Flagship explainer

How VALERO ENERGY CORP/TX makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$122.7B · 100%Cost of revenue$117.3B · 96%Gross profit$5.4B · 4%Operating income$3.2B · 3%Income before tax$3.0B · 2%Income tax$759M · 1%Net income$2.3B · 2%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$122.7B100%
Cost of revenue$117.3B96%
$5.4B4%
$3.2B3%
Income before tax$3.0B2%
Income tax$759M1%
$2.3B2%
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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