Revenue growth has rebounded to 7.0% in 2026Q1, though net margins remain thin at 3.9% due to inherent sensitivity to fluctuating crack spreads.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 126.17B | 122.69B | 129.88B | 144.77B | 176.38B | 113.98B | 64.91B | 108.32B | 117.03B | 93.98B | 75.66B | 87.8B | 130.84B | 138.07B | 139.25B | 125.99B | 82.23B | 68.14B | 119.11B | 95.33B | 91.83B | 82.16B | 54.62B | 37.97B | 26.98B | 14.99B | 14.67B | 7.96B | 5.54B | 5.76B | 4.99B |
| Revenue Growth % | -1.72% | -5.54% | -10.28% | -17.93% | 54.75% | 75.59% | -40.08% | -7.44% | 24.53% | 24.22% | -13.83% | -32.89% | -5.24% | -0.84% | 10.53% | 53.21% | 20.68% | -42.79% | 24.95% | 3.81% | 11.77% | 50.43% | 43.85% | 40.75% | 79.98% | 2.16% | 84.28% | 43.72% | -3.77% | 15.34% | 65.27% |
| Cost of Goods Sold | 117.05B | 117.32B | 125.12B | 131.88B | 159.63B | 110.89B | 65.7B | 103.6B | 111.49B | 89.48B | 71.32B | 80.74B | 124.22B | 133.35B | 133.53B | 121.74B | 74.46B | 65.27B | 111.98B | 85.66B | 81.27B | 74.6B | 49.94B | 35.24B | 25.13B | 13.68B | 13.76B | 7.68B | 5.44B | 5.43B | 4.57B |
| COGS % of Revenue | - | 95.62% | 96.34% | 91.1% | 90.5% | 97.3% | 101.21% | 95.64% | 95.26% | 95.22% | 94.26% | 91.95% | 94.94% | 96.58% | 95.89% | 96.63% | 90.55% | 95.78% | 94.01% | 89.86% | 88.5% | 90.8% | 91.43% | 92.82% | 93.14% | 91.3% | 93.77% | 96.53% | 98.25% | 94.27% | 91.56% |
| Gross Profit | 9.13B | 5.37B | 4.76B | 12.89B | 16.75B | 3.08B | -788M | 4.72B | 5.54B | 4.5B | 4.34B | 7.07B | 6.63B | 4.72B | 5.72B | 4.25B | 7.78B | 2.87B | 7.13B | 9.67B | 10.57B | 7.56B | 4.68B | 2.73B | 1.85B | 1.3B | 914.54M | 276.6M | 96.9M | 329.8M | 421M |
| Gross Margin % | 7.24% | 4.38% | 3.66% | 8.9% | 9.5% | 2.7% | -1.21% | 4.36% | 4.74% | 4.78% | 5.74% | 8.05% | 5.06% | 3.42% | 4.11% | 3.37% | 9.45% | 4.22% | 5.99% | 10.14% | 11.5% | 9.2% | 8.57% | 7.18% | 6.86% | 8.7% | 6.23% | 3.47% | 1.75% | 5.73% | 8.44% |
| Gross Profit Growth % | - | 12.79% | -63.07% | -23.06% | 443.51% | 491.12% | -116.68% | -14.74% | 23.29% | 3.5% | -38.55% | 6.67% | 40.35% | -17.49% | 34.6% | -45.32% | 170.53% | -59.69% | -26.24% | -8.51% | 39.71% | 61.57% | 71.73% | 47.36% | 41.81% | 42.62% | 230.64% | 185.45% | -70.62% | -21.66% | 4.67% |
| Operating Expenses | 3.32B | 1.06B | 1B | 1.03B | 1.06B | 952M | 791M | 889M | 970M | 896M | 715M | 710M | 724M | 758M | 698M | 571M | 5.9B | 2.7B | 6.57B | 2.75B | 2.56B | 2.1B | 1.7B | 1.5B | 1.38B | 302.95M | 303.56M | 207.5M | 148.2M | 118.8M | 220.1M |
| OpEx % of Revenue | - | 0.86% | 0.77% | 0.71% | 0.6% | 0.84% | 1.22% | 0.82% | 0.83% | 0.95% | 0.95% | 0.81% | 0.55% | 0.55% | 0.5% | 0.45% | 7.17% | 3.97% | 5.51% | 2.88% | 2.78% | 2.56% | 3.11% | 3.96% | 5.11% | 2.02% | 2.07% | 2.61% | 2.68% | 2.06% | 4.41% |
| Selling, General & Admin | 1.07B | 1.04B | 961M | 998M | 934M | 865M | 756M | 868M | 925M | 835M | 715M | 710M | 724M | 758M | 698M | 571M | 531M | 1.27B | 1.33B | 1.39B | 1.4B | 1.23B | 1.08B | 993M | 929.4M | 165.22M | 130.51M | 68.5M | 69.5M | 53.6M | 81.7M |
| SG&A % of Revenue | - | 0.85% | 0.74% | 0.69% | 0.53% | 0.76% | 1.16% | 0.8% | 0.79% | 0.89% | 0.95% | 0.81% | 0.55% | 0.55% | 0.5% | 0.45% | 0.65% | 1.87% | 1.11% | 1.46% | 1.53% | 1.5% | 1.98% | 2.62% | 3.45% | 1.1% | 0.89% | 0.86% | 1.25% | 0.93% | 1.64% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 15M | 44M | 33M | 127M | 87M | 35M | 21M | 130M | 76M | 0 | 0 | 0 | 0 | 0 | 0 | 5.37B | 2.04B | 3.23B | 2.31B | 2.38B | 1.7B | 1.06B | 962.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 5.81B | 4.31B | 3.75B | 11.86B | 15.69B | 2.13B | -1.58B | 3.84B | 4.57B | 3.6B | 3.57B | 6.36B | 5.9B | 3.96B | 4.01B | 3.68B | 1.88B | -58M | 563M | 6.92B | 8.01B | 5.46B | 2.98B | 1.22B | 470.9M | 1B | 610.98M | 69.1M | -51.3M | 211M | 200.9M |
| Operating Margin % | 4.61% | 3.51% | 2.89% | 8.19% | 8.9% | 1.87% | -2.43% | 3.54% | 3.91% | 3.83% | 4.72% | 7.24% | 4.51% | 2.87% | 2.88% | 2.92% | 2.28% | -0.09% | 0.47% | 7.26% | 8.72% | 6.64% | 5.45% | 3.22% | 1.75% | 6.68% | 4.16% | 0.87% | -0.93% | 3.67% | 4.03% |
| Operating Income Growth % | - | 14.83% | -68.33% | -24.42% | 636.62% | 234.9% | -141.16% | -16.1% | 27.04% | 0.76% | -43.82% | 7.73% | 48.93% | -1.17% | 8.97% | 96.16% | 3334.48% | -110.3% | -91.86% | -13.63% | 46.73% | 83.24% | 143.8% | 159.5% | -52.97% | 63.89% | 784.2% | 234.7% | -124.31% | 5.03% | 6.41% |
| EBITDA | 8.98B | 7.47B | 6.53B | 14.56B | 18.16B | 4.54B | 772M | 6.09B | 6.64B | 5.58B | 5.47B | 8.2B | 7.59B | 5.68B | 5.58B | 5.21B | 3.28B | 1.47B | 2.04B | 8.29B | 9.16B | 6.33B | 3.6B | 1.73B | 920.2M | 1.25B | 784.03M | 208.1M | 27.4M | 276.2M | 339.3M |
| EBITDA Margin % | 7.12% | 6.09% | 5.03% | 10.06% | 10.3% | 3.98% | 1.19% | 5.62% | 5.67% | 5.94% | 7.22% | 9.34% | 5.8% | 4.12% | 4.01% | 4.14% | 3.99% | 2.16% | 1.71% | 8.7% | 9.98% | 7.71% | 6.59% | 4.56% | 3.41% | 8.36% | 5.34% | 2.61% | 0.49% | 4.8% | 6.8% |
| EBITDA Growth % | 127.57% | 14.41% | -55.15% | -19.84% | 300.51% | 487.44% | -87.33% | -8.28% | 18.91% | 2.18% | -33.34% | 8.01% | 33.59% | 1.77% | 7.1% | 58.91% | 123.35% | -27.95% | -75.42% | -9.5% | 44.7% | 76.06% | 107.65% | 88.27% | -26.6% | 59.9% | 276.76% | 659.49% | -90.08% | -18.6% | 4.69% |
| D&A (Non-Cash Add-back) | 3.17B | 3.16B | 2.77B | 2.7B | 2.47B | 2.4B | 2.35B | 2.25B | 2.07B | 1.99B | 1.89B | 1.84B | 1.69B | 1.72B | 1.57B | 1.53B | 1.41B | 1.53B | 1.48B | 1.38B | 1.16B | 875M | 618.4M | 510.5M | 449.3M | 252.35M | 173.06M | 139M | 78.7M | 65.2M | 138.4M |
