Latest revenue
$32.38B
as of 2026-03-31
Latest net income
$1.26B
as of 2026-03-31
Net margin
3.9%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $73.33B
- Enterprise value
- $79.09B
- P/E (trailing)
- 31.2×
- Forward P/E
- —
- P/B
- 3.07×
- Dividend yield
- 1.9%
- 52-wk high
- $263.75
- 52-wk low
- $125.10
- Beta
- —
- Shares out
- 296.9M
5-year trend
What this company does
Valero refines crude oil into gasoline, diesel, jet fuel, and renewable diesel through its Diamond Green Diesel joint venture, operating refineries primarily in the US Gulf Coast and California. The company generates revenue almost entirely from selling refined petroleum products, with first-quarter 2026 sales of $32.4 billion driven by cost-of-materials-heavy fuel sales. Valero is exiting California, idling its Benicia refinery by April 2026 after taking a $1.1 billion impairment in early 2025, while Q1 2026 swung to $1.3 billion net income from a year-earlier loss.
Generated from VLO's filing dated 2024-02-22
Key risks
- California exit: Benicia Refinery idled by April 2026 after $1.1B impairment in Q1 2025; Wilmington also impaired, signaling stranded West Coast assets.
- Leverage rising: total debt grew to $11.5B from $10.6B; Q1 2026 borrowings of $3.05B funded buybacks ($573M) and dividends ($359M).
- Margin volatility: Q1 2026 swung to $1.32B net income from $652M loss YoY, underscoring extreme sensitivity to refining crack spreads.
Generated from VLO's filing dated 2024-02-22
Profitability
Operating margin
2.6%
10.3%Net margin
1.9%
10.3%Return on equity
9.9%
12.4%Return on assets
4.0%
12.1%Leverage
Debt / equity
1.44×
0.6%Long-term debt / equity
0.41×
2.8%Debt / assets
59.1%
0.3%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $32.38B | +7.0% | $1.26B | +312.3% | 3.9% |
Q4 2025 2025-12-31 | $30.37B | -1.2% | $1.73B | +515.3% | 5.7% |
Q3 2025 2025-09-30 | $32.17B | -2.2% | $1.09B | +200.8% | 3.4% |
Q2 2025 2025-06-30 | $29.89B | -13.3% | $119.0M | -86.5% | 0.4% |
Q1 2025 2025-03-31 | $30.26B | -4.7% | $-595.0M | -147.8% | -2.0% |
Q4 2024 2024-12-31 | $30.76B | — | $281.0M | — | 0.9% |
Q3 2024 2024-09-30 | $32.88B | -14.4% | $364.0M | -86.1% | 1.1% |
Q2 2024 2024-06-30 | $34.49B | -0.1% | $880.0M | -54.7% | 2.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Petroleum Refining · SIC 2911
Your notes
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Insider activity
Insider buying
$0
Insider selling
$5.6M
Net activity
−$5.6M
Distinct insiders
2
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns VLO
Institutional value
$21.02B
Total shares held
87.6M
Distinct holders
773
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 19.6M | $4.85B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 14.9M | $3.68B | — | New |
| 3 | Bank of New York Mellon Corp | 3.0M | $733.7M | — | New |
| 4 | Nuveen, LLC | 2.7M | $673.2M | — | New |
| 5 | Invesco Ltd. | 2.6M | $651.1M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 2.5M | $615.2M | — | New |
| 7 | UBS Group AG | 1.8M | $435.0M | — | New |
| 8 | Legal & General Group Plc | 1.8M | $433.8M | — | New |
| 9 | VANGUARD FIDUCIARY TRUST CO | 1.7M | $422.9M | — | New |
| 10 | Allianz Asset Management GmbH | 1.6M | $404.0M | — | New |
| 11 | AGF MANAGEMENT LTD | 1.4M | $356.1M | — | New |
| 12 | Allspring Global Investments Holdings, LLC | 1.4M | $344.0M | — | New |
| 13 | WELLS FARGO & COMPANY/MN | 1.1M | $283.7M | — | New |
| 14 | Life Cycle Investment Partners Ltd | 1.1M | $279.4M | — | New |
| 15 | Pacer Advisors, Inc. | 1.1M | $270.1M | — | New |
| 16 | DEUTSCHE BANK AG\ | 962.0K | $237.7M | — | New |
| 17 | MONTRUSCO BOLTON INVESTMENTS INC. | 936.2K | $231.3M | — | New |
| 18 | Swiss National Bank | 895.1K | $221.2M | — | New |
| 19 | LOS ANGELES CAPITAL MANAGEMENT LLC | 865.8K | $213.9M | — | New |
| 20 | HSBC HOLDINGS PLC | 723.8K | $178.8M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating income swung from a $900M loss to $1.73B—how much was structural margin recovery versus transient crack spread tailwinds you can't repeat?
- 2
D&A jumped 22% YoY to $828M while capex fell to $160M—are you under-investing in the refining fleet to flatter near-term FCF?
- 3
You bought back $564M in stock at a premium to last year's pace while gross debt rose ~$870M—why lever up for buybacks now?
Refreshed when VLO files a new report · last from 2024-02-22