	80,689	71,312	89,475	111,439	103,546	65,652	110,848	159,587	131,834	125,076	117,255
Operating Cost of Revenue	80,689	71,312	89,475	111,439	103,546	65,652	110,848	159,587	126,114	119,176	110,535
Other Cost of Revenue	-	-	-	-	-	-	-	-	5,720	5,900	6,720
Total Operating Expenses	757	813	942	1,022	942	839	999	1,106	1,074	1,050	2,251
Selling, General & Admin Expense	710	709	890	970	889	791	952	1,000	1,031	1,005	1,057
Depreciation Expense	47	48	52	52	53	48	47	45	43	45	63
Impairment Charge	0.00	56	-	-	-	0.00	0.00	61	0.00	0.00	1,131
Total Other Income / (Expense), net	-387	-352	-356	-340	-350	-431	-587	-383	-90	-57	-176
Interest Expense	433	446	468	470	454	563	603	562	592	556	556
Other Income / (Expense), net	46	94	112	130	104	132	16	179	502	499	380
Income Tax Expense	1,870	765	-949	879	702	-903	255	3,428	2,619	692	759
Net Income / (Loss) Attributable to Noncontrolling Interest	111	128	91	231	362	314	358	351	314	236	-102
Basic Earnings per Share	$8.00	$4.94	$9.17	$7.30	$5.84	($3.50)	$2.27	$29.05	$24.93	$8.58	$7.57
Weighted Average Basic Shares Outstanding	497M	461M	442M	426M	413M	407M	407M	395M	353M	322M	309M
Diluted Earnings per Share	$7.99	$4.94	$9.16	$7.29	$5.84	($3.50)	$2.27	$29.04	$24.92	$8.58	$7.57
Weighted Average Diluted Shares Outstanding	500M	464M	444M	428M	414M	407M	407M	396M	353M	322M	309M
Weighted Average Basic & Diluted Shares Outstanding	498.80M	463.40M	443.30M	427.70M	409.34M	408.56M	409.30M	371.15M	332.48M	314.98M	299.03M
Cash Dividends to Common per Share	$1.70	$2.40	$2.80	$3.20	$3.60	$3.92	$3.92	$3.92	$4.08	$4.28	$4.52

This table shows Valero Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	2,622	1,202	1,245	880	364	281	-595	714	1,095	1,134	1,263
Consolidated Net Income / (Loss)	2,663	1,218	1,330	926	393	357	-652	663	1,066	1,169	1,322
Net Income / (Loss) Continuing Operations	2,663	1,218	1,330	926	393	357	-652	663	1,066	1,169	1,322
Total Pre-Tax Income	3,476	1,549	1,683	1,203	489	323	-917	942	1,456	1,524	1,723
Total Operating Income	3,503	1,553	1,679	1,221	507	348	-900	997	1,509	1,575	1,731
Total Gross Profit	3,770	1,874	1,983	1,439	754	629	507	1,249	1,772	1,904	2,052
Total Revenue	38,404	35,414	31,759	34,490	32,876	30,756	30,258	29,889	32,168	30,372	32,381
Operating Revenue	38,404	35,414	31,759	34,490	32,876	30,756	30,258	29,889	32,168	30,372	32,381
Total Cost of Revenue	34,634	33,540	29,776	33,051	32,122	30,127	29,751	28,640	30,396	28,468	30,329
Operating Cost of Revenue	34,634	33,540	29,776	33,051	32,122	30,127	28,251	28,640	30,396	21,748	28,608
Other Cost of Revenue	-	-	-	-	-	-	1,500	-	-	-	1,721
Total Operating Expenses	267	321	304	218	247	281	1,407	252	263	329	321
Selling, General & Admin Expense	256	310	292	206	237	270	265	224	251	317	309
Depreciation Expense	11	11	12	12	10	11	11	28	12	12	12
Impairment Charge	-	-	0.00	0.00	0.00	-	1,131	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-27	-4.00	4.00	-18	-18	-25	-17	-55	-53	-51	-8.00
Interest Expense	149	149	140	140	141	135	137	141	139	139	140
Other Income / (Expense), net	122	145	144	122	123	110	120	86	86	88	132
Income Tax Expense	813	331	353	277	96	-34	-265	279	390	355	401
Net Income / (Loss) Attributable to Noncontrolling Interest	41	16	85	46	29	76	-57	-51	-29	35	59
Basic Earnings per Share	$7.49	$3.73	$3.75	$2.71	$1.14	$0.98	($1.90)	$2.28	$3.54	$3.65	$4.22
Weighted Average Basic Shares Outstanding	349M	353M	331M	324M	318M	322M	314M	312M	309M	309M	298M
Diluted Earnings per Share	$7.49	$3.74	$3.75	$2.71	$1.14	$0.98	($1.90)	$2.28	$3.53	$3.66	$4.22
Weighted Average Diluted Shares Outstanding	349M	353M	331M	324M	318M	322M	314M	312M	309M	309M	298M
Weighted Average Basic & Diluted Shares Outstanding	340.45M	332.48M	327.00M	320.38M	316.59M	314.98M	313.21M	310.65M	305.01M	299.03M	296.93M
Cash Dividends to Common per Share	$1.02	$1.02	$1.07	$1.07	-	$1.07	$1.13	$1.13	-	-	$1.20

This table details how cash moves in and out of Valero Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	425	702	1,034	-2,868	-399	730	809	740	562	-595	36
Net Cash From Operating Activities	5,611	4,820	5,482	4,371	5,531	948	5,859	12,574	9,229	6,683	5,826
Net Cash From Continuing Operating Activities	5,611	4,820	5,482	4,371	5,531	948	5,859	12,574	9,229	6,683	5,826
Net Income / (Loss) Continuing Operations	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
Consolidated Net Income / (Loss)	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
Depreciation Expense	1,842	1,894	1,986	2,069	2,255	2,351	2,405	2,473	2,701	2,774	3,158
Non-Cash Adjustments To Reconcile Net Income	790	-691	-	0.00	22	-19	131	47	-11	0.00	1,131
Changes in Operating Assets and Liabilities, net	-1,122	1,200	-660	-1,051	470	-277	2,035	-1,825	-2,610	903	-709
Net Cash From Investing Activities	-2,487	-2,006	-2,382	-3,928	-3,001	-2,425	-2,159	-2,805	-1,865	-1,981	-1,845
Net Cash From Continuing Investing Activities	-2,487	-2,006	-2,382	-3,928	-3,001	-2,425	-2,159	-2,805	-1,865	-1,981	-1,845
Purchase of Property, Plant & Equipment	-2,291	-1,996	-1,902	-3,075	-2,774	-2,436	-2,458	-2,737	-1,916	-2,057	-1,885
Acquisitions	0.00	0.00	-478	-861	-	-54	-9.00	-1.00	0.00	0.00	-3.00
Purchase of Investments	-141	-4.00	-	-	-164	-	0.00	-100	-276	-29	-27
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	5.00	314	81	30
Other Investing Activities, net	-55	-6.00	-2.00	8.00	-63	65	38	-4.00	13	24	40
Net Cash From Financing Activities	-2,545	-2,012	-2,272	-3,168	-2,997	2,077	-2,846	-8,849	-6,941	-5,049	-4,182
Net Cash From Continuing Financing Activities	-2,545	-2,012	-2,272	-3,168	-2,997	2,077	-2,846	-8,849	-6,941	-5,049	-4,182
Repayment of Debt	-488	-1,653	-21	-1,374	-1,839	-529	-3,232	-6,035	-2,684	-7,786	-7,684
Repurchase of Common Equity	-2,838	-1,336	-1,372	-1,708	-777	-156	-27	-4,577	-5,136	-2,875	-2,598
Payment of Dividends	-893	-1,176	-1,309	-1,485	-2,512	-1,808	-1,604	-1,655	-1,616	-1,566	-1,774
Issuance of Debt	1,446	2,153	400	1,367	2,131	4,570	1,828	3,153	2,420	7,137	7,574
Issuance of Common Equity	228	0.00	30	32	0.00	0.00	189	265	75	90	328
Other Financing Activities, net	-	-	-	-	-	-	-	-	0.00	-49	-28
Effect of Exchange Rate Changes	-154	-100	206	-143	68	130	-45	-180	139	-248	237

This table details how cash moves in and out of Valero Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	756	-407	-507	497	-60	-525	-22	-95	229	-76	1,047
Net Cash From Operating Activities	3,308	1,239	1,846	2,472	1,295	1,070	952	936	1,881	2,057	1,390
Net Cash From Continuing Operating Activities	3,308	1,239	1,846	2,472	1,295	1,070	952	936	1,881	2,057	1,390
Net Income / (Loss) Continuing Operations	2,663	1,218	1,330	926	393	357	-652	663	1,066	1,169	1,322
Consolidated Net Income / (Loss)	2,663	1,218	1,330	926	393	357	-652	663	1,066	1,169	1,322
Depreciation Expense	682	690	695	696	685	698	691	814	836	817	840
Non-Cash Adjustments To Reconcile Net Income	-	-	0.00	-	-	-	1,131	-	-	-	0.00
Changes in Operating Assets and Liabilities, net	-37	-669	-179	850	217	15	-218	-541	-21	71	-772
Net Cash From Investing Activities	-304	-483	-637	-392	-408	-544	-635	-412	-379	-419	-400
Net Cash From Continuing Investing Activities	-304	-483	-637	-392	-408	-544	-635	-412	-379	-419	-400
Purchase of Property, Plant & Equipment	-394	-540	-661	-420	-429	-547	-659	-407	-409	-410	-448
Acquisitions	-	-	0.00	-	-	-	-1.00	-	-	-2.00	0.00
Other Investing Activities, net	4.00	2.00	2.00	-4.00	13	13	25	-5.00	28	-4.00	48
Net Cash From Financing Activities	-2,125	-1,296	-1,644	-1,547	-1,074	-784	-382	-849	-1,199	-1,752	124
Net Cash From Continuing Financing Activities	-2,125	-1,296	-1,644	-1,547	-1,074	-735	-382	-849	-1,199	-1,752	124
Repayment of Debt	-447	-78	-1,725	-1,918	-2,411	-1,732	-2,122	-2,774	-1,024	-1,764	-2,184
Repurchase of Common Equity	-1,787	-956	-1,023	-1,033	-560	-259	-274	-338	-922	-1,064	-573
Payment of Dividends	-423	-346	-356	-349	-453	-408	-485	-356	-351	-582	-359
Issuance of Debt	532	84	1,370	1,753	2,350	1,664	2,499	2,550	950	1,575	3,050
Issuance of Common Equity	-	-	90	-	-	-	0.00	97	148	83	190
Effect of Exchange Rate Changes	-123	133	-72	-36	127	-267	43	230	-74	38	-67

This table presents Valero Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	44,227	46,173	50,158	50,155	53,864	51,774	57,888	60,982	63,056	60,143	57,988
Total Current Assets	14,898	16,800	19,312	17,675	18,969	15,844	21,165	24,133	26,221	23,737	23,210
Cash & Equivalents	4,114	4,816	5,850	2,982	2,583	3,313	4,122	4,862	5,424	4,657	4,688
Accounts Receivable	4,464	5,901	6,922	7,345	8,988	6,109	10,378	11,919	12,525	10,708	9,877
Inventories, net	5,898	5,709	6,384	6,532	7,013	6,038	6,265	6,752	7,583	7,761	7,591
Prepaid Expenses	204	374	156	816	385	384	400	600	689	611	1,054
Plant, Property, & Equipment, net	26,703	26,472	27,480	28,848	29,264	30,389	30,847	30,978	30,209	29,314	27,617
Plant, Property & Equipment, gross	36,907	37,733	40,010	42,473	44,294	46,967	49,072	50,576	51,668	52,368	50,091
Accumulated Depreciation	10,204	11,261	12,530	13,625	15,030	16,578	18,225	19,598	21,459	23,054	22,474
Total Noncurrent Assets	2,626	2,901	3,366	3,632	5,631	5,541	5,876	5,871	6,626	7,092	7,161
Other Noncurrent Operating Assets	2,626	2,901	3,366	3,632	5,631	5,541	5,876	5,871	6,626	7,092	7,161
Total Liabilities & Shareholders' Equity	44,227	46,173	50,158	50,155	53,864	51,774	57,888	60,982	63,056	60,143	57,988
Total Liabilities	22,873	25,319	27,258	27,424	31,328	32,132	38,071	35,514	34,532	32,622	31,383
Total Current Liabilities	6,994	8,328	11,071	10,724	13,160	9,283	16,851	17,461	16,802	15,495	14,109
Short-Term Debt	127	115	122	238	494	723	1,264	1,109	1,406	743	949
Accounts Payable	4,907	6,357	8,348	8,594	10,205	6,082	12,495	12,728	12,567	12,092	10,139
Accrued Expenses	554	694	712	630	949	994	1,253	1,215	1,240	1,130	1,403
Current Deferred & Payable Income Tax Liabilities	337	78	568	49	208	112	378	841	137	170	68
Other Taxes Payable	1,069	1,084	1,321	1,213	1,304	1,372	1,461	1,568	1,452	1,360	1,550
Total Noncurrent Liabilities	15,879	16,991	16,187	16,700	18,168	22,849	21,220	18,053	17,730	17,127	17,274
Long-Term Debt	7,208	7,886	8,750	8,871	9,178	13,954	12,606	10,526	10,118	9,720	9,670
Noncurrent Deferred & Payable Income Tax Liabilities	7,060	7,361	4,708	4,962	5,103	5,275	5,210	5,217	5,349	5,267	5,146
Other Noncurrent Operating Liabilities	1,611	1,744	2,729	2,867	3,887	3,620	3,404	2,310	2,263	2,140	2,458
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	21,354	20,854	22,900	22,731	22,536	19,642	19,817	25,468	28,524	27,521	26,605
Total Preferred & Common Equity	20,527	20,024	21,991	21,667	21,803	18,801	18,430	23,561	26,346	24,512	23,725
Total Common Equity	20,527	20,024	21,991	21,667	21,803	18,801	18,430	23,561	26,346	24,512	23,725
Common Stock	7,071	7,095	7,046	7,055	6,828	6,821	6,834	6,870	6,908	6,946	6,988
Retained Earnings	25,188	26,366	29,200	31,044	31,974	28,953	28,281	38,247	45,630	47,016	47,959
Treasury Stock	-10,799	-12,027	-13,315	-14,925	-15,648	-15,719	-15,677	-20,197	-25,322	-28,178	-30,753
Accumulated Other Comprehensive Income / (Loss)	-933	-1,410	-940	-1,507	-1,351	-1,254	-1,008	-1,359	-870	-1,272	-469
Noncontrolling Interest	827	830	909	1,064	733	841	1,387	1,907	2,178	3,009	2,880

This table presents Valero Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	60,667	63,175	63,056	62,574	63,615	60,382	60,143	59,177	59,433	58,615	62,142
Total Current Assets	23,695	26,577	26,221	25,674	27,115	23,976	23,737	23,590	23,804	23,504	27,825
Cash & Equivalents	5,075	5,831	5,424	4,917	5,246	5,184	4,657	4,634	4,537	4,764	5,733
Accounts Receivable	10,888	12,566	12,525	12,150	13,145	11,073	10,708	11,238	11,073	10,333	13,410
Inventories, net	6,961	7,513	7,583	7,912	8,028	7,048	7,761	7,119	7,538	7,394	7,556
Prepaid Expenses	771	667	689	695	696	671	611	599	656	1,013	1,126
Plant, Property, & Equipment, net	30,570	30,253	30,209	30,072	29,769	29,681	29,314	28,549	28,236	27,741	27,113
Plant, Property & Equipment, gross	51,125	51,208	51,668	51,943	52,074	52,424	52,368	49,293	49,701	49,663	50,012
Accumulated Depreciation	20,555	20,955	21,459	21,871	22,305	22,743	23,054	20,744	21,465	21,922	22,899
Total Noncurrent Assets	6,402	6,345	6,626	6,828	6,731	6,725	7,092	7,038	7,393	7,370	7,204
Other Noncurrent Operating Assets	6,402	6,345	6,626	6,828	6,731	6,725	7,092	7,038	7,393	7,370	7,204
Total Liabilities & Shareholders' Equity	60,667	63,175	63,056	62,574	63,615	60,382	60,143	59,177	59,433	58,615	62,142
Total Liabilities	32,673	35,118	34,532	33,750	35,365	32,382	32,622	32,862	32,486	31,869	35,208
Total Current Liabilities	14,948	17,592	16,802	16,149	18,318	15,298	15,495	15,143	14,677	14,729	17,652
Short-Term Debt	1,193	1,334	1,406	853	995	1,016	743	542	382	894	1,026
Accounts Payable	10,825	13,342	12,567	12,458	14,565	11,516	12,092	11,982	11,499	10,694	13,403
Accrued Expenses	1,117	1,219	1,240	1,097	1,065	1,190	1,130	1,153	1,288	1,440	1,313
Current Deferred & Payable Income Tax Liabilities	322	278	137	388	203	176	170	167	57	290	484
Other Taxes Payable	1,491	1,419	1,452	1,353	1,490	1,400	1,360	1,299	1,451	1,411	1,426
Total Noncurrent Liabilities	17,725	17,526	17,730	17,601	17,047	17,084	17,127	17,719	17,809	17,140	17,556
Long-Term Debt	10,130	10,107	10,118	10,044	9,746	9,790	9,720	10,312	10,265	9,687	10,465
Noncurrent Deferred & Payable Income Tax Liabilities	5,382	5,231	5,349	5,260	5,224	5,263	5,267	4,951	5,048	5,023	4,725
Other Noncurrent Operating Liabilities	2,213	2,188	2,263	2,297	2,077	2,031	2,140	2,456	2,496	2,430	2,366
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	27,994	28,057	28,524	28,824	28,250	28,000	27,521	26,315	26,947	26,746	26,934
Total Preferred & Common Equity	25,851	25,975	26,346	26,057	25,443	25,253	24,512	23,490	24,078	23,754	23,870
Total Common Equity	25,851	25,975	26,346	26,057	25,443	25,253	24,512	23,490	24,078	23,754	23,870
Common Stock	6,896	6,907	6,908	6,923	6,936	6,947	6,946	6,951	6,963	6,979	7,009
Retained Earnings	42,512	44,774	45,630	46,519	47,052	47,074	47,016	46,065	46,425	47,169	48,863
Treasury Stock	-22,586	-24,381	-25,322	-26,330	-27,373	-27,938	-28,178	-28,417	-28,757	-29,686	-31,290
Accumulated Other Comprehensive Income / (Loss)	-971	-1,325	-870	-1,055	-1,172	-830	-1,272	-1,109	-553	-708	-712
Noncontrolling Interest	2,143	2,082	2,178	2,767	2,807	2,747	3,009	2,825	2,869	2,992	3,064

This table displays calculated financial ratios and metrics derived from Valero Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-32.89%	-13.83%	24.22%	24.53%	-7.44%	-40.08%	75.59%	54.75%	-17.93%	-10.28%	-5.54%
EBITDA Growth	7.95%	-33.03%	2.52%	19.61%	-8.51%	-85.41%	403.43%	303.03%	-17.89%	-53.34%	-4.40%
EBIT Growth	7.65%	-43.35%	1.30%	27.95%	-16.21%	-136.73%	248.31%	639.47%	-22.11%	-65.58%	-16.29%
NOPAT Growth	8.82%	-38.53%	72.01%	-21.55%	-15.43%	-136.08%	260.86%	584.83%	-24.29%	-66.89%	-22.11%
Net Income Growth	10.51%	-41.06%	71.95%	-19.32%	-16.97%	-139.76%	216.35%	822.28%	-22.98%	-67.14%	-25.28%
EPS Growth	16.64%	-38.17%	85.43%	-20.41%	-19.89%	-159.93%	164.86%	1,179.30%	-14.19%	-65.57%	-11.77%
Operating Cash Flow Growth	32.30%	-14.10%	13.73%	-20.27%	26.54%	-82.86%	518.04%	114.61%	-26.60%	-27.59%	-12.82%
Free Cash Flow Firm Growth	63.01%	-13.73%	-15.09%	-74.90%	234.58%	-208.26%	229.47%	195.13%	-28.04%	-36.38%	-27.15%
Invested Capital Growth	2.65%	-2.18%	7.83%	11.33%	2.66%	4.66%	-4.65%	9.05%	7.39%	-3.75%	-2.37%
Revenue Q/Q Growth	-9.37%	2.62%	6.43%	2.04%	-0.78%	-14.80%	20.38%	3.43%	-4.19%	-3.46%	-0.31%
EBITDA Q/Q Growth	-11.57%	-0.75%	4.81%	8.02%	8.29%	-71.01%	71.48%	19.48%	-14.88%	-14.92%	24.54%
EBIT Q/Q Growth	-15.20%	-0.44%	6.92%	10.90%	12.38%	-287.19%	694.81%	22.89%	-17.87%	-22.57%	51.15%
NOPAT Q/Q Growth	-15.87%	-0.26%	91.28%	-29.87%	11.38%	-180.47%	3,748.47%	18.52%	-18.16%	-21.64%	53.07%
Net Income Q/Q Growth	-16.75%	0.88%	91.34%	-29.13%	12.44%	-308.08%	1,083.21%	21.75%	-18.04%	-22.27%	56.62%
EPS Q/Q Growth	-16.16%	3.35%	96.99%	-29.90%	5.80%	-5,733.33%	306.36%	23.84%	-14.80%	-24.34%	54.81%
Operating Cash Flow Q/Q Growth	-8.33%	11.86%	13.73%	0.41%	0.55%	-62.97%	67.35%	15.02%	-23.64%	-2.47%	20.40%
Free Cash Flow Firm Q/Q Growth	-16.99%	28.48%	35.77%	-43.42%	3.79%	-216.57%	69.05%	14.80%	-23.36%	10.38%	21.30%
Invested Capital Q/Q Growth	2.62%	-0.39%	5.66%	1.31%	2.07%	-0.56%	0.82%	2.93%	2.84%	-0.88%	-0.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	8.10%	5.75%	4.79%	4.78%	4.41%	-1.14%	2.75%	9.52%	8.93%	3.70%	4.43%
EBITDA Margin	9.39%	7.30%	6.02%	5.79%	5.72%	1.39%	3.99%	10.40%	10.40%	5.41%	5.48%
Operating Margin	7.24%	4.67%	3.79%	3.91%	3.54%	-2.43%	1.87%	8.90%	8.19%	2.89%	2.59%
EBIT Margin	7.29%	4.80%	3.91%	4.02%	3.64%	-2.23%	1.88%	9.00%	8.54%	3.28%	2.90%
Profit (Net Income) Margin	4.67%	3.19%	4.42%	2.87%	2.57%	-1.71%	1.13%	6.73%	6.32%	2.31%	1.83%
Tax Burden Percent	68.68%	75.96%	129.59%	79.23%	79.86%	55.07%	83.47%	77.61%	77.74%	81.29%	74.74%
Interest Burden Percent	93.24%	87.71%	87.27%	90.00%	88.48%	138.91%	71.90%	96.46%	95.21%	86.93%	84.39%
Effective Tax Rate	31.32%	24.04%	-29.59%	20.77%	20.14%	0.00%	16.53%	22.40%	22.26%	18.71%	25.26%
Return on Invested Capital (ROIC)	18.00%	11.04%	18.48%	13.23%	10.48%	-3.65%	5.87%	39.40%	27.57%	8.98%	7.22%
ROIC Less NNEP Spread (ROIC-NNEP)	9.02%	2.70%	3.62%	7.34%	6.25%	-3.66%	1.23%	35.80%	26.49%	8.21%	4.98%
Return on Net Nonoperating Assets (RNNOA)	1.25%	0.41%	0.51%	1.47%	1.82%	-1.60%	0.66%	13.06%	6.32%	1.74%	1.08%
Return on Equity (ROE)	19.25%	11.45%	19.00%	14.70%	12.30%	-5.25%	6.53%	52.46%	33.89%	10.73%	8.30%
Cash Return on Invested Capital (CROIC)	15.39%	13.25%	10.95%	2.51%	7.85%	-8.20%	10.63%	30.74%	20.45%	12.80%	9.62%
Operating Return on Assets (OROA)	14.27%	8.03%	7.63%	9.37%	7.58%	-2.74%	3.91%	26.70%	19.93%	6.91%	6.03%
Return on Assets (ROA)	9.14%	5.35%	8.63%	6.69%	5.35%	-2.10%	2.35%	19.99%	14.75%	4.88%	3.80%
Return on Common Equity (ROCE)	18.62%	11.00%	18.24%	14.06%	11.81%	-5.05%	6.16%	48.65%	31.33%	9.73%	7.40%
Return on Equity Simple (ROE_SIMPLE)	19.98%	12.07%	18.90%	15.48%	12.77%	-5.89%	6.99%	50.42%	34.73%	12.26%	0.00%
Net Operating Profit after Tax (NOPAT)	4,367	2,684	4,617	3,622	3,064	-1,105	1,778	12,176	9,219	3,052	2,378
NOPAT Margin	4.97%	3.55%	4.91%	3.10%	2.83%	-1.70%	1.56%	6.90%	6.37%	2.35%	1.94%
Net Nonoperating Expense Percent (NNEP)	8.98%	8.35%	14.87%	5.89%	4.23%	0.02%	4.64%	3.60%	1.09%	0.78%	2.24%
Return On Investment Capital (ROIC_SIMPLE)	15.22%	9.30%	14.53%	11.38%	9.51%	-3.22%	5.28%	32.82%	23.02%	8.04%	6.39%
Cost of Revenue to Revenue	91.90%	94.25%	95.21%	95.22%	95.59%	101.14%	97.25%	90.48%	91.07%	96.30%	95.57%
SG&A Expenses to Revenue	0.81%	0.94%	0.95%	0.83%	0.82%	1.22%	0.84%	0.57%	0.71%	0.77%	0.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.86%	1.07%	1.00%	0.87%	0.87%	1.29%	0.88%	0.63%	0.74%	0.81%	1.83%
Earnings before Interest and Taxes (EBIT)	6,404	3,628	3,675	4,702	3,940	-1,447	2,146	15,869	12,360	4,254	3,561
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,246	5,522	5,661	6,771	6,195	904	4,551	18,342	15,061	7,028	6,719
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.14	1.10	1.36	1.13	1.41	1.05	1.50	1.94	1.62	1.57	2.08
Price to Tangible Book Value (P/TBV)	1.14	1.10	1.36	1.13	1.41	1.05	1.50	1.94	1.62	1.57	2.08
Price to Revenue (P/Rev)	0.27	0.29	0.32	0.21	0.28	0.30	0.24	0.26	0.29	0.30	0.40
Price to Earnings (P/E)	5.85	9.65	7.36	7.83	12.72	0.00	29.74	3.96	4.83	13.90	21.02
Dividend Yield	3.51%	4.92%	4.10%	5.56%	4.80%	8.13%	5.79%	3.31%	3.26%	3.52%	2.79%
Earnings Yield	17.09%	10.36%	13.60%	12.78%	7.86%	0.00%	3.36%	25.26%	20.71%	7.20%	4.76%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.09	1.31	1.10	1.30	1.03	1.31	1.68	1.47	1.42	1.79
Enterprise Value to Revenue (EV/Rev)	0.31	0.35	0.36	0.27	0.36	0.49	0.34	0.31	0.35	0.36	0.47
Enterprise Value to EBITDA (EV/EBITDA)	3.32	4.73	5.98	4.67	6.23	35.26	8.52	2.96	3.38	6.73	8.66
Enterprise Value to EBIT (EV/EBIT)	4.28	7.20	9.21	6.73	9.80	0.00	18.08	3.42	4.12	11.12	16.33
Enterprise Value to NOPAT (EV/NOPAT)	6.27	9.73	7.33	8.73	12.61	0.00	21.82	4.46	5.53	15.50	24.46
Enterprise Value to Operating Cash Flow (EV/OCF)	4.88	5.42	6.17	7.23	6.98	33.62	6.62	4.32	5.52	7.08	9.98
Enterprise Value to Free Cash Flow (EV/FCFF)	7.34	8.11	12.37	46.07	16.82	0.00	12.05	5.72	7.45	10.88	18.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.38	0.39	0.40	0.43	0.75	0.70	0.46	0.40	0.38	0.40
Long-Term Debt to Equity	0.34	0.38	0.38	0.39	0.41	0.71	0.64	0.41	0.35	0.35	0.36
Financial Leverage	0.14	0.15	0.14	0.20	0.29	0.44	0.54	0.36	0.24	0.21	0.22
Leverage Ratio	2.11	2.14	2.20	2.20	2.30	2.50	2.78	2.62	2.30	2.20	2.18
Compound Leverage Factor	1.97	1.88	1.92	1.98	2.03	3.48	2.00	2.53	2.19	1.91	1.84
