COVERAGE / VLO / Energy

VALERO ENERGY CORP/TX

Petroleum Refining

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS1

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$122.69bn

Prior / $129.88bn

Change / -5.54%

SOURCE / 2026-02-25

Operating income

$3.18bn

Prior / $3.76bn

Change / -15.29%

SOURCE / 2026-02-25

Net income

$2.35bn

Prior / $2.77bn

Change / -15.23%

SOURCE / 2026-02-25

Diluted EPS

$7.57

Prior / $8.58

Change / -11.77%

SOURCE / 2026-02-25

Free cash flow

Not available

Prior / Not available

Change / Unavailable

SOURCE / 2026-02-25

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

2.59%

Prior / 2.89%

Change / -0.30 pp

SOURCE / 2026-02-25

Return on avg. equity

9.74%

Prior / 10.89%

Change / -1.16 pp

SOURCE / 2026-02-25

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 122687000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "frame": "CY2025",
    "tag": "us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 2348000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "frame": "CY2025",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 3181000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 7.57,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 5826000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 57988000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 23725000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 23210000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 14109000000,
    "accn": "0001628280-26-011499",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-25",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$122.69bn	$2.35bn	Not available	$7.57
2024-12-31	$129.88bn	$2.77bn	Not available	$8.58
2023-12-31	$144.77bn	$8.84bn	Not available	$24.92
2022-12-31	$176.38bn	$11.53bn	Not available	$29.04

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	54.50x	Unavailable	28.66x	8
P/S	0.97x	Unavailable	2.09x	8
P/B	5.01x	Unavailable	2.97x	8
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	Unavailable	Unavailable	5.11%	2

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-24 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 412.53,
  "tradingDate": "2026-09-17",
  "marketCap": 118778715486.33,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-24"
}

Company & operating context

VALERO ENERGY CORP/TX is an SEC-reporting issuer listed on NYSE under VLO. Its SEC industry description is Petroleum Refining. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Producers, refiners and service providers respond differently to commodity prices, project spending and capacity utilization.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-02-25PERIOD / 2025-12-31

VLO filed this 10-K on 2026-02-25 for the reported period 2025-12-31. Reading focus: Realized prices, production volumes, refining economics and capital expenditure. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0149VLOCompany Research

VLO: reading the FY2025 financial structure ↗

VALERO ENERGY CORP/TX

Research abstract

Annual revenue of USD 122.687 billion and net income of USD 2.348 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Commodity cycles, project execution, reserve replacement, environmental liabilities and geopolitical exposure.

Realized prices, production volumes, refining economics and capital expenditure.

ENERGY SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-25
SEC annual filing · 2024-12-31 ↗Source date 2026-02-25
SEC annual filing · 2023-12-31 ↗Source date 2026-02-25
SEC annual filing · 2022-12-31 ↗Source date 2025-02-26
SEC issuer record ↗Source date 2026-09-18