Valero Energy Reports Third Quarter 2026 Results

By: Valero Energy Corporation via Business Wire

October 22, 2026 at 06:30 AM EDT

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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
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
The St. Charles FCC Unit optimization project was completed during the third quarter, on schedule and within budget

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.

“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. “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.”

Refining

The 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. Adjusted 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

The 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 operating 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

The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025. Ethanol 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.

Investing and Financing Activities

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.

Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities.

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.

“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

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.

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Valero Contacts
Investors:
Brian Donovan, Vice President – Investor Relations, 210-345-1682
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast,” “guidance,” “evaluate,” “opportunity” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political, or regulatory developments that are adverse to tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Refining operating expenses (excluding depreciation and amortization), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Statement of income data
Revenues	$	46,098		$	32,168		$	122,955		$	92,315
Cost of sales:
Cost of materials and other (a)		32,741			26,132			94,056			76,858
Taxes other than income taxes (b)		1,654			1,826			5,023			4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		1,627			1,614			4,728			4,659
Depreciation and amortization expense		669			824			2,220			2,290
Total cost of sales		36,691			30,396			106,027			88,787
Asset impairment loss (d)		—			—			—			1,131
Other operating expenses (e)		11			5			61			13
General and administrative expenses (excluding depreciation and amortization expense reflected below)		308			246			826			727
Depreciation and amortization expense		15			12			41			51
Operating income		9,073			1,509			16,000			1,606
Other income, net		127			86			375			292
Interest and debt expense, net of capitalized interest		(144	)		(139	)		(429	)		(417	)
Income before income tax expense		9,056			1,456			15,946			1,481
Income tax expense		2,067			390			3,562			404
Net income		6,989			1,066			12,384			1,077
Less: Net income (loss) attributable to noncontrolling interests		161			(29	)		573			(137	)
Net income attributable to Valero Energy Corporation stockholders	$	6,828		$	1,095		$	11,811		$	1,214

Earnings per common share	$	23.90		$	3.54		$	40.30		$	3.89
Weighted-average common shares outstanding (in millions)		285			309			292			311

Earnings per common share – assuming dilution	$	23.89		$	3.53		$	40.29		$	3.89
Weighted-average common shares outstanding – assuming dilution (in millions)		285			309			292			312

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining			Renewable Diesel			Ethanol		Corporate and Other (f)			Total
Three months ended September 30, 2026
Revenues:
Revenues from external customers	$	44,369		$	664		$	1,065	$	—		$	46,098
Intersegment revenues		3			1,729			352		(2,084	)		—
Total revenues		44,372			2,393			1,417		(2,084	)		46,098
Cost of sales:
Cost of materials and other		31,988			1,883			962		(2,092	)		32,741
Taxes other than income taxes (b)		1,654			—			—		—			1,654
Operating expenses (excluding depreciation and amortization expense reflected below)		1,376			86			165		—			1,627
Depreciation and amortization expense		580			71			18		—			669
Total cost of sales		35,598			2,040			1,145		(2,092	)		36,691
Other operating expenses (e)		(8	)		—			—		19			11
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—			—		308			308
Depreciation and amortization expense		—			—			—		15			15
Operating income by segment	$	8,782		$	353		$	272	$	(334	)	$	9,073

Three months ended September 30, 2025
Revenues:
Revenues from external customers	$	30,414		$	719		$	1,035	$	—		$	32,168
Intersegment revenues		1			484			259		(744	)		—
Total revenues		30,415			1,203			1,294		(744	)		32,168
Cost of sales:
Cost of materials and other		24,858			1,077			942		(745	)		26,132
Taxes other than income taxes (b)		1,826			—			—		—			1,826
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		1,388			78			148		—			1,614
Depreciation and amortization expense		728			76			21		(1	)		824
Total cost of sales		28,800			1,231			1,111		(746	)		30,396
Other operating expenses		5			—			—		—			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—			—		246			246
Depreciation and amortization expense		—			—			—		12			12
Operating income (loss) by segment	$	1,610		$	(28	)	$	183	$	(256	)	$	1,509

