Filing Flows › Valero Energy (VLO) › Q3 2025
Valero Energy (VLO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Valero Energy (VLO) reported revenue of $32.2B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +8% from the quarter before. Operating margin was 4.7%, net earnings $1.1B (3.4% of revenue).
Valero Energy, Q3 2025: revenue $32.2B (-2% year over year), operating margin 4.7%, net earnings $1.1B, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.2B | +8% | -2% |
| Operating profit | $1.5B | +51% | +198% |
| Net earnings | $1.1B | +53% | +201% |
| Operating cash flow | $1.9B | +101% | +45% |
| Free cash flow | $1.5B | +178% | +70% |
What changed
Revenue was $32.2B in Q3 2025, down 2% year over year and up 8% from the previous quarter. Refining was the largest line at 95% of revenue. Refining lost $0.92B year over year (down 3%), 130% of the total change.
Operating profit was $1.5B, a 4.7% margin (up 3.1 points year over year). Total costs fell 5% while revenue fell 2%. Net earnings were $1.1B, up 201% year over year. The effective tax rate was 26.8%.
Operating cash flow was $1.9B (up 45% year over year), 176% of net income including minority interests. Non-cash charges added back $0.84B of depreciation and amortization. Capital expenditures of $0.41B left free cash flow of $1.5B.
Questions
What was Valero Energy's revenue in the third quarter 2025?
Valero Energy (VLO) reported revenue of $32.2B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +8% from the quarter before.
Was Valero Energy profitable in the third quarter 2025?
Operating profit was $1.5B (4.7% of revenue) and net earnings $1.1B.
Source: Valero Energy 10-Q on SEC EDGAR.