V

VALERO ENERGY CORP/TX

VLO · CIK 0001035002

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$122.69B5.5%
FY2025
Net income (FY)
$2.35B15.2%
FY2025
Free cash flow (FY)
$4.63B36.7%
FY2024
Diluted EPS (FY)
$7.5711.8%
FY2025
The story, charted

The shape of the business

FY2016–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$100BFY2016 · Revenue $75.66B · Net income $2.29B · 0001035002-19-000008 · filed 2019-02-28FY16Revenue $75.66BNet income $2.29B0001035002-19-000008 · filed 2019-02-28FY2017 · Revenue $93.98B · Net income $4.07B · 0001035002-20-000007 · filed 2020-02-26FY17Revenue $93.98BNet income $4.07B0001035002-20-000007 · filed 2020-02-26FY2018 · Revenue $117.03B · Net income $3.12B · 0001035002-21-000051 · filed 2021-02-23FY18Revenue $117.03BNet income $3.12B0001035002-21-000051 · filed 2021-02-23FY2019 · Revenue $108.32B · Net income $2.42B · 0001035002-22-000007 · filed 2022-02-22FY19Revenue $108.32BNet income $2.42B0001035002-22-000007 · filed 2022-02-22FY2020 · Revenue $64.91B · Net income −$1.42B · 0001035002-23-000027 · filed 2023-02-23FY20Revenue $64.91BNet income −$1.42B0001035002-23-000027 · filed 2023-02-23FY2021 · Revenue $113.98B · Net income $930.0M · 0001035002-24-000007 · filed 2024-02-22FY21Revenue $113.98BNet income $930.0M0001035002-24-000007 · filed 2024-02-22FY2022 · Revenue $176.38B · Net income $11.53B · 0001035002-25-000005 · filed 2025-02-26FY22Revenue $176.38BNet income $11.53B0001035002-25-000005 · filed 2025-02-26FY2023 · Revenue $144.77B · Net income $8.84B · 0001628280-26-011499 · filed 2026-02-25FY23Revenue $144.77BNet income $8.84B0001628280-26-011499 · filed 2026-02-25FY2024 · Revenue $129.88B · Net income $2.77B · 0001628280-26-011499 · filed 2026-02-25FY24Revenue $129.88BNet income $2.77B0001628280-26-011499 · filed 2026-02-25FY2025 · Revenue $122.69B · Net income $2.35B · 0001628280-26-011499 · filed 2026-02-25FY25Revenue $122.69BNet income $2.35B0001628280-26-011499 · filed 2026-02-25FY25Revenue $122.69BNet income $2.35B0001628280-26-011499 · filed 2026-02-25FY17FY19FY21FY23FY25

revenue 1.6× since FY2016 · net margin 3.0% → 1.9%

MarginsNet marginFCF margin
0%5%FY2016 · Net margin 3.0% · FCF margin 4.7%FY16Net margin 3.0%FCF margin 4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 4.3% · FCF margin 4.4%FY17Net margin 4.3%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 2.7% · FCF margin 0.9%FY18Net margin 2.7%FCF margin 0.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 2.2% · FCF margin 2.5%FY19Net margin 2.2%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -2.2% · FCF margin -2.3%FY20Net margin -2.2%FCF margin -2.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 0.8% · FCF margin 3.0%FY21Net margin 0.8%FCF margin 3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 6.5% · FCF margin 5.6%FY22Net margin 6.5%FCF margin 5.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 6.1% · FCF margin 5.1%FY23Net margin 6.1%FCF margin 5.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 2.1% · FCF margin 3.6%FY24Net margin 2.1%FCF margin 3.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 1.9%FY25Net margin 1.9%derived: net income ÷ revenueFY25Net margin 1.9%derived: net income ÷ revenue’17’19’21’23’25

