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Valero Energy cash flow statement

In fiscal 2025, Valero Energy's operations generated $5.83bn of cash; it spent $0 on capital projects, leaving free cash flow of $5.83bn. It returned $1.41bn in dividends and $2.60bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations4.85.54.45.50.95.912.69.26.75.816.0
Depreciation and amortisation1.92.02.12.32.42.42.52.72.83.21.7
Stock-based pay0.10.10.10.10.10.10.10.10.10.10.1
Capital spending1.31.43.42.82.42.52.71.92.10.00.0
Free cash flow3.54.11.02.7−1.53.49.87.34.65.816.0
Free cash flow after stock pay3.54.10.92.6−1.63.39.77.24.55.715.8
Dividends paid1.11.21.41.51.61.61.61.51.41.41.4
Share buybacks1.31.41.70.80.20.04.65.12.92.67.3

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Valero Energy's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valero Energy.