15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 13.6% per year over the past 5 years.
Operating margin has expanded, at 2.6% in the latest year.
Free cash flow has grown 11.5% per year over the past 5 years.
Financial health
Total debt ($8.3B) exceeds cash ($4.7B); net debt is $3.6B.
Total debt has grown slower than revenue (-8.7% vs 13.6% per year).
Operating income covered interest expense 5.7× in the latest year, up from -2.8× 5 years ago.
Total debt is 1.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 59.8% of earnings.
The dividend has declined 2.6% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$122.7B
$2.3B
4.4%
2.6%
—
$8.3B
$4.7B
2024
$129.9B
$2.8B
3.7%
2.9%
$4.6B
$8.1B
$4.7B
2023
$144.8B
$8.8B
8.9%
8.2%
$7.3B
$9.2B
$5.4B
2022
$176.4B
$11.5B
9.5%
8.9%
$9.8B
$9.2B
$4.9B
2021
$114.0B
$930M
2.7%
1.9%
$3.4B
$11.9B
$4.1B
2020
$64.9B
-$1.4B
-1.1%
-2.4%
-$1.5B
$13.0B
$3.3B
2019
$108.3B
$2.4B
4.4%
3.5%
$2.7B
$8.9B
$2.6B
2018
$117.0B
$3.1B
4.8%
3.9%
$995M
$8.5B
$3.0B
2017
$94.0B
$4.1B
4.8%
3.8%
$3.5B
$8.3B
$5.8B
2016
$75.7B
$2.3B
5.7%
4.7%
$2.8B
$7.9B
$4.8B
2015
—
$4.0B
—
—
$3.3B
$7.3B
$4.1B
2014
—
$3.6B
—
—
$1.4B
$6.4B
$3.7B
2013
—
$2.7B
—
—
$2.8B
$6.5B
$4.3B
2012
—
$2.1B
—
—
$1.9B
$7.0B
$1.7B
2011
—
$2.1B
—
—
$1.1B
$7.7B
$1.0B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$32.4B
$1.3B
6.3%
5.3%
—
$9.2B
$5.7B
Dec '25
$30.4B
$1.1B
6.3%
5.2%
—
$8.3B
$4.7B
Sep '25
$32.2B
$1.1B
5.5%
4.7%
$1.5B
$8.4B
$4.8B
Jun '25
$29.9B
$714M
4.2%
3.3%
$529M
$8.4B
$4.5B
Mar '25
$30.3B
-$595M
1.7%
-3.0%
$293M
$8.5B
$4.6B
Dec '24
$30.8B
$281M
2.0%
1.1%
—
$8.1B
$4.7B
Sep '24
$32.9B
$364M
2.3%
1.5%
$866M
$8.4B
$5.2B
Jun '24
$34.5B
$880M
4.2%
3.5%
$2.1B
$8.4B
$5.2B
Mar '24
$31.8B
$1.2B
6.2%
5.3%
$1.2B
$8.5B
$4.9B
Dec '23
$35.4B
$1.2B
5.3%
4.4%
—
$9.2B
$5.4B
Sep '23
$38.4B
$2.6B
9.8%
9.1%
—
$9.2B
$5.8B
Jun '23
$34.5B
$1.9B
8.6%
8.0%
—
$9.0B
$5.1B
Mar '23
$36.4B
$3.1B
11.8%
11.1%
—
$9.0B
$5.5B
Dec '22
$41.7B
$3.1B
11.2%
10.3%
—
$9.2B
$4.9B
Sep '22
$44.5B
$2.8B
9.0%
8.5%
—
$9.6B
$4.0B
Jun '22
$51.6B
$4.7B
12.5%
12.0%
—
$10.9B
$5.4B
Mar '22
$38.5B
$905M
4.2%
3.6%
—
$11.2B
$2.6B
Dec '21
$35.9B
$1.0B
5.3%
4.4%
—
$11.9B
$4.1B
Sep '21
$29.5B
$463M
3.1%
2.3%
—
$12.6B
$3.5B
Jun '21
$27.7B
$162M
2.6%
1.8%
—
$13.0B
$3.6B
Valuation over time
How the market has priced VLO against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 3.6× (Mar '23) to 32.3× (Jun '26).
The price-to-sales ratio has risen from 0.2× (Mar '23) to 0.6× (Jun '26).
The dividend yield has fallen from 3.8% (Mar '23) to 1.9% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is VLO growing its revenue and profit?
Over the past 5 years, Valero Energy's revenue has grown 13.6% per year. These are computed facts, not advice.
How much debt does VLO have?
As of FY2025, Valero Energy reported $8.3B of total debt against $4.7B of cash; operating income covered interest expense 5.7×.
What is VLO's profit margin?
In FY2025, gross margin was 4.4%, operating margin 2.6%, and net margin 1.9%.
What is VLO's P/E ratio?
As of Jun '26, Valero Energy traded at a price-to-earnings ratio of about 32.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.