Valero Energy Corporation (VLO) Earnings Call Transcripts

Valero Energy Corporation's Latest Earnings Call - Q2 FY2026

Valero Energy Corporation reported a robust second quarter in 2026, with net income of $3.7 billion or $12.62 per share, significantly up from $714 million or $2.28 per share in the same quarter last year. Revenue and operational performance were driven by strong refining and renewable diesel segments, with refining operating income reaching $4.5 billion, up from $1.3 billion a year ago. Management maintained a positive outlook, citing favorable refining fundamentals and a commitment to shareholder returns, including a quarterly dividend of $1.20 per share.

Reported metrics

Guidance from management

Valero expects capital investments for 2026 to be approximately $2 billion, with $1.7 billion allocated to sustaining the business. Refining throughput is projected to range from 1.78 million to 1.83 million barrels per day in Q3.

What management said

Thanks, Homer. That concludes our opening remarks. Before we open the call to questions, I would ask that you limit each turn in the Q&A to 2 questions. If you have more than 2 questions, please rejoin the queue as time permits to ensure other callers have time to ask their questions.

Well, yes. I would just be -- we don't try to provide too much, I would say, strategic specific projects. I will say we see the same thing. We see that -- we see a forward world, whether it's more Canadian heavy, there's more Venezuelan. That helped our current asset base. If you think about what I said earlier with respect to the -- how I would like to improve our position with respect to BGO and maybe not quite so ...

What analysts pressed on

Analysts raised concerns about the sustainability of high refining margins and the potential impact of geopolitical disruptions on future earnings. There were also questions regarding the adequacy of RINs for compliance in 2026 and how Valero plans to manage its excess cash amidst high earnings.

Main topics on the call

• Record Earnings — Valero achieved a record net income of $3.7 billion, reflecting a significant increase from the prior year's $714 million. CEO Lane Riggs noted, "Our strong results reflect the disciplined consistency of our operational ...
• Refining Segment Performance — The refining segment reported operating income of $4.5 billion, a substantial increase from $1.3 billion in Q2 2025. Management highlighted that refining throughput averaged 3 million barrels per day, indicating strong o...
• Renewable Diesel Recovery — The renewable diesel segment turned around with an operating income of $717 million, compared to a loss of $79 million in the previous year. Eric Fisher noted, "The underlying benefit... is the fact that the RVO and the ...
• Capital Allocation Strategy — Valero continues to prioritize a disciplined capital allocation framework, with $2.6 billion returned to shareholders in Q2 2026. CFO Homer Bhullar stated, "Building cash and shareholder returns don't have to be mutually...

Read the full Valero Energy Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 29 Valero Energy Corporation earnings call transcripts on record, spanning January 30, 2020 to July 30, 2026. Based on this history, Valero Energy Corporation reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VLO

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

29

First call

January 30, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly