VALERO ENERGY CORP/TX, 10-K filed on 2/25/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Cover [Abstract]      
Document type 10-K    
Document annual report true    
Document period end date Dec. 31, 2025    
Current fiscal year end date --12-31    
Document transition report false    
Entity file number 001-13175    
Entity registrant name VALERO ENERGY CORP/TX    
Entity incorporation, state or country code DE    
Entity tax identification number 74-1828067    
Entity address, address line one One Valero Way    
Entity address, city or town San Antonio    
Entity address, state or province TX    
Entity address, postal zip code 78249    
City area code 210    
Local phone number 345-2000    
Title of 12(b) security Common Stock, par value $0.01 per share    
Trading symbol VLO    
Security exchange name NYSE    
Entity well-known seasoned issuer Yes    
Entity voluntary filers No    
Entity current reporting status Yes    
Entity interactive data current Yes    
Entity filer category Large Accelerated Filer    
Entity small business false    
Entity emerging growth company false    
ICFR auditor attestation flag true    
Document financial statement error correction false    
Entity shell company false    
Entity public float     $ 41.8
Entity common stock, shares outstanding   299,026,226  
Documents incorporated by reference
DOCUMENTS INCORPORATED BY REFERENCE
We intend to file with the Securities and Exchange Commission a definitive Proxy Statement for our Annual Meeting of Stockholders scheduled for May 7, 2026, at which directors will be elected. Portions of the 2026 Proxy Statement are incorporated by reference in PART III of this Form 10-K and are deemed to be a part of this report.
    
Entity central index key 0001035002    
Amendment flag false    
Document fiscal year focus 2025    
Document fiscal period focus FY    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor name KPMG LLP
Auditor location San Antonio, Texas
Auditor firm ID 185
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,688 $ 4,657
Receivables, net 9,877 10,708
Inventories 7,591 7,761
Prepaid expenses and other 1,054 611
Total current assets 23,210 23,737
Property, plant, and equipment, at cost 50,091 52,368
Accumulated depreciation (22,474) (23,054)
Property, plant, and equipment, net 27,617 29,314
Deferred charges and other assets, net 7,161 7,092
Total assets 57,988 60,143
Current liabilities:    
Current portion of debt and finance lease obligations 949 743
Accounts payable 10,139 12,092
Accrued expenses 1,403 1,130
Taxes other than income taxes payable 1,550 1,360
Income taxes payable 68 170
Total current liabilities 14,109 15,495
Debt and finance lease obligations, less current portion 9,670 9,720
Deferred income tax liabilities 5,146 5,267
Other long-term liabilities 2,458 2,140
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:    
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued 7 7
Additional paid-in capital 6,981 6,939
Treasury stock, at cost; 374,561,457 and 358,637,890 common shares (30,753) (28,178)
Retained earnings 47,959 47,016
Accumulated other comprehensive loss (469) (1,272)
Total Valero Energy Corporation stockholders’ equity 23,725 24,512
Noncontrolling interests 2,880 3,009
Total equity 26,605 27,521
Total liabilities and equity $ 57,988 $ 60,143
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Valero Energy Corporation stockholders’ equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 1,200,000,000 1,200,000,000
Common stock issued (in shares) 673,501,593 673,501,593
Treasury stock, common (in shares) 374,561,457 358,637,890
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues [1] $ 122,687 $ 129,881 $ 144,766
Cost of sales:      
Cost of materials and other 101,096 110,616 117,367
Taxes other than income taxes 6,720 5,900 5,720
Operating expenses (excluding depreciation and amortization expense reflected below) 6,344 5,831 6,089
Depreciation and amortization expense 3,095 2,729 2,658
Total cost of sales 117,255 125,076 131,834
Asset impairment loss 1,131 0 0
Other operating expenses 15 44 33
General and administrative expenses (excluding depreciation and amortization expense reflected below) 1,042 961 998
Depreciation and amortization expense 63 45 43
Operating income 3,181 3,755 11,858
Other income, net 380 499 502
Interest and debt expense, net of capitalized interest (556) (556) (592)
Income before income tax expense 3,005 3,698 11,768
Income tax expense 759 692 2,619
Net income 2,246 3,006 9,149
Less: Net income (loss) attributable to noncontrolling interests (102) 236 314
Net income attributable to Valero Energy Corporation stockholders $ 2,348 $ 2,770 $ 8,835
Earnings per common share (in dollars per share) $ 7.57 $ 8.58 $ 24.93
Weighted-average common shares outstanding (shares) 309 322 353
Earnings per common share – assuming dilution (in dollars per share) $ 7.57 $ 8.58 $ 24.92
Weighted-average common shares outstanding – assuming dilution (shares) 309 322 353
Supplemental information:      
Includes excise taxes on sales by certain of our foreign operations $ 6,748 $ 5,907 $ 5,765
[1]
Includes excise taxes on sales by certain of our foreign operations of $6,748 million, $5,907 million, and $5,765 million for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 2,246 $ 3,006 $ 9,149
Other comprehensive income (loss):      
Foreign currency translation adjustment 659 (546) 433
Net gain on pension and other postretirement benefits 170 207 30
Net gain (loss) on cash flow hedges 24 (87) 90
Other comprehensive income (loss) before income tax expense 853 (426) 553
Income tax expense related to items of other comprehensive income (loss) 36 21 18
Other comprehensive income (loss) 817 (447) 535
Comprehensive income 3,063 2,559 9,684
Less: Comprehensive income (loss) attributable to noncontrolling interests (88) 191 360
Comprehensive income attributable to Valero Energy Corporation stockholders $ 3,151 $ 2,368 $ 9,324
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Valero Energy Corporation Stockholders' Equity [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Noncontrolling Interest [Member]
Balance as of beginning of period at Dec. 31, 2022 $ 25,468 $ 23,561 $ 7 $ 6,863 $ (20,197) $ 38,247 $ (1,359) $ 1,907
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income (loss) 9,149 8,835       8,835   314
Dividends on common stock (1,452) (1,452)       (1,452)    
Stock-based compensation expense 94 94   94        
Transactions in connection with stock-based compensation plans 7 7   (56) 63      
Purchases of common stock for treasury (5,188) (5,188)     (5,188)      
Contributions from noncontrolling interests 75             75
Distributions to noncontrolling interests (164)             (164)
Other comprehensive income (loss) 535 489         489 46
Balance as of end of period at Dec. 31, 2023 28,524 26,346 7 6,901 (25,322) 45,630 (870) 2,178
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income (loss) 3,006 2,770       2,770   236
Dividends on common stock (1,384) (1,384)       (1,384)    
Stock-based compensation expense 89 89   89        
Transactions in connection with stock-based compensation plans 1 1   (51) 52      
Purchases of common stock for treasury (2,908) (2,908)     (2,908)      
Contributions from noncontrolling interests 90             90
Distributions to noncontrolling interests (182)             (182)
Conversion of IEnova Revolver debt to equity (see Notes 9 and 12) 732             732
Other comprehensive income (loss) (447) (402)         (402) (45)
Balance as of end of period at Dec. 31, 2024 27,521 24,512 7 6,939 (28,178) 47,016 (1,272) 3,009
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income (loss) 2,246 2,348       2,348   (102)
Dividends on common stock (1,405) (1,405)       (1,405)    
Stock-based compensation expense 100 100   100        
Transactions in connection with stock-based compensation plans 1 1   (58) 59      
Purchases of common stock for treasury (2,634) (2,634)     (2,634)      
Contributions from noncontrolling interests 328             328
Distributions to noncontrolling interests (369)             (369)
Other comprehensive income (loss) 817 803         803 14
Balance as of end of period at Dec. 31, 2025 $ 26,605 $ 23,725 $ 7 $ 6,981 $ (30,753) $ 47,959 $ (469) $ 2,880
v3.25.4
Consolidated Statements of Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common stock dividends:      
Dividends on common stock (in usd per share) $ 4.52 $ 4.28 $ 4.08
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 2,246 $ 3,006 $ 9,149
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 3,158 2,774 2,701
Gain on early retirement of debt, net 0 0 (11)
Asset impairment loss 1,131 0 0
Deferred income tax expense (benefit) (197) (87) 103
Changes in operating assets and liabilities:      
Current assets and current liabilities (see Note 18) (192) 795 (2,326)
Deferred charges and other assets (171) (579) (210)
Long-term liabilities (136) 296 (127)
Other operating activities, net (13) 478 (50)
Net cash provided by operating activities 5,826 6,683 9,229
Cash flows from investing activities:      
Purchases of available-for-sale (AFS) debt securities (27) (29) (276)
Proceeds from sales and maturities of AFS debt securities 30 81 314
Investments in nonconsolidated joint ventures (3) 0 0
Other investing activities, net 40 24 13
Net cash used in investing activities (1,845) (1,981) (1,865)
Cash flows from financing activities:      
Premiums paid on early retirement of debt 0 0 (5)
Purchases of common stock for treasury (2,598) (2,875) (5,136)
Payment of excise tax on purchases of common stock for treasury (28) (49) 0
Common stock dividend payments (1,405) (1,384) (1,452)
Contributions from noncontrolling interests 328 90 75
Distributions to noncontrolling interests (369) (182) (164)
Other financing activities, net (16) (1) 3
Net cash used in financing activities (4,182) (5,049) (6,941)
Effect of foreign exchange rate changes on cash 237 (248) 139
Net increase (decrease) in cash, cash equivalents, and restricted cash 36 (595) 562
Cash, cash equivalents, and restricted cash at beginning of year [1] 4,829 5,424 4,862
Cash, cash equivalents, and restricted cash at end of year [1] 4,865 4,829 5,424
Excluding Variable Interest Entities (VIEs) [Member]      
Cash flows from investing activities:      
Capital expenditures (719) (649) (665)
Deferred turnaround and catalyst cost expenditures (990) (1,079) (946)
Cash flows from financing activities:      
Proceeds from debt issuance and borrowings 6,899 6,700 1,750
Repayments of debt and finance lease obligations (6,931) (7,086) (2,125)
Diamond Green Diesel Holdings LLC (DGD) [Member]      
Cash flows from investing activities:      
Capital expenditures (71) (250) (235)
Deferred turnaround and catalyst cost expenditures (99) (71) (59)
Cash flows from financing activities:      
Proceeds from debt issuance and borrowings 675 410 550
Repayments of debt and finance lease obligations (702) (686) (480)
Other VIEs [Member]      
Cash flows from investing activities:      
Capital expenditures (6) (8) (11)
Cash flows from financing activities:      
Proceeds from debt borrowings of other VIEs 0 27 120
Repayments of debt and finance lease obligations $ (35) $ (13) $ (77)
[1] Restricted cash is included in prepaid expenses and other in our consolidated balance sheets.
v3.25.4
Description of Business, Basis of Presentation, and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES
1.    DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business
The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole.

We are a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. We are a joint venture member in DGD, which produces low-carbon fuels at two plants located in the Gulf Coast region of the U.S. with a combined production capacity of approximately 1.2 billion gallons per year. We also own 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.7 billion gallons per year.

Basis of Presentation
General
These consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and with the rules and regulations of the U.S. Securities and Exchange Commission (SEC).

Reclassifications
Certain prior year amounts have been reclassified to conform to the 2025 presentation. The changes were due to the separate presentation of (i) taxes other than income taxes, which were previously included in cost of materials and other in our statements of income and (ii) changes in deferred charges and other assets and changes in long-term liabilities, which were previously included in “changes in deferred charges and credits and other operating activities, net” in our statements of cash flows.

Significant Accounting Policies
Principles of Consolidation
These financial statements include those of Valero, our wholly owned subsidiaries, and VIEs in which we have a controlling financial interest. The VIEs that we consolidate are described in Note 12. The ownership interests held by others in the VIEs are recorded as noncontrolling interests. Intercompany items and transactions have been eliminated in consolidation. Investments in less than wholly owned entities where we have significant influence are accounted for using the equity method.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Cash Equivalents
Our cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less when acquired.

Investments in Debt Securities
Investments in debt securities that have stated maturities of three months or less from the date of acquisition are classified as cash equivalents, and those with stated maturities of greater than three months but less than one year are classified as short-term investments, which are reflected in prepaid expenses and other in our balance sheets. Our investments in debt securities are classified as AFS and are subsequently measured and carried at fair value in our balance sheets with changes in fair value reported in other comprehensive income (loss) until realized. The cost of a security sold is determined using the first-in, first-out method.

Receivables
Trade receivables are carried at amortized cost, which is the original invoice amount adjusted for cash collections, write-offs, and foreign exchange. We maintain an allowance for credit losses, which is adjusted based on management’s assessment of our customers’ historical collection experience, known or expected credit risks, and industry and economic conditions.

Inventories
The cost of (i) refinery feedstocks and refined petroleum products and blendstocks, (ii) renewable diesel feedstocks (i.e., waste and renewable feedstocks, predominantly animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils (DCOs)) and products, and (iii) ethanol feedstocks and products is determined under the last-in, first-out (LIFO) method using the dollar-value LIFO approach, with any increments valued based on average purchase prices during the year. Our LIFO inventories are carried at the lower of cost or market. The cost of products purchased for resale and the cost of materials and supplies are determined principally under the weighted-average cost method. Our non-LIFO inventories are carried at the lower of cost or net realizable value.

In determining the market value of our inventories, we assume that feedstocks are converted into products, which requires us to make estimates regarding the products expected to be produced from those feedstocks and the conversion costs required to convert those feedstocks into products. We also estimate the usual and customary transportation costs required to move the inventory from our plants to the appropriate points of sale. We then apply an estimated selling price to our inventories. If the aggregate market value of our LIFO inventories or the aggregate net realizable value of our non-LIFO inventories is less than the related aggregate cost, we recognize a loss for the difference in our statements of income. To the extent the aggregate market value of our LIFO inventories subsequently increases, we recognize an increase to the value of our inventories (not to exceed cost) and a gain in our statements of income.

Property, Plant, and Equipment
The cost of property, plant, and equipment (property assets) purchased or constructed, including betterments of property assets, is capitalized. However, the cost of repairs to and normal maintenance of property assets is expensed as incurred. Betterments of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our
operations. The cost of property assets constructed includes interest and certain overhead costs allocable to the construction activities.
Our operations are highly capital intensive. Each of our refineries and plants comprises a large base of property assets, consisting of a series of interconnected, highly integrated and interdependent crude oil and other feedstock processing facilities and supporting infrastructure (Units) and other property assets that support our business. Improvements consist of the addition of new Units and other property assets and betterments of those Units and assets. We plan for these improvements by developing a multi-year capital investment program that is updated and revised based on changing internal and external factors.
Depreciation of crude oil processing and waste and renewable feedstocks processing facilities is recorded on a straight-line basis over the estimated useful lives of these assets primarily using the composite method of depreciation. We maintain a separate composite group of property assets for each of our refineries and our renewable diesel plants. We estimate the useful life of each group based on an evaluation of the property assets comprising the group, and such evaluations consist of, but are not limited to, the physical inspection of the assets to determine their condition, consideration of the manner in which the assets are maintained, assessment of the need to replace assets, and evaluation of the manner in which improvements impact the useful life of the group. The estimated useful lives of our composite groups range primarily from 20 to 30 years.

Under the composite method of depreciation, the cost of an improvement is added to the composite group to which it relates and is depreciated over that group’s estimated useful life. We design improvements to our crude oil processing and waste and renewable feedstocks processing facilities in accordance with engineering specifications, design standards, and practices we believe to be accepted in our industry, and these improvements have design lives consistent with our estimated useful lives. Therefore, we believe the use of the group life to depreciate the cost of improvements made to the group is reasonable because the estimated useful life of each improvement is consistent with that of the group.

Also under the composite method of depreciation, the historical cost of a minor property asset (net of salvage value) that is retired or replaced is charged to accumulated depreciation and no gain or loss is recognized. However, a gain or loss is recognized for a major property asset that is retired, replaced, sold, or for an abnormal disposition of a property asset (primarily involuntary conversions). Gains and losses are reflected in depreciation and amortization expense, unless such amounts are reported separately due to materiality.

Depreciation of our corn processing facilities, administrative buildings, and other assets is recorded on a straight-line basis over the estimated useful lives of the related assets using the component method of depreciation. The estimated useful life of our corn processing facilities is 20 years.

Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. Finance lease right-of-use assets are amortized as discussed below under “Leases.”
Deferred Charges and Other Assets
“Deferred charges and other assets, net” primarily include the following:

•turnaround costs, which are incurred in connection with planned major maintenance activities at our refineries, renewable diesel plants, and ethanol plants, are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs;

•fixed-bed catalyst costs, representing the cost of catalyst that is changed out at periodic intervals when the quality of the catalyst has deteriorated beyond its prescribed function, are deferred when incurred and amortized on a straight-line basis over the estimated useful life of the specific catalyst;
•operating lease right-of-use assets, which are amortized as discussed below under “Leases”;

•investments in nonconsolidated joint ventures;

•surplus assets in our funded pension plans, which represent the fair value of our plan assets that exceed our current projected benefit obligation;

•purchased compliance credits, which are described below under “Costs of Renewable and Low-Carbon Fuel Programs”;

•goodwill;

•intangible assets, which are amortized over their estimated useful lives; and

•noncurrent income taxes receivable.

Leases
We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable. If not readily determinable, our centrally managed treasury group provides an incremental borrowing rate based on quoted interest rates obtained from financial institutions. The rate used is for a term similar to the duration of the lease based on information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options.

We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, we account for lease and nonlease components in a contract as a single lease component for all classes of underlying assets. Our marine transportation contracts include nonlease components, such as maintenance and crew costs. We allocate the consideration in these contracts based on pricing information provided by the third-party broker.
Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and is reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. However, if the lessor transfers ownership of the finance lease ROU asset to us at the end of the lease term, the finance lease ROU asset is amortized over the useful life of the leased asset. Amortization expense is reflected in depreciation and amortization expense. Interest expense is incurred based on the carrying value of the lease liability and is reflected in “interest and debt expense, net of capitalized interest.”

Impairment of Assets
Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not deemed recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on the most appropriate valuation approach or combination thereof. See Note 2 for information regarding the asset impairment loss recognized during the year ended December 31, 2025 associated with our operations in California.
We evaluate our equity method investments for impairment when there is evidence that we may not be able to recover the carrying amount of our investments or the investee is unable to sustain an earnings capacity that justifies the carrying amount. A loss in the value of an investment that is other than a temporary decline is recognized based on the difference between the estimated current fair value of the investment and its carrying amount.

Goodwill is not amortized, but is tested for impairment annually on October 1st and in interim periods when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.

Asset Retirement Obligations
We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed, or leased. We record the liability when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability’s fair value. See Notes 2 and 8 for information regarding the expected asset retirement obligations that we recognized in connection with our plan to idle the processing units and cease refining operations at our Benicia Refinery.

Environmental Matters
Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a
commitment to a formal plan of action. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties and have not been measured on a discounted basis.

Legal Contingencies
We are subject to legal proceedings, claims, and liabilities that arise in the ordinary course of business. We accrue losses associated with legal claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, the best estimate within the range is accrued. If no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. Legal defense costs associated with loss contingencies are expensed in the period incurred.

Foreign Currency Translation
Generally, our foreign subsidiaries use their local currency as their functional currency. Balance sheet amounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Income statement amounts are translated into U.S. dollars using the exchange rates in effect at the time the underlying transactions occur. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss.

Revenue Recognition
Our revenues are primarily generated from contracts with customers. We generate revenue from contracts with customers from the sale of products by our Refining, Renewable Diesel, and Ethanol segments. Revenues are recognized when we satisfy our performance obligation to transfer products to our customers, which typically occurs at a point in time upon shipment or delivery of the products, and for an amount that reflects the transaction price that is allocated to the performance obligation.

The customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the point of shipment or delivery. As a result, we consider control to have transferred upon shipment or delivery because we have a present right to payment at that time, the customer has legal title to the asset, we have transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset.

Our contracts with customers state the final terms of the sale, including the description, quantity, and price for goods sold. Payment terms for our customers vary by type of customer and method of delivery; however, the payment is typically due in full within two to ten days from the date of invoice. In the normal course of business, we generally do not accept product returns.

The transaction price is the consideration that we expect to be entitled to in exchange for our products. The transaction price for substantially all of our contracts is generally based on commodity market pricing (i.e., variable consideration). As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. Some of our contracts also contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price.
We have elected to exclude from the measurement of the transaction price all taxes assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (e.g., sales tax, use tax, value-added tax, etc.). We continue to include in the transaction price excise taxes that are imposed on certain inventories in our foreign operations. The amount of such taxes is provided in supplemental information in a footnote to the statements of income.

There are instances where we provide shipping services in relation to the goods sold to our customer. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of materials and other. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities rather than as a promised service, and we have included these activities in cost of materials and other.

We enter into certain purchase and sale arrangements with the same counterparty that are deemed to be made in contemplation of one another. We combine these transactions and present the net effect in cost of materials and other. We also enter into refined petroleum product exchange transactions to fulfill sales contracts with our customers by accessing refined petroleum products in markets where we do not operate our own refineries. These refined petroleum product exchanges are accounted for as exchanges of nonmonetary assets, and no revenues are recorded on these transactions.

Cost Classifications
Cost of materials and other primarily includes the cost of materials that are a component of our products sold. These costs include (i) the direct cost of materials (such as crude oil and other refinery feedstocks, refined petroleum products and blendstocks, renewable diesel feedstocks and products, and ethanol feedstocks and products) that are a component of our products sold; (ii) costs related to the delivery (such as shipping and handling costs) of products sold; (iii) costs related to our obligations to comply with the Renewable and Low-Carbon Fuel Programs defined below under “Costs of Renewable and Low-Carbon Fuel Programs”; (iv) U.S. federal tax incentives related to low-carbon fuels; and (v) gains and losses on our commodity derivative instruments.

Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.

Operating expenses (excluding depreciation and amortization expense) includes costs to operate our refineries (and associated logistics assets), renewable diesel plants, and ethanol plants. These costs primarily include employee-related expenses, energy and utility costs, catalysts and chemical costs, and repair and maintenance expenses.

Depreciation and amortization expense associated with our operations is separately presented in our statements of income as a component of cost of sales and general and administrative expenses and is disclosed by reportable segment in Note 17.

Other operating expenses include costs, if any, incurred by our reportable segments that are not associated with our cost of sales.
Clean Fuel Production Credit
Effective January 1, 2025, Section 45Z of the U.S. Internal Revenue Code of 1986, as amended (the Code), provides a federal income tax credit to producers for qualifying sales of clean transportation fuels produced domestically and sold to unrelated parties. The credit amount is based on an emissions factor that reflects the relative carbon intensity of the fuel. DGD is eligible to claim the clean fuel production credit for the sale of qualifying renewable diesel, renewable naphtha, and neat sustainable aviation fuel (SAF)5 produced at its plants.

The clean fuel production credits, which are nonrefundable, transferable tax credits, are recognized when it is reasonably assured that DGD has complied with the applicable conditions and expects to receive the credits. DGD’s joint venture members may elect to either (i) receive the tax credits attributable to their ownership interest to claim on their U.S. federal income tax return or (ii) have DGD sell the tax credits to third parties and receive cash distributions from the proceeds of those sales. We have elected to receive our share of the tax credits and record them as a reduction of income taxes payable, and the other joint venture member has elected to have DGD sell its share of the tax credits and receive cash proceeds from those sales. Clean fuel production credits that have not been sold on behalf of the other joint venture member as of the balance sheet date are reflected in prepaid expenses and other. Clean fuel production credits that are expected to be sold are recorded at fair value based on the expected sales price. See Note 19 for disclosure of our fair value measurements.

Costs of Renewable and Low-Carbon Fuel Programs
We purchase credits to comply with various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s Renewable Fuel Standard, California Low Carbon Fuel Standard, Canada Clean Fuel Regulations, U.K. Renewable Transport Fuel Obligation, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). We purchase compliance credits (primarily Renewable Identification Numbers (RINs)) to comply with government regulations that require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree that we are unable to blend renewable and low-carbon fuels at the required quotas, we must purchase compliance credits to meet our obligations.

The costs of purchased compliance credits are charged to cost of materials and other when such credits are needed to satisfy our compliance obligations. To the extent we have not purchased enough credits nor entered into fixed-price purchase contracts to satisfy our obligations as of the balance sheet date, we charge cost of materials and other for such deficiency based on the market prices of the credits as of the balance sheet date, and we record a liability for our obligation to purchase those credits. See Note 19 for disclosure of our fair value liability. If the number of purchased credits exceeds our obligation as of the balance sheet date, we record a prepaid asset equal to the amount paid for those excess credits.



___________________________________________________________________
5 DGD produces synthetic paraffinic kerosene (SPK), a renewable blending component, using the Hydrotreated Esters and Fatty Acids (HEFA) process. SPK is also commonly referred to as “neat SAF.” Current aviation regulations allow SPK to be blended up to 50 percent with conventional jet fuel for use in an aircraft. This blend is commonly referred to as “blended SAF” or “SAF.”
Stock-Based Compensation
Compensation expense for our share-based compensation plans is based on the fair value of the awards granted and is recognized on a straight-line basis over the shorter of (i) the requisite service period of each award or (ii) the period from the grant date to the date retirement eligibility is achieved if that date is expected to occur during the vesting period established in the award.

Income Taxes
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by unrecognized tax benefits, if such items may be available to offset the unrecognized tax benefit. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income.

We have elected to classify any interest expense and penalties related to the underpayment of income taxes in income tax expense.

We have elected to treat the global intangible low-taxed income tax as a period expense.

Earnings per Common Share
Earnings per common share is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year. Participating securities are included in the computation of basic earnings per share using the two-class method. Earnings per common share – assuming dilution is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year increased by the effect of dilutive securities. Earnings per common share – assuming dilution is also determined using the two-class method, unless the treasury stock method is more dilutive. Potentially dilutive securities are excluded from the computation of earnings per common share – assuming dilution when the effect of including such shares would be antidilutive.

Derivatives and Hedging
All derivative instruments, not designated as normal purchases or sales, are recognized in our balance sheets as either assets or liabilities measured at their fair values with changes in fair value recognized currently in income or in other comprehensive income (loss) as appropriate. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows.

Accounting Pronouncement Recently Adopted
ASU 2023-09
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We adopted this
ASU effective January 1, 2025 on a retrospective basis and it did not affect our financial position or our results of operations, but did result in additional annual disclosures.

Accounting Pronouncement Not Yet Adopted
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve interim and annual disclosures about a public business entity’s expenses by requiring more detailed information in the notes to the financial statements about certain expense categories, including purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. We expect to adopt this ASU effective January 1, 2027 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
v3.25.4
Impairment and Other Matters
 12 Months Ended
Dec. 31, 2025
Impairment or Disposal of Tangible Assets Disclosure [Abstract]  
IMPAIRMENT AND OTHER MATTERS
2.    IMPAIRMENT AND OTHER MATTERS

In recent years, the State of California adopted legislation that has subjected our refining and marketing operations to potential increased operational restrictions and new reporting requirements. The considerable uncertainty and potential adverse effects on our operations and financial performance resulted in the evaluation of strategic alternatives for our operations in California.

In March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend to idle the processing units and cease refining operations by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we updated our evaluation of potential impairment and concluded that the carrying values of our Benicia and Wilmington refineries were not recoverable as of March 31, 2025. Therefore, we reduced the carrying values of these assets to their estimated fair values of $722 million and $847 million, respectively, and recognized a combined asset impairment loss of $1.1 billion in our Refining segment in March 2025. See Note 19 for disclosure related to the method used to determine the fair values.

Included in the recoverability assessments discussed above was the recognition of expected asset retirement obligations of $337 million, which primarily reflects the fair value of estimated costs for certain legal obligations to decommission the assets based on a range of potential settlement dates as of March 31, 2025.

In connection with our plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery assets, and as a result, will depreciate the revised carrying value of the net property, plant, and equipment and other noncurrent assets to the estimated salvage value of $107 million through April 2026. Accordingly, we recorded incremental depreciation of approximately $300 million in depreciation and amortization expense during the year ended December 31, 2025.

In anticipation of a phased plan to idle processing units beginning in February 2026, we reduced certain inventory levels during the fourth quarter of 2025. This reduction resulted in the liquidation of LIFO inventory layers with historical costs higher than current costs. As a result, cost of materials and other increased by $37 million for the year ended December 31, 2025.
We also implemented a transition plan for the affected employees of the Benicia Refinery, which includes retention incentive payments and separation benefits. As a result, we recognized a liability of $50 million for these one-time costs, which we expect to distribute to eligible employees by the end of the second quarter of 2026. These costs are included in operating expenses (excluding depreciation and amortization expense) for the year ended December 31, 2025 and are attributable to our Refining segment.
We continue to evaluate strategic alternatives for our remaining operations in California.
v3.25.4
Receivables
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
RECEIVABLES
3.    RECEIVABLES

Receivables consisted of the following (in millions):
December 31,
20252024
Receivables from contracts with customers$6,233 $5,812 
Receivables from certain purchase and sale arrangements2,993 3,939 
Receivables before allowance for credit losses9,226 9,751 
Allowance for credit losses(19)(20)
Receivables after allowance for credit losses9,207 9,731 
Income taxes receivable236 272 
Other receivables434 705 
Receivables, net$9,877 $10,708 
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES
4.    INVENTORIES

Inventories consisted of the following (in millions):
December 31,
20252024
Refinery feedstocks$1,880 $2,167 
Refined petroleum products and blendstocks4,182 4,016 
Renewable diesel feedstocks and products809 872 
Ethanol feedstocks and products314 342 
Materials and supplies406 364 
Inventories$7,591 $7,761 

During the year ended December 31, 2025, we liquidated certain LIFO inventory layers that were established in prior years at costs higher than current costs, resulting in an increase in cost of materials and other. As discussed in Note 2, LIFO inventory levels related to our California operations decreased during 2025 in anticipation of our phased plan to idle the processing units and cease refining operations at the Benicia Refinery by the end of April 2026. This liquidation increased cost of materials and other by $37 million.

