Filing Flows › Valero Energy (VLO) › Q2 2026
Valero Energy (VLO) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Valero Energy (VLO) reported revenue of $44.5B for the second quarter 2026 (Q2 2026), +49% from a year earlier and +37% from the quarter before. Operating margin was 11.7%, net earnings $3.7B (8.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $44.5B | +37% | +49% |
| Operating profit | $5.2B | +200% | +421% |
| Net earnings | $3.7B | +195% | +421% |
| Operating cash flow | $5.6B | +301% | +496% |
What changed
Revenue was $44.5B in Q2 2026, up 49% year over year and up 37% from the previous quarter. Refining was the largest line at 95% of revenue. Refining added $14.0B year over year (up 49%), 96% of the total change.
Operating profit was $5.2B, a 11.7% margin (up 8.3 points year over year). Of the extra revenue versus Q2 2025, 29% reached operating profit, above the 3% margin then. Total costs grew 36% against revenue growth of 49%. The fastest-growing cost line was Cost of revenue (+36%). Net earnings were $3.7B, up 421% year over year. The effective tax rate was 21.2%.
Operating cash flow was $5.6B (up 496% year over year), 137% of net income including minority interests. Non-cash charges added back $0.74B of depreciation and amortization. Working capital and other items added $0.77B.
Questions
What was Valero Energy's revenue in the second quarter 2026?
Valero Energy (VLO) reported revenue of $44.5B for the second quarter 2026 (Q2 2026), +49% from a year earlier and +37% from the quarter before.
Was Valero Energy profitable in the second quarter 2026?
Operating profit was $5.2B (11.7% of revenue) and net earnings $3.7B.
Source: Valero Energy 10-Q on SEC EDGAR.