Reported net income attributable to Valero stockholders of $1.1 billion, or $3.53 per share
Reported adjusted net income attributable to Valero stockholders of $1.1 billion, or $3.66 per share
Returned $1.3 billion to stockholders through dividends and stock buybacks
The St. Charles FCC Unit optimization project is expected to begin operations in the second half of 2026

SAN ANTONIO–(BUSINESS WIRE)–Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.1 billion, or $3.53 per share, for the third quarter of 2025, compared to net income of $364 million, or $1.14 per share, for the third quarter of 2024. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $1.1 billion, or $3.66 per share, for the third quarter of 2025, compared to $371 million, or $1.16 per share, for the third quarter of 2024.

Refining

The Refining segment reported operating income of $1.6 billion for the third quarter of 2025, compared to operating income of $565 million for the third quarter of 2024. Adjusted operating income was $1.7 billion for the third quarter of 2025, compared to $568 million for the third quarter of 2024. Refining throughput volumes averaged 3.1 million barrels per day in the third quarter of 2025.

“We are pleased to report strong financial results for the third quarter, highlighting our long-standing track record of operational and commercial excellence,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “Our refinery throughput utilization was 97 percent, with the Gulf Coast and North Atlantic regions setting new all-time highs for throughput – following last quarter’s record performance in the Gulf Coast.”

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported an operating loss of $28 million for the third quarter of 2025, compared to operating income of $35 million for the third quarter of 2024. Segment sales volumes averaged 2.7 million gallons per day in the third quarter of 2025.

Ethanol

The Ethanol segment reported $183 million of operating income for the third quarter of 2025, compared to $153 million for the third quarter of 2024. Ethanol production volumes averaged 4.6 million gallons per day in the third quarter of 2025, achieving record production.

Corporate and Other

General and administrative expenses were $246 million in the third quarter of 2025, compared to $234 million in the third quarter of 2024. The effective tax rate for the third quarter of 2025 was 27 percent.

Investing and Financing Activities

Net cash provided by operating activities was $1.9 billion in the third quarter of 2025. Included in this amount was a $325 million favorable impact from working capital and $86 million of adjusted net cash used in operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.6 billion in the third quarter of 2025.

Capital investments totaled $409 million in the third quarter of 2025, of which $364 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $382 million in the third quarter of 2025.

Valero returned $1.3 billion to stockholders in the third quarter of 2025, of which $351 million was paid as dividends and $931 million was for the purchase of approximately 5.7 million shares of common stock, resulting in a payout ratio of 78 percent of adjusted net cash provided by operating activities. Valero has returned over $2.6 billion year-to-date through dividends and stock buybacks.

“Our strong financial results and record operating achievements this quarter are a testament to our commitment to commercial and operational excellence. This, coupled with the strength of our balance sheet, should continue to support strong shareholder returns,” said Riggs.

Liquidity and Financial Position

Valero ended the third quarter of 2025 with $8.4 billion of total debt, $2.2 billion of total finance lease obligations, and $4.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 18 percent as of September 30, 2025.

Strategic Update

Valero continues to make progress on the FCC Unit optimization project at the St. Charles Refinery that will enhance the refinery’s ability to produce high-value products. The $230 million project is expected to begin operations in the second half of 2026.

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Valero Contacts

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982

Eric Herbort, Director – Investor Relations and Finance, 210-345-3331

Gautam Srivastava, Director – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast, “guidance” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose taxes or penalties on profits, windfalls, or margins above a certain level, tariffs and their effects on trading relationships, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income (loss), adjusted Ethanol operating income, adjusted Refining operating expenses (excluding depreciation and amortization expense), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (f) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Statement of income data
Revenues	$	32,168		$	32,876		$	92,315		$	99,125
Cost of sales:
Cost of materials and other		27,958			29,965			81,838			88,590
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,614			1,482			4,659			4,317
Depreciation and amortization expense		824			675			2,290			2,042
Total cost of sales		30,396			32,122			88,787			94,949
Asset impairment loss (b)		—			—			1,131			—
Other operating expenses (c)		5			3			13			40
General and administrative expenses (excluding depreciation and amortization expense reflected below)		246			234			727			695
Depreciation and amortization expense		12			10			51			34
Operating income		1,509			507			1,606			3,407
Other income, net		86			123			292			389
Interest and debt expense, net of capitalized interest		(139	)		(141	)		(417	)		(421	)
Income before income tax expense		1,456			489			1,481			3,375
Income tax expense		390			96			404			726
Net income		1,066			393			1,077			2,649
Less: Net income (loss) attributable to noncontrolling interests		(29	)		29			(137	)		160
Net income attributable to Valero Energy Corporation stockholders	$	1,095		$	364		$	1,214		$	2,489

