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Valero Energy Corporation (VLO) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

ENERGY · Oil & Gas Refining & Marketing · DATA UPDATED 2026-08-23

Valero Energy Corporation (VLO) operates in the Oil & Gas Refining & Marketing industry and is headquartered in San Antonio, United States with about 9,785 employees. Its market capitalization is roughly $119 billion. In the fiscal year ended 2025-12-31, VLO reported $122.7B in revenue and $2.3B in net income.

Valero Energy Corporation manufactures, markets, and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, Peru, and internationally.

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VLO Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$132.9B	$122.7B	$129.9B	$144.8B	$176.4B	$114.0B	$64.9B	$108.3B	$117.0B	$94.0B	$75.7B	$87.8B	$130.8B	$138.1B	$139.2B	$126.0B	$82.2B	$68.1B	$119.1B	$95.3B	$91.8B
Gross Profit	$15.1B	$5.4B	$4.8B	$12.9B	$16.8B	$3.1B	($788M)	$4.7B	$5.5B	$4.5B	$4.3B	$7.1B	$6.6B	$4.7B	$5.7B	$4.3B	$7.8B	$2.9B	$7.1B	$9.7B	$10.6B
Gross Margin %	11.3%	4.4%	3.7%	8.9%	9.5%	2.7%	-1.2%	4.4%	4.7%	4.8%	5.7%	8.1%	5.1%	3.4%	4.1%	3.4%	9.4%	4.2%	6.0%	10.1%	11.5%
Operating Income (EBIT)	$10.0B	$4.3B	$3.8B	$11.9B	$15.7B	$2.1B	($1.6B)	$3.8B	$4.6B	$3.6B	$3.6B	$6.4B	$5.9B	$4.0B	$4.0B	$3.7B	$1.9B	($58M)	$563M	$6.9B	$8.0B
Operating Margin %	7.5%	3.5%	2.9%	8.2%	8.9%	1.9%	-2.4%	3.5%	3.9%	3.8%	4.7%	7.2%	4.5%	2.9%	2.9%	2.9%	2.3%	-0.1%	0.5%	7.3%	8.7%
Net Income	$7.2B	$2.3B	$2.8B	$8.8B	$11.5B	$930M	($1.4B)	$2.4B	$3.1B	$4.1B	$2.3B	$4.0B	$3.6B	$2.7B	$2.1B	$2.1B	$324M	($2.0B)	($1.1B)	$5.2B	$5.5B
Net Margin %	5.4%	1.9%	2.1%	6.1%	6.5%	0.8%	-2.2%	2.2%	2.7%	4.3%	3.0%	4.5%	2.8%	2.0%	1.5%	1.7%	0.4%	-2.9%	-0.9%	5.5%	5.9%
EBITDA	$13.3B	$6.7B	$7.0B	$14.7B	$18.3B	$4.6B	$904M	$6.1B	$6.7B	$5.6B	$5.5B	$8.2B	$7.6B	$5.7B	$6.6B	$5.3B	$3.4B	$1.6B	$2.2B	$8.3B	$8.9B
Earnings Per Share (EPS)	$24.18	$7.60	$8.60	$25.03	$29.11	$2.29	$-3.50	$5.86	$7.29	$9.16	$4.93	$7.98	$6.85	$4.96	$3.75	$3.67	$0.57	$-3.66	$-2.16	$9.04	$8.64
Shares Outstanding (M)	294M	309M	322M	353M	396M	407M	407M	413M	428M	444M	464M	500M	530M	548M	556M	569M	568M	541M	524M	579M	632M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VLO Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$36.6B	$32.4B	$31.7B	$32.2B	$29.9B	$30.3B	$30.8B	$32.9B
Gross Profit	$7.1B	$2.9B	$3.3B	$1.8B	$1.2B	$496M	$618M	$744M
Gross Margin %	19.5%	8.9%	10.3%	5.5%	4.1%	1.6%	2.0%	2.3%
Operating Income (EBIT)	$5.2B	$1.7B	$1.6B	$1.5B	$997M	($900M)	$348M	$507M
Operating Margin %	14.2%	5.3%	5.0%	4.7%	3.3%	-3.0%	1.1%	1.5%
