Valero Energy Corporation reported its financial results for the third quarter and the first nine months of 2025, revealing a net income attributable to stockholders of $1.1 billion for the quarter, a significant increase from $364 million in the same period last year. For the first nine months, net income was $1.2 billion, down from $2.5 billion in 2024. The company's revenues for the third quarter totaled $32.2 billion, a decrease from $32.9 billion in the prior year, while revenues for the first nine months were $92.3 billion, compared to $99.1 billion in 2024. The decline in revenue was primarily attributed to lower product prices for petroleum-based transportation fuels.
The financial performance was impacted by a $1.1 billion asset impairment loss related to the company's operations in California, which was recognized in March 2025. This impairment was a result of the decision to cease refining operations at the Benicia Refinery by April 2026, leading to increased depreciation and amortization expenses. Operating income for the third quarter was reported at $1.5 billion, up from $507 million in the same quarter of 2024, driven by improved refining margins and increased throughput volumes. However, operating income for the first nine months fell to $1.6 billion from $3.4 billion in the previous year.
In terms of operational metrics, Valero's refining segment saw an increase in throughput volumes to 3.1 million barrels per day in the third quarter, up from 2.9 million barrels per day a year earlier. The refining margin also improved significantly, reflecting higher gasoline and distillate margins. However, the Renewable Diesel segment experienced a decline in operating income, primarily due to increased feedstock costs and reduced sales volumes. The Ethanol segment reported a slight increase in operating income, supported by higher ethanol prices and production volumes.
Valero's liquidity position remained strong, with total liquidity of approximately $9.9 billion as of September 30, 2025. The company generated $3.8 billion in cash from operations during the first nine months of the year, which was utilized for capital investments, debt repayments, and stockholder returns, including $1.5 billion in stock repurchases and $1.1 billion in dividends. Looking ahead, Valero anticipates continued strong demand for petroleum-based transportation fuels, although uncertainties regarding global economic conditions and supply chain dynamics may impact future performance. The company plans to maintain its focus on capital investments, particularly in low-carbon projects, while navigating the evolving regulatory landscape.
About VALERO ENERGY CORP/TX
Valero Energy Corporation is a leading multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels, including gasoline, diesel, renewable diesel, ethanol, and sustainable aviation fuel. Operating 15 refineries across the U.S., Canada, and the U.K., it supplies global markets with refined products and low-carbon fuels, leveraging extensive logistics assets. The company focuses on cost-efficient production, regulatory compliance, and expanding its renewable and low-carbon energy portfolio.
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