Income Statement

Revenue

-30%

+89%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	124	176	230	286	306	297	282	261	248	255	256	260	261	252	255	268	263	250	229	212	210	245	322	361	398	398	360	360	330	331	383	416	463	496	478	484	474	464	433	401	383	350	332	314	297	301	333	365	382	402	398	397	398	413	427	433	440	438	441	446	459	467	466	468	468	473	470	470	461	449	449	454	467	497	529	563	587	595	604	603	599	591	577	562	563	569	580	592	586	578	570	556	553	554	552	556
Revenue	16 808 N/A	19 532 +16%	23 792 +22%	29 048 +22%	33 153 +14%	34 774 +5%	36 577 +5%	37 969 +4%	39 357 +4%	44 321 +13%	48 738 +10%	54 619 +12%	58 490 +7%	62 714 +7%	71 658 +14%	80 616 +13%	87 184 +8%	94 744 +9%	94 699 0%	87 640 -7%	86 420 -1%	85 030 -2%	85 491 +1%	89 987 +5%	104 517 +16%	116 955 +12%	123 975 +6%	106 676 -14%	98 519 -8%	79 255 -20%	64 547 -19%	64 599 +0%	69 764 +8%	72 949 +5%	77 953 +7%	82 233 +5%	90 048 +10%	100 780 +12%	113 478 +13%	125 987 +11%	134 846 +7%	138 215 +2%	139 228 +1%	138 393 -1%	137 557 -1%	136 929 0%	138 340 +1%	138 074 0%	138 263 +0%	139 143 +1%	137 414 -1%	130 844 -5%	118 511 -9%	108 715 -8%	96 886 -11%	87 804 -9%	82 188 -6%	76 654 -7%	73 724 -4%	75 659 +3%	81 717 +8%	84 387 +3%	88 300 +5%	93 980 +6%	98 647 +5%	107 408 +9%	114 695 +7%	117 033 +2%	114 857 -2%	112 775 -2%	109 175 -3%	108 324 -1%	106 163 -2%	87 627 -17%	76 187 -13%	64 912 -15%	63 616 -2%	80 967 +27%	94 678 +17%	113 977 +20%	131 713 +16%	155 606 +18%	170 540 +10%	176 383 +3%	174 280 -1%	157 148 -10%	151 098 -4%	144 766 -4%	140 086 -3%	140 067 0%	134 539 -4%	129 881 -3%	128 380 -1%	123 779 -4%	123 071 -1%	122 687 0%
Gross Profit
Cost of Revenue	(15 697)	(18 606)	(22 724)	(26 313)	(31 367)	(32 801)	(34 362)	(34 098)	(37 061)	(41 240)	(45 303)	(48 402)	(53 991)	(57 919)	(66 159)	(71 274)	(79 909)	(85 977)	(85 017)	(74 979)	(77 014)	(75 145)	(76 678)	(78 303)	(97 405)	(111 948)	(118 448)	(97 391)	(92 488)	(74 469)	(59 361)	(60 047)	(65 044)	(66 465)	(72 152)	(75 863)	(83 400)	(93 589)	(104 744)	(117 253)	(125 739)	(128 980)	(130 271)	(128 173)	(126 541)	(126 460)	(129 105)	(128 775)	(128 930)	(129 582)	(126 674)	(119 061)	(107 273)	(96 555)	(84 097)	(80 265)	(73 368)	(69 758)	(69 271)	(71 226)	(77 494)	(80 451)	(83 822)	(89 197)	(93 650)	(101 925)	(109 341)	(111 274)	(109 659)	(108 061)	(104 915)	(103 635)	(101 515)	(84 443)	(74 816)	(65 671)	(65 380)	(81 607)	(93 689)	(110 848)	(126 557)	(144 703)	(156 532)	(159 610)	(154 819)	(141 162)	(135 365)	(131 834)	(129 478)	(131 001)	(128 489)	(125 076)	(125 051)	(120 640)	(118 914)	(117 255)
