Valero Energy

Energy Oil & Gas Refining & Marketing San Antonio, Texas Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$122.7B
                    3y CAGR -11.4%
                    
                    P12
                    
                    -5.5%
                    
                    Net income
                    FY2025
                
$2.3B
                    Net margin +1.9%
                    
                    P6
                    
                    -15.2%
                    
                    Total assets
                    FY2025
                
$58.0B
                    ROA +4.0%
                    
                    P16
                    
                    -3.6%
                    
                    Operating cash flow
                    FY2025
                
$5.8B
                    
                    -12.8%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

23 accounts · 10 years

Total assets $58.0B

Total liabilities ~$34.3B

Shareholders equity $23.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$4.7B 0.7%	$4.7B -14.1%	$5.4B 11.6%	$4.9B 18.0%	$4.1B 24.4%	$3.3B 28.3%	$2.6B -13.4%	$3.0B -49.0%	$5.8B 21.5%	$4.8B
Accounts Receivable	$9.9B -7.8%	$10.7B -14.5%	$12.5B 5.1%	$11.9B 14.8%	$10.4B 69.9%	$6.1B -32.0%	$9.0B 22.4%	$7.3B 6.1%	$6.9B 17.3%	$5.9B
Inventory	$7.6B -2.2%	$7.8B 2.3%	$7.6B 12.3%	$6.8B 7.8%	$6.3B 3.8%	$6.0B -13.9%	$7.0B 7.4%	$6.5B 2.3%	$6.4B 11.8%	$5.7B
Prepaid Expenses	$1.1B 72.5%	$611.0M -11.3%	$689.0M 14.8%	$600.0M 50.0%	$400.0M 4.2%	$384.0M -0.3%	$385.0M -52.8%	$816.0M 423.1%	$156.0M -58.3%	$374.0M
Total Current Assets	$23.2B -2.2%	$23.7B -9.5%	$26.2B 8.7%	$24.1B 14.0%	$21.2B 33.6%	$15.8B -16.5%	$19.0B 7.3%	$17.7B -8.5%	$19.3B 15.0%	$16.8B
Property,Plant and Equipment	$27.6B -5.8%	$29.3B -3.0%	$30.2B -2.5%	$31.0B 0.4%	$30.8B 1.5%	$30.4B 3.8%	$29.3B 1.4%	$28.8B 5.0%	$27.5B 3.8%	$26.5B
Other Noncurrent Assets	$7.2B 1.0%	$7.1B 7.0%	$6.6B 12.9%	$5.9B -0.1%	$5.9B 6.0%	$5.5B -1.6%	$5.6B 55.0%	$3.6B 7.9%	$3.4B 16.0%	$2.9B
Total Assets	$58.0B -3.6%	$60.1B -4.6%	$63.1B 3.4%	$61.0B 5.3%	$57.9B 11.8%	$51.8B -3.9%	$53.9B 7.4%	$50.2B 0.0%	$50.2B 8.6%	$46.2B
Liabilities
Accounts Payable	$10.1B -16.2%	$12.1B -3.8%	$12.6B -1.3%	$12.7B 1.9%	$12.5B 105.4%	$6.1B -40.4%	$10.2B 18.7%	$8.6B 2.9%	$8.3B 31.3%	$6.4B
Accrued Liabilities	$3.0B 13.6%	$2.7B -6.0%	$2.8B -21.9%	$3.6B 17.2%	$3.1B 24.8%	$2.5B 0.7%	$2.5B 30.1%	$1.9B -27.3%	$2.6B 40.1%	$1.9B
Current Portion of Long Term Debt	$949.0M 27.7%	$743.0M -47.2%	$1.4B 26.8%	$1.1B -12.3%	$1.3B 74.8%	$723.0M 46.4%	$494.0M 107.6%	$238.0M 95.1%	$122.0M 6.1%	$115.0M
Total Current Liabilities	$14.1B -8.9%	$15.5B -7.8%	$16.8B -3.8%	$17.5B 3.6%	$16.9B 81.5%	$9.3B -29.5%	$13.2B 22.7%	$10.7B -3.1%	$11.1B 32.9%	$8.3B
Long Term Debt	$9.7B -0.5%	$9.7B -3.9%	$10.1B -3.9%	$10.5B -16.5%	$12.6B -9.7%	$14.0B 52.0%	$9.2B 3.5%	$8.9B 1.4%	$8.8B 11.0%	$7.9B
Deferred Tax Liabilities	$5.1B -2.3%	$5.3B -1.5%	$5.3B 2.5%	$5.2B 0.1%	$5.2B -1.2%	$5.3B 3.4%	$5.1B 2.8%	$5.0B 5.4%	$4.7B -36.0%	$7.4B
Other Noncurrent Liabilities	$2.5B 14.9%	$2.1B -5.4%	$2.3B -2.0%	$2.3B -32.1%	$3.4B -6.0%	$3.6B -6.9%	$3.9B 35.6%	$2.9B 5.1%	$2.7B 56.5%	$1.7B
Equity
Common Stock	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M 0.0%	$7.0M
Additional Paid In Capital	$7.0B 0.6%	$6.9B 0.6%	$6.9B 0.6%	$6.9B 0.5%	$6.8B 0.2%	$6.8B -0.1%	$6.8B -3.2%	$7.0B 0.1%	$7.0B -0.7%	$7.1B
Retained Earnings	$48.0B 2.0%	$47.0B 3.0%	$45.6B 19.3%	$38.2B 35.2%	$28.3B -2.3%	$29.0B -9.4%	$32.0B 3.0%	$31.0B 6.3%	$29.2B 10.7%	$26.4B
Treasury Stock	$30.8B 9.1%	$28.2B 11.3%	$25.3B 25.4%	$20.2B 28.8%	$15.7B -0.3%	$15.7B 0.5%	$15.6B 4.8%	$14.9B 12.1%	$13.3B 10.7%	$12.0B
Accumulated Other Comprehensive Income	$-469.0M 63.1%	$-1.3B -46.2%	$-870.0M 36.0%	$-1.4B -34.8%	$-1.0B 19.6%	$-1.3B 7.2%	$-1.4B 10.4%	$-1.5B -60.3%	$-940.0M 33.3%	$-1.4B
Total Stockholders Equity	$23.7B -3.2%	$24.5B -7.0%	$26.3B 11.8%	$23.6B 27.8%	$18.4B -2.0%	$18.8B -13.8%	$21.8B 0.6%	$21.7B -1.5%	$22.0B 9.8%	$20.0B
Noncontrolling Interest	$2.9B -4.3%	$3.0B 38.2%	$2.2B 14.2%	$1.9B 37.5%	$1.4B 64.9%	$841.0M 14.7%	$733.0M -31.1%	$1.1B 17.1%	$909.0M 9.5%	$830.0M
Total Liabilitiesand Equity	$58.0B -3.6%	$60.1B -4.6%	$63.1B 3.4%	$61.0B 5.3%	$57.9B 11.8%	$51.8B -3.9%	$53.9B 7.4%	$50.2B 0.0%	$50.2B 8.6%	$46.2B

