Valero Energy's net income rose more than sixfold to $6.8bn, or $23.89 per share, in the third quarter of 2026, from $1.1bn, or $3.53, a year earlier, the company reported on 22 October 2026. Its refining margin nearly tripled to $39.24 per barrel of throughput from $13.14 in Q3 2025, and refining operating income rose to $8.8bn from $1.6bn.
- Net income attributable to stockholders · Q3 20266.8 $bn
- Earnings per share · Q3 202623.89 $
- Refining margin per barrel of throughput · Q3 202639.24 $
- Refining operating income · Q3 20268.8 $bn
- Revenue · Q3 202646.1 $bn
- Cash and cash equivalents · 30 September 20269.8 $bn
The spread behind the profit
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Brent crude oil ($ per barrel) | 91.61 | 68.14 |
| US Gulf Coast ultra-low-sulfur diesel less Brent ($ per barrel) | 72.27 | 21.05 |
| US Gulf Coast gasoline (CBOB) less Brent ($ per barrel) | 24.08 | 7.78 |
| Valero refining margin ($ per barrel of throughput) | 39.24 | 13.14 |
| Valero adjusted refining operating income per barrel of throughput ($, non-GAAP) | 32.09 | 5.86 |
Source: Valero Energy Corporation, Q3 2026 results (Form 8-K, Exhibit 99.01), Q3 2026.
Crude got more expensive in Q3 2026, but refined products rose faster. Valero's figures put Brent at $91.61 a barrel in Q3 2026, up from $68.14 a year earlier, while the Gulf Coast diesel premium over Brent more than tripled to $72.27. Refining throughput averaged 3.0 million barrels per day. Revenue rose to $46.1bn from $32.2bn in Q3 2025.
“Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter.”
Valero's other segments also improved in Q3 2026. Renewable diesel posted operating income of $353m against a $28m loss a year earlier, and ethanol earned $272m, up from $183m. Valero said ethanol output of 4.8 million gallons per day set a quarterly record. Net cash provided by operating activities was $6.9bn. Adjusted net cash provided by operating activities was $7.3bn, and Valero returned 52% of that to stockholders. It paid a dividend of $1.20 per share for the quarter. It ended the quarter with $9.8bn of cash and $8.6bn of debt.
- Valero Energy Corporation, Q3 2026 results (Form 8-K, Exhibit 99.01), 22 Oct 2026, 14:20 CEST
- American Airlines Group, Q3 2026 results (Form 8-K, Exhibit 99.1), 22 Oct 2026, 13:00 CEST