| EBIT | 5.94B | 3.56B | 4.25B | 11.96B | 15.87B | 2.15B | -1.45B | 3.88B | 4.6B | 3.6B | 3.62B | 6.36B | 5.9B | 4.34B | 5.05B | 3.72B | 1.98B | -41M | 874M | 6.92B | 7.72B | 5.27B | 2.98B | 1.22B | 470.9M | 1B | 610.98M | 69.1M | -51.3M | 211M | 89.9M |
| Net Interest Income | -559M | -556M | -556M | -299M | -562M | -603M | -563M | -454M | -470M | -468M | -446M | -433M | -397M | -365M | -314M | -401M | -484M | -416M | -347M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 293M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 559M | 556M | 556M | 592M | 562M | 603M | 563M | 454M | 470M | 468M | 446M | 433M | 397M | 365M | 313M | 401M | 484M | 408M | 347M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -167M | -1.31B | -57M | -90M | -383M | -587M | -431M | -350M | -340M | -356M | -352M | -387M | -350M | 19M | -304M | -358M | -378M | -391M | -227M | -192M | 176M | 19M | -269.1M | -235.4M | -321.2M | -106.49M | -82.76M | -48.9M | -31.8M | -35.4M | 23.8M |
| Pretax Income | 5.64B | 3B | 3.7B | 11.77B | 15.31B | 1.54B | -2.01B | 3.49B | 4.23B | 3.21B | 3.18B | 5.97B | 5.55B | 3.98B | 3.71B | 3.32B | 1.5B | -449M | 336M | 6.73B | 8.19B | 5.29B | 2.71B | 986.6M | 149.7M | 894.85M | 528.22M | 20.2M | -83.1M | 175.6M | 113.7M |
| Pretax Margin % | 4.47% | 2.45% | 2.85% | 8.13% | 8.68% | 1.35% | -3.1% | 3.22% | 3.62% | 3.41% | 4.21% | 6.8% | 4.24% | 2.88% | 2.66% | 2.64% | 1.82% | -0.66% | 0.28% | 7.06% | 8.92% | 6.43% | 4.96% | 2.6% | 0.55% | 5.97% | 3.6% | 0.25% | -1.5% | 3.05% | 2.28% |
| Income Tax | 1.43B | 759M | 692M | 2.62B | 3.43B | 255M | -903M | 702M | 879M | -949M | 765M | 1.87B | 1.78B | 1.25B | 1.63B | 1.23B | 575M | -97M | 1.47B | 2.16B | 2.73B | 1.7B | 906.3M | 365.1M | 58.2M | 331.3M | 189.1M | 5.9M | -35.8M | 63.8M | 41M |
| Effective Tax Rate % | 25.24% | 25.26% | 18.71% | 22.26% | 22.39% | 16.53% | 44.93% | 20.14% | 20.77% | -29.59% | 24.04% | 31.32% | 32.01% | 31.49% | 43.87% | 36.91% | 38.38% | 21.6% | 436.61% | 32.13% | 33.29% | 32.1% | 33.44% | 37.01% | 38.88% | 37.02% | 35.8% | 29.21% | 43.08% | 36.33% | 36.06% |
| Net Income | 4.21B | 2.35B | 2.77B | 8.84B | 11.53B | 930M | -1.43B | 2.42B | 3.12B | 4.07B | 2.29B | 3.99B | 3.63B | 2.72B | 2.08B | 2.09B | 324M | -1.98B | -1.13B | 5.23B | 5.46B | 3.59B | 1.8B | 621.5M | 91.5M | 563.55M | 339.12M | 14.3M | -47.3M | 96.1M | 72.7M |
| Net Margin % | 3.33% | 1.91% | 2.13% | 6.1% | 6.54% | 0.82% | -2.2% | 2.24% | 2.67% | 4.33% | 3.03% | 4.54% | 2.77% | 1.97% | 1.5% | 1.66% | 0.39% | -2.91% | -0.95% | 5.49% | 5.95% | 4.37% | 3.3% | 1.64% | 0.34% | 3.76% | 2.31% | 0.18% | -0.85% | 1.67% | 1.46% |
| Net Income Growth % | 352.26% | -15.23% | -68.65% | -23.36% | 1139.57% | 165.22% | -158.88% | -22.42% | -23.2% | 77.59% | -42.63% | 9.92% | 33.46% | 30.58% | -0.33% | 545.06% | 116.35% | -75.24% | -121.61% | -4.18% | 52.18% | 99.06% | 190.12% | 579.24% | -83.76% | 66.18% | 2271.47% | 130.23% | -149.22% | 32.19% | 21.57% |
