FirmAtlas

Company handbook · VLO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

VLO · CIK 1035002 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026

VALERO ENERGY CORP/TX

$444.71 +0.65 (+0.15%)

Close, Oct 16, 2026 · 52-week $156–462

↗ valero.com

Last fiscal year

VALERO ENERGY CORP/TX reported revenue of $122.7B for the year ended Dec 31, 2025 (FY25), down 5.5% from FY24. Net income was $2.3B and operating cash flow $5.8B. Source: 10-K filed Feb 25, 2026.

Market cap

$137.4B

P/E

19.1

EV/EBITDA

44.1x

P/B

5.5

Div yield

1.06%

ROIC

8.0%

Revenue 1Y

−5.5%/yr

EPS 1Y

−11.8%/yr

Shares 1Y

−4%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOR. Lane Riggs

HQSan Antonio, TX

AuditorKPMG LLP

Employees9,811

Year endsDecember

Revenue by segment · FY25

Refining92%

Ethanol4%

Renewable Diesel4%

Compounded growth & averages

10Y

TTM

Share price

23.5%

41.4%

51.0%

184.4%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$10.3B deployed

Capex $2.1B 19.9%

Dividends $2.8B 27.0%

Buybacks $5.5B 53.0%

Operating cash flow over the period: $12.5B. Total debt changed by +$156M.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Sep 18, 2026 Executive or director change 8-K Jul 30, 2026 Quarterly results 8-K Jul 16, 2026 Other announcement 8-K May 8, 2026 Executive or director change 8-K Apr 30, 2026 Quarterly results 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

129,881

122,687−5.5%

139,397

YoY

−5.5%

Gross profit

4,805

5,432+13.0%

11,197

Gross margin

3.7%

4.4%+0.7 pp

—

Operating income

3,755

3,181−15.3%

10,011

Operating margin

2.9%

2.6%−0.3 pp

—

EBITDA

3,800

3,244−14.6%

—

EBITDA margin

2.9%

2.6%−0.3 pp

—

Interest expense

556

556+0.0%

—

Interest coverage

6.83x

5.83x−1.00x

—

Net income

2,770

2,348−15.2%

7,212

YoY

−15.2%

Net margin

2.1%

1.9%−0.2 pp

—

EPS (diluted, $)

8.58

7.57−11.8%

24.04

YoY

−11.8%

Balance sheet

FY24 FY25

TTM

Total assets

60,143

57,988−3.6%

64,663

Cash & short-term investments

4,829

4,865+0.7%

—

Accounts receivable

9,731

9,207−5.4%

—

Inventory

7,761

7,591−2.2%

—

Net PP&E

29,314

27,617−5.8%

—

Other assets

8,508

8,708+2.4%

—

Total liabilities

35,631

34,263−3.8%

39,662

Accounts payable

12,092

10,139−16.2%

—

Total debt

10,463

10,619+1.5%

10,422

Other liabilities

13,076

13,505+3.3%

—

Shareholders’ equity

24,512

23,725−3.2%

25,001

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

6,683

5,826−12.8%

10,908

Net income

3,006

2,246−25.3%

—

Depreciation & amortization

63+40.0%

—

Stock-based compensation

100

117+17.0%

—

Working capital & other

3,532

3,400−3.7%

—

Cash from investing

(1,981)

(1,845)n/m

—

Capex

(2,057)

—

Investments bought

(29)

(27)n/m

—

Investments sold / matured

30−63.0%

—

Other investing

(1,848)−7800.0%

—

Cash from financing

(5,049)

(4,182)n/m

—

Dividends

(1,384)

(1,405)n/m

—

Buybacks

(2,875)

(2,598)n/m

—

Other financing

(790)

(179)n/m

—

Net change in cash

(595)

36n/m

—

Free cash flow (OCF − capex)

4,626

—

Where the cash went

FY24 FY25

TTM

Operating cash flow

6,683

5,826−12.8%

10,908

Reinvested in the business

2,057

—

% of operating cash flow

30.8%

—

Capex

2,057

—

Free cash flow

4,626

—

YoY

Returned to shareholders

4,259

4,003−6.0%

—

% of free cash flow

92.1%

—

Dividends

1,384

1,405+1.5%

—

Buybacks

2,875

2,598−9.6%

—

Change in total debt

—

156

—

FCF conversion (FCF ÷ net income)

167.0%

—

Buyback yield

7.3%

5.2%−2.1 pp

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

10.1%

8.0%−2.2 pp

—

ROIC (operating)

8.8%

6.9%−1.9 pp

—

Net debt / EBITDA

1.48x

1.77x+0.29x

—

Debt / equity

0.43x

0.45x+0.02x

—

Cash conversion cycle (days)

19+5 d

—

ROE

11.3%

9.9%−1.4 pp

—

ROA

4.6%

4.0%−0.6 pp

—

ROCE

8.4%

7.2%−1.2 pp

—

NOPAT

3,052

2,378−22.1%

—

Invested capital (operating)

34,714

34,276−1.3%

—

Invested capital (all)

30,146

29,479−2.2%

—

Reinvestment rate

—

−18.4%

—

Debtor days

27+0 d

—

Inventory days

24+1 d

—

Days payable

32−4 d

—

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

32,168

30,372

32,381

44,476

vs year-ago quarter

Gross profit

1,772

1,904

2,052

5,469

Gross margin

5.5%

6.3%

12.3%

Operating income

1,509

1,575

1,731

5,196

Net income

1,095

1,134

1,263

3,720

vs year-ago quarter

Net margin

3.4%

3.7%

3.9%

8.4%

EPS (diluted, $)

3.53

3.67

4.22

12.62

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

58,615

57,988

62,142

64,663

Cash & equivalents

4,941

4,865

5,912

8,054

Total debt

9,687

10,619

10,465

10,422

Shareholders’ equity

23,754

23,725

23,870

25,001

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

1,881

2,057

1,390

5,580

Capex

409

—

Free cash flow

1,472

—

vs year-ago quarter