Valero Energy
Financial Performance
Valero Revenue & Financials
Revenue
$122.7B (FY2025)
Net Income
$2.3B
Employees
9,811
What is Valero's revenue?
Valero had $122.7B in revenue for fiscal year 2025, down 5.5% from 2024. Net income was $2.3B.
- Latest revenue
- $122.7B (FY2025)
- Year-over-year
- -5.5%
- Growth rate (CAGR)
- 5.5% over 9 years
- Peak revenue
- $176.4B (FY2022)
- Years of data
- 10
- Employees
- 9,811
Financial Analysis
FY2025 revenues were $122.687 billion, down from $129.881 billion in 2024 and $144.766 billion in 2023. Net income attributable to stockholders was $2.348 billion ($7.57 per share), compared with $2.770 billion in 2024; adjusted net income was $3.3 billion. Margins widened sharply in 2026: second-quarter net income reached $3.7 billion ($12.62 per share) against $714 million a year earlier. Refining operating income was $4.5 billion in the quarter, Diamond Green Diesel earned $717 million and Ethanol $318 million. Stockholder cash returns were $2.6 billion in the quarter, and the quarterly dividend was $1.20 per share.
Revenue Trend Analysis
YoY Change
-5.5%
9-Year CAGR
+5.5%
Peak Year
2022
Trend
Volatile
Valero Energy has 10 full fiscal year figures on this page, compounding at +5.5% annually over 9 years. The most recent year saw a 5.5% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $176.4B. Of 9 comparable year-over-year steps, 4 showed growth and 5 showed a decline.
Annual revenue history
Click any row to see year details.
Valero Energy balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $5.8B | — | $58B | $23.7B | — | Form 10-K |
| FY2024ended Dec 31, 2024 | $6.7B | — | $60.1B | $24.5B | — | Form 10-K |
| FY2023ended Dec 31, 2023 | $9.2B | — | $63.1B | $26.3B | — | Form 10-K |
| FY2022ended Dec 31, 2022 | $12.6B | — | $61B | $23.6B | — | Form 10-K |
| FY2021ended Dec 31, 2021 | $5.9B | — | $57.9B | $18.4B | — | Form 10-K |
| FY2020ended Dec 31, 2020 | $948M | — | $51.8B | $18.8B | — | Form 10-K |
| FY2019ended Dec 31, 2019 | $5.5B | — | $53.9B | $21.8B | — | Form 10-K |
| FY2018ended Dec 31, 2018 | $4.4B | — | $50.2B | $21.7B | — | Form 10-K |
| FY2017ended Dec 31, 2017 | $5.5B | $1.4B | $50.2B | $22B | $4.1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $4.8B | $1.3B | $46.2B | $20B | $3.5B | Form 10-K |
Keep researching Valero
Valero Revenue and Financial FAQ
What were Valero Energy's total revenue and net income for FY2025?
In FY2025, Valero reported consolidated revenues of $122.687 billion and net income attributable to stockholders of $2.348 billion ($7.57 per diluted share), reflecting a return to normalized refining margin conditions.
How did Valero perform in the second quarter of 2026?
In Q2 2026, Valero experienced a massive margin surge, generating net income of $3.7 billion ($12.62 per share) on $4.5 billion of refining operating income, Diamond Green Diesel earnings of $717 million, and ethanol earnings of $318 million.
What is Valero's target shareholder cash return payout ratio?
Valero maintains a long-term target of returning 40% to 50% of adjusted net cash provided by operating activities to shareholders via dividends and share buybacks, regularly exceeding this with payout ratios near 59% during high-margin quarters.
What is Valero's regular quarterly dividend per share and payout yield?
Valero pays a quarterly dividend of $1.20 per share ($4.80 annualized), delivering an attractive dividend yield typically between 3.2% and 3.8%, supported by an unbroken multi-decade record of continuous dividend payments.
How much does Valero invest in annual capital expenditures (CapEx)?
Valero invests approximately $1.7 billion to $2.0 billion annually in total CapEx, with roughly $1.4 billion dedicated to sustaining turnarounds and regulatory compliance, and $400–$600 million toward high-return growth projects.
What is Valero's balance sheet debt and credit rating profile?
Valero maintains a conservative balance sheet with total debt of approximately $8.5 billion to $9.0 billion and a debt-to-capital ratio around 20%, holding solid investment-grade credit ratings of "Baa2" from Moody's and "BBB" from S&P Global.
What is refining cash operating expense per barrel of throughput?
Valero is an industry cost leader, consistently achieving cash operating costs per barrel (excluding turnarounds and catalysts) below $5.00 to $5.50 across its US Gulf Coast refining fleet.
How much free cash flow does Valero generate across different market cycles?
Free cash flow varies dramatically with refining cycles—ranging from $3.0 billion to $4.5 billion in mid-cycle years to over $11 billion in peak years like 2022, enabling large opportunistic share repurchases.
What was the financial impact of idling the Benicia, California refinery in 2026?
Idling Benicia eliminated persistent regulatory compliance costs and sub-par West Coast margins, allowing Valero to redirect capital to high-return Gulf Coast assets like the St. Charles FCC optimization.
What are the economics of the Diamond Green Diesel joint venture?
DGD generates operating margins of $0.60 to $1.20 per gallon of renewable diesel sold, distributing hundreds of millions in tax-advantaged cash dividends back to parent Valero annually.
How does crude oil price volatility impact Valero's working capital?
Sharp changes in benchmark crude prices (WTI and Brent) alter the dollar valuation of crude oil stored in refinery pipelines and marine tanks, producing temporary non-cash inventory valuation swings.
What is the long-term financial return on invested capital (ROIC) goal?
Management targets through-cycle Return on Invested Capital (ROIC) well above its weighted average cost of capital, routinely achieving 20%+ ROIC during periods of favorable global fuel demand.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Valero Revenue & Financials." CorpDigest, https://corpdigest.com/company/valero/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Valero reported $122.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/valero/financials" target="_blank" rel="noopener">CorpDigest — Valero financials</a></div>Related Financial Audits
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