Valero Energy Corp/Tx
VLO · NYSEPetroleum Refining · Fiscal year ends Dec 31
Valero Energy Corp/Tx reported revenue of $123B in the fiscal year ended Dec 2025, down 5.5% from the year before. Operating income was $3.2B, an operating margin of 2.6%, and net income was $2.3B. Net debt was $4.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $114B | $176B | $145B | $130B | $123B |
| Cost of revenue | $111B | $160B | $132B | $125B | $117B |
| Gross profit | $3.1B | $16.8B | $12.9B | $4.8B | $5.4B |
| Operating income | $2.1B | $15.7B | $11.9B | $3.8B | $3.2B |
| Interest expense | $603M | $562M | $592M | $556M | $556M |
| Pre-tax income | $1.5B | $15.3B | $11.8B | $3.7B | $3B |
| Income tax | $255M | $3.4B | $2.6B | $692M | $759M |
| Net income | $930M | $11.5B | $8.8B | $2.8B | $2.3B |
| Diluted EPS | 2.27 | 29.04 | 24.92 | 8.58 | 7.57 |
| Diluted shares | 407M | 396M | 353M | 322M | 309M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.1B | $4.9B | $5.4B | $4.7B | $4.7B |
| Receivables | $10B | $10.8B | $11B | $9.7B | $9.2B |
| Inventory | $6.3B | $6.8B | $7.6B | $7.8B | $7.6B |
| Current assets | $21.2B | $24.1B | $26.2B | $23.7B | $23.2B |
| Goodwill | $260M | $260M | $260M | $260M | $260M |
| Total assets | $57.9B | $61B | $63.1B | $60.1B | $58B |
| Payables | $12.5B | $12.7B | $12.6B | $12.1B | $10.1B |
| Deferred revenue | $78M | $129M | $40M | $82M | $60M |
| Current liabilities | $16.9B | $17.5B | $16.8B | $15.5B | $14.1B |
| Short-term debt | $1.3B | $1.1B | $1.4B | $743M | $949M |
| Long-term debt | $12B | $9.2B | $9.2B | $8.1B | $8.3B |
| Shareholders' equity | $18.4B | $23.6B | $26.3B | $24.5B | $23.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.9B | $12.6B | $9.2B | $6.7B | $5.8B |
| Capital expenditure | $2.5B | $2.7B | $1.9B | $2.1B | – |
| Free cash flow | $3.4B | $9.8B | $7.3B | $4.6B | – |
| Depreciation & amortisation | $47M | $45M | $43M | $45M | $63M |
| Stock-based compensation | $88M | $103M | $107M | $100M | $117M |
| Share buybacks | $27M | $4.6B | $5.1B | $2.9B | $2.6B |
| Dividends paid | $1.6B | $1.6B | $1.5B | $1.4B | $1.4B |
| Dividend per share | 3.92 | 3.92 | 4.08 | 4.28 | 4.52 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 54.8% | −17.9% | −10.3% | −5.5% |
| Operating income growth (YoY) | – | 636.6% | −24.4% | −68.3% | −15.3% |
| EPS growth (YoY) | – | 1179.3% | −14.2% | −65.6% | −11.8% |
| Gross margin | 2.7% | 9.5% | 8.9% | 3.7% | 4.4% |
| Operating margin | 1.9% | 8.9% | 8.2% | 2.9% | 2.6% |
| Net margin | 0.8% | 6.5% | 6.1% | 2.1% | 1.9% |
| Return on equityBlank when equity is negative | 5.0% | 48.9% | 33.5% | 11.3% | 9.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.2% | 36.1% | 25.6% | 8.4% | 7.2% |
| Free cash flow margin | 3.0% | 5.6% | 5.1% | 3.6% | – |
| Cash conversion (CFO ÷ net income) | 6.30x | 1.09x | 1.04x | 2.41x | 2.48x |
| Receivable days | 32 | 22 | 28 | 27 | 27 |
| Inventory days | 21 | 15 | 21 | 23 | 24 |
| Payable days | 41 | 29 | 35 | 35 | 32 |
| Interest cover | 3.53x | 27.9x | 20.0x | 6.75x | 5.72x |
| Debt ÷ equity | 0.72x | 0.44x | 0.40x | 0.36x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.1B | $5.5B | $5.2B | $4.2B | $4.5B |
| Current ratio | 1.26x | 1.38x | 1.56x | 1.53x | 1.65x |
Recent filings
More in Petroleum Refining
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.