VALERO ENERGY CORP/TX (VLO) Form 8-K — Oct 22, 2026
Valero reported Q3 2026 net income of $6.8 billion, or $23.89 per share, versus $1.1 billion, or $3.53 per share, in Q3 2025 — an extraordinary surge driven by refining operating income of $8.8 billion versus $1.6 billion a year ago. Refining margin per barrel jumped to $39.24 from $13.14, Renewable Diesel swung to a $353 million operating profit from a $28 million loss, and Ethanol hit a quarterly production record of 4.8 million gallons per day. Revenue rose 43% to $46.1 billion.
Key figures
- Eps
- $23.89 diluted ($23.90 adjusted)
- Revenue
- 46098
- Net Income
- 6828
- Total Debt
- 8579
- Revenue Yoy
- 43.3% ($46,098M vs $32,168M in Q3 2025)
- Cash Position
- 9840
- Debt repaid
- $526M total ($100M 7.65% debentures July; $426M 3.400% senior notes September)
- Payout ratio
- 52% of adjusted operating cash flow
- Effective tax rate
- 23%
- Throughput volumes
- 2,972 thousand barrels per day
- Capital investments
- $432M
- Dividends per share
- $1.20 vs $1.13
- Operating cash flow
- $6,932M
- Refining margin per bbl
- $39.24 vs $13.14
- Ethanol operating income
- $272M vs $183M
- Ethanol production record
- 4.8 million gallons per day quarterly record
- Refining operating income
- $8,782M vs $1,610M in Q3 2025
- Adjusted operating cash flow
- $7,253M
- Renewable diesel operating income
- $353M vs $(28)M loss in Q3 2025
- Debt to capitalization net of cash
- 4%
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