VLO

MKT CAP:$70B

Valero Energy Corporation

Market Cap

$70B

Energy·Oil & Gas Refining & Marketing·🇺🇸 United States·NYSE

Energy·Oil & Gas Refining & Marketing·🇺🇸·NYSE

Stock Price

$234.13+$68.81 (+41.63%)

Apr 24, 2026

Company Details

Valero Energy Corporation manufactures, markets, and sells transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, and internationally. The company operates through three segments: Refining...

CEO

R. Lane Riggs

IPO Date

Jan 4, 1982

Website

www.valero.com

Key Metrics TTM

Revenue

$134.5B

+11.6% YoY

Net Income

$3.7B

EPS (Diluted)

$11.15

Free Cash Flow

$5.0B

Revenue / Share

$423.08

Gross Margin

4.5%

Operating Margin

3.7%

Net Margin

2.7%

FCF Margin

3.7%

P/S

0.5x

P/E

19.0x

Earnings Reports

Q4 2024

Apr 30, 2026

PENDING

FY 2025

Feb 25, 2026

$122.7B-5.5%EPS $7.57

FY 2024

Feb 26, 2025

$129.9BEPS $8.58

Q3 2024

Oct 29, 2024

$32.9BEPS $1.14

Q2 2024

Jul 25, 2024

$34.5BEPS $2.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$15.7B	$2.0B	$829M
Q2 16	$19.6B	$1.4B	$1.2B
Q4 16	$20.7B	$828M	$620M
Q4 17	$26.4B	$1.1B	$853M
Q2 18	$31.0B	$1.5B	$1.3B
Q3 18	$30.8B	$1.4B	$1.2B
Q4 18	$28.7B	$1.5B	$1.3B
Q3 19	$27.2B	$1.1B	$881M
Q4 19	$27.9B	$2.0B	$1.7B
Q3 21	$29.5B	$907M	$693M
Q4 21	$35.9B	$1.9B	$1.6B
Q4 23	$35.4B	$1.9B	$1.6B
Q1 24	$31.8B	$2.0B	$1.7B
Q2 24	$34.5B	$1.4B	$1.2B
Q3 24	$32.9B	$744M	$507M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q4 16	—	—
Q4 17	0.5x	10.0x
Q2 18	0.5x	10.6x
Q3 18	0.4x	10.8x
Q4 18	0.3x	6.2x
Q3 19	0.3x	10.7x
Q4 19	0.3x	10.9x
Q3 21	0.3x	9.3x
Q4 21	0.3x	10.0x
Q4 23	0.3x	11.5x
Q1 24	0.4x	14.3x
Q2 24	0.4x	11.6x
Q3 24	0.3x	11.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$640M	$324M
Q2 16	$2.3B	$2.0B
Q4 16	$998M	$632M
Q4 17	$1.7B	$1.2B
Q2 18	$2.1B	$1.6B
Q3 18	$496M	$57M
Q4 18	$1.7B	$863M
Q3 19	$1.4B	$994M
Q4 19	$88M	-$500M
Q3 21	$1.4B	$986M
Q4 21	$2.5B	$1.9B
Q4 23	$1.2B	$699M
Q1 24	$1.8B	$1.2B
Q2 24	$2.5B	$2.1B
Q3 24	$1.3B	$1.1B

Capital Expenditures

Quarter	CapEx
Q1 16	$316M
Q2 16	$294M
Q4 16	$366M
Q4 17	$466M
Q2 18	$434M
Q3 18	$439M
Q4 18	$815M
Q3 19	$435M
Q4 19	$588M
Q3 21	$463M
Q4 21	$508M
Q4 23	$540M
Q1 24	$661M
Q2 24	$420M
Q3 24	$210M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	+97.4%	+99.9%
Q3 18	+57.5%	+61.4%
Q4 18	+38.7%	+36.5%
Q3 19	+3.2%	+3.2%
Q4 19	-10.1%	-12.2%
Q3 21	-4.3%	-2.7%
Q4 21	+25.0%	+25.1%
Q4 23	+30.0%	+28.4%
Q1 24	+13.9%	+15.1%
Q2 24	+16.8%	+15.4%
Q3 24	-8.4%	-5.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$0	0.0%
Q2 16	$0	0.0%
Q4 16	$68M	0.3%
Q4 17	$0	0.0%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q4 18	$86M	0.3%
Q3 19	$0	0.0%
Q4 19	$89M	0.3%
Q3 21	$0	0.0%
Q4 21	$88M	0.2%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 16	$156M
Q2 16	$159M
Q4 16	$208M
Q4 17	$238M
Q2 18	$248M
Q3 18	$209M
Q4 18	$230M
Q3 19	$217M
Q4 19	$243M
Q3 21	$195M
Q4 21	$286M
Q4 23	$295M
Q1 24	$258M
Q2 24	$203M
Q3 24	$234M

Revenue Segments

Quarter	Ethanol	Refining	Renewable Diesel
Q1 16	$828M	$14.9B	—
Q2 16	$965M	$18.7B	—
Q4 19	$958M	$26.6B	$284M
Q3 21	$1.2B	$28.0B	$342M
Q4 21	$1.7B	$33.5B	$684M
Q1 24	$1.1B	$30.1B	$1.4B
Q2 24	$1.1B	$33.0B	$1.2B
Q3 24	$1.1B	$31.3B	$1.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.6B	$0	$2.6B
Q2 22	$5.4B	$0	$5.4B
Q3 22	$4.0B	$0	$4.0B
Q4 22	$4.9B	$0	$4.9B
Q1 23	$5.5B	$0	$5.5B
Q2 23	$5.1B	$0	$5.1B
Q3 23	$5.8B	$0	$5.8B
Q4 23	$5.4B	$0	$5.4B
Q1 24	$4.9B	$0	$4.9B
Q2 24	$5.2B	$0	$5.2B
Q3 24	$5.2B	$0	$5.2B
Q4 24	$4.7B	$0	$4.7B
Q1 25	$4.6B	$0	$4.6B
Q2 25	$4.5B	$0	$4.5B
Q3 25	$4.8B	$0	$4.8B
Q4 25	$4.7B	$0	$4.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	471M	—	—
Q2 16	470M	-0.2%	—
Q4 16	453M	-3.6%	—
Q4 17	437M	-3.5%	—
Q2 18	431M	-1.4%	-8.5%
Q3 18	427M	-0.9%	-9.1%
Q4 18	422M	-1.2%	-6.8%
Q3 19	413M	-2.1%	-5.5%
Q4 19	410M	-0.7%	-4.9%
Q3 21	408M	-0.5%	-4.4%
Q4 21	408M	0.0%	-3.3%
Q4 23	338M	-17.2%	-18.2%
Q1 24	331M	-2.1%	-19.3%
Q2 24	324M	-2.1%	-20.6%
Q3 24	318M	-1.9%	-22.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$2M	10K
Q2 16	$2M	10K
Q4 16	$2M	10K
Q4 17	$3M	10K
Q2 18	$3M	10K
Q3 18	$3M	10K
Q4 18	$3M	10K
Q3 19	$3M	10K
Q4 19	$3M	10K
Q3 21	$3M	10K
Q4 21	$4M	10K
Q4 23	$4M	10K
Q1 24	$3M	10K
Q2 24	$3M	10K
Q3 24	$3M	10K

Revenue / Employee