Debt to Total Capital	25.57%	27.73%	27.92%	28.61%	30.03%	42.77%	41.17%	31.36%	28.78%	27.55%	28.53%
Short-Term Debt to Total Capital	0.44%	0.40%	0.38%	0.75%	1.53%	2.11%	3.75%	2.99%	3.51%	1.96%	2.55%
Long-Term Debt to Total Capital	25.12%	27.33%	27.54%	27.86%	28.50%	40.66%	37.42%	28.37%	25.26%	25.59%	25.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.88%	2.88%	2.86%	3.34%	2.28%	2.45%	4.12%	5.14%	5.44%	7.92%	7.74%
Common Equity to Total Capital	71.55%	69.40%	69.22%	68.05%	67.69%	54.78%	54.71%	63.50%	65.79%	64.53%	63.74%
Debt to EBITDA	0.89	1.45	1.57	1.35	1.56	16.24	3.05	0.63	0.77	1.49	1.58
Net Debt to EBITDA	0.39	0.58	0.53	0.90	1.14	12.57	2.14	0.37	0.41	0.83	0.88
Long-Term Debt to EBITDA	0.87	1.43	1.55	1.31	1.48	15.44	2.77	0.57	0.67	1.38	1.44
Debt to NOPAT	1.68	2.98	1.92	2.51	3.16	-13.28	7.80	0.96	1.25	3.43	4.47
Net Debt to NOPAT	0.74	1.19	0.65	1.69	2.31	-10.28	5.48	0.56	0.66	1.90	2.49
Long-Term Debt to NOPAT	1.65	2.94	1.90	2.45	3.00	-12.62	7.09	0.86	1.10	3.18	4.07
Altman Z-Score	4.09	3.44	3.79	4.21	3.80	2.46	3.30	5.53	4.88	4.36	4.61
Noncontrolling Interest Sharing Ratio	3.27%	3.93%	3.97%	4.32%	3.97%	3.73%	5.65%	7.27%	7.57%	9.26%	10.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.13	2.02	1.74	1.65	1.44	1.71	1.26	1.38	1.56	1.53	1.65
Quick Ratio	1.23	1.29	1.15	0.96	0.88	1.02	0.86	0.96	1.07	0.99	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,733	3,220	2,734	686	2,297	-2,486	3,219	9,500	6,836	4,349	3,169
Operating Cash Flow to CapEx	244.91%	241.48%	288.22%	142.15%	199.39%	38.92%	267.78%	464.84%	481.68%	324.89%	309.07%
Free Cash Flow to Firm to Interest Expense	8.62	7.22	5.84	1.46	5.06	-4.42	5.34	16.90	11.55	7.82	5.70
Operating Cash Flow to Interest Expense	12.96	10.81	11.71	9.30	12.18	1.68	9.72	22.37	15.59	12.02	10.48
Operating Cash Flow Less CapEx to Interest Expense	7.67	6.33	7.65	2.76	6.07	-2.64	6.09	17.56	12.35	8.32	7.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.96	1.67	1.95	2.33	2.08	1.23	2.08	2.97	2.33	2.11	2.08
Accounts Receivable Turnover	16.98	14.60	14.66	16.41	13.26	8.60	13.83	15.82	11.84	11.18	11.92
Inventory Turnover	12.89	12.29	14.80	17.26	15.29	10.06	18.02	24.52	18.39	16.30	15.28
Fixed Asset Turnover	3.29	2.85	3.48	4.16	3.73	2.18	3.72	5.71	4.73	4.36	4.31
Accounts Payable Turnover	13.83	12.66	12.17	13.16	11.02	8.06	11.93	12.65	10.42	10.14	10.55
Days Sales Outstanding (DSO)	21.50	25.00	24.90	22.25	27.52	42.45	26.40	23.07	30.82	32.65	30.62
Days Inventory Outstanding (DIO)	28.32	29.70	24.67	21.15	23.87	36.28	20.26	14.89	19.84	22.39	23.89
Days Payable Outstanding (DPO)	26.39	28.83	29.99	27.75	33.13	45.27	30.59	28.84	35.02	35.98	34.60
Cash Conversion Cycle (CCC)	23.43	25.88	19.57	15.65	18.26	33.45	16.07	9.11	15.64	19.05	19.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,575	24,039	25,922	28,858	29,625	31,006	29,565	32,241	34,624	33,327	32,536
Invested Capital Turnover	3.62	3.11	3.76	4.27	3.70	2.14	3.76	5.71	4.33	3.82	3.73
Increase / (Decrease) in Invested Capital	634	-536	1,883	2,936	767	1,381	-1,441	2,676	2,383	-1,297	-791
Enterprise Value (EV)	27,396	26,110	33,830	31,623	38,624	31,876	38,794	54,312	50,938	47,311	58,162
Market Capitalization	23,348	22,095	29,899	24,432	30,802	19,671	27,659	45,632	42,660	38,496	49,351
Book Value per Share	$42.63	$44.24	$50.26	$51.06	$53.09	$46.10	$45.08	$61.11	$77.39	$77.43	$77.78
Tangible Book Value per Share	$42.63	$44.24	$50.26	$51.06	$53.09	$46.10	$45.08	$61.11	$77.39	$77.43	$77.78
Total Capital	28,689	28,855	31,772	31,840	32,208	34,319	33,687	37,103	40,048	37,984	37,224
Total Debt	7,335	8,001	8,872	9,109	9,672	14,677	13,870	11,635	11,524	10,463	10,619
Total Long-Term Debt	7,208	7,886	8,750	8,871	9,178	13,954	12,606	10,526	10,118	9,720	9,670
Net Debt	3,221	3,185	3,022	6,127	7,089	11,364	9,748	6,773	6,100	5,806	5,931
Capital Expenditures (CapEx)	2,291	1,996	1,902	3,075	2,774	2,436	2,188	2,705	1,916	2,057	1,885
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,917	3,771	2,513	4,207	3,720	3,971	1,456	2,919	5,401	4,328	5,362
Debt-free Net Working Capital (DFNWC)	8,031	8,587	8,363	7,189	6,303	7,284	5,578	7,781	10,825	8,985	10,050
Net Working Capital (NWC)	7,904	8,472	8,241	6,951	5,809	6,561	4,314	6,672	9,419	8,242	9,101
Net Nonoperating Expense (NNE)	266	267	461	269	280	1.70	490	297	70	46	132
Net Nonoperating Obligations (NNO)	3,221	3,185	3,022	6,127	7,089	11,364	9,748	6,773	6,100	5,806	5,931
Total Depreciation and Amortization (D&A)	1,842	1,894	1,986	2,069	2,255	2,351	2,405	2,473	2,701	2,774	3,158
Debt-free, Cash-free Net Working Capital to Revenue	4.46%	4.98%	2.67%	3.59%	3.43%	6.12%	1.28%	1.65%	3.73%	3.33%	4.37%
Debt-free Net Working Capital to Revenue	9.15%	11.35%	8.90%	6.14%	5.82%	11.22%	4.89%	4.41%	7.48%	6.92%	8.19%
Net Working Capital to Revenue	9.00%	11.20%	8.77%	5.94%	5.36%	10.11%	3.79%	3.78%	6.51%	6.35%	7.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.00	$4.94	$9.17	$7.30	$5.84	($3.50)	$2.27	$29.05	$24.93	$8.58	$7.57
Adjusted Weighted Average Basic Shares Outstanding	497M	461M	442M	426M	413M	407M	407M	395M	353M	322M	309M
Adjusted Diluted Earnings per Share	$7.99	$4.94	$9.16	$7.29	$5.84	($3.50)	$2.27	$29.04	$24.92	$8.58	$7.57
Adjusted Weighted Average Diluted Shares Outstanding	500M	464M	444M	428M	414M	407M	407M	396M	353M	322M	309M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	470.39M	451.05M	433.18M	417.61M	409.34M	408.56M	409.30M	371.15M	332.48M	314.98M	299.03M
Normalized Net Operating Profit after Tax (NOPAT)	4,367	2,727	2,494	3,622	3,064	-1,105	1,778	12,224	9,219	3,052	3,223
Normalized NOPAT Margin	4.97%	3.60%	2.65%	3.10%	2.83%	-1.70%	1.56%	6.93%	6.37%	2.35%	2.63%
Pre Tax Income Margin	6.80%	4.21%	3.41%	3.62%	3.22%	-3.10%	1.35%	8.68%	8.13%	2.85%	2.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.79	8.13	7.85	10.00	8.68	-2.57	3.56	28.24	20.88	7.65	6.40
NOPAT to Interest Expense	10.09	6.02	9.87	7.71	6.75	-1.96	2.95	21.67	15.57	5.49	4.28
EBIT Less CapEx to Interest Expense	9.50	3.66	3.79	3.46	2.57	-6.90	-0.07	23.42	17.64	3.95	3.01
NOPAT Less CapEx to Interest Expense	4.79	1.54	5.80	1.16	0.64	-6.29	-0.68	16.85	12.34	1.79	0.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.78%	48.66%	31.50%	44.29%	90.23%	-163.32%	124.53%	13.93%	17.66%	52.10%	78.98%
Augmented Payout Ratio	90.98%	103.93%	64.51%	95.23%	118.14%	-177.42%	126.63%	52.46%	73.80%	147.74%	194.66%

