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Valero EnergyVLO

Legal name
Valero Energy Corp.
Sector
Energy
Industry
Petroleum Refining
Exchange
NYSE

Stock Price $VLO

Latest filings

You are here#6 of 29 in Energy by market cap

Filing record · 2016–202610-K1110-Q338-K138

VLO filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 138 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $122.69B
YoY changeLargest recent move+75.6%in FY21Latest −5.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VLO Financial Metrics59 metrics

Income Statement14

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Valero Energy Financial Overview 2021–2025

Updated Nov 3, 2026

A massive $1.1 billiona asset impairment charge on California refineries in FY2025 exposes the acute geographic and regulatory risks facing the traditional energy sector. However, Valero Energy's underlying cash generation engine proves highly resilient. Despite a normalizing macro environment and pressured product margins, the company's diversified footprint across refining, renewable diesel, and ethanol continues to secure the liquidity needed to heavily fund both low-carbon transitions and shareholder payouts.

Tracing the company's post-pandemic trajectory highlights extreme cyclicality, with net income expanding from $930 million in FY2021 to $2.3 billionb in FY2025—a figure that still sits well below its extraordinary $11.5 billion profit peak in FY2022. The recent earnings normalization reflects looser global supply constraints and squeezed gasoline and distillate margins. Yet, operational cash flow remains incredibly durable. In FY2025, Valero generated $5.8 billion in cash from operations, empowering the firm to deploy $4.0 billion toward dividends and share repurchases while pushing its cumulative historical investment in low-carbon fuels to $6.0 billion.

Investors have weighed this baseline earnings power against structural margin pressures and new clean fuel tax incentive headwinds. At the close of FY2025, Valero shares traded at $162.79c, pricing the energy giant at a 21.5x price-to-earnings multiple as the market digested the transition from record-breaking refining margins back toward historical industry averages.

Recent Developments (Q2 and Q3 2026)

Valero posted a massive earnings rebound in Q3 2026, generating $6.8 billion in net income compared to $1.1 billiond in Q3 2025. This surge stemmed from constrained global supply that pushed refining segment margins to $10.7 billion, up sharply from $3.7 billion a year earlier. Flush with cash, the company announced a $320.5 million acquisition of a Houston refinery facility to add 165,000 BPD of processing capacity by late 2027. The Board also authorized a $10.0 billion share buyback in October 2026.

Bulls applaud these aggressive shareholder returns and strategic capacity additions at a fraction of replacement costs. Conversely, bears warn of acute operational vulnerabilities stemming from the March 2026 Port Arthur refinery fire, which triggered full shutdowns and ongoing lawsuits. Shares traded at an elevated 51.3x earnings as of October 28, 2026, reflecting the sudden resurgence in immediate refining profitability.

What to watch: closing of the $320.5 millione Houston refinery acquisition; progress on Port Arthur refinery repairs and related litigation.

