Valero Energy Corporation (VLO) Income Statement
VLO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVLO revenue and net income
Where VLO's revenue goes
2025Each bar shows an amount and its share of revenue. VLO kept 1.9% of revenue as net income.
VLO profit margins
VLO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.5% | −11.4% | +13.6% | +3.4% |
| Gross profit | +12.8% | −31.6% | — | −2.7% |
| Operating income | +14.8% | −35.0% | — | −3.8% |
| Net income | −15.2% | −41.2% | — | −5.2% |
| EPS (diluted) | +28.2% | −28.6% | — | +1.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VLO quarterly EPS vs estimates
Valero beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 22, 2026 (estimate $21.23).
VLO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122.69B | $129.88B | $144.77B | $176.38B | $113.98B | $64.91B | $108.32B | $117.03B | $93.98B | $75.66B |
| Cost of revenue | $117.32B | $125.12B | $131.88B | $159.63B | $110.89B | $65.70B | $103.60B | $111.49B | $89.48B | $71.32B |
| Gross profit | $5.37B | $4.76B | $12.89B | $16.75B | $3.08B | −$788.0M | $4.72B | $5.54B | $4.50B | $4.34B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $1.04B | $961.0M | $998.0M | $934.0M | $865.0M | $756.0M | $868.0M | $925.0M | $835.0M | $715.0M |
| Total operating expenses | $1.06B | $1.00B | $1.03B | $1.06B | $952.0M | $791.0M | $889.0M | $970.0M | $896.0M | $715.0M |
| Operating income | $4.31B | $3.75B | $11.86B | $15.69B | $2.13B | −$1.58B | $3.84B | $4.57B | $3.60B | $3.57B |
| Interest income | $556.0M | $556.0M | $371.0M | $562.0M | $603.0M | $563.0M | $379.0M | $470.0M | $468.0M | $446.0M |
| Interest expense | $556.0M | $556.0M | $592.0M | $562.0M | $603.0M | $563.0M | $454.0M | $470.0M | $468.0M | $446.0M |
| Income before taxes | $3.00B | $3.70B | $11.77B | $15.31B | $1.54B | −$2.01B | $3.49B | $4.23B | $3.21B | $3.18B |
| Income taxes | $759.0M | $692.0M | $2.62B | $3.43B | $255.0M | −$903.0M | $702.0M | $879.0M | −$949.0M | $765.0M |
| Net income | $2.35B | $2.77B | $8.84B | $11.53B | $930.0M | −$1.43B | $2.42B | $3.12B | $4.07B | $2.29B |
| EBITDA | $6.72B | $7.03B | $14.66B | $18.34B | $4.55B | $904.0M | $6.14B | $6.67B | $5.59B | $5.51B |
| EPS (diluted) | $10.65 | $8.31 | $24.71 | $29.26 | $2.44 | −$3.13 | $5.46 | $7.28 | $4.98 | $3.72 |
| Gross margin | 4.4% | 3.7% | 8.9% | 9.5% | 2.7% | −1.2% | 4.4% | 4.7% | 4.8% | 5.7% |
| Operating margin | 3.5% | 2.9% | 8.2% | 8.9% | 1.9% | −2.4% | 3.5% | 3.9% | 3.8% | 4.7% |
| Net margin | 1.9% | 2.1% | 6.1% | 6.5% | 0.8% | −2.2% | 2.2% | 2.7% | 4.3% | 3.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.65B | $32.38B | $31.73B | $32.17B | $29.89B | $30.26B | $30.76B | $32.88B | $34.49B | $31.76B | $35.41B | $38.40B |
| Cost of revenue | $29.50B | $29.50B | $28.47B | $30.41B | $28.67B | $29.76B | $30.14B | $32.13B | $33.06B | $29.79B | $33.55B | $34.65B |
| Gross profit | $7.15B | $2.88B | $3.26B | $1.77B | $1.22B | $496.0M | $618.0M | $744.0M | $1.43B | $1.97B | $1.86B | $3.76B |
| Sales, general & admin | $233.0M | $285.0M | $315.0M | $246.0M | $220.0M | $261.0M | $266.0M | $234.0M | $203.0M | $258.0M | $295.0M | $250.0M |
