Valero Energy filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $153.3 billion, up 24.6% on the year before. That growth rate increased by 12.0 percentage points from a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -10.3% | 2.9% | 3.6% |
| FY25 Q1 | -8.4% | 0.9% | 2.9% |
| FY25 Q2 | -11.6% | 0.8% | 1.8% |
| FY25 Q3 | -8.5% | 1.6% | 2.3% |
| FY25 Q4 | -5.5% | 2.6% | 3.5% |
| FY26 Q1 | -2.8% | 4.7% | 3.7% |
| FY26 Q2 | 12.6% | 7.2% | 6.6% |
| FY26 Q3 | 24.6% | 11.5% | 9.3% |
What stands out
Net income rose 765.9% over the year while free cash flow rose 406.7%, indicating reported profit and cash are moving at different speeds.
Profit and margins
Reported profit is running well ahead of the cash. The trailing gross margin was 12.3%. The trailing operating margin was 11.5%, up 9.9 percentage points from a year earlier, while the trailing net margin stood at 8.4%. Net income over the twelve months was $12.9 billion, rising 765.9% on the year before.
The cash picture
More cash came in than a year earlier. Operating cash flow over the twelve months was $16.0 billion, up 229.8% on the year before. Capital spending, estimated from depreciation because the company no longer reports it in a standard form, was about $1.7 billion. Free cash flow, calculated as operating cash flow less that estimate, was about $14.3 billion.
Shares outstanding
The average diluted share count fell 5.8% over the year.
In context
Measured against its own history: today’s free-cash-flow margin of 9.3% is above every one of the company’s own past quarterly readings, which have ranged from 0.9% to 6.6%. Today’s operating margin of 11.5% is above every past reading (−2.4% to 10.5%). Today’s twelve-month revenue growth rate of 24.6% is higher than 81% of past readings (−40.1% to 107.0%).
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 23.9%, and 5 percentage points higher would raise it by 30.6%. A free-cash-flow margin 1 percentage point lower would lower it by 10.5%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
