Valero Energy Corporation announced on 2025‑10‑23 that it earned $1.1 billion in net income attributable to its stockholders for the third quarter of 2025, translating to $3.53 per share. The figure represents a 205% increase over the $364 million ($1.14 per share) recorded in the same quarter of 2024, and the adjusted net income rose to $1.1 billion or $3.66 per share versus $371 million ($1.16 per share) in 2024.
The refining segment drove the majority of the upside, reporting operating income of $1.6 billion for Q3 2025 compared with $565 million in Q3 2024. Adjusted operating income reached $1.7 billion, up from $568 million, while throughput averaged 3.1 million barrels per day—an increase that helped lift refining margins. The Renewable Diesel joint venture posted an operating loss of $28 million, a decline from a $35 million profit in Q3 2024, with sales volumes at 2.7 million gallons per day. The Ethanol segment generated $183 million in operating income, up from $153 million, and produced 4.6 million gallons per day.
Capital expenditures for the quarter totaled $409 million, of which $364 million were sustaining investments. Net cash provided by operating activities was $1.9 billion, with an adjusted figure of $1.6 billion. Valero returned $1.3 billion to shareholders—$351 million in dividends and $931 million in share buybacks—resulting in a payout ratio of 78% of adjusted net cash. The company ended the quarter with $8.4 billion of debt, $2.2 billion in finance lease obligations, and $4.8 billion in cash and cash equivalents.
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