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Valero Energy VLO Ethanol — Operating Income (Loss)

Other segment segments

Refining
$4.47B+253%
Renewable Diesel
$717M+1,008%

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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:OperatingIncomeLoss.

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
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)
Unallocated amounts:
Other corporate expenses (b)(255)

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Valero Energy's ethanol — operating income (loss)?
Valero Energy (VLO) reported ethanol — operating income (loss) of $318M in Q2 2026.
How has Valero Energy's ethanol — operating income (loss) changed year-over-year?
Valero Energy's ethanol — operating income (loss) increased by 488.9% year-over-year, from $54M to $318M.
What is the long-term trend for Valero Energy's ethanol — operating income (loss)?
Over 4 years (2021 to 2025), Valero Energy's ethanol — operating income (loss) has grown at a -5.7% compound annual growth rate (CAGR), from $473M to $374M.
What does ethanol — operating income (loss) mean?
The profit or loss generated by the ethanol segment after deducting all operating expenses, including depreciation and amortization, from segment revenues. This is the definitive measure of the segment's core financial performance.

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