EarningsQ2 2026 Earnings Report
MX:VLO Q2 2026 EPS Results
Actual EPS$229.41
Consensus EPS$184.92
Beat/MissBeat by +$44.49
One Year Ago EPS$41.71
MX:VLO Q2 2026 Revenue Results
Actual Revenue$814.88B
Expected Revenue$722.07B
Beat/MissBeat by +$92.81B
YoY Revenue Growth+49.04%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:VLO Upcoming Earnings
Valero Energy's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:VLO Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights a very strong quarter with record earnings, robust cash generation, materially improved segment profitability (refining, renewable diesel and ethanol), a strengthened balance sheet and continued disciplined capital allocation. Management presented positive forward guidance for throughput, operating costs and renewables strength (driven by RVO/D4 and production tax credits). Notable risks discussed include damage and repair costs at Port Arthur, RIN market shortness and policy uncertainty, ongoing geopolitical supply disruptions (Russia/Middle East) that could prolong tight product markets, and near-term financing and maintenance timing considerations. On balance the call emphasized operational execution, sizable profits and financial flexibility while acknowledging several execution and policy risks that could affect sustainability of current margins.Company Guidance
Record quarterly earnings and EPS
Net income attributable to Valero stockholders of $3.7 billion in Q2 2026 versus $714 million in Q2 2025 (≈+418%); GAAP EPS of $12.62 vs $2.28 in prior-year quarter (≈+454%); adjusted EPS $12.54.
Refining segment outperformance
Refining operating income of $4.5 billion in Q2 2026 compared with $1.3 billion in Q2 2025 (≈+246%); adjusted operating income ~$4.4 billion; refining throughput averaged 3.0 million barrels per day; refining cash operating expense $4.70 per barrel (Q2) and guidance ~ $4.75 per barrel for Q3.
Renewable Diesel turnaround to profitability
Renewable Diesel operating income of $717 million in Q2 2026 vs an operating loss of $79 million in Q2 2025 (swing to profitability); RD sales volumes averaged 3.8 million gallons per day in Q2 with Q3 sales volume guidance ~3.5 million gallons per day; expected RD operating expense ~ $0.49 per gallon in Q3 (includes $0.21/gal noncash).
Strong ethanol performance and structural tailwinds
Ethanol operating income of $318 million in Q2 2026 vs $54 million in Q2 2025 (≈+489%); production averaged 4.7 million gallons per day with Q3 guidance ~4.8 million gpd; production tax credit benefit captured ~$0.14/gal YTD (projected ~$0.17/gal for full year and ~$0.19/gal in 2027–2029), materially improving ethanol economics.
Robust cash generation and strengthened balance sheet
Net cash provided by operating activities of $5.6 billion in Q2 2026 (adjusted net cash provided by operations $4.5 billion excluding working capital and JV items); cash build of ~$2.1 billion during the quarter; cash and cash equivalents $7.9 billion; available liquidity $5.3 billion (excl. cash); net debt-to-capitalization ratio of 11% (net of cash).
Shareholder returns and capital allocation discipline
Stockholder cash returns totaled $2.6 billion in Q2 (payout ratio 59% for the quarter); announced quarterly cash dividend of $1.20 per share; 2026 CapEx guidance ≈ $2.0 billion (≈$1.7 billion sustaining, remainder growth); continued discipline on buybacks, dividends and high-return projects (FCC optimization $230 million at St. Charles).
Operational execution and advantaged feedstock access
Refineries operated safely and reliably; Gulf Coast crude-sourcing advantage (domestic, Canadian, Venezuelan heavy) and ability to run increased Venezuelan heavy volumes; jet yield improvement in Q2 from ~7% to ~12% (adding ~100k bpd yield benefit), and favorable feedstock purchase dynamics improved delivered crude costs and capture rates early in Q3.
Positive medium‑term outlook on margins and renewables
Management sees a higher future mid‑cycle for refining margins driven by hydroskimming economics, carbon/credit costs and crude-quality discounts; RD and ethanol expected to benefit from RVO/D4 strength and production tax credit tailwinds through 2026–2027.
MX:VLO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed