Valero Energy VLO Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Ethanol | $1.17B-4.7% | $1.25B+12.5% | $1.29B+12.8% | $1.21B+7.5% | $1.23B+11.0% | |
| Refining | $30.81B+7.1% | $28.67B-2.3% | $30.42B-2.9% | $28.33B-14.3% | $28.76B-4.6% | |
| Renewable Diesel | $1.41B+57.1% | $1.4B+12.0% | $1.2B-1.8% | $1.1B-7.3% | $900M-36.2% | |
| Operating Income (Loss) by Business | ||||||
| Ethanol | $90M+350% | $117M+485% | $183M+19.6% | $54M-48.6% | $20M+100% | |
| Refining | $1.81B+441% | $1.69B+288% | $1.61B+185% | $1.27B+3.4% | -$530M-130% | |
| Renewable Diesel | $139M+199% | —— | -$28M-180% | -$79M-171% | -$141M-174% | |
| Cost of Revenue by Business | ||||||
| Ethanol | $1.08B-10.6% | $1.14B+3.8% | $1.11B+11.8% | $1.15B+13.1% | $1.21B+13.1% | |
| Refining | $28.98B+2.9% | $26.97B-6.7% | $28.8B-6.4% | $27.06B-15.0% | $28.15B-0.8% | |
| Renewable Diesel | $1.28B+22.5% | $1.3B+21.2% | $1.23B+3.4% | $1.18B+9.8% | $1.04B-14.7% | |
| Segment assets by Business | ||||||
| Ethanol | $1.57B-3.2% | $1.5B-2.8% | $1.5B+0.4% | $1.5B-1.2% | $1.62B+8.4% | |
| Refining | $47.51B+3.8% | $44.5B-4.8% | $45.01B-3.3% | $46.22B-7.3% | $45.76B-6.8% | |
| Renewable Diesel | $5.63B+6.6% | $5.32B-6.4% | $5.6B-2.8% | $5.4B-9.1% | $5.28B-9.7% | |
| Taxes other than income taxes by Business | ||||||
| Ethanol | $0— | —— | —— | —— | $0— | |
| Refining | $1.72B+14.7% | —— | —— | —— | $1.5B+1.7% | |
| Renewable Diesel | $0— | —— | —— | —— | $0— | |
| Other operating expenses by Business | ||||||
| Ethanol | $0— | $0— | $0— | $0+100% | $0-100% | |
| Refining | $24M+500% | $2M-50.0% | $5M+66.7% | $4M-20.0% | $4M-20.0% | |
| Renewable Diesel | $0— | $0— | $0— | $0— | $0— | |
| Cost of materials and other by Business | ||||||
| Ethanol | $894M-13.4% | $951M+1.9% | $942M+11.9% | $988M+13.0% | $1.03B+13.5% | |
| Refining | $25.18B+1.7% | $18.09B-14.3% | $26.68B-7.7% | $25.04B-16.5% | $24.77B-6.9% | |
| Renewable Diesel | $1.11B+24.2% | $1.16B+26.4% | $1.08B+4.7% | $1.04B+12.3% | $895M-16.0% | |
| Operating expenses (excluding depreciation and amortization expense reflected below) by Business | ||||||
| Ethanol | $164M+6.5% | $165M+17.0% | $148M+11.3% | $144M+15.2% | $154M+12.4% | |
| Refining | $1.35B+4.3% | $1.44B+11.9% | $1.39B+10.5% | $1.31B+7.2% | $1.29B+9.0% | |
| Renewable Diesel | $85M+9.0% | $80M-9.1% | $78M-15.2% | $72M-10.0% | $78M-13.3% | |
| Depreciation and amortization expense by Business | ||||||
| Ethanol | $19M0.0% | $20M0.0% | $21M+10.5% | $19M0.0% | $19M0.0% | |
| Refining | $732M+23.2% | $725M+21.2% | $728M+23.6% | $707M+17.1% | $594M-1.0% | |
| Renewable Diesel | $78M+14.7% | $62M-10.1% | $76M+10.1% | $61M-1.6% | $68M+4.6% | |
| Expenditures for long-lived assets by Business | ||||||
| Ethanol | $7M-12.5% | —— | —— | —— | $8M-5.9% | |
| Refining | $402M-24.6% | —— | —— | —— | $533M+30.4% | |
| Renewable Diesel | $33M-65.3% | —— | —— | —— | $95M+18.4% | |
| Clean fuel production credit by Business | ||||||
| Ethanol | $20M— | —— | —— | —— | —— | |
| Renewable Diesel | $178M+249% | $210M— | $206M— | $140M— | $51M— | |
| Revenue by Product | ||||||
| Distillates | $15.46B+15.6% | $14.34B+7.4% | $14.58B+5.2% | $12.78B-10.7% | $13.38B-5.3% | |
| Distillers Grains | $189M-14.5% | $194M-18.5% | $212M-6.6% | $220M-4.3% | $221M-19.9% | |
| Gasoline and Blendstocks | $12.43B+0.5% | $12.54B-3.7% | $13.29B-7.5% | $12.72B-18.0% | $12.37B-5.7% | |
| Neat SAF | $108M+71.4% | $118M— | $67M— | $49M— | $63M— | |
| Other Product Revenues | $2.91B-3.1% | $1.79B-39.9% | $2.55B-18.3% | $2.83B-12.4% | $3.01B+4.1% | |
| Renewable Naphtha | $37M-5.1% | $24M-31.4% | $29M+31.8% | $46M+229% | $39M+69.6% | |
| Revenue (Gross) by Product | ||||||
| Ethanol Product | $676M-14.1% | $784M+18.4% | $823M+20.1% | $780M+17.8% | $787M+23.4% | |
| Renewable Diesel Product | $566M+44.8% | $589M+20.9% | $623M+2.1% | $470M-13.0% | $391M-42.4% |
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.