Gross Profit	1 111 N/A	925 -17%	1 067 +15%	2 735 +156%	1 785 -35%	1 972 +10%	2 215 +12%	3 871 +75%	2 298 -41%	3 083 +34%	3 436 +11%	6 217 +81%	4 499 -28%	4 795 +7%	5 499 +15%	9 342 +70%	7 275 -22%	8 767 +21%	9 682 +10%	12 661 +31%	9 406 -26%	9 885 +5%	8 813 -11%	11 684 +33%	7 112 -39%	5 007 -30%	5 527 +10%	9 285 +68%	6 031 -35%	4 786 -21%	5 186 +8%	4 552 -12%	4 720 +4%	6 484 +37%	5 801 -11%	6 370 +10%	6 648 +4%	7 191 +8%	8 734 +21%	8 734 N/A	9 107 +4%	9 235 +1%	8 957 -3%	10 220 +14%	11 016 +8%	10 469 -5%	9 235 -12%	9 299 +1%	9 333 +0%	9 561 +2%	10 740 +12%	11 783 +10%	11 238 -5%	12 160 +8%	12 789 +5%	7 539 -41%	8 820 +17%	6 896 -22%	4 453 -35%	4 433 0%	4 223 -5%	3 936 -7%	4 478 +14%	4 783 +7%	4 997 +4%	5 483 +10%	5 354 -2%	5 759 +8%	5 198 -10%	4 714 -9%	4 260 -10%	4 689 +10%	4 648 -1%	3 184 -31%	1 371 -57%	(759) N/A	(1 764) -132%	(640) +64%	989 N/A	3 129 +216%	5 156 +65%	10 903 +111%	14 008 +28%	16 773 +20%	19 461 +16%	15 986 -18%	15 733 -2%	12 932 -18%	10 608 -18%	9 066 -15%	6 050 -33%	4 805 -21%	3 329 -31%	3 139 -6%	4 157 +32%	5 432 +31%
Operating Income
Operating Expenses	(347)	(526)	(727)	(2 264)	(957)	(969)	(984)	(2 649)	(994)	(1 020)	(1 032)	(3 238)	(1 111)	(1 136)	(1 228)	(4 074)	(1 363)	(1 422)	(1 387)	(4 939)	(1 310)	(1 334)	(1 355)	(5 054)	(1 395)	(1 325)	(1 091)	(4 966)	(1 056)	(1 042)	(3 498)	(4 247)	(5 026)	(5 811)	(4 404)	(4 492)	(4 530)	(4 689)	(4 843)	(5 054)	(5 304)	(5 361)	(5 408)	(5 229)	(5 707)	(5 714)	(5 237)	(5 081)	(4 716)	(4 663)	(4 722)	(5 111)	(5 081)	(5 054)	(5 050)	(710)	(2 864)	(1 802)	(713)	(757)	(819)	(793)	(883)	(942)	(999)	(1 092)	(1 042)	(1 022)	(986)	(919)	(925)	(942)	(909)	(878)	(760)	(839)	(765)	(921)	(923)	(999)	(976)	(1 016)	(1 022)	(1 025)	(1 054)	(1 229)	(1 072)	(1 074)	(1 114)	(1 110)	(1 090)	(1 050)	(1 022)	(1 056)	(1 072)	(1 120)
Selling, General & Administrative	(177)	(185)	(214)	(258)	(276)	(288)	(301)	(299)	(307)	(329)	(340)	(442)	(400)	(419)	(491)	(558)	(605)	(664)	(641)	(598)	(592)	(598)	(614)	(638)	(628)	(568)	(585)	(559)	(569)	(574)	(572)	(572)	(524)	(533)	(505)	(531)	(564)	(584)	(606)	(571)	(605)	(625)	(638)	(698)	(710)	(772)	(768)	(758)	(742)	(679)	(689)	(724)	(711)	(719)	(718)	(710)	(719)	(700)	(713)	(709)	(751)	(767)	(800)	(829)	(875)	(948)	(932)	(925)	(896)	(847)	(855)	(868)	(836)	(806)	(775)	(756)	(787)	(794)	(803)	(865)	(862)	(899)	(918)	(914)	(953)	(949)	(985)	(998)	(1 012)	(1 006)	(990)	(961)	(964)	(981)	(993)	(1 042)
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(48)	(12)	(26)	(39)	(52)	(53)	(52)	(52)	(52)	(53)	(54)	(52)	(53)	(52)	(50)	(51)	(48)	(47)	(47)	(46)	(47)	(46)	(46)	(46)	(45)	(44)	(43)	(43)	(43)	(45)	(46)	(45)	(45)	(44)	(60)	(62)	(63)