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $122.7B

Operating income $3.2B

Net income $2.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$122.7B -5.5%	$129.9B -10.3%	$144.8B -17.9%	$176.4B 54.8%	$114.0B 75.6%	$64.9B -40.1%	$108.3B -7.4%	$117.0B 24.5%	$94.0B 24.2%	$75.7B
Expenses Cost of Revenue	$117.3B -6.3%	$125.1B -5.1%	$131.8B -17.4%	$159.6B 44.0%	$110.8B 68.8%	$65.7B -36.6%	$103.5B -7.1%	$111.4B 24.5%	$89.5B 25.5%	$71.3B
Expenses Selling,General and Administrative	$1.0B 8.4%	$961.0M -3.7%	$998.0M 6.9%	$934.0M 8.0%	$865.0M 14.4%	$756.0M -12.9%	$868.0M -6.2%	$925.0M 11.6%	$829.0M 16.9%	$709.0M
Expenses Depreciation and Amortization	$63.0M 40.0%	$45.0M 4.7%	$43.0M -4.4%	$45.0M -4.3%	$47.0M -2.1%	$48.0M -9.4%	$53.0M 1.9%	$52.0M 0.0%	$52.0M	—
Expenses Restructuring and Asset Impairment	$1.1B	$0	$0 -100.0%	$61.0M	$0	$0	—	—	—	$56.0M
Expenses Other Operating Expenses	$15.0M -65.9%	$44.0M 33.3%	$33.0M -50.0%	$66.0M -24.1%	$87.0M 148.6%	$35.0M 66.7%	$21.0M -53.3%	$45.0M -26.2%	$61.0M	$0
Other Income Expense Operating Income	$3.2B -15.3%	$3.8B -68.3%	$11.9B -24.4%	$15.7B 636.6%	$2.1B 234.9%	$-1.6B -141.2%	$3.8B -16.1%	$4.6B 28.3%	$3.6B 0.8%	$3.5B
Other Income Expense Interest Expense	$556.0M 0.0%	$556.0M -6.1%	$592.0M 5.3%	$562.0M -6.8%	$603.0M 7.1%	$563.0M 24.0%	$454.0M -3.4%	$470.0M 0.4%	$468.0M 4.9%	$446.0M
Other Income Expense Other Income/expense	$380.0M -23.8%	$499.0M -0.6%	$502.0M 180.4%	$179.0M 1018.8%	$16.0M -87.9%	$132.0M 26.9%	$104.0M -20.0%	$130.0M 16.1%	$112.0M 19.1%	$94.0M
Other Income Expense Income Before Tax	$3.0B -18.7%	$3.7B -68.6%	$11.8B -23.1%	$15.3B 892.0%	$1.5B 176.8%	$-2.0B -157.7%	$3.5B -17.6%	$4.2B 32.0%	$3.2B 0.8%	$3.2B
Income Tax Income Tax Expense	$759.0M 9.7%	$692.0M -73.6%	$2.6B -23.6%	$3.4B 1244.3%	$255.0M 128.2%	$-903.0M -228.6%	$702.0M -20.1%	$879.0M 192.6%	$-949.0M -224.1%	$765.0M
net Income Other Items Below Tax	$102.0M 143.2%	$-236.0M 24.8%	$-314.0M 10.5%	$-351.0M 2.0%	$-358.0M -14.0%	$-314.0M 13.3%	$-362.0M -56.7%	$-231.0M -153.8%	$-91.0M 28.9%	$-128.0M
net Income net Income	$2.3B -15.2%	$2.8B -68.6%	$8.8B -23.4%	$11.5B 1139.6%	$930.0M 165.4%	$-1.4B -158.7%	$2.4B -22.4%	$3.1B -23.2%	$4.1B 77.6%	$2.3B
net Income Comprehensive Income	$3.2B 33.1%	$2.4B -74.6%	$9.3B -16.6%	$11.2B 850.4%	$1.2B 188.8%	$-1.3B -151.4%	$2.6B -2.6%	$2.6B -41.7%	$4.5B 150.3%	$1.8B
Earnings Per Share Basic Eps	$8 -11.8%	$9 -65.6%	$25 -14.2%	$29 1179.7%	$2 164.9%	$-4 -159.9%	$6 -20.0%	$7 -20.4%	$9 85.6%	$5
Earnings Per Share Diluted Eps	$8 -11.8%	$9 -65.6%	$25 -14.2%	$29 1179.3%	$2 164.9%	$-4 -159.9%	$6 -19.9%	$7 -20.4%	$9 85.4%	$5
Earnings Per Share Weighted Average Shares Diluted	$309.0M -4.0%	$322.0M -8.8%	$353.0M -10.9%	$396.0M -2.7%	$407.0M 0.0%	$407.0M -1.7%	$414.0M -3.3%	$428.0M -3.6%	$444.0M -4.3%	$464.0M

