VLO financial statements

The full income statement, balance sheet, and cash-flow statement for Valero Energy Corporation (VLO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 320.4M2024-09 316.6M2024-12 315.0M2025-03 313.2M2025-06 310.7M2025-09 305.0M2025-12 299.0M2026-03 296.9M2026-06 287.9M-10.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	123B YoY-5.5%	130B YoY-10.3%	145B YoY-17.9%	176B YoY+54.8%	114B YoY+75.6%
Cost of revenue	117B YoY-6.3%	125B YoY-5.1%	132B YoY-17.4%	160B YoY+44.0%	111B YoY+68.8%
Selling, general & administrative	1.04B YoY+8.4%	961M YoY-3.7%	998M YoY+6.9%	934M YoY+8.0%	865M YoY+14.4%
General & administrative	1.04B YoY+8.4%	961M YoY-3.7%	998M YoY+6.9%	934M YoY+8.0%	865M YoY+14.4%
Operating income	3.18B YoY-15.3%	3.75B YoY-68.3%	11.9B YoY-24.4%	15.7B YoY+636.6%	2.13B YoY+234.9%
Interest expense	556M YoY+0.0%	556M YoY-6.1%	592M YoY+5.3%	562M YoY-6.8%	603M YoY+7.1%
Other non-operating income	380M YoY-23.8%	499M YoY-0.6%	502M YoY+180.4%	179M YoY+1018.8%	16.0M YoY-87.9%
Pre-tax income	3.00B YoY-18.7%	3.70B YoY-68.6%	11.8B YoY-23.1%	15.3B YoY+892.0%	1.54B YoY+176.8%
Income tax	759M YoY+9.7%	692M YoY-73.6%	2.62B YoY-23.6%	3.43B YoY+1244.3%	255M YoY+128.2%
	2.35B YoY-15.2%	2.77B YoY-68.6%	8.84B YoY-23.4%	11.5B YoY+1139.6%	930M YoY+165.4%
Net income to non-controlling interest	-102M YoY-143.2%	236M YoY-24.8%	314M YoY-10.5%	351M YoY-2.0%	358M YoY+14.0%
Net income to common	2.34B YoY-15.2%	2.76B YoY-68.6%	8.81B YoY-23.3%	11.5B YoY+1143.0%	924M YoY+164.8%
	$7.57 YoY-11.8%	$8.58 YoY-65.6%	$24.92 YoY-14.2%	$29.04 YoY+1179.3%	$2.27 YoY+164.9%
EPS (basic)	$7.57 YoY-11.8%	$8.58 YoY-65.6%	$24.93 YoY-14.2%	$29.05 YoY+1179.7%	$2.27 YoY+164.9%
	309M YoY-4.0%	322M YoY-8.8%	353M YoY-10.6%	395M YoY-2.9%	407M YoY+0.0%
	309M YoY-4.0%	322M YoY-8.8%	353M YoY-10.9%	396M YoY-2.7%	407M YoY+0.0%
Dividends per share	$4.52 YoY+5.6%	$4.28 YoY+4.9%	$4.08 YoY+4.1%	$3.92 YoY+0.0%	$3.92 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	23.2B YoY-2.2%	23.7B YoY-9.5%	26.2B YoY+8.7%	24.1B YoY+14.0%	21.2B YoY+33.6%
Cash & equivalents	4.69B YoY+0.7%	4.66B YoY-14.1%	5.42B YoY+11.6%	4.86B YoY+18.0%	4.12B YoY+24.4%
Accounts receivable	9.21B YoY-5.4%	9.73B YoY-11.8%	11.0B YoY+2.6%	10.8B YoY+8.0%	9.97B YoY+107.4%
Inventory	7.59B YoY-2.2%	7.76B YoY+2.3%	7.58B YoY+12.3%	6.75B YoY+7.8%	6.26B YoY+3.8%
Prepaid expenses	1.05B YoY+72.5%	611M YoY-11.3%	689M YoY+14.8%	600M YoY+50.0%	400M YoY+4.2%
	58.0B YoY-3.6%	60.1B YoY-4.6%	63.1B YoY+3.4%	61.0B YoY+5.3%	57.9B YoY+11.8%
Operating lease right-of-use	1.07B YoY-2.4%	1.10B YoY-3.3%	1.14B YoY+2.0%	1.11B YoY-13.2%	1.28B YoY+6.6%
Goodwill	260M YoY+0.0%	260M YoY+0.0%	260M YoY+0.0%	260M YoY+0.0%	260M YoY+0.0%
