Q3 25 EPS
$3.66
BEAT +20.01%
Est. $3.05
Q3 25 Revenue
$32.17B
BEAT +9.99%
Est. $29.25B
vs S&P Since Q3 25
+38.8%
BEATING MARKET
VLO +45.2% vs S&P +6.4%
Market Reaction
Did VLO Beat Earnings? Q3 2025 Results
Valero Energy posted a blowout third quarter of 2025, with adjusted earnings of $3.66 per share clearing the $3.05 consensus estimate by 20.01% as the company's refining engine roared back to life. Revenue of $32.17 billion topped expectations by nea… Read more Valero Energy posted a blowout third quarter of 2025, with adjusted earnings of $3.66 per share clearing the $3.05 consensus estimate by 20.01% as the company's refining engine roared back to life. Revenue of $32.17 billion topped expectations by nearly 10%, though it slipped 2.1% year over year, a modest headline decline that masked a far more compelling operational story underneath. The driving force was a dramatic recovery in refining margins, which expanded to $13.14 per barrel from $9.09 a year ago, with throughput averaging 3.1 million barrels per day at 97% utilization, a pace that set all-time records in both the Gulf Coast and North Atlantic regions. The North Atlantic margin alone nearly doubled to $17.10 per barrel, underscoring how decisively refining economics shifted in Valero's favor. The company returned $1.30 billion to stockholders in the quarter through dividends and buybacks, and as market uncertainty builds, that capital discipline looks increasingly valuable. Looking ahead, Valero is pressing forward with the $230 million St. Charles FCC optimization project while winding down its Benicia Refinery by April 2026.
Key Takeaways
- • Refinery throughput utilization of 97%, with Gulf Coast and North Atlantic regions setting all-time throughput highs
- • Refining margin expanded to $13.14 per barrel from $9.09 in Q3 2024
- • Total refining throughput volumes averaged 3.1 million barrels per day
- • North Atlantic region refining margin of $17.10 per barrel, up from $11.55 year-over-year
- • Ethanol production volumes achieved record of 4.6 million gallons per day
- • Wider diesel crack spreads across Gulf Coast, Mid-Continent, and North Atlantic regions
VLO YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
VLO Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report strong financial results for the third quarter, highlighting our long-standing track record of operational and commercial excellence. Our refinery throughput utilization was 97 percent, with the Gulf Coast and North Atlantic regions setting new all-time highs for throughput – following last quarter's record performance in the Gulf Coast.”
— Lane Riggs, Q3 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% |