Valero Q3 FY2026: EPS jumps to $23.89 on 20.4% margin
Valero’s third quarter is a sharp margin-led beat: revenue reached $46.10 billion, gross margin hit 20.4%, and EPS of $23.89 topped the $21.28 consensus. Read it as a refining-cycle print, not a broad-based growth story: Refining produced $8.78 billion of $9.07 billion operating income while Ethanol and Renewable Diesel stayed much smaller. The filing gives no quantitative guidance, so the quarter’s numbers carry the story.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $23.89 and adjusted EPS was $23.90, versus $3.53 and $3.66 a year earlier. The $21.28 consensus EPS estimate was below the reported figure. Net income attributable to Valero stockholders was $6.83 billion.
Revenue was $46.10 billion, up from $32.17 billion a year earlier and from $44.48 billion in Q2. Gross margin expanded to 20.4% from 5.5% a year earlier. That means the sales increase came with a much larger share of each dollar left after cost of revenue.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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