)
Edge3 Oct 2025
Epiroc: A Culture of Moving Mountains
From automation to electrification, Swedish industrial giant Epiroc is leading a transformation in how the world mines.
Valero Energy (VLO) investor relations material
Valero Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Net income attributable to stockholders was $714M ($2.28/share) for Q2 2025, down from $880M ($2.71/share) in Q2 2024, mainly due to a $1.1B asset impairment in California operations.
Achieved record refining throughput in the U.S. Gulf Coast, driven by growth and optimization projects.
Returned $695M to shareholders in Q2 via $354M dividends and $341M buybacks; declared a $1.13/share quarterly dividend.
Strong operational and commercial execution drove solid Q2 results, with robust product demand and low global inventories.
Repaid $251M in maturing senior notes; ended Q2 with $4.5B in cash and $8.4B in total debt.
Financial highlights
Q2 2025 revenues were $29.9B, down from $34.5B in Q2 2024, mainly due to lower petroleum product prices.
Q2 2025 net income was $714M ($2.28/share), down from $880M ($2.71/share) in Q2 2024; H1 2025 net income was $119M, down from $2.1B.
Refining segment operating income rose to $1.3B from $1.2B year-over-year; throughput averaged 2.9M bpd (92% utilization).
Renewable diesel segment posted a $79M operating loss vs. $112M income last year; ethanol segment income fell to $54M from $105M.
Adjusted net cash from operations was $1.3B in Q2; capital investments were $407M in Q2 and $1.1B in H1 2025.
Outlook and guidance
2025 capital investments expected at $2B ($1.6B sustaining, remainder for growth); FCC optimization at St. Charles to complete in 2026 at $230M cost.
Q3 refining throughput guidance: Gulf Coast 1.76–1.81M bpd, Mid Continent 430–450K bpd, West Coast 240–260K bpd, North Atlantic 465–485K bpd.
Q3 refining cash operating expenses projected at $4.8/bbl; renewable diesel sales volume guidance at 1.1B gallons for 2025.
Ethanol production expected at 4.6M gallons/day in Q3; Q3 net interest expense ~$135M, D&A ~$810M (including $100M Benicia incremental D&A).
Gasoline and diesel demand exceeded pre-pandemic levels and are expected to follow seasonal patterns; jet fuel demand is improving.
Why did Renewable Diesel operating income decrease?
Explain the FCC Unit optimization project.
Detail Benicia and Wilmington refineries impairment.
Assess impact of Russian sanctions on differentials.
Explain drivers behind strong Gulf Coast capture.
DGD: Path back to mid-cycle and commitment?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Valero Energy earnings date
Q3 202523 Oct, 2025
Next Valero Energy earnings date
Q3 202523 Oct, 2025
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Company Research22 Sep 2025
Moody's: Shaping Global Credit
Explore Moody's evolution from publishing manuals to becoming a giant in credit ratings, guiding issuers, investors, and regulators worldwide.
)
Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage