Valero Energy (VLO) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Valero Energy published the results on October 22, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Valero Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Valero idled the processing units at its Benicia Refinery in California by the end of April 2026. From Q2 2026, Benicia decommissioning and redevelopment costs are reported in Corporate and Other, and U.S. West Coast throughput fell to 119 thousand barrels per day from 259 thousand.
• The Renewable Diesel segment is the Diamond Green Diesel joint venture, in which Valero is a 50 percent member. Valero consolidates it, so segment figures include the other member's share.
• Valero's release gives no numeric outlook for the next quarter.

Source: Valero Energy Q3 2026 results, October 22, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Valero Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Valero Energy's Refining revenue was $44.4 billion in Q3 2026, up 46% from $30.4 billion in Q3 2025, 96% of total revenue.
• Valero Energy's Renewable Diesel revenue was $664 million in Q3 2026, down 8% from $719 million in Q3 2025, 1% of total revenue.
• Valero Energy's Ethanol revenue was $1.1 billion in Q3 2026, up 3% from $1.0 billion in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenues and GAAP diluted EPS, each as first reported in that quarter's release.

Valero Energy's next report is expected around January 28, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 22, 2026

Valero Energy's revenue is almost all refined fuel. Refining revenues from external customers were $44,369 million of $46,098 million in Q3 2026: distillates $22,003 million, gasolines and blendstocks $17,932 million and other product revenues $4,434 million. The Ethanol segment added $1,065 million and Renewable Diesel $664 million, of which neat SAF was $170 million. (Valero Energy Q3 2026 release, Oct 22, 2026; Valero Energy Form 10-Q, Q3 2026, Oct 28, 2026)

Valero said revenues rose $13.9 billion from Q3 2025 primarily because of higher prices for the petroleum-based transportation fuels its Refining segment sells, partly offset by a $6.3 billion rise in cost of sales from higher crude oil and feedstock costs. Refining margin was $10,730 million against $3,731 million. Valero puts about $5.5 billion of the margin increase down to distillate margins and about $2.3 billion to gasoline margins. (Valero Energy Q3 2026 release, Oct 22, 2026; Valero Energy Form 10-Q, Q3 2026, Oct 28, 2026)

Refining throughput averaged 2,972 thousand barrels per day against 3,087 thousand a year earlier, after Valero idled the processing units at its Benicia Refinery by the end of April 2026, and Valero estimates the 115,000 barrel per day decrease cost about $420 million of margin. U.S. Gulf Coast refineries ran 1,874 thousand barrels per day, the largest of Valero's four refining regions. (Valero Energy Q3 2026 release, Oct 22, 2026; Valero Energy Form 10-Q, Q3 2026, Oct 28, 2026)

The release's market table shows the price backdrop: Brent crude averaged $91.61 a barrel against $68.14, and U.S. Gulf Coast ultra-low-sulfur diesel less Brent was $72.27 a barrel against $21.05. In the 10-Q, Valero ties the Renewable Diesel segment's $381 million rise in operating income primarily to higher renewable diesel prices, partly offset by higher feedstock costs. (Valero Energy Q3 2026 release, Oct 22, 2026; Valero Energy Form 10-Q, Q3 2026, Oct 28, 2026)

Valero sells mostly to U.S. customers. Of 2025 revenues of $122,687 million, $87,819 million came from the U.S., $15,830 million from the U.K. and Ireland, $8,137 million from Canada and $5,168 million from Mexico and Peru, and no customer accounted for 10 percent or more of revenues. (Valero Energy Form 10-K, 2025, Feb 25, 2026)

Valero Energy's GAAP diluted EPS of $23.89 and adjusted EPS of $23.90 in Q3 2026 differ by one cent: $4 million of repair costs from the March 2026 incident at the Port Arthur Refinery, $3 million after tax. A year earlier the gap was wider, $3.53 GAAP against $3.66 adjusted, because of $50 million of employee retention and separation costs tied to the Benicia Refinery. (Valero Energy Q3 2026 release, Oct 22, 2026)

Valero's diluted weighted average shares were 285 million against 309 million in Q3 2025. Valero bought 9,056,938 shares for treasury in the quarter at an average price of $371.20, and 20,395,132 shares for $6.2 billion over the first nine months of 2026. It had $3.0 billion left under its purchase authorizations at September 30, 2026. (Valero Energy Q3 2026 release, Oct 22, 2026; Valero Energy Form 10-Q, Q3 2026, Oct 28, 2026)

Net income attributable to Valero stockholders was $6,828 million against $1,095 million, on an effective tax rate of 23 percent. Valero raised its quarterly dividend to $1.20 per share from $1.13 a year earlier, and its stockholder cash returns equalled 52 percent of adjusted net cash provided by operating activities. (Valero Energy Q3 2026 release, Oct 22, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Valero Energy's Q3 2026 release contains no numeric outlook; management discusses operations and strategy on the conference call held the same morning. Valero's 10-Q lists the factors it expects may affect fourth quarter 2026 results: continued disruption to global refining capacity from outages in the Middle East and Russia, global refined product inventories expected to remain low, volatile crude oil differentials, and strong renewable diesel demand from the EPA's higher renewable volume obligations for 2026 and 2027. (Valero Energy Q3 2026 release, Oct 22, 2026; Valero Energy Form 10-Q, Q3 2026, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Valero Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Valero Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VLO is on is VLO a buy or a sell?, what analysts expect next is on the VLO forecast, and what the company does is on the Valero Energy (VLO) stock page.

Every number on this page can be traced to a document Valero Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.