VALERO ENERGY CORP/TX — Form 8-K
Filed July 30, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 38/100
What the filing says
Valero reported Q2 2026 net income of $3.7 billion ($12.62 per share), up 421% from $714 million ($2.28 per share) in Q2 2025. Refining segment operating income was $4.5 billion (vs. $1.3 billion in Q2 2025); Renewable Diesel earned $717 million (vs. $79 million loss); Ethanol earned $318 million (vs. $54 million). The company returned $2.6 billion to shareholders in Q2, declared a $1.20/share quarterly dividend, and confirmed the $230 million St. Charles FCC Unit optimization project remains on track for Q3 2026 completion. Debt stood at $9.1 billion, down from $8.3 billion at year-end 2025.
Why this rating
Strong earnings quarter driven by favorable refining margins, but typical cyclical refining upswing. Project capex is modest relative to company scale; shareholder returns are normal. Benicia refinery idling already reflected in prior-year 2025 impairment.
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