Valero Energy (VLO) FY2023 results: revenue $144.8 billion, down 17.9% on the year
Valero Energy Corp. (VLO) reported revenue of $144.8 billion for fiscal 2023, the year ended 31 December 2023, down 17.9% on the year before. Net income was $8.8 billion, down 23.4%, and diluted earnings per share $24.92. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$144.8 billion
-17.9% on the year
FY2016FY2023
Operating margin
8.2%
8.9% a year earlier
FY2016FY2023
Net income
$8.8 billion
-23.4% on the year
FY2016FY2023
Diluted EPS
$24.92
-14.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
9,229
12,574
5,859
-26.6%
Capital expenditure
1,916
2,737
2,458
-30.0%
Free cash flow
7,313
9,837
3,401
-25.7%
Free cash flow margin
5.1%
5.6%
3.0%
Cash from investing
-1,865
-2,805
-2,159
Cash from financing
-6,941
-8,849
-2,846
Depreciation and amortisation
43.0
45.0
47.0
-4.4%
Share-based compensation
107
103
88.0
+3.9%
Buybacks
5,136
4,577
27.0
+12.2%
Dividends paid
1,452
1,562
1,602
-7.0%
Dividend per share
$4.08
$3.92
$3.92
+4.1%
Diluted shares, weighted
353m
396m
407m
-10.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
26,346
23,561
18,430
+11.8%
Non-controlling interest
2,178
1,907
1,387
+14.2%
Debt
9,218
9,241
11,950
-0.2%
Operating lease liabilities
753
776
940
-3.0%
Finance lease liabilities
2,097
2,146
1,766
-2.3%
Other liabilities
22,464
23,351
23,415
-3.8%
Total liabilities and equity
63,056
60,982
57,888
+3.4%
Goodwill
260
260
260
0.0%
Intangible assets
183
202
218
-9.4%
Securities held for sale or to maturity
n/a
n/a
0.0
Cash and equivalents
5,424
4,862
4,122
+11.6%
Receivables
11,038
10,761
9,968
+2.6%
Inventory
7,583
6,752
6,265
+12.3%
Other assets
38,568
38,145
37,055
+1.1%
Total assets
63,056
60,982
57,888
+3.4%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.