See Operating Highlights by Segment. See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining		Renewable Diesel			Ethanol		Corporate and Other (f)			Total
Nine months ended September 30, 2026
Revenues:
Revenues from external customers	$	117,474	$	2,551		$	2,930	$	—		$	122,955
Intersegment revenues		7		3,938			965		(4,910	)		—
Total revenues		117,481		6,489			3,895		(4,910	)		122,955
Cost of sales:
Cost of materials and other (a)		91,434		4,798			2,678		(4,854	)		94,056
Taxes other than income taxes (b)		5,023		—			—		—			5,023
Operating expenses (excluding depreciation and amortization expense reflected below)		3,985		262			481		—			4,728
Depreciation and amortization expense		1,947		220			56		(3	)		2,220
Total cost of sales		102,389		5,280			3,215		(4,857	)		106,027
Other operating expenses (e)		34		—			—		27			61
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		826			826
Depreciation and amortization expense		—		—			—		41			41
Operating income by segment	$	15,058	$	1,209		$	680	$	(947	)	$	16,000

Nine months ended September 30, 2025
Revenues:
Revenues from external customers	$	87,495	$	1,777		$	3,043	$	—		$	92,315
Intersegment revenues		5		1,424			681		(2,110	)		—
Total revenues		87,500		3,201			3,724		(2,110	)		92,315
Cost of sales:
Cost of materials and other		73,015		3,016			2,962		(2,135	)		76,858
Taxes other than income taxes (b)		4,980		—			—		—			4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		3,986		228			446		(1	)		4,659
Depreciation and amortization expense		2,029		205			59		(3	)		2,290
Total cost of sales		84,010		3,449			3,467		(2,139	)		88,787
Asset impairment loss (d)		1,131		—			—		—			1,131
Other operating expenses		13		—			—		—			13
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		727			727
Depreciation and amortization expense		—		—			—		51			51
Operating income (loss) by segment	$	2,346	$	(248	)	$	257	$	(749	)	$	1,606

See Operating Highlights by Segment. See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	6,828		$	1,095		$	11,811		$	1,214
Adjustments:
Last-in, first-out (LIFO) liquidation adjustment (a)		—			—			(44	)		—
Income tax expense related to the LIFO liquidation adjustment		—			—			10			—
LIFO liquidation adjustment, net of taxes		—			—			(34	)		—
Employee retention and separation costs (c)		—			50			—			50
Income tax benefit related to employee retention and separation costs		—			(11	)		—			(11	)
Employee retention and separation costs, net of taxes		—			39			—			39
Asset impairment loss (d)		—			—			—			1,131
Income tax benefit related to asset impairment loss		—			—			—			(254	)
Asset impairment loss, net of taxes		—			—			—			877
Port Arthur Refinery fire expenses (e)		4			—			19			—
Income tax benefit related to Port Arthur Refinery fire expenses		(1	)		—			(5	)		—
Port Arthur Refinery fire expenses, net of taxes		3			—			14			—
Total adjustments		3			39			(20	)		916
Adjusted net income attributable to Valero Energy Corporation stockholders	$	6,831		$	1,134		$	11,791		$	2,130

Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	23.89	$	3.53	$	40.29		$	3.89
Adjustments:
LIFO liquidation adjustment (a)		—		—		(0.12	)		—
Employee retention and separation costs (c)		—		0.13		—			0.12
Asset impairment loss (d)		—		—		—			2.81
Port Arthur Refinery fire expenses (e)		0.01		—		0.05			—
Total adjustments		0.01		0.13		(0.07	)		2.93
Adjusted earnings per common share – assuming dilution	$	23.90	$	3.66	$	40.22		$	6.82

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	8,782		$	1,610		$	15,058		$	2,346
Adjustments:
LIFO liquidation adjustment (a)		—			—			(44	)		—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		1,376			1,388			3,985			3,986
Depreciation and amortization expense		580			728			1,947			2,029
Asset impairment loss (d)		—			—			—			1,131
Other operating expenses (e)		(8	)		5			34			13
Refining margin	$	10,730		$	3,731		$	20,980		$	9,505

Refining operating income	$	8,782		$	1,610		$	15,058		$	2,346
Adjustments:
LIFO liquidation adjustment (a)		—			—			(44	)		—
Employee retention and separation costs (c)		—			50			—			50
Asset impairment loss (d)		—			—			—			1,131
Other operating expenses (e)		(8	)		5			34			13
Adjusted Refining operating income	$	8,774		$	1,665		$	15,048		$	3,540

