Jun 2026 (Q2 FY26) — Jul 30, 2026
Valero Q2 FY26 — Record Earnings Driven by Strong Refining, Renewable Diesel, and Ethanol Performance
Read the full callValero (VLO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Valero earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 44,476 | +48.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.7 | +8.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3,720 | +421.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
25 of 41 judged targets kept · 58 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Ethanol production volumes | 4.7 million gallons per day | Mar 2026 | Ethanol production volumes averaged 4.7 million gallons per day in the second quarter of 2026. | Achieved |
| Total depreciation and amortization expense | approximately $730 million | Mar 2026 | Depreciation and amortization expense was [ $737 million ] for the second quarter of 2026 | Missed |
| Capital investments attributable to Valero | approximately $1.7 billion, about $1.4 billion sustaining and the balance growth | Dec 2025 | We expect capital investments attributable to Valero for 2026 to be approximately $2 billion. This includes expenditures for turnarounds, catalysts, regulatory compliance, joint venture investments and the estimated cost to repair the DHT unit at our Port Arthur refinery. | Revised Down |
16 of VALERO ENERGY CORP/TX's 99 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 96 more targets are in the full ledger.
Claimed
- Net income attributable to Valero stockholders was $3.7 billion or $12.62 per share in Q2 FY26, significantly up from $714 million or $2.28 per share in Q2 FY25.
- Refining segment operating income reached $4.5 billion in Q2 FY26, compared to $1.3 billion in Q2 FY25.
- Renewable diesel segment reported operating income of $717 million in Q2 FY26, a substantial improvement from an operating loss of $79 million in Q2 FY25.
- Shareholder cash returns totaled $2.6 billion in Q2 FY26, representing a payout ratio of 59%.
- Ended the quarter with $7.9 billion of cash and cash equivalents, reflecting a $2.1 billion cash build, and a net debt-to-capitalization ratio of 11%.
Qualified
- Repairs to the Port Arthur DHT unit are estimated at $250 million, included in sustaining CapEx, though a substantial portion is expected to be covered by insurance.
- The D4 RIN market is projected to be short, with the bank potentially running out by mid-2027, raising concerns about affordability and policy impact on consumers.
- Uncertainty regarding the duration and extent of Russian refining capacity outages (1.7-1.9 million barrels/day offline) and the impact of Chinese product export quotas.
Price
$433.31 −2.56% · −$11.4
Performance +174.6% 1Y
1Y: $157.77 on 17 Oct 2025 → $433.31. High $459.78 (14 Oct 2026), low $157.69 (21 Oct 2025).
- Previous close
- $444.71
- 52-week range
- $157.69 – $459.78
- One year
- +170.53%
Overview
- Symbol
- VLO
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 41 judged targets kept · 58 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Ethanol production volumes | 4.7 million gallons per day | Mar 2026 | Ethanol production volumes averaged 4.7 million gallons per day in the second quarter of 2026. | Achieved |
| Total depreciation and amortization expense | approximately $730 million | Mar 2026 | Depreciation and amortization expense was [ $737 million ] for the second quarter of 2026 | Missed |
| Capital investments attributable to Valero | approximately $1.7 billion, about $1.4 billion sustaining and the balance growth | Dec 2025 | We expect capital investments attributable to Valero for 2026 to be approximately $2 billion. This includes expenditures for turnarounds, catalysts, regulatory compliance, joint venture investments and the estimated cost to repair the DHT unit at our Port Arthur refinery. | Revised Down |
Claimed
- Net income attributable to Valero stockholders was $3.7 billion or $12.62 per share in Q2 FY26, significantly up from $714 million or $2.28 per share in Q2 FY25.
- Refining segment operating income reached $4.5 billion in Q2 FY26, compared to $1.3 billion in Q2 FY25.
- Renewable diesel segment reported operating income of $717 million in Q2 FY26, a substantial improvement from an operating loss of $79 million in Q2 FY25.
- Shareholder cash returns totaled $2.6 billion in Q2 FY26, representing a payout ratio of 59%.
- Ended the quarter with $7.9 billion of cash and cash equivalents, reflecting a $2.1 billion cash build, and a net debt-to-capitalization ratio of 11%.
Qualified
- Repairs to the Port Arthur DHT unit are estimated at $250 million, included in sustaining CapEx, though a substantial portion is expected to be covered by insurance.
- The D4 RIN market is projected to be short, with the bank potentially running out by mid-2027, raising concerns about affordability and policy impact on consumers.
