Valero Energy Corp (VLO) financial statements: income statement, balance sheet and cash flow
Valero Energy Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Valero Energy Corp reported revenue of $122.7B (-5.5% year on year) and net income of $2.3B (-15.2% year on year).
Income statement
Valero Energy Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$122.7B
$129.9B
$144.8B
$176.4B
Cost of materials and other
$101.1B
$116.5B
$123.1B
$150.8B
Taxes other than income taxes
$6.7B
—
—
—
Operating expenses (excluding depreciation and amortization expense reflected below)
$6.3B
$5.8B
$6.1B
$6.4B
Depreciation and amortization expense
$3.1B
$2.7B
$2.7B
$2.4B
Total cost of sales
$117.3B
$125.1B
$131.8B
$159.6B
Asset impairment loss
$1.1B
$0
$0
$61.0M
Other operating expenses
$15.0M
$44.0M
$33.0M
$66.0M
General and administrative expenses (excluding depreciation and amortization expense reflected below)
$1.0B
$961.0M
$998.0M
$934.0M
Depreciation and amortization expense
$63.0M
$45.0M
$43.0M
$45.0M
Operating income
$3.2B
$3.8B
$11.9B
$15.7B
Other income, net
$380.0M
$499.0M
$502.0M
$179.0M
Interest and debt expense, net of capitalized interest
($556.0M)
($556.0M)
($592.0M)
($562.0M)
Income before income tax expense
$3.0B
$3.7B
$11.8B
$15.3B
Income tax expense
$759.0M
$692.0M
$2.6B
$3.4B
Net income
$2.2B
$3.0B
$9.1B
$11.9B
Less: Net income (loss) attributable to noncontrolling interests
($102.0M)
$236.0M
$314.0M
$351.0M
Net income attributable to Valero Energy Corporation stockholders
$2.3B
$2.8B
$8.8B
$11.5B
Earnings per common share (in dollars per share)
$7.57
$8.58
$24.93
$29.05
Weighted-average common shares outstanding (shares)
309.0M
322.0M
353.0M
395.0M
Earnings per common share – assuming dilution (in dollars per share)
$7.57
$8.58
$24.92
$29.04
Weighted-average common shares outstanding – assuming dilution (shares)
309.0M
322.0M
353.0M
396.0M
Includes excise taxes on sales by certain of our foreign operations
$6.7B
$5.9B
$5.8B
$5.2B
Valero Energy Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$44.5B
$32.4B
$32.2B
$29.9B
Cost of materials and other
$35.1B
$26.2B
$28.0B
$26.3B
Taxes other than income taxes
$1.6B
$1.7B
—
—
Operating expenses (excluding depreciation and amortization expense reflected below)
$1.5B
$1.6B
$1.6B
$1.5B
Depreciation and amortization expense
$723.0M
$828.0M
$824.0M
$786.0M
Total cost of sales
$39.0B
$30.3B
$30.4B
$28.6B
Asset impairment loss
$0
$0
$0
$0
Other operating expenses
$26.0M
$24.0M
$5.0M
$4.0M
General and administrative expenses (excluding depreciation and amortization expense reflected below)
$233.0M
$285.0M
$246.0M
$220.0M
Depreciation and amortization expense
$14.0M
$12.0M
$12.0M
$28.0M
Operating income
$5.2B
$1.7B
$1.5B
$997.0M
Other income, net
$116.0M
$132.0M
$86.0M
$86.0M
Interest and debt expense, net of capitalized interest
($145.0M)
($140.0M)
($139.0M)
($141.0M)
Income before income tax expense
$5.2B
$1.7B
$1.5B
$942.0M
Income tax expense
$1.1B
$401.0M
$390.0M
$279.0M
Net income
$4.1B
$1.3B
$1.1B
$663.0M
Less: Net income (loss) attributable to noncontrolling interests
$353.0M
$59.0M
($29.0M)
($51.0M)
Net income attributable to Valero Energy Corporation stockholders
$3.7B
$1.3B
$1.1B
$714.0M
Earnings per common share (in dollars per share)
$12.62
$4.22
$3.54
$2.28
Weighted-average common shares outstanding (in shares)
294.0M
298.0M
309.0M
312.0M
Earnings per common share – assuming dilution (in dollars per share)
$12.62
$4.22
$3.53
$2.28
Weighted-average common shares outstanding – assuming dilution (in shares)
294.0M
298.0M
309.0M
312.0M
Includes excise taxes on sales by certain of our foreign operations
$1.7B
$1.7B
$1.8B
$1.7B
Balance sheet
Valero Energy Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$4.7B