Renewable Diesel segment
Renewable Diesel operating income (loss)	$	353		$	(28	)	$	1,209		$	(248	)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		86			78			262			228
Depreciation and amortization expense		71			76			220			205
Renewable Diesel margin	$	510		$	126		$	1,691		$	185

Ethanol segment
Ethanol operating income	$	272		$	183		$	680		$	257
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		165			148			481			446
Depreciation and amortization expense		18			21			56			59
Ethanol margin	$	455		$	352		$	1,217		$	762

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026			2025		2026		2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i)
U.S. Gulf Coast region
Refining operating income	$	5,246		$	940	$	9,479	$	2,123
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		838			740		2,389		2,197
Depreciation and amortization expense		397			391		1,179		1,154
Other operating expenses (e)		(9	)		2		25		9
Refining margin	$	6,472		$	2,073	$	13,072	$	5,483

Refining operating income	$	5,246		$	940	$	9,479	$	2,123
Adjustment: Other operating expenses (e)		(9	)		2		25		9
Adjusted Refining operating income	$	5,237		$	942	$	9,504	$	2,132

U.S. Mid-Continent region
Refining operating income	$	1,394		$	188	$	2,192	$	365
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		225			210		632		605
Depreciation and amortization expense		86			84		264		238
Other operating expenses		1			3		4		3
Refining margin	$	1,706		$	485	$	3,092	$	1,211

Refining operating income	$	1,394		$	188	$	2,192	$	365
Adjustment: Other operating expenses		1			3		4		3
Adjusted Refining operating income	$	1,395		$	191	$	2,196	$	368

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025			2026			2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i) (continued)
North Atlantic region
Refining operating income	$	1,837	$	532		$	2,962		$	967
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		213		199			616			553
Depreciation and amortization expense		77		80			241			224
Refining margin	$	2,127	$	811		$	3,819		$	1,744

U.S. West Coast region (f)
Refining operating income (loss)	$	305	$	(50	)	$	425		$	(1,109	)
Adjustments:
LIFO liquidation adjustment (a)		—		—			(44	)		—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		100		239			348			631
Depreciation and amortization expense (g)		20		173			263			413
Asset impairment loss (d)		—		—			—			1,131
Other operating expenses		—		—			5			1
Refining margin	$	425	$	362		$	997		$	1,067

Refining operating income (loss)	$	305	$	(50	)	$	425		$	(1,109	)
Adjustments:
LIFO liquidation adjustment (a)		—		—			(44	)		—
Employee retention and separation costs (c)		—		50			—			50
Asset impairment loss (d)		—		—			—			1,131
Other operating expenses		—		—			5			1
Adjusted Refining operating income	$	305	$	—		$	386		$	73

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per barrel amounts) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		512		506		492		538
Medium/light sour crude oil		274		281		274		252
Sweet crude oil		1,594		1,661		1,572		1,577
Residuals		109		204		137		156
Other feedstocks		117		89		121		82
Total feedstocks		2,606		2,741		2,596		2,605
Blendstocks and other		366		346		350		342
Total throughput volumes		2,972		3,087		2,946		2,947

Yields (thousand barrels per day)
Gasolines and blendstocks		1,402		1,517		1,405		1,446
Distillates		1,162		1,201		1,146		1,130
Other products (j)		430		399		422		396
Total yields		2,994		3,117		2,973		2,972

Operating statistics (h) (k)
Refining margin	$	10,730	$	3,731	$	20,980	$	9,505
Adjusted Refining operating income	$	8,774	$	1,665	$	15,048	$	3,540
Throughput volumes (thousand barrels per day)		2,972		3,087		2,946		2,947

Refining margin per barrel of throughput	$	39.24	$	13.14	$	26.09	$	11.82
Less:
Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		5.03		4.71		4.96		4.89
Depreciation and amortization expense per barrel of throughput		2.12		2.57		2.42		2.53
Adjusted Refining operating income per barrel of throughput	$	32.09	$	5.86	$	18.71	$	4.40

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025			2026		2025
Operating statistics (h) (k)
Renewable Diesel margin	$	510	$	126		$	1,691	$	185
Renewable Diesel operating income (loss)	$	353	$	(28	)	$	1,209	$	(248	)
Sales volumes (thousand gallons per day)		3,423		2,717			3,429		2,629

