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Valero Energy (VLO) Financials

Valero Energy logo
$145.20 +4.91 (+3.50%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$145.58 +0.38 (+0.26%)
As of 05:45 AM Eastern
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Annual Income Statements for Valero Energy

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 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
Net Income / (Loss) Attributable to Common Shareholders		 3,630 3,990 2,289 4,065 3,122 2,422 -1,421 930 11,528 8,835 2,770
Consolidated Net Income / (Loss)		 3,711 4,101 2,417 4,156 3,353 2,784 -1,107 1,288 11,879 9,149 3,006
Net Income / (Loss) Continuing Operations		 3,775 4,101 2,417 4,156 3,353 2,784 -1,107 1,288 11,879 9,149 3,006
Total Pre-Tax Income 		5,552 5,971 3,182 3,207 4,232 3,486 -2,010 1,543 15,307 11,768 3,698
Total Operating Income		 5,902 6,358 3,534 3,563 4,572 3,836 -1,579 2,130 15,690 11,858 3,755
Total Gross Profit		 12,703 7,115 4,347 4,505 5,594 4,778 -740 3,129 16,796 12,932 4,805
Total Revenue		 130,844 87,804 75,659 93,980 117,033 108,324 64,912 113,977 176,383 144,766 129,881
Operating Revenue		 130,844 87,804 75,659 93,980 117,033 108,324 64,912 113,977 176,383 144,766 129,881
Total Cost of Revenue		 118,141 80,689 71,312 89,475 111,439 103,546 65,652 110,848 159,587 131,834 125,076
Operating Cost of Revenue		 118,141 80,689 71,312 89,475 111,439 103,546 65,652 110,848 159,587 131,834 125,076
Total Operating Expenses		 6,801 757 813 942 1,022 942 839 999 1,106 1,074 1,050
Selling, General & Admin Expense		 5,111 710 709 890 970 889 791 952 1,000 1,031 1,005
Depreciation Expense		 1,690 47 48 52 52 53 48 47 45 43 45
Impairment Charge		 0.00 0.00 56 - - - 0.00 0.00 61 0.00 0.00
Total Other Income / (Expense), net		 -350 -387 -352 -356 -340 -350 -431 -587 -383 -90 -57
Interest Expense		 397 433 446 468 470 454 563 603 562 592 556
Other Income / (Expense), net		 47 46 94 112 130 104 132 16 179 502 499
Income Tax Expense		 1,777 1,870 765 -949 879 702 -903 255 3,428 2,619 692
Net Income / (Loss) Attributable to Noncontrolling Interest		 81 111 128 91 231 362 314 358 351 314 236
Basic Earnings per Share		 $6.88 $8.00 $4.94 $9.17 $7.30 $5.84 ($3.50) $2.27 $29.05 $24.93 $8.58
Weighted Average Basic Shares Outstanding		 526M 497M 461M 442M 426M 413M 407M 407M 395M 353M 322M
Diluted Earnings per Share		 $6.85 $7.99 $4.94 $9.16 $7.29 $5.84 ($3.50) $2.27 $29.04 $24.92 $8.58
Weighted Average Diluted Shares Outstanding		 530M 500M 464M 444M 428M 414M 407M 407M 396M 353M 322M
Weighted Average Basic & Diluted Shares Outstanding		 527.60M 498.80M 463.40M 443.30M 427.70M 409.34M 408.56M 409.30M 371.15M 332.48M 314.98M
Cash Dividends to Common per Share		 $1.05 $1.70 $2.40 $2.80 $3.20 $3.60 $3.92 $3.92 $3.92 $4.08 $4.28

Quarterly Income Statements for Valero Energy

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 3,113 3,067 1,944 2,622 1,202 1,245 880 364 281 -595 714
Consolidated Net Income / (Loss)		 3,232 3,146 2,122 2,663 1,218 1,330 926 393 357 -652 663
Net Income / (Loss) Continuing Operations		 3,232 3,146 2,122 2,663 1,218 1,330 926 393 357 -652 663
Total Pre-Tax Income 		4,250 4,026 2,717 3,476 1,549 1,683 1,203 489 323 -917 942
Total Operating Income		 4,295 4,043 2,759 3,503 1,553 1,679 1,221 507 348 -900 997
Total Gross Profit		 4,675 4,307 2,981 3,770 1,874 1,983 1,439 754 629 507 1,249
Total Revenue		 41,746 36,439 34,509 38,404 35,414 31,759 34,490 32,876 30,756 30,258 29,889
Operating Revenue		 41,746 36,439 34,509 38,404 35,414 31,759 34,490 32,876 30,756 30,258 29,889
Total Cost of Revenue		 37,071 32,132 31,528 34,634 33,540 29,776 33,051 32,122 30,127 29,751 28,640
Operating Cost of Revenue		 37,071 32,132 31,528 34,634 33,540 29,776 33,051 32,122 30,127 29,751 28,640
Total Operating Expenses		 380 264 222 267 321 304 218 247 281 1,407 252
Selling, General & Admin Expense		 308 254 211 256 310 292 206 237 270 265 224
Depreciation Expense		 11 10 11 11 11 12 12 10 11 11 28
Impairment Charge		 - - - - - 0.00 0.00 - - 1,131 0.00
Total Other Income / (Expense), net		 -45 -17 -42 -27 -4.00 4.00 -18 -18 -25 -17 -55
Interest Expense		 137 146 148 149 149 140 140 141 135 137 141
Other Income / (Expense), net		 92 129 106 122 145 144 122 123 110 120 86
Income Tax Expense		 1,018 880 595 813 331 353 277 96 -34 -265 279
Net Income / (Loss) Attributable to Noncontrolling Interest		 119 79 178 41 16 85 46 29 76 -57 -51
Basic Earnings per Share		 $8.06 $8.30 $5.41 $7.49 $3.73 $3.75 $2.71 $1.14 $0.98 ($1.90) $2.28
Weighted Average Basic Shares Outstanding		 395M 369M 358M 349M 353M 331M 324M 318M 322M 314M 312M
Diluted Earnings per Share		 $8.07 $8.29 $5.40 $7.49 $3.74 $3.75 $2.71 $1.14 $0.98 ($1.90) $2.28
Weighted Average Diluted Shares Outstanding		 396M 369M 358M 349M 353M 331M 324M 318M 322M 314M 312M
Weighted Average Basic & Diluted Shares Outstanding		 371.15M 361.52M 353.13M 340.45M 332.48M 327.00M 320.38M 316.59M 314.98M 313.21M 310.65M
Cash Dividends to Common per Share		 $0.98 $1.02 $1.02 $1.02 $1.02 $1.07 $1.07 $1.07 $1.07 $1.13 $1.13

