Companies /Energy

Valero Energy Corp

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

Q1 2026 Earnings

Reported Apr 30, 2026, 8:09am ET · SEC source
$4.22
Beat +33.54%
EPS · est. $3.16
$32.4B
Beat +8.41%
Revenue · est. $29.9B
−3.4%
Trailing market
VLO vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Apr 30May 1report 8:09am ETearnings+1.1%−1.7%
0+2%Apr 30May 1earnings+1.1%−1.7%
VLO −1.7%S&P 500 +1.1%
0+2%Apr 30May 1report 8:09am ETearnings+1.4%−1.7%
0+2%Apr 30May 1earnings+1.4%−1.7%
VLO −1.7%NASDAQ +1.4%
−8%−4%0+4%Apr 29May 8report 8:09am ETearnings+3.2%−4.9%
−8%−4%0+4%Apr 29May 8earnings+3.2%−4.9%
VLO −4.9%S&P 500 +3.2%
−5%0+5%Apr 29May 8report 8:09am ETearnings+6.2%−4.9%
−5%0+5%Apr 29May 8earnings+6.2%−4.9%
VLO −4.9%NASDAQ +6.2%
+0.51%
Day of report
−2.26%
Next session
−6.43%
One week
+2.25%
30 days

S&P 500 over the same 30 days: +5.69%.

Did VLO Beat Earnings? Q1 2026 Results

Valero Energy posted a blowout first quarter for 2026, delivering earnings per share of $4.22 against a Wall Street consensus of $3.16, a 33.54% beat that extended the Houston-based refiner's streak of consensus-topping results to four consecutive quarters. Revenue climbed 7.0% year over year to $32.38 billion, clearing the $29.87 billion estimate by 8.41%. The primary engine behind the quarter was a dramatic recovery in Refining segment profitability, where operating income reached $1.81 billion as refining margin expanded to $14.90 per barrel, supported by wider crude differentials and a surge in U.S. Gulf Coast distillate margins to $27.60 per barrel. The Renewable Diesel segment also swung sharply to $139 million in operating income from a loss of $141 million a year ago. Valero returned $938 million to shareholders and raised its quarterly dividend 6% to $1.20 per share, while its $230 million St. Charles FCC Unit optimization project remains on schedule for completion in the third quarter of 2026.

Key Takeaways
  • Wider crude oil differentials (Brent-WTI spread of $5.94/bbl vs $3.43/bbl YoY)
  • Strong distillate margins, particularly ULS diesel less Brent at $27.60/bbl vs $16.69/bbl in Q1 2025
  • Higher refining throughput volumes averaging 2.914 million bpd vs 2.828 million bpd
  • Renewable Diesel margin recovery to $1.11/gallon from $0.02/gallon
  • Ethanol margin expansion to $0.66/gallon from $0.48/gallon
  • Absence of Q1 2025's $1.1 billion California refinery asset impairment loss
  • Brent-Western Canadian Select Houston differential widened to $13.57/bbl from $7.24/bbl

“I am pleased to report that Valero had an excellent first quarter, demonstrating our team's ability to optimize our refining system and deliver strong financial returns. In a period marked with considerable disruption in commodity markets, our operations, commercial, and financial teams executed well.”

Valero Energy CEO, on the earnings call

Forward Guidance & Outlook

Valero's St. Charles FCC Unit optimization project, a $230 million investment, is expected to be completed and begin operations in the third quarter of 2026, enhancing the refinery's ability to produce high-value products. The company continues to idle its Benicia Refinery through a phased approach after ceasing fuel production unit operations during Q1 2026. Management indicated Valero remains well-positioned to benefit from the current margin environment.

VLO YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$9.0B$18.0B$27.0B$30.3B$32.4BRevenue$441.2M$1.7BOperating Income$306.4M$1.3BNet Income
$0$9.0B$18.0B$27.0BRevenueOperating IncomeNet Income

VLO Revenue by Segment

Refining$30.8B+7.1%
Renewable Diesel (Diamond Green Diesel)$1.4B
Ethanol$1.2B−4.7%
Renewable Diesel

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