Valero Energy VLO Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Ethanol | $1.17B-6.9% | $1.25B-3.2% | $1.29B+7.4% | $1.21B-1.6% | $1.23B+10.0% | |
| Refining | $30.81B+7.5% | $28.67B-5.8% | $30.42B+7.4% | $28.33B-1.5% | $28.76B-2.0% | |
| Renewable Diesel | $1.41B+1.3% | $1.4B+16.0% | $1.2B+9.6% | $1.1B+22.0% | $900M-27.8% | |
| Operating Income (Loss) by Business | ||||||
| Ethanol | $90M-23.1% | $117M-36.1% | $183M+239% | $54M+170% | $20M0.0% | |
| Refining | $1.81B+6.6% | $1.69B+5.2% | $1.61B+27.2% | $1.27B+339% | -$530M-221% | |
| Renewable Diesel | $139M— | —— | -$28M+64.6% | -$79M+44.0% | -$141M-183% | |
| Cost of Revenue by Business | ||||||
| Ethanol | $1.08B-5.2% | $1.14B+2.3% | $1.11B-3.5% | $1.15B-4.5% | $1.21B+10.1% | |
| Refining | $28.98B+7.4% | $26.97B-6.4% | $28.8B+6.4% | $27.06B-3.9% | $28.15B-2.6% | |
| Renewable Diesel | $1.28B-2.2% | $1.3B+5.9% | $1.23B+4.6% | $1.18B+13.1% | $1.04B-3.3% | |
| Segment assets by Business | ||||||
| Ethanol | $1.57B+4.5% | $1.5B+0.4% | $1.5B-0.1% | $1.5B-7.7% | $1.62B+4.9% | |
| Refining | $47.51B+6.8% | $44.5B-1.1% | $45.01B-2.6% | $46.22B+1.0% | $45.76B-2.1% | |
| Renewable Diesel | $5.63B+6.0% | $5.32B-5.1% | $5.6B+3.7% | $5.4B+2.3% | $5.28B-7.0% | |
| Taxes other than income taxes by Business | ||||||
| Ethanol | $0— | —— | —— | —— | $0— | |
| Refining | $1.72B— | —— | —— | —— | $1.5B+1.7% | |
| Renewable Diesel | $0— | —— | —— | —— | $0— | |
| Other operating expenses by Business | ||||||
| Ethanol | $0— | $0— | $0— | $0— | $0— | |
| Refining | $24M+1,100% | $2M-60.0% | $5M+25.0% | $4M0.0% | $4M0.0% | |
| Renewable Diesel | $0— | $0— | $0— | $0— | $0— | |
| Cost of materials and other by Business | ||||||
| Ethanol | $894M-6.0% | $951M+1.0% | $942M-4.7% | $988M-4.3% | $1.03B+10.6% | |
| Refining | $25.18B+39.2% | $18.09B-32.2% | $26.68B+6.6% | $25.04B+1.1% | $24.77B+17.3% | |
| Renewable Diesel | $1.11B-4.3% | $1.16B+7.9% | $1.08B+3.2% | $1.04B+16.6% | $895M-2.6% | |
| Operating expenses (excluding depreciation and amortization expense reflected below) by Business | ||||||
| Ethanol | $164M-0.6% | $165M+11.5% | $148M+2.8% | $144M-6.5% | $154M+9.2% | |
| Refining | $1.35B-6.5% | $1.44B+3.7% | $1.39B+6.2% | $1.31B+1.2% | $1.29B+0.3% | |
| Renewable Diesel | $85M+6.3% | $80M+2.6% | $78M+8.3% | $72M-7.7% | $78M-11.4% | |
| Depreciation and amortization expense by Business | ||||||
| Ethanol | $19M-5.0% | $20M-4.8% | $21M+10.5% | $19M0.0% | $19M-5.0% | |
| Refining | $732M+1.0% | $725M-0.4% | $728M+3.0% | $707M+19.0% | $594M-0.7% | |
| Renewable Diesel | $78M+25.8% | $62M-18.4% | $76M+24.6% | $61M-10.3% | $68M-1.4% | |
| Expenditures for long-lived assets by Business | ||||||
| Ethanol | $7M— | —— | —— | —— | $8M-5.9% | |
| Refining | $402M— | —— | —— | —— | $533M+30.4% | |
| Renewable Diesel | $33M— | —— | —— | —— | $95M+18.4% | |
| Clean fuel production credit by Business | ||||||
| Ethanol | $20M— | —— | —— | —— | —— | |
| Renewable Diesel | $178M-15.2% | $210M+1.9% | $206M+47.1% | $140M+175% | $51M— | |
| Revenue by Product | ||||||
| Distillates | $15.46B+7.8% | $14.34B-1.7% | $14.58B+14.1% | $12.78B-4.5% | $13.38B+0.2% | |
| Distillers Grains | $189M-2.6% | $194M-8.5% | $212M-3.6% | $220M-0.5% | $221M-7.1% | |
| Gasoline and Blendstocks | $12.43B-0.8% | $12.54B-5.7% | $13.29B+4.4% | $12.72B+2.8% | $12.37B-4.9% | |
| Neat SAF | $108M-8.5% | $118M+76.1% | $67M+36.7% | $49M-22.2% | $63M— | |
| Other Product Revenues | $2.91B+63.0% | $1.79B-29.8% | $2.55B-9.9% | $2.83B-6.1% | $3.01B+1.1% | |
| Renewable Naphtha | $37M+54.2% | $24M-17.2% | $29M-37.0% | $46M+17.9% | $39M+11.4% | |
| Revenue (Gross) by Product | ||||||
| Ethanol Product | $676M-13.8% | $784M-4.7% | $823M+5.5% | $780M-0.9% | $787M+18.9% | |
| Renewable Diesel Product | $566M-3.9% | $589M-5.5% | $623M+32.6% | $470M+20.2% | $391M-19.7% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Valero Energy break its business down?
- Valero Energy (VLO) reports revenue by business across 3 parts — Ethanol, Refining and Renewable Diesel. Each is extracted from the segment footnotes and tracked over time.
- Where does Valero Energy's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Valero Energy's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