This table displays calculated financial ratios and metrics derived from Valero Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	299,026,226.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	299,026,226.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.61%	-15.17%	-12.84%	-0.06%	-14.39%	-13.15%	-4.73%	-13.34%	-2.15%	-1.25%	7.02%
EBITDA Growth	-4.25%	-52.43%	-47.89%	-42.30%	-69.47%	-51.59%	-103.53%	-6.96%	84.87%	114.53%	3,137.08%
EBIT Growth	-6.23%	-61.29%	-56.30%	-53.12%	-82.62%	-73.03%	-142.79%	-19.36%	153.17%	263.10%	338.85%
NOPAT Growth	-9.40%	-62.61%	-58.00%	-56.38%	-84.82%	-68.50%	-147.48%	-25.34%	171.14%	214.10%	310.82%
Net Income Growth	-8.55%	-62.31%	-57.72%	-56.36%	-85.24%	-70.69%	-149.02%	-28.40%	171.25%	227.45%	302.76%
EPS Growth	4.17%	-53.66%	-54.76%	-49.81%	-84.78%	-73.80%	-150.67%	-15.87%	209.65%	273.47%	322.11%
Operating Cash Flow Growth	61.76%	-69.75%	-41.77%	63.49%	-60.85%	-13.64%	-48.43%	-62.14%	45.25%	92.24%	46.01%
Free Cash Flow Firm Growth	-64.87%	-296.85%	-144.85%	176.99%	33.60%	244.74%	427.69%	-3.28%	378.22%	18.88%	-28.55%
Invested Capital Growth	7.49%	7.39%	5.54%	-1.45%	-0.13%	-3.75%	-6.52%	-2.04%	-3.15%	-2.37%	0.48%
Revenue Q/Q Growth	11.29%	-7.79%	-10.32%	8.60%	-4.68%	-6.45%	-1.62%	-1.22%	7.62%	-5.58%	6.61%
EBITDA Q/Q Growth	21.87%	-44.56%	5.44%	-19.02%	-35.51%	-12.09%	-107.70%	2,231.46%	28.15%	2.02%	8.99%
EBIT Q/Q Growth	26.53%	-53.16%	7.36%	-26.33%	-53.09%	-27.30%	-270.31%	238.85%	47.28%	4.26%	12.03%
NOPAT Q/Q Growth	24.54%	-54.50%	8.66%	-29.17%	-56.65%	-5.60%	-263.79%	211.38%	57.44%	9.35%	9.93%
Net Income Q/Q Growth	25.49%	-54.26%	9.20%	-30.38%	-57.56%	-9.16%	-282.63%	201.69%	60.78%	9.66%	13.09%
EPS Q/Q Growth	38.70%	-50.07%	0.27%	-27.73%	-57.93%	-14.04%	-293.88%	220.00%	54.82%	3.68%	15.30%
Operating Cash Flow Q/Q Growth	118.78%	-62.55%	48.99%	33.91%	-47.61%	-17.37%	-11.03%	-1.68%	100.96%	9.36%	-32.43%
Free Cash Flow Firm Q/Q Growth	118.15%	-443.05%	56.95%	387.28%	-68.51%	271.66%	-2.54%	-15.21%	55.70%	-7.61%	-41.42%
Invested Capital Q/Q Growth	-1.68%	2.84%	0.52%	-3.04%	-0.36%	-0.88%	-2.38%	1.60%	-1.49%	-0.08%	0.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.82%	5.29%	6.24%	4.17%	2.29%	2.05%	1.68%	4.18%	5.51%	6.27%	6.34%
EBITDA Margin	11.22%	6.74%	7.93%	5.91%	4.00%	3.76%	-0.29%	6.35%	7.56%	8.17%	8.35%
Operating Margin	9.12%	4.39%	5.29%	3.54%	1.54%	1.13%	-2.97%	3.34%	4.69%	5.19%	5.35%
EBIT Margin	9.44%	4.79%	5.74%	3.89%	1.92%	1.49%	-2.58%	3.62%	4.96%	5.48%	5.75%
Profit (Net Income) Margin	6.93%	3.44%	4.19%	2.68%	1.20%	1.16%	-2.15%	2.22%	3.31%	3.85%	4.08%
Tax Burden Percent	76.61%	78.63%	79.03%	76.97%	80.37%	110.53%	71.10%	70.38%	73.21%	76.71%	76.73%
Interest Burden Percent	95.89%	91.23%	92.32%	89.58%	77.62%	70.52%	117.56%	86.98%	91.29%	91.64%	92.49%
Effective Tax Rate	23.39%	21.37%	20.97%	23.03%	19.63%	-10.53%	0.00%	29.62%	26.79%	23.29%	23.27%
Return on Invested Capital (ROIC)	32.49%	14.93%	17.27%	11.23%	4.96%	4.78%	-7.94%	8.70%	12.77%	14.82%	15.70%
ROIC Less NNEP Spread (ROIC-NNEP)	32.18%	14.88%	17.32%	10.99%	4.70%	4.32%	-8.30%	8.03%	12.09%	14.15%	15.59%
Return on Net Nonoperating Assets (RNNOA)	8.22%	3.55%	3.69%	2.30%	0.94%	0.92%	-1.84%	1.69%	2.53%	3.07%	3.51%
Return on Equity (ROE)	40.71%	18.48%	20.95%	13.52%	5.90%	5.70%	-9.78%	10.39%	15.30%	17.89%	19.20%
Cash Return on Invested Capital (CROIC)	27.45%	20.45%	16.40%	19.62%	11.71%	12.80%	10.00%	4.65%	7.89%	9.62%	12.84%
Operating Return on Assets (OROA)	23.28%	11.19%	13.10%	8.78%	4.17%	3.14%	-5.44%	7.29%	10.26%	11.37%	11.84%
Return on Assets (ROA)	17.11%	8.03%	9.56%	6.05%	2.60%	2.45%	-4.54%	4.46%	6.85%	7.99%	8.40%
Return on Common Equity (ROCE)	37.65%	17.08%	19.13%	12.33%	5.39%	5.17%	-8.78%	9.32%	13.70%	15.94%	17.08%
Return on Equity Simple (ROE_SIMPLE)	42.98%	0.00%	28.14%	24.12%	15.31%	0.00%	4.36%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2,684	1,221	1,327	940	407	385	-630	702	1,105	1,208	1,328
NOPAT Margin	6.99%	3.45%	4.18%	2.73%	1.24%	1.25%	-2.08%	2.35%	3.43%	3.98%	4.10%
Net Nonoperating Expense Percent (NNEP)	0.31%	0.05%	-0.05%	0.24%	0.26%	0.46%	0.36%	0.67%	0.68%	0.67%	0.10%
Return On Investment Capital (ROIC_SIMPLE)	6.79%	3.05%	3.34%	2.41%	1.05%	1.01%	-1.70%	1.87%	2.96%	3.25%	3.46%
Cost of Revenue to Revenue	90.18%	94.71%	93.76%	95.83%	97.71%	97.95%	98.32%	95.82%	94.49%	93.73%	93.66%
SG&A Expenses to Revenue	0.67%	0.88%	0.92%	0.60%	0.72%	0.88%	0.88%	0.75%	0.78%	1.04%	0.95%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.70%	0.91%	0.96%	0.63%	0.75%	0.91%	4.65%	0.84%	0.82%	1.08%	0.99%
Earnings before Interest and Taxes (EBIT)	3,625	1,698	1,823	1,343	630	458	-780	1,083	1,595	1,663	1,863
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,307	2,388	2,518	2,039	1,315	1,156	-89	1,897	2,431	2,480	2,703
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.84	1.62	2.17	1.97	1.69	1.57	1.77	1.73	2.23	2.08	3.10
Price to Tangible Book Value (P/TBV)	1.84	1.62	2.17	1.97	1.69	1.57	1.77	1.73	2.23	2.08	3.10
Price to Revenue (P/Rev)	0.32	0.29	0.40	0.36	0.32	0.30	0.32	0.34	0.43	0.40	0.59
Price to Earnings (P/E)	4.45	4.83	8.05	8.43	11.54	13.90	44.73	54.66	35.38	21.02	17.57
Dividend Yield	2.98%	3.26%	3.11%	2.73%	3.18%	3.52%	3.29%	4.10%	2.62%	2.79%	1.86%
Earnings Yield	22.46%	20.71%	12.43%	11.87%	8.67%	7.20%	2.24%	1.83%	2.83%	4.76%	5.69%
Enterprise Value to Invested Capital (EV/IC)	1.65	1.47	1.87	1.73	1.52	1.42	1.56	1.53	1.89	1.79	2.53
Enterprise Value to Revenue (EV/Rev)	0.37	0.35	0.47	0.42	0.38	0.36	0.39	0.41	0.50	0.47	0.66
Enterprise Value to EBITDA (EV/EBITDA)	3.14	3.38	5.11	5.19	6.17	6.73	11.46	11.86	11.44	8.66	8.70
Enterprise Value to EBIT (EV/EBIT)	3.69	4.12	6.51	6.88	9.27	11.12	30.67	36.48	26.19	16.33	13.33
Enterprise Value to NOPAT (EV/NOPAT)	4.93	5.53	8.82	9.47	13.08	15.50	46.18	58.62	39.72	24.46	19.04
Enterprise Value to Operating Cash Flow (EV/OCF)	4.60	5.52	8.25	6.59	7.44	7.08	8.75	11.93	12.75	9.98	13.20
Enterprise Value to Free Cash Flow (EV/FCFF)	6.23	7.45	11.72	8.76	12.93	10.88	15.05	32.66	23.62	18.36	19.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.40	0.38	0.38	0.39	0.38	0.41	0.40	0.40	0.40	0.43
Long-Term Debt to Equity	0.36	0.35	0.35	0.35	0.35	0.35	0.39	0.38	0.36	0.36	0.39
Financial Leverage	0.26	0.24	0.21	0.21	0.20	0.21	0.22	0.21	0.21	0.22	0.22
Leverage Ratio	2.37	2.30	2.20	2.21	2.20	2.20	2.21	2.23	2.17	2.18	2.28