Annual Cash Flow Statements for Valero Energy

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 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
Net Change in Cash & Equivalents		 -603 425 702 1,034 -2,868 -399 730 809 740 562 -595
Net Cash From Operating Activities		 4,241 5,611 4,820 5,482 4,371 5,531 948 5,859 12,574 9,229 6,683
Net Cash From Continuing Operating Activities		 4,241 5,611 4,820 5,482 4,371 5,531 948 5,859 12,574 9,229 6,683
Net Income / (Loss) Continuing Operations		 3,711 4,101 2,417 4,156 3,353 2,784 -1,107 1,288 11,879 9,149 3,006
Consolidated Net Income / (Loss)		 3,711 4,101 2,417 4,156 3,353 2,784 -1,107 1,288 11,879 9,149 3,006
Depreciation Expense		 1,690 1,842 1,894 1,986 2,069 2,255 2,351 2,405 2,473 2,701 2,774
Non-Cash Adjustments To Reconcile Net Income		 63 790 -691 - 0.00 22 -19 131 47 -11 0.00
Changes in Operating Assets and Liabilities, net		 -1,223 -1,122 1,200 -660 -1,051 470 -277 2,035 -1,825 -2,610 903
Net Cash From Investing Activities		 -2,844 -2,487 -2,006 -2,382 -3,928 -3,001 -2,425 -2,159 -2,805 -1,865 -1,981
Net Cash From Continuing Investing Activities		 -2,844 -2,487 -2,006 -2,382 -3,928 -3,001 -2,425 -2,159 -2,805 -1,865 -1,981
Purchase of Property, Plant & Equipment		 -2,802 -2,291 -1,996 -1,902 -3,075 -2,774 -2,436 -2,458 -2,737 -1,916 -2,057
Acquisitions		 - 0.00 0.00 -478 -861 - -54 -9.00 -1.00 0.00 0.00
Purchase of Investments		 -14 -141 -4.00 - - -164 - 0.00 -100 -276 -29
Sale of Property, Plant & Equipment		 - - - - - - - 270 32 0.00 0.00
Sale and/or Maturity of Investments		 - - - - - - - 0.00 5.00 314 81
Other Investing Activities, net		 -28 -55 -6.00 -2.00 8.00 -63 65 38 -4.00 13 24
Net Cash From Financing Activities		 -1,930 -2,545 -2,012 -2,272 -3,168 -2,997 2,077 -2,846 -8,849 -6,941 -5,049
Net Cash From Continuing Financing Activities		 -1,930 -2,545 -2,012 -2,272 -3,168 -2,997 2,077 -2,846 -8,849 -6,941 -5,000
Repayment of Debt		 -155 -488 -1,653 -21 -1,374 -1,839 -529 -3,232 -6,035 -2,684 -7,786
Repurchase of Common Equity		 -1,296 -2,838 -1,336 -1,372 -1,708 -777 -156 -27 -4,577 -5,136 -2,875
Payment of Dividends		 -566 -893 -1,176 -1,309 -1,485 -2,512 -1,808 -1,604 -1,655 -1,616 -1,566
Issuance of Debt		 28 1,446 2,153 400 1,367 2,131 4,570 1,828 3,153 2,420 7,137
Issuance of Common Equity		 59 228 0.00 30 32 0.00 0.00 189 265 75 90
Effect of Exchange Rate Changes		 -70 -154 -100 206 -143 68 130 -45 -180 139 -248

Quarterly Cash Flow Statements for Valero Energy

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 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
Net Change in Cash & Equivalents		 893 659 -446 756 -407 -507 497 -60 -525 -22 -95
Net Cash From Operating Activities		 4,096 3,170 1,512 3,308 1,239 1,846 2,472 1,295 1,070 952 936
Net Cash From Continuing Operating Activities		 4,096 3,170 1,512 3,308 1,239 1,846 2,472 1,295 1,070 952 936
Net Income / (Loss) Continuing Operations		 3,232 3,146 2,122 2,663 1,218 1,330 926 393 357 -652 663
Consolidated Net Income / (Loss)		 3,232 3,146 2,122 2,663 1,218 1,330 926 393 357 -652 663
Depreciation Expense		 633 660 669 682 690 695 696 685 698 691 814
Changes in Operating Assets and Liabilities, net		 208 -625 -1,279 -37 -669 -179 850 217 15 -218 -541
Net Cash From Investing Activities		 -735 -549 -529 -304 -483 -637 -392 -408 -544 -635 -412
Net Cash From Continuing Investing Activities		 -735 -549 -529 -304 -483 -637 -392 -408 -544 -635 -412
Purchase of Property, Plant & Equipment		 -640 -524 -458 -394 -540 -661 -420 -429 -547 -659 -407
Purchase of Investments		 -100 -100 -254 117 -39 -11 -3.00 -3.00 -12 -5.00 -7.00
Sale and/or Maturity of Investments		 5.00 71 180 -31 94 33 35 11 2.00 9.00 7.00
Other Investing Activities, net		 - 4.00 3.00 4.00 2.00 2.00 -4.00 13 13 21 -5.00
Net Cash From Financing Activities		 -2,580 -1,998 -1,522 -2,125 -1,296 -1,644 -1,547 -1,074 -784 -382 -849
Net Cash From Continuing Financing Activities		 -2,580 -1,998 -1,522 -2,125 -1,296 -1,644 -1,547 -1,074 -735 -382 -849
Repayment of Debt		 -978 -1,157 -1,002 -447 -78 -1,725 -1,918 -2,411 -1,732 -2,122 -2,774
Repurchase of Common Equity		 -1,808 -1,451 -942 -1,787 -956 -1,023 -1,033 -560 -259 -274 -338
Payment of Dividends		 -376 -379 -468 -423 -346 -356 -349 -453 -408 -485 -356
Issuance of Debt		 557 914 890 532 84 1,370 1,753 2,350 1,664 2,499 2,550
Issuance of Common Equity		 25 75 - - - 90 - - - 0.00 97
Effect of Exchange Rate Changes		 112 36 93 -123 133 -72 -36 127 -267 43 230

Annual Balance Sheets for Valero Energy

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 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
Total Assets		 45,550 44,227 46,173 50,158 50,155 53,864 51,774 57,888 60,982 63,056 60,143
Total Current Assets		 16,614 14,898 16,800 19,312 17,675 18,969 15,844 21,165 24,133 26,221 23,737
Cash & Equivalents		 3,689 4,114 4,816 5,850 2,982 2,583 3,313 4,122 4,862 5,424 4,657
Accounts Receivable		 5,879 4,464 5,901 6,922 7,345 8,988 6,109 10,378 11,919 12,525 10,708
Inventories, net		 6,623 5,898 5,709 6,384 6,532 7,013 6,038 6,265 6,752 7,583 7,761
Prepaid Expenses		 164 204 374 156 816 385 384 400 600 689 611
Plant, Property, & Equipment, net		 26,735 26,703 26,472 27,480 28,848 29,264 30,389 30,847 30,978 30,209 29,314
Plant, Property & Equipment, gross		 35,933 36,907 37,733 40,010 42,473 44,294 46,967 49,072 50,576 51,668 52,368
Accumulated Depreciation		 9,198 10,204 11,261 12,530 13,625 15,030 16,578 18,225 19,598 21,459 23,054
Total Noncurrent Assets		 2,201 2,626 2,901 3,366 3,632 5,631 5,541 5,876 5,871 6,626 7,092
Other Noncurrent Operating Assets		 2,201 2,626 2,901 3,366 3,632 5,631 5,541 5,876 5,871 6,626 7,092
Total Liabilities & Shareholders' Equity		 45,550 44,227 46,173 50,158 50,155 53,864 51,774 57,888 60,982 63,056 60,143
Total Liabilities		 24,306 22,873 25,319 27,258 27,424 31,328 32,132 38,071 35,514 34,532 32,622
Total Current Liabilities		 9,980 6,994 8,328 11,071 10,724 13,160 9,283 16,851 17,461 16,802 15,495
Short-Term Debt		 606 127 115 122 238 494 723 1,264 1,109 1,406 743
Accounts Payable		 6,760 4,907 6,357 8,348 8,594 10,205 6,082 12,495 12,728 12,567 12,092
Accrued Expenses		 596 554 694 712 630 949 994 1,253 1,215 1,240 1,130
Current Deferred & Payable Income Tax Liabilities		 809 337 78 568 49 208 112 378 841 137 170
Other Taxes Payable		 1,209 1,069 1,084 1,321 1,213 1,304 1,372 1,461 1,568 1,452 1,360
Total Noncurrent Liabilities		 14,326 15,879 16,991 16,187 16,700 18,168 22,849 21,220 18,053 17,730 17,127
Long-Term Debt		 5,780 7,208 7,886 8,750 8,871 9,178 13,954 12,606 10,526 10,118 9,720
Noncurrent Deferred & Payable Income Tax Liabilities		 6,607 7,060 7,361 4,708 4,962 5,103 5,275 5,210 5,217 5,349 5,267
Other Noncurrent Operating Liabilities		 1,939 1,611 1,744 2,729 2,867 3,887 3,620 3,404 2,310 2,263 2,140
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		 21,244 21,354 20,854 22,900 22,731 22,536 19,642 19,817 25,468 28,524 27,521
Total Preferred & Common Equity		 20,677 20,527 20,024 21,991 21,667 21,803 18,801 18,430 23,561 26,346 24,512
Total Common Equity		 20,677 20,527 20,024 21,991 21,667 21,803 18,801 18,430 23,561 26,346 24,512
Common Stock		 7,123 7,071 7,095 7,046 7,055 6,828 6,821 6,834 6,870 6,908 6,946
Retained Earnings		 22,046 25,188 26,366 29,200 31,044 31,974 28,953 28,281 38,247 45,630 47,016
Treasury Stock		 -8,125 -10,799 -12,027 -13,315 -14,925 -15,648 -15,719 -15,677 -20,197 -25,322 -28,178
Accumulated Other Comprehensive Income / (Loss)		 -367 -933 -1,410 -940 -1,507 -1,351 -1,254 -1,008 -1,359 -870 -1,272
Noncontrolling Interest		 567 827 830 909 1,064 733 841 1,387 1,907 2,178 3,009

