Valero Energy VLO Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Ethanol | $4.92B-1.2% | $4.98B+2.9% | $4.84B+3.1% | $4.69B+1.8% | $4.61B+2.7% | |
| Refining | $118.21B+1.8% | $116.17B-0.6% | $116.84B-0.8% | $117.76B-3.9% | $122.48B-1.1% | |
| Renewable Diesel | $5.11B+11.2% | $4.6B+3.4% | $4.45B-0.5% | $4.47B-1.9% | $4.56B-10.1% | |
| Operating Income (Loss) by Business | ||||||
| Ethanol | $444M+18.7% | $374M+35.0% | $277M+12.1% | $247M-17.1% | $298M+3.5% | |
| Refining | $6.38B+57.8% | $4.04B+45.2% | $2.78B+60.1% | $1.74B+2.5% | $1.7B-57.3% | |
| Cost of Revenue by Business | ||||||
| Ethanol | $4.48B-2.8% | $4.6B+0.9% | $4.56B+2.6% | $4.44B+3.1% | $4.31B+3.4% | |
| Refining | $111.8B+0.7% | $110.98B-1.7% | $112.91B-1.7% | $114.87B-4.0% | $119.63B-0.2% | |
| Renewable Diesel | $4.99B+4.9% | $4.75B+5.0% | $4.53B+0.9% | $4.48B+2.4% | $4.38B-3.9% | |
| Segment assets by Business | ||||||
| Ethanol | $6.06B-0.9% | $6.11B-0.7% | $6.16B+0.1% | $6.15B-0.3% | $6.17B+2.1% | |
| Refining | $183.24B+1.0% | $181.49B-1.2% | $183.72B-0.8% | $185.25B-1.9% | $188.9B-1.7% | |
| Renewable Diesel | $21.95B+1.6% | $21.6B-1.7% | $21.97B-0.7% | $22.13B-2.4% | $22.67B-2.4% | |
| Other operating expenses by Business | ||||||
| Ethanol | $0— | $0— | $0— | $0+100% | -$2M-107% | |
| Refining | $35M+133% | $15M-11.8% | $17M+13.3% | $15M-6.3% | $16M-5.9% | |
| Renewable Diesel | $0— | $0— | $0— | $0— | $0— | |
| Cost of materials and other by Business | ||||||
| Ethanol | $3.78B-3.5% | $3.91B+0.5% | $3.9B+2.6% | $3.8B+3.1% | $3.68B+3.5% | |
| Refining | $94.99B+0.4% | $94.58B-3.1% | $97.61B-2.2% | $99.84B-4.7% | $104.8B-1.7% | |
| Renewable Diesel | $4.4B+5.2% | $4.18B+6.2% | $3.94B+1.2% | $3.89B+3.0% | $3.77B-4.3% | |
| Operating expenses (excluding depreciation and amortization expense reflected below) by Business | ||||||
| Ethanol | $621M+1.6% | $611M+4.1% | $587M+2.6% | $572M+3.4% | $553M+3.2% | |
| Refining | $5.48B+1.0% | $5.43B+2.9% | $5.27B+2.6% | $5.14B+1.7% | $5.05B+2.2% | |
| Renewable Diesel | $315M+2.3% | $308M-2.5% | $316M-4.2% | $330M-2.4% | $338M-3.4% | |
| Depreciation and amortization expense by Business | ||||||
| Ethanol | $79M0.0% | $79M0.0% | $79M+2.6% | $77M0.0% | $77M0.0% | |
| Refining | $2.89B+5.0% | $2.75B+4.8% | $2.63B+5.6% | $2.49B+4.3% | $2.39B-0.3% | |
| Renewable Diesel | $277M+3.7% | $267M-2.6% | $274M+2.6% | $267M-0.4% | $268M+1.1% | |
| Clean fuel production credit by Business | ||||||
| Renewable Diesel | $734M+20.9% | $607M— | —— | —— | —— | |
| Revenue by Product | ||||||
| Distillates | $57.16B+3.8% | $55.08B+1.8% | $54.09B+1.4% | $53.36B-2.8% | $54.88B-1.4% | |
| Distillers Grains | $815M-3.8% | $847M-4.9% | $891M-1.7% | $906M-1.1% | $916M-5.7% | |
| Gasoline and Blendstocks | $50.97B+0.1% | $50.92B-0.9% | $51.39B-2.0% | $52.47B-5.1% | $55.26B-1.3% | |
| Neat SAF | $342M+15.2% | $297M+65.9% | $179M+59.8% | $112M+77.8% | $63M— | |
| Other Product Revenues | $10.07B-0.9% | $10.16B-10.5% | $11.35B-4.8% | $11.92B-3.2% | $12.32B+1.0% | |
| Renewable Naphtha | $136M-1.4% | $138M-7.4% | $149M+4.9% | $142M+29.1% | $110M+17.0% | |
| Revenue (Gross) by Product | ||||||
| Ethanol Product | $3.06B-3.5% | $3.17B+4.0% | $3.05B+4.7% | $2.91B+4.2% | $2.8B+5.6% | |
| Renewable Diesel Product | $2.25B+8.4% | $2.07B+5.2% | $1.97B+0.7% | $1.96B-3.5% | $2.03B-12.4% |
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.
