How does Valero Energy (VLO) make money?

Valero Energy (VLO) primarily makes money through Refining, which accounts for 92.3% of total revenue. For TTM through Q4 2025, Valero Energy generated $124.05B in total revenue with a net profit margin of 1.9%.

What is Valero Energy (VLO) gross profit margin?

Valero Energy (VLO) reported a gross profit margin of 5.4% for TTM through Q4 2025, equivalent to $6.75B in gross profit. This means Valero Energy retains 5.4% of each revenue unit after direct costs of production.

What is Valero Energy (VLO) operating profit margin?

Valero Energy (VLO) reported an operating profit margin of 2.6% for TTM through Q4 2025, equivalent to $3.18B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Valero Energy (VLO) net profit margin?

Valero Energy (VLO) reported a net profit margin of 1.9% for TTM through Q4 2025, equivalent to $2.35B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Valero Energy (VLO) spend on capital expenditures?

Valero Energy (VLO) spent $426.00M on capital expenditures in TTM through Q4 2025 (0.3% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Valero Energy (VLO) free cash flow?

Valero Energy (VLO) generated $5.40B in free cash flow for TTM through Q4 2025 (4.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Valero Energy (VLO) effective tax rate?

Valero Energy (VLO) had an effective tax rate of 25.3% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.

How Valero Energy (VLO) Makes Money: A Visual Guide

Valero Energy (VLO) generated $124.05B in revenue, earning $2.35B in net profit (1.9% margin). Its largest revenue source is Refining (92.3% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Valero Energy (VLO) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 25, 2026).

Frequently asked questions

How does Valero Energy (VLO) make money?: Valero Energy (VLO) primarily makes money through Refining, which accounts for 92.3% of total revenue. For TTM through Q4 2025, Valero Energy generated $124.05B in total revenue with a net profit margin of 1.9%.
What is Valero Energy (VLO) gross profit margin?: Valero Energy (VLO) reported a gross profit margin of 5.4% for TTM through Q4 2025, equivalent to $6.75B in gross profit. This means Valero Energy retains 5.4% of each revenue unit after direct costs of production.
What is Valero Energy (VLO) operating profit margin?: Valero Energy (VLO) reported an operating profit margin of 2.6% for TTM through Q4 2025, equivalent to $3.18B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Valero Energy (VLO) net profit margin?: Valero Energy (VLO) reported a net profit margin of 1.9% for TTM through Q4 2025, equivalent to $2.35B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Valero Energy (VLO) spend on capital expenditures?: Valero Energy (VLO) spent $426.00M on capital expenditures in TTM through Q4 2025 (0.3% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Valero Energy (VLO) free cash flow?: Valero Energy (VLO) generated $5.40B in free cash flow for TTM through Q4 2025 (4.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Valero Energy (VLO) effective tax rate?: Valero Energy (VLO) had an effective tax rate of 25.3% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.