Q1 26 EPS
$4.22
Q1 26 Revenue
$32.38B
BEAT +8.41%
Est. $29.87B
vs S&P Since Q1 26
-1.7%
TRAILING MARKET
VLO -1.7% vs S&P +0.0%
Market Reaction
Did VLO Beat Earnings? Q1 2026 Results
Valero Energy posted a blowout first quarter for 2026, delivering earnings per share of $4.22 against a Wall Street consensus of $3.16, a 33.54% beat that extended the Houston-based refiner's streak of consensus-topping results to four consecutive qu… Read more Valero Energy posted a blowout first quarter for 2026, delivering earnings per share of $4.22 against a Wall Street consensus of $3.16, a 33.54% beat that extended the Houston-based refiner's streak of consensus-topping results to four consecutive quarters. Revenue climbed 7.0% year over year to $32.38 billion, clearing the $29.87 billion estimate by 8.41%. The primary engine behind the quarter was a dramatic recovery in Refining segment profitability, where operating income reached $1.81 billion as refining margin expanded to $14.90 per barrel, supported by wider crude differentials and a surge in U.S. Gulf Coast distillate margins to $27.60 per barrel. The Renewable Diesel segment also swung sharply to $139 million in operating income from a loss of $141 million a year ago. Valero returned $938 million to shareholders and raised its quarterly dividend 6% to $1.20 per share, while its $230 million St. Charles FCC Unit optimization project remains on schedule for completion in the third quarter of 2026.
Key Takeaways
- • Wider crude oil differentials (Brent-WTI spread of $5.94/bbl vs $3.43/bbl YoY)
- • Strong distillate margins, particularly ULS diesel less Brent at $27.60/bbl vs $16.69/bbl in Q1 2025
- • Higher refining throughput volumes averaging 2.914 million bpd vs 2.828 million bpd
- • Renewable Diesel margin recovery to $1.11/gallon from $0.02/gallon
- • Ethanol margin expansion to $0.66/gallon from $0.48/gallon
- • Absence of Q1 2025's $1.1 billion California refinery asset impairment loss
- • Brent-Western Canadian Select Houston differential widened to $13.57/bbl from $7.24/bbl
VLO Forward Guidance & Outlook
Valero's St. Charles FCC Unit optimization project, a $230 million investment, is expected to be completed and begin operations in the third quarter of 2026, enhancing the refinery's ability to produce high-value products. The company continues to idle its Benicia Refinery through a phased approach after ceasing fuel production unit operations during Q1 2026. Management indicated Valero remains well-positioned to benefit from the current margin environment.
VLO YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
VLO Revenue by Segment
With YoY comparisons, source: SEC Filings
“I am pleased to report that Valero had an excellent first quarter, demonstrating our team's ability to optimize our refining system and deliver strong financial returns. In a period marked with considerable disruption in commodity markets, our operations, commercial, and financial teams executed well.”
— Lane Riggs, Q1 2026 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% |