$4.7B
$5.4B
$4.9B
Receivables, net
$9.9B
$10.7B
$12.5B
$11.9B
Inventories
$7.6B
$7.8B
$7.6B
$6.8B
Prepaid expenses and other
$1.1B
$611.0M
$689.0M
$600.0M
Total current assets
$23.2B
$23.7B
$26.2B
$24.1B
Property, plant, and equipment, at cost
$50.1B
$52.4B
$51.7B
$50.6B
Accumulated depreciation
($22.5B)
($23.1B)
($21.5B)
($19.6B)
Property, plant, and equipment, net
$27.6B
$29.3B
$30.2B
$31.0B
Deferred charges and other assets, net
$7.2B
$7.1B
$6.6B
$5.9B
Total assets
$58.0B
$60.1B
$63.1B
$61.0B
Current portion of debt and finance lease obligations
$949.0M
$743.0M
$1.4B
$1.1B
Accounts payable
$10.1B
$12.1B
$12.6B
$12.7B
Accrued expenses
$1.4B
$1.1B
$1.2B
$1.2B
Taxes other than income taxes payable
$1.6B
$1.4B
$1.5B
$1.6B
Income taxes payable
$68.0M
$170.0M
$137.0M
$841.0M
Total current liabilities
$14.1B
$15.5B
$16.8B
$17.5B
Debt and finance lease obligations, less current portion
$9.7B
$9.7B
$10.1B
$10.5B
Deferred income tax liabilities
$5.1B
$5.3B
$5.3B
$5.2B
Other long-term liabilities
$2.5B
$2.1B
$2.3B
$2.3B
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued
7.0M
7.0M
7.0M
7.0M
Additional paid-in capital
$7.0B
$6.9B
$6.9B
$6.9B
Treasury stock, at cost; 374,561,457 and 358,637,890 common shares
-30.8B
-28.2B
-25.3B
—
Retained earnings
$48.0B
$47.0B
$45.6B
$38.2B
Accumulated other comprehensive loss
($469.0M)
($1.3B)
($870.0M)
($1.4B)
Total Valero Energy Corporation stockholders’ equity
$23.7B
$24.5B
$26.3B
$23.6B
Noncontrolling interests
$2.9B
$3.0B
$2.2B
$1.9B
Total equity
$26.6B
$27.5B
$28.5B
$25.5B
Total liabilities and equity
$58.0B
$60.1B
$63.1B
$61.0B
Valero Energy Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$7.9B
$5.7B
$4.8B
$4.5B
Receivables, net
$13.9B
$13.4B
$10.3B
$11.1B
Inventories
$7.6B
$7.6B
$7.4B
$7.5B
Prepaid expenses and other
$1.2B
$1.1B
$1.0B
$656.0M
Total current assets
$30.7B
$27.8B
$23.5B
$23.8B
Property, plant, and equipment, at cost
$50.1B
$50.0B
$49.7B
$49.7B
Accumulated depreciation
($23.2B)
($22.9B)
($21.9B)
($21.5B)
Property, plant, and equipment, net
$26.8B
$27.1B
$27.7B
$28.2B
Deferred charges and other assets, net
$7.1B
$7.2B
$7.4B
$7.4B
Total assets
$64.7B
$62.1B
$58.6B
$59.4B
Current portion of debt and finance lease obligations
$927.0M
$1.0B
$894.0M
$382.0M
Accounts payable
$14.4B
$13.4B
$10.7B
$11.5B
Accrued expenses
$1.3B
$1.3B
$1.4B
$1.3B
Taxes other than income taxes payable
$1.6B
$1.4B
$1.4B
$1.5B
Income taxes payable
$480.0M
$484.0M
$290.0M
$57.0M
Total current liabilities
$18.7B
$17.7B
$14.7B
$14.7B
Debt and finance lease obligations, less current portion
$10.4B
$10.5B
$9.7B
$10.3B
Net deferred income tax liabilities
$4.9B
$4.7B
$5.0B
$5.0B
Other long-term liabilities
$2.3B
$2.4B
$2.4B
$2.5B
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued
7.0M
7.0M
7.0M
7.0M
Additional paid-in capital
$7.0B
$7.0B
$7.0B
$7.0B
Treasury stock, at cost; 385,570,622 and 374,561,457 common shares
-33.6B
-31.3B
-29.7B
-28.8B
Retained earnings
$52.2B
$48.9B
$47.2B
$46.4B
Accumulated other comprehensive loss
($673.0M)
($712.0M)
($708.0M)
($553.0M)
Total Valero Energy Corporation stockholders’ equity
$25.0B
$23.9B
$23.8B
$24.1B
Noncontrolling interests
$3.3B
$3.1B
$3.0B
$2.9B
Total equity
$28.3B
$26.9B
$26.7B
$26.9B
Total liabilities and equity
$64.7B
$62.1B
$58.6B
$59.4B
Cash flow statement
Valero Energy Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$2.2B
$3.0B
$9.1B
$11.9B
Depreciation and amortization expense
$3.2B
$2.8B
$2.7B
$2.5B
Gain on early retirement of debt, net
$0
$0
($11.0M)
($14.0M)
Asset impairment loss
$1.1B
$0
$0
$61.0M
Deferred income tax expense (benefit)
($197.0M)
($87.0M)
$103.0M
$50.0M
Current assets and current liabilities (see Note 18)
($192.0M)
$795.0M
($2.3B)
($1.6B)
