Valero Energy (VLO) Q2 FY2026 earnings: revenue $44.5 billion, up 48.8% on the year

Valero Energy Corp. (VLO) reported revenue of $44.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 48.8% on the same quarter a year earlier. Net income was $3.7 billion, up 421.0% on the year, and diluted earnings per share $12.62. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue

$44.5 billion

+48.8% on the year · +37.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

11.7%

3.3% a year earlier

Q3 FY2024Q2 FY2026

Net income

$3.7 billion

+421.0% on the year · +194.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$12.62

+453.5% on the year · +199.1% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 new, 2 kept.

Net income rose from prior-year quarter: Net income attributable to stockholders was $3.7 billion, or $12.62 diluted EPS, against $714 million, or $2.28, in the second quarter of 2025.
Refining operating income rose to $4.5 billion: Refining operating income was $4.5 billion against $1.3 billion a year earlier; adjusted Refining operating income was $4.4 billion.
Renewable Diesel operating income turned positive: Renewable Diesel operating income was $717 million, against an operating loss of $79 million; sales volumes averaged 3.8 million gallons per day, against 2.7 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	44,476	32,381	29,889	+37.4%	+48.8%
Cost of revenue	39,007	30,329	28,640	+28.6%	+36.2%
Gross profit	5,469	2,052	1,249	+166.5%	+337.9%
Gross margin	12.3%	6.3%	4.2%
Operating income	5,196	1,731	997	+200.2%	+421.2%
Operating margin	11.7%	5.3%	3.3%
Interest expense	145	140	141	+3.6%	+2.8%
Pre-tax income	5,167	1,723	942	+199.9%	+448.5%
Income tax	1,094	401	279	+172.8%	+292.1%
Effective tax rate	21.2%	23.3%	29.6%
Net income	3,720	1,263	714	+194.5%	+421.0%
Net margin	8.4%	3.9%	2.4%
Diluted EPS	$12.62	$4.22	$2.28	+199.1%	+453.5%

$ 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

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	5,580	1,390	936	+301.4%	+496.2%
Capital expenditure	n/a	n/a	407
Free cash flow	n/a	n/a	529
Free cash flow margin	n/a	n/a	1.8%
Cash from investing	-361	-400	-412
Cash from financing	-3,033	124	-849
Depreciation and amortisation	14.0	12.0	28.0	+16.7%	-50.0%
Buybacks	2,263	573	338	+294.9%	+569.5%
Dividends paid	355	359	354	-1.1%	+0.3%
Dividend per share	$1.20	$1.20	$1.13	0.0%	+6.2%
Diluted shares, weighted	294m	298m	312m	-1.3%	-5.8%
Shares outstanding at period end	288m	297m	311m	-3.0%	-7.3%

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

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	25,001	23,870	24,078	+4.7%	+3.8%
Non-controlling interest	3,267	3,064	2,869	+6.6%	+13.9%
Debt	11,349	11,491	10,647	-1.2%	+6.6%
Other liabilities	25,046	23,717	21,839	+5.6%	+14.7%
Total liabilities and equity	64,663	62,142	59,433	+4.1%	+8.8%
Fixed assets	n/a	n/a	1,408
Cash and equivalents	7,874	5,733	4,537	+37.3%	+73.6%
Receivables	13,928	13,410	11,073	+3.9%	+25.8%
Inventory	7,625	7,556	7,538	+0.9%	+1.2%
Other assets	35,236	35,443	34,877	-0.6%	+1.0%
Total assets	64,663	62,142	59,433	+4.1%	+8.8%

Questions

What was Valero Energy's revenue in Q2 FY2026?

Valero Energy (VLO) reported revenue of $44.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 48.8% on the same quarter a year earlier.

How much did Valero Energy earn in Q2 FY2026?

Net income for Q2 FY2026 was $3.7 billion, up 421.0% on the year, and diluted earnings per share $12.62.

When did Valero Energy report Q2 FY2026 results?

Valero Energy filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 30 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	35,903	38,542	51,641	44,454	41,746	36,439	34,509	38,404	35,414	31,759	34,490	32,876	30,756	30,258	29,889	32,168	30,372	32,381	44,476	46,098
Cost of revenue	33,993	36,923	45,162	40,431	37,071	32,132	31,528	34,634	33,540	29,776	33,051	32,122	30,127	29,751	28,640	30,396	28,468	30,329	39,007	36,691
Gross profit	1,910	1,619	6,479	4,023	4,675	4,307	2,981	3,770	1,874	1,983	1,439	754	629	507	1,249	1,772	1,904	2,052	5,469	9,407
Gross margin	5%	4%	13%	9%	11%	12%	9%	10%	5%	6%	4%	2%	2%	2%	4%	6%	6%	6%	12%	20%
Operating income	1,594	1,384	6,219	3,792	4,295	4,043	2,759	3,503	1,553	1,679	1,221	507	348	-900	997	1,509	1,575	1,731	5,196	9,073
Operating margin	4%	4%	12%	9%	10%	11%	8%	9%	4%	5%	4%	2%	1%	-3%	3%	5%	5%	5%	12%	20%
Interest expense	152	145	142	138	137	146	148	149	149	140	140	141	135	137	141	139	139	140	145	144
Pre-tax income	1,279	1,219	6,110	3,728	4,250	4,026	2,717	3,476	1,549	1,683	1,203	489	323	-917	942	1,456	1,524	1,723	5,167	9,056
Tax rate	13%	21%	22%	22%	24%	22%	22%	23%	21%	21%	23%	20%	-11%	n/a	30%	27%	23%	23%	21%	23%
Net income	1,009	905	4,693	2,817	3,113	3,067	1,944	2,622	1,202	1,245	880	364	281	-595	714	1,095	1,134	1,263	3,720	6,828
Net margin	3%	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 flow	2,454	588	5,845	2,045	4,096	3,170	1,512	3,308	1,239	1,846	2,472	1,295	1,070	952	936	1,881	2,057	1,390	5,580	6,932
Capital expenditure	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	661	420	429	547	659	407	409	n/a	n/a	n/a	n/a
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1,185	2,052	866	523	293	529	1,472	n/a	n/a	n/a	n/a
Buybacks	12.0	144	1,748	877	1,808	1,451	942	1,787	956	1,023	1,033	560	259	274	338	922	1,064	573	2,263	3,362
Dividends paid	401	401	399	386	376	379	367	360	346	356	347	342	339	356	354	351	344	359	355	345
Shares outstanding	409m	408m	394m	386m	371m	362m	353m	340m	332m	327m	320m	317m	315m	313m	311m	305m	299m	297m	288m	279m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-Q for the period ended 30 June 2026, filed 30 July 2026: the filing.