VALERO ENERGY CORP/TX

Listed Company

VLOCIK 0001035002NYSELarge AcceleratedPetroleum RefiningDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$2.35B

Total Assets

$57.99B

Equity

$23.73B

Shares Out

296.93M

Op. Cash Flow

$5.83B

Business

VALERO ENERGY CORP/TX is a multinational manufacturer and marketer of petroleum-based and low‑carbon liquid transportation fuels and petrochemical products. It produces refined petroleum products (gasoline, diesel, jet fuel, asphalt and related blendstocks), renewable fuels (renewable diesel, renewable naphtha, neat sustainable aviation fuel) and ethanol plus co‑products. Operations are managed through three reportable segments: Refining, Renewable Diesel (including the DGD joint venture) and Ethanol. Products are sold primarily in the U.S., Canada, the U.K., Ireland and Latin America through wholesale rack, bulk channels and logistics networks (pipelines, terminals, ship, rail and truck).

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	122,687	129,881	144,766	176,383	113,977
Cost of materials and other	101,096	110,616	117,367	150,770	102,714
Taxes other than income taxes	6,720	5,900	5,720	—	—
Operating expenses (excluding depreciation and amortization expense reflected below)	6,344	5,831	6,089	6,389	5,776
Depreciation and amortization expense	3,095	2,729	2,658	2,428	2,358
Total cost of sales	117,255	125,076	131,834	159,587	110,848
Asset impairment loss	1,131	0	0	61	0
Other operating expenses	15	44	33	66	87
General and administrative expenses (excluding depreciation and amortization expense reflected below)	1,042	961	998	934	865
Depreciation and amortization expense	63	45	43	45	47
Operating income	3,181	3,755	11,858	15,690	2,130
Other income, net	380	499	502	179	16
Interest and debt expense, net of capitalized interest	−556	−556	−592	−562	−603
Income before income tax expense	3,005	3,698	11,768	15,307	1,543
Income tax expense	759	692	2,619	3,428	255
Net income	2,246	3,006	9,149	11,879	1,288
Less: Net income (loss) attributable to noncontrolling interests	−102	236	314	351	358
Net income attributable to Valero Energy Corporation stockholders	2,348	2,770	8,835	11,528	930
Earnings per common share (in dollars per share)	7.57	8.58	24.93	29.05	2.27
Weighted-average common shares outstanding (shares)	309	322	353	395	407
Earnings per common share assuming dilution (in dollars per share)	7.57	8.58	24.92	29.04	2.27
Weighted-average common shares outstanding assuming dilution (shares)	309	322	353	396	407
Includes excise taxes on sales by certain of our foreign operations	6,748	5,907	5,765	5,194	5,645

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,688	4,657	5,424	4,862	4,122
Receivables, net	9,877	10,708	12,525	11,919	10,378
Inventories	7,591	7,761	7,583	6,752	6,265
Prepaid expenses and other	1,054	611	689	600	400
Total current assets	23,210	23,737	26,221	24,133	21,165
Property, plant, and equipment, at cost	50,091	52,368	51,668	50,576	49,072
Accumulated depreciation	−22,474	−23,054	−21,459	−19,598	−18,225
Property, plant, and equipment, net	27,617	29,314	30,209	30,978	30,847
Deferred charges and other assets, net	7,161	7,092	—	—	—
Total assets	57,988	60,143	63,056	60,982	57,888
Current portion of debt and finance lease obligations	949	743	1,406	1,109	1,264
Accounts payable	10,139	12,092	12,567	12,728	12,495
Accrued expenses	1,403	1,130	1,240	1,215	1,253
Taxes other than income taxes payable	1,550	1,360	1,452	1,568	1,461
Income taxes payable	68	170	137	841	378
Total current liabilities	14,109	15,495	16,802	17,461	16,851
Debt and finance lease obligations, less current portion	9,670	9,720	10,118	10,526	12,606
Deferred income tax liabilities	5,146	5,267	5,349	5,217	5,210
Other long-term liabilities	2,458	2,140	2,263	2,310	3,404
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7	7	7	7	7
Additional paid-in capital	6,981	6,939	6,901	6,863	6,827
Treasury stock, at cost; 374,561,457 and 358,637,890 common shares	−30,753	−28,178	−25,322	−20,197	—
Retained earnings	47,959	47,016	45,630	38,247	28,281
Accumulated other comprehensive loss	−469	−1,272	−870	−1,359	−1,008
Total Valero Energy Corporation stockholders equity	23,725	24,512	26,346	23,561	18,430
Noncontrolling interests	2,880	3,009	2,178	1,907	1,387
Total equity	26,605	27,521	28,524	25,468	19,817
Total liabilities and equity	57,988	60,143	63,056	60,982	57,888

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	3,158	2,774	2,701	2,473	2,405
Gain on early retirement of debt, net	0	0	−11	−14	193
Deferred income tax expense (benefit)	−197	−87	103	50	−126
Current assets and current liabilities (see Note 18)	−192	795	−2,326	−1,626	2,225
Deferred charges and other assets	−171	−579	−210	—	—
Long-term liabilities	−136	296	−127	—	—
Other operating activities, net	−13	478	−50	—	—
Net cash provided by operating activities	5,826	6,683	9,229	12,574	5,859
Purchases of available-for-sale (AFS) debt securities	−27	−29	−276	−100	0
Proceeds from sales and maturities of AFS debt securities	30	81	314	5	0
Investments in nonconsolidated joint ventures	−3	0	0	−1	−9
Other investing activities, net	40	24	13	−4	38
Net cash used in investing activities	−1,845	−1,981	−1,865	−2,805	−2,159
Premiums paid on early retirement of debt	0	0	−5	−56	−179
Purchases of common stock for treasury	−2,598	−2,875	−5,136	−4,577	−27
Payment of excise tax on purchases of common stock for treasury	−28	−49	0	0	—
Common stock dividend payments	−1,405	−1,384	−1,452	−1,562	−1,602
Contributions from noncontrolling interests	328	90	75	265	189
Distributions to noncontrolling interests	−369	−182	−164	−93	−2
Other financing activities, net	−16	−1	3	−16	−18
Net cash used in financing activities	−4,182	−5,049	−6,941	−8,849	−2,846
Effect of foreign exchange rate changes on cash	237	−248	139	−180	−45
Net increase (decrease) in cash, cash equivalents, and restricted cash	36	−595	562	740	809

Filings

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