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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Valero Energy
Valero Energy (VLO) investor relations material
Valero Energy Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net income attributable to stockholders was $6.828B, or $23.89/share, versus $1.095B and $3.53/share a year earlier; 9M earnings were $11.8B versus $1.2B.
Near-record refinery utilization and record ethanol production accompanied strong results; total liquidity was $14.7B at Sept. 30 after $7.3B returned to stockholders in 9M.
Financial highlights
Q3 revenue was $46.098B and operating income was $9.073B; 9M revenue was $122.955B and operating income was $16.000B.
Adjusted net income was $6.831B, or $23.90/share, versus $1.1B and $3.66/share in Q3 2025; reported diluted EPS was $23.89 versus $3.53.
Operating cash flow was $6.932B; adjusted cash flow was $7.253B after excluding working-capital effects and the other DGD member’s share.
Outlook and guidance
2026 capital investments and investments attributable to Valero are each expected to be $2.0B, including ~$1.7B for sustaining and $250M related to the Port Arthur incident.
Q4 refining throughput guidance: Gulf Coast 1.855–1.905 MMbpd; Mid-Continent 440,000–460,000 bbl/day; West Coast 100,000–110,000 bbl/day; North Atlantic 480,000–500,000 bbl/day.
Q4 cash operating expenses expected at ~$4.85/bbl for refining, $0.53/gal for renewable diesel and $0.38/gal for ethanol; sales/production guidance is 325M renewable diesel gallons and 4.9M ethanol gallons/day.
Q4 net interest expense expected at ~$135M and D&A at ~$700M; FY 2026 G&A expected at ~$1.1B.
Port Arthur DHT repairs remain on track for year-end completion; estimated cost is ~$250M, included in sustaining capital guidance, with a substantial portion expected to be insured.
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Latest events from Valero Energy
- Adjusted FY earnings declined YoY as returns topped $6.6B and SAF investment advanced.VLO
Q4 2023 - Adjusted FY earnings rose to $3.5B as capital returns and logistics growth advanced.VLOQ4 2014
- Strong refining and ethanol results drove $1.1 billion in Q3 earnings.VLOQ3 2014
- Low-carbon policies and advanced refining drive growth in renewable diesel and cleaner fuels.VLOInvestor presentation
- Q2 2026 net income hit $3.7B on strong margins, with robust cash flow and shareholder returns.VLOQ2 2026
- Q1 2026 net income hit $1.3B, with strong margins and $938M returned to shareholders.VLOQ1 2026
- Q2 2025 net income dropped to $714M, impacted by a $1.1B California asset impairment.VLOQ2 2025
- Net income dropped sharply, but shareholder returns and growth investments remained strong.VLOQ2 2024
- Earnings and margins fell, but operational records and shareholder returns remained strong.VLOQ4 2024
Next Valero Energy earnings date
Q4 202628 Jan, 2027
Valero Energy
Next Valero Energy earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
Valero Energy Corporation operates through three segments: Refining, Ethanol, and Synergy. It refines crude oil and other feedstocks into transportation fuels, such as gasoline and gasoline blendstocks, jet fuel, diesel fuel, heating oil, and other petroleum-based products; sells petrochemical products primarily to companies that produce plastics, solvents, antifreeze, tires, synthetic rubber, and other industrial products; and produces ethanol and distributes it to wholesalers. Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas.