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VLO
VLO Valero (VLO) Q4 FY25 earnings call
Valero delivered strong Q4 FY25 results, marked by record refining throughput and ethanol production, driven by operational excellence and favorable refining margins. The company maintained its disciplined capital allocation framework, prioritizing balance sheet strength and significant shareholder returns, including a 6% dividend increase. While renewable diesel income saw a decline and West Coast refining faced headwinds, Valero is strategically positioned for future growth, particularly with increased heavy crude availability and potential policy tailwinds for ethanol.
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VLO operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Refinery throughput | 3M bbl/dRefining throughput volumes in the fourth quarter of 2024 averaged 3 million barrels per day or 94% throughput capacity utilization.Source: earnings call transcript | 2.8M bbl/dRefining throughput volumes in the first quarter of 2025 averaged 2.8 million barrels per day or 89% throughput capacity utilization.Source: earnings call transcript | 3.1M bbl/dRefining throughput volumes in the third quarter of 2025 averaged 3.1 million barrels per day or 97% throughput capacity utilization.Source: earnings call transcript | 3.1M bbl/dRefining throughput volumes in the fourth quarter of 2025 averaged 3.1 million barrels per day or 98% throughput capacity utilization.Source: earnings call transcript | 2.9M bbl/dRefining throughput volumes in the first quarter of 2026 averaged 2.9 million barrels per day, refining cash operating expenses was $5.13 per barrel in the first quarter of 2026.Source: earnings call transcript | 3M bbl/dRefining throughput volumes in the second quarter of 2026 averaged 3 million barrels per day.Source: earnings call transcript | 3M bbl/dRefining throughput volumes in the third quarter of 2026 averaged 3 million barrels per day.Source: earnings call transcript | 0% |
| Refinery utilization | 94%Refining throughput volumes in the fourth quarter of 2024 averaged 3 million barrels per day or 94% throughput capacity utilization.Source: earnings call transcript | 89%Refining throughput volumes in the first quarter of 2025 averaged 2.8 million barrels per day or 89% throughput capacity utilization.Source: earnings call transcript | 97%Our refinery throughput utilization was 97% with the Gulf Coast and North Atlantic region setting new all-time highs for throughput following last quarter's record performance in the Gulf Coast.Source: earnings call transcript | 98%Refining throughput volumes in the fourth quarter of 2025 averaged 3.1 million barrels per day or 98% throughput capacity utilization.Source: earnings call transcript | — | — | — | +1 pt |
| Capital expenditures Sustaining the business | $452MRegarding investing activities, we made $547 million of capital investments in the fourth quarter of 2024 of which $452 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $582MRegarding investing activities, we made $660 million of capital investments in the first quarter of 2025, of which $582 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $364MRegarding investing activities, we made $409 million of capital investments in the third quarter of 2025, of which $364 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance, and the balance was for growing the business.Source: earnings call transcript | $368MRegarding investing activities, we made $412 million of capital investments in the fourth quarter of 2025, of which $368 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $404MRegarding investing activities, we made $448 million of capital investments in the first quarter of 2026, of which $404 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance looks for growing the business.Source: earnings call transcript | $290MRegarding investing activities, we made $350 million of capital investments in the second quarter of 2026, of which $290 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $371MRegarding investing activities, we made $432 million of capital investments in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | +27.9% |
| Ethanol production volumes | — | 4.5M gal/dEthanol production volumes averaged 4.5 million gallons per day in the first quarter of 2025.Source: earnings call transcript | 4.6M gal/dEthanol production volumes averaged 4.6 million gallons per day in the third quarter of 2025, achieving record production.Source: earnings call transcript | 4.8M gal/dEthanol production volumes averaged 4.8 million gallons per day in the fourth quarter of 2025, also setting a quarterly and full year record.Source: earnings call transcript | 4.6M gal/dEthanol production volumes averaged 4.6 million gallons per day in the first quarter of 2026.Source: earnings call transcript | 4.7M gal/dEthanol production volumes averaged 4.7 million gallons per day in the second quarter of 2026.Source: earnings call transcript | 4.8M gal/dEthanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026.Source: earnings call transcript | +2.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.