Income StatementBalance SheetCash FlowSegments
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Valero Energy Business Segments

Business, geographic, and product segment breakdowns

Valero Energy generates $124.81B in annual revenue across 3 key segments: Ethanol ($4.5B), Refining ($111.80B), and Renewable Diesel ($5.0B). The company-wide operating margin is 4.66%. Based on the Q1 2026 filing.

Ethanol (TTM)$4.5BRefining (TTM)$111.80BRenewable Diesel (TTM)$5.0B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$73.3B
P/E Ratio17.43
ROE17.76%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Distillates$13.4B$13.4B$12.8B$14.6B$14.3B$15.5B
Gasoline and Blendstocks$13.0B$12.4B$12.7B$13.3B$12.5B$12.4B
Other Product Revenues$3.0B$3.0B$2.8B$2.5B$1.8B$2.9B
Distillers Grains$238.0M$221.0M$220.0M$212.0M$194.0M$189.0M
Neat SAF$0.0$63.0M$49.0M$67.0M$118.0M$108.0M
Renewable Naphtha$35.0M$39.0M$46.0M$29.0M$24.0M$37.0M

Revenue (Gross)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ethanol Product$662.0M$787.0M$780.0M$823.0M$784.0M$676.0M
Renewable Diesel Product$487.0M$391.0M$470.0M$623.0M$589.0M$566.0M

Cost of materials and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Renewable and Low-Carbon Fuel Programs$195.0M$332.0M$408.0M$431.0M$400.0M$653.0M

Geographic

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexico and Peru$798.0M———$785.0M—
U.K. and Ireland$1.5B———$1.5B—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mexico and Peru$1.4B$1.3B$1.3B$1.3B$1.3B—
Other Countries$1.8B$1.4B$1.4B$1.4B$1.4B—
U.K. and Ireland$3.8B$4.0B$4.0B$4.0B$4.0B—

Business Segments

Clean fuel production credit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Renewable Diesel—$51.0M$140.0M$206.0M$210.0M$178.0M
Ethanol—————$20.0M

Cost of materials and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$21.1B$24.8B$25.0B$26.7B$18.1B$25.2B
Renewable Diesel$919.0M$895.0M$1.0B$1.1B$1.2B$1.1B
Ethanol$933.0M$1.0B$988.0M$942.0M$951.0M$894.0M

Cost of Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$28.9B$28.2B$27.1B$28.8B$27.0B$29.0B
Renewable Diesel$1.1B$1.0B$1.2B$1.2B$1.3B$1.3B
Ethanol$1.1B$1.2B$1.2B$1.1B$1.1B$1.1B

Depreciation and amortization expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$598.0M$594.0M$707.0M$728.0M$725.0M$732.0M
Renewable Diesel$69.0M$68.0M$61.0M$76.0M$62.0M$78.0M
Ethanol$20.0M$19.0M$19.0M$21.0M$20.0M$19.0M

Expenditures for long-lived assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$408.8M$533.0M———$402.0M
Renewable Diesel$80.3M$95.0M———$33.0M
Ethanol$8.5M$8.0M———$7.0M

Operating expenses (excluding depreciation and amortization expense reflected below)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$1.3B$1.3B$1.3B$1.4B$1.4B$1.3B
Ethanol$141.0M$154.0M$144.0M$148.0M$165.0M$164.0M
Renewable Diesel$88.0M$78.0M$72.0M$78.0M$80.0M$85.0M

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$437.0M-$530.0M$1.3B$1.6B$1.7B$1.8B
Renewable Diesel$170.0M-$141.0M-$79.0M-$28.0M—$139.0M
Ethanol$20.0M$20.0M$54.0M$183.0M$117.0M$90.0M

Other operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$4.0M$4.0M$4.0M$5.0M$2.0M$24.0M
Ethanol$0.0$0.0$0.0$0.0$0.0$0.0
Renewable Diesel$0.0$0.0$0.0$0.0$0.0$0.0

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$29.3B$28.8B$28.3B$30.4B$28.7B$30.8B
Renewable Diesel$1.2B$900.0M$1.1B$1.2B$1.4B$1.4B
Ethanol$1.1B$1.2B$1.2B$1.3B$1.3B$1.2B

Segment assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$46.7B$45.8B$46.2B$45.0B$44.5B$47.5B
Renewable Diesel$5.7B$5.3B$5.4B$5.6B$5.3B$5.6B
Ethanol$1.5B$1.6B$1.5B$1.5B$1.5B$1.6B

Taxes other than income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$1.5B$1.5B———$1.7B
Ethanol$0.0$0.0———$0.0
Renewable Diesel$0.0$0.0———$0.0

Asset retirement obligation, liabilities settled

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining—————$100.0M

Incremental depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$0.0$0.0$0.0$0.0—$100.0M

Investments in nonconsolidated joint ventures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refining$695.0M$691.0M$690.0M$687.0M$684.0M$680.0M