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VLO VALERO ENERGY CORP

NYSEEnergyPetroleum RefiningSan Antonio, TXFY ends December 31

New 8-K: Filed an 8-K current report in the last 7 days.Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 25, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$123BYoYdown 5.54%ended Dec 31, 2025
Net income
$2.35B1.9% margin
Diluted EPS
$7.57YoYdown 11.77%
Free cash flow
—
Cash
$4.69BNet debt $4.98B
Total debt
$9.67BD/E 0.41×
About VALERO ENERGY CORP

Overview

VALERO ENERGY CORP (VLO) is listed on NYSE; the SEC classifies it under "Petroleum Refining".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $122.69B, down 5.5% from fiscal 2024.

Net income was $2.35B, a net margin of 1.9%.

At fiscal year end it had total assets of $57.99B and stockholders' equity of $23.73B (40.9% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 25, 2026
Latest filing
8-KOct 30, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016—$2.29B—
FY2017—$4.07B—
FY2018$117B$3.12B2.7%
FY2019$108B$2.42B2.2%
FY2020$64.9B-$1.42B-2.2%
FY2021$114B$930M0.8%
FY2022$176B$11.5B6.5%
FY2023$145B$8.84B6.1%
FY2024$130B$2.77B2.1%
FY2025$123B$2.35B1.9%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY2016———
FY2017———
FY20184.8%3.9%2.7%
FY20194.4%3.5%2.2%
FY2020-1.1%-2.4%-2.2%
FY20212.7%1.9%0.8%
FY20229.5%8.9%6.5%
FY20238.9%8.2%6.1%
FY20243.7%2.9%2.1%
FY20254.4%2.6%1.9%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$4.94
FY2017$9.16
FY2018$7.29
FY2019$5.84
FY2020-$3.50
FY2021$2.27
FY2022$29.04
FY2023$24.92
FY2024$8.58
FY2025$7.57

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$3.54B$2.29B
FY2017$4.13B$4.07B
FY2018—$3.12B
FY2019—$2.42B
FY2020—-$1.42B
FY2021—$930M
FY2022—$11.5B
FY2023—$8.84B
FY2024—$2.77B
FY2025—$2.35B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016464M
FY2017444M
FY2018428M
FY2019414M
FY2020407M
FY2021407M
FY2022396M
FY2023353M
FY2024322M
FY2025309M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$4.82B$7.89B
FY2017$5.85B$8.75B
FY2018$2.98B$8.87B
FY2019$2.58B$9.18B
FY2020$3.31B$14B
FY2021$4.12B$12.6B
FY2022$4.86B$10.5B
FY2023$5.42B$10.1B
FY2024$4.66B$9.72B
FY2025$4.69B$9.67B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
4.4%
Operating margin
2.6%
Net margin
1.9%
Return on equity
9.7%
Return on assets
4.0%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenuedown 5.54%down 11.40%up 13.58%—
EPS (diluted)down 11.77%down 36.12%—up 4.86%
Free cash flow————
Change in share count
-4.04%

Financial strength

Current ratio
1.65×
Debt / equity
0.41×
Net debt
$4.98B
Interest coverage
5.72×
Equity / assets
40.9%

Shareholder returns

Dividends per share
$4.52
Dividends paid
$1.41B
Buybacks
$2.6B
Payout ratio
59.8%
Stock comp. / revenue
0.1%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

6 of 9 checks passed

FY2025 vs FY2024

  • PassPositive return on assets3.9%
  • PassPositive operating cash flow$5.83B
  • FailReturn on assets improved3.9% vs 4.4%
  • PassOperating cash flow above net income9.7% vs 3.9%
  • FailLong-term debt / assets fell16.7% vs 16.2%
  • PassCurrent ratio improved1.65× vs 1.53×
  • PassNo increase in share count309M vs 322M
  • PassGross margin improved4.4% vs 3.7%
  • FailAsset turnover improved2.04× vs 2.06×

Altman Z''-Score

Needs current assets and liabilities, retained earnings, operating income, total assets, liabilities and equity from the latest 10-K.

