Valero Energy (VLO)
NYSE:VLO
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
8.94Last Year’s EPS
2.28Same Quarter Last Year
Moderate Buy
Based on 17 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights a strong operational and financial recovery in Q1 2026 with sizable swings to profitability across refining, renewable diesel and ethanol. Management emphasized disciplined capital allocation, a robust balance sheet, and proactive risk/hedge management while providing detailed near-term guidance. Key challenges include the Port Arthur fire (uncertain repair timeline and potential incremental capex), Benicia idling-related depreciation, tight global product markets (jet/distillate shortages), feedstock (VGO) constraints, and capture-rate headwinds from backwardation and freight volatility. Overall, the positive financial and liquidity metrics and clear operational execution outweigh the operational and market headwinds discussed.Company Guidance
Strong Net Income and EPS Turnaround
Net income attributable to Valero stockholders of $1.3 billion in Q1 2026 (EPS $4.22) versus a net loss of $595 million in Q1 2025 (EPS -$1.90) — a positive swing of $1.895 billion and EPS improvement of $6.12.
Refining Segment Massive Improvement
Refining operating income of $1.8 billion in Q1 2026 compared with an operating loss of $530 million in Q1 2025 (adjusted operating income for Q1 2025 was $605 million) — a roughly $2.33 billion improvement versus the prior-year GAAP result.
Renewable Diesel Turnaround
Renewable Diesel operating income of $139 million in Q1 2026 versus an operating loss of $141 million in Q1 2025 — ~ $280 million swing to profitability. Q2 sales volume guidance ~320 million gallons.
Ethanol Segment Growth
Ethanol operating income of $90 million in Q1 2026 versus $20 million in Q1 2025 — a ~350% increase in operating income year-over-year. Production averaged 4.6 million gallons per day and Q2 production guidance is ~4.7 million gpd.
Operational Execution and Yield Optimization
System throughput averaged 2.9 million barrels per day in Q1 2026; record monthly jet yield achieved in March and efforts underway to further increase jet yields (jet as percent of distillates rose from ~26% average to >30% in March).
Balance Sheet and Liquidity Strength
Ended quarter with $5.7 billion cash and cash equivalents, $9.2 billion total debt, $2.3 billion finance leases, and net debt-to-capitalization (net of cash) of 18%. Total liquidity about $11 billion after opportunistic $850 million ten-year note issuance at 5.15% (record-low sector spread).
Disciplined Capital Allocation and Shareholder Returns
First-quarter shareholder cash returns totaled $938 million (payout ratio 59%). Board approved a 6% increase to the quarterly cash dividend. Company reiterated disciplined repurchase posture (42% share count reduction since 2014) and expectation to continue buybacks when appropriate.
Cash Flow and Capital Investment Discipline
Net cash provided by operating activities $1.4 billion in Q1 2026; adjusted net cash provided by operating activities excluding working capital swings and JV items ~$1.6 billion. Capital investments of $448 million ( ~$404 million sustaining ), with capital attributable to Valero ~$430 million.
Clear Near-Term Guidance and Cost Expectations
Q2 guidance provided with regional throughput ranges (e.g., Gulf Coast 1.69–1.74M bpd), expected refining cash operating expense ~$4.85/ barrel in Q2, Renewable Diesel operating expense ~$0.46/gal (incl. $0.22 non-cash), Ethanol operating expense ~$0.39/gal (incl. $0.04 non-cash), Q2 net interest expense ~$145M, and Q2 D&A ~$730M (including incremental Benicia-related amounts).
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 |
|---|---|---|---|
Apr 30, 2026 | $251.30 | $252.58 | +0.51% |
Jan 29, 2026 | $182.90 | $181.38 | -0.83% |
Sep 30, 2025 | $170.02 | $168.16 | -1.09% |
Jul 24, 2025 | $144.54 | $137.49 | -4.88% |
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 Jul 23, 2026, Before Open (Confirmed).
What is Valero Energy (VLO) earnings time?
Valero Energy (VLO) earnings time is at Jul 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 (Q2) is 8.94.