Valero Energy Corporation (VLO) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 32.38B | 31.73B | 32.17B | 29.89B | 30.26B | 30.76B | 32.88B | 34.49B | 31.76B | 35.41B | 38.4B | 34.51B | 36.44B | 41.75B | 44.45B | 51.64B | 38.54B | 35.9B | 29.52B | 27.75B |
| Revenue Growth % | 7.02% | 3.17% | -2.15% | -13.34% | -4.73% | -13.15% | -14.39% | -0.06% | -12.84% | -15.17% | -13.61% | -33.18% | -5.46% | 16.27% | 50.59% | 86.11% | 85.24% | 116.23% | 86.73% | 166.88% |
| Cost of Goods Sold | 29.5B | 28.47B | 30.41B | 28.67B | 29.76B | 30.14B | 32.13B | 33.06B | 29.79B | 33.55B | 34.65B | 31.54B | 32.14B | 37.08B | 40.44B | 45.17B | 36.93B | 34.01B | 28.61B | 27.05B |
| COGS % of Revenue | 91.11% | 89.72% | 94.53% | 95.91% | 98.36% | 97.99% | 97.74% | 95.86% | 93.79% | 94.74% | 90.21% | 91.39% | 88.21% | 88.83% | 90.97% | 87.48% | 95.83% | 94.71% | 96.93% | 97.49% |
| Gross Profit | 2.88B | 3.26B | 1.77B | 1.22B | 496M | 618M | 744M | 1.43B | 1.97B | 1.86B | 3.76B | 2.97B | 4.3B | 4.66B | 4.01B | 6.47B | 1.61B | 1.9B | 907M | 697M |
| Gross Margin % | 8.89% | 10.28% | 5.51% | 4.09% | 1.64% | 2.01% | 2.26% | 4.14% | 6.21% | 5.26% | 9.79% | 8.61% | 11.79% | 11.17% | 9.03% | 12.52% | 4.17% | 5.29% | 3.07% | 2.51% |
| Gross Profit Growth % | 480.65% | 427.83% | 138.17% | -14.44% | -74.84% | -66.83% | -80.21% | -51.95% | -54.13% | -60.06% | -6.31% | -54.07% | 167.23% | 145.73% | 342.34% | 827.83% | 482.86% | 887.55% | 321.22% | -64.46% |
| Operating Expenses | 1.15B | 1.69B | 262M | 224M | 1.4B | 270M | 237M | 206M | 292M | 310M | 256M | 211M | 254M | 369M | 220M | 248M | 224M | 304M | 214M | 188M |
| OpEx % of Revenue | 3.55% | 5.32% | 0.81% | 0.75% | 4.61% | 0.88% | 0.72% | 0.6% | 0.92% | 0.88% | 0.67% | 0.61% | 0.7% | 0.88% | 0.49% | 0.48% | 0.58% | 0.85% | 0.72% | 0.68% |
| Selling, General & Admin | 285M | 315M | 246M | 220M | 261M | 266M | 234M | 203M | 258M | 295M | 250M | 209M | 244M | 340M | 214M | 233M | 205M | 286M | 195M | 176M |
| SG&A % of Revenue | 0.88% | 0.99% | 0.76% | 0.74% | 0.86% | 0.86% | 0.71% | 0.59% | 0.81% | 0.83% | 0.65% | 0.61% | 0.67% | 0.81% | 0.48% | 0.45% | 0.53% | 0.8% | 0.66% | 0.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 1.73B | 1.57B | 1.51B | 997M | -900M | 348M | 507M | 1.22B | 1.68B | 1.55B | 3.5B | 2.76B | 4.04B | 4.29B | 3.79B | 6.22B | 1.38B | 1.59B | 693M | 509M |
| Operating Margin % | 5.35% | 4.96% | 4.69% | 3.34% | -2.97% | 1.13% | 1.54% | 3.54% | 5.29% | 4.39% | 9.12% | 7.99% | 11.1% | 10.29% | 8.53% | 12.04% | 3.59% | 4.44% | 2.35% | 1.83% |
| Operating Income Growth % | 292.33% | 352.59% | 197.63% | -18.35% | -153.6% | -77.59% | -85.53% | -55.74% | -58.47% | -63.84% | -7.62% | -55.64% | 192.12% | 169.45% | 447.19% | 1121.81% | 307.81% | 439.15% | 211.59% | -71.55% |
| EBITDA | 2.57B | 2.25B | 2.35B | 1.81B | -209M | 1.05B | 1.19B | 1.92B | 2.37B | 2.24B | 4.18B | 3.43B | 4.7B | 4.93B | 4.42B | 6.82B | 1.99B | 2.19B | 1.33B | 1.1B |
| EBITDA Margin % | 7.94% | 7.1% | 7.29% | 6.06% | -0.69% | 3.4% | 3.63% | 5.56% | 7.47% | 6.33% | 10.9% | 9.93% | 12.91% | 11.8% | 9.95% | 13.21% | 5.16% | 6.11% | 4.52% | 3.95% |
| EBITDA Growth % | 1330.14% | 115.39% | 96.73% | -5.53% | -108.8% | -53.37% | -71.52% | -44.08% | -49.52% | -54.48% | -5.4% | -49.74% | 136.33% | 124.82% | 231.63% | 521.79% | 2361.36% | 1948.6% | 19157.14% | -53.65% |
| D&A (Non-Cash Add-back) | 840M | 678M | 836M | 814M | 691M | 698M | 685M | 696M | 695M | 690M | 682M | 669M | 660M | 633M | 632M | 602M | 606M | 598M | 641M | 588M |