| Total operating expenses | $1.95B | $1.15B | $1.69B | $262.0M | $224.0M | $1.40B | $270.0M | $237.0M | $206.0M | $292.0M | $310.0M | $256.0M |
| Operating income | $5.20B | $1.73B | $1.57B | $1.51B | $997.0M | −$900.0M | $348.0M | $507.0M | $1.22B | $1.68B | $1.55B | $3.50B |
| Interest income | — | — | $139.0M | $139.0M | $141.0M | $137.0M | $135.0M | $141.0M | — | — | $96.0M | $75.0M |
| Interest expense | $140.0M | $140.0M | $139.0M | $139.0M | $141.0M | $137.0M | $135.0M | $141.0M | $140.0M | $140.0M | $149.0M | $149.0M |
| Income before taxes | $5.17B | $1.72B | $1.52B | $1.46B | $942.0M | −$917.0M | $323.0M | $489.0M | $1.20B | $1.68B | $1.55B | $3.48B |
| Income taxes | $1.09B | $401.0M | $355.0M | $390.0M | $279.0M | −$265.0M | −$34.0M | $96.0M | $277.0M | $353.0M | $331.0M | $813.0M |
| Net income | $3.72B | $1.26B | $1.13B | $1.09B | $714.0M | −$595.0M | $281.0M | $364.0M | $880.0M | $1.25B | $1.20B | $2.62B |
| EBITDA | $6.07B | $2.44B | $2.48B | $2.43B | $1.90B | −$89.0M | $1.16B | $1.31B | $2.04B | $2.52B | $2.27B | $4.21B |
| EPS (diluted) | $12.54 | $4.22 | $3.82 | $3.66 | $2.28 | $0.89 | $0.64 | $1.14 | $2.71 | $3.82 | $3.55 | $7.49 |
| Gross margin | 19.5% | 8.9% | 10.3% | 5.5% | 4.1% | 1.6% | 2.0% | 2.3% | 4.1% | 6.2% | 5.3% | 9.8% |
| Operating margin | 14.2% | 5.3% | 5.0% | 4.7% | 3.3% | −3.0% | 1.1% | 1.5% | 3.5% | 5.3% | 4.4% | 9.1% |
| Net margin | 10.2% | 3.9% | 3.6% | 3.4% | 2.4% | −2.0% | 0.9% | 1.1% | 2.6% | 3.9% | 3.4% | 6.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VLO's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VLO financial results
In fiscal year 2025 (ended December 31, 2025), Valero reported revenue of $122.7 billion, down 5.5% from the year before. It had net income of $2.3 billion (down 15.2%), a net profit margin of 1.9%. Diluted earnings per share came to $10.65. Over five years revenue grew at an average rate of 13.6% a year.
See the VLO stock overview for the latest quote and news, or the VLO chart for price history and technical indicators.
VLO income statement FAQ
What is Valero's annual revenue?
Valero reported total revenue of $122.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 5.5% from $129.9 billion the previous year.
Is Valero profitable?
Yes. Valero reported net income of $2.3 billion in fiscal 2025, a net profit margin of 1.9%; its operating margin was 3.5%.
What is Valero's gross margin?
Valero's gross margin was 4.4% in fiscal 2025: for every $100 of revenue, Valero kept $4 after the direct cost of its products and services.
How fast is Valero growing?
Revenue grew 13.6% a year on average over the last five fiscal years, from $64.9 billion to $122.7 billion.
What are Valero's earnings per share?
Valero earned $10.65 per diluted share in fiscal 2025, compared with $8.31 a year earlier.
When will Valero report its next earnings?
Valero is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Valero's fiscal year end?
Valero's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.