Renewable Diesel margin per gallon of sales	$	1.62	$	0.50		$	1.81	$	0.26
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.28		0.31			0.28		0.32
Depreciation and amortization expense per gallon of sales		0.22		0.30			0.24		0.28
Renewable Diesel operating income (loss) per gallon of sales	$	1.12	$	(0.11	)	$	1.29	$	(0.34	)

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES ETHANOL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Operating statistics (h) (k)
Ethanol margin	$	455	$	352	$	1,217	$	762
Ethanol operating income	$	272	$	183	$	680	$	257
Production volumes (thousand gallons per day)		4,799		4,635		4,695		4,562

Ethanol margin per gallon of production	$	1.03	$	0.83	$	0.95	$	0.62
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.37		0.35		0.38		0.36
Depreciation and amortization expense per gallon of production		0.04		0.05		0.04		0.05
Ethanol operating income per gallon of production	$	0.62	$	0.43	$	0.53	$	0.21

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION (millions of dollars, except per barrel amounts) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Operating statistics by region (i)
U.S. Gulf Coast region (h) (k)
Refining margin	$	6,472	$	2,073	$	13,072	$	5,483
Adjusted Refining operating income	$	5,237	$	942	$	9,504	$	2,132
Throughput volumes (thousand barrels per day)		1,874		1,846		1,819		1,787

Refining margin per barrel of throughput	$	37.55	$	12.21	$	26.32	$	11.24
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.86		4.36		4.81		4.50
Depreciation and amortization expense per barrel of throughput		2.31		2.30		2.37		2.37
Adjusted Refining operating income per barrel of throughput	$	30.38	$	5.55	$	19.14	$	4.37

U.S. Mid-Continent region (h) (k)
Refining margin	$	1,706	$	485	$	3,092	$	1,211
Adjusted refining operating income	$	1,395	$	191	$	2,196	$	368
Throughput volumes (thousand barrels per day)		472		466		471		448

Refining margin per barrel of throughput	$	39.27	$	11.31	$	24.08	$	9.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		5.19		4.90		4.92		4.95
Depreciation and amortization expense per barrel of throughput		1.99		1.96		2.06		1.94
Adjusted refining operating income per barrel of throughput	$	32.09	$	4.45	$	17.10	$	3.02

See Notes to Earnings Release.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION (millions of dollars, except per barrel amounts) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025			2026		2025
Operating statistics by region (i) (continued)
North Atlantic region (h) (k)
Refining margin	$	2,127	$	811		$	3,819	$	1,744
Refining operating income	$	1,837	$	532		$	2,962	$	967
Throughput volumes (thousand barrels per day)		507		516			506		468

Refining margin per barrel of throughput	$	45.58	$	17.10		$	27.64	$	13.65
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.58		4.20			4.46		4.33
Depreciation and amortization expense per barrel of throughput		1.64		1.70			1.75		1.75
Refining operating income per barrel of throughput	$	39.36	$	11.20		$	21.43	$	7.57

U.S. West Coast region (f) (h) (k)
Refining margin	$	425	$	362		$	997	$	1,067
Adjusted Refining operating income	$	305	$	—		$	386	$	73
Throughput volumes (thousand barrels per day)		119		259			150		244

Refining margin per barrel of throughput	$	38.81	$	15.22		$	24.39	$	16.00
Less:
Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		9.10		7.94			8.50		8.72
Depreciation and amortization expense per barrel of throughput (g)		1.85		7.29			6.44		6.20
Adjusted Refining operating income (loss) per barrel of throughput	$	27.86	$	(0.01	)	$	9.45	$	1.08

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	91.61		$	68.14		$	88.87		$	69.87
Brent less West Texas Intermediate (WTI) crude oil		5.37			3.11			5.06			3.08
Brent less WTI Houston crude oil		4.29			2.09			3.44			2.02
Brent less Dated Brent crude oil		(5.75	)		(0.91	)		(5.49	)		(0.91	)
Brent less Argus Sour Crude Index crude oil		6.07			3.46			4.71			2.68
Brent less Maya crude oil		13.37			7.14			10.97			8.35
Brent less Western Canadian Select Houston crude oil		16.49			6.93			14.66			6.81
WTI crude oil		86.24			65.03			83.81			66.79

