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Operating Income by Segment
Breaks down profit from different business areas, revealing which segments drive earnings and where there may be opportunities or challenges.Valero’s earnings mix has visibly shifted: refining moved from a deep trough into a strong recovery in early 2026, while renewable diesel and ethanol flipped from occasional drains into material, recurring contributors—reducing but not eliminating reliance on refining cycles. Management’s throughput and yield improvements drove the recovery, yet Port Arthur’s hydrotreater damage, Benicia idling-related D&A, VGO feedstock tightness and crude backwardation mean capture rates remain volatile. Net result: stronger near-term cash flow and shareholder returns, but earnings still vulnerable to supply disruptions and margin volatility.
Date | Refining | Renewable Diesel | Ethanol |
|---|---|---|---|
Jun 30, 2026 | $4.47B | $717.00M | $318.00M |
Mar 31, 2026 | $1.81B | $139.00M | $90.00M |
Dec 31, 2025 | $1.69B | $92.00M | $117.00M |
Sep 30, 2025 | $1.61B | -$28.00M | $183.00M |
Jun 30, 2025 | $1.27B | -$79.00M | $54.00M |
Mar 31, 2025 | -$530.00M | -$141.00M | $20.00M |
Dec 31, 2024 | $437.00M | $170.00M | $20.00M |
Sep 30, 2024 | $565.00M | $35.00M | $153.00M |
Jun 30, 2024 | $1.22B | $112.00M | $105.00M |
Mar 31, 2024 | $1.75B | $190.00M | $10.00M |