Filing Flows › Valero Energy (VLO) › Q3 2026 › vs Q3 2025
Valero Energy (VLO) Q3 2026 vs Q3 2025 (year over year)
Valero Energy's revenue rose $13.9B (+43%) from $32.2B in Q3 2025 to $46.1B in Q3 2026. The biggest changes: Refining +$14.0B (+46%); Renewable Diesel −$55.0M (-8%); Ethanol +$30.0M (+3%). Operating margin 19.7% against 4.7% (+15.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.7% | 4.7% | +15.0 pts |
| Net margin | 14.8% | 3.4% | +11.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Refining | $44.4B | $30.4B | $14.0B | +46% |
| Ethanol | $1.1B | $1.0B | $30.0M | +3% |
| Renewable Diesel | $664M | $719M | −$55.0M | -8% |
| Revenue | $46.1B | $32.2B | $13.9B | +43% |
| Operating profit | $9.1B | $1.5B | $7.6B | +501% |
| Costs & expenses | $37.0B | $30.7B | $6.4B | +21% |
| Pre-tax earnings | $9.1B | $1.5B | $7.6B | +522% |
| Cost of revenue | $36.7B | $30.4B | $6.3B | +21% |
| General & admin | $308M | $246M | $62.0M | +25% |
| Net earnings | $6.8B | $1.1B | $5.7B | +524% |
| Minority interests | $161M | −$29.0M | $190M | — |
| Income tax | $2.1B | $390M | $1.7B | +430% |
| Depreciation & amortization | $684M | $836M | −$152M | -18% |
| Working capital & other | $580M | $50.0M | $530M | 12× |
| Operating cash flow | $6.9B | $1.9B | $5.1B | +269% |
Questions
How much did Valero Energy's revenue grow year over year in Q3 2026?
Valero Energy's revenue rose $13.9B (+43%) from $32.2B in Q3 2025 to $46.1B in Q3 2026.
What drove Valero Energy's revenue change in Q3 2026?
Refining +$14.0B (+46%); Renewable Diesel −$55.0M (-8%); Ethanol +$30.0M (+3%).