Filing Flows › Valero Energy (VLO) › Q2 2026 › vs Q1 2026
Valero Energy (VLO) Q2 2026 vs Q1 2026 (quarter over quarter)
Valero Energy's revenue rose $12.1B (+37%) from $32.4B in Q1 2026 to $44.5B in Q2 2026. The biggest changes: Refining +$11.5B (+37%); Renewable Diesel +$465M (+65%); Ethanol +$135M (+16%). Operating margin 11.7% against 5.3% (+6.3 pts).
Valero Energy, Q2 2026: revenue $44.5B (+49% year over year), operating margin 11.7%, net earnings $3.7B, operating cash flow $5.6B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 11.7% | 5.3% | +6.3 pts |
| Net margin | 8.4% | 3.9% | +4.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Refining | $42.3B | $30.8B | $11.5B | +37% |
| Renewable Diesel | $1.2B | $711M | $465M | +65% |
| Ethanol | $1.0B | $865M | $135M | +16% |
| Revenue | $44.5B | $32.4B | $12.1B | +37% |
| Operating profit | $5.2B | $1.7B | $3.5B | +200% |
| Costs & expenses | $39.3B | $30.6B | $8.6B | +28% |
| Pre-tax earnings | $5.2B | $1.7B | $3.4B | +200% |
| Cost of revenue | $39.0B | $30.3B | $8.7B | +29% |
| General & admin | $233M | $285M | −$52.0M | -18% |
| Net earnings | $3.7B | $1.3B | $2.5B | +195% |
| Minority interests | $353M | $59.0M | $294M | +498% |
| Income tax | $1.1B | $401M | $693M | +173% |
| Depreciation & amortization | $737M | $840M | −$103M | -12% |
| Working capital & other | $1.1B | −$713M | $1.8B | — |
| Operating cash flow | $5.6B | $1.4B | $4.2B | +301% |
Questions
How much did Valero Energy's revenue grow quarter over quarter in Q2 2026?
Valero Energy's revenue rose $12.1B (+37%) from $32.4B in Q1 2026 to $44.5B in Q2 2026.
What drove Valero Energy's revenue change in Q2 2026?
Refining +$11.5B (+37%); Renewable Diesel +$465M (+65%); Ethanol +$135M (+16%).