Income Statement
Quarterly Data

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.

Valero Energy Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenues, includes excise taxes on sales by certain of foreign operations	32,876)	34,490)	31,759)	35,414)	38,404)	34,509)	36,439)	41,746)	44,454)	51,641)	38,542)	35,903)	29,520)	27,748)	20,806)	16,604)	15,809)	10,397)	22,102)	27,879)	27,249)	28,933)	24,263)
Cost of materials and other	(29,965)	(30,943)	(27,682)	(31,267)	(32,385)	(29,430)	(30,005)	(34,811)	(38,064)	(42,946)	(34,949)	(31,849)	(26,624)	(25,249)	(18,992)	(15,101)	(14,801)	(9,079)	(19,952)	(24,080)	(24,335)	(26,083)	(21,978)
Lower of cost or market (LCM) inventory valuation adjustment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	313)	2,248)	(2,542)	—)	—)	—)	—)
Operating expenses, excluding depreciation and amortization expense	(1,482)	(1,424)	(1,411)	(1,594)	(1,578)	(1,440)	(1,477)	(1,638)	(1,746)	(1,626)	(1,379)	(1,558)	(1,348)	(1,214)	(1,656)	(1,167)	(1,117)	(1,027)	(1,124)	(1,239)	(1,239)	(1,175)	(1,215)
Depreciation and amortization expense	(675)	(684)	(683)	(679)	(671)	(658)	(650)	(622)	(621)	(590)	(595)	(586)	(630)	(576)	(566)	(566)	(602)	(566)	(569)	(557)	(556)	(552)	(537)
Cost of sales	(32,122)	(33,051)	(29,776)	(33,540)	(34,634)	(31,528)	(32,132)	(37,071)	(40,431)	(45,162)	(36,923)	(33,993)	(28,602)	(27,039)	(21,214)	(16,834)	(16,207)	(8,424)	(24,187)	(25,876)	(26,130)	(27,810)	(23,730)
Gross profit (loss)	754)	1,439)	1,983)	1,874)	3,770)	2,981)	4,307)	4,675)	4,023)	6,479)	1,619)	1,910)	918)	709)	(408)	(230)	(398)	1,973)	(2,085)	2,003)	1,119)	1,123)	533)
Asset impairment loss	—)	—)	—)	—)	—)	—)	—)	(61)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other operating expenses	(3)	(3)	(34)	(15)	(6)	(2)	(10)	(26)	(6)	(15)	(19)	(18)	(19)	(12)	(38)	(5)	(25)	(3)	(2)	(7)	(10)	(2)	(2)
General and administrative expenses, excluding depreciation and amortization expense	(234)	(203)	(258)	(295)	(250)	(209)	(244)	(282)	(214)	(233)	(205)	(286)	(195)	(176)	(208)	(224)	(186)	(169)	(177)	(243)	(217)	(199)	(209)
Depreciation and amortization expense	(10)	(12)	(12)	(11)	(11)	(11)	(10)	(11)	(11)	(12)	(11)	(12)	(11)	(12)	(12)	(11)	(12)	(12)	(13)	(14)	(11)	(14)	(14)
Operating income (loss)	507)	1,221)	1,679)	1,553)	3,503)	2,759)	4,043)	4,295)	3,792)	6,219)	1,384)	1,594)	693)	509)	(666)	(470)	(621)	1,789)	(2,277)	1,739)	881)	908)	308)
Other income (expense), net	123)	122)	144)	145)	122)	106)	129)	92)	74)	33)	(20)	(163)	32)	102)	45)	25)	48)	27)	32)	36)	34)	12)	22)
Interest and debt expense, net of capitalized interest	(141)	(140)	(140)	(149)	(149)	(148)	(146)	(137)	(138)	(142)	(145)	(152)	(152)	(150)	(149)	(153)	(143)	(142)	(125)	(119)	(111)	(112)	(112)
Income (loss) before income tax (expense) benefit	489)	1,203)	1,683)	1,549)	3,476)	2,717)	4,026)	4,250)	3,728)	6,110)	1,219)	1,279)	573)	461)	(770)	(598)	(716)	1,674)	(2,370)	1,656)	804)	808)	218)
Income tax (expense) benefit	(96)	(277)	(353)	(331)	(813)	(595)	(880)	(1,018)	(816)	(1,342)	(252)	(169)	(65)	(169)	148)	289)	337)	(339)	616)	(326)	(165)	(160)	(51)
Net income (loss)	393)	926)	1,330)	1,218)	2,663)	2,122)	3,146)	3,232)	2,912)	4,768)	967)	1,110)	508)	292)	(622)	(309)	(379)	1,335)	(1,754)	1,330)	639)	648)	167)
Net income attributable to noncontrolling interests	(29)	(46)	(85)	(16)	(41)	(178)	(79)	(119)	(95)	(75)	(62)	(101)	(45)	(130)	(82)	(50)	(85)	(82)	(97)	(270)	(30)	(36)	(26)
Net income (loss) attributable to Valero Energy Corporation stockholders	364)	880)	1,245)	1,202)	2,622)	1,944)	3,067)	3,113)	2,817)	4,693)	905)	1,009)	463)	162)	(704)	(359)	(464)	1,253)	(1,851)	1,060)	609)	612)	141)

