Results
Reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share
Reported adjusted net income attributable to Valero stockholders of $6.8 billion, or $23.90 per share
Corporate events
Repaid the outstanding principal balances of $100 million of 7.65% Debentures that matured in July and $426 million of 3.400% Senior Notes that matured in September
Results
The St. Charles FCC Unit optimization project was completed during the third quarter, on schedule and within budget
7SAN ANTONIO, October 22, 2026 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share, for the third quarter of 2026, compared to $1.1 billion, or $3.53 per share, for the third quarter of 2025.
Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the third quarter of 2026 was $6.8 billion, or $23.90 per share, compared to $1.1 billion, or $3.66 per share, for the third quarter of 2025.
Management commentary
“Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President.
8“We also completed the St. Charles FCC Unit optimization project, which increases the production capacity of higher value products, including alkylate and gasoline, further strengthening our ability to supply transportation fuels to the market.”
Results
Refining
6The Refining segment reported operating income of $8.8 billion for the third quarter of 2026, compared to $1.6 billion for the third quarter of 2025.
1Adjusted operating income for the third quarter of 2026 was $8.8 billion, compared to $1.7 billion for the third quarter of 2025.
Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2026.
Renewable Diesel
3The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported operating income of $353 million for the third quarter of 2026, compared to an
4operating loss of $28 million for the third quarter of 2025.
Segment sales volumes averaged 3.4 million gallons per day in the third quarter of 2026.
Ethanol
2The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025.
5Ethanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026, setting a new quarterly record.
Corporate and Other
General and administrative expenses were $308 million in the third quarter of 2026.
The effective tax rate for the third quarter of 2026 was 23 percent.
Corporate events
Investing and Financing Activities
Results
Net cash provided by operating activities was $6.9 billion in the third quarter of 2026.
Included in this amount was a $526 million unfavorable impact from working capital and $205 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD.
Excluding these items, adjusted net cash provided by operating activities was $7.3 billion in the third quarter of 2026.
Capital investments totaled $432 million in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance.
Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $429 million in the third quarter of 2026.
Capital return
Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities.
Corporate events
Liquidity and Financial Position
Valero repaid the outstanding principal balances of $100 million of its 7.65% Debentures that matured in July and $426 million of its 3.400% Senior Notes that matured in September.
Valero ended the third quarter of 2026 with $8.6 billion of total debt, $2.4 billion of total finance lease obligations, and $9.8 billion of cash and cash equivalents.
The debt to capitalization ratio, net of cash and cash equivalents, was 4 percent as of September 30, 2026.
Management commentary
“Our third-quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance,” said Riggs.
“This is a result of the long-term strategy that we’ve been committed to for well over a decade.”
Strategic Update
Corporate events
During the third quarter, Valero completed the FCC Unit optimization project at the St. Charles Refinery on schedule and within budget.
The project is now operational and is expected to enhance the refinery’s ability to produce higher-value products.
Results
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
REFINING SEGMENT OPERATING HIGHLIGHTS
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
ETHANOL SEGMENT OPERATING HIGHLIGHTS
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
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