Valero Energy Corporation Revenue in 2024

Valero Energy Corporation reported $139.5B in revenue for fiscal year 2024. This represents a growth of 0.2% compared to the 2023 figure of $139.2B.

Valero's free cash flow exceeded $8.2 billion in fiscal 2024, driven by refining margins that remained constructive through a year of lower headline crude prices and the high-margin contribution from the renewable fuels and environmental credit segments. Net income of $8.5 billion on $139.5 billion in revenue — a 6.1% net margin — reflects the spread-based economics of refining, where revenue is large but the input cost (crude oil) is also large and margins are earned on the differential. Revenue has declined from the $176.4 billion fiscal 2022 peak to $139.5 billion in fiscal 2024, a $37 billion reduction that mirrors the decline in crude oil and refined product prices from their war-disruption highs. Volume processed at the refineries has been relatively stable — the revenue change reflects commodity prices, not capacity use. Valero's financial performance is more meaningfully measured by crack spreads (the difference between refined product prices and crude oil input costs) than by absolute revenue. The $52 billion market capitalization on $139.5 billion in revenue is a 0.37 times multiple — a conventional refining sector discount that does not appear to fully value the Diamond Green Diesel operation or the ethanol network's credit generation capacity. Diamond Green Diesel produces over 1 billion gallons annually and generates RIN and LCFS credits at near-100% gross margins; that credit stream valued independently at comparable renewable energy margins would represent a meaningful fraction of Valero's current total market capitalization. The 9,700 employees managing $139.5 billion in revenue — $14.4 million per employee — reflects refining's capital intensity. The refineries themselves, their crude unit capacities, and the downstream processing capability represent assets accumulated through two decades of acquisitions that cannot be replicated quickly regardless of available capital. New refinery construction has not occurred in the United States since 1977, making Valero's existing capacity an asset with structural scarcity value that balance sheet accounting does not capture.