Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
One quarter out-earned the whole of last year
Wider diesel and gasoline spreads pushed one quarter's operating income far past last year's full total.
For investorsWhat does Valero earn when the fuel spread normalizes?
For foundersRunning a spread business on a fixed cost base
Distillates outsell gasoline, and the filing names distillate margins as the larger source of this quarter's refining gain.
Running costs barely moved, so almost all of the wider spread reached operating income, even from fewer barrels.
Scale spreads fixed costs, and wider discounts on heavier crudes, which the filing tracks, can lift the margin Valero keeps.
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Business Lens describes Valero Energy from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
