NYSE : VLO
Valero Energy Corporation — Financial statements
Energy · Oil & Gas Refining & Marketing · United States
Last price 384.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 107.25B
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Financial statements
Valero Energy Corporation (VLO) reported revenue of 146.58B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 146.58B | 115.94B | 123.97B | 139.00B | 171.19B | 108.33B |
| Cost of Revenue | 117.98B | 100.64B | 110.54B | 117.69B | 151.97B | 102.84B |
| Gross Profit | 28.60B | 15.30B | 13.43B | 21.31B | 19.22B | 5.49B |
| Selling, General & Admin | 1.06B | 963.00M | 871.00M | 898.00M | 926.00M | 816.00M |
| Other Operating Expenses | 6.81B | 6.74B | 5.94B | 5.75B | 66.00M | 87.00M |
| Operating Expenses | 10.71B | 10.56B | 9.59B | 9.35B | 3.46B | 3.26B |
| Operating Income | 17.89B | 4.74B | 3.85B | 11.96B | 15.76B | 2.23B |
| Interest Expense | -568.00M | -556.00M | -556.00M | -592.00M | -562.00M | -603.00M |
| Interest & Investment Income | 188.00M | |||||
| Currency Exchange Gain (Loss) | -119.00M | 44.00M | ||||
| Other Non Operating Income (Expenses) | 384.00M | 301.00M | 409.00M | 402.00M | 290.00M | -134.00M |
| EBT Excluding Unusual Items | 17.70B | 4.49B | 3.70B | 11.77B | 15.37B | 1.72B |
| Merger & Restructuring Charges | -233.00M | -1.48B | ||||
| Gain (Loss) on Sale of Investments | 62.00M | |||||
| Asset Writedown | -61.00M | -48.00M | ||||
| Other Unusual Items | -193.00M | |||||
| Pretax Income | 17.47B | 3.00B | 3.70B | 11.77B | 15.31B | 1.54B |
| Income Tax Expense | 3.92B | 759.00M | 692.00M | 2.62B | 3.43B | 255.00M |
| Earnings From Continuing Operations | 13.55B | 2.25B | 3.01B | 9.15B | 11.88B | 1.29B |
| Minority Interest in Earnings | -608.00M | 102.00M | -236.00M | -314.00M | -351.00M | -358.00M |
| Net Income | 12.95B | 2.35B | 2.77B | 8.84B | 11.53B | 930.00M |
| Preferred Dividends & Other Adjustments | 7.00M | 7.00M | 8.00M | 27.00M | 43.00M | 6.00M |
| Net Income to Common | 12.94B | 2.34B | 2.76B | 8.81B | 11.48B | 924.00M |
| Shares Outstanding (Basic) | 294.75M | 309.00M | 322.00M | 353.00M | 395.00M | 407.00M |
| Shares Outstanding (Diluted) | 294.75M | 309.00M | 322.00M | 353.00M | 396.00M | 407.00M |
| EPS (Basic) | 43.89 | 7.58 | 8.58 | 24.95 | 29.08 | 2.27 |
| EPS (Diluted) | 43.73 | 7.57 | 8.58 | 24.92 | 29.04 | 2.27 |
| Free Cash Flow | 5.03B | 5.78B | 8.32B | 10.89B | 4.19B | |
| Free Cash Flow Per Share | 16.28 | 17.94 | 23.56 | 27.51 | 10.30 | |
| Dividend Per Share | 4.73 | 4.52 | 4.28 | 4.08 | 3.92 | 3.92 |
| Gross Margin | 19.51% | 13.19% | 10.84% | 15.33% | 11.23% | 5.07% |
| Operating Margin | 12.20% | 4.09% | 3.10% | 8.60% | 9.21% | 2.06% |
| Profit Margin | 8.83% | 2.02% | 2.23% | 6.34% | 6.71% | 0.85% |
| Free Cash Flow Margin | 4.34% | 4.66% | 5.98% | 6.36% | 3.87% | |
| EBITDA | 20.82B | 7.60B | 6.62B | 14.66B | 18.21B | 4.58B |
| EBITDA Margin | 14.20% | 6.55% | 5.34% | 10.55% | 10.64% | 4.23% |
