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Valero Energy (VLO) investor relations material
Valero Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net income attributable to stockholders was $1.1 billion ($3.53–$3.54/share) for Q3 2025, up from $364 million ($1.14/share) year-over-year, driven by high refinery utilization (97%) and record throughput in Gulf Coast and North Atlantic regions.
Adjusted net income was $1.1 billion ($3.66/share), up from $371 million ($1.16/share) year-over-year.
$1.3 billion was returned to shareholders in Q3 via $351 million dividends and $931 million share buybacks, with a payout ratio of 78%.
Record refinery throughput utilization at 97%, with Gulf Coast and North Atlantic regions achieving all-time highs.
Strategic progress continues on the $230 million FCC optimization project at St. Charles Refinery, expected online in 2H 2026.
Financial highlights
Q3 2025 revenues were $32.2 billion, down from $32.9 billion year-over-year, primarily due to lower petroleum product prices.
Q3 operating income was $1.5 billion, up from $507 million year-over-year; adjusted operating income rose to $1.6 billion.
Net cash provided by operating activities was $1.9 billion, with adjusted net cash at $1.6 billion after working capital and JV adjustments.
Capital investments totaled $409 million in Q3, with $382 million attributable to the company.
Asset impairment loss of $1.1 billion related to California refineries recognized in 2025.
Outlook and guidance
Refining fundamentals expected to remain strong due to low inventories and supply tightness, with limited capacity additions beyond 2025.
2025 capital investments projected at $1.9 billion, with $1.6 billion for sustaining and the remainder for growth.
Q4 refining throughput guidance: Gulf Coast 1.78–1.83M bpd, Mid-Continent 420–440K bpd, West Coast 240–260K bpd, North Atlantic 485–505K bpd.
Q4 renewable diesel sales expected at 258 million gallons, ethanol production at 4.6 million gallons/day.
St. Charles FCC Unit optimization project to enhance high-value product output in 2H 2026.
Renewable Diesel segment operating loss drivers?
Strategic rationale for Benicia Refinery closure?
Capital allocation strategy for 2025 and beyond?
What drives sustained sour crude differential widening?
DGD: How to offset PTC loss in 2026?
Why not ship on new PADD V product pipelines?
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Next Valero Energy earnings date
Q4 202529 Jan, 2026
Next Valero Energy earnings date
Q4 202529 Jan, 2026
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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.
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