What is the primary revenue source for Valero Energy (VLO)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze VLO's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Valero Energy's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Valero Energy Makes Money: VLO Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 8.85 percentage points year over year.

Revenue: USD 76.86B
Largest revenue segment share (Distillates): 47.03%
Cost of revenue: USD 69.34B
Income tax expense: USD 1.50B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cost of revenueTotal cost of sales · CostOfRevenue
RevenueRevenues · RevenueFromContractWithCustomerIncludingAssessedTax
Operating marginOperating income · operating_income / revenue * 100
Largest revenue segment share (Distillates)Distillates · segment_value / revenue * 100
Income tax expenseIncome tax expense · IncomeTaxExpenseBenefit

Assets

Where is the money tied up, and how is the company financed?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Property, plant and equipment: USD 26.84B
Accounts receivable: USD 13.93B
Cash and cash equivalents: USD 7.87B
Shareholder equity: USD 28.27B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Accounts receivableReceivables, net · ReceivablesNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
Property, plant and equipmentProperty, plant, and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 139.88% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 4.98B
Operating cash flow: USD 6.97B
Cash conversion: 139.88%
Free cash flow: USD 6.59B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to valero stockholders · NetIncomeLoss
Operating cash flowsum(waterfull.operating)
Cash conversionoperating_cash_flow / net_income * 100
Free cash flowcfo - capex

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 714.00M
Share repurchases: USD 2.84B
Net shareholder return: USD 3.55B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?