VLO VALERO ENERGY CORP/TX

Overview and Growth

Fiscal 2025 results for VALERO ENERGY CORP/TX combined $122.69B of revenue with net income of $2.35B and an operating cash inflow of $5.83B. The $122.69B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $129.88B in fiscal 2024, revenue decreased 5.5%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was $7.57, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $8.58 in fiscal 2024, the current result was 11.8% lower. Total assets stood at $57.99B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 2.12x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $5.43B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 4.4% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $3.18B, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 2.6% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $2.35B, after the operating, financing, tax, and other items recognized for the period. Net margin was 1.9%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $3.00B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 2.4%, relating income before taxes directly to revenue. Income tax expense totaled $759.00M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 25.3%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 8.8% of period-end equity, showing the earnings generated on shareholders’ book capital. Return on period-end assets was 4.0%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

The company held $57.99B of assets against $31.38B of liabilities and $26.61B of equity, revealing how the asset base was financed. Current assets were $23.21B against $14.11B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.65x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $4.69B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 33.2%, excluding receivables and other current assets. Borrowings totaled $9.21B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.35x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 15.9%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 54.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 8.1%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $60.14B in fiscal 2024, the current asset base moved 3.6% and finished lower. Against $27.52B of equity in fiscal 2024, the current book-equity balance moved 3.3% and ended lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $5.83B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 2.48x, comparing cash generated by operations with the bottom-line earnings result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.