Earnings per common share	$	3.54		$	1.14		$	3.89		$	7.66
Weighted-average common shares outstanding (in millions)		309			318			311			324

Earnings per common share – assuming dilution	$	3.53		$	1.14		$	3.89		$	7.66
Weighted-average common shares outstanding – assuming dilution (in millions)		309			318			312			324

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)

	Refining		Renewable Diesel			Ethanol		Corporate and Eliminations			Total
Three months ended September 30, 2025
Revenues:
Revenues from external customers	$	30,414	$	719		$	1,035	$	—		$	32,168
Intersegment revenues		1		484			259		(744	)		—
Total revenues		30,415		1,203			1,294		(744	)		32,168
Cost of sales:
Cost of materials and other		26,684		1,077			942		(745	)		27,958
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,388		78			148		—			1,614
Depreciation and amortization expense		728		76			21		(1	)		824
Total cost of sales		28,800		1,231			1,111		(746	)		30,396
Other operating expenses		5		—			—		—			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		246			246
Depreciation and amortization expense		—		—			—		12			12
Operating income (loss) by segment	$	1,610	$	(28	)	$	183	$	(256	)	$	1,509

Three months ended September 30, 2024
Revenues:
Revenues from external customers	$	31,332	$	632		$	912	$	—		$	32,876
Intersegment revenues		3		593			235		(831	)		—
Total revenues		31,335		1,225			1,147		(831	)		32,876
Cost of sales:
Cost of materials and other		28,922		1,029			842		(828	)		29,965
Operating expenses (excluding depreciation and amortization expense reflected below)		1,256		92			133		1			1,482
Depreciation and amortization expense		589		69			19		(2	)		675
Total cost of sales		30,767		1,190			994		(829	)		32,122
Other operating expenses		3		—			—		—			3
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		234			234
Depreciation and amortization expense		—		—			—		10			10
Operating income by segment	$	565	$	35		$	153	$	(246	)	$	507

See Operating Highlights by Segment.
See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)

	Refining		Renewable Diesel			Ethanol		Corporate and Eliminations			Total
Nine months ended September 30, 2025
Revenues:
Revenues from external customers	$	87,495	$	1,777		$	3,043	$	—		$	92,315
Intersegment revenues		5		1,424			681		(2,110	)		—
Total revenues		87,500		3,201			3,724		(2,110	)		92,315
Cost of sales:
Cost of materials and other		77,995		3,016			2,962		(2,135	)		81,838
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		3,986		228			446		(1	)		4,659
Depreciation and amortization expense		2,029		205			59		(3	)		2,290
Total cost of sales		84,010		3,449			3,467		(2,139	)		88,787
Asset impairment loss (b)		1,131		—			—		—			1,131
Other operating expenses		13		—			—		—			13
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		727			727
Depreciation and amortization expense		—		—			—		51			51
Operating income (loss) by segment	$	2,346	$	(248	)	$	257	$	(749	)	$	1,606

Nine months ended September 30, 2024
Revenues:
Revenues from external customers	$	94,519	$	1,888		$	2,718	$	—		$	99,125
Intersegment revenues		8		1,932			654		(2,594	)		—
Total revenues		94,527		3,820			3,372		(2,594	)		99,125
Cost of sales:
Cost of materials and other		85,528		3,025			2,625		(2,588	)		88,590
Operating expenses (excluding depreciation and amortization expense reflected below)		3,659		262			395		1			4,317
Depreciation and amortization expense		1,793		196			57		(4	)		2,042
Total cost of sales		90,980		3,483			3,077		(2,591	)		94,949
Other operating expenses (c)		13		—			27		—			40
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		695			695
Depreciation and amortization expense		—		—			—		34			34
Operating income by segment	$	3,534	$	337		$	268	$	(732	)	$	3,407

See Operating Highlights by Segment.
See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2025			2024		2025			2024
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	1,095		$	364	$	1,214		$	2,489
Adjustments:
Employee retention and separation costs (a)		50			—		50			—
Income tax benefit related to employee retention and separation costs		(11	)		—		(11	)		—
Employee retention and separation costs, net of taxes		39			—		39			—
Asset impairment loss (b)		—			—		1,131			—
Income tax benefit related to asset impairment loss		—			—		(254	)		—
Asset impairment loss, net of taxes		—			—		877			—
Project liability adjustment (c)		—			—		—			29
Income tax benefit related to project liability adjustment		—			—		—			(7	)
Project liability adjustment, net of taxes		—			—		—			22
Second-generation biofuel tax credit (d)		—			7		—			21
Total adjustments		39			7		916			43
Adjusted net income attributable to Valero Energy Corporation stockholders	$	1,134		$	371	$	2,130		$	2,532

Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	3.53	$	1.14	$	3.89	$	7.66
Adjustments:
Employee retention and separation costs (a)		0.13		—		0.12		—
Asset impairment loss (b)		—		—		2.81		—
Project liability adjustment (c)		—		—		—		0.07
Second-generation biofuel tax credit (d)		—		0.02		—		0.06
Total adjustments		0.13		0.02		2.93		0.13
Adjusted earnings per common share – assuming dilution	$	3.66	$	1.16	$	6.82	$	7.79

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (f)
(millions of dollars)
(unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2025			2024		2025			2024
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	1,610		$	565	$	2,346		$	3,534
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,388			1,256		3,986			3,659
Depreciation and amortization expense		728			589		2,029			1,793
Asset impairment loss (b)		—			—		1,131			—
Other operating expenses		5			3		13			13
Refining margin	$	3,731		$	2,413	$	9,505		$	8,999

Refining operating income	$	1,610		$	565	$	2,346		$	3,534
Adjustments:
Employee retention and separation costs (a)		50			—		50			—
Asset impairment loss (b)		—			—		1,131			—
Other operating expenses		5			3		13			13
Adjusted Refining operating income	$	1,665		$	568	$	3,540		$	3,547

Renewable Diesel segment
Renewable Diesel operating income (loss)	$	(28	)	$	35	$	(248	)	$	337
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		78			92		228			262
Depreciation and amortization expense		76			69		205			196
Renewable Diesel margin	$	126		$	196	$	185		$	795

Ethanol segment
Ethanol operating income	$	183		$	153	$	257		$	268
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		148			133		446			395
Depreciation and amortization expense		21			19		59			57
Other operating expenses (c)		—			—		—			27
Ethanol margin	$	352		$	305	$	762		$	747

Ethanol operating income	$	183		$	153	$	257		$	268
Adjustment: Other operating expenses (c)		—			—		—			27
Adjusted Ethanol operating income	$	183		$	153	$	257		$	295

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (f)
(millions of dollars)
(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (loss) (by region) (g)
U.S. Gulf Coast region
Refining operating income	$	940	$	419	$	2,123	$	2,112
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		740		705		2,197		2,025
Depreciation and amortization expense		391		370		1,154		1,120
Other operating expenses		2		2		9		8
Refining margin	$	2,073	$	1,496	$	5,483	$	5,265

Refining operating income	$	940	$	419	$	2,123	$	2,112
Adjustment: Other operating expenses		2		2		9		8
Adjusted Refining operating income	$	942	$	421	$	2,132	$	2,120

U.S. Mid-Continent region
Refining operating income	$	188	$	39	$	365	$	419
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		210		186		605		559
Depreciation and amortization expense		84		79		238		254
Other operating expenses		3		1		3		3
Refining margin	$	485	$	305	$	1,211	$	1,235

Refining operating income	$	188	$	39	$	365	$	419
Adjustment: Other operating expenses		3		1		3		3
Adjusted Refining operating income	$	191	$	40	$	368	$	422

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (f)
(millions of dollars)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (loss) (by region) (g) (continued)
North Atlantic region
Refining operating income	$	532		$	206		$	967		$	929
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		199			174			553			529
Depreciation and amortization expense		80			68			224			198
Other operating expenses		—			—			—			1
Refining margin	$	811		$	448		$	1,744		$	1,657

Refining operating income	$	532		$	206		$	967		$	929
Adjustment: Other operating expenses		—			—			—			1
Adjusted Refining operating income	$	532		$	206		$	967		$	930

U.S. West Coast region
Refining operating income (loss)	$	(50	)	$	(99	)	$	(1,109	)	$	74
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		239			191			631			546
Depreciation and amortization expense (e)		173			72			413			221
Asset impairment loss (b)		—			—			1,131			—
Other operating expenses		—			—			1			1
Refining margin	$	362		$	164		$	1,067		$	842

Refining operating income (loss)	$	(50	)	$	(99	)	$	(1,109	)	$	74
Adjustments:
Employee retention and separation costs (a)		50			—			50			—
Asset impairment loss (b)		—			—			1,131			—
Other operating expenses		—			—			1			1
Adjusted Refining operating income (loss)	$	—		$	(99	)	$	73		$	75

See Notes to Earnings Release Tables.

Contacts

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

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