As of December 31, 2025 and 2024, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $2.6 billion and $4.0 billion, respectively. Our non-LIFO inventories
accounted for $1.2 billion and $1.3 billion of our total inventories as of December 31, 2025 and 2024, respectively.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES
5.    LEASES

General
We have entered into long-term leasing arrangements for the right to use various classes of underlying assets as follows:

•Pipelines, Terminals, and Tanks includes facilities and equipment used in the storage, transportation, production, and sale of our feedstocks and products;

•Marine Transportation includes time charters for ocean-going tankers and coastal vessels;

•Rail Transportation includes railcars and related storage facilities; and

•Other includes machinery, equipment, and various facilities used in our operations; facilities and equipment related to industrial gases and power used in our operations; land and rights-of-way associated with our refineries, plants, and pipelines and other logistics assets, as well as office facilities; and equipment primarily used at our corporate offices, such as printers and copiers.

In addition to fixed lease payments, some arrangements contain provisions for variable lease payments. Certain leases for pipelines, terminals, and tanks provide for variable lease payments based on, among other things, throughput volumes in excess of a base amount. Certain marine transportation leases contain provisions for payments that are contingent on usage. Additionally, if the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered variable lease payments. In all instances, variable lease payments are recognized in the period in which the obligation for those payments is incurred.
Lease Costs and Other Supplemental Information
Our total lease cost comprises costs that are included in our statements of income, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost was as follows (in millions):
Pipelines,
Terminals,
and Tanks		TransportationOtherTotal
MarineRail
Year ended December 31, 2025
Finance lease cost:
Amortization of ROU assets$303 $— $3 $31 $337 
Interest on lease liabilities103 — 1 8 112 
Operating lease cost186 200 89 42 517 
Variable lease cost102 29 1 9 141 
Short-term lease cost16 291 3 121 431 
Sublease income— (23)— (2)(25)
Total lease cost$710 $497 $97 $209 $1,513 
Year ended December 31, 2024
Finance lease cost:
Amortization of ROU assets$247 $— $3 $33 $283 
Interest on lease liabilities107 — — 9 116 
Operating lease cost167 210 89 42 508 
Variable lease cost114 36 — 10 160 
Short-term lease cost27 196 3 134 360 
Sublease income— (33)— (2)(35)
Total lease cost$662 $409 $95 $226 $1,392 
Year ended December 31, 2023
Finance lease cost:
Amortization of ROU assets$213 $— $3 $30 $246 
Interest on lease liabilities101 — 1 5 107 
Operating lease cost166 127 80 45 418 
Variable lease cost114 61 — 8 183 
Short-term lease cost18 125 2 112 257 
Sublease income— (29)— (2)(31)
Total lease cost$612 $284 $86 $198 $1,180 
The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates):
December 31, 2025December 31, 2024
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Supplemental balance sheet information
ROU assets, net reflected in the following
balance sheet line items:
Property, plant, and equipment, net$—$2,078$—$2,218
Deferred charges and other assets, net1,072—1,098—
Total ROU assets, net$1,072$2,078$1,098$2,218
Current lease liabilities reflected in the
following balance sheet line items:
Current portion of debt and finance lease
obligations
$—$254$—$244
Accrued expenses419—378—
Noncurrent lease liabilities reflected in the
following balance sheet line items:
Debt and finance lease obligations,
less current portion
—2,104—2,134
Other long-term liabilities665—699—
Total lease liabilities$1,084$2,358$1,077$2,378
Other supplemental information
Weighted-average remaining lease term5.8 years13.2 years6.2 years13.2 years
Weighted-average discount rate5.8 %5.1 %5.9 %4.9 %

Supplemental cash flow information related to our operating and finance leases is presented in Note 18.
Maturity Analyses
As of December 31, 2025, the remaining minimum lease payments due under our long-term leases were as follows (in millions):
Operating
Leases		Finance
Leases
2026$457 $361 
2027260 312 
2028166 310 
2029100 280 
203053 257 
Thereafter310 1,877 
Total undiscounted lease payments1,346 3,397 
Less: Amount associated with discounting262 1,039 
Total lease liabilities$1,084 $2,358 
LEASES
5.    LEASES

General
We have entered into long-term leasing arrangements for the right to use various classes of underlying assets as follows:

•Pipelines, Terminals, and Tanks includes facilities and equipment used in the storage, transportation, production, and sale of our feedstocks and products;

•Marine Transportation includes time charters for ocean-going tankers and coastal vessels;

•Rail Transportation includes railcars and related storage facilities; and

•Other includes machinery, equipment, and various facilities used in our operations; facilities and equipment related to industrial gases and power used in our operations; land and rights-of-way associated with our refineries, plants, and pipelines and other logistics assets, as well as office facilities; and equipment primarily used at our corporate offices, such as printers and copiers.

In addition to fixed lease payments, some arrangements contain provisions for variable lease payments. Certain leases for pipelines, terminals, and tanks provide for variable lease payments based on, among other things, throughput volumes in excess of a base amount. Certain marine transportation leases contain provisions for payments that are contingent on usage. Additionally, if the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered variable lease payments. In all instances, variable lease payments are recognized in the period in which the obligation for those payments is incurred.
Lease Costs and Other Supplemental Information
Our total lease cost comprises costs that are included in our statements of income, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost was as follows (in millions):
Pipelines,
Terminals,
and Tanks		TransportationOtherTotal
MarineRail
Year ended December 31, 2025
Finance lease cost:
Amortization of ROU assets$303 $— $3 $31 $337 
Interest on lease liabilities103 — 1 8 112 
Operating lease cost186 200 89 42 517 
Variable lease cost102 29 1 9 141 
Short-term lease cost16 291 3 121 431 
Sublease income— (23)— (2)(25)
Total lease cost$710 $497 $97 $209 $1,513 
Year ended December 31, 2024
Finance lease cost:
Amortization of ROU assets$247 $— $3 $33 $283 
Interest on lease liabilities107 — — 9 116 
Operating lease cost167 210 89 42 508 
Variable lease cost114 36 — 10 160 
Short-term lease cost27 196 3 134 360 
Sublease income— (33)— (2)(35)
Total lease cost$662 $409 $95 $226 $1,392 
Year ended December 31, 2023
Finance lease cost:
Amortization of ROU assets$213 $— $3 $30 $246 
Interest on lease liabilities101 — 1 5 107 
Operating lease cost166 127 80 45 418 
Variable lease cost114 61 — 8 183 
Short-term lease cost18 125 2 112 257 
Sublease income— (29)— (2)(31)
Total lease cost$612 $284 $86 $198 $1,180 
The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates):
December 31, 2025December 31, 2024
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Supplemental balance sheet information
ROU assets, net reflected in the following
balance sheet line items:
Property, plant, and equipment, net$—$2,078$—$2,218
Deferred charges and other assets, net1,072—1,098—
Total ROU assets, net$1,072$2,078$1,098$2,218
Current lease liabilities reflected in the
following balance sheet line items:
Current portion of debt and finance lease
obligations
$—$254$—$244
Accrued expenses419—378—
Noncurrent lease liabilities reflected in the
following balance sheet line items:
Debt and finance lease obligations,
less current portion
—2,104—2,134
Other long-term liabilities665—699—
Total lease liabilities$1,084$2,358$1,077$2,378
Other supplemental information
Weighted-average remaining lease term5.8 years13.2 years6.2 years13.2 years
Weighted-average discount rate5.8 %5.1 %5.9 %4.9 %

Supplemental cash flow information related to our operating and finance leases is presented in Note 18.
Maturity Analyses
As of December 31, 2025, the remaining minimum lease payments due under our long-term leases were as follows (in millions):
Operating
Leases		Finance
Leases
2026$457 $361 
2027260 312 
2028166 310 
2029100 280 
203053 257 
Thereafter310 1,877 
Total undiscounted lease payments1,346 3,397 
Less: Amount associated with discounting262 1,039 
Total lease liabilities$1,084 $2,358 
v3.25.4
Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT
6.    PROPERTY, PLANT, AND EQUIPMENT

Summary by Major Class
Major classes of property, plant, and equipment, including assets held under finance leases, consisted of the following (in millions):
December 31,
20252024
Land$509 $500 
Crude oil processing facilities31,542 34,089 
Transportation and terminaling facilities6,201 6,013 
Waste and renewable feedstocks processing facilities3,660 3,616 
Corn processing facilities1,075 1,058 
Administrative buildings1,082 1,147 
Finance lease ROU assets (see Note 5)
3,397 3,348 
Other2,008 1,993 
Construction in progress617 604 
Property, plant, and equipment, at cost50,091 52,368 
Accumulated depreciation(22,474)(23,054)
Property, plant, and equipment, net$27,617 $29,314 
Depreciation expense for the years ended December 31, 2025, 2024, and 2023 was $2.3 billion, $1.9 billion, and $1.9 billion, respectively. In connection with our plan to idle the processing units and cease refining operations at our Benicia Refinery, we recorded incremental depreciation expense of approximately $300 million in depreciation and amortization expense during the year ended December 31, 2025. See Note 2 for information regarding the asset impairment loss recognized during the year ended December 31, 2025 associated with our operations in California.
v3.25.4
Deferred Charges and Other Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
DEFERRED CHARGES AND OTHER ASSETS
7.    DEFERRED CHARGES AND OTHER ASSETS

“Deferred charges and other assets, net” consisted of the following (in millions):
December 31,
20252024
Deferred turnaround and catalyst costs, net$2,751 $2,689 
Operating lease ROU assets, net (see Note 5)
1,072 1,098 
Investments in nonconsolidated joint ventures684 695 
Surplus assets in funded pension plans (see Note 13)
948 724 
Purchased compliance credits— 488 
Goodwill260 260 
Intangible assets, net123 151 
Income taxes receivable347 317 
Other976 670 
Deferred charges and other assets, net$7,161 $7,092 
Amortization expense for deferred turnaround and catalyst costs and intangible assets was $876 million, $852 million, and $821 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The entire balance of goodwill is related to our Refining segment. See Note 17 for information on our reportable segments.
v3.25.4
Accrued Expenses and Other Long-Term Liabilities
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES
8.    ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES

Accrued expenses and other long-term liabilities consisted of the following (in millions):
Accrued
Expenses		Other Long-Term
Liabilities
December 31,December 31,
2025202420252024
Operating lease liabilities (see Note 5)
$419 $378 $665 $699 
Liability for unrecognized tax benefits— — 441 429 
Defined benefit plan liabilities (see Note 13)
49 73 423 423 
Environmental liabilities32 45 243 261 
Wage and other employee-related liabilities469 307 104 102 
Accrued interest expense76 68 — — 
Contract liabilities from contracts with customers
(see Note 17)
60 82 — — 
Blending program obligations (see Note 19)
187 78 — — 
Asset retirement obligations (see Note 2)
— 2 382 36 
Other accrued liabilities111 97 200 190 
Accrued expenses and other long-term liabilities$1,403 $1,130 $2,458 $2,140 
Asset Retirement Obligations
We have obligations with respect to certain of our assets at our refineries and plants to clean and/or dispose of various component parts of the assets at the time they are retired. However, these component parts can be used for extended and indeterminate periods of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain all our assets and continue making improvements to those assets based on technological advances. As a result, we believe that assets at our refineries and plants have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire such assets cannot reasonably be estimated at this time. We will recognize a liability at such time when sufficient information exists to estimate a date or range of potential settlement dates that is needed to employ a present value technique to estimate fair value. There are no assets that are legally restricted for purposes of settling our asset retirement obligations. See Note 2 for additional information regarding the additions to our asset retirement obligations during the year ended December 31, 2025.

Changes in our asset retirement obligations were as follows (in millions):
Year Ended December 31,
202520242023
Balance as of beginning of year$38 $37 $7 
Additions to accrual337 — 1 
Revisions in estimated cash flows— 2 28 
Accretion expense15 2 2 
Settlements(8)(3)(1)
Balance as of end of year$382 $38 $37 
v3.25.4
Debt and Finance Lease Obligations
 12 Months Ended
Dec. 31, 2025
Debt and Lease Obligation [Abstract]  
DEBT AND FINANCE LEASE OBLIGATIONS
9.    DEBT AND FINANCE LEASE OBLIGATIONS

Debt, at stated values, and finance lease obligations consisted of the following (in millions):
Final
Maturity		December 31,
20252024
Credit facilities:
Valero Revolver
2030$— $— 
Accounts Receivable Sales Facility2026— — 
DGD Revolver2026— — 
DGD Loan Agreement2026— — 
IEnova Revolver
202823 58 
Public debt:
Valero Senior Notes
2.850%
2025— 251 
3.65%
2025— 189 
3.400%
2026426 426 
2.150%
2027564 564 
4.350%
2028591 591 
4.000%
2029439 439 
5.150%
2030650 — 
8.75%
2030200 200 
2.800%
2031462 462 
7.5%
2032729 729 
6.625%
20371,380 1,380 
6.75%
203724 24 
10.500%
2039113 113 
4.90%
2045621 621 
3.650%
2051829 829 
4.000%
2052508 508 
7.45%
209770 70 
Valero Energy Partners LP (VLP) Senior Notes
4.375%
2026146 146 
4.500%
2028456 456 
Debenture, 7.65%
2026100 100 
Net unamortized debt issuance costs and other(70)(71)
Total debt8,261 8,085 
Finance lease obligations (see Note 5)
2,358 2,378 
Total debt and finance lease obligations10,619 10,463 
Less: Current portion949 743 
Debt and finance lease obligations, less current portion$9,670 $9,720 
Credit Facilities
Valero Revolver
In October 2025, we amended our revolving credit facility (the Valero Revolver), which has a borrowing capacity of $4 billion, to extend the maturity date from November 2027 to October 2030 and to modify the reference interest rate from the Adjusted Term SOFR, a secured overnight financing rate (SOFR), to the Term SOFR. We have the option to increase the aggregate commitments under the Valero Revolver to $5.5 billion, subject to certain conditions. The Valero Revolver also provides for the issuance of letters of credit of up to $2.4 billion.

Effective October 2025, outstanding borrowings under the Valero Revolver bear interest, at our option, at either (i) the Term SOFR or (ii) the Alternate Base Rate (each of these rates is defined in the Valero Revolver), plus the applicable margins. The Valero Revolver also requires payments for customary fees, including facility fees, letter of credit participation fees, and administrative agent fees. The interest rate and facility fees under the Valero Revolver are subject to adjustment based upon the credit ratings assigned to our senior unsecured debt.

Accounts Receivable Sales Facility
We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell up to $1.3 billion of eligible trade receivables on a revolving basis. In July 2025, we extended the maturity date of this facility to July 2026. Under this program, one of our marketing subsidiaries (Valero Marketing) sells eligible receivables, without recourse, to another of our subsidiaries (Valero Capital), whereupon the receivables are no longer owned by Valero Marketing. Valero Capital, in turn, sells an undivided percentage ownership interest in the eligible receivables, without recourse, to the third-party entities and financial institutions. To the extent that Valero Capital retains an ownership interest in the receivables it has purchased from Valero Marketing, such interest is included in our financial statements solely as a result of the consolidation of the financial statements of Valero Capital with those of Valero Energy Corporation; the receivables are not available to satisfy the claims of the creditors of Valero Marketing or Valero Energy Corporation.

As of December 31, 2025 and 2024, $2.7 billion and $2.5 billion, respectively, of our accounts receivable composed the designated pool of accounts receivable included in the program. All amounts outstanding under the accounts receivable sales facility are reflected as debt in our balance sheets and proceeds and repayments are reflected as cash flows from financing activities. Outstanding borrowings under the facility bear interest, at either (i) an adjusted daily simple SOFR or (ii) an alternate base rate as allowed under the terms of this facility, plus applicable margins. The interest rates under the program are subject to adjustment based upon the credit ratings assigned to our senior unsecured debt. The program also requires payments for customary fees, including facility fees.

DGD Revolver
DGD, as described in Note 12, has a $400 million unsecured revolving credit facility (the DGD Revolver) with a syndicate of financial institutions that matures in June 2026. DGD has the option to increase the aggregate commitments under the DGD Revolver to $550 million, subject to certain restrictions. The DGD Revolver also provides for the issuance of letters of credit of up to $150 million. The DGD Revolver is only available to fund the operations of DGD, and the creditors of DGD do not have recourse against us.
Outstanding borrowings under the DGD Revolver generally bear interest, at DGD’s option, at (i) an alternate base rate, (ii) an adjusted term SOFR, or (iii) an adjusted daily simple SOFR as allowed under the terms of the agreement for the applicable interest period in effect from time to time, plus the applicable margins. The DGD Revolver also requires payments for customary fees, including unused commitment fees, letter of credit fees, and administrative agent fees.

DGD Loan Agreement
DGD has an unsecured revolving loan agreement (the DGD Loan Agreement) with its members (Darling Ingredients Inc. (Darling) and us) with a maturity date of June 2026. Under this agreement, each member has committed $100 million, resulting in aggregate commitments of $200 million. The DGD Loan Agreement is only available to fund the operations of DGD. Any outstanding borrowings under this agreement represent loans made by the noncontrolling member as any transactions between DGD and us under this agreement are eliminated in consolidation.

Outstanding borrowings under the DGD Loan Agreement bear interest at a term SOFR for the applicable interest period in effect from time to time plus the applicable margin.

IEnova Revolver
Central Mexico Terminals, as described in Note 12, has a combined $1 billion unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 12), that matures in February 2028. IEnova may terminate this revolver at any time and demand repayment of all outstanding amounts; therefore, all outstanding borrowings are reflected in current portion of debt. The IEnova Revolver is only available to fund the operations of Central Mexico Terminals, and the creditors of Central Mexico Terminals do not have recourse against us.

During the year ended December 31, 2024, IEnova converted $732 million of outstanding borrowings under the IEnova Revolver to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova.

Outstanding borrowings under the IEnova Revolver bear interest at a term SOFR for the applicable interest period in effect from time to time plus the applicable margin. The interest rate under this revolver is subject to adjustment, with agreement by both parties, based upon changes in market conditions. As of December 31, 2025 and 2024, the variable interest rate was 7.835 percent and 8.443 percent, respectively.
Summary of Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
December 31, 2025
Facility
Amount		Maturity
Date		Outstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 October 2030$— $2 $3,998 
Accounts receivable sales
facility
1,300 July 2026— n/a1,300 
Committed facilities of VIEs (b):
DGD Revolver400 June 2026— 29 371 
DGD Loan Agreement (c)100 June 2026— n/a100 
IEnova Revolver1,000 February 202823 n/a977 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a7 n/a
Uncommitted facility of VIE (b):
DGD letter of credit facilityn/an/an/a66 n/a
________________________
(a)Letters of credit issued as of December 31, 2025 expire at various times in 2026 through 2027.
(b)Creditors of the VIEs do not have recourse against us.
(c)The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.

We are charged letter of credit issuance fees under our various uncommitted short-term bank credit facilities. These uncommitted credit facilities have no commitment fees or compensating balance requirements.

Activity under our credit facilities was as follows (in millions):
Year Ended December 31,
202520242023
Borrowings:
Accounts receivable sales facility$6,250 $6,700 $1,750 
DGD Revolver650 310 550 
DGD Loan Agreement25 100 — 
IEnova Revolver— 27 120 
Repayments:
Accounts receivable sales facility(6,250)(6,700)(1,750)
DGD Revolver(650)(560)(400)
DGD Loan Agreement(25)(100)(25)
IEnova Revolver(35)— (71)
Public Debt
On February 7, 2025, we issued $650 million of 5.150 percent Senior Notes due February 15, 2030. Proceeds from this debt issuance totaled $649 million before deducting the underwriting discount and other debt issuance costs. We used a portion of the net proceeds to repay the $189 million outstanding principal balance of our 3.65 percent Senior Notes that matured on March 15, 2025 and the $251 million outstanding principal balance of our 2.850 percent Senior Notes that matured on April 15, 2025.
In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024.
In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions):
Debt Purchased and RetiredPrincipal
Amount
6.625% Senior Notes due 2037
$62 
3.650% Senior Notes due 2051
26 
4.000% Senior Notes due 2052
45 
Various other Valero and VLP Senior Notes66 
Total$199 

Other Disclosures
“Interest and debt expense, net of capitalized interest” was comprised as follows (in millions):
Year Ended December 31,
202520242023
Interest and debt expense$576 $580 $611 
Less: Capitalized interest20 24 19 
Interest and debt expense, net of
capitalized interest
$556 $556 $592 
Our credit facilities and other debt arrangements contain various customary restrictive covenants, including cross-default and cross-acceleration clauses.
Principal maturities for our debt obligations as of December 31, 2025 were as follows (in millions):
2026 (a)$695 
2027564 
20281,047 
2029439 
2030850 
Thereafter4,736 
Net unamortized debt issuance costs and other(70)
Total debt$8,261 
________________________
(a)Maturities for 2026 include the IEnova Revolver.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
10.    COMMITMENTS AND CONTINGENCIES

Purchase Obligations
We have various purchase obligations under certain crude oil and other feedstock supply arrangements, industrial gas supply arrangements (such as hydrogen supply arrangements), natural gas supply arrangements, and various throughput, transportation, and terminaling agreements. We enter into these contracts to ensure an adequate supply of feedstock and utilities and adequate storage capacity to operate our refineries, renewable diesel plants, and ethanol plants. Substantially all of our purchase obligations are based on market prices or adjustments based on market indices. Certain of these purchase obligations include fixed or minimum volume requirements, while others are based on our usage requirements. None of these obligations is associated with suppliers’ financing arrangements. These purchase obligations are not reflected as liabilities.

Self-Insurance
We are self-insured for certain medical and dental, workers’ compensation, automobile liability, general liability, and other third-party liability claims up to applicable retention limits. Liabilities are accrued for self-insured claims, or when estimated losses exceed coverage limits, and when sufficient information is available to reasonably estimate the amount of the loss. These liabilities are included in accrued expenses and other long-term liabilities.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY
11.    EQUITY

Share Activity
Activity in the number of shares of common stock and treasury stock was as follows (in millions):
Common
Stock		Treasury
Stock
Balance as of December 31, 2022673 (301)
Transactions in connection with
stock-based compensation plans
— 1 
Purchases of common stock for treasury— (40)
Balance as of December 31, 2023673 (340)
Purchases of common stock for treasury— (19)
Balance as of December 31, 2024673 (359)
Transactions in connection with
stock-based compensation plans
— 1 
Purchases of common stock for treasury— (17)
Balance as of December 31, 2025673 (375)
Preferred Stock
We have 20 million shares of preferred stock authorized with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2025 or 2024.

Treasury Stock
We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described in the table below) and with respect to our employee stock-based compensation plans.
Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions):
Program NameAuthorization
Date		Total Cost
Authorized		Completion of
Authorized Share
Purchases
Remaining
Available for
Purchase as of
December 31,
2025
October 2022 ProgramOctober 26, 2022$2,500 Second quarter of 2023$— 
February 2023 ProgramFebruary 23, 20232,500 Fourth quarter of 2023— 
September 2023 ProgramSeptember 15, 20232,500 Third quarter of 2024— 
February 2024 ProgramFebruary 22, 20242,500 Fourth quarter of 2025— 
September 2024 ProgramSeptember 19, 20242,500 n/a1,739 
On February 25, 2026, our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date, which is in addition to the amount remaining under the September 2024 Program.
Common Stock Dividends
On January 22, 2026, our Board declared a quarterly cash dividend of $1.20 per common share payable on March 9, 2026 to holders of record at the close of business on February 5, 2026.
Income Tax Effects Related to Components of Other Comprehensive Income (Loss)
The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):
Before-Tax
Amount		Tax Expense
(Benefit)		Net Amount
Year ended December 31, 2025
Foreign currency translation adjustment$659 $(4)$663 
Pension and other postretirement benefits:
Gain (loss) arising during the year related to:
Net actuarial gain170 39 131 
Prior service cost(4)(1)(3)
Miscellaneous gain— (1)1 
Amounts reclassified into income related to:
Net actuarial gain(16)(4)(12)
Prior service cost6 1 5 
Settlement loss6 2 4 
Effect of exchange rates8 2 6 
Net gain on pension and other
postretirement benefits
170 38 132 
Derivative instruments designated and
qualifying as cash flow hedges:
Net gain arising during the year3 — 3 
Net loss reclassified into income21 2 19 
Net gain on cash flow hedges24 2 22 
Other comprehensive income$853 $36 $817 
Before-Tax
Amount		Tax Expense
(Benefit)		Net Amount
Year ended December 31, 2024
Foreign currency translation adjustment$(546)$(16)$(530)
Pension and other postretirement benefits:
Gain (loss) arising during the year related to:
Net actuarial gain224 51 173 
Miscellaneous loss— 1 (1)
Amounts reclassified into income related to:
Net actuarial gain(9)(2)(7)
Prior service credit(10)(3)(7)
Settlement loss5 1 4 
Effect of exchange rates(3)(1)(2)
Net gain on pension and other
postretirement benefits
207 47 160 
Derivative instruments designated and
qualifying as cash flow hedges:
Net gain arising during the year30 3 27 
Net gain reclassified into income(117)(13)(104)
Net loss on cash flow hedges(87)(10)(77)
Other comprehensive loss$(426)$21 $(447)
Year ended December 31, 2023
Foreign currency translation adjustment$433 $— $433 
Pension and other postretirement benefits:
Gain (loss) arising during the year related to:
Net actuarial gain77 18 59 
Prior service cost(19)(4)(15)
Miscellaneous loss— 2 (2)
Amounts reclassified into income related to:
Net actuarial gain(12)(3)(9)
Prior service credit(22)(5)(17)
Settlement loss2 — 2 
Effect of exchange rates4 1 3 
Net gain on pension and other
postretirement benefits
30 9 21 
Derivative instruments designated and
qualifying as cash flow hedges:
Net gain arising during the year82 8 74 
Net loss reclassified into income8 1 7 
Net gain on cash flow hedges90 9 81 
Other comprehensive income$553 $18 $535 
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses) on
Cash Flow
Hedges		Total
Balance as of December 31, 2022$(1,168)$(183)$(8)$(1,359)
Other comprehensive income
before reclassifications
433 42 32 507 
Amounts reclassified from
accumulated other comprehensive 
loss
— (24)3 (21)
Effect of exchange rates— 3 — 3 
Other comprehensive income
433 21 35 489 
Balance as of December 31, 2023(735)(162)27 (870)
Other comprehensive income (loss)
before reclassifications
(529)172 12 (345)
Amounts reclassified from
accumulated other comprehensive
loss
— (10)(45)(55)
Effect of exchange rates— (2)— (2)
Other comprehensive income (loss)
(529)160 (33)(402)
Balance as of December 31, 2024(1,264)(2)(6)(1,272)
Other comprehensive income
before reclassifications
662 129 1 792 
Amounts reclassified from
accumulated other comprehensive 
loss
— (3)8 5 
Effect of exchange rates— 6 — 6 
Other comprehensive income
662 132 9 803 
Balance as of December 31, 2025$(602)$130 $3 $(469)
Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions):
Details about
Accumulated Other
Comprehensive Loss
Components		Affected Line
Item in the
Statements of
Income
Year Ended December 31,
202520242023
Amortization of items related to defined
benefit pension plans:
Net actuarial gain$16 $9 $12 
(a) Other income, net
Prior service (cost) credit(6)10 22 
(a) Other income, net
Settlement loss(6)(5)(2)
(a) Other income, net
4 14 32 Total before tax
(1)(4)(8)Tax expense
$3 $10 $24 Net of tax
Gains (losses) on cash flow hedges:
Commodity contracts$(21)$117 $(8)Revenues
(21)117 (8)Total before tax
2 (13)1 Tax benefit (expense)
$(19)$104 $(7)Net of tax
Total reclassifications for the year$(16)$114 $17 Net of tax
________________________
(a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 13.
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES
12.    VARIABLE INTEREST ENTITIES

Consolidated VIEs
In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIE, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities.

The following discussion summarizes our involvement with the consolidated VIEs:

•DGD is a joint venture with a subsidiary of Darling that owns and operates two plants that process waste and renewable feedstocks (predominantly animal fats, used cooking oils, vegetable oils, and inedible DCOs) into renewable diesel, renewable naphtha, and neat SAF. One plant is located next to our St. Charles Refinery (the DGD St. Charles Plant) and the other plant is located
next to our Port Arthur Refinery (the DGD Port Arthur Plant). Our significant agreements with DGD include an operations agreement that outlines our responsibilities as operator of both plants.
As operator, we operate the plants and perform certain day-to-day operating and management functions for DGD as an independent contractor. The operations agreement provides us (as operator) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because this agreement conveys such power to us and is separate from our ownership rights, we determined that DGD was a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined that we are the primary beneficiary of DGD. DGD has risk associated with its operations because it generates revenues from external customers.

•Central Mexico Terminals is a collective group of three subsidiaries of Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova), a Mexican company and indirect subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests because we have determined them to be finance leases due to our exclusive use of the terminals. Although we do not have an ownership interest in the entities that own each of the three terminals, the finance leases convey to us (i) the power to direct the activities that most significantly impact the economic performance of all three terminals and (ii) the ability to influence the benefits received or the losses incurred by the terminals because of our use of the terminals. As a result, we determined each of the entities was a VIE and that we are the primary beneficiary of each. Substantially all of Central Mexico Terminals’ revenues will be derived from us; therefore, we believe there is limited risk to us associated with revenues from external customers.

•We also have financial interests in other entities that have been determined to be VIEs because the entities’ contractual arrangements transfer the power to us to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined that we are the primary beneficiary of these VIEs because (i) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and/or (ii) our 50 percent ownership interests provide us with significant economic rights and obligations.

The assets of the consolidated VIEs can only be used to settle their own obligations and the creditors of the consolidated VIEs have no recourse to our other assets. We generally do not provide financial guarantees to the VIEs. Although we have provided credit facilities to some of the VIEs in support of their construction or acquisition activities and working capital requirements, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by the performance of the consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE.
The following table presents summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions):
DGDCentral
Mexico
Terminals		OtherTotal
December 31, 2025
Assets
Cash and cash equivalents$196 $2 $30 $228 
Other current assets1,106 18 49 1,173 
Property, plant, and equipment, net3,643 619 61 4,323 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$297 $43 $4 $344 
Debt and finance lease obligations,
less current portion
616 — — 616 
December 31, 2024
Assets
Cash and cash equivalents$353 $— $21 $374 
Other current assets976 9 42 1,027 
Property, plant, and equipment, net3,806 647 64 4,517 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$304 $75 $4 $383 
Debt and finance lease obligations,
less current portion
642 — — 642 

Nonconsolidated VIEs
We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
13.    EMPLOYEE BENEFIT PLANS

Defined Benefit Plans
We have defined benefit pension plans, some of which are subject to collective bargaining agreements, that cover most of our employees. These plans provide eligible employees with retirement income based primarily on years of service and compensation during specific periods under final average pay and cash balance formulas. We fund all of our pension plans as required by local regulations. In the U.S., all qualified pension plans are subject to the Employee Retirement Income Security Act’s minimum funding standard. We typically do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements because contributions to these pension plans may be less economic and investment returns may be less attractive than our other investment alternatives.

