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Valero Energy VLO Refining — Investments in nonconsolidated joint ventures

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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:EquityMethodInvestments.

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

As of June 30, 2026 and December 31, 2025, our investments in nonconsolidated joint ventures accounted for under the equity method were $680 million and $684 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets.

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Valero Energy's refining — investments in nonconsolidated joint ventures?
Valero Energy (VLO) reported refining — investments in nonconsolidated joint ventures of $680M in Q2 2026.
How has Valero Energy's refining — investments in nonconsolidated joint ventures changed year-over-year?
Valero Energy's refining — investments in nonconsolidated joint ventures decreased by 1.4% year-over-year, from $690M to $680M.
What does refining — investments in nonconsolidated joint ventures mean?
This metric represents the carrying value of the company's equity interests in joint ventures within the refining segment that are not fully consolidated in the financial statements. These investments often represent strategic partnerships for infrastructure, logistics, or renewable fuel production. It highlights the company's reliance on collaborative business models to share risk and capital requirements.

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