Reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share
Reported adjusted net income attributable to Valero stockholders of $6.8 billion, or $23.90 per share
Repaid the outstanding principal balances of $100 million of 7.65% Debentures that matured in July and $426 million of 3.400% Senior Notes that matured in September
The St. Charles FCC Unit optimization project was completed during the third quarter, on schedule and within budget

Valero Energy Corporation (NYSE:VLO, "Valero")) today reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share, for the third quarter of 2026, compared to $1.1 billion, or $3.53 per share, for the third quarter of 2025. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the third quarter of 2026 was $6.8 billion, or $23.90 per share, compared to $1.1 billion, or $3.66 per share, for the third quarter of 2025.

"Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter," said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. "We also completed the St. Charles FCC Unit optimization project, which increases the production capacity of higher value products, including alkylate and gasoline, further strengthening our ability to supply transportation fuels to the market."

Refining

The Refining segment reported operating income of $8.8 billion for the third quarter of 2026, compared to $1.6 billion for the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $8.8 billion, compared to $1.7 billion for the third quarter of 2025. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2026.

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported operating income of $353 million for the third quarter of 2026, compared to an operating loss of $28 million for the third quarter of 2025. Segment sales volumes averaged 3.4 million gallons per day in the third quarter of 2026.

Ethanol

The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025. Ethanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026, setting a new quarterly record.

Corporate and Other

General and administrative expenses were $308 million in the third quarter of 2026. The effective tax rate for the third quarter of 2026 was 23 percent.

Investing and Financing Activities

Net cash provided by operating activities was $6.9 billion in the third quarter of 2026. Included in this amount was a $526 million unfavorable impact from working capital and $205 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $7.3 billion in the third quarter of 2026.

Capital investments totaled $432 million in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $429 million in the third quarter of 2026.

Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities.

Liquidity and Financial Position

Valero repaid the outstanding principal balances of $100 million of its 7.65% Debentures that matured in July and $426 million of its 3.400% Senior Notes that matured in September. Valero ended the third quarter of 2026 with $8.6 billion of total debt, $2.4 billion of total finance lease obligations, and $9.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 4 percent as of September 30, 2026.

"Our third-quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance," said Riggs. "This is a result of the long-term strategy that we’ve been committed to for well over a decade."

Strategic Update

During the third quarter, Valero completed the FCC Unit optimization project at the St. Charles Refinery on schedule and within budget. The project is now operational and is expected to enhance the refinery’s ability to produce higher-value products.

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Valero Contacts

Investors:

Brian Donovan, Vice President – Investor Relations, 210-345-1682

Eric Herbort, Director – Investor Relations and Finance, 210-345-3331

Gautam Srivastava, Director – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," "intend," "target," "commitment," "plans," "forecast," "guidance," "evaluate," "opportunity" and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political, or regulatory developments that are adverse to tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Refining operating expenses (excluding depreciation and amortization), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Statement of income data
Revenues	$	46,098		$	32,168		$	122,955		$	92,315
Cost of sales:
Cost of materials and other (a)		32,741			26,132			94,056			76,858
Taxes other than income taxes (b)		1,654			1,826			5,023			4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		1,627			1,614			4,728			4,659
Depreciation and amortization expense		669			824			2,220			2,290
Total cost of sales		36,691			30,396			106,027			88,787
Asset impairment loss (d)		—			—			—			1,131
Other operating expenses (e)		11			5			61			13
General and administrative expenses (excluding depreciation and amortization expense reflected below)		308			246			826			727
Depreciation and amortization expense		15			12			41			51
Operating income		9,073			1,509			16,000			1,606
Other income, net		127			86			375			292
Interest and debt expense, net of capitalized interest		(144	)		(139	)		(429	)		(417	)
Income before income tax expense		9,056			1,456			15,946			1,481
Income tax expense		2,067			390			3,562			404
Net income		6,989			1,066			12,384			1,077
Less: Net income (loss) attributable to noncontrolling interests		161			(29	)		573			(137	)
Net income attributable to Valero Energy Corporation stockholders	$	6,828		$	1,095		$	11,811		$	1,214

Earnings per common share	$	23.90		$	3.54		$	40.30		$	3.89
Weighted-average common shares outstanding (in millions)		285			309			292			311

Earnings per common share – assuming dilution	$	23.89		$	3.53		$	40.29		$	3.89
Weighted-average common shares outstanding – assuming dilution (in millions)		285			309			292			312