We also provide health care and life insurance benefits for certain retired employees through our postretirement benefit plans. Most of our employees become eligible for these benefits if, while still working for us, they reach normal retirement age or take early retirement. These plans are unfunded, and retired employees share the cost with us. Individuals who became our employees as a result of an acquisition became eligible for postretirement benefits under our plans as determined by the terms of the relevant acquisition agreement.
The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Changes in benefit obligation
Benefit obligation as of beginning of year$2,566 $2,618 $235 $266 
Service cost109 112 3 4 
Interest cost135 125 12 13 
Participant contributions— — 27 24 
Plan amendments4 — — — 
Benefits paid(226)(186)(45)(41)
Actuarial (gain) loss27 (99)3 (29)
Foreign currency exchange rate changes15 (4)— (2)
Benefit obligation as of end of year$2,630 $2,566 $235 $235 
Changes in plan assets (a)
Fair value of plan assets as of beginning of year$3,029 $2,835 $— $— 
Actual return on plan assets422 310 — — 
Company contributions91 76 18 17 
Participant contributions— — 27 24 
Benefits paid(226)(186)(45)(41)
Foreign currency exchange rate changes25 (6)— — 
Fair value of plan assets as of end of year$3,341 $3,029 $— $— 
Reconciliation of funded status (a)
Fair value of plan assets as of end of year$3,341 $3,029 $— $— 
Less: Benefit obligation as of end of year2,630 2,566 235 235 
Funded status as of end of year$711 $463 $(235)$(235)
Accumulated benefit obligation$2,484 $2,423 n/an/a
________________________
(a)Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.
The actuarial loss for the year ended December 31, 2025 primarily resulted from a decrease in the discount rates used to determine our benefit obligations for our pension plans from 5.72 percent in 2024 to 5.62 percent in 2025. The actuarial gain for the year ended December 31, 2024 primarily resulted from an increase in the discount rates used to determine our benefit obligations for our pension plans from 5.01 percent in 2023 to 5.72 percent in 2024.

The fair value of our plan assets as of December 31, 2025 and 2024 was favorably impacted by the return on plan assets resulting primarily from an improvement in equity market prices during each year.

Amounts recognized in our balance sheets for our pension and other postretirement benefit plans include (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Deferred charges and other assets, net$948 $724 $— $— 
Accrued expenses(28)(51)(21)(22)
Other long-term liabilities(209)(210)(214)(213)
$711 $463 $(235)$(235)

The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions):
December 31,
20252024
Projected benefit obligation$237 $260 
Fair value of plan assets— — 

The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions):
December 31,
20252024
Accumulated benefit obligation$200 $220 
Fair value of plan assets— — 
Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions):
Pension
Benefits		Other
Postretirement
Benefits
2026$205 $21 
2027272 21 
2028204 20 
2029194 20 
2030221 19 
2031-20351,105 91 

During 2026, we plan to contribute approximately $70 million to our pension plans and $20 million to our other postretirement benefit plans, respectively.

The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Service cost$109 $112 $111 $3 $4 $4 
Interest cost135 125 121 12 13 13 
Expected return on plan assets(222)(214)(202)— — — 
Amortization of:
Net actuarial gain(9)(5)(6)(7)(4)(6)
Prior service cost (credit)6 (10)(18)— — (4)
Settlement loss6 5 2 — — — 
Net periodic benefit cost$25 $13 $8 $8 $13 $7 

The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”

Amortization of the net actuarial gain shown in the preceding table was based on the straight-line amortization of the excess of the unrecognized (gain) loss over 10 percent of the greater of the projected benefit obligation or market-related value of plan assets (smoothed asset value) over the average remaining service period of active employees expected to receive benefits under each respective plan. Amortization of prior service cost (credit) shown in the preceding table was based on a straight-line amortization of the cost (credit) over the average remaining service period of employees expected to receive benefits under each respective plan.
Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Net gain (loss) arising during
the year:
Net actuarial gain (loss)$173 $195 $87 $(3)$29 $(10)
Prior service cost
(4)— (19)— — — 
Net (gain) loss reclassified into
income:
Net actuarial gain(9)(5)(6)(7)(4)(6)
Prior service cost (credit)6 (10)(18)— — (4)
Settlement loss6 5 2 — — — 
Effect of exchange rates7 (2)4 1 (1)— 
Total changes in other
comprehensive income (loss)
$179 $183 $50 $(9)$24 $(20)

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Net actuarial (gain) loss$(115)$62 $(87)$(96)
Prior service cost20 22 1 1 
Total$(95)$84 $(86)$(95)

The weighted-average assumptions used to determine the benefit obligations were as follows:
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Discount rate5.62%5.72%5.42%5.64%
Rate of compensation increase3.97%4.04%n/an/a
Interest crediting rate for
cash balance plans
4.12%4.25%n/an/a

The discount rate assumption used to determine the benefit obligations as of December 31, 2025 and 2024 for the majority of our pension plans and other postretirement benefit plans was based on the Aon AA Only Above Median yield curve and considered the timing of the projected cash outflows under our plans. This curve was designed by Aon, our actuarial consultant, to provide a means for plan sponsors to
value the liabilities of their pension plans or postretirement benefit plans. To develop this curve, a hypothetical double-A yield curve represented by a series of annualized individual discount rates with maturities from six months to 99 years is constructed. Each bond issue underlying the double-A yield curve is required to have an average rating of double-A when averaging all available ratings by Moody’s Investors Service, Standard & Poor’s Ratings Services, and Fitch Ratings. Only the bonds representing the 50 percent highest yielding issuances of this double-A yield curve are then included in the Aon AA Only Above Median yield curve.

We based our discount rate assumption on the Aon AA Only Above Median yield curve because we believe it is representative of the types of bonds we would use to settle our pension and other postretirement benefit plan liabilities as of those dates. We believe that the yields associated with the bonds used to develop this yield curve reflect the current level of interest rates.

The weighted-average assumptions used to determine the net periodic benefit cost were as follows:
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Discount rate5.72%5.01%5.19%5.64%5.01%5.20%
Expected long-term rate of return
on plan assets
7.33%7.29%7.31%n/an/an/a
Rate of compensation increase4.04%3.84%3.76%n/an/an/a
Interest crediting rate for
cash balance plans
4.24%3.59%3.76%n/an/an/a

The assumed health care cost trend rates were as follows:
December 31,
20252024
Health care cost trend rate assumed for the next year8.23%8.13%
Rate to which the cost trend rate was assumed to decline
(the ultimate trend rate)
4.97%4.97%
Year that the rate reaches the ultimate trend rate20382036
The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2025 and 2024 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or using inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2025 and 2024. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans.
20252024
Level 1Level 2TotalLevel 1Level 2Total
Equity securities (a)$597 $— $597 $542 $— $542 
Mutual funds259 — 259 233 — 233 
Corporate debt instruments— 260 260 — 261 261 
Government securities122 169 291 81 169 250 
Common collective trusts (b)— 1,468 1,468 — 1,337 1,337 
Pooled separate accounts (c)— 365 365 — 325 325 
Insurance contract— 12 12 — 13 13 
Interest and dividends receivable6 — 6 6 — 6 
Cash and cash equivalents85 — 85 64 — 64 
Securities transactions payable, net(2)— (2)(2)— (2)
Total pension plan assets$1,067 $2,274 $3,341 $924 $2,105 $3,029 
________________________
(a)This class of securities includes domestic and international securities, which are held in a wide range of industry sectors.
(b)This class primarily includes investments in approximately 70 percent equities and 30 percent bonds as of December 31, 2025 and 2024.
(c)This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2025 and 2024.

The investment policies and strategies for the assets of our pension plans incorporate a well-diversified approach that is expected to earn long-term returns from capital appreciation and a growing stream of current income. This approach recognizes that assets are exposed to risk and the market value of the pension plans’ assets may fluctuate from year to year. Risk tolerance is determined based on our financial ability to withstand risk within the investment program and the willingness to accept return volatility. In line with the investment return objective and risk parameters, the pension plans’ mix of assets includes a diversified portfolio of equity and fixed-income investments. Equity securities include international securities and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. As of December 31, 2025, the target allocations for plan assets under our primary pension plan are 65 percent equity securities and 35 percent fixed income investments.

The expected long-term rate of return on plan assets is based on a forward-looking expected asset return model. This model derives an expected rate of return based on the target asset allocation of a plan’s assets. The underlying assumptions regarding expected rates of return for each asset class reflect Aon’s
best expectations for these asset classes. The model reflects the positive effect of periodic rebalancing among diversified asset classes. We select an expected asset return that is supported by this model.

Defined Contribution Plans
We have defined contribution plans that cover most of our employees. Our contributions to these plans are based on employees’ compensation and/or a partial match of employee contributions to the plans. Our contributions to these defined contribution plans were $93 million, $92 million, and $87 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
14.    STOCK-BASED COMPENSATION

Overview
Our 2020 Omnibus Stock Incentive Plan (the 2020 OSIP) was approved by our stockholders on April 30, 2020. Under the 2020 OSIP, various stock and stock-based awards may be granted to employees, non-employee directors, and third-party service providers. The 2020 OSIP permits grants of (i) restricted stock and restricted stock units; (ii) stock options (including incentive and non-qualified stock options); (iii) stock appreciation rights; (iv) performance awards of cash, stock, or other securities; and (v) other stock-based awards (e.g., stock unit awards). Awards under the 2020 OSIP are granted at the discretion of our Board’s Human Resources and Compensation Committee (and, as applicable, approved by the independent directors) and may be subject to vesting or performance periods, performance goals, or other restrictions. As of December 31, 2025, 10,512,602 shares of our common stock remained available to be awarded under the 2020 OSIP.

The following table reflects activity related to our stock-based compensation arrangements (in millions):
Year Ended December 31,
202520242023
Stock-based compensation expense:
Restricted stock$73 $67 $69 
Performance awards44 33 38 
Total stock-based compensation expense$117 $100 $107 
Tax benefit recognized on stock-based compensation expense$16 $13 $14 
Tax benefit realized for tax deductions resulting from
exercises and vestings
— — 2 

Restricted Stock
Restricted stock is our most significant stock-based compensation arrangement. Employees, non-employee directors, and third-party service providers are eligible to receive restricted stock, which vests in accordance with individual written agreements between the participants and us, usually in equal annual installments over a period of three years beginning one year after the date of grant. The fair value of each share of restricted stock is equal to the market price of our common stock.
A summary of the status of our restricted stock awards is presented in the following table:





Number of
Shares
Weighted-
Average
Grant-Date
Fair Value
Per Share
Nonvested shares as of January 1, 2025795,220 $126.63 
Granted473,834 155.18 
Vested(527,122)128.53 
Forfeited(6,835)126.89 
Nonvested shares as of December 31, 2025735,097 143.67 

As of December 31, 2025, there was $54 million of unrecognized compensation cost related to outstanding unvested restricted stock awards, which is expected to be recognized over a weighted-average period of approximately two years.

The following table reflects activity related to our restricted stock:
Year Ended December 31,
202520242023
Weighted-average grant-date fair value per share of
restricted stock granted
$155.18 $131.68 $125.57 
Fair value of restricted stock vested (in millions)82 82 99 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
15.    INCOME TAXES

Income Statement Components
Income before income tax expense was as follows (in millions):
Year Ended December 31,
202520242023
U.S. operations$899 $2,685 $9,335 
Foreign operations2,106 1,013 2,433 
Income before income tax expense$3,005 $3,698 $11,768 

Statutory income tax rates applicable to the countries in which we operate during each of the years ended December 31, 2025, 2024, and 2023 were as follows:
Statutory Income
Tax Rates
U.S.21 %
Canada15 %
U.K. (a)25 %
Ireland13 %
Mexico30 %
Peru30 %
________________________
(a)Statutory income tax rate was increased to 25 percent from 19 percent effective April 1, 2023.
The following is a reconciliation of income tax expense computed by applying statutory income tax rates to actual income tax expense (dollars in millions):
Year Ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate$631 21.0 %$777 21.0 %$2,471 21.0 %
Domestic federal:
Tax credits
Foreign tax credits(61)(2.0)%(46)(1.2)%(149)(1.3)%
Biofuels tax credits (a)(4)(0.1)%(248)(6.7)%— — %
Other(1)— %(1)— %(1)— %
Nontaxable and nondeductible items
Nontaxable production tax credits (b)(66)(2.2)%— — %— — %
Nontaxable blender’s tax credits (c)— — %(127)(3.4)%(125)(1.1)%
Tax on biofuels tax credits1 — %52 1.4 %— — %
Other (d)13 0.4 %14 0.4 %34 0.3 %
Cross-border tax laws4 0.1 %7 0.2 %27 0.2 %
Changes in valuation allowances63 2.1 %49 1.3 %149 1.3 %
Other reconciling items
Tax effects of income associated with
noncontrolling interests
25 0.8 %(50)(1.3)%(84)(0.7)%
Other(3)(0.1)%(43)(1.2)%34 0.3 %
Domestic state and local income taxes, net of
federal effect (e)
22 0.7 %19 0.5 %122 1.0 %
Foreign tax effects:
Canada
Provincial and local income taxes90 3.0 %101 2.7 %161 1.4 %
Statutory income tax rate differential(47)(1.5)%(52)(1.4)%(84)(0.7)%
Withholding taxes41 1.4 %59 1.6 %45 0.4 %
Other— — %(2)(0.1)%21 0.2 %
Mexico
Changes in valuation allowances(61)(2.0)%57 1.5 %— — %
Statutory income tax rate differential42 1.4 %(26)(0.7)%15 0.1 %
Other1 — %(4)(0.1)%35 0.3 %
U.K.
Statutory income tax rate differential33 1.1 %14 0.4 %19 0.2 %
Other1 — %1 — %(13)(0.1)%
Other foreign8 0.3 %(4)(0.1)%(7)(0.1)%
Worldwide changes in unrecognized tax benefits27 0.9 %145 3.9 %(51)(0.4)%
Income tax expense
$759 25.3 %$692 18.7 %$2,619 22.3 %
________________________
(a)As permitted under Section 40(b) of the Code, producers of second-generation biofuels that are registered with the Internal Revenue Service (IRS) were eligible for an income tax credit of up to $1.01 per gallon of qualified biofuel that was produced and sold in the U.S. through December 31, 2024. We recorded a gross tax benefit in December 2024 related to these tax credits for the cellulosic ethanol produced by our Ethanol segment from 2020 through 2024, excluding the effects of unrecognized tax benefits, which are presented separately.
(b)As permitted under Section 45Z of the Code, a clean fuel production credit was available through December 31, 2025 for qualifying sales of low-carbon transportation fuels that were produced in the U.S. This credit was extended through December 31, 2029, with specific qualifications under the OBBB, as defined and described beginning on page 123.
(c)As permitted under Section 6426 of the Code, blenders of certain renewable fuels were eligible for a refundable tax credit of $1.00 per gallon of qualified fuel mixtures produced and either sold or used as fuel through December 31, 2024.
(d)Tax effects of share-based payment awards are included in this category.
(e)State and local income taxes in California and Texas composed the majority of the tax effect in this category.
Components of income tax expense were as follows (in millions):
Year Ended December 31,
202520242023
Current tax expense:
U.S. federal$574 $464 $1,804 
U.S. state and local52 37 157 
Foreign330 278 555 
Total current tax expense
956 779 2,516 
Deferred tax expense (benefit):
U.S. federal(364)(99)25 
U.S. state and local(11)(13)(12)
Foreign178 25 90 
Total deferred tax expense (benefit)
(197)(87)103 
Total income tax expense:
U.S. federal210 365 1,829 
U.S. state and local41 24 145 
Foreign508 303 645 
Total income tax expense
$759 $692 $2,619 

Income Taxes Paid
Income taxes paid, net of any refunds, to U.S. and foreign taxing authorities were as follows (in millions):
Year Ended December 31,
202520242023
U.S. federal (a)$287 $664 $1,985 
U.S. state and local16 37 173 
Foreign:
Canada
Federal173 66 683 
Quebec78 34 385 
U.K.128 — 199 
Other17 42 69 
Total foreign396 142 1,336 
Income taxes paid, net
$699 $843 $3,494 
________________________
(a)In 2025, the U.S. federal income taxes paid are shown net of the utilization of foreign tax credits and clean fuel production credits.
Deferred Income Tax Assets and Liabilities
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions):
December 31,
20252024
Deferred income tax assets:
Tax credit carryforwards$924 $858 
Net operating losses (NOLs)632 689 
Inventories159 197 
Finance lease obligations633 607 
Operating lease liabilities210 212 
Other226 195 
Total deferred income tax assets2,784 2,758 
Valuation allowance(1,507)(1,484)
Net deferred income tax assets1,277 1,274 
Deferred income tax liabilities:
Property, plant, and equipment4,871 5,131 
Deferred turnaround costs428 450 
Operating lease ROU assets199 211 
Investments437 417 
Other488 332 
Total deferred income tax liabilities6,423 6,541 
Net deferred income tax liabilities$5,146 $5,267 

We had the following income tax credit and loss carryforwards as of December 31, 2025 (in millions):
AmountExpiration
U.S. state income tax credits (gross amount)$84 2026 through 2040
U.S. state income tax credits (gross amount)3 Unlimited
U.S. foreign tax credits855 2027 through 2035
U.S. state income tax NOLs (gross amount)12,289 2026 through 2040

We have recorded a valuation allowance as of December 31, 2025 and 2024 due to uncertainties related to our ability to utilize some of our deferred income tax assets primarily associated with our U.S. foreign tax credits and certain U.S. state income tax credits and NOLs before they expire. The valuation allowance is based on our estimates of future taxable income in the various jurisdictions in which we operate and the period over which deferred income tax assets will be recoverable. The valuation allowance increased by a net change of $23 million in 2025 primarily due to the generation of foreign tax credits that cannot be realized.
Unrecognized Tax Benefits
Changes in Unrecognized Tax Benefits
The following is a reconciliation of the changes in unrecognized tax benefits, excluding related interest and penalties (in millions):
Year Ended December 31,
202520242023
Balance as of beginning of year$316 $186 $284 
Additions for tax positions related to the current year4 52 18 
Additions for tax positions related to prior years13 106 4 
Reductions for tax positions related to prior years(12)(19)(73)
Reductions for tax positions related to the lapse of
applicable statute of limitations
(6)(7)(9)
Settlements— (2)(38)
Balance as of end of year$315 $316 $186 

As of December 31, 2025 and 2024, there was $252 million and $236 million, respectively, of unrecognized tax benefits that, if recognized, would reduce our annual effective tax rate.

Interest and penalties incurred during the years ended December 31, 2025, 2024, and 2023 were not material. Accrued interest and penalties as of December 31, 2025 and 2024 were not material.

Tax Returns Under Audit
U.S. Federal
As of December 31, 2025, our U.S. federal income tax returns for 2017 through 2020 were under audit by the IRS. We continue to work with the IRS to resolve these audits and we believe that they will be resolved for amounts consistent with our recorded amounts of unrecognized tax benefits associated with these audits.

In 2023, we settled the audits related to our U.S. federal income tax returns for 2012 through 2015, with the exception of one issue regarding the timing of deductibility of certain costs at our refineries. The settlement related to these audits resulted in a favorable reduction in our unrecognized tax benefits. During 2024, we filed formal claims for refund with the IRS for the disagreed-upon issue. As of December 31, 2025, this disagreed-upon issue remains unresolved. We do not expect that the ultimate disposition of this issue will result in a material change to our financial position, results of operations, or cash flows.

U.S. State
As of December 31, 2025, our California tax returns for 2011 through 2016 were under audit by the state of California. During 2024, we settled the audits related to our California income tax returns for 2017 through 2019 for amounts consistent with our recorded amounts for unrecognized tax benefits. We do not expect that the ultimate disposition of the remaining audits will result in a material change to our financial position, results of operations, or cash flows. We believe that these audits will be resolved for amounts consistent with our recorded amounts for unrecognized tax benefits associated with these audits.
Foreign
As of December 31, 2025, certain of our Canadian subsidiaries’ federal tax returns for 2013 through 2015 and 2017 through 2022 were under audit by the Canada Revenue Agency, and our Quebec provincial tax returns for 2013 through 2015 and 2017 through 2019 were under audit by Revenu Québec. As of December 31, 2025, the 2020 and 2021 tax returns for one of our Mexican subsidiaries were under audit by Servicio de Administración Tributaria (SAT), and we continue to engage with SAT to resolve these audits. We do not expect that the ultimate disposition of these audits by the foreign tax authorities will result in a material change to our financial position, results of operations, or cash flows.

Other Disclosures
Undistributed Earnings of Foreign Subsidiaries
As of December 31, 2025, there are certain cumulative undistributed earnings of our foreign subsidiaries that are considered permanently reinvested in the relevant foreign countries. We are able to distribute cash via a dividend from our foreign subsidiaries with a full dividends received deduction in the U.S. However, there is a cost to repatriate the undistributed earnings of certain of our foreign subsidiaries to us, including, but not limited to, withholding taxes imposed by certain foreign jurisdictions, U.S. state income taxes, and U.S. federal income tax on foreign exchange gains. During 2025, we accrued $42 million of withholding and other taxes on the $1.1 billion of earnings that are no longer considered permanently reinvested, but it is not practicable to estimate the amount of additional tax that would be payable on the undistributed earnings that are considered permanently reinvested.

Repatriation Tax Liability
Our repatriation tax liability relates to our recognition of a one-time transition tax on the deemed repatriation of previously undistributed accumulated earnings and profits of our foreign subsidiaries and was previously included in other long-term liabilities. This transition tax, which was reflected in income taxes payable as of December 31, 2024, was remitted to the IRS over the eight-year period provided in the Code, with the final installment paid in 2025.

One Big Beautiful Bill Act
On July 4, 2025, legislation commonly known as the One Big Beautiful Bill Act (OBBB) was enacted, which resulted in a broad range of changes to the Code. The most significant provisions affecting us include the following:
•extension of the clean fuel production credit through December 31, 2029;
•requirement that fuel produced after December 31, 2025 must be exclusively derived from feedstocks produced or grown in the U.S., Mexico, or Canada in order for such fuel to be eligible for the clean fuel production credit;
•elimination of the special clean fuel production credit rate for SAF produced after December 31, 2025;
•permanent reinstatement of the provision that allows companies to expense 100 percent of the cost of qualified property acquired and placed in service after January 19, 2025; and
•modification of several international tax provisions, including those relating to net controlled foreign corporation tested income (formerly global intangible low-taxed income) and foreign-derived deduction eligible income (formerly foreign-derived intangible income), each beginning January 1, 2026.
These changes and other provisions of this legislation did not have a material effect on our financial position, results of operations, and cash flows in 2025. However, we will continue to evaluate the effects of the OBBB on our financial position, results of operations, and cash flows in the future.
v3.25.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
16.    EARNINGS PER COMMON SHARE

Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts):
Year Ended December 31,
202520242023
Earnings per common share:
Net income attributable to Valero stockholders
$2,348 $2,770 $8,835 
Less: Income allocated to participating securities7 8 27 
Net income available to common stockholders
$2,341 $2,762 $8,808 
Weighted-average common shares outstanding309 322 353 
Earnings per common share
$7.57 $8.58 $24.93 
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders
$2,348 $2,770 $8,835 
Less: Income allocated to participating securities7 8 27 
Net income available to common stockholders
$2,341 $2,762 $8,808 
Weighted-average common shares outstanding
309 322 353 
Effect of dilutive securities
— — — 
Weighted-average common shares outstanding –
assuming dilution
309 322 353 
Earnings per common share – assuming dilution
$7.57 $8.58 $24.92 

Participating securities include restricted stock and performance awards granted under our 2020 OSIP. Dilutive securities include participating securities as well as outstanding stock options. For the years ended December 31, 2025, 2024, and 2023, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.
v3.25.4
Revenues and Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
17.    REVENUES AND SEGMENT INFORMATION

Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements.

Contract Balances
Contract balances were as follows (in millions):
December 31,
20252024
Receivables from contracts with customers,
included in receivables, net (see Note 3)
$6,233 $5,812 
Contract liabilities, included in accrued expenses (see Note 8)
60 82 

During the years ended December 31, 2025, 2024, and 2023, we recognized as revenue $81 million, $39 million, and $127 million, respectively, that was included in contract liabilities as of December 31, 2024, 2023, and 2022, respectively.

Remaining Performance Obligations
We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of December 31, 2025, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations.

Segment Information
We have three reportable segments—Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income (loss) generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations.

•The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products.
•The Renewable Diesel segment includes the operations of DGD, a consolidated joint venture as discussed in Note 12, and the associated activities to market low-carbon fuels. The principal products manufactured by DGD and sold by this segment are renewable diesel, renewable naphtha, and neat SAF. This segment sells some renewable diesel and neat SAF to the Refining segment for blending into petroleum-based diesel and conventional jet fuel, respectively, which is then sold to that segment’s customers as finished product.
•The Ethanol segment includes the operations of our ethanol plants and the associated activities to market our ethanol and co-products. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product.

Operations that are not included in any of the reportable segments are included in the corporate category.

Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income (loss) by segment to allocate resources (including employees, property, and financial or capital resources) for each segment primarily during the annual budget process. On a monthly basis, our CODM considers budget-to-actual variances for operating income (loss) by segment when evaluating the operating performance of each segment.
The following tables reflect information about our reportable segments and includes the reconciliation to our consolidated income before income tax expense (in millions):
RefiningRenewable
Diesel		EthanolTotal
Year ended December 31, 2025
Revenues:
Revenues from external customers$116,158 $2,508 $4,021 $122,687 
Intersegment revenues8 2,089 956 3,053 
116,166 4,597 4,977 125,740 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(3,053)
Total consolidated revenues$122,687 
Less:
Cost of sales:
Cost of materials and other (a)96,080 4,178 3,913 
Taxes other than income taxes6,720 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
5,426 308 611 
Depreciation and amortization expense 2,754 267 79 
Total cost of sales110,980 4,753 4,603 
Asset impairment loss1,131 — — 
Other operating expenses15 — — 
Operating income (loss) by segment
$4,040 $(156)$374 $4,258 
Reconciliation of operating income (loss) by segment
to income before income tax expense
Elimination of intersegment losses28 
Unallocated amounts:
Other corporate expenses (b)(1,105)
Other income, net380 
Interest and debt expense, net of capitalized
interest
(556)
Income before income tax expense$3,005 
Other segment disclosures
Segment assets$44,498 $5,317 $1,501 $51,316 
Expenditures for long-lived assets (c)1,606 170 39 1,815 
________________________
See notes on page 129.
RefiningRenewable
Diesel		EthanolTotal
Year ended December 31, 2024
Revenues:
Revenues from external customers$123,853 $2,410 $3,618 $129,881 
Intersegment revenues10 2,656 868 3,534 
123,863 5,066 4,486 133,415 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(3,534)
Total consolidated revenues$129,881 
Less:
Cost of sales:
Cost of materials and other (a)106,638 3,944 3,558 
Taxes other than income taxes 5,900 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
4,946 350 536 
Depreciation and amortization expense2,391 265 77 
Total cost of sales119,875 4,559 4,171 
Other operating expenses17 — 27 
Operating income by segment
$3,971 $507 $288 $4,766 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(5)
Unallocated amounts:
Other corporate expenses (b)(1,006)
Other income, net499 
Interest and debt expense, net of capitalized
interest
(556)
Income before income tax expense$3,698 
Other segment disclosures
Segment assets$46,729 $5,680 $1,545 $53,954 
Expenditures for long-lived assets (c)1,635 321 34 1,990 
________________________
See notes on page 129.
RefiningRenewable
Diesel		EthanolTotal
Year ended December 31, 2023
Revenues:
Revenues from external customers$136,470 $3,823 $4,473 $144,766 
Intersegment revenues18 3,168 1,086 4,272 
136,488 6,991 5,559 149,038 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(4,272)
Total consolidated revenues$144,766 
Less:
Cost of sales:
Cost of materials and other (a)111,681 5,550 4,395 
Taxes other than income taxes 5,720 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
5,208 358 515 
Depreciation and amortization expense2,351 231 80 
Total cost of sales124,960 6,139 4,990 
Other operating expenses17 — 16 
Operating income by segment
$11,511 $852 $553 $12,916 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(17)
Unallocated amounts:
Other corporate expenses (b)(1,041)
Other income, net502 
Interest and debt expense, net of capitalized
interest
(592)
Income before income tax expense$11,768 
Other segment disclosures
Segment assets$49,031 $5,790 $1,549 $56,370 
Expenditures for long-lived assets (c)1,488 294 43 1,825 
________________________
(a)Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $607 million for the year ended December 31, 2025 and the blender’s tax credit on qualified fuel mixtures of $1.3 billion and $1.2 billion for the years ended December 31, 2024 and 2023, respectively.
(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income as shown on page 75.
(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.
Total assets by reportable segments reconciled to our consolidated assets were as follows (in millions):
December 31,
20252024
Total assets for reportable segments$51,316 $53,954 
Corporate assets6,938 6,565 
Elimination of intercompany receivables and other assets
(266)(376)
Total consolidated assets$57,988 $60,143 

Expenditures for long-lived assets by reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):
Year Ended December 31,
202520242023
Expenditures for long-lived assets for reportable segments$1,815 $1,990 $1,825 
Corporate expenditures for long-lived assets
70 67 91 
Total consolidated expenditures for long-lived assets$1,885 $2,057 $1,916 

The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Year Ended December 31,
202520242023
Refining:
Gasolines and blendstocks$50,917 $56,014 $61,538 
Distillates55,077 55,636 63,664 
Other product revenues10,164 12,203 11,268 
Total Refining revenues116,158 123,853 136,470 
Renewable Diesel:
Renewable diesel2,073 2,316 3,665 
Renewable naphtha138 94 158 
Neat SAF297 — — 
Total Renewable Diesel revenues2,508 2,410 3,823 
Ethanol:
Ethanol3,174 2,647 3,300 
Distillers grains847 971 1,173 
Total Ethanol revenues4,021 3,618 4,473 
Revenues$122,687 $129,881 $144,766 
Revenues by geographic area are shown in the following table (in millions). The geographic area is based on the location of the customer, and no customer accounted for 10 percent or more of our revenues.
Year Ended December 31,
202520242023
U.S.$87,819 $93,311 $104,208 
Canada8,137 8,577 10,107 
U.K. and Ireland15,830 15,236 16,148 
Mexico and Peru5,168 5,405 6,438 
Other countries5,733 7,352 7,865 
Revenues$122,687 $129,881 $144,766 

Long-lived assets include “property, plant, and equipment, net” and certain long-lived assets included in “deferred charges and other assets, net.” Long-lived assets by geographic area consisted of the following (in millions):
December 31,
20252024
U.S.$26,544 $28,359 
Canada1,567 1,414 
U.K. and Ireland1,512 1,484 
Mexico and Peru785 798 
Total long-lived assets$30,408 $32,055 

As of December 31, 2025 and 2024, our investments in nonconsolidated joint ventures accounted for under the equity method were $684 million and $695 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets and as presented in Note 7.
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION
18.    SUPPLEMENTAL CASH FLOW INFORMATION

In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):
Year Ended December 31,
202520242023
Decrease (increase) in current assets:
Receivables, net$1,125 $1,562 $(387)
Inventories362 (286)(684)
Prepaid expenses and other99 320 (34)
Increase (decrease) in current liabilities:
Accounts payable(2,016)(430)(169)
Accrued expenses237 (168)(50)
Taxes other than income taxes payable138 (57)(226)
Income taxes payable(137)(146)(776)
Changes in current assets and current liabilities$(192)$795 $(2,326)
Changes in current assets and current liabilities for the year ended December 31, 2025 were primarily due to the following:

•The decrease in receivables was due to a decrease in refined petroleum product prices combined with a decrease in related sales volumes in December 2025 compared to December 2024 and the collection of $246 million for a blender’s tax credit receivable;

•The decrease in inventories was primarily due to lower inventory levels in December 2025 compared to December 2024; and

•The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices combined with a decrease in related volumes purchased in December 2025 compared to December 2024.
Changes in current assets and current liabilities for the year ended December 31, 2024 were primarily due to the following:

•The decrease in receivables was due to a decrease in refined petroleum product prices combined with a decrease in related sales volumes in December 2024 compared to December 2023;

•The increase in inventories was primarily due to an increase in inventory volumes in December 2024 compared to December 2023; and

•The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices in December 2024 compared to December 2023, partially offset by an increase in related volumes purchased.
Changes in current assets and current liabilities for the year ended December 31, 2023 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product sales volumes in December 2023 compared to December 2022, partially offset by a decrease in related prices;

•The increase in inventories was primarily due to an increase in inventory volumes in December 2023 compared to December 2022;

•The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices in December 2023 compared to December 2022, partially offset by an increase in related volumes purchased; and

•The decrease in income taxes payable was primarily due to income tax payments made during the year ended December 31, 2023.
Cash flows related to interest and income taxes were as follows (in millions):
Year Ended December 31,
202520242023
Interest paid in excess of amount capitalized,
including interest on finance leases
$533 $556 $562 
Income taxes paid, net (see Note 15)
699 843 3,494 
Supplemental cash flow information related to our operating and finance leases was as follows (in millions):
Year Ended December 31,
202520242023
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Cash paid for amounts included
in the measurement of
lease liabilities:
Operating cash flows$527 $112 $527 $116 $428 $107 
Investing cash flows— — 1 — — — 
Financing cash flows— 268 — 245 — 250 
Changes in lease balances
resulting from new and
modified leases
477 237 448 318 396 157 
Noncash investing activities for the year ended December 31, 2025 included the recognition of expected asset retirement obligations of $337 million, as described in Note 2. There were no other significant noncash investing and financing activities during the year ended December 31, 2025, except as noted in the table above.

