10-Q · April 30, 2026
Valero Energy achieved a significant turnaround in Q1 2026, reporting a net income of $1.3 billion or $4.22 per share, rebounding from a net loss of $595 million in Q1 2025. Revenue for the quarter was $31.8 billion,…
Earnings analysis · 10-Q
VLO earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Valero delivered a materially stronger third quarter, with $46.098 billion of revenue and $23.90 diluted EPS, both well above consensus and substantially ahead of the prior-year quarter. Refining operating income of…
Read full summary
Valero delivered a materially stronger third quarter, with $46.098 billion of revenue and $23.90 diluted EPS, both well above consensus and substantially ahead of the prior-year quarter. Refining operating income of $8.782 billion drove the result, while Renewable Diesel and Ethanol also improved year over year. The filing contains no quantitative forward guidance and no material changes to previously disclosed risk factors, but the company continued substantial repurchases and authorized a new $10.0 billion program.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $23.9
What stood out
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Revenue and EPS surged year over year
Third-quarter revenue was $46.098 billion, up from $44.48 billion in Q2 2026 and $32.17 billion in Q3 2025. Diluted EPS was $23.90, versus $12.62 in Q2 2026 and $3.53 in Q3 2025.
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Beat both revenue and EPS estimates
Revenue exceeded the $41.155 billion consensus estimate by approximately 12.0%, while EPS of $23.90 exceeded the $21.20 estimate by approximately 12.7%.
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Refining led segment performance
Refining operating income was $8.782 billion in the third quarter, making Refining the principal disclosed earnings driver. Renewable Diesel and Ethanol also improved year over year, although their exact results were not provided in the supplied filing text.
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Significant share repurchases
Valero repurchased 9,050,570 shares during Q3 2026 at an average price of $371.20 per share, leaving $3.0 billion available under the July 2026 authorization.
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New $10 billion buyback authorization
On October 27, 2026, the board authorized an additional $10.0 billion share-repurchase program with no expiration date, in addition to the $3.0 billion remaining under the July 2026 program.
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Floating-rate debt exposure declined
Fixed-rate debt principal totaled $8.632 billion at September 30, 2026, compared with $8.308 billion at December 31, 2025; floating-rate debt declined to $3 million from $23 million.
What to watch
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No material risk-factor updates
The filing states that there were no material changes to the risk factors in the December 31, 2025 Form 10-K. Accordingly, no new or materially expanded filing risk factor was identified.
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Commodity and credit-price volatility
Valero remains exposed to commodity prices, renewable and low-carbon fuel credit prices, and foreign-exchange rates. The filing states there were no material changes to these risks, but their underlying volatility remains relevant to earnings.
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Large long-dated debt balance
The company had $8.632 billion of fixed-rate debt and $3 million of floating-rate debt at September 30, 2026. Although management states a 10% change in floating rates would not materially affect operations, fixed-rate maturities include $5.586 billion due thereafter.
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Aggressive capital return commitment
Valero repurchased 9,050,570 shares in Q3 and authorized an additional $10.0 billion program while $3.0 billion remained available under the prior program. Such substantial capital returns could reduce financial flexibility if operating conditions weaken.
Management's outlook
The supplied 10-Q does not provide quantitative revenue or EPS guidance. The filing indicates no material changes to previously disclosed market risks, while prior earnings disclosure stated that management would provide an operations and strategy update on the conference call.
Earlier filings 4
10-K · February 25, 2026
Valero presents a two-pronged strategy: operate a low-cost, integrated refining platform (15 refineries, ~3.2 million BPD throughput capacity) while scaling low‑carbon liquid fuels via its DGD renewable diesel/SAF joint…
10-Q · October 30, 2024
Valero reported Q3 2024 revenue of $32,876,000,000 and EPS of $1.14. Revenue and margins remain materially below the prior-year quarter while operating cash flow for the nine months is strong at $5,613,000,000 and the…
10-K · February 22, 2024
Valero Energy Corporation has strategically positioned itself as a leading manufacturer and marketer of low-carbon liquid fuels, leveraging its extensive infrastructure of refineries and renewable energy investments.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.