Q2 26 EPS
$12.54
BEAT +23.84%
Est. $10.13
Q2 26 Revenue
$44.48B
BEAT +15.74%
Est. $38.43B
vs S&P Since Q2 26
+5.8%
BEATING MARKET
VLO +9.8% vs S&P +4.0%
Market Reaction
Did VLO Beat Earnings? Q2 2026 Results
Valero Energy delivered a blowout second quarter in 2026, with earnings per diluted share of $12.54 beating the Wall Street consensus of $10.13 by 23.84%, extending the San Antonio-based refiner's streak of consensus EPS beats to five consecutive qua… Read more Valero Energy delivered a blowout second quarter in 2026, with earnings per diluted share of $12.54 beating the Wall Street consensus of $10.13 by 23.84%, extending the San Antonio-based refiner's streak of consensus EPS beats to five consecutive quarters. Revenue surged 48.8% year-over-year to $44.48 billion, exceeding analyst expectations of $38.43 billion by 15.74%, as sharply higher crude oil prices and dramatically wider refining crack spreads supercharged results across every segment. The Refining segment was the headline driver, with margin per barrel of throughput nearly doubling to $23.62 from $12.35 a year ago as Brent crude averaged $97.06 per barrel versus $66.59 in Q2 2025. The Renewable Diesel segment added further momentum, swinging to $717 million in operating income from a $79 million loss a year ago, aided by surging RIN prices, a trend that has drawn broad attention across the refining sector. Looking ahead, Valero expects its $230 million St. Charles FCC Unit optimization project to begin operations in Q3 2026, positioned to further enhance high-value product yields.
Key Takeaways
- • Significantly wider refining crack spreads with refining margin per barrel of throughput nearly doubling to $23.62 from $12.35 YoY
- • Higher Brent crude oil prices ($97.06/bbl vs. $66.59/bbl YoY)
- • Renewable Diesel segment swing to profitability driven by higher RIN prices ($2.12 vs. $1.09) and elevated LCFS carbon credit prices ($68.34 vs. $52.36 per metric ton)
- • Strong U.S. Gulf Coast refining margin of $24.42 per barrel vs. $11.78 YoY
- • Ethanol margin per gallon more than doubled to $1.15 from $0.52 YoY
- • ULS diesel margins significantly expanded (U.S. Gulf Coast: $43.52/bbl vs. $14.79/bbl)
VLO Forward Guidance & Outlook
Valero expects the St. Charles FCC Unit optimization project, a $230 million investment, to be completed and begin operations in the third quarter of 2026, enhancing the refinery's ability to produce high-value products. The company expects inventory levels at December 31, 2026 to remain below those at December 31, 2025 due to the cessation of refining operations at Benicia Refinery.
VLO YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
VLO Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report a strong second quarter, driven by excellent operations and commercial execution across all three of our business segments. Our refineries, renewable diesel plants, and ethanol plants operated safely and reliably, helping to meet resilient demand for transportation fuels.”
— Lane Riggs, Q2 2026 Earnings Press Release
VLO Earnings Trends
VLO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VLO EPS Trend
Earnings per share: estimate vs actual
VLO Revenue Trend
Quarterly revenue: estimate vs actual
VLO Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $10.13 | $12.54 | +23.84% | $44.48B | +15.74% |
| Q1 26 BEAT | $3.16 | $4.22 | +33.54% | $32.38B | +8.41% |
| Q4 25 BEAT FY | $3.27 | $3.82 | +16.94% | $30.37B | +8.62% |
| FY Full Year | $10.02 | $10.61 | +5.90% | $122.69B | +1.57% |
| Q3 25 BEAT | $3.05 | $3.66 | +20.01% | $32.17B | +9.99% |
| Q2 25 BEAT | $1.76 | $2.28 | +29.78% | $29.89B | +10.10% |
| Q1 25 BEAT | $0.41 | $0.89 | +116.97% | $30.26B | +6.32% |