Natural gas (dollars per million British thermal units)		2.47			2.70			2.68			2.97

Renewable volume obligation (RVO) (dollars per barrel) (l)		14.34			6.38			12.51			5.76

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent		24.08			7.78			14.17			6.78
Ultra-low-sulfur (ULS) diesel less Brent		72.27			21.05			47.80			17.51
Polymer Grade Propylene less Brent (not RVO adjusted)		(17.02	)		(8.22	)		(13.22	)		(3.07	)
U.S. Mid-Continent:
CBOB gasoline less WTI		34.16			12.79			17.87			12.32
ULS diesel less WTI		73.54			26.16			46.49			21.09
North Atlantic:
CBOB gasoline less Brent		33.46			14.58			20.56			10.97
ULS diesel less Brent		77.12			24.64			53.72			21.44
U.S. West Coast:
California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent		50.89			26.69			40.62			28.94
California Air Resources Board diesel less Brent		81.83			29.83			56.98			23.47

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	4.33	$	2.35	$	3.66	$	2.30
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		2.23		1.13		1.93		1.00
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)		80.60		53.36		71.43		57.30
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)		0.76		0.62		0.74		0.56
USGC distillers corn oil (dollars per pound)		0.77		0.64		0.76		0.58
USGC fancy bleachable tallow (dollars per pound)		0.75		0.62		0.73		0.56

Ethanol
Chicago Board of Trade corn (dollars per bushel)		4.78		4.02		4.53		4.42
New York Harbor ethanol (dollars per gallon)		2.10		1.96		1.97		1.87

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited)

	September 30,		December 31,
	2026		2025
Balance sheet data
Current assets	$	33,561	$	23,210
Cash and cash equivalents included in current assets		9,840		4,688
Inventories included in current assets		7,611		7,591
Current liabilities		19,469		14,109
Valero Energy Corporation stockholders’ equity		27,974		23,725
Total equity		31,084		26,605
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	727	$	672
Debt, less current portion of debt (excluding VIEs)		7,849		7,566
Total debt (excluding VIEs)		8,576		8,238
Current portion of debt attributable to VIEs		3		23
Total debt		8,579		8,261
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		233		228
Finance lease obligations, less current portion (excluding VIEs)		1,567		1,488
Total finance lease obligations (excluding VIEs)		1,800		1,716
Current portion of finance lease obligations attributable to VIEs		26		26
Finance lease obligations, less current portion attributable to VIEs		596		616
Total finance lease obligations attributable to VIEs		622		642
Total finance lease obligations		2,422		2,358
Total debt and finance lease obligations	$	11,001	$	10,619

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (h)
Net cash provided by operating activities	$	6,932		$	1,881		$	13,902		$	3,769
Exclude:
Changes in current assets and current liabilities		(526	)		325			(123	)		157
Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD		205			(86	)		696			(239	)
Adjusted net cash provided by operating activities	$	7,253		$	1,642		$	13,329		$	3,851

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Reconciliation of capital investments to capital investments attributable to Valero (h)
Capital expenditures (excluding VIEs)	$	272		$	171		$	654		$	504
Capital expenditures of VIEs:
DGD		(3	)		4			4			67
Other VIEs		1			2			3			5
Deferred turnaround and catalyst cost expenditures (excluding VIEs)		155			187			529			808
Deferred turnaround and catalyst cost expenditures of DGD		7			45			40			91
Investments in nonconsolidated joint ventures		—			—			—			1
Capital investments		432			409			1,230			1,476
Adjustments:
DGD’s capital investments attributable to the other joint venture member		(2	)		(25	)		(22	)		(79	)
Capital expenditures of other VIEs		(1	)		(2	)		(3	)		(5	)
Capital investments attributable to Valero	$	429		$	382		$	1,205		$	1,392

Dividends per common share	$	1.20		$	1.13		$	3.60		$	3.39

See Notes to Earnings Release Tables.

	VALERO ENERGY CORPORATION NOTES TO EARNINGS RELEASE TABLES

(a)	Cost of materials and other for the nine months ended September 30, 2026 includes a benefit of $44 million resulting from the liquidation of certain LIFO inventory layers attributable to our Refining segment. Inventory levels for our West Coast refining operations decreased during 2026 due to the phased idling of processing units and cessation of refining operations at our Benicia Refinery, which was completed by the end of April 2026. Consequently, inventory levels at December 31, 2026 are expected to remain below those at December 31, 2025.