The quarterly financial data reveals several distinct trends and fluctuations over the observed periods.

Revenues: Revenues increased steadily from early 2019 through the end of 2021, peaking in the fourth quarter of 2021. A significant rise occurred again in the first half of 2022, with the highest revenue recorded in mid-2022, followed by a decline throughout late 2022 and into 2023. Slight recovery is seen by mid-2024, though revenues remain volatile.
Cost of materials and other: The cost of materials closely follows the revenue trend, rising consistently until mid-2022, peaking alongside revenues, and then tapering off through subsequent periods. Costs occasionally spike more sharply than revenues, indicating pressure on margins during high-cost periods.
Lower of cost or market (LCM) inventory valuation adjustment: This adjustment appears intermittently in 2020, with notable fluctuations, causing occasional irregular impacts on cost figures in those quarters, reflecting inventory valuation changes.
Operating expenses (excluding depreciation and amortization): These expenses remain relatively stable across quarters with slight increases in certain periods such as the last quarters of 2021 and 2022, indicating consistent operational spending but some upward pressure over time.
Depreciation and amortization expense: Depreciation and amortization expenses are relatively stable across the periods, with a slight gradual increase noted over time, reflecting ongoing capital asset utilization.
Cost of sales and gross profit (loss): The cost of sales trend mirrors revenues and materials costs, peaking around mid-2022 and declining afterward. Gross profit shows volatility; it was negative in several quarters, especially during 2020 and early 2021, improving significantly through 2021 and peaking in early 2022 before returning to lower positive levels by 2024. This indicates variable profitability influenced by market conditions and cost management.
Asset impairment loss: A singular asset impairment loss is recorded in late 2022, which impacts that quarter's results.
Other operating and general and administrative expenses: Other operating expenses remain minor and erratic, while general and administrative expenses show some variability but no clear long-term trend, generally fluctuating within a range.
Operating income (loss): Operating income follows the pattern of gross profit, with significant losses recorded in 2020, followed by recovery and strong positive results peaking in early 2022. Subsequent quarters show a decline but maintain profitability, reflecting operational recovery and improved efficiency after adverse market conditions.
Other income (expense), net: This item fluctuates substantially, with notable positive spikes in certain quarters, particularly from 2021 onward, suggesting periodic gains or income unrelated directly to core operations.
Interest and debt expense, net of capitalized interest: Interest expense remains consistent over the periods with slight increases, indicating stable debt service costs.
Income before income tax expense (benefit): This metric strongly correlates with operating income trends, showing losses in 2020 and strong income recovery peaking in early 2022, followed by a gradual decline while still maintaining positive levels through 2023 and 2024.
Income tax expense (benefit): The tax expense fluctuates widely, including several quarters with tax benefits, mainly during loss periods such as in 2020. The tax burden generally increases with profitability, especially during peak earnings in 2022, and declines thereafter, consistent with the income before tax trend.
Net income (loss) and net income attributable to stockholders: Net income mirrors the overall profitability trends, with significant losses during 2020, a strong rebound throughout 2021 and early 2022, followed by volatility and a downward trend later. The net income attributable to stockholders shows the same pattern with losses in 2020, then recovery and growth through 2022, before falling back towards the end of the period under review.
Net income attributable to noncontrolling interests: The net income attributed to noncontrolling interests remains small relative to total net income, showing fluctuations but no clear long-term direction.

Overall, the financial patterns indicate a period of hardship in 2020 marked by revenue and profit declines, followed by recovery and strong earnings growth through 2021 and early 2022. This is succeeded by a period of volatility and modest decline in profitability through 2023 and 2024. Cost control, particularly in materials and operating expenses, and market conditions appear to be key factors influencing these trends.

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Valero Energy Corp. (NYSE:VLO)

Income Statement Quarterly Data

Income Statement
Quarterly Data