- Uncertainty regarding the duration and extent of Russian refining capacity outages (1.7-1.9 million barrels/day offline) and the impact of Chinese product export quotas.
The full ledger
Open VALERO ENERGY CORP/TX’s full ledger
A free account opens 5 company ledgers a month. All 99 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Valero Energy Corp. Q1 FY26 — Strong Performance Amidst Commodity Volatility
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Valero Q4 FY25 — Record Throughput and Strong Shareholder Returns
Read the full callEvery analysed call
Valero earnings calls (VLO)
Financials
What the filings say
Net profit, year on year: +421% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 32,876 | 30,756 | 30,258 | 29,889 | 32,168 | 30,372 | 32,381 | 44,476 |
| Operating profit | 507 | 348 | -900 | 997 | 1,509 | 1,575 | 1,731 | 5,196 |
| Operating margin | 1.5% | 1.1% | −3.0% | 3.3% | 4.7% | 5.2% | 5.3% | 11.7% |
| Interest | 141 | 135 | 137 | 141 | 139 | 139 | 140 | 145 |
| Profit before tax | 489 | 323 | -917 | 942 | 1,456 | 1,524 | 1,723 | 5,167 |
| Tax rate | 19.6% | −10.5% | 28.9% | 29.6% | 26.8% | 23.3% | 23.3% | 21.2% |
| Net profit | 364 | 281 | -595 | 714 | 1,095 | 1,134 | 1,263 | 3,720 |
| EPS ($ per share) | 1.14 | — | -1.90 | 2.28 | 3.54 | — | 4.22 | 12.62 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Reserves | 31,044 | 31,974 | 28,953 | 28,281 | 38,247 | 45,630 | 47,016 | 47,959 |
| Total liabilities | 27,424 | 31,328 | 32,132 | 38,071 | 35,514 | 34,532 | 32,622 | 31,383 |
| Fixed assets | 28,848 | 29,264 | 30,389 | 30,847 | 30,978 | 30,209 | 29,314 | 27,617 |
| Total assets | 50,155 | 53,864 | 51,774 | 57,888 | 60,982 | 63,056 | 60,143 | 57,988 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,371 | 5,531 | 948 | 5,859 | 12,574 | 9,229 | 6,683 | 5,826 |
| Cash from investing | -3,928 | -3,001 | -2,425 | -2,159 | -2,805 | -1,865 | -1,981 | -1,845 |
| Cash from financing | -3,168 | -2,997 | 2,077 | -2,846 | -8,849 | -6,941 | -5,049 | -4,182 |
| Net cash flow | -2,868 | -399 | 730 | 809 | 740 | 562 | -595 | 36 |
| Capital expenditure | -4,291 | -2,846 | -2,436 | -2,458 | -2,737 | -1,916 | -2,057 | — |
| Free cash flow | 80 | 2,685 | -1,488 | 3,401 | 9,837 | 7,313 | 4,626 | — |
VLO revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Refining | 95% | 95% | 95% | 95% | 95% | 94% | 95% | 95% | +49.3% |
| Renewable Diesel | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 3% | +108.1% |
| Ethanol | 3% | 3% | 3% | 3% | 3% | 3% | 3% | 2% | 0.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
VLO operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 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 | +3.4% |
| 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 | -28.2% |
| 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 | +2.2% |
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.
