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Valero Energy VLO Ethanol — Cost of Revenue

Other segment segments

Refining
$37.81B+39.8%
Renewable Diesel
$1.97B+66.9%

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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 us-gaap:CostOfRevenue.

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
Three months ended June 30, 2026RefiningRenewable DieselEthanolTotal
Taxes other than income taxes1,648——
Operating expenses (excluding depreciation and amortization expense reflected below)1,26391152
Depreciation and amortization expense6357119
Total cost of sales37,8141,965993
Other operating expenses18——
Operating income by segment$4,470$717$318$5,505
Reconciliation of operating income by segmentto income before income tax expense
Elimination of intersegment profits(54)

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Valero Energy's ethanol — cost of revenue?
Valero Energy (VLO) reported ethanol — cost of revenue of $993M in Q2 2026.
How has Valero Energy's ethanol — cost of revenue changed year-over-year?
Valero Energy's ethanol — cost of revenue decreased by 13.7% year-over-year, from $1.15B to $993M.
What is the long-term trend for Valero Energy's ethanol — cost of revenue?
Over 4 years (2021 to 2025), Valero Energy's ethanol — cost of revenue has grown at a -2.6% compound annual growth rate (CAGR), from $5.12B to $4.6B.
What does ethanol — cost of revenue mean?
The total direct costs incurred to produce and deliver ethanol products to customers, encompassing raw materials, labor, and direct overhead. This is the primary metric for assessing the gross margin profile of the ethanol business.

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