Filing Flows › Valero Energy (VLO) › Q4 2025
Valero Energy (VLO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Valero Energy (VLO) reported revenue of $30.4B for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and -6% from the quarter before. Operating margin was 5.2%, net earnings $1.1B (3.7% of revenue).
Valero Energy, Q4 2025: revenue $30.4B (-1% year over year), operating margin 5.2%, net earnings $1.1B, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.4B | -6% | -1% |
| Operating profit | $1.6B | +4% | +353% |
| Net earnings | $1.1B | +4% | +304% |
| Operating cash flow | $2.1B | +9% | +92% |
What changed
Revenue was $30.4B in Q4 2025, down 1% year over year and down 6% from the previous quarter. Refining was the largest line at 94% of revenue.
Operating profit was $1.6B, a 5.2% margin (up 4.1 points year over year). Total costs fell 5% while revenue fell 1%. The fastest-growing cost line was General & admin (+18%). Net earnings were $1.1B, up 304% year over year. The effective tax rate was 23.3%.
Operating cash flow was $2.1B (up 92% year over year), 176% of net income including minority interests. Non-cash charges added back $0.82B of depreciation and amortization.
Questions
What was Valero Energy's revenue in the fourth quarter 2025?
Valero Energy (VLO) reported revenue of $30.4B for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and -6% from the quarter before.
Was Valero Energy profitable in the fourth quarter 2025?
Operating profit was $1.6B (5.2% of revenue) and net earnings $1.1B.
Source: Valero Energy 10-K on SEC EDGAR.