Intangible assets	123M YoY-18.5%	151M YoY-17.5%	183M YoY-9.4%	202M YoY-7.3%	218M YoY-12.1%
Other non-current assets	—	7.09B YoY+7.0%	6.63B YoY+12.9%	5.87B YoY-0.1%	5.88B YoY+6.0%
	14.1B YoY-8.9%	15.5B YoY-7.8%	16.8B YoY-3.8%	17.5B YoY+3.6%	16.9B YoY+81.5%
Accounts payable	10.1B YoY-16.2%	12.1B YoY-3.8%	12.6B YoY-1.3%	12.7B YoY+1.9%	12.5B YoY+105.4%
Accrued liabilities	1.40B YoY+24.2%	1.13B YoY-8.9%	1.24B YoY+2.1%	1.22B YoY-3.0%	1.25B YoY+26.1%
Deferred revenue	60.0M YoY-26.8%	82.0M YoY+105.0%	40.0M YoY-69.0%	129M YoY+65.4%	78.0M YoY+41.8%
Short-term & current debt	949M YoY+27.7%	743M YoY-47.2%	1.41B YoY+26.8%	1.11B YoY-12.3%	1.26B YoY+74.8%
Current lease liability	419M YoY+10.8%	378M YoY+5.0%	360M YoY+15.8%	311M YoY-1.3%	315M YoY+10.5%
Finance lease liability (current)	254M YoY+4.1%	244M YoY+16.7%	209M YoY-15.7%	248M YoY+61.0%	154M YoY+28.3%
Long-term debt	8.26B YoY+2.2%	8.09B YoY-12.3%	9.22B YoY-0.2%	9.24B YoY-22.7%	11.9B YoY-8.2%
Non-current lease liability	665M YoY-4.9%	699M YoY-7.2%	753M YoY-3.0%	776M YoY-17.4%	940M YoY+6.2%
Operating lease liability (total)	1.08B YoY+0.6%	1.08B YoY-3.2%	1.11B YoY+2.4%	1.09B YoY-13.4%	1.25B YoY+7.3%
Finance lease liability (total)	2.36B YoY-0.8%	2.38B YoY+3.1%	2.31B YoY-3.7%	2.39B YoY+24.7%	1.92B YoY+15.4%
Finance lease liability	2.10B YoY-1.4%	2.13B YoY+1.8%	2.10B YoY-2.3%	2.15B YoY+21.5%	1.77B YoY+14.4%
Deferred tax liabilities	5.15B YoY-2.3%	5.27B YoY-1.5%	5.35B YoY+2.5%	5.22B YoY+0.1%	5.21B YoY-1.2%
Other non-current liabilities	2.46B YoY+14.9%	2.14B YoY-5.4%	2.26B YoY-2.0%	2.31B YoY-32.1%	3.40B YoY-6.0%
	23.7B YoY-3.2%	24.5B YoY-7.0%	26.3B YoY+11.8%	23.6B YoY+27.8%	18.4B YoY-2.0%
Common stock	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%
Additional paid-in capital	6.98B YoY+0.6%	6.94B YoY+0.6%	6.90B YoY+0.6%	6.86B YoY+0.5%	6.83B YoY+0.2%
Retained earnings	48.0B YoY+2.0%	47.0B YoY+3.0%	45.6B YoY+19.3%	38.2B YoY+35.2%	28.3B YoY-2.3%
Treasury stock	30.8B YoY+9.1%	28.2B YoY+11.3%	25.3B YoY+25.4%	20.2B YoY+28.8%	15.7B YoY-0.3%
Accumulated other comprehensive income	-469M YoY+63.1%	-1.27B YoY-46.2%	-870M YoY+36.0%	-1.36B YoY-34.8%	-1.01B YoY+19.6%
Non-controlling interest	2.88B YoY-4.3%	3.01B YoY+38.2%	2.18B YoY+14.2%	1.91B YoY+37.5%	1.39B YoY+64.9%
Total equity incl. non-controlling	26.6B YoY-3.3%	27.5B YoY-3.5%	28.5B YoY+12.0%	25.5B YoY+28.5%	19.8B YoY+0.9%
Total liabilities & equity	58.0B YoY-3.6%	60.1B YoY-4.6%	63.1B YoY+3.4%	61.0B YoY+5.3%	57.9B YoY+11.8%
	674M YoY+0.0%	674M YoY+0.0%	674M YoY+0.0%	674M YoY+0.0%	674M YoY+0.0%
	299M YoY-5.1%	315M YoY-5.3%	332M YoY-10.4%	371M YoY-9.3%	409M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.83B YoY-12.8%	6.68B YoY-27.6%	9.23B YoY-26.6%	12.6B YoY+114.6%	5.86B YoY+518.0%
