Valero Energy (VLO) Q2 2026 earnings summary

Executive summary

• Net income attributable to stockholders was $3.7 billion ($12.62 per share) for Q2 2026, up from $714 million ($2.28 per share) in Q2 2025, driven by strong operational and commercial execution across refining, renewable diesel, and ethanol segments amid robust global demand and constrained supply.

• Revenues rose to $44.5 billion in Q2 2026 from $29.9 billion in Q2 2025, reflecting strong performance across all segments.

• Cash from operations reached $7.0 billion in the first half of 2026, supporting significant capital investments and shareholder returns.

• Major operational events included the phased idling and cessation of refining at the Benicia Refinery and a fire at the Port Arthur Refinery, both impacting throughput but offset by higher margins and volumes at other refineries.

• Maintained a robust balance sheet and declared a $1.20 per share dividend.

Financial highlights

• Q2 2026 net income was $3.7 billion ($12.62 per share); adjusted net income was $3.7 billion ($12.54 per share).

• Q2 2026 revenues were $44.5 billion, up from $29.9 billion in Q2 2025; operating income was $5.2 billion (vs. $997 million in Q2 2025).

• Refining segment Q2 2026 operating income was $4.5 billion (adjusted: $4.4 billion); Renewable Diesel $717 million; Ethanol $318 million.

• Net cash provided by operating activities was $5.6 billion, with adjusted net cash from operations at $4.5 billion.

• Cash and cash equivalents at June 30, 2026 were $7.9 billion; total debt was $9.1 billion.

Outlook and guidance

• Capital investments for 2026 expected to be ~$2 billion, with $1.7 billion for sustaining business and the remainder for growth.

• St. Charles FCC Unit optimization project on track for Q3 2026 completion.

• Q3 refining throughput guidance: Gulf Coast 1.78–1.83M bbl/day, Mid-Continent 460–480K, West Coast 110–120K, North Atlantic 450–470K.

• Q3 renewable diesel sales volume expected at 335 million gallons; ethanol production at 4.8 million gallons/day.

• Management emphasized continued focus on operational discipline and financial flexibility.