Compound Leverage Factor	2.27	2.10	2.03	1.98	1.71	1.55	2.60	1.94	1.98	2.00	2.11
Debt to Total Capital	28.97%	28.78%	27.43%	27.55%	27.85%	27.55%	29.20%	28.32%	28.35%	28.53%	29.91%
Short-Term Debt to Total Capital	3.38%	3.51%	2.15%	2.55%	2.62%	1.96%	1.46%	1.02%	2.40%	2.55%	2.67%
Long-Term Debt to Total Capital	25.59%	25.26%	25.29%	25.00%	25.23%	25.59%	27.74%	27.30%	25.95%	25.98%	27.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.27%	5.44%	6.97%	7.20%	7.08%	7.92%	7.60%	7.63%	8.02%	7.74%	7.97%
Common Equity to Total Capital	65.76%	65.79%	65.60%	65.25%	65.08%	64.53%	63.20%	64.05%	63.64%	63.74%	62.12%
Debt to EBITDA	0.65	0.77	0.85	0.95	1.31	1.49	2.46	2.49	1.96	1.58	1.21
Net Debt to EBITDA	0.32	0.41	0.47	0.49	0.68	0.83	1.41	1.43	1.08	0.88	0.61
Long-Term Debt to EBITDA	0.57	0.67	0.79	0.87	1.19	1.38	2.33	2.40	1.80	1.44	1.10
Debt to NOPAT	1.02	1.25	1.48	1.74	2.77	3.43	9.90	12.30	6.81	4.47	2.64
Net Debt to NOPAT	0.50	0.66	0.81	0.89	1.44	1.90	5.67	7.06	3.75	2.49	1.33
Long-Term Debt to NOPAT	0.90	1.10	1.36	1.58	2.51	3.18	9.40	11.86	6.24	4.07	2.41
Altman Z-Score	4.56	4.32	4.56	4.32	4.32	4.15	4.15	4.19	4.49	4.50	4.66
Noncontrolling Interest Sharing Ratio	7.50%	7.57%	8.69%	8.80%	8.61%	9.26%	10.14%	10.28%	10.48%	10.88%	11.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.51	1.56	1.59	1.48	1.57	1.53	1.56	1.62	1.60	1.65	1.58
Quick Ratio	1.05	1.07	1.06	1.00	1.06	0.99	1.05	1.06	1.03	1.03	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	339	-1,162	-500	1,437	452	1,682	1,639	1,390	2,164	1,999	1,171
Operating Cash Flow to CapEx	839.59%	229.44%	279.27%	588.57%	301.86%	195.61%	144.46%	229.98%	459.90%	501.71%	310.27%
Free Cash Flow to Firm to Interest Expense	2.27	-7.80	-3.57	10.26	3.21	12.46	11.96	9.86	15.57	14.38	8.37
Operating Cash Flow to Interest Expense	22.20	8.32	13.19	17.66	9.18	7.93	6.95	6.64	13.53	14.80	9.93
Operating Cash Flow Less CapEx to Interest Expense	19.56	4.69	8.46	14.66	6.14	3.87	2.14	3.75	10.59	11.85	6.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.47	2.33	2.28	2.25	2.18	2.11	2.11	2.01	2.07	2.08	2.06
Accounts Receivable Turnover	12.51	11.84	12.83	11.66	11.38	11.18	10.98	10.22	11.50	11.92	10.13
Inventory Turnover	19.15	18.39	16.85	17.48	17.65	16.30	16.64	15.50	16.47	15.28	16.06
Fixed Asset Turnover	4.97	4.73	4.60	4.64	4.49	4.36	4.38	4.27	4.29	4.31	4.48
Accounts Payable Turnover	10.28	10.42	11.28	10.32	10.34	10.14	10.23	9.26	10.71	10.55	9.28
Days Sales Outstanding (DSO)	29.17	30.82	28.45	31.31	32.07	32.65	33.25	35.71	31.74	30.62	36.04
Days Inventory Outstanding (DIO)	19.07	19.84	21.66	20.88	20.68	22.39	21.94	23.55	22.16	23.89	22.73
Days Payable Outstanding (DPO)	35.52	35.02	32.36	35.37	35.31	35.98	35.67	39.43	34.09	34.60	39.32
Cash Conversion Cycle (CCC)	12.71	15.64	17.75	16.82	17.44	19.05	19.52	19.83	19.82	19.91	19.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,667	34,624	34,804	33,745	33,622	33,327	32,535	33,057	32,563	32,536	32,692
Invested Capital Turnover	4.65	4.33	4.13	4.12	4.00	3.82	3.81	3.71	3.72	3.73	3.83
Increase / (Decrease) in Invested Capital	2,345	2,383	1,827	-497	-45	-1,297	-2,269	-688	-1,059	-791	157
Enterprise Value (EV)	55,538	50,938	65,185	58,430	50,956	47,311	50,644	50,739	61,701	58,162	82,705
Market Capitalization	47,846	42,660	56,438	50,128	42,587	38,496	41,599	41,760	52,892	49,351	73,883
Book Value per Share	$73.56	$77.39	$78.72	$77.81	$78.82	$77.43	$74.58	$76.88	$76.47	$77.78	$79.83
Tangible Book Value per Share	$73.56	$77.39	$78.72	$77.81	$78.82	$77.43	$74.58	$76.88	$76.47	$77.78	$79.83
Total Capital	39,498	40,048	39,721	38,991	38,806	37,984	37,169	37,594	37,327	37,224	38,425
Total Debt	11,441	11,524	10,897	10,741	10,806	10,463	10,854	10,647	10,581	10,619	11,491
Total Long-Term Debt	10,107	10,118	10,044	9,746	9,790	9,720	10,312	10,265	9,687	9,670	10,465
Net Debt	5,610	6,100	5,980	5,495	5,622	5,806	6,220	6,110	5,817	5,931	5,758
Capital Expenditures (CapEx)	394	540	661	420	429	547	659	407	409	410	448
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,488	5,401	5,461	4,546	4,510	4,328	4,355	4,972	4,905	5,362	5,466
Debt-free Net Working Capital (DFNWC)	10,319	10,825	10,378	9,792	9,694	8,985	8,989	9,509	9,669	10,050	11,199
Net Working Capital (NWC)	8,985	9,419	9,525	8,797	8,678	8,242	8,447	9,127	8,775	9,101	10,173
Net Nonoperating Expense (NNE)	21	3.15	-3.16	14	14	28	22	39	39	39	6.14
Net Nonoperating Obligations (NNO)	5,610	6,100	5,980	5,495	5,622	5,806	6,220	6,110	5,817	5,931	5,758
Total Depreciation and Amortization (D&A)	682	690	695	696	685	698	691	814	836	817	840
Debt-free, Cash-free Net Working Capital to Revenue	2.97%	3.73%	3.90%	3.25%	3.35%	3.33%	3.39%	4.02%	3.99%	4.37%	4.38%
Debt-free Net Working Capital to Revenue	6.83%	7.48%	7.41%	6.99%	7.21%	6.92%	7.00%	7.68%	7.86%	8.19%	8.97%
Net Working Capital to Revenue	5.95%	6.51%	6.80%	6.28%	6.45%	6.35%	6.58%	7.37%	7.13%	7.42%	8.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.49	$3.73	$3.75	$2.71	$1.14	$0.98	($1.90)	$2.28	$3.54	$3.65	$4.22
Adjusted Weighted Average Basic Shares Outstanding	349M	353M	331M	324M	318M	322M	314M	312M	309M	309M	298M
Adjusted Diluted Earnings per Share	$7.49	$3.74	$3.75	$2.71	$1.14	$0.98	($1.90)	$2.28	$3.53	$3.66	$4.22
Adjusted Weighted Average Diluted Shares Outstanding	349M	353M	331M	324M	318M	322M	314M	312M	309M	309M	298M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	340.45M	332.48M	327.00M	320.38M	316.59M	314.98M	313.21M	310.65M	305.01M	299.03M	296.93M
Normalized Net Operating Profit after Tax (NOPAT)	2,684	1,221	1,327	940	407	244	162	702	1,105	1,208	1,328
Normalized NOPAT Margin	6.99%	3.45%	4.18%	2.73%	1.24%	0.79%	0.53%	2.35%	3.43%	3.98%	4.10%
Pre Tax Income Margin	9.05%	4.37%	5.30%	3.49%	1.49%	1.05%	-3.03%	3.15%	4.53%	5.02%	5.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	24.33	11.40	13.02	9.59	4.47	3.39	-5.69	7.68	11.47	11.96	13.31
NOPAT to Interest Expense	18.01	8.20	9.48	6.71	2.89	2.85	-4.60	4.98	7.95	8.69	9.49
EBIT Less CapEx to Interest Expense	21.68	7.77	8.30	6.59	1.43	-0.66	-10.50	4.79	8.53	9.01	10.11
NOPAT Less CapEx to Interest Expense	15.37	4.57	4.76	3.71	-0.15	-1.20	-9.41	2.09	5.01	5.74	6.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.75%	17.66%	21.72%	24.02%	38.89%	52.10%	165.53%	223.65%	111.58%	78.98%	39.05%
Augmented Payout Ratio	68.39%	73.80%	85.93%	102.22%	131.26%	147.74%	373.14%	411.70%	236.61%	194.66%	107.70%

