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Valero Energy (VLO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Valero Energy (VLO) Q3 2026 earnings results →
Q3 2026 Revenue up 43% year over year to $46.1B · 15¢ of every $1 of revenue kept as net profit · operating margin 19.7%
Valero Energy made $46.1B in Q3 2026 (+43% Y/Y): Refining $44.4B, Ethanol $1.1B, Renewable Diesel $664M. Operating margin 19.7%, net earnings $6.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $46.1B in Q3 2026, up 43% year over year and up 4% from the previous quarter. Refining was the largest line at 96% of revenue. Refining added $14.0B year over year (up 46%), 100% of the total change. Renewable Diesel declined 8%.
Operating profit was $9.1B, a 19.7% margin (up 15.0 points year over year). Of the extra revenue versus Q3 2025, 54% reached operating profit, above the 5% margin then. Total costs grew 21% against revenue growth of 43%. The fastest-growing cost line was General & admin (+25%). Net earnings were $6.8B, up 524% year over year. The effective tax rate was 22.8%.
Operating cash flow was $6.9B (up 269% year over year), 99% of net income including minority interests. Non-cash charges added back $0.68B of depreciation and amortization. Working capital and other items used $0.74B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $46.1B | +43% | 19.7% | $6.8B | $6.9B |
| Q2 2026 | 10-Q | Jul 30, 2026 | $44.5B | +49% | 11.7% | $3.7B | $5.6B |
| Q1 2026 | 10-Q | Apr 30, 2026 | $32.4B | +7% | 5.3% | $1.3B | $1.4B |
| Q4 2025 | 10-K | Feb 25, 2026 | $30.4B | -1% | 5.2% | $1.1B | $2.1B |
| Q3 2025 | 10-Q | Oct 23, 2025 | $32.2B | -2% | 4.7% | $1.1B | $1.9B |
| Q2 2025 | 10-Q | Jul 24, 2025 | $29.9B | -13% | 3.3% | $714M | $936M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $30.3B | -5% | -3.0% | −$652M | $952M |
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About Valero Energy
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S.
In its own words, from its 8-K, filed Jul 30, 2026.
Valero Energy against its Petroleum Refining peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +43% against the peers' median +46%. Operating margin: 19.7% against the peers' median 18.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VLO Valero Energy | Q3 2026 | $46.1B | +43% | 19.7% |
| XOM ExxonMobil Holdings | Q3 2026 | $113.2B | +33% | 18.8% |
| CVX Chevron | Q3 2026 | $67.8B | +36% | 20.1% |
| MPC Marathon Petroleum | Q3 2026 | $56.0B | +61% | 18.7% |
| PSX Phillips 66 | Q3 2026 | $50.5B | +46% | 14.1% |
| COP ConocoPhillips | Q3 2026 | $19.4B | +29% | 30.8% |
| SUNC SunocoCorp LLC | Q3 2026 | $18.0B | +199% | 4.1% |
| PBF PBF Energy | Q3 2026 | $12.1B | +59% | 17.3% |
| PBF Holding Co LLC | Q2 2026 | $11.7B | +56% | 10.2% |
Source: Valero Energy 10-Q on SEC EDGAR · CIK 1035002 · Petroleum Refining
Guidance and outlook
13F: who owns VLO and who is buying
More on VLO
- How Valero Energy makes money: revenue by segment
- Valero Energy stock forecast, price target and fair value
- Who owns Valero Energy stock: holders, funds and Congress trades
- Valero Energy guidance and outlook
- Is Valero Energy a takeover target? LBO and rumors
- Valero Energy recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Valero Energy guidance history: guided vs reported
- Valero Energy operating margin by quarter
- Valero Energy net income by quarter
- Valero Energy free cash flow by quarter
- Valero Energy capital expenditures by quarter
- Valero Energy Refining revenue by quarter
- Valero Energy Ethanol revenue by quarter
- Valero Energy Renewable Diesel revenue by quarter