03—Filings

Recent SEC Filings

  1. 8-KValero Energy 8-K Report, Regulation FD Disclosure (Oct 30, 2026)Valero Energy Corporation (VLO) has announced a strategic acquisition of a former petroleum refinery facility located adjacent to its Houston refinery on the Houston Ship Channel. The acquisition, valued at $320.5 million, is from a subsidiary of LyondellBasell Industries N.V. and is expected to close by the end of 2026, subject to regulatory approvals. This move allows Valero to expand its Gulf Coast refining footprint at a cost below replacement value and offers the potential to restart significant throughput capacity, with initial plans to bring 165,000 barrels per day (BPD) of light sweet crude processing online by year-end 2027. The company views this as a unique opportunity to enhance its refining system's long-term strength and generate compelling financial returns. Beyond the initial restart, Valero sees potential for future investment in high-complexity, heavy sour crude processing, further diversifying its operational capabilities and supporting its disciplined capital allocation strategy. This acquisition is anticipated to provide attractive commercial optimization opportunities and contribute positively to Valero's business and financial performance.
  2. 8-KValero Energy 8-K Report, Financial Results (Oct 22, 2026)Valero Energy Corporation (VLO) reported exceptionally strong financial and operating results for the third quarter ended September 30, 2026. The company posted a net income of $6.8 billion, or $23.89 per share, a significant increase from $1.1 billion, or $3.53 per share, in the prior year's third quarter. This performance was driven by strong operational execution, with refineries running at near-record utilization rates, ensuring a reliable supply of transportation fuels. The company also made substantial progress on its strategic initiatives, including the on-schedule and within-budget completion of the St. Charles FCC Unit optimization project. This project is expected to enhance the production of higher-value products like alkylate and gasoline. Valero also successfully repaid maturing debt obligations, demonstrating a robust financial position with significant cash reserves and a low debt-to-capitalization ratio.
  3. 8-KValero Energy 8-K Report, Executive Changes (Sep 18, 2026)Valero Energy Corporation (NYSE: VLO) filed an 8-K on September 18, 2026 announcing that its Board of Directors increased its size from 10 to 11 members and elected Matthew (Matt) Audette as an independent director, effective September 17, 2026. Mr. Audette will serve until Valero's 2027 annual meeting of stockholders and has joined the Board's Audit Committee effective immediately. He is expected to stand for re-election at that meeting. Mr. Audette currently serves as President and Chief Financial Officer of LPL Financial Holdings Inc., and previously was Executive Vice President and CFO of E*TRADE Financial Corporation. Valero's Chairman, CEO and President, Lane Riggs, described him as bringing over 15 years of public company CFO experience that will strengthen the Board's financial and accounting expertise. He holds a B.S. in accounting from Virginia Tech and began his career in public accounting. From a financial standpoint, this is a governance event rather than an operational or financial-results disclosure. The filing does not discuss earnings, guidance, capital allocation, or transactions. Compensation details are modest: Mr. Audette receives a pro-rata equity grant of 372 stock units vesting on the first anniversary of grant and a pro-rata annual cash retainer of $101,667, and the Board approved a $10,000 increase to both the cash retainer and equity components of the non-employee director program beginning in 2027.
  4. 8-KValero Energy 8-K Report, Financial Results (Jul 30, 2026)Valero Energy (VLO) reported a very strong second quarter 2026, with net income attributable to Valero stockholders of $3.7 billion, or $12.62 per share, versus $714 million, or $2.28 per share, in the year-ago quarter. Adjusted net income was $3.7 billion, or $12.54 per share, after a small net LIFO liquidation benefit and Port Arthur Refinery fire expenses. The results were driven primarily by the Refining segment, which generated $4.5 billion of operating income (adjusted $4.4 billion) and a refining margin of $23.62 per barrel versus $12.35 a year earlier, alongside a sharp improvement in Renewable Diesel operating income to $717 million and Ethanol operating income to $318 million. Cash generation was robust, with net cash from operations of $5.6 billion, including a $706 million working capital benefit. Adjusted operating cash flow was $4.5 billion, against capital investments attributable to Valero of $346 million. Stockholder cash returns totaled $2.6 billion, equal to a 59% payout of adjusted operating cash flow, and the board declared a quarterly dividend of $1.20 per share. Valero ended the quarter with $9.1 billion of total debt, $7.9 billion of cash, and a net debt-to-capitalization ratio of 11%. Investors should note several items: the Benicia Refinery in California has been fully idled and is now in decommissioning and redevelopment, which is reported within Corporate and Other; a March 2026 incident at the Port Arthur Refinery produced $15 million of repair costs; and the $230 million FCC Unit optimization project at St. Charles remains on schedule for start-up in the third quarter of 2026. The 8-K furnishes the earnings release under Item 2.02 and does not itself contain new forward guidance beyond these statements.
  5. 8-KValero Energy 8-K Report, Regulation FD Disclosure (Jul 16, 2026)Valero Energy Corporation (VLO) has announced a significant expansion of its share repurchase program, demonstrating a strong commitment to returning capital to shareholders. The company's Board of Directors authorized an additional $5.0 billion for share repurchases, effective July 16, 2026. This new authorization is in addition to the $1.4 billion remaining under the February 2026 Program, bringing the total potential capital allocated for buybacks to $6.4 billion. This substantial capital return initiative signals management's confidence in Valero's financial strength and future prospects. Investors should view this as a positive development, indicating that the company anticipates generating sufficient free cash flow to fund these repurchases while continuing to invest in its operations. The open-ended nature of both programs suggests a flexible approach to capital allocation.
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04—See also

Related Companies

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