Quarterly Balance Sheets for Valero Energy

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 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 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
Total Assets		 60,982 60,177 60,667 63,175 63,056 62,574 63,615 60,382 60,143 59,177 59,433
Total Current Assets		 24,133 23,335 23,695 26,577 26,221 25,674 27,115 23,976 23,737 23,590 23,804
Cash & Equivalents		 4,862 5,521 5,075 5,831 5,424 4,917 5,246 5,184 4,657 4,634 4,537
Accounts Receivable		 11,919 9,688 10,888 12,566 12,525 12,150 13,145 11,073 10,708 11,238 11,073
Inventories, net		 6,752 7,455 6,961 7,513 7,583 7,912 8,028 7,048 7,761 7,119 7,538
Prepaid Expenses		 600 671 771 667 689 695 696 671 611 599 656
Plant, Property, & Equipment, net		 30,978 30,780 30,570 30,253 30,209 30,072 29,769 29,681 29,314 28,549 28,236
Plant, Property & Equipment, gross		 50,576 50,828 51,125 51,208 51,668 51,943 52,074 52,424 52,368 49,293 49,701
Accumulated Depreciation		 19,598 20,048 20,555 20,955 21,459 21,871 22,305 22,743 23,054 20,744 21,465
Total Noncurrent Assets		 5,871 6,062 6,402 6,345 6,626 6,828 6,731 6,725 7,092 7,038 7,393
Other Noncurrent Operating Assets		 5,871 6,062 6,402 6,345 6,626 6,828 6,731 6,725 7,092 7,038 7,393
Total Liabilities & Shareholders' Equity		 60,982 60,177 60,667 63,175 63,056 62,574 63,615 60,382 60,143 59,177 59,433
Total Liabilities		 35,514 33,110 32,673 35,118 34,532 33,750 35,365 32,382 32,622 32,862 32,486
Total Current Liabilities		 17,461 15,365 14,948 17,592 16,802 16,149 18,318 15,298 15,495 15,143 14,677
Short-Term Debt		 1,109 1,258 1,193 1,334 1,406 853 995 1,016 743 542 382
Accounts Payable		 12,728 10,498 10,825 13,342 12,567 12,458 14,565 11,516 12,092 11,982 11,499
Accrued Expenses		 1,215 1,168 1,117 1,219 1,240 1,097 1,065 1,190 1,130 1,153 1,288
Current Deferred & Payable Income Tax Liabilities		 841 867 322 278 137 388 203 176 170 167 57
Other Taxes Payable		 1,568 1,574 1,491 1,419 1,452 1,353 1,490 1,400 1,360 1,299 1,451
Total Noncurrent Liabilities		 18,053 17,745 17,725 17,526 17,730 17,601 17,047 17,084 17,127 17,719 17,809
Long-Term Debt		 10,526 10,173 10,130 10,107 10,118 10,044 9,746 9,790 9,720 10,312 10,265
Noncurrent Deferred & Payable Income Tax Liabilities		 5,217 5,280 5,382 5,231 5,349 5,260 5,224 5,263 5,267 4,951 5,048
Other Noncurrent Operating Liabilities		 2,310 2,292 2,213 2,188 2,263 2,297 2,077 2,031 2,140 2,456 2,496
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		 25,468 27,067 27,994 28,057 28,524 28,824 28,250 28,000 27,521 26,315 26,947
Total Preferred & Common Equity		 23,561 24,977 25,851 25,975 26,346 26,057 25,443 25,253 24,512 23,490 24,078
Total Common Equity		 23,561 24,977 25,851 25,975 26,346 26,057 25,443 25,253 24,512 23,490 24,078
Common Stock		 6,870 6,884 6,896 6,907 6,908 6,923 6,936 6,947 6,946 6,951 6,963
Retained Earnings		 38,247 40,935 42,512 44,774 45,630 46,519 47,052 47,074 47,016 46,065 46,425
Treasury Stock		 -20,197 -21,637 -22,586 -24,381 -25,322 -26,330 -27,373 -27,938 -28,178 -28,417 -28,757
Accumulated Other Comprehensive Income / (Loss)		 -1,359 -1,205 -971 -1,325 -870 -1,055 -1,172 -830 -1,272 -1,109 -553
Noncontrolling Interest		 1,907 2,090 2,143 2,082 2,178 2,767 2,807 2,747 3,009 2,825 2,869