Other Operating Expenses	(169)	(339)	(511)	(2 006)	(681)	(681)	(683)	(2 350)	(688)	(693)	(694)	(2 796)	(712)	(717)	(737)	(3 516)	(758)	(758)	(746)	(4 341)	(718)	(736)	(741)	(4 416)	(767)	(757)	(506)	(4 407)	(487)	(468)	(2 926)	(3 675)	(4 502)	(5 278)	(3 899)	(3 961)	(3 966)	(4 105)	(4 237)	(4 483)	(4 699)	(4 736)	(4 770)	(4 531)	(4 997)	(4 942)	(4 469)	(4 323)	(3 974)	(3 984)	(4 033)	(4 387)	(4 370)	(4 335)	(4 332)	0	(2 145)	(1 102)	0	0	(56)	0	(44)	(61)	(71)	(92)	(58)	(45)	(37)	(18)	(18)	(21)	(21)	(22)	66	(35)	69	(80)	(74)	(87)	(68)	(71)	(58)	(66)	(57)	(237)	(44)	(33)	(57)	(58)	(55)	(44)	(14)	(15)	(17)	(15)
Operating Income	764 N/A	400 -48%	342 -14%	471 +38%	828 +76%	1 002 +21%	1 229 +23%	1 222 -1%	1 300 +6%	2 060 +58%	2 403 +17%	2 979 +24%	3 389 +14%	3 660 +8%	4 271 +17%	5 268 +23%	5 912 +12%	7 345 +24%	8 295 +13%	7 722 -7%	8 096 +5%	8 551 +6%	7 458 -13%	6 630 -11%	5 717 -14%	3 682 -36%	4 436 +20%	4 319 -3%	4 975 +15%	3 744 -25%	1 688 -55%	305 -82%	(306) N/A	673 N/A	1 397 +108%	1 878 +34%	2 118 +13%	2 502 +18%	3 891 +56%	3 680 -5%	3 803 +3%	3 874 +2%	3 549 -8%	4 991 +41%	5 309 +6%	4 755 -10%	3 998 -16%	4 218 +6%	4 617 +9%	4 898 +6%	6 018 +23%	6 672 +11%	6 157 -8%	7 106 +15%	7 739 +9%	6 829 -12%	5 956 -13%	5 094 -14%	3 740 -27%	3 676 -2%	3 404 -7%	3 143 -8%	3 595 +14%	3 841 +7%	3 998 +4%	4 391 +10%	4 312 -2%	4 737 +10%	4 212 -11%	3 795 -10%	3 335 -12%	3 747 +12%	3 739 0%	2 306 -38%	611 -74%	(1 598) N/A	(2 529) -58%	(1 561) +38%	66 N/A	2 130 +3 127%	4 180 +96%	9 887 +137%	12 986 +31%	15 748 +21%	18 407 +17%	14 757 -20%	14 661 -1%	11 858 -19%	9 494 -20%	7 956 -16%	4 960 -38%	3 755 -24%	2 307 -39%	2 083 -10%	3 085 +48%	4 312 +40%
Pre-Tax Income
Interest Income Expense	(127)	(182)	(240)	(300)	(319)	(297)	(268)	(234)	(210)	(217)	(218)	(221)	(224)	(214)	(214)	(227)	(219)	(206)	(189)	(174)	(184)	(229)	(315)	(361)	(398)	(398)	(360)	(360)	(330)	(331)	(383)	(416)	(463)	(496)	(478)	(484)	(474)	(464)	(433)	(401)	(383)	(350)	(332)	(175)	(294)	(300)	(352)	(626)	(424)	(445)	(423)	(1 167)	(509)	(480)	(658)	(904)	(704)	(631)	(527)	(532)	(592)	(710)	(721)	(746)	(630)	(635)	(666)	(635)	(587)	(455)	(352)	(290)	(510)	(462)	(595)	(563)	(527)	(595)	(604)	(603)	(599)	(591)	(577)	(562)	(502)	(402)	(291)	(101)	(213)	(311)	(425)	(556)	(553)	(554)	(552)	(556)
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3 788)	(4 093)	(4 212)	(4 261)	(222)	(200)	(83)	(34)	(2)	(2)	0	0	0	(611)	(611)	(956)	(86)	0	0	0	325	0	0	0	0	0	0	0	0	0	(56)	(56)	(56)	0	0	0	0	0	0	0	0	0	0	0	0	(2 542)	(294)	19	19	2 561	313	0	0	(50)	(47)	(47)	(251)	(190)	0	(193)	11	0	0	0	0	(1 131)	(1 131)	(1 131)	(1 131)
