Filing Flows › Valero Energy (VLO) › Q2 2025
Valero Energy (VLO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Valero Energy (VLO) reported revenue of $29.9B for the second quarter 2025 (Q2 2025), -13% from a year earlier and -1% from the quarter before. Operating margin was 3.3%, net earnings $714M (2.4% of revenue).
Valero Energy, Q2 2025: revenue $29.9B (-13% year over year), operating margin 3.3%, net earnings $714M, operating cash flow $936M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.9B | -1% | -13% |
| Operating profit | $997M | — | -18% |
| Net earnings | $714M | — | -19% |
| Operating cash flow | $936M | -2% | -62% |
| Free cash flow | $529M | +81% | -74% |
What changed
Revenue was $29.9B in Q2 2025, down 13% year over year and down 1% from the previous quarter. Refining was the largest line at 95% of revenue. Refining lost $4.7B year over year (down 14%), 103% of the total change.
Operating profit was $1.0B, a 3.3% margin (down 0.2 points year over year). Total costs fell 13% while revenue fell 13%. Net earnings were $0.71B, down 19% year over year ($0.66B including minority interests, which bore $0.05B of losses). The effective tax rate was 29.6%.
Operating cash flow was $0.94B (down 62% year over year), 141% of net income including minority interests. Non-cash charges added back $0.81B of depreciation and amortization. Working capital and other items used $0.54B. Capital expenditures of $0.41B left free cash flow of $0.53B.
Questions
What was Valero Energy's revenue in the second quarter 2025?
Valero Energy (VLO) reported revenue of $29.9B for the second quarter 2025 (Q2 2025), -13% from a year earlier and -1% from the quarter before.
Was Valero Energy profitable in the second quarter 2025?
Operating profit was $997M (3.3% of revenue) and net earnings $714M.
Source: Valero Energy 10-Q on SEC EDGAR.