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $5.8B

Investing cash flow $-1.8B

Financing cash flow $-4.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$2.2B -25.3%	$3.0B -67.1%	$9.1B -23.0%	$11.9B 822.3%	$1.3B 216.4%	$-1.1B -139.8%	$2.8B -17.0%	$3.4B -19.3%	$4.2B 71.9%	$2.4B
Operating Activities Depreciation and Amortization	$3.2B 13.8%	$2.8B 2.7%	$2.7B 9.2%	$2.5B 2.8%	$2.4B 2.3%	$2.4B 4.3%	$2.3B 9.0%	$2.1B 4.2%	$2.0B 4.9%	$1.9B
Operating Activities Deferred Income Taxes	$-197.0M -126.4%	$-87.0M -184.5%	$103.0M 106.0%	$50.0M 139.7%	$-126.0M -179.7%	$158.0M -32.5%	$234.0M 15.3%	$203.0M 108.0%	$-2.5B -1205.7%	$230.0M
Operating Activities Changes In Operating Assets and Liabilities	$-499.0M -197.5%	$512.0M 119.2%	$-2.7B -42.0%	$-1.9B -186.8%	$2.2B 596.8%	$-435.0M -284.3%	$236.0M 118.8%	$-1.3B -166.6%	$1.9B 94.1%	$970.0M
Operating Activities Other Non Cash Items	$1.1B 133.9%	$478.0M 883.6%	$-61.0M -229.8%	$47.0M -64.1%	$131.0M 789.5%	$-19.0M -186.4%	$22.0M	$0	$0 100.0%	$-691.0M
Operating Activities net Cash From Operating Activities	$5.8B -12.8%	$6.7B -27.6%	$9.2B -26.6%	$12.6B 114.6%	$5.9B 518.0%	$948.0M -82.9%	$5.5B 26.5%	$4.4B -20.3%	$5.5B 13.7%	$4.8B
Investing Activities Purchases of Investments	$-27.0M 6.9%	$-29.0M 89.5%	$-276.0M -176.0%	$-100.0M	$0	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	$30.0M -63.0%	$81.0M -74.2%	$314.0M 6180.0%	$5.0M	$0	—	—	—	—	—
Investing Activities Other Investing Activities	$37.0M 54.2%	$24.0M 84.6%	$13.0M -51.9%	$27.0M -91.0%	$299.0M 2618.2%	$11.0M 104.8%	$-227.0M -31.2%	$-173.0M 60.1%	$-434.0M -4240.0%	$-10.0M
Investing Activities net Cash From Investing Activities	$-1.8B 6.9%	$-2.0B -6.2%	$-1.9B 33.5%	$-2.8B -29.9%	$-2.2B 11.0%	$-2.4B 19.2%	$-3.0B 23.6%	$-3.9B -64.9%	$-2.4B -18.7%	$-2.0B
Financing Activities Repayment of Debt	$0	$0 100.0%	$-5.0M 91.1%	$-56.0M 68.7%	$-179.0M	$0 100.0%	$-21.0M	—	$-21.0M 98.6%	$-1.5B
Financing Activities Repurchase of Common Stock	$-2.6B 9.6%	$-2.9B 44.0%	$-5.1B -12.2%	$-4.6B -16851.9%	$-27.0M 82.7%	$-156.0M 79.9%	$-777.0M 54.5%	$-1.7B -24.5%	$-1.4B -2.7%	$-1.3B
