NYSE: VLO
VALERO ENERGY CORP/TXCIK 0001035002 · SIC 2911 · Petroleum Refining
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Valero Q2 net income surges to $3.72B (+421.0%) on geopolitical supply disruptions; buyback
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Valero authorizes up to $5B share buyback, adding to $1.4B remaining under prior program
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(millions of dollars, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues (a) | 44,476 | 29,889 | 76,857 | 60,147 |
| Cost of sales: | ||||
| Cost of materials and other | 35,130 | 24,678 | 61,315 | 50,726 |
| Taxes other than income taxes | 1,648 | 1,654 | 3,369 | 3,154 |
| Operating expenses (excluding depreciation and amortization expense reflected below) | 1,506 | 1,522 | 3,101 | 3,045 |
| Depreciation and amortization expense | 723 | 786 | 1,551 | 1,466 |
| Total cost of sales | 39,007 | 28,640 | 69,336 | 58,391 |
| Asset impairment loss | — | — | — | 1,131 |
| Other operating expenses | 26 | 4 | 50 | 8 |
| General and administrative expenses (excluding depreciation and amortization expense reflected below) | 233 | 220 | 518 | 481 |
| Depreciation and amortization expense | 14 | 28 | 26 | 39 |
| Operating income | 5,196 | 997 | 6,927 | 97 |
| Other income, net | 116 | 86 | 248 | 206 |
| Interest and debt expense, net of capitalized interest | (145) | (141) | (285) | (278) |
| Income before income tax expense | 5,167 | 942 | 6,890 | 25 |
| Income tax expense | 1,094 | 279 | 1,495 | 14 |
| Net income | 4,073 | 663 | 5,395 | 11 |
| Less: Net income (loss) attributable to noncontrolling interests | 353 | (51) | 412 | (108) |
| Net income attributable to Valero Energy Corporation stockholders | 3,720 | 714 | 4,983 | 119 |
| Earnings per common share | 12.62 | 2.28 | 16.79 | 0.37 |
| Weighted-average common shares outstanding (in millions) | 294 | 312 | 296 | 313 |
| Earnings per common share assuming dilution | 12.62 | 2.28 | 16.78 | 0.37 |
| Weighted-average common shares outstanding assuming dilution (in millions) | 294 | 312 | 296 | 313 |
| __________________________ | ||||
| Supplemental information: | ||||
| (a) Includes excise taxes on sales by certain of our foreign operations | 1,660 | 1,662 | 3,385 | 3,166 |
Consolidated Balance Sheets
(millions of dollars, except par value)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 7,874 | 4,688 |
| Receivables, net | 13,928 | 9,877 |
| Inventories | 7,625 | 7,591 |
| Prepaid expenses and other | 1,243 | 1,054 |
| Total current assets | 30,670 | 23,210 |
| Property, plant, and equipment, at cost | 50,094 | 50,091 |
| Accumulated depreciation | (23,249) | (22,474) |
| Property, plant, and equipment, net | 26,845 | 27,617 |
| Deferred charges and other assets, net | 7,148 | 7,161 |
| Total assets | 64,663 | 57,988 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current portion of debt and finance lease obligations | 927 | 949 |
| Accounts payable | 14,423 | 10,139 |
| Accrued expenses | 1,338 | 1,403 |
| Taxes other than income taxes payable | 1,574 | 1,550 |
| Income taxes payable | 480 | 68 |
| Total current liabilities | 18,742 | 14,109 |
| Debt and finance lease obligations, less current portion | 10,422 | 9,670 |
| Net deferred income tax liabilities | 4,886 | 5,146 |
| Other long-term liabilities | 2,345 | 2,458 |
| Commitments and contingencies | ||
| Equity: | ||
| Valero Energy Corporation stockholders’ equity: | ||
| Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued | 7 | 7 |
| Additional paid-in capital | 7,014 | 6,981 |
| Treasury stock, at cost; 385,570,622 and 374,561,457 common shares | (33,575) | (30,753) |
| Retained earnings | 52,228 | 47,959 |
| Accumulated other comprehensive loss | (673) | (469) |
| Total Valero Energy Corporation stockholders’ equity | 25,001 | 23,725 |
| Noncontrolling interests | 3,267 | 2,880 |
| Total equity | 28,268 | 26,605 |
| Total liabilities and equity | 64,663 | 57,988 |
Consolidated Statements of Cash Flows (Unaudited)
(millions of dollars)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 5,395 | 11 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 1,577 | 1,505 |
| Asset impairment loss | — | 1,131 |
| Deferred income tax benefit | (268) | (259) |
| Changes in operating assets and liabilities: | ||
| Current assets and current liabilities (see Note 11) | 403 | (168) |
| Deferred charges and other assets | (57) | (50) |
| Long-term liabilities | (180) | (56) |
| Other operating activities, net | 100 | (226) |
| Net cash provided by operating activities | 6,970 | 1,888 |
| Cash flows from investing activities: | ||
| Capital expenditures (excluding variable interest entities (VIEs)) | (382) | (333) |
| Capital expenditures of VIEs: | ||
| Diamond Green Diesel Holdings LLC (DGD) | (7) | (63) |
| Other VIEs | (2) | (3) |
| Deferred turnaround and catalyst cost expenditures (excluding VIEs) | (374) | (621) |
| Deferred turnaround and catalyst cost expenditures of DGD | (33) | (46) |
| Investments in nonconsolidated joint ventures | — | (1) |
| Other investing activities, net | 37 | 20 |
| Net cash used in investing activities | (761) | (1,047) |
| Cash flows from financing activities: | ||
| Proceeds from debt issuances and borrowings (excluding VIEs) | 2,700 | 4,749 |
| Proceeds from debt borrowings of DGD | 450 | 300 |
| Repayments of debt and finance lease obligations (excluding VIEs) | (1,959) | (4,656) |
| Repayments of debt and finance lease obligations of VIEs: | ||
| DGD | (464) | (213) |
| Other VIEs | (21) | (21) |
| Purchases of common stock for treasury | (2,836) | (612) |
| Payment of excise tax on purchases of common stock for treasury | (25) | (28) |
| Common stock dividend payments | (714) | (710) |
| Contributions from noncontrolling interests | 191 | 97 |
| Distributions to noncontrolling interests | (222) | (131) |
| Other financing activities, net | (9) | (6) |
| Net cash used in financing activities | (2,909) | (1,231) |
| Effect of foreign exchange rate changes on cash | (111) | 273 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 3,189 | (117) |
| Cash, cash equivalents, and restricted cash at beginning of period (a) | 4,865 | 4,829 |
| Cash, cash equivalents, and restricted cash at end of period (a) | 8,054 | 4,712 |
Amounts as printed on the EDGAR/iXBRL face — (millions of dollars, except per share amounts); (millions of dollars, except par value); (millions of dollars). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