TTM
4.6%
YoY change
+0.62pp
Trough year (1987)
-9.1%
Peak year (1991)
11.8%
Latest annual
3.5%
Operating Margin history chart for Valero Energy (VLO) from 1985 to 2025
Latest: 3.5%
Operating Margin change chart for Valero Energy (VLO) from 1985 to 2025
Latest: +0.62pp
Operating Margin history table for Valero Energy (VLO) from 1985 to 2025
| 2025 | 3.5% | +0.62pp | ||
| 2024 | 2.9% | -5.30pp | ||
| 2023 | 8.2% | -0.70pp | ||
| 2022 | 8.9% | +7.03pp | ||
| 2021 | 1.9% | +4.30pp | ||
| 2020 | -2.4% | -5.97pp | ||
| 2019 | 3.5% | -0.37pp | ||
| 2018 | 3.9% | +0.08pp | ||
| 2017 | 3.8% | -0.89pp | ||
| 2016 | 4.7% | -2.52pp | ||
| 2015 | 7.2% | +2.73pp | ||
| 2014 | 4.5% | +1.64pp | ||
| 2013 | 2.9% | -0.01pp | ||
| 2012 | 2.9% | -0.04pp | ||
| 2011 | 2.9% | +0.64pp | ||
| 2010 | 2.3% | +2.37pp | ||
| 2009 | -0.1% | -0.56pp | ||
| 2008 | 0.5% | -6.78pp | ||
| 2007 | 7.3% | -1.47pp | ||
| 2006 | 8.7% | +2.08pp | ||
| 2005 | 6.6% | +1.19pp | ||
| 2004 | 5.5% | +2.24pp | ||
| 2003 | 3.2% | +1.47pp | ||
| 2002 | 1.7% | -4.94pp | ||
| 2001 | 6.7% | +2.52pp | ||
| 2000 | 4.2% | +3.30pp | ||
| 1999 | 0.9% | +1.79pp | ||
| 1998 | -0.9% | -4.59pp | ||
| 1997 | 3.7% | -0.36pp | ||
| 1996 | 4.0% | -2.23pp | ||
| 1995 | 6.3% | -0.60pp | ||
| 1994 | 6.9% | +0.67pp | ||
| 1993 | 6.2% | -4.68pp | ||
| 1992 | 10.9% | -0.94pp | ||
| 1991 | 11.8% | +0.29pp | ||
| 1990 | 11.5% | +4.09pp | ||
| 1989 | 7.4% | +2.38pp | ||
| 1988 | 5.0% | +14.14pp | ||
| 1987 | -9.1% | -6.04pp | ||
| 1986 | -3.1% | -7.97pp | ||
| 1985 | 4.9% | — |
- 20253.5%+0.62pp
- 20242.9%-5.30pp
- 20238.2%-0.70pp
- 20228.9%+7.03pp
- 20211.9%+4.30pp
- 2020-2.4%-5.97pp
- 20193.5%-0.37pp
- 20183.9%+0.08pp
- 20173.8%-0.89pp
- 20164.7%-2.52pp
- 20157.2%+2.73pp
- 20144.5%+1.64pp
- 20132.9%-0.01pp
- 20122.9%-0.04pp
- 20112.9%+0.64pp
- 20102.3%+2.37pp
- 2009-0.1%-0.56pp
- 20080.5%-6.78pp
- 20077.3%-1.47pp
- 20068.7%+2.08pp
- 20056.6%+1.19pp
- 20045.5%+2.24pp
- 20033.2%+1.47pp
- 20021.7%-4.94pp
- 20016.7%+2.52pp
- 20004.2%+3.30pp
- 19990.9%+1.79pp
- 1998-0.9%-4.59pp
- 19973.7%-0.36pp
- 19964.0%-2.23pp
- 19956.3%-0.60pp
- 19946.9%+0.67pp
- 19936.2%-4.68pp
- 199210.9%-0.94pp
- 199111.8%+0.29pp
- 199011.5%+4.09pp
- 19897.4%+2.38pp
- 19885.0%+14.14pp
- 1987-9.1%-6.04pp
- 1986-3.1%-7.97pp
- 19854.9%—
Operating Margin values are taken from Valero Energy's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Valero Energy (VLO)
According to Valero Energy's latest reported financial statements, the company's latest reported operating margin is 4.6%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Valero Energy (VLO) operating margin totalled 3.51% – expanded 0.6 percentage points year-over-year.
The highest annual operating margin of 11.79% was reported in 1991. The lowest in the available history was -9.12% in 1987.
Valero Energy Operating Margin by Year
Valero Energy Operating Margin 2025: 3.5%
Valero Energy posted operating margin of 3.51% in 2025, expanded 0.6 percentage points from 2024.
Valero Energy Operating Margin 2024: 2.9%
In 2024, Valero Energy reported operating margin of 2.89%, contracted 5.3 percentage points from 2023.
Valero Energy Operating Margin 2023: 8.2%
Valero Energy operating margin in 2023 was 8.19%, contracted 0.7 percentage points from 2022.
Valero Energy Operating Margin 2022: 8.9%
2022's operating margin for Valero Energy came in at 8.90%, expanded 7.0 percentage points from 2021.
Valero Energy Operating Margin 2021: 1.9%
Valero Energy operating margin in 2021 was 1.87%.
See more financial history for Valero Energy (VLO).
Sector peers by Operating Margin
Energy peers of Valero Energy (VLO), ranked by their latest operating margin
| 38.8% | |
| 18.3% | |
| 15.8% | |
| 14.4% | |
| 9.0% | |
| 8.4% | |
| 5.0% | |
| 4.7% |
- 18.3%
- 15.8%
- 14.4%
- 8.4%
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