| D&A For EBITDA | 2.93B | 2.86B | 2.77B | 2.70B | 2.45B | 2.36B |
| EBIT | 17.89B | 4.74B | 3.85B | 11.96B | 15.76B | 2.23B |
| EBIT Margin | 12.20% | 4.09% | 3.10% | 8.60% | 9.21% | 2.06% |
| Effective Tax Rate | 22.42% | 25.26% | 18.71% | 22.25% | 22.39% | 16.53% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.69B | 4.66B | 5.42B | 4.86B | 4.12B | |
| Cash & Short-Term Investments | 7.87B | 4.69B | 4.66B | 5.42B | 4.86B | 4.12B |
| Accounts Receivable | 9.21B | 9.73B | 11.04B | 10.76B | 9.97B | |
| Other Receivables | 670.00M | 977.00M | 1.49B | 1.16B | 410.00M | |
| Receivables | 9.88B | 10.71B | 12.53B | 11.92B | 10.38B | |
| Inventory | 7.59B | 7.76B | 7.58B | 6.75B | 6.26B | |
| Prepaid Expenses | 877.00M | 439.00M | 689.00M | 600.00M | 400.00M | |
| Restricted Cash | 177.00M | 172.00M | ||||
| Total Current Assets | 23.21B | 23.74B | 26.22B | 24.13B | 21.16B | |
| Property, Plant & Equipment | 28.69B | 30.41B | 31.34B | 32.09B | 32.13B | |
| Long-Term Investments | 684.00M | 695.00M | 713.00M | 724.00M | 734.00M | |
| Goodwill | 260.00M | 260.00M | 260.00M | 260.00M | 260.00M | |
| Other Intangible Assets | 123.00M | 151.00M | 183.00M | 202.00M | 218.00M | |
| Long-Term Deferred Charges | 2.75B | 2.69B | 2.38B | 2.14B | 1.85B | |
| Other Long-Term Assets | 2.27B | 2.20B | 1.95B | 1.43B | 1.53B | |
| Total Assets | 57.99B | 60.14B | 63.06B | 60.98B | 57.89B | |
| Accounts Payable | 10.14B | 12.09B | 12.57B | 12.73B | 12.49B | |
| Accrued Expenses | 2.47B | 2.03B | 2.29B | 2.34B | 2.32B | |
| Current Portion of Long-Term Debt | 695.00M | 499.00M | 1.20B | 861.00M | 1.11B | |
| Current Portion of Leases | 673.00M | 622.00M | 569.00M | 559.00M | 469.00M | |
| Current Income Taxes Payable | 68.00M | 170.00M | 137.00M | 841.00M | 378.00M | |
| Current Unearned Revenue | 60.00M | 82.00M | 40.00M | 129.00M | 78.00M | |
| Other Current Liabilities | 2.00M | |||||
| Total Current Liabilities | 14.11B | 15.49B | 16.80B | 17.46B | 16.85B | |
| Long-Term Debt | 7.57B | 7.59B | 8.02B | 8.38B | 10.84B | |
| Long-Term Leases | 2.77B | 2.83B | 2.85B | 2.92B | 2.71B | |
| Pension & Post-Retirement Benefits | 423.00M | 423.00M | 476.00M | 448.00M | 601.00M | |
| Long-Term Deferred Tax Liabilities | 5.15B | 5.27B | 5.35B | 5.22B | 5.21B | |
| Other Long-Term Liabilities | 1.37B | 1.02B | 1.03B | 1.09B | 1.86B | |
| Total Liabilities | 31.38B | 32.62B | 34.53B | 35.51B | 38.07B | |
| Common Stock | 7.00M | 7.00M | 7.00M | 7.00M | 7.00M | |
| Additional Paid-In Capital | 6.98B | 6.94B | 6.90B | 6.86B | 6.83B | |
| Retained Earnings | 47.96B | 47.02B | 45.63B | 38.25B | 28.28B | |
| Treasury Stock | -30.75B | -28.18B | -25.32B | -20.20B | -15.68B | |
| Comprehensive Income & Other | -469.00M | -1.27B | -870.00M | -1.36B | -1.01B | |
| Total Common Equity | 25.00B | 23.73B | 24.51B | 26.35B | 23.56B | 18.43B |
| Minority Interest | 2.88B | 3.01B | 2.18B | 1.91B | 1.39B | |