Total Other Income	(20)	(21)	(18)	(21)	(23)	(31)	(32)	(2)	6	16	25	(48)	(50)	(60)	(56)	53	55	63	195	350	355	367	369	167	182	190	81	113	92	54	26	17	29	53	62	106	112	121	105	43	32	17	14	10	17	33	52	59	60	61	55	47	56	52	44	46	31	37	46	94	73	86	97	112	137	105	124	130	94	63	74	29	211	214	209	132	85	220	204	16	1	(68)	(26)	372	399	366	292	0	144	266	389	499	475	439	402	380
Pre-Tax Income	619 N/A	197 -68%	84 -57%	150 +79%	487 +225%	676 +39%	930 +38%	987 +6%	1 097 +11%	1 860 +70%	2 211 +19%	2 710 +23%	3 115 +15%	3 386 +9%	4 001 +18%	5 094 +27%	5 748 +13%	7 202 +25%	8 301 +15%	7 898 -5%	8 267 +5%	8 689 +5%	7 512 -14%	6 436 -14%	5 501 -15%	3 474 -37%	4 157 +20%	284 -93%	644 +127%	(745) N/A	(2 930) -293%	(316) +89%	(940) -197%	147 N/A	947 +544%	1 498 +58%	1 754 +17%	2 159 +23%	3 563 +65%	3 322 -7%	2 841 -14%	2 930 +3%	2 275 -22%	4 740 +108%	5 032 +6%	4 488 -11%	3 698 -18%	3 976 +8%	4 253 +7%	4 514 +6%	5 650 +25%	5 552 -2%	5 704 +3%	6 678 +17%	7 125 +7%	5 971 -16%	5 283 -12%	4 444 -16%	3 203 -28%	3 182 -1%	2 885 -9%	2 519 -13%	2 971 +18%	3 207 +8%	3 505 +9%	3 861 +10%	3 770 -2%	4 232 +12%	3 719 -12%	3 403 -8%	3 057 -10%	3 486 +14%	898 -74%	1 764 +96%	244 -86%	(2 010) N/A	(410) +80%	(1 623) -296%	(334) +79%	1 543 N/A	3 532 +129%	9 181 +160%	12 336 +34%	15 307 +24%	18 114 +18%	14 721 -19%	14 469 -2%	11 768 -19%	9 425 -20%	7 911 -16%	4 924 -38%	3 698 -25%	1 098 -70%	837 -24%	1 804 +116%	3 005 +67%
Net Income
Tax Provision	(230)	(72)	(30)	(58)	(187)	(259)	(352)	(365)	(398)	(656)	(763)	(906)	(1 025)	(1 082)	(1 270)	(1 621)	(1 864)	(2 346)	(2 748)	(2 611)	(2 720)	(2 899)	(2 433)	(2 059)	(1 763)	(1 064)	(1 399)	(1 438)	(1 553)	(1 089)	(415)	43	223	(153)	(335)	(575)	(647)	(828)	(1 332)	(1 226)	(1 281)	(1 284)	(1 159)	(1 626)	(1 871)	(1 695)	(1 254)	(1 254)	(1 343)	(1 410)	(1 808)	(1 777)	(1 798)	(2 063)	(2 199)	(1 870)	(1 637)	(1 320)	(807)	(765)	(660)	(565)	(799)	(913)	(950)	(1 003)	(901)	(896)	(798)	(709)	(598)	(702)	(35)	(214)	288	903	435	605	203	(255)	(655)	(1 828)	(2 579)	(3 428)	(4 056)	(3 309)	(3 306)	(2 619)	(2 092)	(1 774)	(1 057)	(692)	(74)	(76)	(370)	(759)
Income from Continuing Operations	389	125	54	92	300	417	578	622	699	1 204	1 448	1 804	2 091	2 305	2 732	3 473	3 884	4 856	5 553	5 287	5 547	5 790	5 079	4 377	3 738	2 410	2 758	(1 154)	(909)	(1 834)	(3 345)	(273)	(717)	(6)	612	923	1 107	1 331	2 231	2 096	1 560	1 646	1 116	3 114	3 161	2 793	2 444	2 722	2 910	3 104	3 842	3 775	3 906	4 615	4 926	4 101	3 646	3 124	2 396	2 417	2 225	1 954	2 172	2 294	2 555	2 858	2 869	3 336	2 921	2 694	2 459	2 784	863	1 550	532	(1 107)	25	(1 018)	(131)	1 288	2 877	7 353	9 757	11 879	14 058	11 412	11 163	9 149	7 333	6 137	3 867	3 006	1 024	761	1 434	2 246