| Net Income (Continuing) | 4.22B | 2.25B | 3.01B | 9.15B | 11.88B | 1.29B | -1.11B | 2.78B | 3.35B | 4.16B | 2.42B | 4.1B | 3.77B | 2.72B | 3.11B | 2.1B | 923M | -352M | -1.01B | 4.57B | 5.47B | 3.59B | 1.8B | 620.7M | 91.5M | 563.55M | 339.12M | 14.3M | -47.3M | 111.8M | 22.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 0 | 0 | 0 | 0 | 0 | 669M | -183M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.06B | 2.88B | 3.01B | 2.18B | 1.91B | 1.39B | 841M | 733M | 1.06B | 909M | 830M | 827M | 567M | 486M | 63M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116M | 115.61M | 172.5M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 14.11 | 7.57 | 8.58 | 24.95 | 29.00 | 2.27 | -3.50 | 5.85 | 7.29 | 9.16 | 4.94 | 7.99 | 6.85 | 4.97 | 3.75 | 3.68 | 0.57 | -3.66 | -2.16 | 8.88 | 8.64 | 6.10 | 3.27 | 1.27 | 0.21 | 2.21 | 1.40 | 0.06 | -0.21 | 0.44 | 0.41 |
| EPS Growth % | 384.86% | -11.77% | -65.61% | -13.97% | 1177.53% | 164.86% | -159.83% | -19.75% | -20.41% | 85.43% | -38.17% | 16.64% | 37.83% | 32.53% | 1.9% | 545.61% | 115.57% | -69.44% | -124.32% | 2.78% | 41.64% | 86.54% | 157.48% | 504.76% | -90.5% | 57.86% | 2140% | 129.76% | -147.73% | 7.32% | 20.59% |
| EPS (Basic) | - | 7.57 | 8.58 | 24.95 | 29.08 | 2.27 | -3.50 | 5.85 | 7.33 | 9.17 | 4.94 | 8.00 | 6.88 | 4.99 | 3.77 | 3.69 | 0.57 | -3.66 | -2.16 | 9.27 | 8.94 | 6.51 | 3.51 | 1.34 | 0.21 | 2.32 | 1.45 | 0.06 | -0.21 | 0.44 | 0.35 |
| Diluted Shares Outstanding | 298M | 309M | 322M | 353M | 396M | 407M | 407M | 413M | 428M | 444M | 464M | 500M | 530M | 548M | 556M | 569M | 568M | 541M | 524M | 579M | 632M | 588M | 552M | 488M | 435.71M | 255.2M | 242.1M | 227.03M | 224.31M | 210.34M | 176.46M |
| Basic Shares Outstanding | 298M | 309M | 322M | 353M | 395M | 407M | 407M | 413M | 426M | 442M | 461M | 497M | 526M | 542M | 550M | 563M | 563M | 541M | 524M | 565M | 611M | 549M | 510M | 459M | 422.4M | 242.8M | 234.13M | 224.34M | 224.31M | 206.78M | 176.46M |
| Dividend Payout Ratio | - | 59.84% | 49.96% | 16.43% | 13.55% | 172.26% | - | 61.6% | 43.85% | 30.55% | 48.54% | 21.25% | 15.26% | 16.99% | 17.28% | 8.09% | 35.19% | - | - | 5.18% | 3.44% | 2.95% | 4.13% | 8.14% | 46.23% | 3.67% | 5.51% | 125.17% | - | 5.62% | 47.04% |
Feedstock spread volatility
As reported in recent financial filings, Valero's revenue growth has transitioned from a period of double-digit contraction in 2024 to a 7.0% expansion in 2026Q1, suggesting a stabilization in product demand and pricing environments following the prior year's significant commodity-driven revenue headwinds.
