Valero Energy 8-K
PositiveEarnings
Strong refining drove $6.83B in net income; St. Charles FCC optimization is operational and expected to boost higher-value product capacity.
Filed 2026-10-22 08:20 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results. Net income attributable to Valero stockholders was $6.83B, or $23.89 per diluted share; strong refining performance drove the period’s results. Valero also completed the St. Charles FCC Unit optimization project on schedule and within budget; it is operational and expected to increase capacity for higher-value products.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $46.1B, +43.3% Y/Y | $123B, +33.2% Y/Y |
| Operating income | $9.07B, +501% Y/Y | $16.0B, +896% Y/Y |
| Net income attributable to Valero stockholders | $6.83B, +524% Y/Y | $11.8B, +873% Y/Y |
| Adjusted net income attributable to Valero stockholders, non-GAAP | $6.83B, +502% Y/Y | $11.8B, +454% Y/Y |
| Diluted EPS | $23.89, +577% Y/Y | $40.29, +936% Y/Y |
| Adjusted diluted EPS, non-GAAP | $23.90, +553% Y/Y | $40.22, +490% Y/Y |
| Net cash provided by operating activities | $6.93B, +269% Y/Y | $13.9B, +269% Y/Y |
| Adjusted net cash provided by operating activities, non-GAAP | $7.25B, +342% Y/Y | $13.3B, +246% Y/Y |
- Refining operating income was $8.78B vs $1.61B; Renewable Diesel operating income was $353M vs an operating loss of $(28)M; Ethanol operating income was $272M, +49% Y/Y. Refinery throughput averaged 2.97M barrels per day; ethanol production averaged 4.80M gallons per day, a quarterly record.
- Adjusted operating cash flow excludes a $526M unfavorable working-capital impact and $205M attributable to DGD’s other joint venture member. Capital investments were $432M, including $371M for sustaining the business; $429M was attributable to Valero.
- Valero ended the quarter with $9.84B cash, $8.58B total debt, and $2.42B finance lease obligations; net debt to capitalization was 4%. It repaid $100M of 7.65% Debentures and $426M of 3.400% Senior Notes at maturity.
Guidance
No guidance in this filing.
Investor Takeaways
- Management’s 10/22/2026 conference call is scheduled to provide an operations and strategy update; follow-up on the operational benefits of the completed St. Charles project will indicate whether it delivers the expected higher-value product capacity.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-22 14:35:49Z