Valero tops Q1 expectations as refining strength drives profit rebound

Fiona Craig

Thu, April 30, 2026 astatine 9:01 AM CDT 2 min read

Valero Energy Corporation (NYSE:VLO) reported stronger-than-expected first-quarter results connected Thursday, supported by robust refining margins.

Adjusted net per stock came successful astatine $4.22, beating expert forecasts of $3.16 by $1.06.

Revenue totaled $32.38 billion, exceeding the $31.37 cardinal statement estimation and marking a 7% summation from $30.26 cardinal successful the aforesaid 4th of 2025.

The institution posted nett income attributable to shareholders of $1.3 billion, compared with a nett nonaccomplishment of $595 cardinal a twelvemonth earlier.

Performance was driven mostly by the Refining segment, which delivered operating income of $1.8 billion, a crisp turnaround from a $530 cardinal nonaccomplishment successful the prior-year quarter, arsenic margins improved amid volatility successful commodity markets. Refining throughput averaged 2.9 cardinal barrels per day.

Shares roseate astir 1% pursuing the announcement.

“I americium pleased to study that Valero had an fantabulous archetypal quarter, demonstrating our team’s quality to optimize our refining strategy and present beardown fiscal returns,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President.

“In a play marked with sizeable disruption successful commodity markets, our operations, commercial, and fiscal teams executed well.”

The Renewable Diesel conception recorded operating income of $139 million, reversing a $141 cardinal nonaccomplishment successful the aforesaid play past year. Meanwhile, the Ethanol conception generated operating income of $90 million, up from $20 cardinal previously.

Valero returned $938 cardinal to shareholders during the quarter, equivalent to a 59% payout ratio of adjusted operating currency flow. The institution besides raised its quarterly dividend by 6% to $1.20 per stock successful January and issued $850 cardinal successful elder notes successful March.

Progress continues connected the company’s $230 cardinal FCC Unit optimization task astatine the St. Charles Refinery, which is expected to travel online successful the 3rd 4th of 2026.

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