Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Valero Energy Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Revenues, includes excise taxes on sales by certain of foreign operations
Cost of materials and other
Lower of cost or market (LCM) inventory valuation adjustment
Operating expenses, excluding depreciation and amortization expense
Depreciation and amortization expense
Cost of sales
Gross profit (loss)
Asset impairment loss
Other operating expenses
General and administrative expenses, excluding depreciation and amortization expense
Depreciation and amortization expense
Operating income (loss)
Other income, net
Interest and debt expense, net of capitalized interest
Income (loss) before income tax (expense) benefit
Income tax (expense) benefit
Net income (loss)
Net income attributable to noncontrolling interests
Net income (loss) attributable to Valero Energy Corporation stockholders

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The analysis of the annual financial data reveals several key trends in the company's performance from 2019 through 2023.

Revenues
There was a significant decline in revenues from 108.3 billion USD in 2019 to 64.9 billion USD in 2020, followed by a strong recovery in subsequent years, peaking at 176.4 billion USD in 2022 before declining somewhat to 144.8 billion USD in 2023.
Cost of Materials and Other
Costs moved in line with revenues, dropping sharply in 2020, then increasing in 2021 and 2022, followed by a decrease in 2023. This trend influenced overall gross profit margins.
Gross Profit (Loss)
Gross profit showed a loss of 740 million USD in 2020 during the revenue downturn but rebounded strongly afterward, reaching a peak of 16.8 billion USD in 2022. It decreased to 12.9 billion USD in 2023, reflecting the reduction in revenues and cost control dynamics.
Operating Expenses
Operating expenses excluding depreciation and amortization remained relatively stable, with a gradual increase over the years, from 4.9 billion USD in 2019 to 6.1 billion USD in 2023. Depreciation and amortization expenses increased moderately, indicating ongoing investment in assets.
Operating Income (Loss)
Operating income mirrored gross profit trends, with a negative figure in 2020 (-1.6 billion USD), recovering strongly to a peak of 15.7 billion USD in 2022. In 2023, operating income decreased to 11.9 billion USD but remained substantially positive.
Other Income and Interest Expenses
Other income showed an increasing trend, particularly a notable rise to 502 million USD in 2023, supporting overall profitability. Interest and debt expenses remained relatively stable, fluctuating slightly around the 560-590 million USD range annually.
Income Before Taxes and Net Income
Income before taxes reflected operating income trends, with a loss recorded in 2020 (-2.0 billion USD) but a strong recovery peaking in 2022 at 15.3 billion USD, and a subsequent decrease in 2023. Income tax expense varied significantly, with a tax benefit in 2020 and charges in other years. Net income followed a similar pattern, with a loss in 2020, followed by robust profitability in later years, reaching 11.9 billion USD in 2022 and declining to 9.1 billion USD in 2023.
Net Income Attributable to Stockholders
Net income attributable to stockholders showed marked volatility, with a loss in 2020, recovering to 930 million USD in 2021, and peaking at 11.5 billion USD in 2022 before decreasing to 8.8 billion USD in 2023. This indicates a strong rebound and substantial earnings potential after the downturn.