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Valero Energy reported third-quarter 2026 net income attributable to shareholders of $6.8 billion, or $23.89 per diluted share, on October 22. The company’s adjusted net income was also $6.8 billion, or $23.90 per diluted share. A year earlier, reported net income was $1.1 billion, or $3.53 per diluted share, and adjusted net income was $1.1 billion, or $3.66. The issuer’s accompanying tables define the adjustments; the headline comparison should not be read as a recurring earnings forecast.
Refining was the dominant segment in the release. Valero reported $8.8 billion of refining operating income, compared with $1.6 billion in the third quarter of 2025, and average throughput of 3.0 million barrels per day. Management said refinery utilization was near record levels. The release does not attribute the quarter’s financial result to one factor alone; margins, crude and product prices, throughput and operating costs all affect refining performance.
The company also said it completed an optimization of the fluid catalytic cracking unit at its St. Charles refinery during the quarter, on schedule and within budget. The project is operating and is expected by Valero to increase capacity for higher-value products, including alkylate and gasoline. This is a completed refinery project, while the stated production benefit is a company expectation rather than a reported volume increase in the quarter.
Outside refining, the Renewable Diesel segment reported $353 million in operating income, compared with a $28 million loss a year earlier, on average sales of 3.4 million gallons per day. Ethanol operating income was $272 million, up from $183 million; production averaged 4.8 million gallons per day, which Valero described as a quarterly record. These segment figures refer to different products and units and should not be combined as a single fuel output measure.
Operating cash flow was $6.9 billion. Valero separately reported adjusted operating cash flow of $7.3 billion after excluding a $526 million working-capital impact and $205 million associated with the other member’s share of its Diamond Green Diesel venture. Capital investment was $432 million, including $371 million to sustain operations. At quarter end, the company reported $9.8 billion in cash and equivalents and $8.6 billion in debt. These are company-reported financials; the release cautions that non-GAAP measures differ from accounting-standard measures and future conditions may change results.
Valero also said shareholder cash returns equalled 52% of adjusted operating cash flow for the quarter. It repaid $100 million of debentures that matured in July and $426 million of notes that matured in September. Total finance-lease obligations were $2.4 billion. Those repayment and balance-sheet figures provide context for the quarter’s cash generation; they do not indicate that all debt was retired.