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Dec 31, 2025
Valero Q4 2025 Earnings Report
Valero posted strong Q4 results with a significant increase in net income and record operational performance across refining and ethanol segments.
Key Takeaways
Valero delivered robust Q4 2025 results with net income reaching $1.1 billion and revenue holding steady. The company reported record throughput volumes and ethanol production, and continued solid performance in refining.
Net income rose to $1.1 billion from $281 million in Q4 2024
Adjusted EPS was $3.82, up from $0.64 last year
Refining throughput volumes hit a record 3.1 million barrels per day
Ethanol production volumes also reached a record 4.8 million gallons per day
Revenue by Segment
Forward Guidance
Valero expects continued strength in refining operations and maintains its focus on capital discipline and shareholder returns, while navigating the ongoing transition in California operations.
Positive Outlook
- St. Charles FCC Unit optimization project on track for H2 2026
- Record availability and safety performance in 2025
- Planned capital investments of $1.7 billion in 2026
- Strong balance sheet with $4.7 billion in cash
- Dividend increased by 6% to $1.20 per share
Challenges Ahead
- Renewable diesel segment saw reduced operating income
- Impairment charges related to California refinery exit
- Higher depreciation expense due to asset retirement plans
- Ongoing challenges in West Coast refining operations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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