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Chevron vs Valero Energy: CVX and VLO compared
Chevron is the larger company: $67.8B of revenue in its latest quarter (Q3 2026) against $46.1B for Valero Energy (Q3 2026). Valero Energy is growing faster (+43% against +36% a year earlier). Chevron is more profitable, with an operating margin of 20.1% against 19.7%.
Where the money goes: CVX and VLO
Chevron (CVX) · Q3 2026
Chevron, Q3 2026: revenue $67.8B (+36% year over year), operating margin 20.1%, net earnings $9.9B, operating cash flow $16.0B. The chart follows the revenue to costs, profit and cash.
Valero Energy (VLO) · Q3 2026
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 follows the revenue to costs, profit and cash.
| Chevron (CVX) | Valero Energy (VLO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $67.8B | $46.1B |
| Revenue growth, Y/Y | +36% | +43% |
| Operating margin | 20.1% | 19.7% |
| Net earnings | $9.9B | $6.8B |
| Net margin | 14.6% | 14.8% |
| Operating cash flow | $16.0B | $6.9B |
| Free cash flow | $12.0B | — |
| Market value | $417.3B | $100.1B |
| P/E | 15.2× | 7.9× |
| Analysts’ mean target | $243.46 | $427.00 |
Where the revenue comes from
Valero Energy
- Refining: $44.4B (96%)
- Ethanol: $1.1B (2%)
- Renewable Diesel: $664M (1%)
Questions
Which is bigger, Chevron or Valero Energy?
Chevron is the larger company: $67.8B of revenue in its latest quarter (Q3 2026) against $46.1B for Valero Energy (Q3 2026).
Is Chevron or Valero Energy growing faster?
Valero Energy is growing faster (+43% against +36% a year earlier).
Which is more profitable, Chevron or Valero Energy?
Chevron is more profitable, with an operating margin of 20.1% against 19.7%.
More: Chevron earnings · how Chevron makes money · Valero Energy earnings · how Valero Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.