Filing Flows › Valero Energy (VLO) › Q1 2026
Valero Energy (VLO) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Valero Energy (VLO) reported revenue of $32.4B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +7% from the quarter before. Operating margin was 5.3%, net earnings $1.3B (3.9% of revenue).
Valero Energy, Q1 2026: revenue $32.4B (+7% year over year), operating margin 5.3%, net earnings $1.3B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.4B | +7% | +7% |
| Operating profit | $1.7B | +10% | — |
| Net earnings | $1.3B | +11% | — |
| Operating cash flow | $1.4B | -32% | +46% |
What changed
Revenue was $32.4B in Q1 2026, up 7% year over year and up 7% from the previous quarter. Refining was the largest line at 95% of revenue. Refining added $2.0B year over year (up 7%), 96% of the total change. Ethanol declined 14%.
Operating profit was $1.7B, a 5.3% margin (up 8.3 points year over year). Total costs fell 2% while revenue rose 7%. Net earnings were $1.3B. The effective tax rate was 23.3%.
Operating cash flow was $1.4B (up 46% year over year), 105% of net income including minority interests. Non-cash charges added back $0.84B of depreciation and amortization. Working capital and other items used $0.77B.
Questions
What was Valero Energy's revenue in the first quarter 2026?
Valero Energy (VLO) reported revenue of $32.4B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +7% from the quarter before.
Was Valero Energy profitable in the first quarter 2026?
Operating profit was $1.7B (5.3% of revenue) and net earnings $1.3B.
Source: Valero Energy 10-Q on SEC EDGAR.