VALERO ENERGY CORP/TX financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VALERO ENERGY CORP/TX files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
Cost of revenue	71,312	89,475	111,439	103,546	65,652	110,848	159,587	131,834	125,076	117,255
Gross profit	4,347	4,505	5,594	4,778	-740	3,129	16,796	12,932	4,805	5,432
General and administrative	709	829	925	868	756	865	934	998	961	1,042
Operating income	3,534	3,563	4,572	3,836	-1,579	2,130	15,690	11,858	3,755	3,181
Interest expense	446	468	470	454	563	603	562	592	556	556
Other non-operating income	94	112	130	104	132	16	179	502	499	380
Pre-tax income	3,182	3,207	4,232	3,486	-2,010	1,543	15,307	11,768	3,698	3,005
Income tax	765	-949	879	702	-903	255	3,428	2,619	692	759
Income from continuing operations	2,289
Net income to minority interests	128	91	231	362	314	358	351	314	236	-102
Net income	2,289	4,065	3,122	2,422	-1,421	930	11,528	8,835	2,770	2,348
EBITDA	5,428	5,549	6,641	6,091	772	4,535	18,163	14,559	6,529	6,339
EPS, basic	4.94	9.17	7.30	5.84	-3.50	2.27	29.05	24.93	8.58	7.57
EPS, diluted	4.94	9.16	7.29	5.84	-3.50	2.27	29.04	24.92	8.58	7.57
Shares, basic (weighted)	461	442	426	413	407	407	395	353	322	309
Shares, diluted (weighted)	464	444	428	414	407	407	396	353	322	309
Dividend per share	2.40	2.80	3.20	3.60	3.92	3.92	3.92	4.08	4.28	4.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,816	5,850	2,982	2,583	3,313	4,122	4,862	5,424	4,657	4,688
Receivables	5,901	6,922	7,345	8,058	4,807	9,968	10,761	11,038	9,731	9,207
Inventory	5,709	6,384	6,532	7,013	6,038	6,265	6,752	7,583	7,761	7,591
Other current assets	374	156	816	385	384	400	600	689	611	1,054
Total current assets	16,800	19,312	17,675	18,969	15,844	21,165	24,133	26,221	23,737	23,210
Property, plant and equipment	26,472	27,480	28,848	29,264	30,389	30,847	30,978	30,209	29,314	27,617
Lease right-of-use assets				1,329	1,204	1,284	1,114	1,136	1,098	1,072
Goodwill		0	260	260	260	260	260	260	260	260
Intangible assets	148	142	307	283	248	218	202	183	151	123
Other non-current assets	2,901	3,366	3,632	5,631	5,541	5,876	5,871	6,626	7,092
Total assets	46,173	50,158	50,155	53,864	51,774	57,888	60,982	63,056	60,143	57,988
Accounts payable	6,357	8,348	8,594	10,205	6,082	12,495	12,728	12,567	12,092	10,139
Accrued liabilities	694	712	630	949	994	1,253	1,215	1,240	1,130	1,403
Deferred revenue			31	55	55	78	129	40	82	60
Short-term debt	115	122	238	494	723	1,264	1,109	1,406	743	949
Total current liabilities	8,328	11,071	10,724	13,160	9,283	16,851	17,461	16,802	15,495	14,109
Long-term debt	7,886	8,750	8,871	9,178	13,954	12,606	10,526	10,118	9,720	9,670
Lease liabilities				959	885	940	776	753	699	665
Other non-current liabilities	1,744	2,729	2,867	3,887	3,620	3,404	2,310	2,263	2,140	2,458
Total liabilities	25,319	27,258	27,424	31,328	32,132	38,071	35,514	34,532	32,622	31,383
Total debt	7,926	8,310	8,503	8,881	13,013	11,950	9,241	9,218	8,085	8,261
Paid-in capital	7,088	7,039	7,048	6,821	6,814	6,827	6,863	6,901	6,939	6,981
Retained earnings	26,366	29,200	31,044	31,974	28,953	28,281	38,247	45,630	47,016	47,959
Treasury stock	-12,027	-13,315	-14,925	-15,648	-15,719	-15,677	-20,197	-25,322	-28,178	-30,753
Other comprehensive income	-1,410	-940	-1,507	-1,351	-1,254	-1,008	-1,359	-870	-1,272	-469
Shareholders' equity	20,024	21,991	21,667	21,803	18,801	18,430	23,561	26,346	24,512	23,725
Minority interests	830	909	1,064	733	841	1,387	1,907	2,178	3,009	2,880
Total equity	20,854	22,900	22,731	22,536	19,642	19,817	25,468	28,524	27,521	26,605
Total liabilities and equity	46,173	50,158	50,155	53,864	51,774	57,888	60,982	63,056	60,143	57,988