Financials Breakdown Chart

Key Financial Trends

Below is a concise four-year trend snapshot for Valero Energy (VLO) based on the quarterly statements provided (primarily focusing on 2022–2025 data and the latest 2025 quarters). The bullets highlight key trends that retail investors may find relevant when evaluating Valero’s profitability, liquidity, and capital allocation.

Q4 2025 gross margin expanded to about 6.3% (gross profit 1.904B on 30.372B revenue), up from about 5.5% in Q3 2025, signaling improving refinery profitability.
Q4 2025 earnings per share improved to a diluted EPS of 3.66, with net income attributable to common shareholders about 1.134B, supporting a positive quarterly earnings trajectory.
Operating cash flow remained robust, with net cash from continuing operating activities around 2.06B in Q4 2025, contributing to solid liquidity.
Valero continued to return cash to shareholders, with a dividend per share of 1.13 in Q4 2025, indicating stable ongoing payouts.
Debt trend shows a modest improvement in leverage: long-term debt declined from about 10.27B in Q2 2025 to about 9.69B in Q3 2025, suggesting some deleveraging in 2025.
Balance sheet remains robust, with total equity around mid- to high-20s billions and total assets near 60B, reflecting a stable capital structure despite quarterly earnings volatility.
Cash position remained solid, with cash & equivalents roughly 4.6–4.8B through 2025, providing liquidity to fund operations and capital needs.
Investing activities continue to consume cash, with quarterly net cash used in investing typically in the range of 0.38–0.63B (Q4 2025: -419M; Q3 2025: -379M; Q2 2025: -412M; Q1 2025: -635M), reflecting ongoing capital expenditure and acquisitions.
Cash flow financing remains a net outflow in some quarters (Q4 2025 net cash from financing activities approximately -1.75B), contributing to a negative net change in cash despite strong operating cash flow.

05/08/26 12:51 PM ETAI Generated. May Contain Errors.

Valero Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Valero Energy's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Valero Energy's net income appears to be on an upward trend, with a most recent value of $2.25 billion in 2025, falling from $4.10 billion in 2015. The previous period was $3.01 billion in 2024. View Valero Energy's forecast to see where analysts expect Valero Energy to go next.

Valero Energy's total operating income in 2025 was $3.18 billion, based on the following breakdown:

Total Gross Profit: $5.43 billion
Total Operating Expenses: $2.25 billion

Over the last 10 years, Valero Energy's total revenue changed from $87.80 billion in 2015 to $122.69 billion in 2025, a change of 39.7%.

Valero Energy's total liabilities were at $31.38 billion at the end of 2025, a 3.8% decrease from 2024, and a 37.2% increase since 2015.

In the past 10 years, Valero Energy's cash and equivalents has ranged from $2.58 billion in 2019 to $5.85 billion in 2017, and is currently $4.69 billion as of their latest financial filing in 2025.

Over the last 10 years, Valero Energy's book value per share changed from 42.63 in 2015 to 77.78 in 2025, a change of 82.5%.

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Financial statements for NYSE:VLO last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Valero Energy (VLO) Financials

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Valero Energy (VLO) Financials

Annual Income Statements for Valero Energy

Quarterly Income Statements for Valero Energy

Annual Cash Flow Statements for Valero Energy

Quarterly Cash Flow Statements for Valero Energy

Annual Balance Sheets for Valero Energy

Quarterly Balance Sheets for Valero Energy

Annual Metrics And Ratios for Valero Energy

Quarterly Metrics And Ratios for Valero Energy

Financials Breakdown Chart

Key Financial Trends

Valero Energy Financials - Frequently Asked Questions

When does Valero Energy's fiscal year end?

How has Valero Energy's net income changed over the last 10 years?

What is Valero Energy's operating income?

How has Valero Energy's revenue changed over the last 10 years?

How much debt does Valero Energy have?

How much cash does Valero Energy have?

How has Valero Energy's book value per share changed over the last 10 years?

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