Valero Q3 Profit Jumps; One-Off Loss Cuts Margins

Valero Energy reported third-quarter 2025 GAAP profit of $1.095 billion ($3.53 per share) and adjusted EPS of $3.66, beating expectations. Revenue was about $32.17 billion, down roughly 2.2% year‑over‑year, while refinery throughput rose to about 3.1 million barrels per day and utilization reached around 97%, helping refining margins strengthen to $13.14 per barrel from $9.09 a year earlier. Over the 12 months to Sept. 30, 2025, Valero’s reported net profit margin fell to 0.6% from 4.4%, largely reflecting a one‑off $1.1 billion loss. The Renewable Diesel segment reported operating losses, though management praised overall operational and commercial performance. Analysts have raised forecasts—consensus sees roughly a 15.8% earnings CAGR over the next three years with margin recovery toward 2028—and investors remain cautious amid valuation concerns and a wide dispersion of analyst estimates.