Annual Metrics And Ratios for Valero Energy

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

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 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
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.24% -32.89% -13.83% 24.22% 24.53% -7.44% -40.08% 75.59% 54.75% -17.93% -10.28%
EBITDA Growth		 26.04% 7.95% -33.03% 2.52% 19.61% -8.51% -85.41% 403.43% 303.03% -17.89% -53.34%
EBIT Growth		 37.04% 7.65% -43.35% 1.30% 27.95% -16.21% -136.73% 248.31% 639.47% -22.11% -65.58%
NOPAT Growth		 48.14% 8.82% -38.53% 72.01% -21.55% -15.43% -136.08% 260.86% 584.83% -24.29% -66.89%
Net Income Growth		 36.03% 10.51% -41.06% 71.95% -19.32% -16.97% -139.76% 216.35% 822.28% -22.98% -67.14%
EPS Growth		 37.83% 16.64% -38.17% 85.43% -20.41% -19.89% -159.93% 164.86% 1,179.30% -14.19% -65.57%
Operating Cash Flow Growth		 -23.78% 32.30% -14.10% 13.73% -20.27% 26.54% -82.86% 518.04% 114.61% -26.60% -27.59%
Free Cash Flow Firm Growth		 -41.46% 63.01% -13.73% -15.09% -74.90% 234.58% -208.26% 229.47% 195.13% -28.04% -36.38%
Invested Capital Growth		 7.76% 2.65% -2.18% 7.83% 11.33% 2.66% 4.66% -4.65% 9.05% 7.39% -3.75%
Revenue Q/Q Growth		 -4.78% -9.37% 2.62% 6.43% 2.04% -0.78% -14.80% 20.38% 3.43% -4.19% -3.46%
EBITDA Q/Q Growth		 -1.39% -11.57% -0.75% 4.81% 8.02% 8.29% -71.01% 71.48% 19.48% -14.88% -14.92%
EBIT Q/Q Growth		 -1.59% -15.20% -0.44% 6.92% 10.90% 12.38% -287.19% 694.81% 22.89% -17.87% -22.57%
NOPAT Q/Q Growth		 4.20% -15.87% -0.26% 91.28% -29.87% 11.38% -180.47% 3,748.47% 18.52% -18.16% -21.64%
Net Income Q/Q Growth		 -1.77% -16.75% 0.88% 91.34% -29.13% 12.44% -308.08% 1,083.21% 21.75% -18.04% -22.27%
EPS Q/Q Growth		 -2.28% -16.16% 3.35% 96.99% -29.90% 5.80% -5,733.33% 306.36% 23.84% -14.80% -24.34%
Operating Cash Flow Q/Q Growth		 -26.54% -8.33% 11.86% 13.73% 0.41% 0.55% -62.97% 67.35% 15.02% -23.64% -2.47%
Free Cash Flow Firm Q/Q Growth		 -37.09% -16.99% 28.48% 35.77% -43.42% 3.79% -216.57% 69.05% 14.80% -23.36% 10.38%
Invested Capital Q/Q Growth		 2.95% 2.62% -0.39% 5.66% 1.31% 2.07% -0.56% 0.82% 2.93% 2.84% -0.88%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 9.71% 8.10% 5.75% 4.79% 4.78% 4.41% -1.14% 2.75% 9.52% 8.93% 3.70%
EBITDA Margin		 5.84% 9.39% 7.30% 6.02% 5.79% 5.72% 1.39% 3.99% 10.40% 10.40% 5.41%
Operating Margin		 4.51% 7.24% 4.67% 3.79% 3.91% 3.54% -2.43% 1.87% 8.90% 8.19% 2.89%
EBIT Margin		 4.55% 7.29% 4.80% 3.91% 4.02% 3.64% -2.23% 1.88% 9.00% 8.54% 3.28%
Profit (Net Income) Margin		 2.84% 4.67% 3.19% 4.42% 2.87% 2.57% -1.71% 1.13% 6.73% 6.32% 2.31%
Tax Burden Percent		 66.84% 68.68% 75.96% 129.59% 79.23% 79.86% 55.07% 83.47% 77.61% 77.74% 81.29%
Interest Burden Percent		 93.33% 93.24% 87.71% 87.27% 90.00% 88.48% 138.91% 71.90% 96.46% 95.21% 86.93%
Effective Tax Rate		 32.01% 31.32% 24.04% -29.59% 20.77% 20.14% 0.00% 16.53% 22.40% 22.26% 18.71%
Return on Invested Capital (ROIC)		 17.39% 18.00% 11.04% 18.48% 13.23% 10.48% -3.65% 5.87% 39.40% 27.57% 8.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.23% 9.02% 2.70% 3.62% 7.34% 6.25% -3.66% 1.23% 35.80% 26.49% 8.21%
Return on Net Nonoperating Assets (RNNOA)		 0.63% 1.25% 0.41% 0.51% 1.47% 1.82% -1.60% 0.66% 13.06% 6.32% 1.74%
Return on Equity (ROE)		 18.02% 19.25% 11.45% 19.00% 14.70% 12.30% -5.25% 6.53% 52.46% 33.89% 10.73%
Cash Return on Invested Capital (CROIC)		 9.92% 15.39% 13.25% 10.95% 2.51% 7.85% -8.20% 10.63% 30.74% 20.45% 12.80%
Operating Return on Assets (OROA)		 12.82% 14.27% 8.03% 7.63% 9.37% 7.58% -2.74% 3.91% 26.70% 19.93% 6.91%
Return on Assets (ROA)		 8.00% 9.14% 5.35% 8.63% 6.69% 5.35% -2.10% 2.35% 19.99% 14.75% 4.88%
Return on Common Equity (ROCE)		 17.56% 18.62% 11.00% 18.24% 14.06% 11.81% -5.05% 6.16% 48.65% 31.33% 9.73%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 19.98% 12.07% 18.90% 15.48% 12.77% -5.89% 6.99% 50.42% 34.73% 12.26%
Net Operating Profit after Tax (NOPAT)		 4,013 4,367 2,684 4,617 3,622 3,064 -1,105 1,778 12,176 9,219 3,052
NOPAT Margin		 3.07% 4.97% 3.55% 4.91% 3.10% 2.83% -1.70% 1.56% 6.90% 6.37% 2.35%
Net Nonoperating Expense Percent (NNEP)		 12.15% 8.98% 8.35% 14.87% 5.89% 4.23% 0.02% 4.64% 3.60% 1.09% 0.78%
Return On Investment Capital (ROIC_SIMPLE)		 14.52% 15.22% 9.30% 14.53% 11.38% 9.51% -3.22% 5.28% 32.82% 23.02% 8.04%
Cost of Revenue to Revenue		 90.29% 91.90% 94.25% 95.21% 95.22% 95.59% 101.14% 97.25% 90.48% 91.07% 96.30%
SG&A Expenses to Revenue		 3.91% 0.81% 0.94% 0.95% 0.83% 0.82% 1.22% 0.84% 0.57% 0.71% 0.77%
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		 5.20% 0.86% 1.07% 1.00% 0.87% 0.87% 1.29% 0.88% 0.63% 0.74% 0.81%
Earnings before Interest and Taxes (EBIT)		 5,949 6,404 3,628 3,675 4,702 3,940 -1,447 2,146 15,869 12,360 4,254
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7,639 8,246 5,522 5,661 6,771 6,195 904 4,551 18,342 15,061 7,028
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.82 1.14 1.10 1.36 1.13 1.41 1.05 1.50 1.94 1.62 1.57
Price to Tangible Book Value (P/TBV)		 0.82 1.14 1.10 1.36 1.13 1.41 1.05 1.50 1.94 1.62 1.57
Price to Revenue (P/Rev)		 0.13 0.27 0.29 0.32 0.21 0.28 0.30 0.24 0.26 0.29 0.30
Price to Earnings (P/E)		 4.66 5.85 9.65 7.36 7.83 12.72 0.00 29.74 3.96 4.83 13.90
Dividend Yield		 3.93% 3.51% 4.92% 4.10% 5.56% 4.80% 8.13% 5.79% 3.31% 3.26% 3.52%
Earnings Yield		 21.44% 17.09% 10.36% 13.60% 12.78% 7.86% 0.00% 3.36% 25.26% 20.71% 7.20%
Enterprise Value to Invested Capital (EV/IC)		 0.84 1.11 1.09 1.31 1.10 1.30 1.03 1.31 1.68 1.47 1.42
Enterprise Value to Revenue (EV/Rev)		 0.15 0.31 0.35 0.36 0.27 0.36 0.49 0.34 0.31 0.35 0.36
Enterprise Value to EBITDA (EV/EBITDA)		 2.64 3.32 4.73 5.98 4.67 6.23 35.26 8.52 2.96 3.38 6.73
Enterprise Value to EBIT (EV/EBIT)		 3.39 4.28 7.20 9.21 6.73 9.80 0.00 18.08 3.42 4.12 11.12
Enterprise Value to NOPAT (EV/NOPAT)		 5.03 6.27 9.73 7.33 8.73 12.61 0.00 21.82 4.46 5.53 15.50
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.76 4.88 5.42 6.17 7.23 6.98 33.62 6.62 4.32 5.52 7.08
Enterprise Value to Free Cash Flow (EV/FCFF)		 8.82 7.34 8.11 12.37 46.07 16.82 0.00 12.05 5.72 7.45 10.88
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.30 0.34 0.38 0.39 0.40 0.43 0.75 0.70 0.46 0.40 0.38
Long-Term Debt to Equity		 0.27 0.34 0.38 0.38 0.39 0.41 0.71 0.64 0.41 0.35 0.35
Financial Leverage		 0.12 0.14 0.15 0.14 0.20 0.29 0.44 0.54 0.36 0.24 0.21
Leverage Ratio		 2.25 2.11 2.14 2.20 2.20 2.30 2.50 2.78 2.62 2.30 2.20
Compound Leverage Factor		 2.10 1.97 1.88 1.92 1.98 2.03 3.48 2.00 2.53 2.19 1.91
Debt to Total Capital		 23.11% 25.57% 27.73% 27.92% 28.61% 30.03% 42.77% 41.17% 31.36% 28.78% 27.55%
Short-Term Debt to Total Capital		 2.19% 0.44% 0.40% 0.38% 0.75% 1.53% 2.11% 3.75% 2.99% 3.51% 1.96%
Long-Term Debt to Total Capital		 20.92% 25.12% 27.33% 27.54% 27.86% 28.50% 40.66% 37.42% 28.37% 25.26% 25.59%
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		 2.05% 2.88% 2.88% 2.86% 3.34% 2.28% 2.45% 4.12% 5.14% 5.44% 7.92%
Common Equity to Total Capital		 74.84% 71.55% 69.40% 69.22% 68.05% 67.69% 54.78% 54.71% 63.50% 65.79% 64.53%
Debt to EBITDA		 0.84 0.89 1.45 1.57 1.35 1.56 16.24 3.05 0.63 0.77 1.49
Net Debt to EBITDA		 0.35 0.39 0.58 0.53 0.90 1.14 12.57 2.14 0.37 0.41 0.83
Long-Term Debt to EBITDA		 0.76 0.87 1.43 1.55 1.31 1.48 15.44 2.77 0.57 0.67 1.38
Debt to NOPAT		 1.59 1.68 2.98 1.92 2.51 3.16 -13.28 7.80 0.96 1.25 3.43
Net Debt to NOPAT		 0.67 0.74 1.19 0.65 1.69 2.31 -10.28 5.48 0.56 0.66 1.90
Long-Term Debt to NOPAT		 1.44 1.65 2.94 1.90 2.45 3.00 -12.62 7.09 0.86 1.10 3.18
Altman Z-Score		 4.57 4.09 3.44 3.79 4.21 3.80 2.46 3.30 5.53 4.88 4.36
Noncontrolling Interest Sharing Ratio		 2.56% 3.27% 3.93% 3.97% 4.32% 3.97% 3.73% 5.65% 7.27% 7.57% 9.26%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.66 2.13 2.02 1.74 1.65 1.44 1.71 1.26 1.38 1.56 1.53
Quick Ratio		 0.96 1.23 1.29 1.15 0.96 0.88 1.02 0.86 0.96 1.07 0.99
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,290 3,733 3,220 2,734 686 2,297 -2,486 3,219 9,500 6,836 4,349
Operating Cash Flow to CapEx		 151.36% 244.91% 241.48% 288.22% 142.15% 199.39% 38.92% 267.78% 464.84% 481.68% 324.89%
Free Cash Flow to Firm to Interest Expense		 5.77 8.62 7.22 5.84 1.46 5.06 -4.42 5.34 16.90 11.55 7.82
Operating Cash Flow to Interest Expense		 10.68 12.96 10.81 11.71 9.30 12.18 1.68 9.72 22.37 15.59 12.02
Operating Cash Flow Less CapEx to Interest Expense		 3.62 7.67 6.33 7.65 2.76 6.07 -2.64 6.09 17.56 12.35 8.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.82 1.96 1.67 1.95 2.33 2.08 1.23 2.08 2.97 2.33 2.11
Accounts Receivable Turnover		 17.89 16.98 14.60 14.66 16.41 13.26 8.60 13.83 15.82 11.84 11.18
Inventory Turnover		 19.08 12.89 12.29 14.80 17.26 15.29 10.06 18.02 24.52 18.39 16.30
Fixed Asset Turnover		 4.99 3.29 2.85 3.48 4.16 3.73 2.18 3.72 5.71 4.73 4.36
Accounts Payable Turnover		 14.16 13.83 12.66 12.17 13.16 11.02 8.06 11.93 12.65 10.42 10.14
Days Sales Outstanding (DSO)		 20.41 21.50 25.00 24.90 22.25 27.52 42.45 26.40 23.07 30.82 32.65
Days Inventory Outstanding (DIO)		 19.13 28.32 29.70 24.67 21.15 23.87 36.28 20.26 14.89 19.84 22.39
Days Payable Outstanding (DPO)		 25.78 26.39 28.83 29.99 27.75 33.13 45.27 30.59 28.84 35.02 35.98
Cash Conversion Cycle (CCC)		 13.75 23.43 25.88 19.57 15.65 18.26 33.45 16.07 9.11 15.64 19.05
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,941 24,575 24,039 25,922 28,858 29,625 31,006 29,565 32,241 34,624 33,327
Invested Capital Turnover		 5.67 3.62 3.11 3.76 4.27 3.70 2.14 3.76 5.71 4.33 3.82
Increase / (Decrease) in Invested Capital		 1,723 634 -536 1,883 2,936 767 1,381 -1,441 2,676 2,383 -1,297
Enterprise Value (EV)		 20,195 27,396 26,110 33,830 31,623 38,624 31,876 38,794 54,312 50,938 47,311
Market Capitalization		 16,931 23,348 22,095 29,899 24,432 30,802 19,671 27,659 45,632 42,660 38,496
Book Value per Share		 $39.67 $42.63 $44.24 $50.26 $51.06 $53.09 $46.10 $45.08 $61.11 $77.39 $77.43
Tangible Book Value per Share		 $39.67 $42.63 $44.24 $50.26 $51.06 $53.09 $46.10 $45.08 $61.11 $77.39 $77.43
Total Capital		 27,630 28,689 28,855 31,772 31,840 32,208 34,319 33,687 37,103 40,048 37,984
Total Debt		 6,386 7,335 8,001 8,872 9,109 9,672 14,677 13,870 11,635 11,524 10,463
Total Long-Term Debt		 5,780 7,208 7,886 8,750 8,871 9,178 13,954 12,606 10,526 10,118 9,720
Net Debt		 2,697 3,221 3,185 3,022 6,127 7,089 11,364 9,748 6,773 6,100 5,806
Capital Expenditures (CapEx)		 2,802 2,291 1,996 1,902 3,075 2,774 2,436 2,188 2,705 1,916 2,057
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3,551 3,917 3,771 2,513 4,207 3,720 3,971 1,456 2,919 5,401 4,328
Debt-free Net Working Capital (DFNWC)		 7,240 8,031 8,587 8,363 7,189 6,303 7,284 5,578 7,781 10,825 8,985
Net Working Capital (NWC)		 6,634 7,904 8,472 8,241 6,951 5,809 6,561 4,314 6,672 9,419 8,242
Net Nonoperating Expense (NNE)		 302 266 267 461 269 280 1.70 490 297 70 46
Net Nonoperating Obligations (NNO)		 2,697 3,221 3,185 3,022 6,127 7,089 11,364 9,748 6,773 6,100 5,806
Total Depreciation and Amortization (D&A)		 1,690 1,842 1,894 1,986 2,069 2,255 2,351 2,405 2,473 2,701 2,774
Debt-free, Cash-free Net Working Capital to Revenue		 2.71% 4.46% 4.98% 2.67% 3.59% 3.43% 6.12% 1.28% 1.65% 3.73% 3.33%
Debt-free Net Working Capital to Revenue		 5.53% 9.15% 11.35% 8.90% 6.14% 5.82% 11.22% 4.89% 4.41% 7.48% 6.92%
Net Working Capital to Revenue		 5.07% 9.00% 11.20% 8.77% 5.94% 5.36% 10.11% 3.79% 3.78% 6.51% 6.35%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.88 $8.00 $4.94 $9.17 $7.30 $5.84 ($3.50) $2.27 $29.05 $24.93 $8.58
Adjusted Weighted Average Basic Shares Outstanding		 526M 497M 461M 442M 426M 413M 407M 407M 395M 353M 322M
Adjusted Diluted Earnings per Share		 $6.85 $7.99 $4.94 $9.16 $7.29 $5.84 ($3.50) $2.27 $29.04 $24.92 $8.58
Adjusted Weighted Average Diluted Shares Outstanding		 530M 500M 464M 444M 428M 414M 407M 407M 396M 353M 322M
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		 514.89M 470.39M 451.05M 433.18M 417.61M 409.34M 408.56M 409.30M 371.15M 332.48M 314.98M
Normalized Net Operating Profit after Tax (NOPAT)		 4,013 4,367 2,727 2,494 3,622 3,064 -1,105 1,778 12,224 9,219 3,052
Normalized NOPAT Margin		 3.07% 4.97% 3.60% 2.65% 3.10% 2.83% -1.70% 1.56% 6.93% 6.37% 2.35%
Pre Tax Income Margin		 4.24% 6.80% 4.21% 3.41% 3.62% 3.22% -3.10% 1.35% 8.68% 8.13% 2.85%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 14.98 14.79 8.13 7.85 10.00 8.68 -2.57 3.56 28.24 20.88 7.65
NOPAT to Interest Expense		 10.11 10.09 6.02 9.87 7.71 6.75 -1.96 2.95 21.67 15.57 5.49
EBIT Less CapEx to Interest Expense		 7.93 9.50 3.66 3.79 3.46 2.57 -6.90 -0.07 23.42 17.64 3.95
NOPAT Less CapEx to Interest Expense		 3.05 4.79 1.54 5.80 1.16 0.64 -6.29 -0.68 16.85 12.34 1.79
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 15.25% 21.78% 48.66% 31.50% 44.29% 90.23% -163.32% 124.53% 13.93% 17.66% 52.10%
Augmented Payout Ratio		 50.18% 90.98% 103.93% 64.51% 95.23% 118.14% -177.42% 126.63% 52.46% 73.80% 147.74%

