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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues [1] $ 46,098 $ 32,168 $ 122,955 $ 92,315
Cost of sales:        
Cost of materials and other 32,741 26,132 94,056 76,858
Taxes other than income taxes 1,654 1,826 5,023 4,980
Operating expenses (excluding depreciation and amortization expense reflected below) 1,627 1,614 4,728 4,659
Depreciation and amortization expense 669 824 2,220 2,290
Total cost of sales 36,691 30,396 106,027 88,787
Asset impairment loss 0 0 0 1,131
Other operating expenses 11 5 61 13
General and administrative expenses (excluding depreciation and amortization expense reflected below) 308 246 826 727
Depreciation and amortization expense 15 12 41 51
Operating income 9,073 1,509 16,000 1,606
Other income, net 127 86 375 292
Interest and debt expense, net of capitalized interest (144) (139) (429) (417)
Income before income tax expense 9,056 1,456 15,946 1,481
Income tax expense 2,067 390 3,562 404
Net income 6,989 1,066 12,384 1,077
Less: Net income (loss) attributable to noncontrolling interests 161 (29) 573 (137)
Net income attributable to Valero Energy Corporation stockholders $ 6,828 $ 1,095 $ 11,811 $ 1,214
Earnings per common share (in dollars per share) $ 23.90 $ 3.54 $ 40.30 $ 3.89
Weighted-average common shares outstanding (in shares) 285 309 292 311
Earnings per common share – assuming dilution (in dollars per share) $ 23.89 $ 3.53 $ 40.29 $ 3.89
Weighted-average common shares outstanding – assuming dilution (in shares) 285 309 292 312
Supplemental information:        
Includes excise taxes on sales by certain of our foreign operations $ 1,658 $ 1,827 $ 5,043 $ 4,993
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,658 million and $1,827 million for the three months ended September 30, 2026 and 2025, respectively, and $5,043 million and $4,993 million for the nine months ended September 30, 2026 and 2025, respectively.