Valero Energy Corporation (VLO) Earnings Call Transcripts

Valero Energy Corporation's Latest Earnings Call - Q3 FY2026

Valero Energy Corporation reported robust financial results for the third quarter of 2026, with net income attributable to stockholders reaching $6.8 billion, or $23.89 per share, compared to $1.1 billion, or $3.53 per share, in the same quarter last year. The refining segment led the performance with operating income of $8.8 billion, significantly up from $1.6 billion year-over-year. Management maintained a positive outlook for the remainder of the fiscal year, expecting capital investments to remain around $2 billion, with refining throughput volumes projected to be strong in the fourth quarter, signaling continued operational strength and potential stock appreciation.

Reported metrics

Guidance from management

Valero expects capital investments for 2026 to be approximately $2 billion, with refining throughput volumes projected to remain strong in Q4. They also anticipate refining cash operating expenses to be around $4.85 per barrel for the fourth quarter.

What management said

Thanks, Homer. That concludes our opening remarks. Before we open the call to questions, I would ask that you limit each turn in the Q&A to two questions. If you have more than 2 questions, please rejoin the queue as time permits to ensure other callers have time to ask their questions.

Yes. It looks like some of the downward pressure on cracks is really related to more headlines. People announcing releases from strategic reserves, lifting of Russian sanctions, some of those types of things is what is actually driving some of the downward pressure on cracks. I think when you digest the data and you look at how much volume is actually coming out and then lifting of sanctions is more just a change in ...

What analysts pressed on

Analysts expressed concerns regarding potential demand destruction due to high diesel prices, questioning if there is a price level that could trigger a response. Additionally, there were inquiries about the impact of freight rates on margins and the overall reliability of the refining system moving into 2027.

Main topics on the call

• Strong Refining Performance — Valero's refining segment reported operating income of $8.8 billion for Q3 2026, a substantial increase from $1.6 billion in Q3 2025. Management noted, "Refining fundamentals remain favorable, supported by low product in...
• Record Ethanol Production — The ethanol segment achieved record production levels, contributing to an operating income of $272 million, up from $183 million year-over-year. This performance was highlighted by management as a key driver for overall ...
• Cash Position and Shareholder Returns — Valero ended the quarter with $9.8 billion in cash and cash equivalents, reflecting a disciplined approach to capital allocation. Management stated, "We continue to pay out above 50% and continue to build cash," indicati...
• Guidance for Q4 2026 — Management expects refining throughput volumes to remain strong, with guidance for Gulf Coast throughput at 1.855 to 1.905 million barrels per day. They also indicated refining cash operating expenses would be approximat...

Read the full Valero Energy Corporation transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 30 Valero Energy Corporation earnings call transcripts on record, spanning January 30, 2020 to October 22, 2026. Based on this history, Valero Energy Corporation reports quarterly. The most recent call on file is dated October 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VLO

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

30

First call

January 30, 2020

Most recent

October 22, 2026

Reporting cadence

quarterly