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+6.8% | $4.98B+10.9% | $4.84B+2.9% | $4.69B-6.0% | $4.61B-13.8% | |
| Refining | $118.21B-3.5% | $116.17B-6.2% | $116.84B-8.8% | $117.76B-11.6% | $122.48B-7.4% | |
| Renewable Diesel | $5.11B+12.2% | $4.6B-9.3% | $4.45B-18.5% | $4.47B-21.0% | $4.56B-32.2% | |
| Operating Income (Loss) by Business | ||||||
| Ethanol | $444M+49.0% | $374M+29.9% | $277M-39.5% | $247M-50.8% | $298M-43.1% | |
| Refining | $6.38B+276% | $4.04B+1.7% | $2.78B-45.5% | $1.74B-78.3% | $1.7B-81.6% | |
| Cost of Revenue by Business | ||||||
| Ethanol | $4.48B+3.8% | $4.6B+10.4% | $4.56B+8.5% | $4.44B0.0% | $4.31B-9.7% | |
| Refining | $111.8B-6.5% | $110.98B-7.4% | $112.91B-8.2% | $114.87B-8.3% | $119.63B-2.7% | |
| Renewable Diesel | $4.99B+13.9% | $4.75B+4.3% | $4.53B-10.1% | $4.48B-12.9% | $4.38B-25.6% | |
| Segment assets by Business | ||||||
| Ethanol | $6.06B-1.8% | $6.11B+1.1% | $6.16B+1.8% | $6.15B+1.5% | $6.17B+2.1% | |
| Refining | $183.24B-3.0% | $181.49B-5.6% | $183.72B-5.6% | $185.25B-6.0% | $188.9B-2.9% | |
| Renewable Diesel | $21.95B-3.1% | $21.6B-7.0% | $21.97B-5.9% | $22.13B-4.4% | $22.67B-0.2% | |
| Other operating expenses by Business | ||||||
| Ethanol | $0+100% | $0-100% | $0-100% | $0-100% | -$2M-104% | |
| Refining | $35M+119% | $15M-11.8% | $17M+30.8% | $15M-6.3% | $16M+33.3% | |
| Renewable Diesel | $0— | $0— | $0— | $0— | $0— | |
| Cost of materials and other by Business | ||||||
| Ethanol | $3.78B+2.6% | $3.91B+10.0% | $3.9B+8.3% | $3.8B-1.4% | $3.68B-11.8% | |
| Refining | $94.99B-9.4% | $94.58B-11.3% | $97.61B-11.1% | $99.84B-10.9% | $104.8B-4.5% | |
| Renewable Diesel | $4.4B+16.5% | $4.18B+5.9% | $3.94B-11.2% | $3.89B-15.0% | $3.77B-28.6% | |
| Operating expenses (excluding depreciation and amortization expense reflected below) by Business | ||||||
| Ethanol | $621M+12.3% | $611M+14.0% | $587M+11.4% | $572M+10.2% | $553M+5.9% | |
| Refining | $5.48B+8.5% | $5.43B+9.7% | $5.27B+4.7% | $5.14B-0.1% | $5.05B-1.5% | |
| Renewable Diesel | $315M-6.8% | $308M-12.0% | $316M-8.7% | $330M-2.4% | $338M-6.6% | |
| Depreciation and amortization expense by Business | ||||||
| Ethanol | $79M+2.6% | $79M+2.6% | $79M+1.3% | $77M-2.5% | $77M-2.5% | |
| Refining | $2.89B+21.3% | $2.75B+15.2% | $2.63B+9.8% | $2.49B+3.6% | $2.39B+0.3% | |
| Renewable Diesel | $277M+3.4% | $267M+0.8% | $274M+7.5% | $267M+10.8% | $268M+12.6% | |
| Clean fuel production credit by Business | ||||||
| Renewable Diesel | $734M— | $607M— | —— | —— | —— | |
| Revenue by Product | ||||||
| Distillates | $57.16B+4.2% | $55.08B-1.0% | $54.09B-7.9% | $53.36B-12.9% | $54.88B-10.0% | |
| Distillers Grains | $815M-11.0% | $847M-12.8% | $891M-10.0% | $906M-11.7% | $916M-17.8% | |
| Gasoline and Blendstocks | $50.97B-7.8% | $50.92B-9.1% | $51.39B-10.2% | $52.47B-12.4% | $55.26B-7.3% | |
| Neat SAF | $342M+443% | $297M— | $179M— | $112M— | $63M— | |
| Other Product Revenues | $10.07B-18.3% | $10.16B-16.7% | $11.35B-6.2% | $11.92B-1.3% | $12.32B+5.9% | |
| Renewable Naphtha | $136M+23.6% | $138M+46.8% | $149M+63.7% | $142M+59.6% | $110M-9.8% | |
| Revenue (Gross) by Product | ||||||
| Ethanol Product | $3.06B+9.5% | $3.17B+19.9% | $3.05B+10.5% | $2.91B-0.9% | $2.8B-11.9% | |
| Renewable Diesel Product | $2.25B+10.8% | $2.07B-10.5% | $1.97B-25.1% | $1.96B-29.0% | $2.03B-41.5% |
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.