Deferred charges and other assets
($171.0M)
—
—
—
Long-term liabilities
($136.0M)
—
—
—
Other operating activities, net
($13.0M)
—
—
—
Net cash provided by operating activities
$5.8B
$6.7B
$9.2B
$12.6B
Capital expenditures
($719.0M)
($649.0M)
($665.0M)
($788.0M)
Deferred turnaround and catalyst cost expenditures
($990.0M)
($1.1B)
($946.0M)
($1.0B)
Purchases of available-for-sale (AFS) debt securities
($27.0M)
($29.0M)
($276.0M)
—
Proceeds from sales and maturities of AFS debt securities
$30.0M
$81.0M
$314.0M
—
Investments in nonconsolidated joint ventures
($3.0M)
$0
$0
($1.0M)
Other investing activities, net
$40.0M
$24.0M
$13.0M
($99.0M)
Net cash used in investing activities
($1.8B)
($2.0B)
($1.9B)
($2.8B)
Proceeds from debt issuance and borrowings
$6.9B
$6.7B
$1.8B
$2.2B
Repayments of debt and finance lease obligations
($6.9B)
($7.1B)
($2.1B)
($5.1B)
Premiums paid on early retirement of debt
$0
$0
($5.0M)
($56.0M)
Purchases of common stock for treasury
($2.6B)
($2.9B)
($5.1B)
($4.6B)
Payment of excise tax on purchases of common stock for treasury
($28.0M)
($49.0M)
—
—
Common stock dividend payments
($1.4B)
($1.4B)
($1.5B)
($1.6B)
Contributions from noncontrolling interests
$328.0M
$90.0M
$75.0M
$265.0M
Distributions to noncontrolling interests
($369.0M)
($182.0M)
($164.0M)
($93.0M)
Other financing activities, net
($16.0M)
($1.0M)
$3.0M
($16.0M)
Net cash used in financing activities
($4.2B)
($5.0B)
($6.9B)
($8.8B)
Effect of foreign exchange rate changes on cash
$237.0M
($248.0M)
$139.0M
($180.0M)
Net increase (decrease) in cash, cash equivalents, and restricted cash
$36.0M
($595.0M)
$562.0M
$740.0M
Cash, cash equivalents, and restricted cash at beginning of year
$4.8B
$5.4B
$4.9B
$4.1B
Cash, cash equivalents, and restricted cash at end of year
$4.9B
$4.8B
—
—
Valero Energy Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$5.4B
$1.3B
$1.1B
$11.0M
Depreciation and amortization expense
$1.6B
$840.0M
$2.3B
$1.5B
Asset impairment loss
$0
$0
$1.1B
$1.1B
Deferred income tax benefit
($268.0M)
($397.0M)
($288.0M)
($259.0M)
Current assets and current liabilities (see Note 11)
$403.0M
($303.0M)
$157.0M
($168.0M)
Deferred charges and other assets
($57.0M)
($41.0M)
—
—
Long-term liabilities
($180.0M)
($82.0M)
—
—
Other operating activities, net
$100.0M
$51.0M
—
—
Net cash provided by operating activities
$7.0B
$1.4B
$3.8B
$1.9B
Capital expenditures
($382.0M)
($160.0M)
($504.0M)
($333.0M)
Deferred turnaround and catalyst cost expenditures
($374.0M)
($254.0M)
($808.0M)
($621.0M)
Investments in nonconsolidated joint ventures
$0
$0
($1.0M)
($1.0M)
Other investing activities, net
$37.0M
$48.0M
$44.0M
$16.0M
Net cash used in investing activities
($761.0M)
($400.0M)
($1.4B)
($1.0B)
Proceeds from debt issuances and borrowings
$2.7B
$2.7B
$5.6B
$4.7B
Repayments of debt and finance lease obligations
($2.0B)
($1.9B)
($5.6B)
($4.7B)
Purchases of common stock for treasury
($2.8B)
($573.0M)
($1.5B)
($612.0M)
Payment of excise tax on purchases of common stock for treasury
($25.0M)
—
($28.0M)
($28.0M)
Common stock dividend payments
($714.0M)
($359.0M)
($1.1B)
($710.0M)
Contributions from noncontrolling interests
$191.0M
$190.0M
$245.0M
$97.0M
Distributions to noncontrolling interests
($222.0M)
$0
($131.0M)
($131.0M)
Other financing activities, net
($9.0M)
($9.0M)
($7.0M)
($6.0M)
Net cash used in financing activities
($2.9B)
$124.0M
($2.4B)
($1.2B)
Effect of foreign exchange rate changes on cash
($111.0M)
($67.0M)
$199.0M
$273.0M
Net increase (decrease) in cash, cash equivalents, and restricted cash
$3.2B
$1.0B
$112.0M
($117.0M)
Cash, cash equivalents, and restricted cash at beginning of period
$4.9B
$4.9B
$4.8B
$4.8B
Cash, cash equivalents, and restricted cash at end of period