Noncash financing activities for the year ended December 31, 2024 included the conversion by IEnova of $732 million of outstanding borrowings under the IEnova Revolver to additional equity in Central Mexico Terminals, as described in Note 9. There were no other significant noncash investing and financing activities during the year ended December 31, 2024, except as noted in the table above.

There were no significant noncash investing and financing activities during the year ended December 31, 2023, except as noted in the table above.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
19.    FAIR VALUE MEASUREMENTS

General
GAAP requires or permits certain assets and liabilities to be measured at fair value on a recurring or nonrecurring basis in our balance sheets, and those assets and liabilities are presented below under “Recurring Fair Value Measurements” and “Nonrecurring Fair Value Measurements.” Assets and liabilities measured at fair value on a recurring basis, such as derivative financial instruments, are measured at fair value at the end of each reporting period. Assets and liabilities measured at fair value on a nonrecurring basis, such as the impairment of property, plant and equipment, are measured at fair value in particular circumstances.

GAAP also requires the disclosure of the fair values of financial instruments when an option to elect fair value accounting has been provided, but such election has not been made. A debt obligation is an example of such a financial instrument. The disclosure of the fair values of financial instruments not recognized at fair value in our balance sheets is presented below under “Financial Instruments.”

GAAP provides a framework for measuring fair value and establishes a three-level fair value hierarchy that prioritizes inputs to valuation techniques based on the degree to which objective prices in external active markets are available to measure fair value. The following is a description of each of the levels of the fair value hierarchy.

•Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3 – Unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include
occasional market quotes or sales of similar instruments or our own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant judgment.

Recurring Fair Value Measurements
The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of December 31, 2025 and 2024.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
December 31, 2025
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$490 $— $— $490 $(448)$(7)$35 $— 
Physical purchase
contracts
— 1 — 1 n/an/a1 n/a
Clean fuel production
credits
— — 55 55 n/an/a55 n/a
Investments of certain
benefit plans
92 — 4 96 n/an/a96 n/a
Investments in AFS
debt securities
1 26 — 27 n/an/a27 n/a
Total
$583 $27 $59 $669 $(448)$(7)$214 
Liabilities
Commodity derivative
contracts
$453 $— $— $453 $(448)$(5)$— $(39)
Physical purchase
contracts
— 4 — 4 n/an/a4 n/a
Blending program
obligations
— 85 — 85 n/an/a85 n/a
Foreign currency
contracts
2 — — 2 n/an/a2 n/a
Total
$455 $89 $— $544 $(448)$(5)$91 
December 31, 2024
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$402 $— $— $402 $(402)$— $— $— 
Physical purchase
contracts
— 2 — 2 n/an/a2 n/a
Investments of certain
benefit plans
89 — 4 93 n/an/a93 n/a
Investments in AFS
debt securities
6 20 — 26 n/an/a26 n/a
Foreign currency
contracts
6 — — 6 n/an/a6 n/a
Total
$503 $22 $4 $529 $(402)$— $127 
Liabilities
Commodity derivative
contracts
$448 $— $— $448 $(402)$(46)$— $(71)
Physical purchase
contracts
— 3 — 3 n/an/a3 n/a
Blending program
obligations
— 13 — 13 n/an/a13 n/a
Total
$448 $16 $— $464 $(402)$(46)$16 

A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows:

•Commodity derivative contracts consist primarily of exchange-traded futures, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 20. These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 of the fair value hierarchy.

•Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy.

•Clean fuel production credits represent the fair value of the tax credits that DGD intends to sell on behalf of the other joint venture member. These tax credits are categorized in Level 3 of the fair value hierarchy and are measured at fair value using a market approach based on historical sales prices and third-party consultant estimates. Significant unobservable inputs used in the valuation include the expected market discount per $1.00 of credit value.
•Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under the Renewable and Low-Carbon Fuel Programs. The blending program obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service.

•Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The plan assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer.

•Investments in AFS debt securities consist primarily of commercial paper and U.S. government treasury bills and have maturities within one year. The securities categorized in Level 1 are measured at fair value using a market approach based on quoted prices from national securities exchanges and the securities categorized in Level 2 are measured at fair value using a market approach based on quoted prices from independent pricing services. The amortized cost basis of the securities approximates fair value. Realized and unrealized gains and losses were de minimis for the years ended December 31, 2025 and 2024.

•Foreign currency contracts consist of foreign currency exchange and purchase contracts related to our foreign operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our operations. These contracts are measured at fair value using a market approach based on quoted foreign currency exchange rates and are categorized in Level 1 of the fair value hierarchy.

Nonrecurring Fair Value Measurements
There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2025 and 2024.

As discussed in Note 2, we concluded that the carrying values of the Benicia and Wilmington refineries were impaired as of March 31, 2025. The fair values of the refineries were determined using a market approach based on a comparison of recent property sales and other relevant real estate and market data, which we determined reflects the highest and best use of these assets. These fair values involved significant assumptions and actual results could differ from these estimates.
The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the year ended December 31, 2025.
March 31, 2025
Fair Value Measurements Using
Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value		Carrying
Value
as of
December 31,
2025 (a)		Loss
Recognized (b)
Assets
Long-lived assets of
the Benicia Refinery
$— $— $722 $722 $304 $901 
Long-lived assets of
the Wilmington
Refinery
— — 847 847 788 230 
Total$— $— $1,569 $1,569 $1,092 $1,131 
________________________
(a)The carrying values of the Benicia and Wilmington refineries as of December 31, 2025 are lower than the fair values as of March 31, 2025 primarily due to the recognition of depreciation and amortization expense.
(b)The asset impairment loss was recognized in our Refining segment in March 2025.
Financial Instruments
Our financial instruments include cash and cash equivalents, restricted cash, investments of certain benefit plans, investments in AFS debt securities, receivables, payables, debt obligations, operating and finance lease obligations, commodity derivative contracts, and foreign currency contracts. The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt are shown in the table below (in millions).
December 31, 2025December 31, 2024
Fair Value
Hierarchy		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Debt (excluding finance lease
obligations)
Level 2$8,261 $8,190 $8,085 $7,776 
Investments in AFS debt securities, commodity derivative contracts, and foreign currency contracts are recognized at their fair values as shown in “Recurring Fair Value Measurements” above.
v3.25.4
Price Risk Management Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
PRICE RISK MANAGEMENT ACTIVITIES
20.    PRICE RISK MANAGEMENT ACTIVITIES

General
We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 19), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).”

Risk Management Activities by Type of Risk
Commodity Price Risk
We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn); the products we produce; and natural gas and electricity used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that is periodically reviewed with our Board and/or relevant Board committee.
We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge are described below.

•Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable.

•Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable.
As of December 31, 2025, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels).
Notional Contract
Volumes by
Year of Maturity
2026
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short2,720 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long93,157 
Futures – short98,482 
Corn:
Futures – long54,410 
Futures – short87,530 
Physical contracts – long31,193 

Renewable and Low-Carbon Fuel Programs Price Risk
We are exposed to market risk related to the volatility in the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. To manage this risk, we enter into contracts to purchase these credits. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. The Renewable and Low-Carbon Fuel Programs require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree we are unable to blend at the required quotas, we must purchase compliance credits (primarily RINs). For the years ended December 31, 2025, 2024, and 2023, the cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Programs was $1.6 billion, $730 million, and $1.3 billion, respectively, which are reflected in cost of materials and other.

Foreign Currency Risk
We are exposed to exchange rate fluctuations on transactions related to our foreign operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of December 31, 2025, we had foreign currency contracts to purchase $395 million of U.S. dollars. These commitments matured on or before January 26, 2026.
Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of December 31, 2025 and 2024 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments.

As indicated in Note 19, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts:
Balance Sheet
Location		December 31, 2025December 31, 2024
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$31 $7 $12 $13 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$459 $446 $390 $435 
Physical purchase contractsInventories1 4 2 3 
Foreign currency contractsReceivables, net— — 6 — 
Foreign currency contractsAccrued expenses— 2 — — 
Total$460 $452 $398 $438 

Market Risk
Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies that are periodically reviewed with our Board and/or relevant Board committee. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating.
Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)
The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):
Derivatives in
Cash Flow Hedging
Relationships
Location of Gain (Loss)
Recognized in Income
on Derivatives
Year Ended December 31,
202520242023
Commodity contracts:
Gain recognized in
other comprehensive
income (loss)
n/a$3 $30 $82 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(21)117 (8)

For cash flow hedges, no component of any derivative instrument’s gain or loss was excluded from the assessment of hedge effectiveness for the years ended December 31, 2025, 2024, and 2023. For the years ended December 31, 2025, 2024, and 2023, cash flow hedges primarily related to forecasted sales of renewable diesel. As of December 31, 2025, the estimated deferred after-tax gain that is expected to be reclassified into revenues within the next 12 months was not material. The changes in accumulated other comprehensive loss by component, net of tax, for the years ended December 31, 2025, 2024, and 2023 are described in Note 11.

The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions):
Derivatives Not
Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized in Income
on Derivatives
Year Ended December 31,
202520242023
Commodity contractsRevenues$(10)$(18)$(27)
Commodity contractsCost of materials and other(19)(86)208 
Commodity contractsOperating expenses
(excluding depreciation and
amortization expense)		— — 1 
Foreign currency contractsCost of materials and other(12)36 (34)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
RISK MANAGEMENT AND STRATEGY

We take an enterprise approach to information security risk management and governance. Our information security program and framework comprise processes, policies, practices, systems, and technologies that are designed to identify, assess, prioritize, manage, and monitor risks to our information systems, including risks from cybersecurity threats and risks associated with the use of third-party service providers.

Our established recovery approach is designed to provide for the ready availability and use of our business-critical processes in the event of any downtime, disaster, or outages. We also seek to identify and mitigate the risks associated with the use of third-party service providers through the review of their security programs prior to our engagement thereof. Additionally, our control environment and internal audit process are designed to bring a systematic, disciplined approach to evaluate our risk management, control, and governance processes concerning cybersecurity and our information security framework.

We have a cybersecurity Incident Response Plan (IRP) that sets forth a process designed to effectively respond to an incident by obtaining information, coordinating activities, assessing results, and communicating applicable developments to our stakeholders, including employees, law enforcement, other external parties and agencies, and our Board. The IRP includes the following major components: preparation, detection and analysis, containment, eradication, notification, recovery, reporting, and lessons learned. Specific technical and legal playbooks have also been developed for data breaches, malware, unauthorized remote access, ransomware, and ransom-related incidents. We have also retained certain third-party experts to assist us with various aspects of incident assessment and response in the event those services become necessary or useful.

Typically, we (i) perform periodic tabletop exercises with a company-wide cross-functional team that are facilitated by a third-party expert and are intended to simulate a real-life security incident, (ii) conduct penetration testing as needed and annually conduct Payment Card Industry Data Security Standard testing and firewall reviews, and have periodically engaged a third-party expert to help therewith, (iii) hold annual cybersecurity awareness trainings, and (iv) periodically engage a third-party expert to conduct a review of our information security framework, which is designed to help identify existing and emerging risks, and mitigate such risks. These internal efforts and external third-party reviews also support our efforts to regularly assess our information security program and framework against emerging risks, market and industry developments and provide opportunities to make adjustments or enhancements when deemed prudent or necessary. In 2024, we established a company-wide cross-functional team to assess the risks and opportunities from conventional and generative AI. We continued these assessments in 2025 and expect to continue these efforts going forward. To date, there have been no cybersecurity incidents that have materially affected us, or that are reasonably likely to materially affect us, including our business strategy, financial condition, or results of operations.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We take an enterprise approach to information security risk management and governance. Our information security program and framework comprise processes, policies, practices, systems, and technologies that are designed to identify, assess, prioritize, manage, and monitor risks to our information systems, including risks from cybersecurity threats and risks associated with the use of third-party service providers.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board’s Role in Cybersecurity Oversight
Oversight of risk management, including with respect to risks from cybersecurity threats, is the responsibility of our Board, which exercises its oversight responsibilities both directly and through its committees. The Audit Committee of our Board has formal oversight responsibilities established in its committee charter concerning our initiatives and strategies respecting cybersecurity and information technology risks. At least once annually, the heads of our information services and internal audit teams provide a report to the Audit Committee on cybersecurity and information technology risks, as well as our information security operations, structure, framework, various cybersecurity and information technology metrics, our cybersecurity and information security management and improvement efforts, future projects, and our governance and assessments related to cybersecurity and information technology. The chair of the Audit Committee reports to the Board a summary of the information presented by the heads of our information services and internal audit teams during their cybersecurity update. Periodically, the Board also receives reports on such matters directly. As noted above, the IRP also contains notification procedures to the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of our Board has formal oversight responsibilities established in its committee charter concerning our initiatives and strategies respecting cybersecurity and information technology risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] At least once annually, the heads of our information services and internal audit teams provide a report to the Audit Committee on cybersecurity and information technology risks, as well as our information security operations, structure, framework, various cybersecurity and information technology metrics, our cybersecurity and information security management and improvement efforts, future projects, and our governance and assessments related to cybersecurity and information technology. The chair of the Audit Committee reports to the Board a summary of the information presented by the heads of our information services and internal audit teams during their cybersecurity update. Periodically, the Board also receives reports on such matters directly. As noted above, the IRP also contains notification procedures to the Board.
Cybersecurity Risk Role of Management [Text Block]
Management’s Role in Assessment and Management of Material Risks from Cybersecurity Threats
We have an Information Security Committee (Infosec Committee) consisting of refining, renewables, logistics, human resources, and information services personnel that typically meets weekly to evaluate third-party exchange of data and collaborate on strategy for dealing with information security risks and other related matters. The Infosec Committee reports to our Information Security Oversight Committee (Infosec Oversight Committee) and our Executive Steering Committee on cybersecurity (Executive Steering Committee). Our Infosec Oversight Committee consists of information services, refining, and internal audit personnel and typically meets quarterly to discuss network threats and the overall security landscape. Our Executive Steering Committee consists of management within our information services, internal audit, refining, renewable diesel, ethanol, legal, and logistics teams, and typically meets twice per year to review and discuss information security metrics and results of security assessments, among other items. Key members of the Infosec Oversight Committee and the Executive Steering Committee provide a report to the Audit Committee of the Board as discussed above.

Our information services team is led by our Vice President-Information Services and Technology, who also chairs the Infosec Oversight Committee and has approximately 25 years of experience in the information technology industry. Collectively, the members of our Infosec Committee, Infosec Oversight Committee, and Executive Steering Committee have decades of experience within the information technology industry and/or cybersecurity areas. On a monthly basis, our Vice President-Information Services and Technology provides executive management with an Information Security Scorecard, which includes any cybersecurity incidents that have occurred. If a cybersecurity incident is declared under the IRP, we will evaluate whether such incident might have a material adverse impact on our business, financial condition, results of operations, or reputation, among other considerations, and communicate that discussion to executive management, who will then determine if escalation to the Board is warranted and if further disclosure is required to the SEC, other government agencies, and/or other parties.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Management’s Role in Assessment and Management of Material Risks from Cybersecurity Threats
We have an Information Security Committee (Infosec Committee) consisting of refining, renewables, logistics, human resources, and information services personnel that typically meets weekly to evaluate third-party exchange of data and collaborate on strategy for dealing with information security risks and other related matters. The Infosec Committee reports to our Information Security Oversight Committee (Infosec Oversight Committee) and our Executive Steering Committee on cybersecurity (Executive Steering Committee). Our Infosec Oversight Committee consists of information services, refining, and internal audit personnel and typically meets quarterly to discuss network threats and the overall security landscape. Our Executive Steering Committee consists of management within our information services, internal audit, refining, renewable diesel, ethanol, legal, and logistics teams, and typically meets twice per year to review and discuss information security metrics and results of security assessments, among other items. Key members of the Infosec Oversight Committee and the Executive Steering Committee provide a report to the Audit Committee of the Board as discussed above.
On a monthly basis, our Vice President-Information Services and Technology provides executive management with an Information Security Scorecard, which includes any cybersecurity incidents that have occurred.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our information services team is led by our Vice President-Information Services and Technology, who also chairs the Infosec Oversight Committee and has approximately 25 years of experience in the information technology industry. Collectively, the members of our Infosec Committee, Infosec Oversight Committee, and Executive Steering Committee have decades of experience within the information technology industry and/or cybersecurity areas.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] We have a cybersecurity Incident Response Plan (IRP) that sets forth a process designed to effectively respond to an incident by obtaining information, coordinating activities, assessing results, and communicating applicable developments to our stakeholders, including employees, law enforcement, other external parties and agencies, and our Board.If a cybersecurity incident is declared under the IRP, we will evaluate whether such incident might have a material adverse impact on our business, financial condition, results of operations, or reputation, among other considerations, and communicate that discussion to executive management, who will then determine if escalation to the Board is warranted and if further disclosure is required to the SEC, other government agencies, and/or other parties.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business, Basis of Presentation, and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
General
These consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and with the rules and regulations of the U.S. Securities and Exchange Commission (SEC).
Reclassifications
Reclassifications
Certain prior year amounts have been reclassified to conform to the 2025 presentation. The changes were due to the separate presentation of (i) taxes other than income taxes, which were previously included in cost of materials and other in our statements of income and (ii) changes in deferred charges and other assets and changes in long-term liabilities, which were previously included in “changes in deferred charges and credits and other operating activities, net” in our statements of cash flows.
Principles of Consolidation
Principles of Consolidation
These financial statements include those of Valero, our wholly owned subsidiaries, and VIEs in which we have a controlling financial interest. The VIEs that we consolidate are described in Note 12. The ownership interests held by others in the VIEs are recorded as noncontrolling interests. Intercompany items and transactions have been eliminated in consolidation. Investments in less than wholly owned entities where we have significant influence are accounted for using the equity method.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Cash Equivalents
Cash Equivalents
Our cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and have a maturity of three months or less when acquired.
Investments in Debt Securities
Investments in Debt Securities
Investments in debt securities that have stated maturities of three months or less from the date of acquisition are classified as cash equivalents, and those with stated maturities of greater than three months but less than one year are classified as short-term investments, which are reflected in prepaid expenses and other in our balance sheets. Our investments in debt securities are classified as AFS and are subsequently measured and carried at fair value in our balance sheets with changes in fair value reported in other comprehensive income (loss) until realized. The cost of a security sold is determined using the first-in, first-out method.
Receivables
Receivables
Trade receivables are carried at amortized cost, which is the original invoice amount adjusted for cash collections, write-offs, and foreign exchange. We maintain an allowance for credit losses, which is adjusted based on management’s assessment of our customers’ historical collection experience, known or expected credit risks, and industry and economic conditions.
Inventories
Inventories
The cost of (i) refinery feedstocks and refined petroleum products and blendstocks, (ii) renewable diesel feedstocks (i.e., waste and renewable feedstocks, predominantly animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils (DCOs)) and products, and (iii) ethanol feedstocks and products is determined under the last-in, first-out (LIFO) method using the dollar-value LIFO approach, with any increments valued based on average purchase prices during the year. Our LIFO inventories are carried at the lower of cost or market. The cost of products purchased for resale and the cost of materials and supplies are determined principally under the weighted-average cost method. Our non-LIFO inventories are carried at the lower of cost or net realizable value.

In determining the market value of our inventories, we assume that feedstocks are converted into products, which requires us to make estimates regarding the products expected to be produced from those feedstocks and the conversion costs required to convert those feedstocks into products. We also estimate the usual and customary transportation costs required to move the inventory from our plants to the appropriate points of sale. We then apply an estimated selling price to our inventories. If the aggregate market value of our LIFO inventories or the aggregate net realizable value of our non-LIFO inventories is less than the related aggregate cost, we recognize a loss for the difference in our statements of income. To the extent the aggregate market value of our LIFO inventories subsequently increases, we recognize an increase to the value of our inventories (not to exceed cost) and a gain in our statements of income.
Property, Plant, and Equipment
Property, Plant, and Equipment
The cost of property, plant, and equipment (property assets) purchased or constructed, including betterments of property assets, is capitalized. However, the cost of repairs to and normal maintenance of property assets is expensed as incurred. Betterments of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our
operations. The cost of property assets constructed includes interest and certain overhead costs allocable to the construction activities.
Our operations are highly capital intensive. Each of our refineries and plants comprises a large base of property assets, consisting of a series of interconnected, highly integrated and interdependent crude oil and other feedstock processing facilities and supporting infrastructure (Units) and other property assets that support our business. Improvements consist of the addition of new Units and other property assets and betterments of those Units and assets. We plan for these improvements by developing a multi-year capital investment program that is updated and revised based on changing internal and external factors.
Depreciation of crude oil processing and waste and renewable feedstocks processing facilities is recorded on a straight-line basis over the estimated useful lives of these assets primarily using the composite method of depreciation. We maintain a separate composite group of property assets for each of our refineries and our renewable diesel plants. We estimate the useful life of each group based on an evaluation of the property assets comprising the group, and such evaluations consist of, but are not limited to, the physical inspection of the assets to determine their condition, consideration of the manner in which the assets are maintained, assessment of the need to replace assets, and evaluation of the manner in which improvements impact the useful life of the group. The estimated useful lives of our composite groups range primarily from 20 to 30 years.

Under the composite method of depreciation, the cost of an improvement is added to the composite group to which it relates and is depreciated over that group’s estimated useful life. We design improvements to our crude oil processing and waste and renewable feedstocks processing facilities in accordance with engineering specifications, design standards, and practices we believe to be accepted in our industry, and these improvements have design lives consistent with our estimated useful lives. Therefore, we believe the use of the group life to depreciate the cost of improvements made to the group is reasonable because the estimated useful life of each improvement is consistent with that of the group.

Also under the composite method of depreciation, the historical cost of a minor property asset (net of salvage value) that is retired or replaced is charged to accumulated depreciation and no gain or loss is recognized. However, a gain or loss is recognized for a major property asset that is retired, replaced, sold, or for an abnormal disposition of a property asset (primarily involuntary conversions). Gains and losses are reflected in depreciation and amortization expense, unless such amounts are reported separately due to materiality.

Depreciation of our corn processing facilities, administrative buildings, and other assets is recorded on a straight-line basis over the estimated useful lives of the related assets using the component method of depreciation. The estimated useful life of our corn processing facilities is 20 years.

Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. Finance lease right-of-use assets are amortized as discussed below under “Leases.”
Deferred Charges and Other Assets
Deferred Charges and Other Assets
“Deferred charges and other assets, net” primarily include the following:

•turnaround costs, which are incurred in connection with planned major maintenance activities at our refineries, renewable diesel plants, and ethanol plants, are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs;

•fixed-bed catalyst costs, representing the cost of catalyst that is changed out at periodic intervals when the quality of the catalyst has deteriorated beyond its prescribed function, are deferred when incurred and amortized on a straight-line basis over the estimated useful life of the specific catalyst;
•operating lease right-of-use assets, which are amortized as discussed below under “Leases”;

•investments in nonconsolidated joint ventures;

•surplus assets in our funded pension plans, which represent the fair value of our plan assets that exceed our current projected benefit obligation;

•purchased compliance credits, which are described below under “Costs of Renewable and Low-Carbon Fuel Programs”;

•goodwill;

•intangible assets, which are amortized over their estimated useful lives; and

•noncurrent income taxes receivable.
Leases
Leases
We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable. If not readily determinable, our centrally managed treasury group provides an incremental borrowing rate based on quoted interest rates obtained from financial institutions. The rate used is for a term similar to the duration of the lease based on information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options.

We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, we account for lease and nonlease components in a contract as a single lease component for all classes of underlying assets. Our marine transportation contracts include nonlease components, such as maintenance and crew costs. We allocate the consideration in these contracts based on pricing information provided by the third-party broker.
Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and is reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. However, if the lessor transfers ownership of the finance lease ROU asset to us at the end of the lease term, the finance lease ROU asset is amortized over the useful life of the leased asset. Amortization expense is reflected in depreciation and amortization expense. Interest expense is incurred based on the carrying value of the lease liability and is reflected in “interest and debt expense, net of capitalized interest.”
Impairment of Assets
Impairment of Assets
Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not deemed recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on the most appropriate valuation approach or combination thereof.
Equity Method Investments
We evaluate our equity method investments for impairment when there is evidence that we may not be able to recover the carrying amount of our investments or the investee is unable to sustain an earnings capacity that justifies the carrying amount. A loss in the value of an investment that is other than a temporary decline is recognized based on the difference between the estimated current fair value of the investment and its carrying amount.
Goodwill
Goodwill is not amortized, but is tested for impairment annually on October 1st and in interim periods when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.
Asset Retirement Obligations
Asset Retirement Obligations
We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed, or leased. We record the liability when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability’s fair value.
Asset Retirement Obligations
We have obligations with respect to certain of our assets at our refineries and plants to clean and/or dispose of various component parts of the assets at the time they are retired. However, these component parts can be used for extended and indeterminate periods of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain all our assets and continue making improvements to those assets based on technological advances. As a result, we believe that assets at our refineries and plants have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire such assets cannot reasonably be estimated at this time. We will recognize a liability at such time when sufficient information exists to estimate a date or range of potential settlement dates that is needed to employ a present value technique to estimate fair value.
Environmental Matters
Environmental Matters
Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a
commitment to a formal plan of action. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties and have not been measured on a discounted basis.
Legal Contingencies
Legal Contingencies
We are subject to legal proceedings, claims, and liabilities that arise in the ordinary course of business. We accrue losses associated with legal claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, the best estimate within the range is accrued. If no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. Legal defense costs associated with loss contingencies are expensed in the period incurred.
Foreign Currency Translation
Foreign Currency Translation
Generally, our foreign subsidiaries use their local currency as their functional currency. Balance sheet amounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Income statement amounts are translated into U.S. dollars using the exchange rates in effect at the time the underlying transactions occur. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss.
Revenue Recognition
Revenue Recognition
Our revenues are primarily generated from contracts with customers. We generate revenue from contracts with customers from the sale of products by our Refining, Renewable Diesel, and Ethanol segments. Revenues are recognized when we satisfy our performance obligation to transfer products to our customers, which typically occurs at a point in time upon shipment or delivery of the products, and for an amount that reflects the transaction price that is allocated to the performance obligation.

The customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the point of shipment or delivery. As a result, we consider control to have transferred upon shipment or delivery because we have a present right to payment at that time, the customer has legal title to the asset, we have transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset.