Financing Activities Dividends Paid	$-1.4B -1.5%	$-1.4B 4.7%	$-1.5B 7.0%	$-1.6B 2.5%	$-1.6B -0.1%	$-1.6B -7.2%	$-1.5B -9.0%	$-1.4B -10.2%	$-1.2B -11.8%	$-1.1B
Financing Activities Other Financing Activities	$-85.0M 40.1%	$-142.0M -65.1%	$-86.0M -155.1%	$156.0M -7.7%	$169.0M 169.8%	$-242.0M 76.8%	$-1.0B -1111.6%	$-86.0M -36.5%	$-63.0M 75.7%	$-259.0M
Financing Activities net Cash From Financing Activities	$-4.2B 17.2%	$-5.0B 27.3%	$-6.9B 21.6%	$-8.8B -210.9%	$-2.8B -237.0%	$2.1B 169.3%	$-3.0B 5.4%	$-3.2B -39.4%	$-2.3B -12.9%	$-2.0B
Cash Reconciliation Effect of Exchange Rate On Cash	$237.0M 195.6%	$-248.0M -278.4%	$139.0M 177.2%	$-180.0M -300.0%	$-45.0M -134.6%	$130.0M 91.2%	$68.0M 147.6%	$-143.0M -169.4%	$206.0M 306.0%	$-100.0M
Cash Reconciliation net Change In Cash	$36.0M 106.1%	$-595.0M -205.9%	$562.0M -24.1%	$740.0M -8.5%	$809.0M 10.8%	$730.0M 283.0%	$-399.0M 86.1%	$-2.9B -377.4%	$1.0B 47.3%	$702.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+4.4%	+3.7%	+8.9%	+9.5%	+2.7%	-1.1%	+4.4%	+4.8%	+4.8%	+5.7%
Operating margin	+2.6%	+2.9%	+8.2%	+8.9%	+1.9%	-2.4%	+3.5%	+3.9%	+3.8%	+4.7%
Net margin	+1.9%	+2.1%	+6.1%	+6.5%	+0.8%	-2.2%	+2.2%	+2.7%	+4.3%	+3.0%
FCF margin	—	—	—	—	—	—	—	+3.6%	+3.8%	+3.7%
Growth
Revenue CAGR (3y)	-11.4%	+4.5%	+30.7%	+17.6%	-0.9%	-11.6%	+12.7%	—	—	—
Returns
ROE	+9.9%	+11.3%	+33.5%	+48.9%	+5.0%	-7.6%	+11.1%	+14.4%	+18.5%	+11.4%
ROA	+4.0%	+4.6%	+14.0%	+18.9%	+1.6%	-2.7%	+4.5%	+6.2%	+8.1%	+5.0%
ROIC	+8.0%	+10.1%	+28.4%	+40.1%	+6.3%	-5.2%	+10.6%	+13.0%	+14.2%	+11.6%
Liquidity
Current ratio	1.65x	1.53x	1.56x	1.38x	1.26x	1.71x	1.44x	1.65x	1.74x	2.02x
Quick ratio	1.03x	0.99x	1.07x	0.96x	0.86x	1.01x	0.88x	0.96x	1.15x	1.29x
Leverage
D/E	1.44x	1.45x	1.39x	1.59x	2.14x	1.75x	1.47x	1.31x	1.28x	1.31x
Interest coverage	5.72x	6.75x	20.03x	27.92x	3.53x	-2.80x	8.45x	9.73x	7.61x	7.92x
Efficiency
Asset turnover	2.12x	2.16x	2.30x	2.89x	1.97x	1.25x	2.01x	2.33x	1.87x	1.64x
Cash conversion cycle	+21d	+17d	+18d	+11d	+13d	+34d	+19d	+16d	+19d	+25d

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Valero Energy

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