Valero Energy posts Q2 2026 earnings beat and raises dividend

Valero Energy Corporation reported strong second‑quarter 2026 results, delivering earnings of $12.62 per share on revenue of $44.48 billion, both well above analysts’ expectations of $10.13 per share and $39.47 billion in revenue. Net income rose to $3.7 billion, up from $714 million a year earlier, and the refiner returned $2.6 billion to shareholders while declaring a $1.20‑per‑share dividend.

The company ended the quarter with $7.9 billion in cash, a net debt‑to‑capitalization ratio of 11 %, and $5.3 billion of available liquidity excluding cash. Capital‑investment guidance remains roughly $2 billion for 2026, including $250 million to repair the Port Arthur DHT unit and additional projects to optimize refinery cycles and increase ethanol output. Management highlighted a constructive near‑term environment thanks to higher refining margins, low global fuel inventories and limited excess capacity, while noting exposure to geopolitical volatility and uncertainty in the renewable‑fuels market, including potential policy and supply‑chain issues.