Q1 25 EPS
$0.89
BEAT +116.97%
Est. $0.41
Q1 25 Revenue
$30.26B
BEAT +6.32%
Est. $28.46B
vs S&P Since Q1 25
+95.6%
BEATING MARKET
VLO +126.5% vs S&P +30.9%
Market Reaction
Did VLO Beat Earnings? Q1 2025 Results
Valero Energy delivered a first-quarter 2025 earnings beat that masked a deeply troubled underlying business, as the San Antonio-based refiner posted adjusted EPS of $0.89 against a Wall Street consensus of $0.41, a 116.97% beat, while revenue of $30… Read more Valero Energy delivered a first-quarter 2025 earnings beat that masked a deeply troubled underlying business, as the San Antonio-based refiner posted adjusted EPS of $0.89 against a Wall Street consensus of $0.41, a 116.97% beat, while revenue of $30.26 billion topped estimates by 6.32%, even as sales fell 4.7% year over year. The headline figures, however, were overshadowed by a $1.13 billion pre-tax asset impairment charge tied to the company's California refining assets, swinging GAAP results to a net loss of $595 million, or $1.90 per share. The write-down accompanied Valero's decision to cease refining operations at its Benicia Refinery by April 2026, a move CEO Lane Riggs attributed to California's increasingly restrictive regulatory environment, a challenge that has pushed multiple major refiners toward similar exits from the state. Total refining margin compressed sharply to $2.49 billion from $3.53 billion a year ago, while the Renewable Diesel segment swung to a $141 million operating loss. Despite the turbulence, Valero raised its quarterly dividend 6% to $1.13 per share, signaling confidence for income-focused investors watching the sector.
Key Takeaways
- • Compressed refining margins across all regions with margin per barrel declining from $14.07 to $9.78 year-over-year
- • $1.1 billion pre-tax asset impairment loss on West Coast (Benicia and Wilmington) refinery assets
- • Heavy maintenance and turnaround activity across refining system
- • Challenging margin environment in Renewable Diesel segment with margin per gallon declining from $1.02 to $0.02
- • Increased heavy sour crude oil processing (555 thousand barrels per day vs. 347 thousand in Q1 2024)
- • Higher throughput volumes of 2,828 thousand barrels per day vs. 2,760 in Q1 2024
- • Ethanol operating income doubled to $20 million from $10 million
VLO YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
VLO Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered positive results for the first quarter despite heavy maintenance activity across our refining system and a challenging margin environment in the Renewable Diesel segment. This is a credit to the strength and discipline of our operations, optimization, and commercial teams.”
— Lane Riggs, Q1 2025 Earnings Press Release
VLO Earnings Trends
VLO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VLO EPS Trend
Earnings per share: estimate vs actual
VLO Revenue Trend
Quarterly revenue: estimate vs actual
VLO Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $4.22 | — | $32.38B | +8.41% |
| Q4 25 BEAT FY | $3.27 | $3.82 | +16.82% | $30.37B | — |
| FY Full Year | $10.02 | $10.61 | +5.90% | $122.69B | +1.57% |
| Q3 25 BEAT | $3.05 | $3.66 | +20.01% | $32.17B | +9.99% |
| Q2 25 BEAT | $1.76 | $2.28 | +29.78% | $29.89B | +10.10% |
| Q1 25 BEAT | $0.41 | $0.89 | +116.97% | $30.26B | +6.32% |