Insider filings
71 filings between Nov 6, 2025 and Sep 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$9.39M
7 sales by 2 insiders
Compensation
not trading decisions- 5
- Award — granted as compensation
- 27
- Option exercise — converted options into shares
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 12 dispositions to the issuer, 7 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Fisher Eric A | — | $7.66M | Jun 29, 2026 |
| Fraser Jason W. | — | $1.73M | Nov 21, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 18, 2026 | Reymond Robert L Director | Option exercise | 924 | $0 |
| Sep 16, 2026 | Simmons Gary K. EVP & COO | Gift | 4,000 | $0 |
| Aug 21, 2026 | Walsh Richard Joe EVP & GC | Gift | 3,104 | $0 |
| Jun 29, 2026 | Fisher Eric A SVP | Sale | 7,500 | $2.01M |
| Jun 18, 2026 | Fisher Eric A SVP | Sale | 7,500 | $1.78M |
| May 18, 2026 | Fisher Eric A SVP | Sale | 7,500 | $1.89M |
| May 6, 2026 | WEISENBURGER RANDALL J Director | Option exercise | 1,381 | — |
| May 6, 2026 | Diaz Fred M Director | Disposition to issuer | 511 | $122.3K |
| May 6, 2026 | Majoras Deborah P Director | Disposition to issuer | 511 | $122.3K |
| May 6, 2026 | Mullins Eric D. Director | Option exercise | 1,381 | — |
| May 6, 2026 | WEISENBURGER RANDALL J Director | Disposition to issuer | 304 | $72.7K |
| May 6, 2026 | Ffolkes Marie A Director | Disposition to issuer | 511 | $122.3K |
| May 6, 2026 | EBERHART PAULETT Director | Option exercise | 1,381 | — |
| May 6, 2026 | EBERHART PAULETT Director | Disposition to issuer | 511 | $122.3K |
| May 6, 2026 | WILKINS RAYFORD JR Director | Option exercise | 1,381 | — |
| May 6, 2026 | Greene Kimberly S, Director | Disposition to issuer | 511 | $122.3K |
| May 6, 2026 | Greene Kimberly S, Director | Option exercise | 1,381 | — |
| May 6, 2026 | WILKINS RAYFORD JR Director | Disposition to issuer | 304 | $72.7K |
| May 6, 2026 | Majoras Deborah P Director | Option exercise | 1,381 | — |
| May 6, 2026 | Diaz Fred M Director | Option exercise | 1,381 | — |
| May 6, 2026 | Ffolkes Marie A Director | Option exercise | 1,381 | — |
| Mar 12, 2026 | Fisher Eric A SVP | Sale | 200 | $47.7K |
| Mar 12, 2026 | Fisher Eric A SVP | Sale | 200 | $47.7K |
| Mar 11, 2026 | Fisher Eric A SVP | Sale | 8,311 | $1.89M |
| Feb 26, 2026 | Bhullar Harminder S. SVP & CFO | Tax withheld | 529 | $106.6K |
| Feb 26, 2026 | Bhullar Harminder S. SVP & CFO | Tax withheld | 480 | $96.7K |
| Feb 25, 2026 | Walsh Richard Joe EVP & GC | Award | 8,800 | $0 |
| Feb 25, 2026 | Riggs R. Lane CEO & President | Tax withheld | 14,894 | $2.95M |
| Feb 25, 2026 | Riggs R. Lane CEO & President | Award | 37,850 | $0 |
| Feb 25, 2026 | Walsh Richard Joe EVP & GC | Tax withheld | 3,463 | $685.8K |
| Feb 25, 2026 | Fisher Eric A SVP | Tax withheld | 2,358 | $466.9K |
| Feb 25, 2026 | Bhullar Harminder S. SVP & CFO | Award | 7,050 | $0 |
| Feb 25, 2026 | Fisher Eric A SVP | Award | 5,990 | $0 |
| Feb 25, 2026 | Simmons Gary K. EVP & COO | Tax withheld | 5,242 | $1.04M |
| Feb 25, 2026 | Simmons Gary K. EVP & COO | Award | 13,320 | $0 |
| Feb 23, 2026 | Bhullar Harminder S. SVP & CFO | Tax withheld | 416 | $83.2K |
| Feb 22, 2026 | Bhullar Harminder S. SVP & CFO | Tax withheld | 423 | $84.6K |
| Feb 5, 2026 | Simmons Gary K. EVP & COO | Gift | 768 | $0 |
| Jan 21, 2026 | Riggs R. Lane CEO & President | Option exercise | 28,799 | $0 |
| Jan 21, 2026 | Riggs R. Lane CEO & President | Option exercise | 5,576 | $0 |
| Jan 21, 2026 | Riggs R. Lane CEO & President | Option exercise | 13,721 | $0 |
| Jan 21, 2026 | Bhullar Harminder S. SVP & CFO | Tax withheld | 2,517 | $479.1K |
| Jan 21, 2026 | Bhullar Harminder S. SVP & CFO | Option exercise | 2,064 | $0 |
| Jan 21, 2026 | Bhullar Harminder S. SVP & CFO | Option exercise | 2,246 | $0 |
| Jan 21, 2026 | Bhullar Harminder S. SVP & CFO | Option exercise | 1,974 | $0 |
| Jan 21, 2026 | Bhullar Harminder S. SVP & CFO | Disposition to issuer | 1,882 | $358.2K |
| Jan 21, 2026 | Fisher Eric A SVP | Disposition to issuer | 3,941 | $750.1K |
| Jan 21, 2026 | Fisher Eric A SVP | Tax withheld | 5,190 | $987.8K |
| Jan 21, 2026 | Fisher Eric A SVP | Option exercise | 4,158 | $0 |
| Jan 21, 2026 | Fisher Eric A SVP | Option exercise | 4,792 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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