(b)	Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.

(c)	Operating expenses (excluding depreciation and amortization expense) for the three and nine months ended September 30, 2025 includes employee retention and separation costs of $50 million related to the Benicia Refinery. In connection with our plan to cease refining operations at the Benicia Refinery, we implemented a transition plan for eligible employees that included retention incentive payments and separation benefits.

(d)	In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the nine months ended September 30, 2025.

(e)	Other operating expenses for the three and nine months ended September 30, 2026 includes $4 million and $19 million, respectively, of repair costs directly attributable to the March 2026 incident at our Port Arthur Refinery.

(f)	During the first quarter of 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery. In accordance with our plan, full idling of all processing units was completed in April 2026. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within Corporate and Other.

(g)	Depreciation and amortization expense includes incremental depreciation expense of approximately $133 million in the nine months ended September 30, 2026 and approximately $100 million and $200 million in the three and nine months ended September 30, 2025, respectively, related to the Benicia Refinery. In connection with our phased plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, the revised carrying value of the refinery’s long-lived assets was depreciated to the estimated salvage value.

(h)	We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures.

	We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.

Non-GAAP measures are as follows:

Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below.
- LIFO liquidation adjustment – Generally, the LIFO inventory valuation method provides for the matching of current costs with current revenues. However, a LIFO liquidation results in a portion of our current-year cost of sales being impacted by historical costs, which obscures our current-year financial performance. Therefore, we have excluded the historical cost impact from adjusted net income attributable to Valero Energy Corporation stockholders. See note (a) for additional details.
- Employee retention and separation costs – The employee retention and separation costs related to the Benicia Refinery (see note (c)) are not indicative of our ongoing operations.
- Asset impairment loss – The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (d)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business.
- Port Arthur Refinery fire expenses – The expenses directly attributable to the March 2026 incident at our Port Arthur Refinery (see note (e)) are specific to that incident and are not indicative of our ongoing operations.
Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.
Refining margin is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (d)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
Renewable Diesel margin is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
Adjusted Refining operating income is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), employee retention and separation costs (see note (c)), the asset impairment loss (see note (d)), and other operating expenses. We believe adjusted Refining operating income is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.
Adjusted Refining operating expenses (excluding depreciation and amortization expense) is defined as Refining segment operating expenses (excluding depreciation and amortization expense) excluding employee retention and separation costs (see note (c)). We believe adjusted Refining operating expense (excluding depreciation and amortization expense) is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) for the Refining segment and the U.S. West Coast region is calculated as follows (in millions):

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025			2026		2025
Refining segment
Operating expenses (excluding depreciation and amortization expense)	$	1,376	$	1,388		$	3,985	$	3,986
Adjustment: Employee retention and separation costs		—		(50	)		—		(50	)
Adjusted operating expenses (excluding depreciation and amortization expense)	$	1,376	$	1,338		$	3,985	$	3,936

U.S. West Coast region
Operating expenses (excluding depreciation and amortization expense)	$	100	$	239		$	348	$	631
Adjustment: Employee retention and separation costs		—		(50	)		—		(50	)
Adjusted operating expenses (excluding depreciation and amortization expense)	$	100	$	189		$	348	$	581

Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.
- Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.
- DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by (used in) operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.
  
  In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
DGD operating cash flow data
Net cash provided by (used in) operating activities	$	312		$	(263	)	$	551		$	(364	)
Exclude: Changes in current assets and current liabilities		(99	)		(90	)		(841	)		115
Adjusted net cash provided by (used in) operating activities		411			(173	)		1,392			(479	)
Other joint venture member’s ownership interest		50	%		50	%		50	%		50	%
DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD	$	205		$	(86	)	$	696		$	(239	)

Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD.

In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.

(i)	The Refining segment regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reflected within Corporate and Other.

(j)	Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.

(k)	We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.

	All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.

	Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.

(l)	The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.

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Valero Energy Reports Third Quarter 2026 Results

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Valero Energy Reports Third Quarter 2026 Results

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Poteau Daily News