FY2025: net 1.9% · free cash flow 3.6% of revenue

Cash engineOperating cash flowFree cash flow
$0$5B$10BFY2007 · OCF $5.26B · FCF $3.00B · 0000950123-10-018097 · filed 2010-02-26FY07OCF $5.26BFCF $3.00B0000950123-10-018097 · filed 2010-02-26FY2008 · OCF $3.10B · FCF $202.0M · 0001035002-11-000013 · filed 2011-02-25FY08OCF $3.10BFCF $202.0M0001035002-11-000013 · filed 2011-02-25FY2009 · OCF $1.82B · FCF −$483.0M · 0001035002-12-000008 · filed 2012-02-24FY09OCF $1.82BFCF −$483.0M0001035002-12-000008 · filed 2012-02-24FY2010 · OCF $3.04B · FCF $1.31B · 0001035002-13-000008 · filed 2013-02-28FY10OCF $3.04BFCF $1.31B0001035002-13-000008 · filed 2013-02-28FY2011 · OCF $4.04B · FCF $1.68B · 0001035002-14-000008 · filed 2014-02-27FY11OCF $4.04BFCF $1.68B0001035002-14-000008 · filed 2014-02-27FY2012 · OCF $5.27B · FCF $2.34B · 0001035002-15-000009 · filed 2015-02-26FY12OCF $5.27BFCF $2.34B0001035002-15-000009 · filed 2015-02-26FY2013 · OCF $5.56B · FCF $3.44B · 0001035002-16-000069 · filed 2016-02-25FY13OCF $5.56BFCF $3.44B0001035002-16-000069 · filed 2016-02-25FY2014 · OCF $4.24B · FCF $2.09B · 0001035002-17-000009 · filed 2017-02-23FY14OCF $4.24BFCF $2.09B0001035002-17-000009 · filed 2017-02-23FY2015 · OCF $5.61B · FCF $3.99B · 0001035002-18-000010 · filed 2018-02-28FY15OCF $5.61BFCF $3.99B0001035002-18-000010 · filed 2018-02-28FY2016 · OCF $4.82B · FCF $3.54B · 0001035002-19-000008 · filed 2019-02-28FY16OCF $4.82BFCF $3.54B0001035002-19-000008 · filed 2019-02-28FY2017 · OCF $5.48B · FCF $4.13B · 0001035002-20-000007 · filed 2020-02-26FY17OCF $5.48BFCF $4.13B0001035002-20-000007 · filed 2020-02-26FY2018 · OCF $4.37B · FCF $995.0M · 0001035002-21-000051 · filed 2021-02-23FY18OCF $4.37BFCF $995.0M0001035002-21-000051 · filed 2021-02-23FY2019 · OCF $5.53B · FCF $2.69B · 0001035002-22-000007 · filed 2022-02-22FY19OCF $5.53BFCF $2.69B0001035002-22-000007 · filed 2022-02-22FY2020 · OCF $948.0M · FCF −$1.49B · 0001035002-23-000027 · filed 2023-02-23FY20OCF $948.0MFCF −$1.49B0001035002-23-000027 · filed 2023-02-23FY2021 · OCF $5.86B · FCF $3.40B · 0001035002-24-000007 · filed 2024-02-22FY21OCF $5.86BFCF $3.40B0001035002-24-000007 · filed 2024-02-22FY2022 · OCF $12.57B · FCF $9.84B · 0001035002-25-000005 · filed 2025-02-26FY22OCF $12.57BFCF $9.84B0001035002-25-000005 · filed 2025-02-26FY2023 · OCF $9.23B · FCF $7.31B · 0001628280-26-011499 · filed 2026-02-25FY23OCF $9.23BFCF $7.31B0001628280-26-011499 · filed 2026-02-25FY2024 · OCF $6.68B · FCF $4.63B · 0001628280-26-011499 · filed 2026-02-25FY24OCF $6.68BFCF $4.63B0001628280-26-011499 · filed 2026-02-25FY2025 · OCF $5.83B · 0001628280-26-011499 · filed 2026-02-25FY25OCF $5.83B0001628280-26-011499 · filed 2026-02-25FY25OCF $5.83B0001628280-26-011499 · filed 2026-02-25’09’13’17’21’25
Returns on capitalReturn on equityReturn on assets
0%20%40%FY2008 · ROE -7.2% · ROA -3.3%FY08ROE -7.2%ROA -3.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE -13.5% · ROA -5.6%FY09ROE -13.5%ROA -5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 2.2% · ROA 0.9%FY10ROE 2.2%ROA 0.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 12.7% · ROA 4.9%FY11ROE 12.7%ROA 4.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 11.6% · ROA 4.7%FY12ROE 11.6%ROA 4.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 14.0% · ROA 5.8%FY13ROE 14.0%ROA 5.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 17.6% · ROA 8.0%FY14ROE 17.6%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 19.4% · ROA 9.0%FY15ROE 19.4%ROA 9.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 11.4% · ROA 5.0%FY16ROE 11.4%ROA 5.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 18.5% · ROA 8.1%FY17ROE 18.5%ROA 8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 14.4% · ROA 6.2%FY18ROE 14.4%ROA 6.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 11.1% · ROA 4.5%FY19ROE 11.1%ROA 4.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -7.6% · ROA -2.7%FY20ROE -7.6%ROA -2.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 5.0% · ROA 1.6%FY21ROE 5.0%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 48.9% · ROA 18.9%FY22ROE 48.9%ROA 18.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 33.5% · ROA 14.0%FY23ROE 33.5%ROA 14.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 11.3% · ROA 4.6%FY24ROE 11.3%ROA 4.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 9.9% · ROA 4.0%FY25ROE 9.9%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 9.9%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity -7% (FY2008) → 10% (FY2025) · on assets 4.0%

The receipts