Filing Flows › Valero Energy (VLO) › How it makes money
How Valero Energy (VLO) makes money
Valero Energy (VLO) made $46.1B of revenue in the third quarter 2026 (Q3 2026), +43% from a year earlier. Refining brought in $44.4B (96%); Ethanol brought in $1.1B (2%); Renewable Diesel brought in $664M (1%). Of every dollar of revenue, 20¢ was left as operating profit, 15¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Refining | $44.4B | 96.2% | +5% | +46% |
| Ethanol | $1.1B | 2.3% | +6% | +3% |
| Renewable Diesel | $664M | 1.4% | -44% | -8% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $46.1B | 100.0% |
| Operating profit | $9.1B | 19.7% |
| Income tax | $2.1B | 4.5% |
| Net earnings | $6.8B | 14.8% |
| Operating cash flow | $6.9B | 15.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $46.1B | +43% |
| Q2 2026 | $44.5B | +49% |
| Q1 2026 | $32.4B | +7% |
| Q4 2025 | $30.4B | -1% |
| Q3 2025 | $32.2B | -2% |
| Q2 2025 | $29.9B | -13% |
| Q1 2025 | $30.3B | -5% |
From Valero Energy's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Valero Energy make money?
Valero Energy (VLO) made $46.1B of revenue in the third quarter 2026 (Q3 2026), +43% from a year earlier. Refining brought in $44.4B (96%); Ethanol brought in $1.1B (2%); Renewable Diesel brought in $664M (1%). Of every dollar of revenue, 20¢ was left as operating profit, 15¢ was left as net earnings.
What is Valero Energy's biggest business?
Refining: $44.4B in the third quarter 2026, 96% of revenue, +46% from a year earlier.
What is Valero Energy's profit margin?
Net earnings were $6.8B, 14.8% of revenue, in the third quarter 2026; the operating margin was 19.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.