Quarterly Metrics And Ratios for Valero Energy

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

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 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
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 16.27% -5.46% -33.18% -13.61% -15.17% -12.84% -0.06% -14.39% -13.15% -4.73% -13.34%
EBITDA Growth		 147.41% 145.28% -48.44% -4.25% -52.43% -47.89% -42.30% -69.47% -51.59% -103.53% -6.96%
EBIT Growth		 206.57% 205.87% -54.17% -6.23% -61.29% -56.30% -53.12% -82.62% -73.03% -142.79% -19.36%
NOPAT Growth		 136.10% 187.76% -55.60% -9.40% -62.61% -58.00% -56.38% -84.82% -68.50% -147.48% -25.34%
Net Income Growth		 191.17% 225.34% -55.50% -8.55% -62.31% -57.72% -56.36% -85.24% -70.69% -149.02% -28.40%
EPS Growth		 225.40% 275.11% -53.33% 4.17% -53.66% -54.76% -49.81% -84.78% -73.80% -150.67% -15.87%
Operating Cash Flow Growth		 66.91% 439.12% -74.13% 61.76% -69.75% -41.77% 63.49% -60.85% -13.64% -48.43% -62.14%
Free Cash Flow Firm Growth		 -79.10% -14.33% -141.99% -64.87% -296.85% -144.85% 176.99% 33.60% 244.74% 427.69% -3.28%
Invested Capital Growth		 9.05% 6.61% 13.31% 7.49% 7.39% 5.54% -1.45% -0.13% -3.75% -6.52% -2.04%
Revenue Q/Q Growth		 -6.09% -12.71% -5.30% 11.29% -7.79% -10.32% 8.60% -4.68% -6.45% -1.62% -1.22%
EBITDA Q/Q Growth		 11.61% -3.75% -26.86% 21.87% -44.56% 5.44% -19.02% -35.51% -12.09% -107.70% 2,231.46%
EBIT Q/Q Growth		 13.48% -4.90% -31.33% 26.53% -53.16% 7.36% -26.33% -53.09% -27.30% -270.31% 238.85%
NOPAT Q/Q Growth		 10.27% -3.27% -31.79% 24.54% -54.50% 8.66% -29.17% -56.65% -5.60% -263.79% 211.38%
Net Income Q/Q Growth		 10.99% -2.66% -32.55% 25.49% -54.26% 9.20% -30.38% -57.56% -9.16% -282.63% 201.69%
EPS Q/Q Growth		 12.24% 2.73% -34.86% 38.70% -50.07% 0.27% -27.73% -57.93% -14.04% -293.88% 220.00%
Operating Cash Flow Q/Q Growth		 100.29% -22.61% -52.30% 118.78% -62.55% 48.99% 33.91% -47.61% -17.37% -11.03% -1.68%
Free Cash Flow Firm Q/Q Growth		 -38.77% 88.96% -267.33% 118.15% -443.05% 56.95% 387.28% -68.51% 271.66% -2.54% -15.21%
Invested Capital Q/Q Growth		 2.93% 2.28% 3.84% -1.68% 2.84% 0.52% -3.04% -0.36% -0.88% -2.38% 1.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 11.20% 11.82% 8.64% 9.82% 5.29% 6.24% 4.17% 2.29% 2.05% 1.68% 4.18%
EBITDA Margin		 12.03% 13.26% 10.24% 11.22% 6.74% 7.93% 5.91% 4.00% 3.76% -0.29% 6.35%
Operating Margin		 10.29% 11.10% 8.00% 9.12% 4.39% 5.29% 3.54% 1.54% 1.13% -2.97% 3.34%
EBIT Margin		 10.51% 11.45% 8.30% 9.44% 4.79% 5.74% 3.89% 1.92% 1.49% -2.58% 3.62%
Profit (Net Income) Margin		 7.74% 8.63% 6.15% 6.93% 3.44% 4.19% 2.68% 1.20% 1.16% -2.15% 2.22%
Tax Burden Percent		 76.05% 78.14% 78.10% 76.61% 78.63% 79.03% 76.97% 80.37% 110.53% 71.10% 70.38%
Interest Burden Percent		 96.88% 96.50% 94.83% 95.89% 91.23% 92.32% 89.58% 77.62% 70.52% 117.56% 86.98%
Effective Tax Rate		 23.95% 21.86% 21.90% 23.39% 21.37% 20.97% 23.03% 19.63% -10.53% 0.00% 29.62%
Return on Invested Capital (ROIC)		 44.66% 47.29% 30.44% 32.49% 14.93% 17.27% 11.23% 4.96% 4.78% -7.94% 8.70%
ROIC Less NNEP Spread (ROIC-NNEP)		 44.24% 47.12% 29.97% 32.18% 14.88% 17.32% 10.99% 4.70% 4.32% -8.30% 8.03%
Return on Net Nonoperating Assets (RNNOA)		 16.14% 16.31% 8.11% 8.22% 3.55% 3.69% 2.30% 0.94% 0.92% -1.84% 1.69%
Return on Equity (ROE)		 60.80% 63.60% 38.56% 40.71% 18.48% 20.95% 13.52% 5.90% 5.70% -9.78% 10.39%
Cash Return on Invested Capital (CROIC)		 30.74% 38.17% 23.34% 27.45% 20.45% 16.40% 19.62% 11.71% 12.80% 10.00% 4.65%
Operating Return on Assets (OROA)		 31.19% 33.10% 20.87% 23.28% 11.19% 13.10% 8.78% 4.17% 3.14% -5.44% 7.29%
Return on Assets (ROA)		 22.98% 24.96% 15.46% 17.11% 8.03% 9.56% 6.05% 2.60% 2.45% -4.54% 4.46%
Return on Common Equity (ROCE)		 56.38% 58.67% 35.59% 37.65% 17.08% 19.13% 12.33% 5.39% 5.17% -8.78% 9.32%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 56.28% 44.15% 42.98% 0.00% 28.14% 24.12% 15.31% 0.00% 4.36% 0.00%
Net Operating Profit after Tax (NOPAT)		 3,266 3,159 2,155 2,684 1,221 1,327 940 407 385 -630 702
NOPAT Margin		 7.82% 8.67% 6.24% 6.99% 3.45% 4.18% 2.73% 1.24% 1.25% -2.08% 2.35%
Net Nonoperating Expense Percent (NNEP)		 0.41% 0.16% 0.48% 0.31% 0.05% -0.05% 0.24% 0.26% 0.46% 0.36% 0.67%
Return On Investment Capital (ROIC_SIMPLE)		 8.80% 8.21% 5.48% 6.79% 3.05% 3.34% 2.41% 1.05% 1.01% -1.70% 1.87%
Cost of Revenue to Revenue		 88.80% 88.18% 91.36% 90.18% 94.71% 93.76% 95.83% 97.71% 97.95% 98.32% 95.82%
SG&A Expenses to Revenue		 0.74% 0.70% 0.61% 0.67% 0.88% 0.92% 0.60% 0.72% 0.88% 0.88% 0.75%
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		 0.91% 0.72% 0.64% 0.70% 0.91% 0.96% 0.63% 0.75% 0.91% 4.65% 0.84%
Earnings before Interest and Taxes (EBIT)		 4,387 4,172 2,865 3,625 1,698 1,823 1,343 630 458 -780 1,083
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5,020 4,832 3,534 4,307 2,388 2,518 2,039 1,315 1,156 -89 1,897
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.94 1.95 1.56 1.84 1.62 2.17 1.97 1.69 1.57 1.77 1.73
Price to Tangible Book Value (P/TBV)		 1.94 1.95 1.56 1.84 1.62 2.17 1.97 1.69 1.57 1.77 1.73
Price to Revenue (P/Rev)		 0.26 0.28 0.26 0.32 0.29 0.40 0.36 0.32 0.30 0.32 0.34
Price to Earnings (P/E)		 3.96 3.56 3.68 4.45 4.83 8.05 8.43 11.54 13.90 44.73 54.66
Dividend Yield		 3.31% 3.02% 3.60% 2.98% 3.26% 3.11% 2.73% 3.18% 3.52% 3.29% 4.10%
Earnings Yield		 25.26% 28.11% 27.20% 22.46% 20.71% 12.43% 11.87% 8.67% 7.20% 2.24% 1.83%
Enterprise Value to Invested Capital (EV/IC)		 1.68 1.72 1.42 1.65 1.47 1.87 1.73 1.52 1.42 1.56 1.53
Enterprise Value to Revenue (EV/Rev)		 0.31 0.33 0.31 0.37 0.35 0.47 0.42 0.38 0.36 0.39 0.41
Enterprise Value to EBITDA (EV/EBITDA)		 2.96 2.67 2.72 3.14 3.38 5.11 5.19 6.17 6.73 11.46 11.86
Enterprise Value to EBIT (EV/EBIT)		 3.42 3.04 3.18 3.69 4.12 6.51 6.88 9.27 11.12 30.67 36.48
Enterprise Value to NOPAT (EV/NOPAT)		 4.46 3.98 4.21 4.93 5.53 8.82 9.47 13.08 15.50 46.18 58.62
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.32 3.74 4.49 4.60 5.52 8.25 6.59 7.44 7.08 8.75 11.93
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.72 4.65 6.46 6.23 7.45 11.72 8.76 12.93 10.88 15.05 32.66
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.46 0.42 0.40 0.41 0.40 0.38 0.38 0.39 0.38 0.41 0.40
Long-Term Debt to Equity		 0.41 0.38 0.36 0.36 0.35 0.35 0.35 0.35 0.35 0.39 0.38
Financial Leverage		 0.36 0.35 0.27 0.26 0.24 0.21 0.21 0.20 0.21 0.22 0.21
Leverage Ratio		 2.62 2.54 2.46 2.37 2.30 2.20 2.21 2.20 2.20 2.21 2.23
