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AI核心结论
Valero Energy (VLO) delivered a strong Q1 FY2026 turnaround, swinging to $1.26B net income from a $595M loss a year ago, driven by a 292% surge in operating income to $1.73B as refining margins recovered significantly.
营业成本
$30.33B
同比 ++1.94%
每股收益（基本）
$4.22
同比 ++322.11%
营业利润
$1.73B
同比 ++292.33%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Valero Energy (VLO) Q1 FY2026 营收 $30.33B，同比增长 1.9%。 净利润 $1.26B，稀释每股收益 $4.22。
Operating income surged 292.3% year-over-year to $1.73B in Q1 FY2026, compared to a loss of $900M in Q1 FY2025, signaling a meaningful recovery in refining crack spreads and throughput economics.
来源: Source: 10-Q Income Statement Data
Net income swung to $1.26B from a loss of $595M in the prior-year period, a 312.3% improvement, reflecting both improved refining margins and disciplined cost management despite a modest 1.9% rise in cost of revenue to $30.33B.
来源: Source: 10-Q Income Statement Data
Cash and equivalents grew 23.7% year-over-year to $5.73B, and current assets rose 18.0% to $27.83B, resulting in a current ratio of 1.58, indicating a healthy short-term liquidity buffer.
来源: Source: 10-Q Balance Sheet Data
Share buybacks more than doubled year-over-year, rising 109.1% to $573M in Q1 FY2026, reflecting management's confidence in cash generation and commitment to returning capital to shareholders.
来源: Source: 10-Q Cash Flow Statement Data
Operating cash flow increased 46.0% year-over-year to $1.39B, while investing outflows narrowed to $400M from $635M, reflecting improved earnings quality and more selective capital deployment.
来源: Source: 10-Q Cash Flow Statement Data
Valero's profitability is highly sensitive to crack spreads — the difference between crude oil input costs and refined product prices. The dramatic swing from a $900M operating loss to $1.73B operating income in just one year illustrates how quickly margins can deteriorate. A reversal in refining margins could rapidly erode earnings.
来源: Source: 10-Q Income Statement Data
Cost of revenue rose 1.9% year-over-year to $30.33B even as the company returned to profitability, suggesting underlying cost pressures remain. If crude oil prices rise faster than product prices, margins could compress significantly given the scale of feedstock costs relative to revenues.
来源: Source: 10-Q Income Statement Data
Current liabilities grew 16.6% year-over-year to $17.65B, slightly outpacing the 18.0% growth in current assets. While the current ratio of 1.58 remains adequate, continued growth in short-term obligations could pressure liquidity if operating cash flows weaken.
来源: Source: 10-Q Balance Sheet Data
Share buybacks doubled to $573M in Q1 FY2026, a significant acceleration. If refining margins weaken and operating cash flow declines from the current $1.39B level, sustaining this pace of buybacks alongside capital expenditures could strain the balance sheet.
来源: Source: 10-Q Cash Flow Statement Data
Total assets grew 5.0% to $62.14B while stockholders' equity increased only 1.6% to $23.87B, suggesting liabilities are growing at a faster pace than equity. This dynamic, if sustained, could gradually increase financial leverage and reduce balance sheet flexibility.
来源: Source: 10-Q Balance Sheet Data
Q1 FY2026 实际 EPS $4.22，分析师一致预期 $3.19，超预期 +32.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业成本 | $30.33B | $29.75B | +1.94% |
营业利润 | $1.73B | $-900M | +292.33% |
净利润 | $1.26B | $-595M | +312.27% |
每股收益（基本） | $4.22 | $-1.90 | +322.11% |
每股收益（稀释） | $4.22 | $-1.90 | +322.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $62.14B | $59.18B | +5.01% |
流动资产 | $27.82B | $23.59B | +17.95% |
流动负债 | $17.65B | $15.14B | +16.57% |
股东权益 | $23.87B | $23.49B | +1.62% |
现金及等价物 | $5.73B | $4.63B | +23.72% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.39B | $952M | +46.01% |
投资活动现金流 | $-400M | $-635M | +37.01% |
筹资活动现金流 | $124M | $-382M | +132.46% |
股票回购 | $573M | $274M | +109.12% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净资产收益率 | 5.3% | — | — |
总资产收益率 | 2.0% | — | — |
流动比率 | $1.576 | — | — |
Valero reported basic and diluted EPS of $4.22 in Q1 FY2026, a dramatic turnaround from -$1.90 in Q1 FY2025. While specific analyst consensus estimates are not included in the filing, the magnitude of the year-over-year swing — a 322% improvement — signals a very strong quarter relative to the prior period.
The headline takeaway is Valero's sharp return to profitability, with net income of $1.26B versus a $595M loss a year ago and operating income up 292% to $1.73B. Cash and equivalents grew to $5.73B and the company doubled its share buybacks to $573M, reflecting strong confidence in its financial position.
Valero's operating income swung from a $900M loss in Q1 FY2025 to a $1.73B gain in Q1 FY2026, a 292.3% improvement, primarily driven by a recovery in refining margins while cost of revenue grew only modestly by 1.9% to $30.33B. This margin recovery flowed through to net income of $1.26B and EPS of $4.22.
Based on the financial data, the key risks include refining margin volatility — as evidenced by the dramatic swing from a $900M operating loss to $1.73B profit in just one year — as well as rising current liabilities (up 16.6% to $17.65B) and the sustainability of accelerated share buybacks ($573M, up 109%) if margins weaken. Cost of revenue also remains elevated at $30.33B, leaving limited buffer if crude prices rise faster than product prices.
Valero's financial health appears solid: cash and equivalents stand at $5.73B (up 23.7%), the current ratio is a healthy 1.58, and operating cash flow improved 46% to $1.39B. Total assets grew to $62.14B, though stockholders' equity of $23.87B grew more slowly at 1.6%, indicating that leverage remains a factor to monitor.