← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Valero's refining business carried the year while renewable diesel swung to a loss and a $1.1 billion California refinery impairment hit results: revenue fell 5.5% to $122.69B and net income 15.2% to $2.35B, yet gross margin widened 73 bps
The read at a glance✓ Audited against SEC data
- Growth — Revenue down 5.5% to $122.7B on lower product pricesWatch
- Profitability — Gross margin up 73 bps to 4.43%; operating margin down 30 bps to 2.59%Note
- Segments — Refining operating income $4.04B; Renewable Diesel a $156M operating lossWatch
- Balance sheet — Total debt $8.26B against $23.73B of equity; $9.8 billion of liquidityOK
- Accounting — Safe balance-sheet score; no manipulation flag; earnings quality safeOK
- Capital allocation — $2.60B of buybacks and $1.41B of dividends; a further $2.5 billion authorizedOK
Business
Valero is a refiner: 15 petroleum refineries in the U.S., Canada and the U.K. with combined throughput capacity of approximately 3.2 million barrels per day, plus 12 ethanol plants and a consolidated renewable diesel joint venture with Darling Ingredients (Diamond Green Diesel). It buys nearly all its feedstocks, so profit depends on the spread between crude and product prices rather than on revenue.
Where the revenue comes from
Fiscal 2025, as VALERO ENERGY CORP/TX reports it. History and quarterly detail are in the app.
- Refining$116.2B
- Ethanol$5.0B
- Renewable Diesel$4.6B
Leadership changes
From VALERO ENERGY CORP/TX's own filings, the day they're filed.
- Homer Bhullar · President · appointmenteff. 2026-01-01
- Jason Fraser · Chief Financial Officer · departureeff. 2026-01-01
- Robert L. Reymond · directors · appointmenteff. 2025-09-18
Latest filings
- 8-K · Company announcement2026-09-18
- 8-K · Company announcement2026-07-30
- 10-Q · Quarterly report2026-07-30
- 8-K · Company announcement2026-07-16
- 8-K · Company announcement2026-05-08
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- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
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- Ana — ask about VALERO ENERGY CORP/TX, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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