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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues [1] $ 122,687 $ 129,881 $ 144,766
Cost of sales:      
Cost of materials and other 101,096 110,616 117,367
Taxes other than income taxes 6,720 5,900 5,720
Operating expenses (excluding depreciation and amortization expense reflected below) 6,344 5,831 6,089
Depreciation and amortization expense 3,095 2,729 2,658
Total cost of sales 117,255 125,076 131,834
Asset impairment loss 1,131 0 0
Other operating expenses 15 44 33
General and administrative expenses (excluding depreciation and amortization expense reflected below) 1,042 961 998
Depreciation and amortization expense 63 45 43
Operating income 3,181 3,755 11,858
Other income, net 380 499 502
Interest and debt expense, net of capitalized interest (556) (556) (592)
Income before income tax expense 3,005 3,698 11,768
Income tax expense 759 692 2,619
Net income 2,246 3,006 9,149
Less: Net income (loss) attributable to noncontrolling interests (102) 236 314
Net income attributable to Valero Energy Corporation stockholders $ 2,348 $ 2,770 $ 8,835
Earnings per common share (in dollars per share) $ 7.57 $ 8.58 $ 24.93
Weighted-average common shares outstanding (shares) 309 322 353
Earnings per common share – assuming dilution (in dollars per share) $ 7.57 $ 8.58 $ 24.92
Weighted-average common shares outstanding – assuming dilution (shares) 309 322 353
Supplemental information:      
Includes excise taxes on sales by certain of our foreign operations $ 6,748 $ 5,907 $ 5,765
[1]
Includes excise taxes on sales by certain of our foreign operations of $6,748 million, $5,907 million, and $5,765 million for the years ended December 31, 2025, 2024, and 2023.