| Shareholders' Equity | 28.27B | 26.61B | 27.52B | 28.52B | 25.47B | 19.82B |
| Total Liabilities & Equity | 57.99B | 60.14B | 63.06B | 60.98B | 57.89B | |
| Total Debt | 11.35B | 11.70B | 11.54B | 12.64B | 12.72B | 15.12B |
| Net Cash (Debt) | -3.48B | -7.01B | -6.88B | -7.21B | -7.86B | -11.00B |
| Net Cash Per Share | -11.79 | -22.70 | -21.38 | -20.43 | -19.85 | -27.03 |
| Filing Date Shares Outstanding | 285.00M | 299.03M | 314.98M | 332.48M | 371.15M | 409.30M |
| Total Common Shares Outstanding | 285.00M | 298.94M | 314.86M | 333.30M | 372.13M | 409.20M |
| Working Capital | 9.10B | 8.24B | 9.42B | 6.67B | 4.31B | |
| Book Value Per Share | 86.83 | 79.36 | 77.85 | 79.05 | 63.31 | 45.04 |
| Tangible Book Value | 25.00B | 23.34B | 24.10B | 25.90B | 23.10B | 17.95B |
| Tangible Book Value Per Share | 86.83 | 78.08 | 76.54 | 77.72 | 62.07 | 43.87 |
| Land | 509.00M | 500.00M | 505.00M | 499.00M | 494.00M | |
| Buildings | 1.08B | 1.15B | 1.14B | 1.09B | 1.05B | |
| Construction In Progress | 617.00M | 604.00M | 689.00M | 1.32B | 1.86B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.35B | 2.77B | 8.84B | 11.53B | 930.00M | |
| Depreciation & Amortization | 2.86B | 2.77B | 2.70B | 2.45B | 2.36B | |
| Loss (Gain) From Sale of Assets | 23.00M | -62.00M | ||||
| Asset Writedown & Restructuring Costs | 1.43B | 61.00M | 48.00M | |||
| Other Operating Activities | -448.00M | 923.00M | 229.00M | 387.00M | 425.00M | |
| Change in Accounts Receivable | 1.12B | 1.56B | -387.00M | -1.62B | -4.38B | |
| Change in Inventory | 362.00M | -286.00M | -684.00M | -672.00M | -253.00M | |
| Change in Accounts Payable | -2.02B | -430.00M | -169.00M | 521.00M | 6.30B | |
| Change in Income Taxes | -137.00M | -146.00M | -776.00M | 231.00M | 224.00M | |
| Change in Other Net Operating Assets | 303.00M | -484.00M | -520.00M | -336.00M | 271.00M | |
| Operating Cash Flow | 5.83B | 6.68B | 9.23B | 12.57B | 5.86B | |
| Capital Expenditures | -796.00M | -907.00M | -911.00M | -1.68B | -1.67B | |
| Sale of Property, Plant & Equipment | 32.00M | 270.00M | ||||
| Investment in Securities | 52.00M | 38.00M | -96.00M | -9.00M | ||
| Other Investing Activities | -1.05B | -1.13B | -992.00M | -1.06B | -755.00M | |
| Investing Cash Flow | -1.84B | -1.98B | -1.86B | -2.81B | -2.16B | |
| Long-Term Debt Issued | 7.57B | 7.14B | 2.42B | 3.15B | 1.83B | |
| Long-Term Debt Repaid | -7.67B | -7.79B | -2.68B | -5.96B | -3.04B | |
| Net Debt Issued (Repaid) | -94.00M | -648.00M | -262.00M | -2.81B | -1.21B | |
| Repurchase of Common Stock | -2.63B | -2.92B | -5.14B | -4.58B | -27.00M | |
| Common Dividends Paid | -1.41B | -1.38B | -1.45B | -1.56B | -1.60B | |
| Other Financing Activities | -57.00M | -93.00M | -91.00M | 100.00M | -10.00M | |
| Financing Cash Flow | -4.18B | -5.05B | -6.94B | -8.85B | -2.85B | |
| Foreign Exchange Rate Adjustments | 237.00M | -248.00M | 139.00M | -180.00M | -45.00M | |
