Valero Energy Corp/Tx Q3 FY2023 results: revenue $38.4 billion, down 13.6% on the year

Valero Energy Corp/Tx (VLO) reported revenue of $38.4 billion for Q3 FY2023, the quarter ended 30 September 2023, down 13.6% on the same quarter a year earlier. Net income was $2.6 billion, down 6.9% on the year, and diluted earnings per share $7.49. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$38.4 billiondown 13.6%

Net income$2.6 billiondown 6.9%

Diluted EPS$7.49

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	38,404	n/a	n/a	n/a
Cost of revenue	34,634	n/a	n/a	n/a
Gross profit	3,770	n/a	n/a	n/a
Gross margin	9.8%	n/a	n/a
Operating income	3,503	n/a	n/a	n/a
Operating margin	9.1%	n/a	n/a
Interest expense	149	n/a	n/a	n/a
Pre-tax income	3,476	n/a	n/a	n/a
Income tax	813	n/a	n/a	n/a
Effective tax rate	23.4%	n/a	n/a
Net income	2,622	n/a	n/a	n/a
Net margin	6.8%	n/a	n/a
Diluted EPS	$7.49	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	3,308	n/a	n/a	n/a
Depreciation and amortisation	11.0	n/a	n/a	n/a
Buybacks	1,787	n/a	n/a	n/a
Dividends paid	360	n/a	n/a	n/a
Dividend per share	$1.02	n/a	n/a	n/a
Diluted shares, weighted	349m	n/a	n/a	n/a
Shares outstanding at period end	340m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	63,175	n/a	n/a	n/a
Cash and equivalents	5,831	n/a	n/a	n/a
Receivables	12,566	n/a	n/a	n/a
Inventory	7,513	n/a	n/a	n/a
Total debt, as filed	9,150	n/a	n/a	n/a
Long-term debt including finance leases	10,107	n/a	n/a	n/a
Shareholders' equity	25,975	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	38,404	35,414	31,759	34,490	32,876	30,756	30,258	29,889	32,168	30,372	32,381	44,476
Cost of revenue	34,634	33,540	29,776	33,051	32,122	30,127	29,751	28,640	30,396	28,468	30,329	39,007
Gross profit	3,770	1,874	1,983	1,439	754	629	507	1,249	1,772	1,904	2,052	5,469
Gross margin	10%	5%	6%	4%	2%	2%	2%	4%	6%	6%	6%	12%
Operating income	3,503	1,553	1,679	1,221	507	348	-900	997	1,509	1,575	1,731	5,196
Operating margin	9%	4%	5%	4%	2%	1%	-3%	3%	5%	5%	5%	12%
Interest expense	149	149	140	140	141	135	137	141	139	139	140	145
Pre-tax income	3,476	1,549	1,683	1,203	489	323	-917	942	1,456	1,524	1,723	5,167
Tax rate	23%	21%	21%	23%	20%	-11%	n/a	30%	27%	23%	23%	21%
Net income	2,622	1,202	1,245	880	364	281	-595	714	1,095	1,134	1,263	3,720
Net margin	7%	3%	4%	3%	1%	1%	-2%	2%	3%	4%	4%	8%
Diluted EPS	$7.49	$3.74	$3.75	$2.71	$1.14	$0.98	-$1.90	$2.28	$3.53	$3.66	$4.22	$12.62
Operating cash flow	3,308	1,239	1,846	2,472	1,295	1,070	952	936	1,881	2,057	1,390	5,580
Capital expenditure	n/a	n/a	661	420	429	547	659	407	409	n/a	n/a	n/a
Free cash flow	n/a	n/a	1,185	2,052	866	523	293	529	1,472	n/a	n/a	n/a
Buybacks	1,787	956	1,023	1,033	560	259	274	338	922	1,064	573	2,263
Dividends paid	360	346	356	347	342	339	356	354	351	344	359	355
Shares outstanding	340m	332m	327m	320m	317m	315m	313m	311m	305m	299m	297m	288m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 26 October 2023, accession 0001035002-23-000110: the filing on EDGAR. All of Valero Energy Corp/Tx's filings: EDGAR company page.

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