Overview
VALERO ENERGY CORP/TX
Latest 10-K: FY2025, filed Feb 25, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $122.69B
- 5.5%YoYdown from FY2024
- TotalRevenue
- Gross profit
- $5.43B
- 13.0%YoYup from FY2024
- GrossProfit
- Operating income
- $3.18B
- 15.3%YoYdown from FY2024
- OperatingIncome
- Net income
- $2.35B
- 15.2%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $7.57
- 11.8%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 309.0M
- 4.0%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- VALERO ENERGY CORP/TX reported revenue of $122.69B for fiscal 2025, down 5.5% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 2.6% and net margin was 1.9%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $7.57, down 11.8% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $122.69B5.5%down Benchmark median 6.4% | $129.88B10.3%down Benchmark median 4.5% | $144.77B17.9%down Benchmark median 4.8% | $176.38B54.8%up Benchmark median 10.3% | $113.98B75.6%up Benchmark median 13.8% | 1.9% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $5.43B13.0%up Benchmark median 6.8% | $4.80B62.8%down Benchmark median 5.5% | $12.93B23.0%down Benchmark median 5.2% | $16.80B436.8%up Benchmark median 8.3% | $3.13Bn/m Benchmark median 15.7% | 14.8% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $3.18B15.3%down Benchmark median 7.3% | $3.75B68.3%down Benchmark median 7.4% | $11.86B24.4%down Benchmark median 4.9% | $15.69B636.6%up Benchmark median 7.5% | $2.13Bn/m Benchmark median 23.5% | 10.5% Benchmark median 7.2% |
| Net Income | $2.35B15.2%down Benchmark median 4.8% | $2.77B68.6%down Benchmark median 5.7% | $8.84B23.4%down Benchmark median 1.9% | $11.53B1139.6%up Benchmark median 1.3% | $0.93Bn/m Benchmark median 33.9% | 26.1% Benchmark median 4.1% |
| EPS (Diluted) | $7.5711.8%down Benchmark median 6.2% | $8.5865.6%down Benchmark median 7.9% | $24.9214.2%down Benchmark median 1.9% | $29.041179.3%up Benchmark median 1.5% | $2.27n/m Benchmark median 34.8% | 35.1% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $57.99B3.6%down Benchmark median 5.6% | $60.14B4.6%down Benchmark median 3.4% | $63.06B3.4%up Benchmark median 4.1% | $60.98B5.3%up Benchmark median 2.2% | $57.89B11.8%up Benchmark median 6.7% | 0.0% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $26.61B3.3%down Benchmark median 6.8% | $27.52B3.5%down Benchmark median 5.4% | $28.52B12.0%up Benchmark median 7.3% | $25.47B28.5%up Benchmark median 2.5% | $19.82B0.9%up Benchmark median 9.0% | 7.6% Benchmark median 6.1% |
| Cash & Equivalents | $4.69B0.7%up Benchmark median 5.2% | $4.66B14.1%down Benchmark median 1.9% | $5.42B11.6%up Benchmark median 6.7% | $4.86B18.0%up Benchmark median -8.6% | $4.12B24.4%up Benchmark median -2.9% | 3.3% Benchmark median 2.0% |
| Total Debt | $10.62B1.5%up Benchmark median 2.1% | $10.46B9.2%down Benchmark median 0.2% | $11.52B1.0%down Benchmark median 0.3% | $11.63B16.1%down Benchmark median 0.1% | $13.87B5.5%down Benchmark median -0.1% | -6.5% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.83B12.8%down Benchmark median 6.3% | $6.68B27.6%down Benchmark median 4.8% | $9.23B26.6%down Benchmark median 9.9% | $12.57B114.6%up Benchmark median -0.7% | $5.86B518.0%up Benchmark median 10.7% | -0.1% Benchmark median 7.0% |
| Capital Expenditures | — | $2.06B7.4%up Benchmark median 2.8% | $1.92B30.0%down Benchmark median 11.3% | $2.74B11.4%up Benchmark median 14.0% | $2.46B0.9%up Benchmark median 8.1% | — Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | — | $4.63B36.7%down Benchmark median 6.1% | $7.31B25.7%down Benchmark median 8.8% | $9.84B189.2%up Benchmark median -11.3% | $3.40Bn/m Benchmark median 10.2% | — Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.7%
Wall Street
on net earnings
FY2024 7.0%
— Not reported
Value investor
on free cash flow
FY2024 11.7%
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 21.5×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
11.3%
Wall Street
on EBITDA
FY2024 14.4%
5.7%
Value investor
on EBIT
FY2024 8.3%
Gap −5.6 pts: Value-investor figure 5.6 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 8.9×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
52.9%
Wall Street
on book equity
FY2024 69.7%
52.1%
Value investor
on tangible book
FY2024 68.7%
Gap −0.8 pts: Value-investor figure 0.8 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
8.7%
Wall Street
ROE: net income ÷ equity
FY2024 9.9%
6.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 7.6%
Gap −2.6 pts: Value-investor figure 2.6 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
5.2%
Wall Street
EBITDA margin
FY2024 5.0%
— Not reported
Value investor
Free-cash-flow margin
FY2024 3.6%
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.65×
Wall Street
Current ratio
FY2024 1.53×
1.11×
Value investor
Quick ratio, inventory excluded
FY2024 1.03×
Gap −0.54×: Value-investor figure 0.54 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.60×
Wall Street
EBITDA ÷ total debt
FY2024 0.62×
— Not reported
Value investor
FCF ÷ total debt
FY2024 0.44×
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 0.94×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
11.4×
Wall Street
EBITDA ÷ interest
FY2024 11.7×
5.7×
Value investor
EBIT ÷ interest
FY2024 6.8×
Gap −5.7×: Value-investor figure 5.7 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on VLO yet.
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Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/VLO
Valuein. (2026, October 30). VALERO ENERGY CORP/TX (VLO) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/VLO
@misc{valuein_vlo_2026,
author = {{Valuein}},
title = {VALERO ENERGY CORP/TX (VLO) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/VLO}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 25, 2026 · accession 0001628280-26-011499
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point-in-time · survivorship-free · every number traceable to its SEC filing
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