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Valero Energy (VLO) investor relations material
Valero Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record personnel safety, environmental performance, refining throughput, ethanol production, and mechanical availability in 2025, building on prior year records.
Delivered strong financial results in Q4 2025, driven by favorable refining margins and widening sour crude discounts.
Net income attributable to stockholders was $1.1 billion ($3.73/share) for Q4 2025 and $2.3 billion ($7.57/share) for the year, with adjusted net income at $1.2 billion ($3.82/share) for Q4 and $3.3 billion ($10.61/share) for the year.
Stockholder cash returns reached $1.4 billion in Q4 and $4.0 billion for the year, with a 6% dividend increase to $1.20/share announced in January 2026.
Maintained disciplined capital allocation, prioritizing balance sheet strength, capital investments, and shareholder returns.
Financial highlights
Q4 2025 net income was $1.1B ($3.73/share), up from $281M ($0.88/share) in Q4 2024; adjusted net income was $1.2B ($3.82/share) vs. $207M ($0.64/share) prior year.
Full-year 2025 net income was $2.3B ($7.57/share), down from $2.8B ($8.58/share) in 2024; adjusted net income was $3.3B ($10.61/share) vs. $2.7B ($8.48/share) in 2024.
Q4 2025 revenues were $30.4B, down from $30.8B in Q4 2024; full-year 2025 revenues were $122.7B, down from $129.9B in 2024.
Operating income for Q4 2025 was $1.6B, up from $348M in Q4 2024; full-year operating income was $3.2B, down from $3.8B in 2024.
Net cash from operating activities in Q4 2025 was $2.1B; full-year 2025 was $5.8B, with adjusted figures at $2.1B and $6B, respectively, after JV and working capital adjustments.
Outlook and guidance
2026 capital investments expected at $1.7B, with $1.4B for sustaining business and the remainder for growth projects.
Continued progress on the $230 million FCC optimization project at St. Charles Refinery, expected online in H2 2026.
Q1 2026 refining throughput guidance: Gulf Coast 1.695–1.745M bpd, Midcontinent 430–450K bpd, West Coast 160–180K bpd, North Atlantic 485–505K bpd.
Q1 2026 refining cash operating expenses expected at $5.17/bbl; renewable diesel sales at ~260M gallons; ethanol production at 4.6M gallons/day.
2026 G&A expenses projected at $960M.
Explain U.S. West Coast segment's 2025 loss.
Renewable Diesel margin decline drivers.
St. Charles FCC project's strategic value.
Renewable diesel 2026 earnings post-policy
Sustainability of current sour crude differentials
Inflation's impact on growth project viability
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Next Valero Energy earnings date
Q1 202623 Apr, 2026
Valero Energy
Next Valero Energy earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Valero Energy Corporation operates through three segments: Refining, Ethanol, and Synergy. It refines crude oil and other feedstocks into transportation fuels, such as gasoline and gasoline blendstocks, jet fuel, diesel fuel, heating oil, and other petroleum-based products; sells petrochemical products primarily to companies that produce plastics, solvents, antifreeze, tires, synthetic rubber, and other industrial products; and produces ethanol and distributes it to wholesalers. Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas.
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