Valero Q2 net income surges to $3.7B (+418%) on geopolitical supply disruptions; $2.8B buyback

Filed July 30, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read

Key Changes

• high

  Q2 net income jumped to $3.7B from $714M a year earlier, driven by strong refining margins amid geopolitical disruptions limiting global refining capacity and constraining supply. Revenue rose 48.8% to $44.5B.

  MD&A: Results of Operations verify on EDGAR →
• high

  Share repurchases accelerated to $2.8B (11.3M shares) in the first half of 2026 vs. $613M (4.6M shares) in the prior year. Board authorized a new $5.0B buyback program in July 2026, supplementing the existing program's $1.4B remaining authorization.

  MD&A: Capital Allocation verify on EDGAR →
• high

  Port Arthur refinery fire in March 2026 caused full shutdown and phased restart, reducing Q2 throughput. Company expects ~$250M in repair capex, substantially covered by insurance; $78M receivable recorded. Lawsuits filed and regulatory reviews ongoing.

  Notes: Port Arthur Fire Incident verify on EDGAR →