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Valero Energy Corporation manufactures, markets, and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, Peru, and internationally. It operates through three segments: Refining, Renewable Diesel, and Ethanol. The company produces California Reformulated Gasoline Blendstock for Oxygenate Blending (CARBOB) and Conventional Blendstock for Oxygenate Blending (CBOB) gasolines, CARB diesel, diesel, jet fuel, heating oil, and asphalt; feedstocks; aromatics; sulfur and residual fuel oil; intermediate oils; and sulfur, sweet, and sour crude oils. It sells its refined products through wholesale rack and bulk markets; and through outlets under the Valero, Beacon, Diamond Shamrock, Shamrock, Ultramar, and Texaco brands. The company also owns and operates renewable diesel and ethanol plants, as well as produces and sells renewable diesel, renewable naphtha, and neat sustainable aviation fuel under the Diamond Green Diesel brand name. In addition, it offers ethanol and various co-products, including dry distillers grains, syrup, and inedible distillers corn oil to animal feed customers. The company was formerly known as Valero Refining and Marketing Company and changed its name to Valero Energy Corporation in August 1997. Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $122.7B | $6.7B | $2.3B | $5.0B | 9.9% | -5.5% | -15.2% |
| 2024 | $129.9B | $7.0B | $2.8B | $5.8B | 11.3% | -10.3% | -68.6% |
| 2023 | $144.8B | $15.1B | $8.8B | $8.3B | 33.5% | -17.9% | -23.4% |
| 2022 | $176.4B | $18.3B | $11.5B | $10.9B | 48.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 176,383 | 144,766 | 129,881 | 122,687 |
| Operating Revenue | - | 181,577 | 150,531 | 135,788 | 129,435 |
| Cost Of Revenue | - | 159,632 | 131,877 | 125,121 | 117,318 |
| Gross Profit | - | 16,751 | 12,889 | 4,760 | 5,369 |
| Operating Expense | - | 1,000 | 1,031 | 1,005 | 1,057 |
| Selling General And Administration | - | 934 | 998 | 961 | 1,042 |
| Total Expenses | - | 160,632 | 132,908 | 126,126 | 118,375 |
| Operating Income | - | 15,751 | 11,858 | 3,755 | 4,312 |
| Total Operating Income As Reported | - | 15,690 | 11,858 | 3,755 | 3,181 |
| EBITDA | - | 18,342 | 15,061 | 7,028 | 6,719 |
| Normalized EBITDA | - | 18,403 | 15,061 | 7,028 | 7,850 |
| EBIT | - | 15,869 | 12,360 | 4,254 | 3,561 |
| Interest Income | 171 | 223 | 293 | - | - |
| Interest Expense | - | 562 | 592 | 556 | 556 |
| Net Interest Income | - | -562 | -592 | -556 | -556 |
| Other Non Operating Income Expenses | - | 179 | 502 | 499 | 380 |
| Other Income Expense | - | 118 | 502 | 499 | -751 |
| Interest Income Non Operating | 171 | 223 | 293 | - | - |
| Interest Expense Non Operating | - | 562 | 592 | 556 | 556 |
| Net Non Operating Interest Income Expense | - | -562 | -592 | -556 | -556 |
| Pretax Income | - | 15,307 | 11,768 | 3,698 | 3,005 |
| Tax Provision | - | 3,428 | 2,619 | 692 | 759 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -13.66 | 0 | 0 | -286.14 |
| Net Income Continuous Operations | - | 11,879 | 9,149 | 3,006 | 2,246 |
| Net Income From Continuing And Discontinued Operation | - | 11,528 | 8,835 | 2,770 | 2,348 |
| Net Income From Continuing Operation Net Minority Interest | - | 11,528 | 8,835 | 2,770 | 2,348 |
| Net Income | - | 11,528 | 8,835 | 2,770 | 2,348 |
| Net Income Common Stockholders | - | 11,485 | 8,808 | 2,762 | 2,341 |
| Net Income Including Noncontrolling Interests | - | 11,879 | 9,149 | 3,006 | 2,246 |
| Normalized Income | - | 11,575.34 | 8,835 | 2,770 | 3,192.86 |
| Diluted NI Availto Com Stockholders | - | 11,485 | 8,808 | 2,762 | 2,341 |
| Basic Average Shares | - | 395 | 353 | 322 | 309 |
| Diluted Average Shares | - | 396 | 353 | 322 | 309 |
| Reconciled Depreciation | - | 2,473 | 2,701 | 2,774 | 3,158 |
| Reconciled Cost Of Revenue | - | 159,632 | 131,877 | 125,121 | 117,318 |
| Total Unusual Items | - | -61 | 0 | 0 | -1,131 |
| Total Unusual Items Excluding Goodwill | - | -61 | 0 | 0 | -1,131 |
| Minority Interests | - | -351 | -314 | -236 | 102 |
| Special Income Charges | - | -61 | 0 | 0 | -1,131 |
| Gain On Sale Of Business | 62 | 0 | - | - | - |
| Other Special Charges | 193 | -14 | -11 | - | - |
| Impairment Of Capital Assets | - | 61 | 0 | 0 | 1,131 |
| General And Administrative Expense | - | 934 | 998 | 961 | 1,042 |
| Other Gand A | - | 934 | 998 | 961 | 1,042 |
| Salaries And Wages | 0 | 58 | 0 | - | - |
| Other Operating Expenses | - | 66 | 33 | 44 | 15 |
| Otherunder Preferred Stock Dividend | - | 43 | 27 | 8 | 7 |
| Earnings From Equity Interest | - | 118 | 198 | - | - |
| Excise Taxes | - | 5,194 | 5,765 | 5,907 | 6,748 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Valero Energy Corporationthis co. | VLO | $76.9B | 32.73↑ premium | 3.24 | 9.9% | 12.48 |
| The Williams Companies, Inc. | WMB | $88.6B | 33.84 | 6.94 | 20.5% | 15.90 |
| SLB N.V. | SLB | $86.7B | 25.70 | 3.32 | 12.9% | 13.70 |
| Marathon Petroleum Corporation | MPC | $78.0B | 19.26 | 4.50 | 23.4% | 9.30 |
| EOG Resources, Inc. | EOG | $75.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 15.07 |
| 2.52 |
| 16.7% |
| 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Baker Hughes Company | BKR | $65.6B | 25.34 | 3.48 | 13.7% | 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Peer Median | - | 24.08 | 2.93 | 14.4% | 11.59 | |