Valero earns $23.89 a share as refineries run near record rates, profit jumps sixfold

Valero Energy's third-quarter profit soared to $6.8 billion as its refineries ran at what the company called near-record utilization, up from $1.1 billion a year earlier.

Net income attributable to stockholders came to $23.89 a share, compared with $3.53 a share in the third quarter of 2025, according to the earnings release Valero filed with an 8-K on Thursday. Adjusted earnings were $23.90 a share, versus $3.66.

"Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter," Chairman, CEO and President Lane Riggs said in the release.

Refining carries the quarter

The Refining segment posted operating income of $8.8 billion, up from $1.6 billion a year earlier, on throughput that averaged 3.0 million barrels a day. Valero also completed its St. Charles FCC Unit optimization project on schedule and within budget, which it said raises output of higher-value products such as alkylate and gasoline.

The smaller segments improved too. Renewable Diesel, made up of the Diamond Green Diesel joint venture, swung to operating income of $353 million from a $28 million loss. Ethanol earned $272 million, up from $183 million, as production hit a quarterly record of 4.8 million gallons a day.

Cash and balance sheet

Operating cash flow was $6.9 billion, including a $526 million drag from working capital. Stockholder cash returns equaled a payout ratio of 52% of adjusted operating cash flow, the company said.

Valero repaid $100 million of 7.65% debentures and $426 million of 3.400% senior notes that matured during the quarter, and ended September with $8.6 billion of total debt and $9.8 billion of cash and cash equivalents.

By the numbers

• Net income: $6.8 billion, or $23.89 a share
• Adjusted EPS: $23.90, versus $3.66
• Refining operating income: $8.8 billion
• Refining throughput: 3.0 million barrels a day
• Operating cash flow: $6.9 billion
• Cash at quarter end: $9.8 billion

Sources

1. Valero Energy Corporation, Form 8-K (Item 2.02) with Exhibit 99.01 earnings release dated Oct. 22, 2026, accession 0001628280-26-066795

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