Valero Energy (VLO) Q3 2026 earnings summary

Executive summary

• Q3 2026 net income attributable to stockholders was $6.828B, or $23.89 diluted EPS; adjusted net income was $6.831B, or $23.90 per share, versus $1.095B and $3.53 reported in Q3 2025.

• Refineries ran near-record utilization, averaging 2.972M barrels per day; ethanol production reached a quarterly record, and St. Charles’ FCC optimization project was completed on schedule and within budget.

• Tight product inventories, low excess refining capacity and resilient fuel demand supported a constructive long-term refining outlook.

Financial highlights

• Q3 revenue was $46.098B and operating income was $9.073B; nine-month revenue reached $122.955B and operating income was $16.000B.

• Income before tax was $9.056B, income tax expense was $2.067B and the effective tax rate was 23%.

• Q3 G&A was $308M, D&A was $684M and net interest expense was $144M.

• Reported diluted EPS was $23.89 versus $3.53 in Q3 2025; adjusted diluted EPS was $23.90 versus $3.66.

Outlook and guidance

• 2026 capital investments attributable to Valero are expected to be ~$2B, including ~$1.7B for sustaining; the remainder is for growth projects.

• 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 refining cash operating expenses are expected at ~$4.85/bbl; renewable diesel sales at ~325M gallons with expenses of $0.53/gal; ethanol production at 4.9M gallons/day with expenses of $0.38/gal.

• Q4 net interest expense is expected at ~$135M and D&A at ~$700M; FY 2026 G&A is expected at ~$1.1B. Port Arthur DHT repairs remain on track for year-end completion at an estimated ~$250M, included in sustaining capital guidance, with a substantial portion expected to be insured.