Filing Flows › Valero Energy (VLO) › Q2 2026 › vs Q2 2025
Valero Energy (VLO) Q2 2026 vs Q2 2025 (year over year)
Valero Energy's revenue rose $14.6B (+49%) from $29.9B in Q2 2025 to $44.5B in Q2 2026. The biggest changes: Refining +$14.0B (+49%); Renewable Diesel +$611M (+108%); Ethanol +$0 (0%). Operating margin 11.7% against 3.3% (+8.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 11.7% | 3.3% | +8.3 pts |
| Net margin | 8.4% | 2.4% | +6.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Refining | $42.3B | $28.3B | $14.0B | +49% |
| Renewable Diesel | $1.2B | $565M | $611M | +108% |
| Ethanol | $1.0B | $1.0B | $0 | 0% |
| Revenue | $44.5B | $29.9B | $14.6B | +49% |
| Operating profit | $5.2B | $997M | $4.2B | +421% |
| Costs & expenses | $39.3B | $28.9B | $10.4B | +36% |
| Pre-tax earnings | $5.2B | $942M | $4.2B | +449% |
| Cost of revenue | $39.0B | $28.6B | $10.4B | +36% |
| General & admin | $233M | $220M | $13.0M | +6% |
| Net earnings | $3.7B | $714M | $3.0B | +421% |
| Minority interests | $353M | −$51.0M | $404M | — |
| Income tax | $1.1B | $279M | $815M | +292% |
| Depreciation & amortization | $737M | $814M | −$77.0M | -9% |
| Working capital & other | $1.1B | −$592M | $1.7B | — |
| Operating cash flow | $5.6B | $936M | $4.6B | +496% |
Questions
How much did Valero Energy's revenue grow year over year in Q2 2026?
Valero Energy's revenue rose $14.6B (+49%) from $29.9B in Q2 2025 to $44.5B in Q2 2026.
What drove Valero Energy's revenue change in Q2 2026?
Refining +$14.0B (+49%); Renewable Diesel +$611M (+108%); Ethanol +$0 (0%).