Net Income	$3.7B	$1.3B	$1.1B	$1.1B	$714M	($595M)	$281M	$364M
Net Margin %	10.2%	3.9%	3.6%	3.4%	2.4%	-2.0%	0.9%	1.1%
EBITDA	$6.1B	$2.4B	$2.3B	$2.4B	$1.9B	($89M)	$1.2B	$1.3B
Earnings Per Share (EPS)	$12.65	$4.24	$3.74	$3.54	$2.29	$-1.89	$0.89	$1.14
Shares Outstanding (M)	294M	298M	303M	309M	312M	314M	316M	318M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VLO Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$10.9B	$5.8B	$6.7B	$9.2B	$661M	$439M	$1.0B	$315M	$4.4B	$5.5B	$4.8B	$5.6B	$4.2B	$5.6B	$5.3B	$4.0B	$3.0B	$1.8B	$3.0B	$5.3B	$6.3B
Capital Expenditures (CapEx)	$788M	$796M	$907M	$911M	$1.7B	$1.7B	$1.8B	$2.0B	$2.1B	$1.4B	$1.3B	$1.6B	$2.2B	$2.1B	$2.9B	$2.4B	$1.7B	$2.3B	$2.8B	$2.3B	$3.2B
Free Cash Flow (FCF)	$10.1B	$5.0B	$5.8B	$8.3B	($1.0B)	($1.2B)	($770M)	($1.7B)	$2.3B	$4.1B	$3.5B	$4.0B	$2.1B	$3.4B	$2.3B	$1.7B	$1.3B	($504M)	$202M	$3.0B	$3.1B
FCF Margin %	7.6%	4.1%	4.5%	5.8%	-0.6%	-1.1%	-1.2%	-1.6%	2.0%	4.4%	4.7%	4.5%	1.6%	2.5%	1.7%	1.3%	1.6%	-0.7%	0.2%	3.1%	3.4%
Dividends Paid	$1.4B	$1.4B	$1.4B	$1.5B	$1.6B	$1.6B	$1.6B	$1.5B	$1.4B	$1.2B	$1.1B	$848M	$566M	$462M	$360M	$169M	$114M	$324M	$299M	$271M	$184M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VLO Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$5.6B	$1.4B	$2.1B	$1.9B	$936M	$952M	$1.1B	$1.3B
Capital Expenditures (CapEx)	$226M	$165M	$220M	$177M	$150M	$249M	$303M	$210M
Free Cash Flow (FCF)	$5.4B	$1.2B	$1.8B	$1.7B	$786M	$703M	$767M	$1.1B
FCF Margin %	14.6%	3.8%	5.8%	5.3%	2.6%	2.3%	2.5%	3.3%
Dividends Paid	$355M	$359M	$344M	$351M	$354M	$356M	$339M	$342M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VLO Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$64.7B	$58.0B	$60.1B	$63.1B	$61.0B	$57.9B	$51.8B	$53.9B	$50.2B	$50.2B	$46.2B	$44.3B	$45.5B	$47.3B	$44.5B	$42.8B	$37.6B	$35.6B	$34.4B	$42.7B	$37.8B
Cash & Cash Equivalents	$7.9B	$4.7B	$4.7B	$5.4B	$4.9B	$4.1B	$3.3B	$2.6B	$3.0B	$5.8B	$4.8B	$4.1B	$3.7B	$4.3B	$1.7B	$1.0B	$3.3B	$825M	$940M	$2.5B	$1.6B
Total Liabilities	$36.4B	$31.4B	$32.6B	$34.5B	$35.5B	$38.1B	$32.1B	$31.3B	$27.4B	$27.3B	$25.3B	$23.0B	$24.3B	$27.3B	$26.4B	$26.3B	$22.6B	$20.9B	$18.8B	$24.2B	$19.1B
Total Debt (Short + Long-Term)	$11.3B	$11.0B	$10.8B	$9.8B	$9.8B	$12.4B	$15.0B	$10.0B	$9.1B	$8.9B	$8.0B	$7.3B	$6.4B	$6.6B	$7.0B	$7.7B	$8.3B	$7.4B	$6.6B	$6.9B	$5.1B
Total Shareholders' Equity	$25.0B	$23.7B	$24.5B	$26.3B	$25.5B	$19.8B	$18.8B	$21.8B	$21.7B	$22.0B	$20.0B	$20.5B	$20.7B	$19.5B	$18.0B	$16.4B	$15.0B	$14.7B	$15.6B	$18.5B	$18.6B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive VLO viewer.

VLO Metric Deep Dives

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