Valero Energy
Refiner and fuel marketer with renewable diesel and ethanol operations.
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Profile
Refines and markets gasoline, diesel, jet fuel, and petrochemical products across North America and the United Kingdom, with smaller renewable diesel and ethanol businesses. Refining margins depend on purchased feedstock costs versus product prices, while fuel regulations impose compliance costs and support lower-carbon fuel demand.
Manufactures and markets gasoline, diesel, jet fuel, and petrochemical products through the Refining segment. Refineries span the United States, Canada, and the United Kingdom; wholesale and bulk sales also reach Ireland and Latin America. Marine, pipeline, and terminal connections support feedstock sourcing and exports.
The Renewable Diesel segment produces renewable diesel, renewable naphtha, and sustainable aviation fuel through the Diamond Green Diesel joint venture. The Ethanol segment makes ethanol and distillers grains at Mid-Continent plants. Benicia has ceased fuel production, with customer supply continuing through imports and other arrangements.
Refining remains the dominant business. Earnings depend on spreads between purchased feedstock costs and product prices; renewable-fuel programs impose refining compliance costs and support lower-carbon fuel credits.
Company facts
Categories
Key statistics
Year to date +113% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 4, 2026 | Mizuho Securities | Target | $289 | $300 | |
| Aug 3, 2026 | Jefferies | Target | $312 | $350 | |
| Jul 31, 2026 | UBS | Reiterate | Buy | $280 | $355 |
| Jul 31, 2026 | Wells Fargo | Reiterate | Overweight | $151 | $356 |
| Jul 31, 2026 | Barclays | Reiterate | Overweight | $279 | $323 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $10.11 | $12.54 | +24.0% | $39.47B | $44.48B | +12.7% | +3.45% |
| Apr 30, 2026Q1 FY26 | $3.16 | $4.22 | +33.5% | $31.38B | $32.38B | +3.2% | −2.26% |
| Jan 29, 2026Q4 FY25 | $3.27 | $3.82 | +16.8% | $28.51B | $30.37B | +6.5% | −0.58% |
| Oct 23, 2025Q3 FY25 | $3.05 | $3.66 | +20.0% | $29.96B | $32.17B | +7.4% | −1.20% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $30.26B | $29.89B | $32.17B | $31.73B | $32.38B | $36.65B | |
| Gross profit | $496.0M | $1.22B | $1.77B | $3.26B | $2.88B | $7.15B | |
| Operating income | −$900.0M | $997.0M | $1.51B | $1.58B | $1.73B | $5.20B | |
| Net income | −$595.0M | $714.0M | $1.10B | $1.13B | $1.26B | $3.72B | |
| Diluted EPS | −$1.90 | $2.28 | $3.53 | $3.74 | $4.22 | $12.62 | |
| Gross margin | 1.6% | 4.1% | 5.5% | 10.3% | 8.9% | 19.5% | |
| Operating margin | -3.0% | 3.3% | 4.7% | 5.0% | 5.3% | 14.2% |
Fiscal years (4-quarter sums)FY21 $113.98B · FY22 $176.38B · FY23 $144.77B · FY24 $129.88B · FY25 $124.05B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $7.87B · Total debt $11.35B · Total assets $64.66B · Shareholders' equity $25.00B
Dividends
Raised for 15 straight years — most recently to $1.20 from $1.13 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 31 | $1.20 | |
| May 21, 2026 | May 21 | Jun 23 | $1.20 | |
| Feb 5, 2026 | Feb 5 | Mar 9 | $1.20 | raised from $1.13 |
| Nov 20, 2025 | Nov 20 | Dec 18 | $1.13 | |
| Jul 31, 2025 | Jul 31 | Sep 2 | $1.13 | |
| May 20, 2025 | May 20 | Jun 18 | $1.13 | |
| Jan 30, 2025 | Jan 30 | Mar 3 | $1.13 | raised from $1.07 |
| Nov 20, 2024 | Nov 20 | Dec 20 | $1.07 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 287.93M · Float 286.77M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 25.14M | 8.73% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 19.39M | 6.74% | 13F | Aug 13, 2026 |
| State Street Corp | 18.90M | 6.57% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management | 14.90M | 5.01% | 13G | Jul 31, 2026 |
| FMR LLC | 8.50M | 2.95% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 29, 2026 | Eric A. Fisher | officer: SVP | −7,500 | $268.17 |
| Jun 18, 2026 | Eric A. Fisher | officer: SVP | −7,500 | $236.90 |
| May 18, 2026 | Eric A. Fisher | officer: SVP | −7,500 | $251.61 |
| Mar 12, 2026 | Eric A. Fisher | officer: SVP | −400 | $238.60 |
| Mar 11, 2026 | Eric A. Fisher | officer: SVP | −8,311 | $227.69 |
Peers
- Marathon Petroleum
Closest capacity-scale peer; ~3M bpd refining plus growing renewable diesel.
- Phillips 66
Independent refiner with Rodeo Renewed — ~800M gal/yr renewable fuel complex.
- ExxonMobil
World-scale integrated refiner; Gulf Coast downstream rivals all VLO markets.
- PBF Energy
Pure-play refiner on acquired major assets; East Coast, Gulf, and West Coast.
- Chevron
Integrated major; West Coast refining leader with REG renewable diesel assets.
- HF Sinclair
Mid-Continent refiner with ~380M gal/yr renewable diesel in western US.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| Marathon Petroleum | $369.35 | +0.10% | $107.68B | 12.7 | 7.5 | 0.7 | +54.9% |
| Phillips 66 | $244.72 | +0.27% | $97.83B | 13.9 | 8.8 | 0.6 | +55.9% |
| ExxonMobil | $156.80 | +0.08% | $649.44B | 20.2 | 13.2 | 1.8 | +46.0% |
| PBF Energy | $71.90 | +0.93% | $8.45B | 6.3 | 3.8 | 0.2 | +56.2% |
| Chevron | $204.35 | +1.24% | $402.06B | 19.4 | 13.2 | 1.9 | +57.9% |
| HF Sinclair | $100.35 | +0.64% | $17.73B | 9.5 | 7.3 | 0.6 | +53.2% |
| Median | 13.3 | 8.2 | 0.7 | +55.4% |