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	2	3	5	5	(8)	(8)	(18)	(24)	(15)	(81)	(77)	(86)	(79)	(111)	(125)	(140)	(176)	(128)	(126)	(121)	(111)	(91)	(188)	(194)	(190)	(231)	(144)	(150)	(162)	(362)	(433)	(479)	(534)	(314)	(299)	(347)	(307)	(358)	(338)	(283)	(333)	(351)	(368)	(471)	(417)	(314)	(320)	(188)	(176)	(236)	(94)	3	61	102
Net Income (Common)	389 N/A	125 -68%	54 -57%	92 +70%	300 +226%	417 +39%	577 +38%	617 +7%	692 +12%	1 194 +73%	1 435 +20%	1 791 +25%	2 076 +16%	2 289 +10%	2 716 +19%	3 577 +32%	3 895 +9%	4 948 +27%	5 693 +15%	5 461 -4%	5 757 +5%	6 110 +6%	5 781 -5%	5 234 -9%	4 351 -17%	2 836 -35%	2 714 -4%	(1 132) N/A	(1 083) +4%	(2 071) -91%	(3 852) -86%	(1 983) +49%	(2 404) -21%	(1 567) +35%	(646) +59%	323 N/A	534 +65%	695 +30%	1 606 +131%	2 089 +30%	1 559 -25%	1 645 +6%	1 115 -32%	2 081 +87%	3 166 +52%	2 802 -11%	2 440 -13%	2 718 +11%	2 892 +6%	3 014 +4%	3 762 +25%	3 628 -4%	3 764 +4%	4 527 +20%	4 845 +7%	3 987 -18%	3 518 -12%	2 981 -15%	2 217 -26%	2 282 +3%	2 095 -8%	1 828 -13%	2 055 +12%	4 051 +97%	4 215 +4%	4 512 +7%	4 527 +0%	3 113 -31%	2 785 -11%	2 551 -8%	2 304 -10%	2 415 +5%	422 -83%	1 061 +151%	(12) N/A	(1 426) -11 783%	(281) +80%	(1 370) -388%	(443) +68%	924 N/A	2 531 +174%	7 047 +178%	9 391 +33%	11 485 +22%	13 640 +19%	10 902 -20%	10 710 -2%	8 808 -18%	6 993 -21%	5 932 -15%	3 681 -38%	2 762 -25%	924 -67%	759 -18%	1 488 +96%	2 341 +57%
EPS (Diluted)	0.92 N/A	0.28 -70%	0.12 -57%	0.21 +75%	0.68 +224%	0.87 +28%	1.13 +30%	1.27 +12%	1.27 N/A	2.15 +69%	2.59 +20%	3.24 +25%	3.73 +15%	4.12 +10%	4.62 +12%	6.08 +32%	6.04 -1%	7.77 +29%	9.06 +17%	8.64 -5%	9.36 +8%	10.57 +13%	10.25 -3%	9.03 -12%	8.04 -11%	5.31 -34%	5.12 -4%	-2.16 N/A	-2.08 +4%	-3.94 -89%	-7.37 -87%	-3.66 +50%	-4.27 -17%	-2.76 +35%	-1.13 +59%	0.56 N/A	0.93 +66%	1.21 +30%	2.82 +133%	3.68 +30%	2.82 -23%	2.96 +5%	2.01 -32%	3.74 +86%	5.75 +54%	5.11 -11%	4.47 -13%	4.95 +11%	5.39 +9%	5.64 +5%	7.09 +26%	6.84 -4%	7.3 +7%	8.84 +21%	9.8 +11%	7.97 -19%	7.5 -6%	6.34 -15%	4.81 -24%	4.92 +2%	4.64 -6%	4.09 -12%	4.65 +14%	9.12 +96%	9.75 +7%	10.46 +7%	10.6 +1%	7.27 -31%	6.66 -8%	6.11 -8%	5.57 -9%	5.83 +5%	1.03 -82%	2.59 +151%	-0.02 N/A	-3.5 -17 400%	-0.68 +81%	-3.36 -394%	-1.08 +68%	2.27 N/A	6.21 +174%	17.44 +181%	24.07 +38%	29 +20%	36.96 +27%	30.45 -18%	30.68 +1%	24.95 -19%	21.12 -15%	18.3 -13%	11.57 -37%	8.58 -26%	2.94 -66%	2.43 -17%	4.8 +98%	7.58 +58%

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Valero Energy Corp
NYSE:VLO

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Valero Energy Corp NYSE:VLO

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Valero Energy Corp
NYSE:VLO

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Valero Energy Corp