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MARKETS / NYSE / VLO
NYSE · PETROLEUM REFINING · LARGE CAP

Valero Energy Corp. VLO

19 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$122.7B
▼ 5.5% YoY
$2.3B
▼ 15.2% YoY
In brief

What this company does

Valero Energy manufactures and markets petroleum-based and low-carbon liquid transportation fuels and petrochemical products, sold primarily in the United States, Canada, the United Kingdom, Ireland and Latin America. It owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. The company is a joint venture member in DGD, which produces low-carbon fuels at two plants in the Gulf Coast region of the U.S. with a combined production capacity of approximately 1.2 billion gallons per year. Its 12 ethanol plants in the Mid-Continent region of the U.S. have a combined production capacity of approximately 1.7 billion gallons per year. On December 31, 2025 it had 9,811 employees. Operations are managed through three reportable segments: Refining, which covers the petroleum refineries and the marketing and logistics activities that support them; Renewable Diesel, which covers the operations of DGD; and Ethanol, which covers the ethanol plants and the marketing of ethanol and co-products. The company was incorporated in Delaware in 1981 under the name Valero Refining and Marketing Company and took the name Valero Energy Corporation in 1997.

Written from the business description in VALERO ENERGY CORP/TX's annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth
USD 122.7B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 122.7 · Net income 2.3
80B160B2007201020132016201920222025
Compound annual growth
−11.4%
+13.6%
−41.2%
−5.2%
+14.1%
−36.1%
−0.5%
+18.8%
+4.9%
+2.9%
+10.3%
+23.1%
−13.3%
+17.9%
+0.8%
+25.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
2 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 2.7% · Net 1.9%
5%-1%-2%2007201020132016201920222025
ROE
FY2025 · ROE 9.7%
20%40%-5%-10%2007201020132016201920222025

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders
USD 4.0B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2024 · FCF 4.6
4.0B8.0B-0.5B-1.0B2007201020132016201920222025
Net buybacks $B Dividends $B
FY2025 · Dividends 1.4 · Net buybacks 2.6
2.5B5.0B-0.4BDividendsNet buybacks2007201020132016201920222025

USD 1.4B in dividends and USD 2.6B in buybacks — 170% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 58.0B
EquityUSD 23.7B
CashUSD 4.7B
Gross debtUSD 9.2B
Net debtUSD 4.5B
Current ratio1.65×

Net debt stands at 19% of equity.

The 19-year record
19 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B122.7129.9144.8176.4114.064.9108.3117.094.075.7·········
Operating income $B3.23.811.915.72.1−1.63.84.63.63.56.45.94.05.03.71.90.10.86.6
EBITDA $B6.36.514.618.24.50.86.16.65.55.48.27.65.76.65.23.31.42.27.9
Income tax $B0.80.72.63.40.3−0.90.70.9−0.90.81.91.81.31.61.20.6−0.01.52.1
Net income $B2.32.88.811.50.9−1.42.43.14.12.34.03.62.72.12.10.3−2.0−1.15.2
Free cash flow $B·4.67.39.83.4−1.52.71.03.52.84.02.13.42.31.71.3−0.50.23.0
EPS, diluted $7.578.5824.9229.042.27−3.505.847.299.164.947.996.854.973.753.680.57−3.67−2.168.88
Dividend / sh $4.524.284.083.923.923.923.603.202.802.401.701.050.850.650.300.200.600.570.48
Payout %60501614172−1136244314921151717835−16−265
ROE %9.710.935.454.95.0−7.011.114.319.411.319.418.114.512.113.32.2−13.1−7.2·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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Provenance
Company facts, as filed
How we verify · 0 failures in 73 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPetroleum Refining
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2007

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