Companies /Energy

Valero Energy Corp

NYSE: VLO Oil & Gas Refining & Marketing
$366.09
▲ $4.10 (+1.13%) today
Markets closed · 5:29am ET

Q4 2025 Earnings

Reported Jan 29, 2026, 8:19am ET · SEC source
$3.82
Beat +16.94%
EPS · est. $3.27
$30.4B
Beat +8.62%
Revenue · est. $28.0B
+21.3%
Beating market
VLO vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Jan 29Jan 30report 8:19am ETearnings−0.7%−3.1%
−3%0+3%Jan 29Jan 30earnings−0.7%−3.1%
VLO −3.1%S&P 500 −0.7%
−3%0+3%Jan 29Jan 30report 8:19am ETearnings−1.6%−3.1%
−3%0+3%Jan 29Jan 30earnings−1.6%−3.1%
VLO −3.1%NASDAQ −1.6%
−4%0+4%Jan 28Feb 6report 8:19am ETearnings−1.8%+6.5%
−4%0+4%Jan 28Feb 6earnings−1.8%+6.5%
VLO +6.5%S&P 500 −1.8%
−4%0+4%Jan 28Feb 6report 8:19am ETearnings−5.0%+6.5%
−4%0+4%Jan 28Feb 6earnings−5.0%+6.5%
VLO +6.5%NASDAQ −5.0%
−0.83%
Day of report
−0.58%
Next session
+6.38%
One week
+19.30%
30 days

S&P 500 over the same 30 days: −1.98%.

Did VLO Beat Earnings? Q4 2025 Results

Valero Energy posted a blowout fourth quarter, with adjusted earnings of $3.82 per share beating the $3.27 consensus estimate by 16.82% and revenue of $30.37 billion clearing expectations by 6.67% — even as total revenue slipped 1.3% year-over-year. The driving force behind the quarter was a dramatic rebound in refining margins, which lifted the Refining segment's operating income to $1.69 billion from just $437 million a year earlier, supported by record throughput of 3.1 million barrels per day. The Ethanol segment also punched well above its weight, with operating income surging to $117 million from $20 million in Q4 2024. Not all signals were green: the Renewable Diesel segment saw operating income fall to $92 million from $170 million, and Valero approved plans to wind down its Benicia Refinery by April 2026. Looking ahead, the company is directing roughly $1.70 billion in capital for 2026, including a $230 million FCC Unit optimization project at St. Charles set for a second-half startup — results that may appeal to investors focused on <a href="https://247wallst.com/investing/2026/01/23/goldman-sachs-says-correction-could-be-coming-5-safe-dividend-stocks-from-the-conviction-list/">reliable dividend income</a>, given Valero's 6% quarterly dividend increase to $1.20 per share.

Key Takeaways
  • Record refining throughput volumes of 3.1 million barrels per day in Q4
  • Record ethanol production volumes of 4.8 million gallons per day in Q4
  • Best year for mechanical availability, personnel safety, and environmental performance
  • Significantly wider refining margins across most regions year-over-year
  • Ethanol margin per gallon of production improved to $0.69 from $0.42 year-over-year in Q4

“2025 was our best year for mechanical availability, personnel safety, and environmental performance, building on the personnel and process safety records we set in 2024. We also achieved record refining throughput and ethanol production in both the fourth quarter and the full year. These accomplishments reflect the hard work, expertise, and dedication of our entire team.”

Valero Energy CEO, on the earnings call

Forward Guidance & Outlook

Valero expects the St. Charles FCC Unit optimization project, a $230 million investment to enhance the refinery's ability to produce high-value products, to begin operations in the second half of 2026. Expected capital investments attributable to Valero for 2026 are approximately $1.7 billion. The company plans to cease refining operations at the Benicia Refinery by the end of April 2026 and is evaluating strategic alternatives for remaining California operations.

VLO YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$9.0B$18.0B$27.0B$30.8B$30.4BRevenue$348.0M$1.6BOperating Income$281.0M$1.1BNet Income
$0$9.0B$18.0B$27.0BRevenueOperating IncomeNet Income

VLO Revenue by Segment

Refining$28.7B
Renewable Diesel (Diamond Green Diesel)$1.4B
Ethanol$1.3B
Renewable Diesel

Figures from SEC filings and company reports. Not investment advice.