Our contracts with customers state the final terms of the sale, including the description, quantity, and price for goods sold. Payment terms for our customers vary by type of customer and method of delivery; however, the payment is typically due in full within two to ten days from the date of invoice. In the normal course of business, we generally do not accept product returns.

The transaction price is the consideration that we expect to be entitled to in exchange for our products. The transaction price for substantially all of our contracts is generally based on commodity market pricing (i.e., variable consideration). As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. Some of our contracts also contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price.
We have elected to exclude from the measurement of the transaction price all taxes assessed by government authorities that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (e.g., sales tax, use tax, value-added tax, etc.). We continue to include in the transaction price excise taxes that are imposed on certain inventories in our foreign operations. The amount of such taxes is provided in supplemental information in a footnote to the statements of income.

There are instances where we provide shipping services in relation to the goods sold to our customer. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of materials and other. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities rather than as a promised service, and we have included these activities in cost of materials and other.

We enter into certain purchase and sale arrangements with the same counterparty that are deemed to be made in contemplation of one another. We combine these transactions and present the net effect in cost of materials and other. We also enter into refined petroleum product exchange transactions to fulfill sales contracts with our customers by accessing refined petroleum products in markets where we do not operate our own refineries. These refined petroleum product exchanges are accounted for as exchanges of nonmonetary assets, and no revenues are recorded on these transactions.
Cost Classifications
Cost Classifications
Cost of materials and other primarily includes the cost of materials that are a component of our products sold. These costs include (i) the direct cost of materials (such as crude oil and other refinery feedstocks, refined petroleum products and blendstocks, renewable diesel feedstocks and products, and ethanol feedstocks and products) that are a component of our products sold; (ii) costs related to the delivery (such as shipping and handling costs) of products sold; (iii) costs related to our obligations to comply with the Renewable and Low-Carbon Fuel Programs defined below under “Costs of Renewable and Low-Carbon Fuel Programs”; (iv) U.S. federal tax incentives related to low-carbon fuels; and (v) gains and losses on our commodity derivative instruments.

Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.

Operating expenses (excluding depreciation and amortization expense) includes costs to operate our refineries (and associated logistics assets), renewable diesel plants, and ethanol plants. These costs primarily include employee-related expenses, energy and utility costs, catalysts and chemical costs, and repair and maintenance expenses.

Depreciation and amortization expense associated with our operations is separately presented in our statements of income as a component of cost of sales and general and administrative expenses and is disclosed by reportable segment in Note 17.

Other operating expenses include costs, if any, incurred by our reportable segments that are not associated with our cost of sales.
Clean Fuel Production Credit
Clean Fuel Production Credit
Effective January 1, 2025, Section 45Z of the U.S. Internal Revenue Code of 1986, as amended (the Code), provides a federal income tax credit to producers for qualifying sales of clean transportation fuels produced domestically and sold to unrelated parties. The credit amount is based on an emissions factor that reflects the relative carbon intensity of the fuel. DGD is eligible to claim the clean fuel production credit for the sale of qualifying renewable diesel, renewable naphtha, and neat sustainable aviation fuel (SAF)5 produced at its plants.
The clean fuel production credits, which are nonrefundable, transferable tax credits, are recognized when it is reasonably assured that DGD has complied with the applicable conditions and expects to receive the credits. DGD’s joint venture members may elect to either (i) receive the tax credits attributable to their ownership interest to claim on their U.S. federal income tax return or (ii) have DGD sell the tax credits to third parties and receive cash distributions from the proceeds of those sales. We have elected to receive our share of the tax credits and record them as a reduction of income taxes payable, and the other joint venture member has elected to have DGD sell its share of the tax credits and receive cash proceeds from those sales. Clean fuel production credits that have not been sold on behalf of the other joint venture member as of the balance sheet date are reflected in prepaid expenses and other. Clean fuel production credits that are expected to be sold are recorded at fair value based on the expected sales price.
5 DGD produces synthetic paraffinic kerosene (SPK), a renewable blending component, using the Hydrotreated Esters and Fatty Acids (HEFA) process. SPK is also commonly referred to as “neat SAF.” Current aviation regulations allow SPK to be blended up to 50 percent with conventional jet fuel for use in an aircraft. This blend is commonly referred to as “blended SAF” or “SAF.”
Costs of Renewable and Low-Carbon Fuel Programs
Costs of Renewable and Low-Carbon Fuel Programs
We purchase credits to comply with various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s Renewable Fuel Standard, California Low Carbon Fuel Standard, Canada Clean Fuel Regulations, U.K. Renewable Transport Fuel Obligation, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). We purchase compliance credits (primarily Renewable Identification Numbers (RINs)) to comply with government regulations that require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree that we are unable to blend renewable and low-carbon fuels at the required quotas, we must purchase compliance credits to meet our obligations.

The costs of purchased compliance credits are charged to cost of materials and other when such credits are needed to satisfy our compliance obligations. To the extent we have not purchased enough credits nor entered into fixed-price purchase contracts to satisfy our obligations as of the balance sheet date, we charge cost of materials and other for such deficiency based on the market prices of the credits as of the balance sheet date, and we record a liability for our obligation to purchase those credits. See Note 19 for disclosure of our fair value liability. If the number of purchased credits exceeds our obligation as of the balance sheet date, we record a prepaid asset equal to the amount paid for those excess credits.
Stock-Based Compensation
Stock-Based Compensation
Compensation expense for our share-based compensation plans is based on the fair value of the awards granted and is recognized on a straight-line basis over the shorter of (i) the requisite service period of each award or (ii) the period from the grant date to the date retirement eligibility is achieved if that date is expected to occur during the vesting period established in the award.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by unrecognized tax benefits, if such items may be available to offset the unrecognized tax benefit. Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an individual item basis as those items are reclassified into income.

We have elected to classify any interest expense and penalties related to the underpayment of income taxes in income tax expense.

We have elected to treat the global intangible low-taxed income tax as a period expense.
Earnings per Common Share
Earnings per Common Share
Earnings per common share is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year. Participating securities are included in the computation of basic earnings per share using the two-class method. Earnings per common share – assuming dilution is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year increased by the effect of dilutive securities. Earnings per common share – assuming dilution is also determined using the two-class method, unless the treasury stock method is more dilutive. Potentially dilutive securities are excluded from the computation of earnings per common share – assuming dilution when the effect of including such shares would be antidilutive.
Derivatives and Hedging
Derivatives and Hedging
All derivative instruments, not designated as normal purchases or sales, are recognized in our balance sheets as either assets or liabilities measured at their fair values with changes in fair value recognized currently in income or in other comprehensive income (loss) as appropriate. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows.
We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 19), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).”
Accounting Pronouncement Recently Adopted and Not Yet Adopted
Accounting Pronouncement Recently Adopted
ASU 2023-09
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We adopted this
ASU effective January 1, 2025 on a retrospective basis and it did not affect our financial position or our results of operations, but did result in additional annual disclosures.

Accounting Pronouncement Not Yet Adopted
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve interim and annual disclosures about a public business entity’s expenses by requiring more detailed information in the notes to the financial statements about certain expense categories, including purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. We expect to adopt this ASU effective January 1, 2027 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
Variable interest entities
In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIE, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities.
As operator, we operate the plants and perform certain day-to-day operating and management functions for DGD as an independent contractor. The operations agreement provides us (as operator) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because this agreement conveys such power to us and is separate from our ownership rights, we determined that DGD was a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined that we are the primary beneficiary of DGD.We also have financial interests in other entities that have been determined to be VIEs because the entities’ contractual arrangements transfer the power to us to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined that we are the primary beneficiary of these VIEs because (i) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and/or (ii) our 50 percent ownership interests provide us with significant economic rights and obligations.
We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
Offsetting fair value amounts of commodity derivative contracts
We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
Derivative instruments collateral requirements We do not require any collateral or other security to support derivative instruments into which we enter.
v3.25.4
Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Receivables, Net
Receivables consisted of the following (in millions):
December 31,
20252024
Receivables from contracts with customers$6,233 $5,812 
Receivables from certain purchase and sale arrangements2,993 3,939 
Receivables before allowance for credit losses9,226 9,751 
Allowance for credit losses(19)(20)
Receivables after allowance for credit losses9,207 9,731 
Income taxes receivable236 272 
Other receivables434 705 
Receivables, net$9,877 $10,708 
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in millions):
December 31,
20252024
Refinery feedstocks$1,880 $2,167 
Refined petroleum products and blendstocks4,182 4,016 
Renewable diesel feedstocks and products809 872 
Ethanol feedstocks and products314 342 
Materials and supplies406 364 
Inventories$7,591 $7,761 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Total Lease Cost by Class of Underlying Asset Total lease cost was as follows (in millions):
Pipelines,
Terminals,
and Tanks		TransportationOtherTotal
MarineRail
Year ended December 31, 2025
Finance lease cost:
Amortization of ROU assets$303 $— $3 $31 $337 
Interest on lease liabilities103 — 1 8 112 
Operating lease cost186 200 89 42 517 
Variable lease cost102 29 1 9 141 
Short-term lease cost16 291 3 121 431 
Sublease income— (23)— (2)(25)
Total lease cost$710 $497 $97 $209 $1,513 
Year ended December 31, 2024
Finance lease cost:
Amortization of ROU assets$247 $— $3 $33 $283 
Interest on lease liabilities107 — — 9 116 
Operating lease cost167 210 89 42 508 
Variable lease cost114 36 — 10 160 
Short-term lease cost27 196 3 134 360 
Sublease income— (33)— (2)(35)
Total lease cost$662 $409 $95 $226 $1,392 
Year ended December 31, 2023
Finance lease cost:
Amortization of ROU assets$213 $— $3 $30 $246 
Interest on lease liabilities101 — 1 5 107 
Operating lease cost166 127 80 45 418 
Variable lease cost114 61 — 8 183 
Short-term lease cost18 125 2 112 257 
Sublease income— (29)— (2)(31)
Total lease cost$612 $284 $86 $198 $1,180 
Additional Information Related to Operating and Finance Leases
The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates):
December 31, 2025December 31, 2024
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Supplemental balance sheet information
ROU assets, net reflected in the following
balance sheet line items:
Property, plant, and equipment, net$—$2,078$—$2,218
Deferred charges and other assets, net1,072—1,098—
Total ROU assets, net$1,072$2,078$1,098$2,218
Current lease liabilities reflected in the
following balance sheet line items:
Current portion of debt and finance lease
obligations
$—$254$—$244
Accrued expenses419—378—
Noncurrent lease liabilities reflected in the
following balance sheet line items:
Debt and finance lease obligations,
less current portion
—2,104—2,134
Other long-term liabilities665—699—
Total lease liabilities$1,084$2,358$1,077$2,378
Other supplemental information
Weighted-average remaining lease term5.8 years13.2 years6.2 years13.2 years
Weighted-average discount rate5.8 %5.1 %5.9 %4.9 %
Remaining Minimum Lease Payments Due under Long-Term Operating Leases
As of December 31, 2025, the remaining minimum lease payments due under our long-term leases were as follows (in millions):
Operating
Leases		Finance
Leases
2026$457 $361 
2027260 312 
2028166 310 
2029100 280 
203053 257 
Thereafter310 1,877 
Total undiscounted lease payments1,346 3,397 
Less: Amount associated with discounting262 1,039 
Total lease liabilities$1,084 $2,358 
Remaining Minimum Lease Payments Due under Long-Term Finance Leases
As of December 31, 2025, the remaining minimum lease payments due under our long-term leases were as follows (in millions):
Operating
Leases		Finance
Leases
2026$457 $361 
2027260 312 
2028166 310 
2029100 280 
203053 257 
Thereafter310 1,877 
Total undiscounted lease payments1,346 3,397 
Less: Amount associated with discounting262 1,039 
Total lease liabilities$1,084 $2,358 
v3.25.4
Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Major Classes of Property, Plant, and Equipment
Major classes of property, plant, and equipment, including assets held under finance leases, consisted of the following (in millions):
December 31,
20252024
Land$509 $500 
Crude oil processing facilities31,542 34,089 
Transportation and terminaling facilities6,201 6,013 
Waste and renewable feedstocks processing facilities3,660 3,616 
Corn processing facilities1,075 1,058 
Administrative buildings1,082 1,147 
Finance lease ROU assets (see Note 5)
3,397 3,348 
Other2,008 1,993 
Construction in progress617 604 
Property, plant, and equipment, at cost50,091 52,368 
Accumulated depreciation(22,474)(23,054)
Property, plant, and equipment, net$27,617 $29,314 
v3.25.4
Deferred Charges and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Deferred Charges and Other Assets
“Deferred charges and other assets, net” consisted of the following (in millions):
December 31,
20252024
Deferred turnaround and catalyst costs, net$2,751 $2,689 
Operating lease ROU assets, net (see Note 5)
1,072 1,098 
Investments in nonconsolidated joint ventures684 695 
Surplus assets in funded pension plans (see Note 13)
948 724 
Purchased compliance credits— 488 
Goodwill260 260 
Intangible assets, net123 151 
Income taxes receivable347 317 
Other976 670 
Deferred charges and other assets, net$7,161 $7,092 
v3.25.4
Accrued Expenses and Other Long-Term Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Expenses and Other Long-Term Liabilities
Accrued expenses and other long-term liabilities consisted of the following (in millions):
Accrued
Expenses		Other Long-Term
Liabilities
December 31,December 31,
2025202420252024
Operating lease liabilities (see Note 5)
$419 $378 $665 $699 
Liability for unrecognized tax benefits— — 441 429 
Defined benefit plan liabilities (see Note 13)
49 73 423 423 
Environmental liabilities32 45 243 261 
Wage and other employee-related liabilities469 307 104 102 
Accrued interest expense76 68 — — 
Contract liabilities from contracts with customers
(see Note 17)
60 82 — — 
Blending program obligations (see Note 19)
187 78 — — 
Asset retirement obligations (see Note 2)
— 2 382 36 
Other accrued liabilities111 97 200 190 
Accrued expenses and other long-term liabilities$1,403 $1,130 $2,458 $2,140 
Schedule of Changes in Asset Retirement Obligations
Changes in our asset retirement obligations were as follows (in millions):
Year Ended December 31,
202520242023
Balance as of beginning of year$38 $37 $7 
Additions to accrual337 — 1 
Revisions in estimated cash flows— 2 28 
Accretion expense15 2 2 
Settlements(8)(3)(1)
Balance as of end of year$382 $38 $37 
v3.25.4
Debt and Finance Lease Obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Debt and Lease Obligation [Abstract]  
Debt and Finance Lease Obligations
Debt, at stated values, and finance lease obligations consisted of the following (in millions):
Final
Maturity		December 31,
20252024
Credit facilities:
Valero Revolver
2030$— $— 
Accounts Receivable Sales Facility2026— — 
DGD Revolver2026— — 
DGD Loan Agreement2026— — 
IEnova Revolver
202823 58 
Public debt:
Valero Senior Notes
2.850%
2025— 251 
3.65%
2025— 189 
3.400%
2026426 426 
2.150%
2027564 564 
4.350%
2028591 591 
4.000%
2029439 439 
5.150%
2030650 — 
8.75%
2030200 200 
2.800%
2031462 462 
7.5%
2032729 729 
6.625%
20371,380 1,380 
6.75%
203724 24 
10.500%
2039113 113 
4.90%
2045621 621 
3.650%
2051829 829 
4.000%
2052508 508 
7.45%
209770 70 
Valero Energy Partners LP (VLP) Senior Notes
4.375%
2026146 146 
4.500%
2028456 456 
Debenture, 7.65%
2026100 100 
Net unamortized debt issuance costs and other(70)(71)
Total debt8,261 8,085 
Finance lease obligations (see Note 5)
2,358 2,378 
Total debt and finance lease obligations10,619 10,463 
Less: Current portion949 743 
Debt and finance lease obligations, less current portion$9,670 $9,720 
Summary of Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
December 31, 2025
Facility
Amount		Maturity
Date		Outstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 October 2030$— $2 $3,998 
Accounts receivable sales
facility
1,300 July 2026— n/a1,300 
Committed facilities of VIEs (b):
DGD Revolver400 June 2026— 29 371 
DGD Loan Agreement (c)100 June 2026— n/a100 
IEnova Revolver1,000 February 202823 n/a977 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a7 n/a
Uncommitted facility of VIE (b):
DGD letter of credit facilityn/an/an/a66 n/a
________________________
(a)Letters of credit issued as of December 31, 2025 expire at various times in 2026 through 2027.
(b)Creditors of the VIEs do not have recourse against us.
(c)The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.
Activity under our credit facilities was as follows (in millions):
Year Ended December 31,
202520242023
Borrowings:
Accounts receivable sales facility$6,250 $6,700 $1,750 
DGD Revolver650 310 550 
DGD Loan Agreement25 100 — 
IEnova Revolver— 27 120 
Repayments:
Accounts receivable sales facility(6,250)(6,700)(1,750)
DGD Revolver(650)(560)(400)
DGD Loan Agreement(25)(100)(25)
IEnova Revolver(35)— (71)
Debt Purchased and Retired
In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions):
Debt Purchased and RetiredPrincipal
Amount
6.625% Senior Notes due 2037
$62 
3.650% Senior Notes due 2051
26 
4.000% Senior Notes due 2052
45 
Various other Valero and VLP Senior Notes66 
Total$199 
Interest and Debt Expense, Net of Capitalized Interest
“Interest and debt expense, net of capitalized interest” was comprised as follows (in millions):
Year Ended December 31,
202520242023
Interest and debt expense$576 $580 $611 
Less: Capitalized interest20 24 19 
Interest and debt expense, net of
capitalized interest
$556 $556 $592 
Principal Maturities for Debt Obligations
Principal maturities for our debt obligations as of December 31, 2025 were as follows (in millions):
2026 (a)$695 
2027564 
20281,047 
2029439 
2030850 
Thereafter4,736 
Net unamortized debt issuance costs and other(70)
Total debt$8,261 
________________________
(a)Maturities for 2026 include the IEnova Revolver.
v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Share Activity
Activity in the number of shares of common stock and treasury stock was as follows (in millions):
Common
Stock		Treasury
Stock
Balance as of December 31, 2022673 (301)
Transactions in connection with
stock-based compensation plans
— 1 
Purchases of common stock for treasury— (40)
Balance as of December 31, 2023673 (340)
Purchases of common stock for treasury— (19)
Balance as of December 31, 2024673 (359)
Transactions in connection with
stock-based compensation plans
— 1 
Purchases of common stock for treasury— (17)
Balance as of December 31, 2025673 (375)
Share Purchase Program
Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions):
Program NameAuthorization
Date		Total Cost
Authorized		Completion of
Authorized Share
Purchases
Remaining
Available for
Purchase as of
December 31,
2025
October 2022 ProgramOctober 26, 2022$2,500 Second quarter of 2023$— 
February 2023 ProgramFebruary 23, 20232,500 Fourth quarter of 2023— 
September 2023 ProgramSeptember 15, 20232,500 Third quarter of 2024— 
February 2024 ProgramFebruary 22, 20242,500 Fourth quarter of 2025— 
September 2024 ProgramSeptember 19, 20242,500 n/a1,739 
Income Tax Effects Related to Components of Other Comprehensive Income (Loss)
The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):
Before-Tax
Amount		Tax Expense
(Benefit)		Net Amount
Year ended December 31, 2025
Foreign currency translation adjustment$659 $(4)$663 
Pension and other postretirement benefits:
Gain (loss) arising during the year related to:
Net actuarial gain170 39 131 
Prior service cost(4)(1)(3)
Miscellaneous gain— (1)1 
Amounts reclassified into income related to:
Net actuarial gain(16)(4)(12)
Prior service cost6 1 5 
Settlement loss6 2 4 
Effect of exchange rates8 2 6 
Net gain on pension and other
postretirement benefits
170 38 132 
Derivative instruments designated and
qualifying as cash flow hedges:
Net gain arising during the year3 — 3 
Net loss reclassified into income21 2 19 
Net gain on cash flow hedges24 2 22 
Other comprehensive income$853 $36 $817 
Before-Tax
Amount		Tax Expense
(Benefit)		Net Amount
Year ended December 31, 2024
Foreign currency translation adjustment$(546)$(16)$(530)
Pension and other postretirement benefits:
Gain (loss) arising during the year related to:
Net actuarial gain224 51 173 
Miscellaneous loss— 1 (1)
Amounts reclassified into income related to:
Net actuarial gain(9)(2)(7)
Prior service credit(10)(3)(7)
Settlement loss5 1 4 
Effect of exchange rates(3)(1)(2)
Net gain on pension and other
postretirement benefits
207 47 160 
Derivative instruments designated and
qualifying as cash flow hedges:
Net gain arising during the year30 3 27 
Net gain reclassified into income(117)(13)(104)
Net loss on cash flow hedges(87)(10)(77)
Other comprehensive loss$(426)$21 $(447)
Year ended December 31, 2023
Foreign currency translation adjustment$433 $— $433 
Pension and other postretirement benefits:
Gain (loss) arising during the year related to:
Net actuarial gain77 18 59 
Prior service cost(19)(4)(15)
Miscellaneous loss— 2 (2)
Amounts reclassified into income related to:
Net actuarial gain(12)(3)(9)
Prior service credit(22)(5)(17)
Settlement loss2 — 2 
Effect of exchange rates4 1 3 
Net gain on pension and other
postretirement benefits
30 9 21 
Derivative instruments designated and
qualifying as cash flow hedges:
Net gain arising during the year82 8 74 
Net loss reclassified into income8 1 7 
Net gain on cash flow hedges90 9 81 
Other comprehensive income$553 $18 $535 
Changes in Components of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses) on
Cash Flow
Hedges		Total
Balance as of December 31, 2022$(1,168)$(183)$(8)$(1,359)
Other comprehensive income
before reclassifications
433 42 32 507 
Amounts reclassified from
accumulated other comprehensive 
loss
— (24)3 (21)
Effect of exchange rates— 3 — 3 
Other comprehensive income
433 21 35 489 
Balance as of December 31, 2023(735)(162)27 (870)
Other comprehensive income (loss)
before reclassifications
(529)172 12 (345)
Amounts reclassified from
accumulated other comprehensive
loss
— (10)(45)(55)
Effect of exchange rates— (2)— (2)
Other comprehensive income (loss)
(529)160 (33)(402)
Balance as of December 31, 2024(1,264)(2)(6)(1,272)
Other comprehensive income
before reclassifications
662 129 1 792 
Amounts reclassified from
accumulated other comprehensive 
loss
— (3)8 5 
Effect of exchange rates— 6 — 6 
Other comprehensive income
662 132 9 803 
Balance as of December 31, 2025$(602)$130 $3 $(469)
Gains (Losses) Reclassified Out of Accumulated Other Comprehensive Loss
Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions):
Details about
Accumulated Other
Comprehensive Loss
Components		Affected Line
Item in the
Statements of
Income
Year Ended December 31,
202520242023
Amortization of items related to defined
benefit pension plans:
Net actuarial gain$16 $9 $12 
(a) Other income, net
Prior service (cost) credit(6)10 22 
(a) Other income, net
Settlement loss(6)(5)(2)
(a) Other income, net
4 14 32 Total before tax
(1)(4)(8)Tax expense
$3 $10 $24 Net of tax
Gains (losses) on cash flow hedges:
Commodity contracts$(21)$117 $(8)Revenues
(21)117 (8)Total before tax
2 (13)1 Tax benefit (expense)
$(19)$104 $(7)Net of tax
Total reclassifications for the year$(16)$114 $17 Net of tax
________________________
(a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 13.
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Information of Consolidated VIEs
The following table presents summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions):
DGDCentral
Mexico
Terminals		OtherTotal
December 31, 2025
Assets
Cash and cash equivalents$196 $2 $30 $228 
Other current assets1,106 18 49 1,173 
Property, plant, and equipment, net3,643 619 61 4,323 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$297 $43 $4 $344 
Debt and finance lease obligations,
less current portion
616 — — 616 
December 31, 2024
Assets
Cash and cash equivalents$353 $— $21 $374 
Other current assets976 9 42 1,027 
Property, plant, and equipment, net3,806 647 64 4,517 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$304 $75 $4 $383 
Debt and finance lease obligations,
less current portion
642 — — 642 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
The Changes in Benefit Obligation, the Changes in Fair Value of Plan Assets, and the Funded Status of Our Pension Plans and Other Postretirement Benefit Plans
The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Changes in benefit obligation
Benefit obligation as of beginning of year$2,566 $2,618 $235 $266 
Service cost109 112 3 4 
Interest cost135 125 12 13 
Participant contributions— — 27 24 
Plan amendments4 — — — 
Benefits paid(226)(186)(45)(41)
Actuarial (gain) loss27 (99)3 (29)
Foreign currency exchange rate changes15 (4)— (2)
Benefit obligation as of end of year$2,630 $2,566 $235 $235 
Changes in plan assets (a)
Fair value of plan assets as of beginning of year$3,029 $2,835 $— $— 
Actual return on plan assets422 310 — — 
Company contributions91 76 18 17 
Participant contributions— — 27 24 
Benefits paid(226)(186)(45)(41)
Foreign currency exchange rate changes25 (6)— — 
Fair value of plan assets as of end of year$3,341 $3,029 $— $— 
Reconciliation of funded status (a)
Fair value of plan assets as of end of year$3,341 $3,029 $— $— 
Less: Benefit obligation as of end of year2,630 2,566 235 235 
Funded status as of end of year$711 $463 $(235)$(235)
Accumulated benefit obligation$2,484 $2,423 n/an/a
________________________
(a)Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in our balance sheets for our pension and other postretirement benefit plans include (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Deferred charges and other assets, net$948 $724 $— $— 
Accrued expenses(28)(51)(21)(22)
Other long-term liabilities(209)(210)(214)(213)
$711 $463 $(235)$(235)
Projected Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions):
December 31,
20252024
Projected benefit obligation$237 $260 
Fair value of plan assets— — 
Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions):
December 31,
20252024
Accumulated benefit obligation$200 $220 
Fair value of plan assets— — 
Expected Benefit Payments
Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions):
Pension
Benefits		Other
Postretirement
Benefits
2026$205 $21 
2027272 21 
2028204 20 
2029194 20 
2030221 19 
2031-20351,105 91 
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Service cost$109 $112 $111 $3 $4 $4 
Interest cost135 125 121 12 13 13 
Expected return on plan assets(222)(214)(202)— — — 
Amortization of:
Net actuarial gain(9)(5)(6)(7)(4)(6)
Prior service cost (credit)6 (10)(18)— — (4)
Settlement loss6 5 2 — — — 
Net periodic benefit cost$25 $13 $8 $8 $13 $7 
Pre-Tax Amounts Recognized in Other Comprehensive Income (Loss)
Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Net gain (loss) arising during
the year:
Net actuarial gain (loss)$173 $195 $87 $(3)$29 $(10)
Prior service cost
(4)— (19)— — — 
Net (gain) loss reclassified into
income:
Net actuarial gain(9)(5)(6)(7)(4)(6)
Prior service cost (credit)6 (10)(18)— — (4)
Settlement loss6 5 2 — — — 
Effect of exchange rates7 (2)4 1 (1)— 
Total changes in other
comprehensive income (loss)
$179 $183 $50 $(9)$24 $(20)
Pre-Tax Amounts in Accumulated Other Comprehensive Loss Not Yet Recognized
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Net actuarial (gain) loss$(115)$62 $(87)$(96)
Prior service cost20 22 1 1 
Total$(95)$84 $(86)$(95)
Weighted-Average Assumptions Used to Determine the Benefit Obligations and Net Periodic Benefit Cost
The weighted-average assumptions used to determine the benefit obligations were as follows:
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Discount rate5.62%5.72%5.42%5.64%
Rate of compensation increase3.97%4.04%n/an/a
Interest crediting rate for
cash balance plans
4.12%4.25%n/an/a
The weighted-average assumptions used to determine the net periodic benefit cost were as follows:
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Discount rate5.72%5.01%5.19%5.64%5.01%5.20%
Expected long-term rate of return
on plan assets
7.33%7.29%7.31%n/an/an/a
Rate of compensation increase4.04%3.84%3.76%n/an/an/a
Interest crediting rate for
cash balance plans
4.24%3.59%3.76%n/an/an/a
Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates were as follows:
December 31,
20252024
Health care cost trend rate assumed for the next year8.23%8.13%
Rate to which the cost trend rate was assumed to decline
(the ultimate trend rate)
4.97%4.97%
Year that the rate reaches the ultimate trend rate20382036
Fair Value of Pension Plan Assets by Level of Fair Value Hierarchy
The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2025 and 2024 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or using inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2025 and 2024. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans.
20252024
Level 1Level 2TotalLevel 1Level 2Total
Equity securities (a)$597 $— $597 $542 $— $542 
Mutual funds259 — 259 233 — 233 
Corporate debt instruments— 260 260 — 261 261 
Government securities122 169 291 81 169 250 
Common collective trusts (b)— 1,468 1,468 — 1,337 1,337 
Pooled separate accounts (c)— 365 365 — 325 325 
Insurance contract— 12 12 — 13 13 
Interest and dividends receivable6 — 6 6 — 6 
Cash and cash equivalents85 — 85 64 — 64 
Securities transactions payable, net(2)— (2)(2)— (2)
Total pension plan assets$1,067 $2,274 $3,341 $924 $2,105 $3,029 
________________________
(a)This class of securities includes domestic and international securities, which are held in a wide range of industry sectors.
(b)This class primarily includes investments in approximately 70 percent equities and 30 percent bonds as of December 31, 2025 and 2024.
(c)This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2025 and 2024.
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense and Tax Benefits
The following table reflects activity related to our stock-based compensation arrangements (in millions):
Year Ended December 31,
202520242023
Stock-based compensation expense:
Restricted stock$73 $67 $69 
Performance awards44 33 38 
Total stock-based compensation expense$117 $100 $107 
Tax benefit recognized on stock-based compensation expense$16 $13 $14 
Tax benefit realized for tax deductions resulting from
exercises and vestings
— — 2 
Schedule of Restricted Stock Awards
A summary of the status of our restricted stock awards is presented in the following table:





