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Valero Energy VLO Ethanol — Clean fuel production credit

Similar metrics at other companies

Gevo logo
GEVODeferred Clean Fuel Production Tax Credits Current
$0
Green Plains logo
GPREEthanol Production — Expected annual ethanol production
212.5M-5.9%
Gevo logo
GEVOIncrease Decrease In Deferred Clean Fuel Production Tax Credits
$7.48M-27.2%
Green Plains logo
GPREEthanol Production — CapEx
$9.18M-58.9%
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GPREEthanol Production — EBITDA
$63.06M+425%
Green Plains logo
GPREEthanol Production — Number of ethanol plants
9-10.0%

Other financials

Income statement

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Revenue$44.5B+48.8%
Gross profit$5.5B+338%
Operating income$5.2B+421%
Net income$3.7B+421%
EPS (diluted)$12.62+454%

Balance sheet

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Cash & equivalents$7.9B+73.6%
Total debt$11.3B+6.6%
Total equity$25.0B+3.8%
Total assets$64.7B+8.8%

Cash flow

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Operating cash flow$5.6B+496%
CapEx$409.0M-4.7%
Free cash flow$1.5B+70.0%

Valuation

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Market cap$90.09B+115%
Enterprise value$93.57B+94.7%
P/E12.5×-42.4×
P/S0.7×+0.3×

Profitability

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Gross margin8%+5.5pp
Operating margin7.2%+6.4pp
Net margin5.2%+4.6pp
FCF margin3.5%

Returns & leverage

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Return on equity29.4%+26.3pp
Debt / equity0.5×0.0×
Current ratio1.6×0.0×

Where this comes from

Reported directly by Valero Energy in its filing.

Tagged under the XBRL concept vlo:CostDirectMaterialsCleanFuelProductionCredit.

The source filing: Valero Energy’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 12:58 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050937

(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $177 million and $140 million for the three months ended June 30, 2026 and 2025, respectively, and $355 million and $191 million for the six months ended June 30, 2026 and 2025, respectively, for our Renewable Diesel segment and $99 million and $119 million for the three and six months ended June 30, 2026, respectively, for our Ethanol segment.

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Valero Energy's ethanol — clean fuel production credit?
Valero Energy (VLO) reported ethanol — clean fuel production credit of $99M in Q2 2026.
What does ethanol — clean fuel production credit mean?
This metric tracks the financial benefit derived from government-sponsored tax credits or subsidies specifically awarded for the production of low-carbon or renewable fuels. It represents a critical component of the ethanol segment's revenue stream, effectively lowering the net cost of production and enhancing the competitive margin of renewable fuel outputs. These credits are highly sensitive to legislative changes and evolving environmental policy frameworks.

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