| EBIT | 1.6B | 1.66B | 1.59B | 1.08B | -780M | 458M | 630M | 1.34B | 1.82B | 1.57B | 3.53B | 2.79B | 4.07B | 4.39B | 3.8B | 6.25B | 1.36B | 1.43B | 754M | 611M |
| Net Interest Income | -140M | -139M | -139M | -141M | -137M | -135M | -141M | -140M | -140M | -53M | -75M | -86M | -146M | -137M | -102M | -132M | -145M | -152M | -152M | -150M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96M | 74M | 62M | 0 | 0 | 36M | 10M | 0 | 0 | 0 | 0 |
| Interest Expense | 140M | 139M | 139M | 141M | 137M | 135M | 141M | 140M | 140M | 149M | 149M | 148M | 146M | 137M | 138M | 142M | 145M | 152M | 152M | 150M |
| Other Income/Expense | -8M | -51M | -53M | -55M | -17M | -25M | -18M | -18M | 4M | -4M | -27M | -42M | -17M | -45M | -64M | -109M | -165M | -315M | -120M | -48M |
| Pretax Income | 1.72B | 1.52B | 1.46B | 942M | -917M | 323M | 489M | 1.2B | 1.68B | 1.55B | 3.48B | 2.72B | 4.03B | 4.25B | 3.73B | 6.11B | 1.22B | 1.28B | 573M | 461M |
| Pretax Margin % | 5.32% | 4.8% | 4.53% | 3.15% | -3.03% | 1.05% | 1.49% | 3.49% | 5.3% | 4.37% | 9.05% | 7.87% | 11.05% | 10.18% | 8.39% | 11.83% | 3.16% | 3.56% | 1.94% | 1.66% |
| Income Tax | 401M | 355M | 390M | 279M | -265M | -34M | 96M | 277M | 353M | 331M | 813M | 595M | 880M | 1.02B | 816M | 1.34B | 252M | 169M | 65M | 169M |
| Effective Tax Rate % | 23.27% | 23.29% | 26.79% | 29.62% | 28.9% | -10.53% | 19.63% | 23.03% | 20.97% | 21.37% | 23.39% | 21.9% | 21.86% | 23.95% | 21.89% | 21.96% | 20.67% | 13.21% | 11.34% | 36.66% |
| Net Income | 1.26B | 1.13B | 1.09B | 714M | -595M | 281M | 364M | 880M | 1.25B | 1.2B | 2.62B | 1.94B | 3.07B | 3.11B | 2.82B | 4.69B | 905M | 1.01B | 463M | 162M |
| Net Margin % | 3.9% | 3.57% | 3.4% | 2.39% | -1.97% | 0.91% | 1.11% | 2.55% | 3.92% | 3.39% | 6.83% | 5.63% | 8.42% | 7.46% | 6.34% | 9.09% | 2.35% | 2.81% | 1.57% | 0.58% |
| Net Income Growth % | 312.27% | 303.56% | 200.82% | -18.86% | -147.79% | -76.62% | -86.12% | -54.73% | -59.41% | -61.39% | -6.92% | -58.58% | 238.89% | 208.52% | 508.42% | 2796.91% | 228.55% | 381.06% | 199.78% | -87.07% |
| Net Income (Continuing) | 1.32B | 1.17B | 1.07B | 663M | -652M | 357M | 393M | 926M | 1.33B | 1.22B | 2.66B | 2.12B | 3.15B | 3.23B | 2.91B | 4.77B | 967M | 1.11B | 508M | 292M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.06B | 2.88B | 2.99B | 2.87B | 2.83B | 3.01B | 2.75B | 2.81B | 2.77B | 2.18B | 2.08B | 2.14B | 2.09B | 1.91B | 1.8B | 1.76B | 1.59B | 1.39B | 1.11B | 1.05B |
| EPS (Diluted) | 4.22 | 3.74 | 3.53 | 2.28 | -1.90 | 0.89 | 1.14 | 2.71 | 3.75 | 3.55 | 7.49 | 5.41 | 8.28 | 8.14 | 7.22 | 11.62 | 2.22 | 2.46 | 1.13 | 0.39 |
| EPS Growth % | 322.11% | 320.22% | 209.65% | -15.87% | -150.67% | -74.93% | -84.78% | -49.91% | -54.71% | -56.39% | 3.74% | -53.44% | 272.97% | 230.89% | 538.94% | 2879.49% | 228.32% | 379.55% | 199.12% | -87.3% |
| EPS (Basic) | 4.22 | 3.74 | 3.54 | 2.28 | -1.90 | 0.89 | 1.14 | 2.71 | 3.75 | 3.56 | 7.49 | 5.41 | 8.28 | 8.16 | 7.22 | 11.62 | 2.22 | 2.47 | 1.13 | 0.39 |
| Diluted Shares Outstanding | 298M | 303M | 309M | 312M | 314M | 316M | 318M | 324M | 331M | 338M | 349M | 358M | 369M | 381M | 390M | 404M | 408M | 408M | 408M | 407M |
| Basic Shares Outstanding | 298M | 303M | 309M | 312M | 314M | 315M | 318M | 324M | 331M | 337M | 349M | 358M | 369M | 380M | 390M | 404M | 408M | 407M | 407M | 407M |
| Dividend Payout Ratio | 28.42% | 30.34% | 32.05% | 49.58% | - | 120.64% | 93.96% | 39.43% | 28.59% | 28.79% | 13.73% | 18.88% | 12.36% | 12.08% | 13.7% | 8.5% | 44.31% | 39.74% | 86.39% | 247.53% |