Number of
Shares
Weighted-
Average
Grant-Date
Fair Value
Per Share
Nonvested shares as of January 1, 2025795,220 $126.63 
Granted473,834 155.18 
Vested(527,122)128.53 
Forfeited(6,835)126.89 
Nonvested shares as of December 31, 2025735,097 143.67 
The following table reflects activity related to our restricted stock:
Year Ended December 31,
202520242023
Weighted-average grant-date fair value per share of
restricted stock granted
$155.18 $131.68 $125.57 
Fair value of restricted stock vested (in millions)82 82 99 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income before Income Tax Expense from U.S. and Foreign Operations
Income before income tax expense was as follows (in millions):
Year Ended December 31,
202520242023
U.S. operations$899 $2,685 $9,335 
Foreign operations2,106 1,013 2,433 
Income before income tax expense$3,005 $3,698 $11,768 
Reconciliation of Income Tax Expense Related to Continuing Operations to Income Tax Expense at Statutory Rate
Statutory income tax rates applicable to the countries in which we operate during each of the years ended December 31, 2025, 2024, and 2023 were as follows:
Statutory Income
Tax Rates
U.S.21 %
Canada15 %
U.K. (a)25 %
Ireland13 %
Mexico30 %
Peru30 %
________________________
(a)Statutory income tax rate was increased to 25 percent from 19 percent effective April 1, 2023.
The following is a reconciliation of income tax expense computed by applying statutory income tax rates to actual income tax expense (dollars in millions):
Year Ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate$631 21.0 %$777 21.0 %$2,471 21.0 %
Domestic federal:
Tax credits
Foreign tax credits(61)(2.0)%(46)(1.2)%(149)(1.3)%
Biofuels tax credits (a)(4)(0.1)%(248)(6.7)%— — %
Other(1)— %(1)— %(1)— %
Nontaxable and nondeductible items
Nontaxable production tax credits (b)(66)(2.2)%— — %— — %
Nontaxable blender’s tax credits (c)— — %(127)(3.4)%(125)(1.1)%
Tax on biofuels tax credits1 — %52 1.4 %— — %
Other (d)13 0.4 %14 0.4 %34 0.3 %
Cross-border tax laws4 0.1 %7 0.2 %27 0.2 %
Changes in valuation allowances63 2.1 %49 1.3 %149 1.3 %
Other reconciling items
Tax effects of income associated with
noncontrolling interests
25 0.8 %(50)(1.3)%(84)(0.7)%
Other(3)(0.1)%(43)(1.2)%34 0.3 %
Domestic state and local income taxes, net of
federal effect (e)
22 0.7 %19 0.5 %122 1.0 %
Foreign tax effects:
Canada
Provincial and local income taxes90 3.0 %101 2.7 %161 1.4 %
Statutory income tax rate differential(47)(1.5)%(52)(1.4)%(84)(0.7)%
Withholding taxes41 1.4 %59 1.6 %45 0.4 %
Other— — %(2)(0.1)%21 0.2 %
Mexico
Changes in valuation allowances(61)(2.0)%57 1.5 %— — %
Statutory income tax rate differential42 1.4 %(26)(0.7)%15 0.1 %
Other1 — %(4)(0.1)%35 0.3 %
U.K.
Statutory income tax rate differential33 1.1 %14 0.4 %19 0.2 %
Other1 — %1 — %(13)(0.1)%
Other foreign8 0.3 %(4)(0.1)%(7)(0.1)%
Worldwide changes in unrecognized tax benefits27 0.9 %145 3.9 %(51)(0.4)%
Income tax expense
$759 25.3 %$692 18.7 %$2,619 22.3 %
________________________
(a)As permitted under Section 40(b) of the Code, producers of second-generation biofuels that are registered with the Internal Revenue Service (IRS) were eligible for an income tax credit of up to $1.01 per gallon of qualified biofuel that was produced and sold in the U.S. through December 31, 2024. We recorded a gross tax benefit in December 2024 related to these tax credits for the cellulosic ethanol produced by our Ethanol segment from 2020 through 2024, excluding the effects of unrecognized tax benefits, which are presented separately.
(b)As permitted under Section 45Z of the Code, a clean fuel production credit was available through December 31, 2025 for qualifying sales of low-carbon transportation fuels that were produced in the U.S. This credit was extended through December 31, 2029, with specific qualifications under the OBBB, as defined and described beginning on page 123.
(c)As permitted under Section 6426 of the Code, blenders of certain renewable fuels were eligible for a refundable tax credit of $1.00 per gallon of qualified fuel mixtures produced and either sold or used as fuel through December 31, 2024.
(d)Tax effects of share-based payment awards are included in this category.
(e)State and local income taxes in California and Texas composed the majority of the tax effect in this category.
Components of Income Tax Expense
Components of income tax expense were as follows (in millions):
Year Ended December 31,
202520242023
Current tax expense:
U.S. federal$574 $464 $1,804 
U.S. state and local52 37 157 
Foreign330 278 555 
Total current tax expense
956 779 2,516 
Deferred tax expense (benefit):
U.S. federal(364)(99)25 
U.S. state and local(11)(13)(12)
Foreign178 25 90 
Total deferred tax expense (benefit)
(197)(87)103 
Total income tax expense:
U.S. federal210 365 1,829 
U.S. state and local41 24 145 
Foreign508 303 645 
Total income tax expense
$759 $692 $2,619 
Schedule of Income Taxes Paid
Income taxes paid, net of any refunds, to U.S. and foreign taxing authorities were as follows (in millions):
Year Ended December 31,
202520242023
U.S. federal (a)$287 $664 $1,985 
U.S. state and local16 37 173 
Foreign:
Canada
Federal173 66 683 
Quebec78 34 385 
U.K.128 — 199 
Other17 42 69 
Total foreign396 142 1,336 
Income taxes paid, net
$699 $843 $3,494 
________________________
(a)In 2025, the U.S. federal income taxes paid are shown net of the utilization of foreign tax credits and clean fuel production credits.
Deferred Income Tax Assets and Liabilities
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions):
December 31,
20252024
Deferred income tax assets:
Tax credit carryforwards$924 $858 
Net operating losses (NOLs)632 689 
Inventories159 197 
Finance lease obligations633 607 
Operating lease liabilities210 212 
Other226 195 
Total deferred income tax assets2,784 2,758 
Valuation allowance(1,507)(1,484)
Net deferred income tax assets1,277 1,274 
Deferred income tax liabilities:
Property, plant, and equipment4,871 5,131 
Deferred turnaround costs428 450 
Operating lease ROU assets199 211 
Investments437 417 
Other488 332 
Total deferred income tax liabilities6,423 6,541 
Net deferred income tax liabilities$5,146 $5,267 
Income Tax Credit and Loss Carryforwards
We had the following income tax credit and loss carryforwards as of December 31, 2025 (in millions):
AmountExpiration
U.S. state income tax credits (gross amount)$84 2026 through 2040
U.S. state income tax credits (gross amount)3 Unlimited
U.S. foreign tax credits855 2027 through 2035
U.S. state income tax NOLs (gross amount)12,289 2026 through 2040
Reconciliation of the Changes in Unrecognized Tax Benefits
The following is a reconciliation of the changes in unrecognized tax benefits, excluding related interest and penalties (in millions):
Year Ended December 31,
202520242023
Balance as of beginning of year$316 $186 $284 
Additions for tax positions related to the current year4 52 18 
Additions for tax positions related to prior years13 106 4 
Reductions for tax positions related to prior years(12)(19)(73)
Reductions for tax positions related to the lapse of
applicable statute of limitations
(6)(7)(9)
Settlements— (2)(38)
Balance as of end of year$315 $316 $186 
v3.25.4
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings per Common Share, Basic and Diluted
Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts):
Year Ended December 31,
202520242023
Earnings per common share:
Net income attributable to Valero stockholders
$2,348 $2,770 $8,835 
Less: Income allocated to participating securities7 8 27 
Net income available to common stockholders
$2,341 $2,762 $8,808 
Weighted-average common shares outstanding309 322 353 
Earnings per common share
$7.57 $8.58 $24.93 
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders
$2,348 $2,770 $8,835 
Less: Income allocated to participating securities7 8 27 
Net income available to common stockholders
$2,341 $2,762 $8,808 
Weighted-average common shares outstanding
309 322 353 
Effect of dilutive securities
— — — 
Weighted-average common shares outstanding –
assuming dilution
309 322 353 
Earnings per common share – assuming dilution
$7.57 $8.58 $24.92 
v3.25.4
Revenues and Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Contract Balances
Contract balances were as follows (in millions):
December 31,
20252024
Receivables from contracts with customers,
included in receivables, net (see Note 3)
$6,233 $5,812 
Contract liabilities, included in accrued expenses (see Note 8)
60 82 
Segment Activity, Including Total Assets by Reportable Segment
The following tables reflect information about our reportable segments and includes the reconciliation to our consolidated income before income tax expense (in millions):
RefiningRenewable
Diesel		EthanolTotal
Year ended December 31, 2025
Revenues:
Revenues from external customers$116,158 $2,508 $4,021 $122,687 
Intersegment revenues8 2,089 956 3,053 
116,166 4,597 4,977 125,740 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(3,053)
Total consolidated revenues$122,687 
Less:
Cost of sales:
Cost of materials and other (a)96,080 4,178 3,913 
Taxes other than income taxes6,720 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
5,426 308 611 
Depreciation and amortization expense 2,754 267 79 
Total cost of sales110,980 4,753 4,603 
Asset impairment loss1,131 — — 
Other operating expenses15 — — 
Operating income (loss) by segment
$4,040 $(156)$374 $4,258 
Reconciliation of operating income (loss) by segment
to income before income tax expense
Elimination of intersegment losses28 
Unallocated amounts:
Other corporate expenses (b)(1,105)
Other income, net380 
Interest and debt expense, net of capitalized
interest
(556)
Income before income tax expense$3,005 
Other segment disclosures
Segment assets$44,498 $5,317 $1,501 $51,316 
Expenditures for long-lived assets (c)1,606 170 39 1,815 
________________________
See notes on page 129.
RefiningRenewable
Diesel		EthanolTotal
Year ended December 31, 2024
Revenues:
Revenues from external customers$123,853 $2,410 $3,618 $129,881 
Intersegment revenues10 2,656 868 3,534 
123,863 5,066 4,486 133,415 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(3,534)
Total consolidated revenues$129,881 
Less:
Cost of sales:
Cost of materials and other (a)106,638 3,944 3,558 
Taxes other than income taxes 5,900 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
4,946 350 536 
Depreciation and amortization expense2,391 265 77 
Total cost of sales119,875 4,559 4,171 
Other operating expenses17 — 27 
Operating income by segment
$3,971 $507 $288 $4,766 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(5)
Unallocated amounts:
Other corporate expenses (b)(1,006)
Other income, net499 
Interest and debt expense, net of capitalized
interest
(556)
Income before income tax expense$3,698 
Other segment disclosures
Segment assets$46,729 $5,680 $1,545 $53,954 
Expenditures for long-lived assets (c)1,635 321 34 1,990 
________________________
See notes on page 129.
RefiningRenewable
Diesel		EthanolTotal
Year ended December 31, 2023
Revenues:
Revenues from external customers$136,470 $3,823 $4,473 $144,766 
Intersegment revenues18 3,168 1,086 4,272 
136,488 6,991 5,559 149,038 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(4,272)
Total consolidated revenues$144,766 
Less:
Cost of sales:
Cost of materials and other (a)111,681 5,550 4,395 
Taxes other than income taxes 5,720 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
5,208 358 515 
Depreciation and amortization expense2,351 231 80 
Total cost of sales124,960 6,139 4,990 
Other operating expenses17 — 16 
Operating income by segment
$11,511 $852 $553 $12,916 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(17)
Unallocated amounts:
Other corporate expenses (b)(1,041)
Other income, net502 
Interest and debt expense, net of capitalized
interest
(592)
Income before income tax expense$11,768 
Other segment disclosures
Segment assets$49,031 $5,790 $1,549 $56,370 
Expenditures for long-lived assets (c)1,488 294 43 1,825 
________________________
(a)Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $607 million for the year ended December 31, 2025 and the blender’s tax credit on qualified fuel mixtures of $1.3 billion and $1.2 billion for the years ended December 31, 2024 and 2023, respectively.
(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income as shown on page 75.
(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.
Reconciliation of Assets from Segment to Consolidated
Total assets by reportable segments reconciled to our consolidated assets were as follows (in millions):
December 31,
20252024
Total assets for reportable segments$51,316 $53,954 
Corporate assets6,938 6,565 
Elimination of intercompany receivables and other assets
(266)(376)
Total consolidated assets$57,988 $60,143 
Segment, Reconciliation of Other Items from Segments to Consolidated
Expenditures for long-lived assets by reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):
Year Ended December 31,
202520242023
Expenditures for long-lived assets for reportable segments$1,815 $1,990 $1,825 
Corporate expenditures for long-lived assets
70 67 91 
Total consolidated expenditures for long-lived assets$1,885 $2,057 $1,916 
Revenues from External Customers by Product
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Year Ended December 31,
202520242023
Refining:
Gasolines and blendstocks$50,917 $56,014 $61,538 
Distillates55,077 55,636 63,664 
Other product revenues10,164 12,203 11,268 
Total Refining revenues116,158 123,853 136,470 
Renewable Diesel:
Renewable diesel2,073 2,316 3,665 
Renewable naphtha138 94 158 
Neat SAF297 — — 
Total Renewable Diesel revenues2,508 2,410 3,823 
Ethanol:
Ethanol3,174 2,647 3,300 
Distillers grains847 971 1,173 
Total Ethanol revenues4,021 3,618 4,473 
Revenues$122,687 $129,881 $144,766 
Revenues by Geographic Area of Customer
Revenues by geographic area are shown in the following table (in millions). The geographic area is based on the location of the customer, and no customer accounted for 10 percent or more of our revenues.
Year Ended December 31,
202520242023
U.S.$87,819 $93,311 $104,208 
Canada8,137 8,577 10,107 
U.K. and Ireland15,830 15,236 16,148 
Mexico and Peru5,168 5,405 6,438 
Other countries5,733 7,352 7,865 
Revenues$122,687 $129,881 $144,766 
Long-Lived Assets by Geographic Areas Long-lived assets by geographic area consisted of the following (in millions):
December 31,
20252024
U.S.$26,544 $28,359 
Canada1,567 1,414 
U.K. and Ireland1,512 1,484 
Mexico and Peru785 798 
Total long-lived assets$30,408 $32,055 
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Cash Flows, Supplemental Disclosures
In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):
Year Ended December 31,
202520242023
Decrease (increase) in current assets:
Receivables, net$1,125 $1,562 $(387)
Inventories362 (286)(684)
Prepaid expenses and other99 320 (34)
Increase (decrease) in current liabilities:
Accounts payable(2,016)(430)(169)
Accrued expenses237 (168)(50)
Taxes other than income taxes payable138 (57)(226)
Income taxes payable(137)(146)(776)
Changes in current assets and current liabilities$(192)$795 $(2,326)
Cash flows related to interest and income taxes were as follows (in millions):
Year Ended December 31,
202520242023
Interest paid in excess of amount capitalized,
including interest on finance leases
$533 $556 $562 
Income taxes paid, net (see Note 15)
699 843 3,494 
Supplemental cash flow information related to our operating and finance leases was as follows (in millions):
Year Ended December 31,
202520242023
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Cash paid for amounts included
in the measurement of
lease liabilities:
Operating cash flows$527 $112 $527 $116 $428 $107 
Investing cash flows— — 1 — — — 
Financing cash flows— 268 — 245 — 250 
Changes in lease balances
resulting from new and
modified leases
477 237 448 318 396 157 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of December 31, 2025 and 2024.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
December 31, 2025
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$490 $— $— $490 $(448)$(7)$35 $— 
Physical purchase
contracts
— 1 — 1 n/an/a1 n/a
Clean fuel production
credits
— — 55 55 n/an/a55 n/a
Investments of certain
benefit plans
92 — 4 96 n/an/a96 n/a
Investments in AFS
debt securities
1 26 — 27 n/an/a27 n/a
Total
$583 $27 $59 $669 $(448)$(7)$214 
Liabilities
Commodity derivative
contracts
$453 $— $— $453 $(448)$(5)$— $(39)
Physical purchase
contracts
— 4 — 4 n/an/a4 n/a
Blending program
obligations
— 85 — 85 n/an/a85 n/a
Foreign currency
contracts
2 — — 2 n/an/a2 n/a
Total
$455 $89 $— $544 $(448)$(5)$91 
December 31, 2024
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$402 $— $— $402 $(402)$— $— $— 
Physical purchase
contracts
— 2 — 2 n/an/a2 n/a
Investments of certain
benefit plans
89 — 4 93 n/an/a93 n/a
Investments in AFS
debt securities
6 20 — 26 n/an/a26 n/a
Foreign currency
contracts
6 — — 6 n/an/a6 n/a
Total
$503 $22 $4 $529 $(402)$— $127 
Liabilities
Commodity derivative
contracts
$448 $— $— $448 $(402)$(46)$— $(71)
Physical purchase
contracts
— 3 — 3 n/an/a3 n/a
Blending program
obligations
— 13 — 13 n/an/a13 n/a
Total
$448 $16 $— $464 $(402)$(46)$16 
Fair Value Measurements, Nonrecurring
As discussed in Note 2, we concluded that the carrying values of the Benicia and Wilmington refineries were impaired as of March 31, 2025. The fair values of the refineries were determined using a market approach based on a comparison of recent property sales and other relevant real estate and market data, which we determined reflects the highest and best use of these assets. These fair values involved significant assumptions and actual results could differ from these estimates.
The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the year ended December 31, 2025.
March 31, 2025
Fair Value Measurements Using
Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value		Carrying
Value
as of
December 31,
2025 (a)		Loss
Recognized (b)
Assets
Long-lived assets of
the Benicia Refinery
$— $— $722 $722 $304 $901 
Long-lived assets of
the Wilmington
Refinery
— — 847 847 788 230 
Total$— $— $1,569 $1,569 $1,092 $1,131 
________________________
(a)The carrying values of the Benicia and Wilmington refineries as of December 31, 2025 are lower than the fair values as of March 31, 2025 primarily due to the recognition of depreciation and amortization expense.
(b)The asset impairment loss was recognized in our Refining segment in March 2025.
Carrying Amounts and Estimated Fair Value of Financial Instruments The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt are shown in the table below (in millions).
December 31, 2025December 31, 2024
Fair Value
Hierarchy		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Debt (excluding finance lease
obligations)
Level 2$8,261 $8,190 $8,085 $7,776 
v3.25.4
Price Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management Activities by Type of Risk
As of December 31, 2025, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels).
Notional Contract
Volumes by
Year of Maturity
2026
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short2,720 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long93,157 
Futures – short98,482 
Corn:
Futures – long54,410 
Futures – short87,530 
Physical contracts – long31,193 
Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of December 31, 2025 and 2024 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments.