Compound Leverage Factor		 2.54 2.45 2.34 2.27 2.10 2.03 1.98 1.71 1.55 2.60 1.94
Debt to Total Capital		 31.36% 29.69% 28.80% 28.97% 28.78% 27.43% 27.55% 27.85% 27.55% 29.20% 28.32%
Short-Term Debt to Total Capital		 2.99% 3.27% 3.03% 3.38% 3.51% 2.15% 2.55% 2.62% 1.96% 1.46% 1.02%
Long-Term Debt to Total Capital		 28.37% 26.42% 25.76% 25.59% 25.26% 25.29% 25.00% 25.23% 25.59% 27.74% 27.30%
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		 5.14% 5.43% 5.45% 5.27% 5.44% 6.97% 7.20% 7.08% 7.92% 7.60% 7.63%
Common Equity to Total Capital		 63.50% 64.88% 65.75% 65.76% 65.79% 65.60% 65.25% 65.08% 64.53% 63.20% 64.05%
Debt to EBITDA		 0.63 0.54 0.63 0.65 0.77 0.85 0.95 1.31 1.49 2.46 2.49
Net Debt to EBITDA		 0.37 0.28 0.35 0.32 0.41 0.47 0.49 0.68 0.83 1.41 1.43
Long-Term Debt to EBITDA		 0.57 0.48 0.57 0.57 0.67 0.79 0.87 1.19 1.38 2.33 2.40
Debt to NOPAT		 0.96 0.80 0.98 1.02 1.25 1.48 1.74 2.77 3.43 9.90 12.30
Net Debt to NOPAT		 0.56 0.42 0.54 0.50 0.66 0.81 0.89 1.44 1.90 5.67 7.06
Long-Term Debt to NOPAT		 0.86 0.71 0.88 0.90 1.10 1.36 1.58 2.51 3.18 9.40 11.86
Altman Z-Score		 4.91 5.12 4.64 4.56 4.32 4.56 4.32 4.32 4.15 4.15 4.19
Noncontrolling Interest Sharing Ratio		 7.27% 7.75% 7.70% 7.50% 7.57% 8.69% 8.80% 8.61% 9.26% 10.14% 10.28%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.38 1.52 1.59 1.51 1.56 1.59 1.48 1.57 1.53 1.56 1.62
Quick Ratio		 0.96 0.99 1.07 1.05 1.07 1.06 1.00 1.06 0.99 1.05 1.06
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 590 1,115 -1,866 339 -1,162 -500 1,437 452 1,682 1,639 1,390
Operating Cash Flow to CapEx		 640.00% 604.96% 330.13% 839.59% 229.44% 279.27% 588.57% 301.86% 195.61% 144.46% 229.98%
Free Cash Flow to Firm to Interest Expense		 4.31 7.64 -12.61 2.27 -7.80 -3.57 10.26 3.21 12.46 11.96 9.86
Operating Cash Flow to Interest Expense		 29.90 21.71 10.22 22.20 8.32 13.19 17.66 9.18 7.93 6.95 6.64
Operating Cash Flow Less CapEx to Interest Expense		 25.23 18.12 7.12 19.56 4.69 8.46 14.66 6.14 3.87 2.14 3.75
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.97 2.89 2.51 2.47 2.33 2.28 2.25 2.18 2.11 2.11 2.01
Accounts Receivable Turnover		 15.82 15.31 12.41 12.51 11.84 12.83 11.66 11.38 11.18 10.98 10.22
Inventory Turnover		 24.52 21.16 20.01 19.15 18.39 16.85 17.48 17.65 16.30 16.64 15.50
Fixed Asset Turnover		 5.71 5.65 5.13 4.97 4.73 4.60 4.64 4.49 4.36 4.38 4.27
Accounts Payable Turnover		 12.65 12.03 10.28 10.28 10.42 11.28 10.32 10.34 10.14 10.23 9.26
Days Sales Outstanding (DSO)		 23.07 23.84 29.41 29.17 30.82 28.45 31.31 32.07 32.65 33.25 35.71
Days Inventory Outstanding (DIO)		 14.89 17.25 18.24 19.07 19.84 21.66 20.88 20.68 22.39 21.94 23.55
Days Payable Outstanding (DPO)		 28.84 30.34 35.51 35.52 35.02 32.36 35.37 35.31 35.98 35.67 39.43
Cash Conversion Cycle (CCC)		 9.11 10.75 12.14 12.71 15.64 17.75 16.82 17.44 19.05 19.52 19.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 32,241 32,977 34,242 33,667 34,624 34,804 33,745 33,622 33,327 32,535 33,057
Invested Capital Turnover		 5.71 5.45 4.88 4.65 4.33 4.13 4.12 4.00 3.82 3.81 3.71
Increase / (Decrease) in Invested Capital		 2,676 2,044 4,021 2,345 2,383 1,827 -497 -45 -1,297 -2,269 -688
Enterprise Value (EV)		 54,312 56,696 48,614 55,538 50,938 65,185 58,430 50,956 47,311 50,644 50,739
Market Capitalization		 45,632 48,696 40,223 47,846 42,660 56,438 50,128 42,587 38,496 41,599 41,760
Book Value per Share		 $61.11 $67.30 $71.51 $73.56 $77.39 $78.72 $77.81 $78.82 $77.43 $74.58 $76.88
Tangible Book Value per Share		 $61.11 $67.30 $71.51 $73.56 $77.39 $78.72 $77.81 $78.82 $77.43 $74.58 $76.88
Total Capital		 37,103 38,498 39,317 39,498 40,048 39,721 38,991 38,806 37,984 37,169 37,594
Total Debt		 11,635 11,431 11,323 11,441 11,524 10,897 10,741 10,806 10,463 10,854 10,647
Total Long-Term Debt		 10,526 10,173 10,130 10,107 10,118 10,044 9,746 9,790 9,720 10,312 10,265
Net Debt		 6,773 5,910 6,248 5,610 6,100 5,980 5,495 5,622 5,806 6,220 6,110
Capital Expenditures (CapEx)		 640 524 458 394 540 661 420 429 547 659 407
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,919 3,707 4,865 4,488 5,401 5,461 4,546 4,510 4,328 4,355 4,972
Debt-free Net Working Capital (DFNWC)		 7,781 9,228 9,940 10,319 10,825 10,378 9,792 9,694 8,985 8,989 9,509
Net Working Capital (NWC)		 6,672 7,970 8,747 8,985 9,419 9,525 8,797 8,678 8,242 8,447 9,127
Net Nonoperating Expense (NNE)		 34 13 33 21 3.15 -3.16 14 14 28 22 39
Net Nonoperating Obligations (NNO)		 6,773 5,910 6,248 5,610 6,100 5,980 5,495 5,622 5,806 6,220 6,110
Total Depreciation and Amortization (D&A)		 633 660 669 682 690 695 696 685 698 691 814
Debt-free, Cash-free Net Working Capital to Revenue		 1.65% 2.13% 3.10% 2.97% 3.73% 3.90% 3.25% 3.35% 3.33% 3.39% 4.02%
Debt-free Net Working Capital to Revenue		 4.41% 5.29% 6.33% 6.83% 7.48% 7.41% 6.99% 7.21% 6.92% 7.00% 7.68%
Net Working Capital to Revenue		 3.78% 4.57% 5.57% 5.95% 6.51% 6.80% 6.28% 6.45% 6.35% 6.58% 7.37%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $8.06 $8.30 $5.41 $7.49 $3.73 $3.75 $2.71 $1.14 $0.98 ($1.90) $2.28
Adjusted Weighted Average Basic Shares Outstanding		 395M 369M 358M 349M 353M 331M 324M 318M 322M 314M 312M
Adjusted Diluted Earnings per Share		 $8.07 $8.29 $5.40 $7.49 $3.74 $3.75 $2.71 $1.14 $0.98 ($1.90) $2.28
Adjusted Weighted Average Diluted Shares Outstanding		 396M 369M 358M 349M 353M 331M 324M 318M 322M 314M 312M
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		 371.15M 361.52M 353.13M 340.45M 332.48M 327.00M 320.38M 316.59M 314.98M 313.21M 310.65M
Normalized Net Operating Profit after Tax (NOPAT)		 3,266 3,159 2,155 2,684 1,221 1,327 940 407 244 162 702
Normalized NOPAT Margin		 7.82% 8.67% 6.24% 6.99% 3.45% 4.18% 2.73% 1.24% 0.79% 0.53% 2.35%
Pre Tax Income Margin		 10.18% 11.05% 7.87% 9.05% 4.37% 5.30% 3.49% 1.49% 1.05% -3.03% 3.15%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 32.02 28.58 19.36 24.33 11.40 13.02 9.59 4.47 3.39 -5.69 7.68
NOPAT to Interest Expense		 23.84 21.64 14.56 18.01 8.20 9.48 6.71 2.89 2.85 -4.60 4.98
EBIT Less CapEx to Interest Expense		 27.35 24.99 16.26 21.68 7.77 8.30 6.59 1.43 -0.66 -10.50 4.79
NOPAT Less CapEx to Interest Expense		 19.17 18.05 11.46 15.37 4.57 4.76 3.71 -0.15 -1.20 -9.41 2.09
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 13.93% 11.62% 14.89% 14.75% 17.66% 21.72% 24.02% 38.89% 52.10% 165.53% 223.65%
Augmented Payout Ratio		 52.46% 53.47% 59.38% 68.39% 73.80% 85.93% 102.22% 131.26% 147.74% 373.14% 411.70%