The return to positive year-over-year growth in early 2026 indicates that the company is successfully navigating the normalization of global refining markets. Investors should monitor whether this trajectory is sustained by volume throughput or if it remains overly sensitive to fluctuating spot market prices for refined products.
Based on the company's reported figures, gross margins have demonstrated significant volatility, ranging from a low of 1.6% in 2025Q1 to a recent peak of 10.3% in 2025Q4, highlighting the inherent sensitivity of the refining business model to fluctuating crack spreads and feedstock costs.
The wide variance in gross profitability underscores the company's reliance on favorable feedstock differentials to maintain operational efficiency. This cyclicality suggests that while the company possesses high-complexity assets, its bottom-line performance remains tethered to external market conditions that are largely outside of management's direct control.
According to quarterly income statements, Valero has maintained disciplined SG&A spending, which, when combined with recovering gross profits, allowed operating margins to rebound to 5.3% in 2026Q1, demonstrating the company's ability to scale profitability effectively when refining margins expand.
The ability to keep overhead costs relatively contained while revenue fluctuates suggests a lean operating structure that benefits from economies of scale. This operating leverage appears to be a critical factor in the company's ability to return to profitability following the operational challenges observed in early 2025.
Financial data indicates that despite recent improvements, the company's net margin remains thin at 3.9% as of 2026Q1, which warrants caution regarding the sustainability of current profitability levels if global refining capacity additions continue to pressure domestic crack spreads.
Short-term margin expansion may be masking underlying structural risks, such as the potential for narrowing heavy-light crude differentials or regulatory shifts impacting renewable fuel credits. Investors should consider that the current profitability profile may be vulnerable to any sustained downturn in industrial fuel demand or increased competition in the export market.
Quick answers to the most common questions about buying VLO stock.
For fiscal year 2025, Valero Energy Corporation (VLO) reported total revenue of $122.69B. This represents a 2358.3% increase compared to $4.99B in 1996.
Valero Energy Corporation (VLO) is profitable, generating $2.35B in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
Valero Energy Corporation (VLO) reported an operating income of $4.31B, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Valero Energy Corporation (VLO) generated $5.37B in gross profit for the year, representing a gross profit margin of 4.4%. This demonstrates the company's core pricing power and production efficiency.