As indicated in Note 19, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts:
Balance Sheet
Location		December 31, 2025December 31, 2024
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$31 $7 $12 $13 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$459 $446 $390 $435 
Physical purchase contractsInventories1 4 2 3 
Foreign currency contractsReceivables, net— — 6 — 
Foreign currency contractsAccrued expenses— 2 — — 
Total$460 $452 $398 $438 
Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)
The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):
Derivatives in
Cash Flow Hedging
Relationships
Location of Gain (Loss)
Recognized in Income
on Derivatives
Year Ended December 31,
202520242023
Commodity contracts:
Gain recognized in
other comprehensive
income (loss)
n/a$3 $30 $82 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(21)117 (8)
The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions):
Derivatives Not
Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized in Income
on Derivatives
Year Ended December 31,
202520242023
Commodity contractsRevenues$(10)$(18)$(27)
Commodity contractsCost of materials and other(19)(86)208 
Commodity contractsOperating expenses
(excluding depreciation and
amortization expense)		— — 1 
Foreign currency contractsCost of materials and other(12)36 (34)
v3.25.4
Description of Business, Basis of Presentation, and Significant Accounting Policies (Details)
bbl / d in Millions, gal / yr in Billions
 12 Months Ended
Dec. 31, 2025
gal / yr
bbl / d
ethanol_plant
plant
refinery
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]  
Number of petroleum refineries owned | refinery 15
Combined throughput capacity of petroleum refining (barrels per day) | bbl / d 3.2
Number of ethanol plants owned | ethanol_plant 12
Combined production capacity of ethanol (gallons per year) 1.7
Equipment [Member]  
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]  
Property, plant, and equipment, useful life 20 years
Minimum [Member]  
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]  
Property, plant, and equipment, useful life 20 years
Typical payment due date post date of invoice terms (in days) 2 days
Maximum [Member]  
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]  
Property, plant, and equipment, useful life 30 years
Typical payment due date post date of invoice terms (in days) 10 days
Diamond Green Diesel Holdings LLC (DGD) [Member]  
Description Of Business, Basis Of Presentation, And Significant Accounting Policies [Line Items]  
Number of plants owned by DGD joint venture | plant 2
Combined production capacity of DGD joint venture (gallons per year) 1.2
v3.25.4
Impairment and Other Matters (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 01, 2026
Impairment (Textual)            
Asset impairment loss     $ 1,131 $ 0 $ 0  
Asset retirement obligation, liabilities incurred     337 0 1  
Incremental depreciation     2,300 $ 1,900 $ 1,900  
California Refineries [Member]            
Impairment (Textual)            
Liquidation of LIFO, cost increase     (37)      
One-time Termination Benefits [Member] | Benicia Refinery [Member]            
Impairment (Textual)            
Retention and separation benefit liability     50      
Refining [Member] | One-time Termination Benefits [Member] | Benicia Refinery [Member]            
Impairment (Textual)            
One-time costs     50      
Refining [Member] | Operating Segments [Member]            
Impairment (Textual)            
Asset impairment loss $ 1,100   1,131      
Asset retirement obligation, liabilities incurred   $ 337 337      
California Refineries [Member]            
Impairment (Textual)            
Asset impairment loss     1,131      
Benicia Refinery [Member]            
Impairment (Textual)            
Estimated fair value 722 722        
Asset impairment loss     901      
Incremental depreciation     300      
Benicia Refinery [Member] | Expected [Member]            
Impairment (Textual)            
Property, plant, and equipment, salvage value           $ 107
Wilmington Refinery [Member]            
Impairment (Textual)            
Estimated fair value $ 847 $ 847        
Asset impairment loss     $ 230      
v3.25.4
Receivables (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Receivables    
Receivables $ 9,226 $ 9,751
Allowance for credit losses (19) (20)
Receivables after allowance for credit losses 9,207 9,731
Income taxes receivable 236 272
Other receivables 434 705
Receivables, net 9,877 10,708
Trade Accounts Receivable, Contracts with Customers [Member]    
Receivables    
Receivables 6,233 5,812
Trade Accounts Receivable, Purchase and Sale Arrangements [Member]    
Receivables    
Receivables $ 2,993 $ 3,939
v3.25.4
Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Inventories    
Refinery feedstocks $ 1,880 $ 2,167
Refined petroleum products and blendstocks 4,182 4,016
Renewable diesel feedstocks and products 809 872
Ethanol feedstocks and products 314 342
Materials and supplies 406 364
Inventories 7,591 7,761
Inventory [Line Items]    
Excess of market value over carrying amount of LIFO inventories 2,600 4,000
Amount of non-LIFO inventory 1,200 $ 1,300
California Refineries [Member]    
Inventory [Line Items]    
Liquidation of LIFO, cost increase $ (37)  
v3.25.4
Leases, Total Lease Cost by Class of Underlying Asset (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finance lease cost:      
Amortization of ROU assets $ 337 $ 283 $ 246
Interest on lease liabilities 112 116 107
Lease cost:      
Operating lease cost 517 508 418
Variable lease cost 141 160 183
Short-term lease cost 431 360 257
Sublease income (25) (35) (31)
Total lease cost 1,513 1,392 1,180
Pipelines, Terminals, and Tanks [Member]      
Finance lease cost:      
Amortization of ROU assets 303 247 213
Interest on lease liabilities 103 107 101
Lease cost:      
Operating lease cost 186 167 166
Variable lease cost 102 114 114
Short-term lease cost 16 27 18
Sublease income 0 0 0
Total lease cost 710 662 612
Maritime Equipment [Member]      
Finance lease cost:      
Amortization of ROU assets 0 0 0
Interest on lease liabilities 0 0 0
Lease cost:      
Operating lease cost 200 210 127
Variable lease cost 29 36 61
Short-term lease cost 291 196 125
Sublease income (23) (33) (29)
Total lease cost 497 409 284
Railroad Transportation Equipment [Member]      
Finance lease cost:      
Amortization of ROU assets 3 3 3
Interest on lease liabilities 1 0 1
Lease cost:      
Operating lease cost 89 89 80
Variable lease cost 1 0 0
Short-term lease cost 3 3 2
Sublease income 0 0 0
Total lease cost 97 95 86
Other Assets [Member]      
Finance lease cost:      
Amortization of ROU assets 31 33 30
Interest on lease liabilities 8 9 5
Lease cost:      
Operating lease cost 42 42 45
Variable lease cost 9 10 8
Short-term lease cost 121 134 112
Sublease income (2) (2) (2)
Total lease cost $ 209 $ 226 $ 198
v3.25.4
Leases, Additional Information Related to Operating and Finance Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
ROU assets, net reflected in the following balance sheet line items:    
Operating lease ROU assets, net, balance sheet line item Deferred charges and other assets, net Deferred charges and other assets, net
Operating leases - deferred charges and other assets, net $ 1,072 $ 1,098
Current lease liabilities reflected in the following balance sheet line items:    
Current operating lease liabilities, balance sheet line item Accrued expenses Accrued expenses
Operating leases - accrued expenses $ 419 $ 378
Noncurrent lease liabilities reflected in the following balance sheet line items:    
Noncurrent operating lease liabilities, balance sheet line item Other long-term liabilities Other long-term liabilities
Operating leases - other long-term liabilities $ 665 $ 699
Operating leases - total lease liabilities $ 1,084 $ 1,077
ROU assets, net reflected in the following balance sheet line items:    
Finance lease ROU assets, net, balance sheet line item Property, plant, and equipment, net Property, plant, and equipment, net
Finance leases - property, plant, and equipment, net $ 2,078 $ 2,218
Current lease liabilities reflected in the following balance sheet line items:    
Current finance lease liabilities, balance sheet line item Current portion of debt and finance lease obligations Current portion of debt and finance lease obligations
Finance leases - current portion of debt and finance lease obligations $ 254 $ 244
Noncurrent lease liabilities reflected in the following balance sheet line items:    
Noncurrent finance lease liabilities, balance sheet line item Debt and finance lease obligations, less current portion Debt and finance lease obligations, less current portion
Finance leases - debt and finance lease obligations, less current portion $ 2,104 $ 2,134
Finance leases - total lease liabilities $ 2,358 $ 2,378
Operating Leases    
Weighted-average remaining lease term 5 years 9 months 18 days 6 years 2 months 12 days
Weighted-average discount rate 5.80% 5.90%
Finance Leases    
Weighted-average remaining lease term 13 years 2 months 12 days 13 years 2 months 12 days
Weighted-average discount rate 5.10% 4.90%
v3.25.4
Leases, Remaining Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 457  
2027 260  
2028 166  
2029 100  
2030 53  
Thereafter 310  
Total undiscounted lease payments 1,346  
Less: Amount associated with discounting 262  
Total lease liabilities 1,084 $ 1,077
Finance Leases    
2026 361  
2027 312  
2028 310  
2029 280  
2030 257  
Thereafter 1,877  
Total undiscounted lease payments 3,397  
Less: Amount associated with discounting 1,039  
Total lease liabilities $ 2,358 $ 2,378
v3.25.4
Property, Plant, and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant, and Equipment, Net      
Finance lease ROU assets (see Note 5) $ 3,397 $ 3,348  
Property, plant, and equipment, at cost 50,091 52,368  
Accumulated depreciation (22,474) (23,054)  
Property, plant, and equipment, net 27,617 29,314  
Property, Plant, and Equipment (Textual)      
Depreciation expense 2,300 1,900 $ 1,900
Land [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 509 500  
Crude Oil Processing Facilities [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 31,542 34,089  
Transportation and Terminaling Facilities [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 6,201 6,013  
Waste And Renewable Feedstocks Processing Facilities [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 3,660 3,616  
Corn Processing Facilities [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 1,075 1,058  
Administrative Buildings [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 1,082 1,147  
Other [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 2,008 1,993  
Construction in Progress [Member]      
Property, Plant, and Equipment, Net      
Property, plant, and equipment, at cost 617 $ 604  
Benicia Refinery [Member]      
Property, Plant, and Equipment (Textual)      
Depreciation expense $ 300    
v3.25.4
Deferred Charges and Other Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Charges and Other Assets      
Deferred turnaround and catalyst costs, net $ 2,751 $ 2,689  
Operating lease ROU assets, net (see Note 5) 1,072 1,098  
Investments in nonconsolidated joint ventures 684 695  
Surplus assets in funded pension plans (see Note 13) 948 724  
Purchased compliance credits 0 488  
Goodwill 260 260  
Intangible assets, net 123 151  
Income taxes receivable 347 317  
Other 976 670  
Deferred charges and other assets, net 7,161 7,092  
Deferred Charges and Other Assets (Textual)      
Amortization expense, deferred turnaround and catalyst costs and intangible assets $ 876 $ 852 $ 821
v3.25.4
Accrued Expenses and Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accrued Expenses    
Operating lease liabilities (see Note 5) $ 419 $ 378
Defined benefit plan liabilities (see Note 13) 49 73
Environmental liabilities 32 45
Wage and other employee-related liabilities 469 307
Accrued interest expense 76 68
Contract liabilities from contracts with customers (see Note 17) 60 82
Blending program obligations (see Note 19) 187 78
Asset retirement obligations (see Note 2) 0 2
Other accrued liabilities 111 97
Accrued expenses 1,403 1,130
Other Long-Term Liabilities    
Operating lease liabilities (see Note 5) 665 699
Liability for unrecognized tax benefits 441 429
Defined benefit plan liabilities (see Note 13) 423 423
Environmental liabilities 243 261
Wage and other employee-related liabilities 104 102
Asset retirement obligations (see Note 2) 382 36
Other accrued liabilities 200 190
Other long-term liabilities $ 2,458 $ 2,140
v3.25.4
Accrued Expenses and Other Long-Term Liabilities, Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]      
Balance as of beginning of year $ 38 $ 37 $ 7
Additions to accrual 337 0 1
Revisions in estimated cash flows 0 2 28
Accretion expense 15 2 2
Settlements (8) (3) (1)
Balance as of end of year $ 382 $ 38 $ 37
v3.25.4
Debt and Finance Lease Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Apr. 15, 2025
Mar. 15, 2025
Feb. 07, 2025
Dec. 31, 2024
Feb. 28, 2023
Debt and Finance Lease Obligations:            
Net unamortized debt issuance costs and other $ (70)       $ (71)  
Total debt 8,261       8,085  
Finance lease obligations (see Note 5) 2,358       2,378  
Total debt and finance lease obligations 10,619       10,463  
Less: Current portion 949       743  
Debt and finance lease obligations, less current portion 9,670       9,720  
Valero Revolver [Member] | Credit Facilities [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values 0       0  
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]            
Short-term Debt [Abstract]            
Short-term debt at stated values 0       0  
DGD Revolver [Member] | Credit Facilities [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values 0       0  
DGD Loan Agreement [Member] | Credit Facilities [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values 0       0  
IEnova Revolver [Member] | Credit Facilities [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values 23       58  
2.850% Valero Senior Notes Due 2025 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 0       251  
Interest rate of notes (percent) 2.85% 2.85%        
3.65% Valero Senior Notes Due 2025 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 0       189  
Interest rate of notes (percent) 3.65%   3.65%      
3.400% Valero Senior Notes Due 2026 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 426       426  
Interest rate of notes (percent) 3.40%          
2.150% Valero Senior Notes Due 2027 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 564       564  
Interest rate of notes (percent) 2.15%          
4.350% Valero Senior Notes Due 2028 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 591       591  
Interest rate of notes (percent) 4.35%          
4.000% Valero Senior Notes Due 2029 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 439       439  
Interest rate of notes (percent) 4.00%          
5.150% Valero Senior Notes Due 2030 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 650       0  
Interest rate of notes (percent) 5.15%     5.15%    
8.75% Valero Senior Notes Due 2030 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 200       200  
Interest rate of notes (percent) 8.75%          
2.800% Valero Senior Notes Due 2031 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 462       462  
Interest rate of notes (percent) 2.80%          
7.5% Valero Senior Notes Due 2032 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 729       729  
Interest rate of notes (percent) 7.50%          
6.625% Valero Senior Notes Due 2037 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 1,380       1,380  
Interest rate of notes (percent) 6.625%         6.625%
6.75% Valero Senior Notes Due 2037 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 24       24  
Interest rate of notes (percent) 6.75%          
10.500% Valero Senior Notes Due 2039 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 113       113  
Interest rate of notes (percent) 10.50%          
4.90% Valero Senior Notes Due 2045 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 621       621  
Interest rate of notes (percent) 4.90%          
3.650% Valero Senior Notes Due 2051 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 829       829  
Interest rate of notes (percent) 3.65%         3.65%
4.000% Valero Senior Notes Due 2052 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 508       508  
Interest rate of notes (percent) 4.00%         4.00%
7.45% Valero Senior Notes Due 2097 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 70       70  
Interest rate of notes (percent) 7.45%          
4.375% VLP Senior Notes Due 2026 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 146       146  
Interest rate of notes (percent) 4.375%          
4.500% VLP Senior Notes Due 2028 [Member] | Senior Notes [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 456       456  
Interest rate of notes (percent) 4.50%          
Debenture, 7.65% Due 2026 [Member] | Debenture [Member]            
Debt Instruments [Abstract]            
Long-term debt at stated values $ 100       $ 100  
Interest rate of notes (percent) 7.65%          
v3.25.4
Debt and Finance Lease Obligations, Credit Facilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Oct. 31, 2025
Credit Facilities (Textual)      
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity $ 732,000,000    
Valero Revolver [Member] | Credit Facilities [Member]      
Line of Credit Facility      
Facility amount   $ 4,000,000,000 $ 4,000,000,000
Outstanding borrowings, long term   0  
Availability   3,998,000,000  
Credit Facilities (Textual)      
Facility amount   4,000,000,000 4,000,000,000
Option to increase aggregate commitments under line of credit facility, increase limit, subject to certain restrictions     5,500,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]      
Line of Credit Facility      
Facility amount     2,400,000,000
Letters of credit issued   2,000,000  
Credit Facilities (Textual)      
Facility amount     $ 2,400,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]      
Line of Credit Facility      
Facility amount   1,300,000,000  
Outstanding borrowings, short-term   0  
Availability   1,300,000,000  
Credit Facilities (Textual)      
Facility amount   1,300,000,000  
Designated pool of accounts receivable 2,500,000,000 2,700,000,000  
DGD Revolver [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Facility amount   400,000,000  
Outstanding borrowings, long term   0  
Availability   371,000,000  
Credit Facilities (Textual)      
Facility amount   400,000,000  
Option to increase aggregate commitments under line of credit facility, increase limit, subject to certain restrictions   550,000,000  
DGD Revolver Letter of Credit [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Facility amount   150,000,000  
Letters of credit issued   29,000,000  
Credit Facilities (Textual)      
Facility amount   150,000,000  
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Darling Ingredients Inc. [Member]      
Line of Credit Facility      
Facility amount   100,000,000  
Credit Facilities (Textual)      
Facility amount   100,000,000  
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Facility amount   200,000,000  
Credit Facilities (Textual)      
Facility amount   200,000,000  
DGD Loan Agreement [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]      
Line of Credit Facility      
Facility amount   100,000,000  
Outstanding borrowings, long term   0  
Availability   100,000,000  
Credit Facilities (Textual)      
Facility amount   100,000,000  
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Facility amount   1,000,000,000  
Outstanding borrowings, long term   23,000,000  
Availability   977,000,000  
Credit Facilities (Textual)      
Facility amount   $ 1,000,000,000  
Debt conversion, debt amount converted $ 732,000,000    
Interest rate at period end (percent) 8.443% 7.835%  
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]      
Line of Credit Facility      
Letters of credit issued   $ 7,000,000  
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Letters of credit issued   $ 66,000,000  
v3.25.4
Debt and Finance Lease Obligations, Activity Under Credit Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]      
Line of Credit Facility      
Borrowings, short-term credit facilities $ 6,250 $ 6,700 $ 1,750
Repayments, short-term credit facilities (6,250) (6,700) (1,750)
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Borrowings, long-term credit facilities 650 310 550
Repayments, long-term credit facilities (650) (560) (400)
DGD Loan Agreement [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Borrowings, long-term credit facilities 25 100 0
Repayments, long-term credit facilities (25) (100) (25)
IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]      
Line of Credit Facility      
Borrowings, long-term credit facilities 0 27 120
Repayments, long-term credit facilities $ (35) $ 0 $ (71)
v3.25.4
Debt and Finance Lease Obligations, Public Debt (Details) - Senior Notes [Member] - USD ($)
 1 Months Ended
Apr. 15, 2025
Mar. 15, 2025
Feb. 07, 2025
Mar. 31, 2024
Feb. 28, 2023
Dec. 31, 2025
Debt Purchased and Retired or Redeemed            
Debt purchased and retired amount         $ 199,000,000  
5.150% Valero Senior Notes Due 2030 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent)     5.15%     5.15%
Public Debt (Textual)            
Face amount of long-term debt issuance     $ 650,000,000      
Interest rate of notes (percent)     5.15%     5.15%
Proceeds from issuance of senior long-term debt     $ 649,000,000      
3.65% Valero Senior Notes Due 2025 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent)   3.65%       3.65%
Public Debt (Textual)            
Interest rate of notes (percent)   3.65%       3.65%
Repayments of senior debt   $ 189,000,000        
2.850% Valero Senior Notes Due 2025 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent) 2.85%         2.85%
Public Debt (Textual)            
Interest rate of notes (percent) 2.85%         2.85%
Repayments of senior debt $ 251,000,000          
1.200% Valero Senior Notes Due 2024 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent)       1.20%    
Public Debt (Textual)            
Interest rate of notes (percent)       1.20%    
Repayments of senior debt       $ 167,000,000    
6.625% Valero Senior Notes Due 2037 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent)         6.625% 6.625%
Debt purchased and retired amount         $ 62,000,000  
Public Debt (Textual)            
Interest rate of notes (percent)         6.625% 6.625%
3.650% Valero Senior Notes Due 2051 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent)         3.65% 3.65%
Debt purchased and retired amount         $ 26,000,000  
Public Debt (Textual)            
Interest rate of notes (percent)         3.65% 3.65%
4.000% Valero Senior Notes Due 2052 [Member]            
Debt Purchased and Retired or Redeemed            
Interest rate of notes (percent)         4.00% 4.00%
Debt purchased and retired amount         $ 45,000,000  
Public Debt (Textual)            
Interest rate of notes (percent)         4.00% 4.00%
Various Other Valero and VLP Senior Notes [Member]            
Debt Purchased and Retired or Redeemed            
Debt purchased and retired amount         $ 66,000,000  
v3.25.4
Debt and Finance Lease Obligations, Interest Incurred (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest and Debt Expense, Net of Capitalized Interest      
Interest and debt expense $ 576 $ 580 $ 611
Less: Capitalized interest 20 24 19
Interest and debt expense, net of capitalized interest $ 556 $ 556 $ 592
v3.25.4
Debt and Finance Lease Obligations, Principal Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Principal Payments Due on Debt    
2026 $ 695  
2027 564  
2028 1,047  
2029 439  
2030 850  
Thereafter 4,736  
Net unamortized debt issuance costs and other (70) $ (71)
Total debt $ 8,261  
v3.25.4
Equity, Stock Related Disclosures (Details) - USD ($)
 12 Months Ended
Jan. 22, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 25, 2026
Sep. 19, 2024
Feb. 22, 2024
Sep. 15, 2023
Feb. 23, 2023
Oct. 26, 2022
Share Activity Rollforward                    
Treasury stock, beginning balance (shares)   (358,637,890)                
Treasury stock, ending balance (shares)   (374,561,457) (358,637,890)              
Equity (Textual)                    
Preferred stock authorized (shares)   20,000,000                
Preferred stock par value per share (in usd per share)   $ 0.01                
Preferred stock outstanding (shares)   0 0              
Subsequent Event [Member]                    
Equity (Textual)                    
Dividends declared, amount per share (in usd per share) $ 1.20                  
Stock Purchase Program Approved October 2022 [Member]                    
Stock Purchase Programs                    
Authorized amount under stock purchase programs                   $ 2,500,000,000
Remaining amount authorized under stock purchase program   $ 0                
Equity (Textual)                    
Authorized amount under stock purchase programs                   $ 2,500,000,000
Stock Purchase Program Approved February 2023 [Member]                    
Stock Purchase Programs                    
Authorized amount under stock purchase programs                 $ 2,500,000,000  
Remaining amount authorized under stock purchase program   0                
Equity (Textual)                    
Authorized amount under stock purchase programs                 $ 2,500,000,000  
Stock Repurchase Program Approved September 2023 [Member]                    
Stock Purchase Programs                    
Authorized amount under stock purchase programs               $ 2,500,000,000    
Remaining amount authorized under stock purchase program   0                
Equity (Textual)                    
Authorized amount under stock purchase programs               $ 2,500,000,000    
Stock Repurchase Program Approved February 2024 [Member]                    
Stock Purchase Programs                    
Authorized amount under stock purchase programs             $ 2,500,000,000      
Remaining amount authorized under stock purchase program   0                
Equity (Textual)                    
Authorized amount under stock purchase programs             $ 2,500,000,000      
Stock Repurchase Program Approved September 2024 [Member]                    
Stock Purchase Programs                    
Authorized amount under stock purchase programs           $ 2,500,000,000        
Remaining amount authorized under stock purchase program   $ 1,739,000,000                
Equity (Textual)                    
Authorized amount under stock purchase programs           $ 2,500,000,000        
Stock Repurchase Program Approved February 2026 [Member] | Subsequent Event [Member]                    
Stock Purchase Programs                    
Authorized amount under stock purchase programs         $ 2,500,000,000          
Equity (Textual)                    
Authorized amount under stock purchase programs         $ 2,500,000,000          
Common Stock [Member]                    
Share Activity Rollforward                    
Common stock, beginning balance (shares)   673,000,000 673,000,000 673,000,000            
Common stock, ending balance (shares)   673,000,000 673,000,000 673,000,000            
Treasury Stock, Common [Member]                    
Share Activity Rollforward                    
Treasury stock, beginning balance (shares)   (359,000,000) (340,000,000) (301,000,000)            
Transactions in connection with stock-based compensation plans (shares)   1,000,000   1,000,000            
Purchases of common stock for treasury (shares)   (17,000,000) (19,000,000) (40,000,000)            
Treasury stock, ending balance (shares)   (375,000,000) (359,000,000) (340,000,000)            
v3.25.4
Equity, Income Tax Effects on Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Before-Tax Amount      
Other comprehensive income (loss) before income tax expense (benefit) $ 853 $ (426) $ 553
Tax Expense (Benefit)      
Income tax expense (benefit) related to items of other comprehensive income (loss) 36 21 18
Net Amount      
Other comprehensive income (loss) 817 (447) 535
Foreign Currency Translation Adjustment [Member]      
Before-Tax Amount      
Other comprehensive income (loss), before reclassifications, before tax 659 (546) 433
Tax Expense (Benefit)      
Other comprehensive income (loss), before reclassifications, tax expense (benefit) (4) (16) 0
Net Amount      
Other comprehensive income (loss), before reclassifications, net of tax 663 (530) 433
Net Gain (Loss) on Pension and Other Postretirement Benefits [Member]      
Before-Tax Amount      
Effect of exchange rates, before tax expense (benefit) 8 (3) 4
Other comprehensive income (loss) before income tax expense (benefit) 170 207 30
Tax Expense (Benefit)      
Effect of exchange rates, tax expense (benefit) 2 (1) 1
Income tax expense (benefit) related to items of other comprehensive income (loss) 38 47 9
Net Amount      
Effect of exchange rates, net amount 6 (2) 3
Other comprehensive income (loss) 132 160 21
Net Actuarial Gain [Member]      
Before-Tax Amount      
Other comprehensive income (loss), before reclassifications, before tax 170 224 77
Reclassification from accumulated other comprehensive loss, current period, before tax (16) (9) (12)
Tax Expense (Benefit)      
Other comprehensive income (loss), before reclassifications, tax expense (benefit) 39 51 18
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit) (4) (2) (3)
Net Amount      
Other comprehensive income (loss), before reclassifications, net of tax 131 173 59
Reclassification from accumulated other comprehensive loss, current period, net of tax (12) (7) (9)
Prior Service Cost (Credit) [Member]      
Before-Tax Amount      
Other comprehensive income (loss), before reclassifications, before tax (4)   (19)
Reclassification from accumulated other comprehensive loss, current period, before tax 6 (10) (22)
Tax Expense (Benefit)      
Other comprehensive income (loss), before reclassifications, tax expense (benefit) (1)   (4)
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit) 1 (3) (5)
Net Amount      
Other comprehensive income (loss), before reclassifications, net of tax (3)   (15)
Reclassification from accumulated other comprehensive loss, current period, net of tax 5 (7) (17)
Miscellaneous Gain (Loss) [Member]      
Before-Tax Amount      
Other comprehensive income (loss), before reclassifications, before tax 0 0 0
Tax Expense (Benefit)      
Other comprehensive income (loss), before reclassifications, tax expense (benefit) (1) 1 2
Net Amount      
Other comprehensive income (loss), before reclassifications, net of tax 1 (1) (2)
Settlement Loss [Member]      
Before-Tax Amount      
Reclassification from accumulated other comprehensive loss, current period, before tax 6 5 2
Tax Expense (Benefit)      
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit) 2 1 0
Net Amount      
Reclassification from accumulated other comprehensive loss, current period, net of tax 4 4 2
Net Gain (Loss) from Derivative Instruments Designated and Qualifying as Cash Flow Hedges [Member]      
Before-Tax Amount      
Other comprehensive income (loss), before reclassifications, before tax 3 30 82
Reclassification from accumulated other comprehensive loss, current period, before tax 21 (117) 8
Other comprehensive income (loss) before income tax expense (benefit) 24 (87) 90
Tax Expense (Benefit)      
Other comprehensive income (loss), before reclassifications, tax expense (benefit) 0 3 8
Reclassification from accumulated other comprehensive loss, current period, tax expense (benefit) 2 (13) 1
Income tax expense (benefit) related to items of other comprehensive income (loss) 2 (10) 9
Net Amount      
Other comprehensive income (loss), before reclassifications, net of tax 3 27 74
Reclassification from accumulated other comprehensive loss, current period, net of tax 19 (104) 7
Other comprehensive income (loss) $ 22 $ (77) $ 81
v3.25.4
Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax      
Balance as of beginning of period $ 27,521 $ 28,524 $ 25,468
Other comprehensive income (loss) 817 (447) 535
Balance as of end of period 26,605 27,521 28,524
Accumulated Other Comprehensive Loss [Member]      
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax      
Balance as of beginning of period (1,272) (870) (1,359)
Other comprehensive income (loss) before reclassifications 792 (345) 507
Amounts reclassified from accumulated other comprehensive  loss 5 (55) (21)
Effect of exchange rates 6 (2) 3
Other comprehensive income (loss) 803 (402) 489
Balance as of end of period (469) (1,272) (870)
Foreign Currency Translation Adjustment [Member]      
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax      
Balance as of beginning of period (1,264) (735) (1,168)
Other comprehensive income (loss) before reclassifications 662 (529) 433
Amounts reclassified from accumulated other comprehensive  loss 0 0 0
Effect of exchange rates 0 0 0
Other comprehensive income (loss) 662 (529) 433
Balance as of end of period (602) (1,264) (735)
Defined Benefit Plans Items [Member]      
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax      
Balance as of beginning of period (2) (162) (183)
Other comprehensive income (loss) before reclassifications 129 172 42
Amounts reclassified from accumulated other comprehensive  loss (3) (10) (24)
Effect of exchange rates 6 (2) 3
Other comprehensive income (loss) 132 160 21
Balance as of end of period 130 (2) (162)
Gains (Losses) on Cash Flow Hedges [Member]      
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax      
Balance as of beginning of period (6) 27 (8)
Other comprehensive income (loss) before reclassifications 1 12 32
Amounts reclassified from accumulated other comprehensive  loss 8 (45) 3
Effect of exchange rates 0 0 0
Other comprehensive income (loss) 9 (33) 35
Balance as of end of period $ 3 $ (6) $ 27
v3.25.4
Equity, Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Other income, net $ 380 $ 499 $ 502
Revenues [1] 122,687 129,881 144,766
Total before tax 3,005 3,698 11,768
Tax benefit (expense) (759) (692) (2,619)
Net income 2,246 3,006 9,149
Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Net income (16) 114 17
Net Gain (Loss) on Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Total before tax 4 14 32
Tax benefit (expense) (1) (4) (8)
Net income 3 10 24
Net Actuarial Gain [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Other income, net 16 9 12
Prior Service (Cost) Credit [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Other income, net (6) 10 22
Settlement Loss [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Other income, net (6) (5) (2)
Gains (Losses) on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Total before tax (21) 117 (8)
Tax benefit (expense) 2 (13) 1
Net income (19) 104 (7)
Gains (Losses) on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | Commodity Contracts [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]      
Revenues $ (21) $ 117 $ (8)
[1]
Includes excise taxes on sales by certain of our foreign operations of $6,748 million, $5,907 million, and $5,765 million for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Variable Interest Entities (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
terminal
subsidiary
plant
Dec. 31, 2024
USD ($)
Assets    
Cash and cash equivalents $ 4,688 $ 4,657
Property, plant, and equipment, net 27,617 29,314
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 14,109 15,495
Debt and finance lease obligations, less current portion 9,670 9,720
Variable Interest Entity, Primary Beneficiary [Member]    
Assets    
Cash and cash equivalents 228 374
Other current assets 1,173 1,027
Property, plant, and equipment, net 4,323 4,517
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 344 383
Debt and finance lease obligations, less current portion 616 642
Diamond Green Diesel Holdings LLC (DGD) [Member]    
Assets    
Cash and cash equivalents 196 353
Other current assets 1,106 976
Property, plant, and equipment, net 3,643 3,806
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 297 304
Debt and finance lease obligations, less current portion $ 616 642
Variable Interest Entity (Textual)    
Number of plants owned by DGD joint venture | plant 2  
Ownership interest (percent) 50.00%  
Central Mexico Terminals [Member]    
Assets    
Cash and cash equivalents $ 2 0
Other current assets 18 9
Property, plant, and equipment, net 619 647
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 43 75
Debt and finance lease obligations, less current portion $ 0 0
Variable Interest Entity (Textual)    
Number of subsidiaries | subsidiary 3  
Number of terminals | terminal 3  
Other VIEs [Member]    
Assets    
Cash and cash equivalents $ 30 21
Other current assets 49 42
Property, plant, and equipment, net 61 64
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 4 4
Debt and finance lease obligations, less current portion $ 0 $ 0
Variable Interest Entity (Textual)    
Ownership interest (percent) 50.00%  
v3.25.4
Employee Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Amounts Recognized in Balance Sheet      
Deferred charges and other assets, net $ 948 $ 724  
Accrued expenses (49) (73)  
Other long-term liabilities (423) (423)  
Pension Plans [Member]      
Changes in benefit obligation      
Benefit obligation as of beginning of year 2,566 2,618  
Service cost 109 112 $ 111
Interest cost 135 125 121
Participant contributions 0 0  
Plan amendments 4 0  
Benefits paid (226) (186)  
Actuarial (gain) loss 27 (99)  
Foreign currency exchange rate changes 15 (4)  
Benefit obligation as of end of year 2,630 2,566 2,618
Changes in plan assets      
Fair value of plan assets as of beginning of year 3,029 2,835  
Actual return on plan assets 422 310  
Company contributions 91 76  
Participant contributions 0 0  
Benefits paid (226) (186)  
Foreign currency exchange rate changes 25 (6)  
Fair value of plan assets as of end of year 3,341 3,029 $ 2,835
Reconciliation of funded status:      
Funded status as of end of year 711 463  
Accumulated benefit obligation $ 2,484 $ 2,423  
Actuarial Gain (Loss), Discount Rates (Textual)      
Discount rate 5.62% 5.72% 5.01%
Defined Benefit Plan, Amounts Recognized in Balance Sheet      
Deferred charges and other assets, net $ 948 $ 724  
Accrued expenses (28) (51)  
Other long-term liabilities (209) (210)  
Amounts recognized in balance sheet for defined benefit plans 711 463  
Other Postretirement Benefit Plans [Member]      
Changes in benefit obligation      
Benefit obligation as of beginning of year 235 266  
Service cost 3 4 $ 4
Interest cost 12 13 13
Participant contributions 27 24  
Plan amendments 0 0  
Benefits paid (45) (41)  
Actuarial (gain) loss 3 (29)  
Foreign currency exchange rate changes 0 (2)  
Benefit obligation as of end of year 235 235 266
Changes in plan assets      
Fair value of plan assets as of beginning of year 0 0  
Actual return on plan assets 0 0  
Company contributions 18 17  
Participant contributions 27 24  
Benefits paid (45) (41)  
Foreign currency exchange rate changes 0 0  
Fair value of plan assets as of end of year 0 0 $ 0
Reconciliation of funded status:      
Funded status as of end of year $ (235) $ (235)  
Actuarial Gain (Loss), Discount Rates (Textual)      
Discount rate 5.42% 5.64%  
Defined Benefit Plan, Amounts Recognized in Balance Sheet      
Deferred charges and other assets, net $ 0 $ 0  
Accrued expenses (21) (22)  
Other long-term liabilities (214) (213)  
Amounts recognized in balance sheet for defined benefit plans $ (235) $ (235)  
v3.25.4
Employee Benefit Plans, Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plans [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Information About Pension Plans with Projected Benefit Obligations In Excess of Plan Assets    
Projected benefit obligation $ 237 $ 260
Fair value of plan assets $ 0 $ 0
v3.25.4
