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Valero: the refining cash machine still lives and dies by crack spreads
Valero reported 2025 revenue including assessed taxes of $122.69 billion and Q1 2026 revenue of $32.38 billion. The thesis depends on refining margins, operating cash flow, capital discipline, shareholder returns and balance-sheet resilience.
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Valero: the refining cash machine still lives and dies by crack spreadsValero reported 2025 revenue including assessed taxes of $122.69 billion and Q1 2026 revenue of $32.38 billion. The thesis depends on refining margins, operating cash flow, capital discipline, shareholder returns and balance-sheet resilience.NYSEJul 22, 20265 minReadSlides