Filing Flows › Valero Energy (VLO) › Q3 2026 › vs Q2 2026
Valero Energy (VLO) Q3 2026 vs Q2 2026 (quarter over quarter)
Valero Energy's revenue rose $1.6B (+4%) from $44.5B in Q2 2026 to $46.1B in Q3 2026. The biggest changes: Refining +$2.1B (+5%); Renewable Diesel −$512M (-44%); Ethanol +$65.0M (+6%). Operating margin 19.7% against 11.7% (+8.0 pts).
Valero Energy, Q3 2026: revenue $46.1B (+43% year over year), operating margin 19.7%, net earnings $6.8B, operating cash flow $6.9B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.7% | 11.7% | +8.0 pts |
| Net margin | 14.8% | 8.4% | +6.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Refining | $44.4B | $42.3B | $2.1B | +5% |
| Ethanol | $1.1B | $1.0B | $65.0M | +6% |
| Renewable Diesel | $664M | $1.2B | −$512M | -44% |
| Revenue | $46.1B | $44.5B | $1.6B | +4% |
| Operating profit | $9.1B | $5.2B | $3.9B | +75% |
| Costs & expenses | $37.0B | $39.3B | −$2.3B | -6% |
| Pre-tax earnings | $9.1B | $5.2B | $3.9B | +75% |
| Cost of revenue | $36.7B | $39.0B | −$2.3B | -6% |
| General & admin | $308M | $233M | $75.0M | +32% |
| Net earnings | $6.8B | $3.7B | $3.1B | +84% |
| Minority interests | $161M | $353M | −$192M | -54% |
| Income tax | $2.1B | $1.1B | $973M | +89% |
| Depreciation & amortization | $684M | $737M | −$53.0M | -7% |
| Working capital & other | $580M | −$1.1B | $1.7B | — |
| Operating cash flow | $6.9B | $5.6B | $1.4B | +24% |
Questions
How much did Valero Energy's revenue grow quarter over quarter in Q3 2026?
Valero Energy's revenue rose $1.6B (+4%) from $44.5B in Q2 2026 to $46.1B in Q3 2026.
What drove Valero Energy's revenue change in Q3 2026?
Refining +$2.1B (+5%); Renewable Diesel −$512M (-44%); Ethanol +$65.0M (+6%).