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Valero Energy (VLO)
NYSE:VLO
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.78Last Year’s EPS
0.89Same Quarter Last Year
Moderate Buy
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly positive operational and financial story: record throughput, improved refining earnings, stronger adjusted net income and robust cash returns supported by a healthy balance sheet and continued share repurchases/dividend growth. Offsetting items include a meaningful decline in renewable diesel profitability, costs and depreciation associated with the Benicia cessation, working capital and West Coast/ tariff-related headwinds, and short‑term margin risks from inventory builds and weaker fuel oil cracks. On balance, the company’s operational execution, cash generation and capital discipline outweigh the segment-specific and one-time headwinds.Company Guidance
Record Operational Performance
Record refining throughput for both Q4 and full year 2025 with system throughput averaging 3.1 million barrels per day (98% utilization); record ethanol production and record mechanical availability, reflecting improved reliability and operational execution.
Strong Refining Profitability
Refining segment operating income of $1.7 billion in 2025 versus $437 million in 2024 (increase of ~$1.26 billion), with adjusted operating income also $1.7 billion vs. $441 million in 2024, driven by favorable product cracks and wider sour crude discounts.
Improved Adjusted Earnings per Share
2025 adjusted net income attributable to Valero stockholders of $3.3 billion or $10.61 per share compared to $2.7 billion or $8.48 per share in 2024 (adjusted EPS up ~25%), demonstrating stronger adjusted profitability year-over-year.
Record Q4 / FY Financial Highlights (Quarter and Year Distinctions)
Q4 2025 net income attributable to Valero stockholders was $1.1 billion ($3.73/share) vs. Q4 2024 $281 million ($0.88/share). Full-year GAAP net income was $2.3 billion ($7.57/share) vs. $2.8 billion ($8.58/share) in 2024, while adjusted full-year performance improved (see adjusted figures above).
Strong Cash Generation and Capital Returns
Net cash provided by operating activities was $5.8 billion for 2025 (adjusted $6.0 billion excluding certain items). Shareholder cash returns totaled $4.0 billion for the year (payout ratio 67% for the year) and $1.4 billion in Q4 (66% payout ratio); Board approved a 6% increase to the quarterly cash dividend.
Disciplined Capital Allocation and Balance Sheet Strength
Year-end cash and cash equivalents of $4.7 billion, total debt $8.3 billion, finance leases $2.4 billion, and net debt-to-cap (net of cash) of 18% (below long-term target 20–30%). Available liquidity of $5.3 billion (excluding cash). 2026 capital investments attributable to Valero expected around $1.7 billion with $1.4 billion sustaining.
Ethanol Segment Outperformance
Ethanol operating income rose to $117 million in 2025 from $20 million in 2024; Q4 ethanol production averaged 4.8 million gallons per day (quarterly and full-year records), with Q1 2026 guidance at ~4.6 million gpd.
Strategic Projects and Optimization
Progress on a $230 million SCC unit optimization at St. Charles refinery to increase higher‑value product yields (including alkylate), expected to begin operations in 2026; ongoing focus on crude/product optionality and efficiency projects to strengthen earnings capacity.
VLO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
VLO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 29, 2026 | $184.02 | $182.49 | -0.83% |
Sep 30, 2025 | $171.06 | $169.19 | -1.09% |
Jul 24, 2025 | $145.43 | $138.33 | -4.88% |
Apr 24, 2025 | $111.91 | $110.80 | -1.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Valero Energy (VLO) report earnings?
Valero Energy (VLO) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is Valero Energy (VLO) earnings time?
Valero Energy (VLO) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VLO EPS forecast?
VLO EPS forecast for the fiscal quarter 2026 (Q1) is 1.78.