Valero manufactures and markets petroleum fuels, renewable diesel, sustainable aviation fuel and ethanol. Its latest disclosed footprint includes 14 petroleum refineries and 12 ethanol plants, plus its 50%-owned, fully consolidated Diamond Green Diesel joint venture.
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A snapshot of what VALERO ENERGY CORP/TX owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001035002-24-000007 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001035002-25-000005 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-011499 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Valero’s October 22, 2026 release shows a sharp, margin-led improvement in the quarter ended September 30. Revenue reached $46.098 billion and net income attributable to Valero shareholders reached $6.828 billion, versus $1.095 billion a year earlier, even though refinery throughput declined. Operating cash flow also strengthened substantially. The improvement is not simply an accounting rebound, but comparisons still require care: prior-year impairment depressed year-to-date earnings, Benicia’s shutdown changed regional costs, and fewer shares supported EPS. Cash exceeded debt excluding finance leases, but not debt including those leases, and consolidated resources are not all freely available to the parent. Strong current results therefore coexist with commodity and policy exposure, disclosed California supply commitments and planned permit/site upkeep, and unresolved Port Arthur repair, insurance and litigation risks.
Sources: EX-99.01 · 2026-10-22 · 10-K · 2025-12-31 · 10-Q · 2026-06-30
Valero primarily sells through wholesale and bulk channels, rather than a company-owned retail network. Its economics depend on the difference between product selling prices and feedstock, energy and compliance costs. Higher oil prices can lift revenue without improving profit. Renewable Diesel and Ethanol add exposure to agricultural feedstocks and policy-supported fuel markets. Diamond Green Diesel is only 50%-owned, although its full results enter consolidated accounts; the other owner’s earnings are allocated to noncontrolling interests. Consolidated variable-interest entities’ assets can settle only their own obligations.
Sources: 10-K · 2025-12-31 · EX-99.01 · 2026-10-22
The unaudited October 22 release reports third-quarter 2026 revenue of $46.098 billion versus $32.168 billion and parent-attributable GAAP income of $6.828 billion versus $1.095 billion. Refining operating income reached $8.782 billion versus $1.610 billion. Non-GAAP refining margin per throughput barrel increased to $39.24 from $13.14, while throughput fell to 2.972 million from 3.087 million barrels per day. This supports a margin-led interpretation, not company-wide volume growth. Operating expense per barrel increased, partly offsetting the stronger margins.
Renewable Diesel earned $353 million versus a $28 million operating loss, with stronger sales volumes and unit margins. Ethanol operating income rose to $272 million from $183 million alongside record production. Higher renewable-fuel credit prices can help these businesses while increasing petroleum-refining compliance costs; feedstock prices also remain an offset. Diluted EPS rose to $23.89 from $3.53, supported both by higher earnings and fewer weighted-average diluted shares—285 million versus 309 million, as rounded in the release.
Nine-month parent income was $11.811 billion versus $1.214 billion, but the comparison includes an $877 million after-tax California impairment in 2025. Non-GAAP adjusted income was $11.791 billion versus $2.130 billion. The 2026 adjustment removes a $34 million after-tax LIFO inventory benefit and adds back $14 million of fire expenses; accelerated Benicia depreciation remains. The July interim also disclosed a $51 million tariff-refund benefit and an unquantified first-quarter ethanol-credit catch-up recognized in the second quarter. These benefits are already included in results, not extra earnings, and adjusted income is not a recurring cash-earnings measure.
Sources: EX-99.01 · 2026-10-22 · 10-Q · 2026-06-30
Third-quarter GAAP operating cash flow was $6.932 billion versus $1.881 billion, despite a $526 million working-capital outflow. Nine-month cash flow reached $13.902 billion versus $3.769 billion. Valero’s $7.253 billion quarterly adjusted cash-flow measure reverses working capital and removes the other DGD member’s share of adjusted DGD cash flow; it is neither actual consolidated cash generated nor profit.
Nine-month capital investments were $1.230 billion versus $1.476 billion. This measure includes deferred turnaround and catalyst spending, not just equipment purchases. Of $432 million invested in the third quarter, $371 million sustained the business. July’s approximately $2 billion full-year plan included $250 million for Port Arthur, with insurance reimbursement expected but not assured. The St. Charles FCC optimization project was completed during the third quarter and was operational by October 22; management expects higher-value product capability, but supplies no quantified earnings benefit.
Third-quarter shareholder cash returns equaled 52% of adjusted operating cash flow, not net income; the release does not separately quantify repurchase and dividend cash amounts. The July 16 additional $5 billion buyback authorization is discretionary permission, not completed spending or a cash balance.
Sources: EX-99.01 · 2026-10-22 · 10-Q · 2026-06-30 · 8-K · 2026-07-16
At September 30, cash and equivalents were $9.840 billion, debt excluding finance leases was $8.579 billion, and debt plus finance leases was $11.001 billion. Valero issued $850 million principal of 5.150% notes on March 10, 2026, due March 10, 2036; principal is not net proceeds. The October release confirms repayment of $100 million in July and $426 million in September, but total debt remained above December 2025. June’s $5.298 billion unused parent facilities were borrowing capacity, not cash or confirmed September availability. Restrictive covenants apply; current numerical headroom and unrestricted access are not established.
Sources: EX-99.01 · 2026-10-22 · 10-Q · 2026-06-30 · 8-K · 2026-03-05 · 10-K · 2025-12-31
Benicia processing was fully idled in April 2026—not sold. Decommissioning and redevelopment activities moved to Corporate and Other in the second quarter. Together with lower depreciation and a smaller operating footprint, this limits like-for-like interpretation of improved West Coast earnings. First-half retirement-obligation payments were approximately $170 million; final redevelopment costs and a completed Wilmington disposition are not established. Management’s June disclosure also said it planned to maintain all required operating permits and keep the facilities safe, clean and idled, and expected to fulfill Northern California customer-supply obligations through imports or other alternative arrangements. The supplied records do not establish the associated costs or that those commitments had ended.
Port Arthur returned to normal throughput during the second quarter after the March 23 fire. October’s release reports $19 million of nine-month repair expenses, including $4 million in the third quarter, but retains ongoing uncertainty. June’s $78 million insurance receivable was not collected cash at that date; the latest release does not establish subsequent collection or final exposure. Fire-related lawsuits remained unresolved in July, with potential losses not reasonably estimable. Commodity spreads, changing fuel-credit rules, environmental litigation and outages remain material risks; the latest release provides no quantified forward earnings guidance.
Sources: 10-Q · 2026-06-30 · EX-99.01 · 2026-10-22 · 10-K · 2025-12-31
USD 122.687 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 122.687 bn | -5.5% |
| 2024 | USD 129.881 bn | -10.3% |
| 2023 | USD 144.766 bn | — |
Consolidated revenue after intersegment eliminations; includes excise taxes on certain foreign sales.
Sources: 10-K · 2025-12-31
USD 2.348 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.348 bn | -15.2% |
| 2024 | USD 2.77 bn | -68.6% |
| 2023 | USD 8.835 bn | — |
Consolidated net income after deducting income or loss attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 5.826 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.826 bn | -12.8% |
| 2024 | USD 6.683 bn | -27.6% |
| 2023 | USD 9.229 bn | — |
Consolidated operating cash flow, including all consolidated VIE operating cash flows and working-capital changes.
Sources: 10-K · 2025-12-31
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