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Valero Energy (VLO) Q4 FY2025 earnings: revenue $30.4 billion, down 1.2% on the year

Valero Energy Corp. (VLO) reported revenue of $30.4 billion for Q4 FY2025, the quarter ended 31 December 2025, down 1.2% on the same quarter a year earlier. Net income was $1.1 billion, up 303.6% on the year, and diluted earnings per share $3.73. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$30.4 billion
-1.2% on the year · -5.6% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
5.2%
1.1% a year earlier
Q1 FY2024Q4 FY2025
Net income
$1.1 billion
+303.6% on the year · +3.6% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$3.73
+323.9% on the year · +5.7% on the quarter
Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 1 kept.

  • Fourth-quarter net income was $1.1 billion: Net income attributable to Valero stockholders was $1.1 billion, or $3.73 per share, for the fourth quarter, against $281 million, or $0.88 per share, a year earlier.
  • Refining operating income was $1.7 billion: Refining operating income was $1.7 billion for the fourth quarter, against $437 million; adjusted Refining operating income was $1.7 billion, against $441 million. Throughput averaged 3.1 million barrels per day.
  • Refining margin per barrel rose to $13.61: Refining margin per barrel of throughput was $13.61 for the quarter, against $8.44, and $12.29 for the year, against $10.62. Refining margin totaled $3,898 million, against $2,326 million.
Read the earnings call summary

Income statement (profit and loss)

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Revenue30,37232,16830,756-5.6%-1.2%
Cost of revenue28,46830,39630,127-6.3%-5.5%
Gross profit1,9041,772629+7.4%+202.7%
Gross margin6.3%5.5%2.0%
Operating income1,5751,509348+4.4%+352.6%
Operating margin5.2%4.7%1.1%
Interest expense1391391350.0%+3.0%
Pre-tax income1,5241,456323+4.7%+371.8%
Income tax355390-34.0-9.0%
Effective tax rate23.3%26.8%-10.5%
Net income1,1341,095281+3.6%+303.6%
Net margin3.7%3.4%0.9%
Diluted EPS$3.73$3.53$0.88+5.7%+323.9%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. 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

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Operating cash flow2,0571,8811,070+9.4%+92.2%
Capital expendituren/a409547
Free cash flown/a1,472523
Free cash flow marginn/a4.6%1.7%
Cash from investing-419-379-544
Cash from financing-1,752-1,199-784
Depreciation and amortisation12.012.011.00.0%+9.1%
Buybacks1,064922259+15.4%+310.8%
Dividends paid344351339-2.0%+1.5%
Dividend per sharen/a$1.13n/a
Diluted shares, weighted303m309m316m-1.9%-4.1%
Shares outstanding at period end299m305m315m-2.0%-5.1%

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

Balance sheet

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Shareholders' equity23,72523,75424,512-0.1%-3.2%
Non-controlling interest2,8802,9923,009-3.7%-4.3%
Debt8,26110,5818,085-21.9%+2.2%
Operating lease liabilities665n/a699-4.9%
Finance lease liabilities2,104n/a2,134-1.4%
Other liabilities20,35321,28821,704-4.4%-6.2%
Total liabilities and equity57,98858,61560,143-1.1%-3.6%
Fixed assetsn/a1,249n/a
Goodwill260n/a2600.0%
Intangible assets123n/a151-18.5%
Cash and equivalents4,6884,7644,657-1.6%+0.7%
Receivables9,20710,3339,731-10.9%-5.4%
Inventory7,5917,3947,761+2.7%-2.2%
Other assets36,11934,87537,583+3.6%-3.9%
Total assets57,98858,61560,143-1.1%-3.6%

Questions

What was Valero Energy's revenue in Q4 FY2025?

Valero Energy (VLO) reported revenue of $30.4 billion for Q4 FY2025, the quarter ended 31 December 2025, down 1.2% on the same quarter a year earlier.

How much did Valero Energy earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.1 billion, up 303.6% on the year, and diluted earnings per share $3.73.

When did Valero Energy report Q4 FY2025 results?

Valero Energy filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue35,90338,54251,64144,45441,74636,43934,50938,40435,41431,75934,49032,87630,75630,25829,88932,16830,37232,38144,47646,098
Cost of revenue33,99336,92345,16240,43137,07132,13231,52834,63433,54029,77633,05132,12230,12729,75128,64030,39628,46830,32939,00736,691
Gross profit1,9101,6196,4794,0234,6754,3072,9813,7701,8741,9831,4397546295071,2491,7721,9042,0525,4699,407
Gross margin5%4%13%9%11%12%9%10%5%6%4%2%2%2%4%6%6%6%12%20%
Operating income1,5941,3846,2193,7924,2954,0432,7593,5031,5531,6791,221507348-9009971,5091,5751,7315,1969,073
Operating margin4%4%12%9%10%11%8%9%4%5%4%2%1%-3%3%5%5%5%12%20%
Interest expense152145142138137146148149149140140141135137141139139140145144
Pre-tax income1,2791,2196,1103,7284,2504,0262,7173,4761,5491,6831,203489323-9179421,4561,5241,7235,1679,056
Tax rate13%21%22%22%24%22%22%23%21%21%23%20%-11%n/a30%27%23%23%21%23%
Net income1,0099054,6932,8173,1133,0671,9442,6221,2021,245880364281-5957141,0951,1341,2633,7206,828
Net margin3%2%9%6%7%8%6%7%3%4%3%1%1%-2%2%3%4%4%8%15%
Diluted EPS$2.48$2.21$11.57$7.19$8.15$8.29$5.40$7.49$3.55$3.75$2.71$1.14$0.88-$1.90$2.28$3.53$3.73$4.22$12.62$23.89
Operating cash flow2,4545885,8452,0454,0963,1701,5123,3081,2391,8462,4721,2951,0709529361,8812,0571,3905,5806,932
Capital expendituren/an/an/an/an/an/an/an/an/a661420429547659407409n/an/an/an/a
Free cash flown/an/an/an/an/an/an/an/an/a1,1852,0528665232935291,472n/an/an/an/a
Buybacks12.01441,7488771,8081,4519421,7879561,0231,0335602592743389221,0645732,2633,362
Dividends paid401401399386376379367360346356347342339356354351344359355345
Shares outstanding409m408m394m386m371m362m353m340m332m327m320m317m315m313m311m305m299m297m288m279m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.