| Net Cash Flow | 36.00M | -595.00M | 562.00M | 740.00M | 809.00M | |
| Free Cash Flow | 5.03B | 5.78B | 8.32B | 10.89B | 4.19B | |
| Free Cash Flow Margin | 4.34% | 4.66% | 5.98% | 6.36% | 3.87% | |
| Free Cash Flow Per Share | 16.28 | 17.94 | 23.56 | 27.51 | 10.30 | |
| Levered Free Cash Flow | 3.72B | 5.08B | 6.47B | 8.91B | 4.28B | |
| Unlevered Free Cash Flow | 4.07B | 5.43B | 6.84B | 9.26B | 4.66B | |
| Cash Interest Paid | 533.00M | 556.00M | 562.00M | 570.00M | 598.00M | |
| Cash Income Tax Paid | 699.00M | 843.00M | 3.49B | 3.29B | -842.00M | |
| Change in Working Capital | -363.00M | 216.00M | -2.54B | -1.88B | 2.16B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 111.46B | 49.65B | 38.81B | 44.26B | 48.91B | 30.71B |
| Enterprise Value | 112.62B | 58.46B | 47.18B | 51.95B | 58.32B | 42.56B |
| Last Close Price | 399.66 | 160.42 | 117.11 | 120.68 | 114.00 | 65.16 |
| PE Ratio | 9.14 | 21.21 | 14.05 | 5.03 | 4.26 | 33.23 |
| Forward PE | 6.38 | 11.80 | 16.16 | 8.37 | 6.71 | 11.47 |
| PS Ratio | 0.76 | 0.43 | 0.31 | 0.32 | 0.29 | 0.28 |
| PB Ratio | 3.98 | 1.87 | 1.41 | 1.55 | 1.92 | 1.55 |
| P/TBV Ratio | 3.98 | 2.13 | 1.61 | 1.71 | 2.12 | 1.71 |
| P/FCF Ratio | 11.01 | 9.87 | 6.72 | 5.32 | 4.49 | 7.32 |
| P/OCF Ratio | 10.22 | 8.52 | 5.81 | 4.80 | 3.89 | 5.24 |
| PEG Ratio | 0.14 | 0.76 | 16.16 | 0.11 | 0.16 | 5.38 |
| EV/Sales Ratio | 0.77 | 0.50 | 0.38 | 0.37 | 0.34 | 0.39 |
| EV/EBITDA Ratio | 5.43 | 7.69 | 7.13 | 3.54 | 3.20 | 9.28 |
| EV/EBIT Ratio | 6.29 | 12.33 | 12.27 | 4.34 | 3.70 | 19.11 |
| EV/FCF Ratio | 11.13 | 11.62 | 8.17 | 6.25 | 5.35 | 10.15 |
| Debt / Equity Ratio | 0.40 | 0.44 | 0.42 | 0.44 | 0.50 | 0.76 |
| Debt / EBITDA Ratio | 0.52 | 1.35 | 1.52 | 0.82 | 0.67 | 2.95 |
| Debt / FCF Ratio | 2.33 | 2.00 | 1.52 | 1.17 | 3.61 | |
| Net Debt / Equity Ratio | 0.12 | 0.26 | 0.25 | 0.25 | 0.31 | 0.56 |
| Net Debt / EBITDA Ratio | 0.17 | 0.92 | 1.04 | 0.49 | 0.43 | 2.40 |
| Net Debt / FCF Ratio | 1.40 | 1.19 | 0.87 | 0.72 | 2.62 | |
| Asset Turnover | 1.96 | 2.01 | 2.24 | 2.88 | 1.98 | |
| Inventory Turnover | 13.11 | 14.41 | 16.42 | 23.35 | 16.72 | |
| Quick Ratio | 1.03 | 0.99 | 1.07 | 0.96 | 0.86 | |
| Current Ratio | 1.65 | 1.53 | 1.56 | 1.38 | 1.26 | |
| Return on Equity (ROE) | 8.30% | 10.73% | 33.89% | 52.46% | 6.53% | |
| Return on Assets (ROA) | 5.02% | 3.90% | 12.05% | 16.57% | 2.54% | |
| Return on Invested Capital (ROIC) | 43.71% | 10.42% | 8.91% | 26.92% | 38.13% | 5.90% |
| Return on Capital Employed (ROCE) | 10.80% | 8.60% | 25.90% | 36.20% | 5.40% | |
| Earnings Yield | 10.94% | 4.73% | 7.14% | 19.96% | 23.57% | 3.03% |
| FCF Yield | 9.08% | 10.13% | 14.88% | 18.79% | 22.27% | 13.66% |
| Dividend Yield | 1.20% | 2.72% | 3.47% | 3.07% | 2.98% | 5.22% |
| Payout Ratio | 10.98% | 59.84% | 49.96% | 16.43% | 13.55% | 172.26% |
| Buyback Yield / Dilution | 5.75% | 4.04% | 8.78% | 10.86% | 2.70% | |
| Total Shareholder Return | 6.96% | 6.76% | 12.25% | 13.93% | 5.69% | 5.22% |