)
Visual
test
Valero Energy
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
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebISCTR
Net profit up 90% in 2025, with strong NIM, fee growth, and positive 2026 outlook. - 6 FebSCWRecord revenue, surging backlog, and major space contracts set the stage for 2025 growth.
- 6 FebSCWQ2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog.
- 6 FebSCWQ1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured.
- 6 FebSCWQ3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
- 6 FebGHM
Q3 FY26 delivered 21% revenue growth, record backlog, and raised full-year guidance. - 6 FebJKHY
Record revenue and net income growth drive raised guidance and strong segment performance.
Next Valero Energy earnings date
Q1 202623 Apr, 2026
Valero Energy
Next Valero Energy earnings date
Q1 202623 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage