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Valero Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$6.9B in Q3 2026 · $16.0B over twelve months

Operating cash flow$6.9B
Free cash flow+$6.9B
Cash / net income1.0×
Cash conversion cycle12 days

Analysis

In Q3 2026, Valero Energy generated $6.9B of operating cash flow. That is $5.5B more than in Q3 2025 ($1.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $16.0B; the largest uses were buybacks ($7.3B), other investing ($1.6B), dividends ($1.4B); besides operations, cash came from other financing ($151M); the cash balance rose by $5.1B.

Operating cash flow was $6.9B against net income of $7.0B — 1.0× profit, roughly in line with earnings. The largest differences: income taxes payable +$1.1B, receivables −$984M, payables −$712M.

Its cash conversion cycle was 12 days (receivables 29 + inventory 19 − payables 35).

Free cash flow

Valero Energy: free cash flow by quarterValero Energy: free cash flow by quarter$523MQ4 2024$293MQ1 2025$529MQ2 2025$1.5BQ3 2025$2.1BQ4 2025$1.4BQ1 2026$5.6BQ2 2026$6.9BQ3 2026
Operating cash flow less capital spending.
Valero Energy: operating cash flow against capital spendingValero Energy: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$547MQ4 2024$952M$659MQ1 2025$936M$407MQ2 2025$1.9B$409MQ3 2025$2.1B$0Q4 2025$1.4B$0Q1 2026$5.6B$0Q2 2026$6.9B$0Q3 2026
Latest (Q3 2026): Operating cash flow $6.9B, Capital spending $0.

Capital allocation, year by year

Valero Energy: where the cash came from (up) and went (down), by fiscal yearValero Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $5.9BFY2021: Net borrowing −$135MFY2021: Capital spending −$2.5BFY2021: Buybacks −$27.0MFY2021: Dividends −$1.6B$5.9BFY2021FY2022: Operating cash flow $12.6BFY2022: Net borrowing −$180MFY2022: Capital spending −$2.7BFY2022: Buybacks −$4.6BFY2022: Dividends −$1.6B$12.6BFY2022FY2023: Operating cash flow $9.2BFY2023: Net borrowing −$250MFY2023: Capital spending −$1.9BFY2023: Buybacks −$5.1BFY2023: Dividends −$1.5B$9.2BFY2023FY2024: Operating cash flow $6.7BFY2024: Net borrowing −$245MFY2024: Capital spending −$2.1BFY2024: Buybacks −$2.9BFY2024: Dividends −$1.4B$6.7BFY2024FY2025: Operating cash flow $5.8BFY2025: Net borrowing −$268MFY2025: Buybacks −$2.6BFY2025: Dividends −$1.4B$5.8BFY2025
Over these 5 years operating cash flow totalled $40.2B; the largest uses were buybacks ($15.2B) and capital spending ($9.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.8B
Debt$8.3B
Net cash$1.6B
Due within a year$695M

Valero Energy funds itself: free cash flow was $16.0B over the last twelve months, and $9.8B of cash and investments stands against $8.3B of debt ($695M due within a year, 14.2× covered by cash).

Valero Energy: debt maturities by year (FY2025)Valero Energy: debt maturities by year (FY2025)$695MYear 1$564MYear 2$1.0BYear 3$439MYear 4$850MYear 5$4.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $9.8B of cash and investments now.

Where the cash came from and went

Valero Energy: sources (+) and uses (−) of cash, Q3 2026Valero Energy: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$6.9BBuybacks−$3.4BCash drawn (+) / kept (−)−$2.0BOther financing−$527MOther investing−$419MDividends−$345MPartners−$229MNet borrowing (+) / repaid (−)−$62.0MExchange rates−$21.0M
Valero Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Valero Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$16.0BBuybacks−$7.3BCash drawn (+) / kept (−)−$5.1BOther investing−$1.6BDividends−$1.4BPartners−$415MNet borrowing (+) / repaid (−)−$257MOther financing$151MExchange rates−$94.0M

From profit to cash

Valero Energy: net income to operating cash flow, Q3 2026Valero Energy: net income to operating cash flow, Q3 2026Net income$7.0BDepreciation & amortization$684MDeferred taxes−$307MReceivables−$984MInventory$55.0MPayables−$712MAccrued liabilities$50.0MPrepaid and other assets−$96.0MOther liabilities$71.0MIncome taxes payable$1.1BOperating cash flow$6.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202629193512
Q2 202628183213
Q1 202632223520
Q4 202531243421
Q3 202531233420
Q2 202534233720
Q1 202533233619
Q4 202433233619

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$6.9B—−$3.4B−$345M−$62.0M−$2.0B$6.9B
Q2 2026$5.6B—−$2.3B−$355M−$62.0M−$2.1B$5.6B
Q1 2026$1.4B—−$573M−$359M−$61.0M−$1.0B$1.4B
Q4 2025$2.1B—−$1.1B−$344M−$72.0M$76.0M$2.1B
Q3 2025$1.9B−$409M−$922M−$351M−$67.0M−$229M$1.5B
Q2 2025$936M−$407M−$338M−$354M−$64.0M$95.0M$529M
Q1 2025$952M−$659M−$274M−$356M−$65.0M$22.0M$293M
Q4 2024$1.1B−$547M−$259M−$339M−$72.0M$525M$523M

Valero Energy: income statement and cash flow

Valero Energy, Q3 2026: revenue $46.1B (+43% year over year), operating margin 19.7%. The chart follows the revenue to costs, profit and cash.

Valero Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.