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Shell vs Valero Energy: revenue, profit, margins and growth compared

Shell brought in $266.9B of revenue in fiscal 2025, Valero Energy $122.7B in fiscal 2025. Revenue changed by -6.1% at Shell and -5.5% at Valero Energy on the year before, so Valero Energy grew faster. Shell kept 6.7% of its revenue as net profit, Valero Energy 1.9%.

Side by side, latest fiscal year

SHELVLO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$266.9B$122.7B
Revenue growth-6.1%-5.5%
Net income$17.8B$2.3B
Net margin6.7%1.9%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)n/a$7.57
Cash$30.2B$4.7B
Debt$75.6B$8.3B
Price to earningsn/a51.1
Market value$272.5B$111.5B
Dividend yieldn/a1.17%
Rank by revenue in sector#1 of 146 · Energy#7 of 146 · Energy

Over the years

Revenue
SHEL FY2018: $388.4BSHEL FY2019: $344.9BSHEL FY2020: $180.5BSHEL FY2021: $261.5BSHEL FY2022: $381.3BSHEL FY2023: $316.6BSHEL FY2024: $284.3BSHEL FY2025: $266.9BVLO FY2018: $117BVLO FY2019: $108.3BVLO FY2020: $64.9BVLO FY2021: $114BVLO FY2022: $176.4BVLO FY2023: $144.8BVLO FY2024: $129.9BVLO FY2025: $122.7BFY18FY19FY20FY21FY22FY23FY24FY25
SHEL $266.9BVLO $122.7B
Net income
SHEL FY2018: $23.4BSHEL FY2019: $15.8BSHEL FY2020: -$21.7BSHEL FY2021: $20.1BSHEL FY2022: $42.3BSHEL FY2023: $19.4BSHEL FY2024: $16.1BSHEL FY2025: $17.8BVLO FY2018: $3.1BVLO FY2019: $2.4BVLO FY2020: -$1.4BVLO FY2021: $930MVLO FY2022: $11.5BVLO FY2023: $8.8BVLO FY2024: $2.8BVLO FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
SHEL $17.8BVLO $2.3B
Net margin
SHEL FY2018: 6.0%SHEL FY2019: 4.6%SHEL FY2020: -12.0%SHEL FY2021: 7.7%SHEL FY2022: 11.1%SHEL FY2023: 6.1%SHEL FY2024: 5.7%SHEL FY2025: 6.7%VLO FY2018: 2.7%VLO FY2019: 2.2%VLO FY2020: -2.2%VLO FY2021: 0.8%VLO FY2022: 6.5%VLO FY2023: 6.1%VLO FY2024: 2.1%VLO FY2025: 1.9%FY18FY19FY20FY21FY22FY23FY24FY25
SHEL 6.7%VLO 1.9%
Revenue growth
SHEL FY2019: -11.2%SHEL FY2020: -47.7%SHEL FY2021: +44.8%SHEL FY2022: +45.8%SHEL FY2023: -17.0%SHEL FY2024: -10.2%SHEL FY2025: -6.1%VLO FY2019: -7.4%VLO FY2020: -40.1%VLO FY2021: +75.6%VLO FY2022: +54.8%VLO FY2023: -17.9%VLO FY2024: -10.3%VLO FY2025: -5.5%FY19FY20FY21FY22FY23FY24FY25
SHEL -6.1%VLO -5.5%
Free cash flow
VLO FY2018: $995MVLO FY2019: $2.7BVLO FY2020: -$1.5BVLO FY2021: $3.4BVLO FY2022: $9.8BVLO FY2023: $7.3BVLO FY2024: $4.6BFY18FY19FY20FY21FY22FY23FY24
SHELVLO $4.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Shell and Valero Energy

Which is bigger by revenue, Shell or Valero Energy?

Shell is bigger by revenue: $266.9B in fiscal 2025, against $122.7B for Valero Energy in fiscal 2025.

Which keeps more of its revenue as profit, Shell or Valero Energy?

Shell had a net margin of 6.7% in fiscal 2025; Valero Energy had 1.9% in fiscal 2025.

Which grew revenue faster, Shell or Valero Energy?

In their latest fiscal years revenue changed by -6.1% at Shell and -5.5% at Valero Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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