Depreciation & amortization	3.16B YoY+13.8%	2.77B YoY+2.7%	2.70B YoY+9.2%	2.47B YoY+2.8%	2.40B YoY+2.3%
Share-based compensation	117M YoY+17.0%	100M YoY-6.5%	107M YoY+3.9%	103M YoY+17.0%	88.0M YoY+10.0%
Deferred income taxes	-197M YoY-126.4%	-87.0M YoY-184.5%	103M YoY+106.0%	50.0M YoY+139.7%	-126M YoY-179.7%
Change in inventory	-362M YoY-226.6%	286M YoY-58.2%	684M YoY+1.8%	672M YoY+165.6%	253M YoY+125.1%
Change in payables	-2.02B YoY-368.8%	-430M YoY-154.4%	-169M YoY-132.4%	521M YoY-91.7%	6.30B YoY+254.9%
Other operating activities	-13.0M YoY-102.7%	478M YoY+1056.0%	-50.0M	—	—
	-1.84B YoY+6.9%	-1.98B YoY-6.2%	-1.86B YoY+33.5%	-2.81B YoY-29.9%	-2.16B YoY+11.0%
Capital expenditure	—	2.06B YoY+7.4%	1.92B YoY-30.0%	2.74B YoY+11.4%	2.46B YoY+0.9%
Free cash flow	—	4.63B YoY-36.7%	7.31B YoY-25.7%	9.84B YoY+189.2%	3.40B YoY+328.6%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Other investing activities	-40.0M YoY-66.7%	-24.0M YoY-84.6%	-13.0M YoY-425.0%	4.00M YoY+110.5%	-38.0M YoY+41.5%
	-4.18B YoY+17.2%	-5.05B YoY+27.3%	-6.94B YoY+21.6%	-8.85B YoY-210.9%	-2.85B YoY-237.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.60B YoY-9.6%	2.88B YoY-44.0%	5.14B YoY+12.2%	4.58B YoY+16851.9%	27.0M YoY-82.7%
Dividends paid	1.41B YoY+1.5%	1.38B YoY-4.7%	1.45B YoY-7.0%	1.56B YoY-2.5%	1.60B YoY+0.1%
Other financing activities	-16.0M YoY-1500.0%	-1.00M YoY-133.3%	3.00M YoY+118.8%	-16.0M YoY+11.1%	-18.0M YoY+47.1%
FX effect on cash	237M YoY+195.6%	-248M YoY-278.4%	139M YoY+177.2%	-180M YoY-300.0%	-45.0M YoY-134.6%
Net change in cash	36.0M YoY+106.1%	-595M YoY-205.9%	562M YoY-24.1%	740M YoY-8.5%	809M YoY+10.8%
Interest paid	533M YoY-4.1%	556M YoY-1.1%	562M YoY-1.4%	570M YoY-4.7%	598M YoY+13.7%
Income taxes paid	699M YoY-17.1%	843M YoY-75.9%	3.49B YoY+6.3%	3.29B YoY+490.5%	-842M YoY-514.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	48.7B YoY+26.1%	38.6B YoY-12.8%	44.3B YoY-9.5%	48.9B YoY+59.1%	30.7B YoY+33.0%
P/E	20.7× YoY+48.7%	13.9× YoY+238.5%	4.1× YoY-20.6%	5.2× YoY-84.3%	33.1×
P/S	0.4× YoY+33.5%	0.3× YoY+1.5%	0.3× YoY+2.1%	0.3× YoY+6.3%	0.3× YoY-24.2%
P/B	2.1× YoY+30.2%	1.6× YoY-7.5%	1.7× YoY-23.7%	2.2× YoY+33.8%	1.7× YoY+35.7%
P/FCF	17.3× YoY+107.0%	8.3× YoY+85.5%	4.5× YoY-68.7%	14.4× YoY+59.1%	9.0×
	4.8% YoY-32.8%	7.2% YoY-70.5%	24.3% YoY+26.0%	19.3% YoY+537.0%	3.0%
	5.8% YoY-51.7%	12.0% YoY-46.1%	22.2% YoY+219.6%	7.0% YoY-37.1%	11.1%
	2.8% YoY-20.5%	3.5% YoY+11.2%	3.1% YoY+1.6%	3.1% YoY-40.8%	5.2% YoY-24.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: VLO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VLO filings on SEC EDGAR → Not investment advice.