Key Financial Trends

Valero Energy (NYSE: VLO) has experienced significant volatility and shifts in financial performance and position over the last four years, based on quarterly financial statements from Q3 2022 through Q2 2025.

Operating Performance:

  • Net income rebounded strongly from Q1 2025 with a loss of -$652 million to a positive $663 million in Q2 2025, indicating a significant operational turnaround.
  • Gross profit margins improved notably from $507 million in Q1 2025 to $1.25 billion in Q2 2025, pointing to improved cost management or favorable market conditions.
  • Valero reported a substantial increase in operating revenue in Q2 2025 ($29.9 billion), stabilizing after fluctuations between $28.9 billion and $34.5 billion during 2023-2024.
  • The company experienced a net loss in early 2025 (Q1 2025), reflecting challenges that might include commodity price volatility or supply chain pressures.
  • Selling, General & Administrative expenses have generally remained stable, suggesting controlled overhead despite operational shifts.
  • Interest expenses have remained relatively steady around $135-$145 million quarterly, which implies consistent debt servicing costs over the period.

Cash Flow Trends:

  • Operating cash flows remain robust, with $936 million generated in Q2 2025 and over $2 billion in earlier quarters; this indicates strong cash generation capability despite earnings volatility.
  • Significant repayments of debt occurred in Q2 2025 ($2.77 billion), creating pressure on free cash flow, although new debt issuances somewhat offset this.
  • Capital expenditures have been consistently substantial (approx. $400-660 million quarterly) reflecting ongoing investment in plant, property, and equipment.
  • Continued sizeable repurchases of common equity and dividend payments in 2025 indicate a commitment to returning capital to shareholders, but these reduce available cash for debt repayment or investment.

Balance Sheet Health:

  • Total assets have increased steadily, reaching $59.4 billion by Q2 2025, driven mainly by property, plant, and equipment investment, evidencing asset base expansion.
  • Cash and equivalents have been maintained around $4.5 to $5.0 billion, contributing to liquidity strength.
  • Total liabilities slightly decreased from $35.6 billion in 2022 Q4 to $32.5 billion in 2025 Q2, reflecting ongoing debt repayments, but still represent over half of total capitalization.
  • Common equity has remained relatively flat near $24 billion, with treasury stock increasing, which may reflect ongoing share buybacks.
  • Noncontrolling interest remains around $2.9 billion, indicating stable minority shareholder influence.

Summary:

After facing losses and operational challenges in early 2025, Valero Energy showed recovery in Q2 2025 with improved profitability and strong cash generation. The company continues to invest significantly in assets and maintains liquidity at reasonable levels, yet has also been actively repaying debt and returning capital to shareholders through dividends and buybacks. Investors should monitor ongoing cash flow management, debt levels, and operational performance as Valero navigates commodity market dynamics and capital allocation priorities.

08/25/25 04:50 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Valero Energy's Financials

When does Valero Energy's fiscal year end?

According to the most recent income statement we have on file, Valero Energy's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

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

Valero Energy's net income appears to be on an upward trend, with a most recent value of $3.01 billion in 2024, falling from $3.71 billion in 2014. The previous period was $9.15 billion in 2023. See Valero Energy's forecast for analyst expectations on what’s next for the company.

What is Valero Energy's operating income?
Valero Energy's total operating income in 2024 was $3.76 billion, based on the following breakdown:
  • Total Gross Profit: $4.81 billion
  • Total Operating Expenses: $1.05 billion
How has Valero Energy's revenue changed over the last 10 years?

Over the last 10 years, Valero Energy's total revenue changed from $130.84 billion in 2014 to $129.88 billion in 2024, a change of -0.7%.

How much debt does Valero Energy have?

Valero Energy's total liabilities were at $32.62 billion at the end of 2024, a 5.5% decrease from 2023, and a 34.2% increase since 2014.

How much cash does Valero Energy have?

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 $4.66 billion as of their latest financial filing in 2024.

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

Over the last 10 years, Valero Energy's book value per share changed from 39.67 in 2014 to 77.43 in 2024, a change of 95.2%.


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This page (NYSE:VLO) was last updated on 8/25/2025 by MarketBeat.com Staff
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