Valero Energy

Valero posts record $12.62 EPS in Q2 2026 as refining margins surge on 5M bbl/day of global capacity offline and product inventories 130M barrels below seasonal norms.

Valero delivered its highest-ever quarterly earnings in Q2 2026, with refining segment operating income of $4.5 billion and net income of $3.7 billion, a more than five-fold increase versus Q2 2025. The margin surge is structurally grounded: management argues that hydroskimming margins in Northwest Europe — not cracking margins — now set the global crack spread floor, implying a permanently higher mid-cycle. With $7.9 billion in cash, a net debt-to-cap ratio of 11%, and Q3 margin indicators tracking above Q2 levels, Valero enters the second half with exceptional financial flexibility and a constructive operational outlook.

Valero Energy Corporation is one of the largest petroleum refining and marketing companies in the world, operating refineries, renewable diesel plants, and ethanol facilities across multiple regions. The company converts crude oil and other feedstocks into transportation fuels, petrochemicals, and low-carbon fuels including renewable diesel and sustainable aviation fuel. Its three operating segments are Refining, Renewable Diesel, and Ethanol.

Primary products

• gasoline
• diesel
• jet fuel
• petrochemicals
• renewable diesel
• sustainable aviation fuel (SAF)