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining			Renewable Diesel			Ethanol		Corporate and Other (f)			Total
Three months ended September 30, 2026
Revenues:
Revenues from external customers	$	44,369		$	664		$	1,065	$	—		$	46,098
Intersegment revenues		3			1,729			352		(2,084	)		—
Total revenues		44,372			2,393			1,417		(2,084	)		46,098
Cost of sales:
Cost of materials and other		31,988			1,883			962		(2,092	)		32,741
Taxes other than income taxes (b)		1,654			—			—		—			1,654
Operating expenses (excluding depreciation and amortization expense reflected below)		1,376			86			165		—			1,627
Depreciation and amortization expense		580			71			18		—			669
Total cost of sales		35,598			2,040			1,145		(2,092	)		36,691
Other operating expenses (e)		(8	)		—			—		19			11
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—			—		308			308
Depreciation and amortization expense		—			—			—		15			15
Operating income by segment	$	8,782		$	353		$	272	$	(334	)	$	9,073

Three months ended September 30, 2025
Revenues:
Revenues from external customers	$	30,414		$	719		$	1,035	$	—		$	32,168
Intersegment revenues		1			484			259		(744	)		—
Total revenues		30,415			1,203			1,294		(744	)		32,168
Cost of sales:
Cost of materials and other		24,858			1,077			942		(745	)		26,132
Taxes other than income taxes (b)		1,826			—			—		—			1,826
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		1,388			78			148		—			1,614
Depreciation and amortization expense		728			76			21		(1	)		824
Total cost of sales		28,800			1,231			1,111		(746	)		30,396
Other operating expenses		5			—			—		—			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—			—		246			246
Depreciation and amortization expense		—			—			—		12			12
Operating income (loss) by segment	$	1,610		$	(28	)	$	183	$	(256	)	$	1,509

See Operating Highlights by Segment. See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining		Renewable Diesel			Ethanol		Corporate and Other (f)			Total
Nine months ended September 30, 2026
Revenues:
Revenues from external customers	$	117,474	$	2,551		$	2,930	$	—		$	122,955
Intersegment revenues		7		3,938			965		(4,910	)		—
Total revenues		117,481		6,489			3,895		(4,910	)		122,955
Cost of sales:
Cost of materials and other (a)		91,434		4,798			2,678		(4,854	)		94,056
Taxes other than income taxes (b)		5,023		—			—		—			5,023
Operating expenses (excluding depreciation and amortization expense reflected below)		3,985		262			481		—			4,728
Depreciation and amortization expense		1,947		220			56		(3	)		2,220
Total cost of sales		102,389		5,280			3,215		(4,857	)		106,027
Other operating expenses (e)		34		—			—		27			61
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		826			826
Depreciation and amortization expense		—		—			—		41			41
Operating income by segment	$	15,058	$	1,209		$	680	$	(947	)	$	16,000

Nine months ended September 30, 2025
Revenues:
Revenues from external customers	$	87,495	$	1,777		$	3,043	$	—		$	92,315
Intersegment revenues		5		1,424			681		(2,110	)		—
Total revenues		87,500		3,201			3,724		(2,110	)		92,315
Cost of sales:
Cost of materials and other		73,015		3,016			2,962		(2,135	)		76,858
Taxes other than income taxes (b)		4,980		—			—		—			4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		3,986		228			446		(1	)		4,659
Depreciation and amortization expense		2,029		205			59		(3	)		2,290
Total cost of sales		84,010		3,449			3,467		(2,139	)		88,787
Asset impairment loss (d)		1,131		—			—		—			1,131
Other operating expenses		13		—			—		—			13
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		727			727
Depreciation and amortization expense		—		—			—		51			51
Operating income (loss) by segment	$	2,346	$	(248	)	$	257	$	(749	)	$	1,606

See Operating Highlights by Segment. See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	6,828		$	1,095		$	11,811		$	1,214
Adjustments:
Last-in, first-out (LIFO) liquidation adjustment (a)		—			—			(44	)		—
Income tax expense related to the LIFO liquidation adjustment		—			—			10			—
LIFO liquidation adjustment, net of taxes		—			—			(34	)		—
Employee retention and separation costs (c)		—			50			—			50
Income tax benefit related to employee retention and separation costs		—			(11	)		—			(11	)
Employee retention and separation costs, net of taxes		—			39			—			39
Asset impairment loss (d)		—			—			—			1,131
Income tax benefit related to asset impairment loss		—			—			—			(254	)
Asset impairment loss, net of taxes		—			—			—			877
Port Arthur Refinery fire expenses (e)		4			—			19			—
Income tax benefit related to Port Arthur Refinery fire expenses		(1	)		—			(5	)		—
Port Arthur Refinery fire expenses, net of taxes		3			—			14			—
Total adjustments		3			39			(20	)		916
Adjusted net income attributable to Valero Energy Corporation stockholders	$	6,831		$	1,134		$	11,791		$	2,130

Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	23.89	$	3.53	$	40.29		$	3.89
Adjustments:
LIFO liquidation adjustment (a)		—		—		(0.12	)		—
Employee retention and separation costs (c)		—		0.13		—			0.12
Asset impairment loss (d)		—		—		—			2.81
Port Arthur Refinery fire expenses (e)		0.01		—		0.05			—
Total adjustments		0.01		0.13		(0.07	)		2.93
Adjusted earnings per common share – assuming dilution	$	23.90	$	3.66	$	40.22		$	6.82

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	8,782		$	1,610		$	15,058		$	2,346
Adjustments:
LIFO liquidation adjustment (a)		—			—			(44	)		—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		1,376			1,388			3,985			3,986
Depreciation and amortization expense		580			728			1,947			2,029
Asset impairment loss (d)		—			—			—			1,131
Other operating expenses (e)		(8	)		5			34			13
Refining margin	$	10,730		$	3,731		$	20,980		$	9,505

Refining operating income	$	8,782		$	1,610		$	15,058		$	2,346
Adjustments:
LIFO liquidation adjustment (a)		—			—			(44	)		—
Employee retention and separation costs (c)		—			50			—			50
Asset impairment loss (d)		—			—			—			1,131
Other operating expenses (e)		(8	)		5			34			13
Adjusted Refining operating income	$	8,774		$	1,665		$	15,048		$	3,540

Renewable Diesel segment
Renewable Diesel operating income (loss)	$	353		$	(28	)	$	1,209		$	(248	)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		86			78			262			228
Depreciation and amortization expense		71			76			220			205
Renewable Diesel margin	$	510		$	126		$	1,691		$	185

Ethanol segment
Ethanol operating income	$	272		$	183		$	680		$	257
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		165			148			481			446
Depreciation and amortization expense		18			21			56			59
Ethanol margin	$	455		$	352		$	1,217		$	762

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026			2025		2026		2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i)
U.S. Gulf Coast region
Refining operating income	$	5,246		$	940	$	9,479	$	2,123
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		838			740		2,389		2,197
Depreciation and amortization expense		397			391		1,179		1,154
Other operating expenses (e)		(9	)		2		25		9
Refining margin	$	6,472		$	2,073	$	13,072	$	5,483

Refining operating income	$	5,246		$	940	$	9,479	$	2,123
Adjustment: Other operating expenses (e)		(9	)		2		25		9
Adjusted Refining operating income	$	5,237		$	942	$	9,504	$	2,132

U.S. Mid-Continent region
Refining operating income	$	1,394		$	188	$	2,192	$	365
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		225			210		632		605
Depreciation and amortization expense		86			84		264		238
Other operating expenses		1			3		4		3
Refining margin	$	1,706		$	485	$	3,092	$	1,211

Refining operating income	$	1,394		$	188	$	2,192	$	365
Adjustment: Other operating expenses		1			3		4		3
Adjusted Refining operating income	$	1,395		$	191	$	2,196	$	368

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025			2026			2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i) (continued)
North Atlantic region
Refining operating income	$	1,837	$	532		$	2,962		$	967
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		213		199			616			553
Depreciation and amortization expense		77		80			241			224
Refining margin	$	2,127	$	811		$	3,819		$	1,744

U.S. West Coast region (f)
Refining operating income (loss)	$	305	$	(50	)	$	425		$	(1,109	)
Adjustments:
LIFO liquidation adjustment (a)		—		—			(44	)		—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)		100		239			348			631
Depreciation and amortization expense (g)		20		173			263			413
Asset impairment loss (d)		—		—			—			1,131
Other operating expenses		—		—			5			1
Refining margin	$	425	$	362		$	997		$	1,067

Refining operating income (loss)	$	305	$	(50	)	$	425		$	(1,109	)
Adjustments:
LIFO liquidation adjustment (a)		—		—			(44	)		—
Employee retention and separation costs (c)		—		50			—			50
Asset impairment loss (d)		—		—			—			1,131
Other operating expenses		—		—			5			1
Adjusted Refining operating income	$	305	$	—		$	386		$	73

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per barrel amounts) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		512		506		492		538
Medium/light sour crude oil		274		281		274		252
Sweet crude oil		1,594		1,661		1,572		1,577
Residuals		109		204		137		156
Other feedstocks		117		89		121		82
Total feedstocks		2,606		2,741		2,596		2,605
Blendstocks and other		366		346		350		342
Total throughput volumes		2,972		3,087		2,946		2,947

Yields (thousand barrels per day)
Gasolines and blendstocks		1,402		1,517		1,405		1,446
Distillates		1,162		1,201		1,146		1,130
Other products (j)		430		399		422		396
Total yields		2,994		3,117		2,973		2,972

Operating statistics (h) (k)
Refining margin	$	10,730	$	3,731	$	20,980	$	9,505
Adjusted Refining operating income	$	8,774	$	1,665	$	15,048	$	3,540
Throughput volumes (thousand barrels per day)		2,972		3,087		2,946