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
Depreciation and amortization	1,894	1,986	2,069	2,255	2,351	2,405	2,473	2,701	2,774	3,158
Stock-based compensation	68	77	86	89	80	88	103	107	100	117
Deferred income tax	230	-2,543	203	234	158	-126	50	103	-87	-197
Change in receivables	-1,531	-870	-460	-1,041	3,300	-4,382	-1,619	-387	1,562	1,125
Change in inventory	771	-516	-197	-385	1,007	-253	-672	-684	-286	362
Change in payables	1,556	1,842	304	1,534	-4,068	6,301	521	-169	-430	-2,016
Cash from operations	4,820	5,482	4,371	5,531	948	5,859	12,574	9,229	6,683	5,826
Capital expenditures	-1,278	-1,353	-3,376	-2,846	-2,436	-2,458	-2,737	-1,916	-2,057
Acquisitions	0	0	-468	0	0
Purchases of investments						0	-100	-276	-29	-27
Cash from investing	-2,006	-2,382	-3,928	-3,001	-2,425	-2,159	-2,805	-1,865	-1,981	-1,845
Debt issued	2,153	380
Share buybacks	-1,336	-1,372	-1,708	-777	-156	-27	-4,577	-5,136	-2,875	-2,598
Dividends paid	-1,111	-1,242	-1,369	-1,492	-1,600	-1,602	-1,562	-1,452	-1,384	-1,405
Cash from financing	-2,012	-2,272	-3,168	-2,997	2,077	-2,846	-8,849	-6,941	-5,049	-4,182
Exchange rate effect	-100	206	-143	68	130	-45	-180	139	-248	237
Net change in cash	702	1,034	-2,868	-399	730	809	740	562	-595	36
Free cash flow	3,542	4,129	995	2,685	-1,488	3,401	9,837	7,313	4,626
Interest paid	427	457	463	452	526	598	570	562	556	533
Income taxes paid	444	410	1,361	-116	203	-842	3,288	3,494	843	699

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $387.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.0%	Gross profit / revenue.
Operating margin	7.2%	Operating income / revenue.
EBITDA margin	8.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.1%	Pre-tax income / revenue.
Net margin	5.2%	Net income / revenue.
Operating cash flow margin	7.8%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.2%	Net income / average total assets.
Return on invested capital (ROIC)	28.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-31.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-15.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-41.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-29.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	52.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-15.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-41.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-11.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-36.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	43.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.64x	Current assets / current liabilities.
Quick ratio	1.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.1%	Total debt / total assets.
Liabilities / assets	56.3%	Total liabilities / total assets.
Net debt	$2.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.8x	Operating income / interest expense.
Working capital	$11.93B	Current assets - current liabilities.
Tangible book value	$25.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.16x	Revenue / average total assets.
Fixed asset turnover	5.19x	Revenue / average property, plant and equipment.
Inventory turnover	16.8x	Cost of revenue / average inventory.
Days inventory	22 days	365 x average inventory / cost of revenue.
Receivables turnover	10.0x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	17 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$24.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$474.14	Revenue / diluted weighted shares.
Operating cash flow per share	$37.10	Cash from operations / diluted weighted shares.
Book value per share	$85.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$85.04	Tangible book value / shares outstanding.
Cash per share	$26.78	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$111.48B	Share price x shares outstanding.
Enterprise value	$114.03B	Market cap + total debt - cash - short-term investments.
P/E	15.5x	Market cap / net income. Only when net income is positive.
P/S	0.80x	Market cap / revenue.
P/B	4.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.46x	Market cap / tangible book value, when positive.
P/OCF	10.2x	Market cap / cash from operations, when positive.
EV/Sales	0.82x	Enterprise value / revenue.
EV/EBIT	11.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.75x	Enterprise value / EBITDA, when both are positive.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	5.6%	(Dividends paid + share buybacks) / market cap.

What was VALERO ENERGY CORP/TX's revenue in fiscal 2025?

VALERO ENERGY CORP/TX reported revenue of $122.69B for fiscal 2025, 5.5% lower than the year before.

Was VALERO ENERGY CORP/TX profitable in fiscal 2025?

Yes. Net income was $2.35B, a net margin of 1.9%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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