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue122,687129,881144,766176,383113,97764,912108,324117,033——
YoY (Revenue)-5.54%-10.28%-17.93%+54.75%+75.59%-40.08%-7.44%———
Gross profit5,4324,80512,93216,7963,129-7404,7785,594——
Operating income3,1813,75511,85815,6902,130-1,5793,8364,5723,5993,572
Interest expense556556592562603563454470468446
Pretax income3,0053,69811,76815,3071,543-2,0103,4864,2323,2073,182
Income tax7596922,6193,428255-903702879-949765
Net income2,3482,7708,83511,528930-1,4212,4223,1224,0652,289
YoY (Net income)-15.23%-68.65%-23.36%+1,139.57%—-158.67%-22.42%-23.20%+77.59%—
EPS (basic)7.578.5824.9329.052.27-3.505.847.309.174.94
EPS (diluted)7.578.5824.9229.042.27-3.505.847.299.164.94
YoY (EPS (diluted))-11.77%-65.57%-14.19%+1,179.3%—-159.93%-19.89%-20.41%+85.43%—
Diluted shares (weighted)309322353396407407414428444464

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents4,6884,6575,4244,8624,1223,3132,5832,9825,8504,816
Receivables9,2079,73111,03810,7619,9684,807————
Inventory7,5917,7617,5836,7526,2656,0387,0136,5326,3845,709
Current assets23,21023,73726,22124,13321,16515,84418,96917,67519,31216,800
Goodwill260260260260260260260260——
Intangible assets123151183202218248283307142148
Total assets57,98860,14363,05660,98257,88851,77453,86450,15550,15846,173
Current liabilities14,10915,49516,80217,46116,8519,28313,16010,72411,0718,328
Long-term debt9,6709,72010,11810,52612,60613,9549,1788,8718,7507,886
Retained earnings47,95947,01645,63038,24728,28128,95331,97431,04429,20026,366
Stockholders' equity23,72524,51226,34623,56118,43018,80121,80321,66721,99120,024
Shares outstanding299315332371409409409418433451

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow5,8266,6839,22912,5745,8599485,5314,3715,4824,820
Capital expenditures————————1,3531,278
Free cash flow————————4,1293,542
YoY (Free cash flow)————————+16.57%—
Depreciation & amortization634543454748535252—
Stock-based compensation117100107103888089867768
Share repurchases2,5982,8755,1364,577271567771,7081,3721,336
Dividends paid1,4051,3841,4521,5621,6021,6001,4921,3691,2421,111
Dividends per share4.524.284.083.923.923.923.603.202.802.40
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$7.57
Revenue per share
$397.05
Book value per share
$76.78
Tangible book per share
$75.54
Cash per share
$15.17
Dividends per share
$4.52
Public floatas of Jun 30, 2025
$41.8B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-KNew
    Current report· Oct 29, 2026(SEC EDGAR)
    • 7.01Regulation FD disclosure
    • 8.01Other events
    • 9.01Financial statements and exhibits
  2. 10-Q
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  3. 8-K
    Current report· Oct 22, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Sep 17, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  5. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  6. 8-K
    Current report· Jul 30, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  7. 8-K
    Current report· Jul 16, 2026(SEC EDGAR)
    • 7.01Regulation FD disclosure
  8. 8-K
    Current report· May 7, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 8.01Other events
    • 9.01Financial statements and exhibits
  9. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  10. 8-K
    Current report· Apr 30, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR
SIC 2911 · Petroleum Refining

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
CVXCHEVRON CORP$189B—6.5%———
MPCMarathon Petroleum Corp$133Bdown 4.44%3.0%23.1%8/9
PSXPhillips 66$132Bdown 7.53%3.3%15.6%7/9
VLOVALERO ENERGY CORP (This company)$123Bdown 5.54%1.9%9.7%6/9
COPCONOCOPHILLIPS$58.9Bup 7.67%13.6%12.4%5/9
XOMExxonMobil Holdings Corp——————
BPBP PLC——————
EQNREQUINOR ASA——————
Peer median$133Bdown 4.44%4.9%15.6%7/9—

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does VALERO ENERGY CORP do?

The SEC classifies VALERO ENERGY CORP under Standard Industrial Classification (SIC) code 2911, "Petroleum Refining". It is headquartered in San Antonio, TX. It is incorporated in DE. In fiscal 2025 it reported revenue of $122.69B and net income of $2.35B in its annual 10-K report.

What was VALERO ENERGY CORP's revenue in 2025?

VALERO ENERGY CORP reported revenue of $122.69B for fiscal 2025, which ended Dec 31, 2025, down 5.5% from $129.88B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 25, 2026.

What was VALERO ENERGY CORP's net income in 2025?

VALERO ENERGY CORP reported net income of $2.35B for fiscal 2025, a net margin of 1.9% of revenue.

Where is VALERO ENERGY CORP listed?

According to the SEC, VALERO ENERGY CORP's ticker VLO is listed on NYSE.

When does VALERO ENERGY CORP's fiscal year end?

According to the SEC, VALERO ENERGY CORP's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.