Valero Energy (VLO) financial statements
Valero Energy reported revenue of $122.7B in fiscal 2025, up 5.5% a year over 9 years.
Net income was $2.3B and the operating margin 2.6%, against 4.7% in 2016.
The diluted share count fell 33% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Valero Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75.7B | $94.0B | $117.0B | $108.3B | $64.9B | $114.0B | $176.4B | $144.8B | $129.9B | $122.7B |
| Cost of revenue | $71.3B | $89.5B | $111.4B | $103.5B | $65.7B | $110.8B | $159.6B | $131.8B | $125.1B | $117.3B |
| Gross profit | $4.3B | $4.5B | $5.6B | $4.8B | -$740M | $3.1B | $16.8B | $12.9B | $4.8B | $5.4B |
| Selling, general and admin | $709M | $829M | $925M | $868M | $756M | $865M | $934M | $998M | $961M | $1.0B |
| Operating income | $3.5B | $3.6B | $4.6B | $3.8B | -$1.6B | $2.1B | $15.7B | $11.9B | $3.8B | $3.2B |
| Interest expense | $446M | $468M | $470M | $454M | $563M | $603M | $562M | $592M | $556M | $556M |
| Pre-tax income | $3.2B | $3.2B | $4.2B | $3.5B | -$2.0B | $1.5B | $15.3B | $11.8B | $3.7B | $3.0B |
| Income tax | $765M | -$949M | $879M | $702M | -$903M | $255M | $3.4B | $2.6B | $692M | $759M |
| Net income | $2.3B | $4.1B | $3.1B | $2.4B | -$1.4B | $930M | $11.5B | $8.8B | $2.8B | $2.3B |
| EPS (diluted) | $4.94 | $9.16 | $7.29 | $5.84 | -$3.50 | $2.27 | $29.04 | $24.92 | $8.58 | $7.57 |
| Diluted shares | 464M | 444M | 428M | 414M | 407M | 407M | 396M | 353M | 322M | 309M |
| Gross margin | 5.7% | 4.8% | 4.8% | 4.4% | -1.1% | 2.7% | 9.5% | 8.9% | 3.7% | 4.4% |
| Operating margin | 4.7% | 3.8% | 3.9% | 3.5% | -2.4% | 1.9% | 8.9% | 8.2% | 2.9% | 2.6% |
| Net margin | 3.0% | 4.3% | 2.7% | 2.2% | -2.2% | 0.8% | 6.5% | 6.1% | 2.1% | 1.9% |
Balance sheet
Fiscal years, from Valero Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.8B | $5.8B | $3.0B | $2.6B | $3.3B | $4.1B | $4.9B | $5.4B | $4.7B | $4.7B |
| Receivables | $5.9B | $6.9B | $7.3B | $9.0B | $6.1B | $10.4B | $11.9B | $12.5B | $10.7B | $9.9B |
| Inventory | $5.7B | $6.4B | $6.5B | $7.0B | $6.0B | $6.3B | $6.8B | $7.6B | $7.8B | $7.6B |
| Total current assets | $16.8B | $19.3B | $17.7B | $19.0B | $15.8B | $21.2B | $24.1B | $26.2B | $23.7B | $23.2B |
| Property, plant and equipment | $26.5B | $27.5B | $28.8B | $29.3B | $30.4B | $30.8B | $31.0B | $30.2B | $29.3B | $27.6B |
| Goodwill | — | $0 | $260M | $260M | $260M | $260M | $260M | $260M | $260M | $260M |
| Total assets | $46.2B | $50.2B | $50.2B | $53.9B | $51.8B | $57.9B | $61.0B | $63.1B | $60.1B | $58.0B |
| Total current liabilities | $8.3B | $11.1B | $10.7B | $13.2B | $9.3B | $16.9B | $17.5B | $16.8B | $15.5B | $14.1B |
| Long-term debt | $7.9B | $8.8B | $8.9B | $9.2B | $14.0B | $12.6B | $10.5B | $10.1B | $9.7B | $9.7B |
| Total liabilities | $25.3B | $27.3B | $27.4B | $31.3B | $32.1B | $38.1B | $35.5B | $34.5B | $32.6B | $31.4B |
| Shareholders' equity | $20.0B | $22.0B | $21.7B | $21.8B | $18.8B | $18.4B | $23.6B | $26.3B | $24.5B | $23.7B |
| Net debt | $3.2B | $3.0B | $6.1B | $7.1B | $11.4B | $9.7B | $6.8B | $6.1B | $5.8B | $5.9B |
Cash flow
Fiscal years, from Valero Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.8B | $5.5B | $4.4B | $5.5B | $948M | $5.9B | $12.6B | $9.2B | $6.7B | $5.8B |
| Capital spending | $1.3B | $1.4B | $915M | $2.8B | $2.4B | $2.5B | $2.7B | $1.9B | $2.1B | — |
| Free cash flow | $3.5B | $4.1B | $3.5B | $2.7B | -$1.5B | $3.4B | $9.8B | $7.3B | $4.6B | — |
| Stock-based compensation | $68M | $77M | $86M | $89M | $80M | $88M | $103M | $107M | $100M | $117M |
| Dividends paid | $1.1B | $1.2B | $1.4B | $1.5B | $1.6B | $1.6B | $1.6B | $1.5B | $1.4B | $1.4B |
| Share buybacks (net) | -$1.3B | -$1.4B | -$1.7B | -$777M | -$156M | -$27M | -$4.6B | -$5.1B | -$2.9B | -$2.6B |
| Net borrowing | $2.2B | $380M | — | — | — | — | — | — | — | — |
| Free cash flow margin | 4.7% | 4.4% | 3.0% | 2.5% | -2.3% | 3.0% | 5.6% | 5.1% | 3.6% | — |
| Dividends per share | $2.39 | $2.80 | $3.20 | $3.60 | $3.93 | $3.94 | $3.94 | $4.11 | $4.30 | $4.55 |
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What was Valero Energy's revenue in 2025?
$122.7B in fiscal 2025, from its 10-K filing.
From Valero Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.