Employee Benefit Plans, Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plans [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Information About Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets    
Accumulated benefit obligation $ 200 $ 220
Fair value of plan assets $ 0 $ 0
v3.25.4
Employee Benefit Plans, Benefit Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Plans [Member]  
Estimated Future Benefit Payments  
2026 $ 205
2027 272
2028 204
2029 194
2030 221
2031-2035 1,105
Employee Benefit Plans (Textual)  
Planned employer contributions to defined benefit plans in next fiscal year 70
Other Postretirement Benefit Plans [Member]  
Estimated Future Benefit Payments  
2026 21
2027 21
2028 20
2029 20
2030 19
2031-2035 91
Employee Benefit Plans (Textual)  
Planned employer contributions to defined benefit plans in next fiscal year $ 20
v3.25.4
Employee Benefit Plans, Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Benefit Plans (Textual)      
The percentage of the greater of the projected benefit obligation or market-related value of plan assets in excess of which net actuarial (gains) losses are amortized 10.00%    
Pension Plans [Member]      
Components of net periodic benefit cost:      
Service cost $ 109 $ 112 $ 111
Interest cost 135 125 121
Expected return on plan assets (222) (214) (202)
Amortization of:      
Net actuarial gain (9) (5) (6)
Prior service cost (credit) 6 (10) (18)
Settlement loss 6 5 2
Net periodic benefit cost 25 13 8
Other Postretirement Benefit Plans [Member]      
Components of net periodic benefit cost:      
Service cost 3 4 4
Interest cost 12 13 13
Expected return on plan assets 0 0 0
Amortization of:      
Net actuarial gain (7) (4) (6)
Prior service cost (credit) 0 0 (4)
Settlement loss 0 0 0
Net periodic benefit cost $ 8 $ 13 $ 7
v3.25.4
Employee Benefit Plans, Pre-Tax Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net (gain) loss reclassified into income:      
Total changes in other comprehensive income (loss) $ 170 $ 207 $ 30
Pension Plans [Member]      
Net gain (loss) arising during the year:      
Net actuarial gain (loss) 173 195 87
Prior service cost (4) 0 (19)
Net (gain) loss reclassified into income:      
Net actuarial gain (9) (5) (6)
Prior service cost (credit) 6 (10) (18)
Settlement loss 6 5 2
Effect of exchange rates 7 (2) 4
Total changes in other comprehensive income (loss) 179 183 50
Other Postretirement Benefit Plans [Member]      
Net gain (loss) arising during the year:      
Net actuarial gain (loss) (3) 29 (10)
Prior service cost 0 0 0
Net (gain) loss reclassified into income:      
Net actuarial gain (7) (4) (6)
Prior service cost (credit) 0 0 (4)
Settlement loss 0 0 0
Effect of exchange rates 1 (1) 0
Total changes in other comprehensive income (loss) $ (9) $ 24 $ (20)
v3.25.4
Employee Benefit Plans, Pre-Tax Amounts in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Plans [Member]    
Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Loss, before Tax    
Net actuarial (gain) loss $ (115) $ 62
Prior service cost 20 22
Total (95) 84
Other Postretirement Benefit Plans [Member]    
Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Loss, before Tax    
Net actuarial (gain) loss (87) (96)
Prior service cost 1 1
Total $ (86) $ (95)
v3.25.4
Employee Benefit Plans, Weighted-Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Minimum [Member]      
Employee Benefit Plans (Textual)      
Yield curve maturities 6 months    
Maximum [Member]      
Employee Benefit Plans (Textual)      
Yield curve maturities 99 years    
Pension Plans [Member]      
Weighted Average Assumptions Used to Determine Benefit Obligation      
Discount rate 5.62% 5.72% 5.01%
Rate of compensation increase 3.97% 4.04%  
Interest crediting rate for cash balance plans 4.12% 4.25%  
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost      
Discount rate 5.72% 5.01% 5.19%
Expected long-term rate of return on plan assets 7.33% 7.29% 7.31%
Rate of compensation increase 4.04% 3.84% 3.76%
Interest crediting rate for cash balance plans 4.24% 3.59% 3.76%
Other Postretirement Benefit Plans [Member]      
Weighted Average Assumptions Used to Determine Benefit Obligation      
Discount rate 5.42% 5.64%  
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost      
Discount rate 5.64% 5.01% 5.20%
v3.25.4
Employee Benefit Plans, Health Care Cost Trend Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Assumed Health Care Cost Trend Rates    
Health care cost trend rate assumed for the next year 8.23% 8.13%
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.97% 4.97%
v3.25.4
Employee Benefit Plans, Fair Value of Pension Plan Assets (Details) - Pension Plans [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 3,341 $ 3,029 $ 2,835
Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 1,067 924  
Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 2,274 2,105  
Equity Securities [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 597 542  
Employee Benefit Plans (Textual)      
Percentage of target allocations for plan assets 65.00%    
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 597 542  
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Mutual Funds [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 259 233  
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 259 233  
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 0 0  
Fixed Income Investments [Member]      
Employee Benefit Plans (Textual)      
Percentage of target allocations for plan assets 35.00%    
Corporate Debt Instruments [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 260 261  
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 260 261  
Government Securities [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 291 250  
Government Securities [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 122 81  
Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 169 169  
Common Collective Trust [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 1,468 1,337  
Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 1,468 $ 1,337  
Common Collective Trusts - Equities [Member]      
Employee Benefit Plans (Textual)      
Defined benefit plan, actual plan asset allocations 70.00% 70.00%  
Common Collective Trusts - Bonds [Member]      
Employee Benefit Plans (Textual)      
Defined benefit plan, actual plan asset allocations 30.00% 30.00%  
Pooled Separate Accounts [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 365 $ 325  
Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 365 $ 325  
Pooled Separate Accounts - Equities [Member]      
Employee Benefit Plans (Textual)      
Defined benefit plan, actual plan asset allocations 45.00% 45.00%  
Pooled Separate Accounts - Bonds [Member]      
Employee Benefit Plans (Textual)      
Defined benefit plan, actual plan asset allocations 55.00% 55.00%  
Insurance Contract [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 12 $ 13  
Insurance Contract [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Insurance Contract [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 12 13  
Interest and Dividends Receivable [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 6 6  
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 6 6  
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Cash and Cash Equivalents [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 85 64  
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 85 64  
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets 0 0  
Securities Transactions Payable, Net [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets (2) (2)  
Securities Transactions Payable, Net [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets (2) (2)  
Securities Transactions Payable, Net [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Values of Qualified Pension Plan Assets      
Fair value of qualified pension plan assets $ 0 $ 0  
v3.25.4
Employee Benefit Plans, Defined Contribution Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Benefit Plans (Textual)      
Contributions to defined contribution plans $ 93 $ 92 $ 87
v3.25.4
Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock-Based Compensation Arrangements Activity      
Stock-based compensation expense $ 117 $ 100 $ 107
Tax benefit recognized on stock-based compensation expense 16 13 14
Tax benefit realized for tax deductions resulting from exercises and vestings 0 0 2
Restricted Stock [Member]      
Stock-Based Compensation Arrangements Activity      
Stock-based compensation expense $ 73 $ 67 $ 69
Number of Shares      
Nonvested shares as of beginning of period (shares) 795,220    
Granted (shares) 473,834    
Vested (shares) (527,122)    
Forfeited (shares) (6,835)    
Nonvested shares as of end of period (shares) 735,097 795,220  
Weighted- Average Grant-Date Fair Value per Share      
Nonvested shares as of beginning of period (in USD per share) $ 126.63    
Granted (in USD per share) 155.18 $ 131.68 $ 125.57
Vested (in USD per share) 128.53    
Forfeited (in USD per share) 126.89    
Nonvested shares as of end of period (in USD per share) $ 143.67 $ 126.63  
Vested Awards Other Than Options Rollforward      
Fair value of restricted stock vested (in millions) $ 82 $ 82 $ 99
Stock-Based Compensation (Textual)      
Vesting period of stock-based payment awards granted 3 years    
Unrecognized share-based compensation cost related to outstanding unvested awards $ 54    
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards 2 years    
Performance Awards [Member]      
Stock-Based Compensation Arrangements Activity      
Stock-based compensation expense $ 44 $ 33 $ 38
2020 Omnibus Stock Incentive Plan (2020 OSIP) [Member] | Share-Based Payment Arrangement [Member]      
Stock-Based Compensation (Textual)      
Number of shares of common stock available to be awarded under stock-based compensation plans (shares) 10,512,602    
v3.25.4
Income Taxes, Components of Income (Loss) Before Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of Income Before Income Tax Expense      
U.S. operations $ 899 $ 2,685 $ 9,335
Foreign operations 2,106 1,013 2,433
Income before income tax expense $ 3,005 $ 3,698 $ 11,768
v3.25.4
Income Taxes, Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign tax effects:      
Worldwide changes in unrecognized tax benefits $ 27 $ 145 $ (51)
Income tax expense $ 759 $ 692 $ 2,619
Foreign tax effects:      
Worldwide changes in unrecognized tax benefits (percent) 0.90% 3.90% (0.40%)
Income tax expense (percent) 25.30% 18.70% 22.30%
U.S. [Member]      
Effective Income Tax Rate Reconciliation, Amount      
U.S. federal statutory income tax rate $ 631 $ 777 $ 2,471
Tax credits      
Foreign tax credits (61) (46) (149)
Biofuels tax credits (4) (248) 0
Other (1) (1) (1)
Nontaxable and nondeductible items      
Nontaxable production tax credits (66) 0 0
Nontaxable blender's tax credits 0 (127) (125)
Tax on biofuels tax credits 1 52 0
Other 13 14 34
Cross-border tax laws 4 7 27
Changes in valuation allowances 63 49 149
Other reconciling items      
Tax effects of income associated with noncontrolling interests 25 (50) (84)
Other (3) (43) 34
Domestic state and local income taxes, net of federal effect 22 19 122
Foreign tax effects:      
Provincial and local income taxes 22 19 122
Changes in valuation allowances $ 63 $ 49 $ 149
Effective Income Tax Rate Reconciliation, Percent      
U.S. federal statutory income tax rate (percent) 21.00% 21.00% 21.00%
Tax credits      
Foreign tax credits (percent) (2.00%) (1.20%) (1.30%)
Biofuels tax credits (percent) (0.10%) (6.70%) 0.00%
Other (percent) 0.00% 0.00% 0.00%
Nontaxable and nondeductible items      
Nontaxable production tax credits (percent) (2.20%) 0.00% 0.00%
Nontaxable blender's tax credits (percent) 0.00% (3.40%) (1.10%)
Tax on biofuels tax credits (percent) 0.00% 1.40% 0.00%
Other (percent) 0.40% 0.40% 0.30%
Cross-border tax laws (percent) 0.10% 0.20% 0.20%
Changes in valuation allowances (percent) 2.10% 1.30% 1.30%
Other reconciling items      
Tax effects of income associated with noncontrolling interests (percent) 0.80% (1.30%) (0.70%)
Other (percent) (0.10%) (1.20%) 0.30%
Domestic state and local income taxes, net of federal effect (percent) 0.70% 0.50% 1.00%
Foreign tax effects:      
Provincial and local income taxes (percent) 0.70% 0.50% 1.00%
Changes in valuation allowances (percent) 2.10% 1.30% 1.30%
Canada [Member]      
Other reconciling items      
Domestic state and local income taxes, net of federal effect $ 90 $ 101 $ 161
Foreign tax effects:      
Provincial and local income taxes 90 101 161
Statutory income tax rate differential (47) (52) (84)
Withholding taxes 41 59 45
Other 0 (2) 21
Other foreign $ (47) $ (52) $ (84)
Other reconciling items      
Domestic state and local income taxes, net of federal effect (percent) 3.00% 2.70% 1.40%
Foreign tax effects:      
Provincial and local income taxes (percent) 3.00% 2.70% 1.40%
Statutory income tax rate differential (percent) (1.50%) (1.40%) (0.70%)
Withholding taxes (percent) 1.40% 1.60% 0.40%
Other (percent) 0.00% (0.10%) 0.20%
Other foreign (percent) (1.50%) (1.40%) (0.70%)
Mexico [Member]      
Nontaxable and nondeductible items      
Changes in valuation allowances $ (61) $ 57 $ 0
Foreign tax effects:      
Changes in valuation allowances (61) 57 0
Statutory income tax rate differential 42 (26) 15
Other 1 (4) 35
Other foreign $ 42 $ (26) $ 15
Nontaxable and nondeductible items      
Changes in valuation allowances (percent) (2.00%) 1.50% 0.00%
Foreign tax effects:      
Changes in valuation allowances (percent) (2.00%) 1.50% 0.00%
Statutory income tax rate differential (percent) 1.40% (0.70%) 0.10%
Other (percent) 0.00% (0.10%) 0.30%
Other foreign (percent) 1.40% (0.70%) 0.10%
United Kingdom [Member]      
Foreign tax effects:      
Statutory income tax rate differential $ 33 $ 14 $ 19
Other 1 1 (13)
Other foreign $ 33 $ 14 $ 19
Foreign tax effects:      
Statutory income tax rate differential (percent) 1.10% 0.40% 0.20%
Other (percent) 0.00% 0.00% (0.10%)
Other foreign (percent) 1.10% 0.40% 0.20%
Other Foreign [Member]      
Foreign tax effects:      
Statutory income tax rate differential $ 8 $ (4) $ (7)
Other foreign $ 8 $ (4) $ (7)
Foreign tax effects:      
Statutory income tax rate differential (percent) 0.30% (0.10%) (0.10%)
Other foreign (percent) 0.30% (0.10%) (0.10%)
v3.25.4
Income Taxes, Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax expense:      
U.S. federal $ 574 $ 464 $ 1,804
U.S. state and local 52 37 157
Foreign 330 278 555
Total current tax expense 956 779 2,516
Deferred tax expense (benefit):      
U.S. federal (364) (99) 25
U.S. state and local (11) (13) (12)
Foreign 178 25 90
Total deferred tax expense (benefit) (197) (87) 103
Total income tax expense:      
U.S. federal 210 365 1,829
U.S. state and local 41 24 145
Foreign 508 303 645
Income tax expense $ 759 $ 692 $ 2,619
v3.25.4
Income Taxes, Income Taxes Paid (Refunded) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Paid      
U.S. federal $ 287 $ 664 $ 1,985
U.S. state and local 16 37 173
Total foreign 396 142 1,336
Income taxes paid, net 699 843 3,494
Canada [Member]      
Income Taxes Paid      
Total foreign 173 66 683
Quebec [Member]      
Income Taxes Paid      
Total foreign 78 34 385
United Kingdom [Member]      
Income Taxes Paid      
Total foreign 128 0 199
Other Foreign [Member]      
Income Taxes Paid      
Total foreign $ 17 $ 42 $ 69
v3.25.4
Income Taxes, Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred income tax assets:    
Tax credit carryforwards $ 924 $ 858
Net operating losses (NOLs) 632 689
Inventories 159 197
Finance lease obligations 633 607
Operating lease liabilities 210 212
Other 226 195
Total deferred income tax assets 2,784 2,758
Valuation allowance (1,507) (1,484)
Net deferred income tax assets 1,277 1,274
Deferred income tax liabilities:    
Property, plant, and equipment 4,871 5,131
Deferred turnaround costs 428 450
Operating lease ROU assets 199 211
Investments 437 417
Other 488 332
Total deferred income tax liabilities 6,423 6,541
Net deferred income tax liabilities $ 5,146 $ 5,267
v3.25.4
Income Taxes, Tax Credits and Loss Carryforwards (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Valuation Allowance (Textual)  
Increase in valuation allowance $ 23
U.S. State [Member] | Operating Loss Carryforwards, Limited [Member]  
Operating Loss Carryforwards  
Income tax NOLs 12,289
U.S. State [Member] | Tax Credits, Limited [Member]  
Operating Loss Carryforwards  
Income tax credits 84
U.S. State [Member] | Tax Credits, Unlimited [Member]  
Operating Loss Carryforwards  
Income tax credits 3
Foreign [Member] | Tax Credits, Limited [Member]  
Operating Loss Carryforwards  
Income tax credits $ 855
v3.25.4
Income Taxes, Change in Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance as of beginning of year $ 316 $ 186 $ 284
Additions for tax positions related to the current year 4 52 18
Additions for tax positions related to prior years 13 106 4
Reductions for tax positions related to prior years (12) (19) (73)
Reductions for tax positions related to the lapse of applicable statute of limitations (6) (7) (9)
Settlements 0 (2) (38)
Balance as of end of year 315 316 $ 186
Unrecognized Tax Benefits (Textual)      
Unrecognized tax benefits if recognized that would reduce the effective tax rate $ 252 $ 236  
v3.25.4
Income Taxes, Other Disclosures (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Other Disclosures (Textual)  
Foreign earnings repatriated, accrued withholding tax $ 42
Foreign earnings repatriated $ 1,100
v3.25.4
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings per common share:      
Net income attributable to Valero stockholders $ 2,348 $ 2,770 $ 8,835
Less: Income allocated to participating securities 7 8 27
Net income available to common stockholders $ 2,341 $ 2,762 $ 8,808
Weighted-average common shares outstanding (shares) 309 322 353
Earnings per common share (in dollars per share) $ 7.57 $ 8.58 $ 24.93
Earnings per common share – assuming dilution:      
Net income attributable to Valero stockholders $ 2,348 $ 2,770 $ 8,835
Less: Income allocated to participating securities 7 8 27
Net income available to common stockholders $ 2,341 $ 2,762 $ 8,808
Weighted-average common shares outstanding (shares) 309 322 353
Effect of dilutive securities (shares) 0 0 0
Weighted-average common shares outstanding – assuming dilution (shares) 309 322 353
Earnings per common share – assuming dilution (in dollars per share) $ 7.57 $ 8.58 $ 24.92
v3.25.4
Revenues and Segment Information, Contract Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Contract Balances      
Receivables from contracts with customers, included in receivables, net (see Note 3) $ 6,233 $ 5,812  
Contract liabilities, included in accrued expenses (see Note 8) 60 82  
Contract Balances (Textual)      
Revenue recognized that was included in contract liabilities as of prior year end $ 81 $ 39 $ 127
v3.25.4
Revenues and Segment Information, Activity (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Information for our Reportable Segments        
Revenues [1]   $ 122,687 $ 129,881 $ 144,766
Cost of sales:        
Cost of materials and other   101,096 110,616 117,367
Taxes other than income taxes   6,720 5,900 5,720
Operating expenses (excluding depreciation and amortization expense reflected below)   6,344 5,831 6,089
Depreciation and amortization expense   3,095 2,729 2,658
Total cost of sales   117,255 125,076 131,834
Asset impairment loss   1,131 0 0
Other operating expenses   15 44 33
Operating income   3,181 3,755 11,858
Other income, net   380 499 502
Interest and debt expense, net of capitalized interest   556 556 592
Income before income tax expense   3,005 3,698 11,768
Segment assets   57,988 60,143  
Expenditures for long-lived assets   $ 1,885 2,057 1,916
Segment Information (Textual)        
Number of reportable segments | segment   3    
Investments in nonconsolidated joint ventures   $ 684 695  
Intersegment Eliminations [Member]        
Segment Information for our Reportable Segments        
Revenues   (3,053) (3,534) (4,272)
Cost of sales:        
Operating income   28 (5) (17)
Segment assets   (266) (376)  
Operating Segments [Member]        
Segment Information for our Reportable Segments        
Revenues   125,740 133,415 149,038
Cost of sales:        
Operating income   4,258 4,766 12,916
Segment assets   51,316 53,954 56,370
Expenditures for long-lived assets   1,815 1,990 1,825
Corporate [Member]        
Cost of sales:        
Other corporate expenses   (1,105) (1,006) (1,041)
Other income, net   380 499 502
Interest and debt expense, net of capitalized interest   (556) (556) (592)
Segment assets   6,938 6,565  
Expenditures for long-lived assets   70 67 91
Refining [Member]        
Segment Information for our Reportable Segments        
Revenues   116,158 123,853 136,470
Segment Information (Textual)        
Investments in nonconsolidated joint ventures   684 695  
Refining [Member] | Intersegment Eliminations [Member]        
Segment Information for our Reportable Segments        
Revenues   (8) (10) (18)
Refining [Member] | Operating Segments [Member]        
Segment Information for our Reportable Segments        
Revenues   116,166 123,863 136,488
Cost of sales:        
Cost of materials and other   96,080 106,638 111,681
Taxes other than income taxes   6,720 5,900 5,720
Operating expenses (excluding depreciation and amortization expense reflected below)   5,426 4,946 5,208
Depreciation and amortization expense   2,754 2,391 2,351
Total cost of sales   110,980 119,875 124,960
Asset impairment loss $ 1,100 1,131    
Other operating expenses   15 17 17
Operating income   4,040 3,971 11,511
Segment assets   44,498 46,729 49,031
Expenditures for long-lived assets   1,606 1,635 1,488
Renewable Diesel [Member]        
Segment Information for our Reportable Segments        
Revenues   2,508 2,410 3,823
Renewable Diesel [Member] | Intersegment Eliminations [Member]        
Segment Information for our Reportable Segments        
Revenues   (2,089) (2,656) (3,168)
Renewable Diesel [Member] | Operating Segments [Member]        
Segment Information for our Reportable Segments        
Revenues   4,597 5,066 6,991
Cost of sales:        
Cost of materials and other   4,178 3,944 5,550
Taxes other than income taxes   0 0 0
Operating expenses (excluding depreciation and amortization expense reflected below)   308 350 358
Depreciation and amortization expense   267 265 231
Total cost of sales   4,753 4,559 6,139
Asset impairment loss   0    
Other operating expenses   0 0 0
Operating income   (156) 507 852
Segment assets   5,317 5,680 5,790
Expenditures for long-lived assets   170 321 294
Segment Information (Textual)        
Clean fuel production credit   607    
Blender's tax credit     1,300 1,200
Ethanol [Member]        
Segment Information for our Reportable Segments        
Revenues   4,021 3,618 4,473
Ethanol [Member] | Intersegment Eliminations [Member]        
Segment Information for our Reportable Segments        
Revenues   (956) (868) (1,086)
Ethanol [Member] | Operating Segments [Member]        
Segment Information for our Reportable Segments        
Revenues   4,977 4,486 5,559
Cost of sales:        
Cost of materials and other   3,913 3,558 4,395
Taxes other than income taxes   0 0 0
Operating expenses (excluding depreciation and amortization expense reflected below)   611 536 515
Depreciation and amortization expense   79 77 80
Total cost of sales   4,603 4,171 4,990
Asset impairment loss   0    
Other operating expenses   0 27 16
Operating income   374 288 553
Segment assets   1,501 1,545 1,549
Expenditures for long-lived assets   $ 39 $ 34 $ 43
[1]
Includes excise taxes on sales by certain of our foreign operations of $6,748 million, $5,907 million, and $5,765 million for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Revenues and Segment Information, Segment Assets to Consolidated Assets Recon (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total Assets by Reportable Segments to Consolidated      
Assets $ 57,988 $ 60,143  
Operating Segments [Member]      
Total Assets by Reportable Segments to Consolidated      
Assets 51,316 53,954 $ 56,370
Corporate, Non-Segment [Member]      
Total Assets by Reportable Segments to Consolidated      
Assets 6,938 6,565  
Intersegment Eliminations [Member]      
Total Assets by Reportable Segments to Consolidated      
Assets $ (266) $ (376)  
v3.25.4
Revenues and Segment Information, Segment Expenditures for Long-Lived Assets to Consolidated Recon (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Expenditures for long-lived assets $ 1,885 $ 2,057 $ 1,916
Operating Segments [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Expenditures for long-lived assets 1,815 1,990 1,825
Corporate, Non-Segment [Member]      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Expenditures for long-lived assets $ 70 $ 67 $ 91
v3.25.4
Revenues and Segment Information, Revenue by Product (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue by Segment      
Revenues [1] $ 122,687 $ 129,881 $ 144,766
Refining [Member]      
Revenue by Segment      
Revenues 116,158 123,853 136,470
Refining [Member] | Gasoline and Blendstocks [Member]      
Revenue by Segment      
Revenues 50,917 56,014 61,538
Refining [Member] | Distillates [Member]      
Revenue by Segment      
Revenues 55,077 55,636 63,664
Refining [Member] | Other Product Revenues [Member]      
Revenue by Segment      
Revenues 10,164 12,203 11,268
Renewable Diesel [Member]      
Revenue by Segment      
Revenues 2,508 2,410 3,823
Renewable Diesel [Member] | Renewable Diesel [Member]      
Revenue by Segment      
Revenues 2,073 2,316 3,665
Renewable Diesel [Member] | Renewable Naphtha [Member]      
Revenue by Segment      
Revenues 138 94 158
Renewable Diesel [Member] | Neat SAF [Member]      
Revenue by Segment      
Revenues 297 0 0
Ethanol [Member]      
Revenue by Segment      
Revenues 4,021 3,618 4,473
Ethanol [Member] | Ethanol [Member]      
Revenue by Segment      
Revenues 3,174 2,647 3,300
Ethanol [Member] | Distillers Grains [Member]      
Revenue by Segment      
Revenues $ 847 $ 971 $ 1,173
[1]
Includes excise taxes on sales by certain of our foreign operations of $6,748 million, $5,907 million, and $5,765 million for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Revenues and Segment Information, Geographic Information by Country for Revenue and Long-Lived Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenues by Geographic Area      
Revenues [1] $ 122,687 $ 129,881 $ 144,766
Geographic Information by Country for Long-Lived Assets      
Long-lived assets 30,408 32,055  
U.S. [Member]      
Operating Revenues by Geographic Area      
Revenues 87,819 93,311 104,208
Geographic Information by Country for Long-Lived Assets      
Long-lived assets 26,544 28,359  
Canada [Member]      
Operating Revenues by Geographic Area      
Revenues 8,137 8,577 10,107
Geographic Information by Country for Long-Lived Assets      
Long-lived assets 1,567 1,414  
U.K. and Ireland [Member]      
Operating Revenues by Geographic Area      
Revenues 15,830 15,236 16,148
Geographic Information by Country for Long-Lived Assets      
Long-lived assets 1,512 1,484  
Mexico and Peru [Member]      
Operating Revenues by Geographic Area      
Revenues 5,168 5,405 6,438
Geographic Information by Country for Long-Lived Assets      
Long-lived assets 785 798  
Other Countries [Member]      
Operating Revenues by Geographic Area      
Revenues $ 5,733 $ 7,352 $ 7,865
[1]
Includes excise taxes on sales by certain of our foreign operations of $6,748 million, $5,907 million, and $5,765 million for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Decrease (increase) in current assets:        
Receivables, net   $ 1,125 $ 1,562 $ (387)
Inventories   362 (286) (684)
Prepaid expenses and other   99 320 (34)
Increase (decrease) in current liabilities:        
Accounts payable   (2,016) (430) (169)
Accrued expenses   237 (168) (50)
Taxes other than income taxes payable   138 (57) (226)
Income taxes payable   (137) (146) (776)
Changes in current assets and current liabilities   (192) 795 (2,326)
Cash Flows Related to Interest and Income Taxes        
Interest paid in excess of amount capitalized, including interest on finance leases   533 556 562
Income taxes paid, net (see Note 15)   699 843 3,494
Operating cash flows        
Operating Leases   527 527 428
Finance Leases   112 116 107
Investing cash flows        
Operating Leases   0 1 0
Financing cash flows        
Finance Leases   268 245 250
Changes in lease balances resulting from new and modified leases, Operating Leases   477 448 396
Changes in lease balances resulting from new and modified leases, Finance Leases   237 318 157
Supplemental Cash Flow Information (Textual)        
Asset retirement obligation, liabilities incurred   337 0 $ 1
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity     732  
Operating Segments [Member] | Refining [Member]        
Supplemental Cash Flow Information (Textual)        
Asset retirement obligation, liabilities incurred $ 337 337    
Blender's Tax Credit Receivable [Member]        
Supplemental Cash Flow Information (Textual)        
Collection of blender's tax credit receivable   $ 246    
Variable Interest Entity, Primary Beneficiary [Member] | IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member]        
Supplemental Cash Flow Information (Textual)        
Debt conversion, debt amount converted     $ 732  
v3.25.4
Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Clean fuel production credits $ 55  
Investments in AFS debt securities 27 $ 26
Total gross fair value, assets 669 529
Effect of counterparty netting (448) (402)
Effect of cash collateral netting (7) 0
Net carrying value on balance sheet, assets 214 127
Liabilities    
Blending program obligations 85 13
Total gross fair value, liabilities 544 464
Effect of counterparty netting (448) (402)
Effect of cash collateral netting (5) (46)
Net carrying value on balance sheet, liabilities 91 16
Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 96 93
Commodity Contracts [Member]    
Assets    
Derivative contracts 490 402
Effect of counterparty netting (448) (402)
Effect of cash collateral netting (7) 0
Derivative contracts, net assets 35 0
Cash collateral received not offset 0 0
Liabilities    
Derivative contracts 453 448
Effect of counterparty netting (448) (402)
Effect of cash collateral netting (5) (46)
Derivative contracts, net liabilities 0 0
Cash collateral paid not offset (39) (71)
Physical Purchase Contracts [Member]    
Assets    
Physical purchase contracts 1 2
Liabilities    
Derivative liabilities, not subject to netting 4 3
Foreign Currency Contracts [Member]    
Assets    
Physical purchase contracts   6
Liabilities    
Derivative liabilities, not subject to netting 2  
Fair Value, Inputs, Level 1 [Member]    
Assets    
Clean fuel production credits 0  
Investments in AFS debt securities 1 6
Total gross fair value, assets 583 503
Liabilities    
Blending program obligations 0 0
Total gross fair value, liabilities 455 448
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 92 89
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]    
Assets    
Derivative contracts 490 402
Liabilities    
Derivative contracts 453 448
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]    
Assets    
Physical purchase contracts 0 0
Liabilities    
Derivative liabilities, not subject to netting 0 0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]    
Assets    
Physical purchase contracts   6
Liabilities    
Derivative liabilities, not subject to netting 2  
Fair Value, Inputs, Level 2 [Member]    
Assets    
Clean fuel production credits 0  
Investments in AFS debt securities 26 20
Total gross fair value, assets 27 22
Liabilities    
Blending program obligations 85 13
Total gross fair value, liabilities 89 16
Fair Value, Inputs, Level 2 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 0 0
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]    
Assets    
Derivative contracts 0 0
Liabilities    
Derivative contracts 0 0
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]    
Assets    
Physical purchase contracts 1 2
Liabilities    
Derivative liabilities, not subject to netting 4 3
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]    
Assets    
Physical purchase contracts   0
Liabilities    
Derivative liabilities, not subject to netting 0  
Fair Value, Inputs, Level 3 [Member]    
Assets    
Clean fuel production credits 55  
Investments in AFS debt securities 0 0
Total gross fair value, assets 59 4
Liabilities    
Blending program obligations 0 0
Total gross fair value, liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 4 4
Fair Value, Inputs, Level 3 [Member] | Commodity Contracts [Member]    
Assets    
Derivative contracts 0 0
Liabilities    
Derivative contracts 0 0
Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]    
Assets    
Physical purchase contracts 0 0
Liabilities    
Derivative liabilities, not subject to netting 0 0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]    
Assets    
Physical purchase contracts   $ 0
Liabilities    
Derivative liabilities, not subject to netting $ 0  
v3.25.4
Fair Value Measurements, Nonrecurring (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2025
Assets        
Loss recognized $ 1,131,000,000 $ 0 $ 0  
California Refineries [Member]        
Assets        
Long-lived assets, carrying value 1,092,000,000      
Loss recognized 1,131,000,000      
Benicia Refinery [Member]        
Assets        
Long-lived assets, fair value       $ 722,000,000
Long-lived assets, carrying value 304,000,000      
Loss recognized 901,000,000      
Wilmington Refinery [Member]        
Assets        
Long-lived assets, fair value       847,000,000
Long-lived assets, carrying value 788,000,000      
Loss recognized 230,000,000      
Fair Value, Nonrecurring [Member]        
Nonrecurring Fair Value Measurements (Textual)        
Assets measured at fair value, nonrecurring 0 0    
Liabilities measured at fair value, nonrecurring $ 0 $ 0    
Fair Value, Nonrecurring [Member] | California Refineries [Member]        
Assets        
Long-lived assets, fair value       1,569,000,000
Fair Value, Nonrecurring [Member] | Benicia Refinery [Member]        
Assets        
Long-lived assets, fair value       722,000,000
Fair Value, Nonrecurring [Member] | Wilmington Refinery [Member]        
Assets        
Long-lived assets, fair value       847,000,000
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | California Refineries [Member]        
Assets        
Long-lived assets, fair value       0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Benicia Refinery [Member]        
Assets        
Long-lived assets, fair value       0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Wilmington Refinery [Member]        
Assets        
Long-lived assets, fair value       0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | California Refineries [Member]        
Assets        
Long-lived assets, fair value       0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Benicia Refinery [Member]        
Assets        
Long-lived assets, fair value       0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Wilmington Refinery [Member]        
Assets        
Long-lived assets, fair value       0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | California Refineries [Member]        
Assets        
Long-lived assets, fair value       1,569,000,000
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Benicia Refinery [Member]        
Assets        
Long-lived assets, fair value       722,000,000
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Wilmington Refinery [Member]        
Assets        
Long-lived assets, fair value       $ 847,000,000
v3.25.4
Fair Value Measurements, Other Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financial liabilities:    
Debt (excluding finance leases), at carrying amount $ 8,261 $ 8,085
Fair Value, Inputs, Level 2 [Member]    
Financial liabilities:    
Debt (excluding finance leases), at fair value $ 8,190 $ 7,776
v3.25.4
Price Risk Management Activities (Details)
bu in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
MBbls
bu
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Price Risk Management Activities (Textual)      
Compliance program costs | $ $ 101,096 $ 110,616 $ 117,367
Costs of Renewable and Low-Carbon Fuel Programs [Member]      
Price Risk Management Activities (Textual)      
Compliance program costs | $ $ 1,600 $ 730 $ 1,300
Derivatives Designated as Economic Hedges [Member] | Futures, 2026 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]      
Volume of Outstanding Contracts      
Nonmonetary notional amount of price risk derivatives, volume | MBbls 98,482    
Derivatives Designated as Economic Hedges [Member] | Futures, 2026 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]      
Volume of Outstanding Contracts      
Nonmonetary notional amount of price risk derivatives, volume | bu 87,530    
Derivatives Designated as Economic Hedges [Member] | Futures, 2026 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]      
Volume of Outstanding Contracts      
Nonmonetary notional amount of price risk derivatives, volume | MBbls 93,157    
Derivatives Designated as Economic Hedges [Member] | Futures, 2026 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]      
Volume of Outstanding Contracts      
Nonmonetary notional amount of price risk derivatives, volume | bu 54,410    
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2026 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]      
Volume of Outstanding Contracts      
Nonmonetary notional amount of price risk derivatives, volume | bu 31,193    
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]      
Price Risk Management Activities (Textual)      
Monetary notional amount of derivative liabilities | $ $ 395    
Cash Flow Hedges [Member] | Derivatives Designated as Hedges [Member] | Futures, 2026 Maturity [Member] | Short (Sales) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]      
Volume of Outstanding Contracts      
Nonmonetary notional amount of price risk derivatives, volume | MBbls 2,720    
v3.25.4
Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]    
Asset Derivatives    
Derivative assets, subject to netting, gross $ 31 $ 12
Liability Derivatives    
Derivative liabilities, subject to netting, gross 7 13
Derivatives Not Designated as Hedging Instruments [Member]    
Asset Derivatives    
Total 460 398
Liability Derivatives    
Total 452 438
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]    
Asset Derivatives    
Derivative assets, subject to netting, gross 459 390
Liability Derivatives    
Derivative liabilities, subject to netting, gross 446 435
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]    
Asset Derivatives    
Physical purchase contracts 1 2
Liability Derivatives    
Derivative liabilities, not subject to netting 4 3
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Trade Accounts Receivable [Member]    
Asset Derivatives    
Physical purchase contracts 0 6
Liability Derivatives    
Derivative liabilities, not subject to netting 0 0
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]    
Asset Derivatives    
Physical purchase contracts 0 0
Liability Derivatives    
Derivative liabilities, not subject to netting $ 2 $ 0
v3.25.4
Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commodity Contracts [Member]      
Effect of Derivative Instruments on Income      
Gain recognized in other comprehensive income (loss) $ 3 $ 30 $ 82
Commodity Contracts [Member] | Revenues [Member]      
Effect of Derivative Instruments on Income      
Gain (loss) reclassified from accumulated other comprehensive loss into income (21) 117 (8)
Commodity Contracts [Member] | Revenues [Member] | Derivatives Not Designated as Hedging Instruments [Member]      
Effect of Derivative Instruments on Income      
Gain (loss) recognized in income on derivatives (10) (18) (27)
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]      
Effect of Derivative Instruments on Income      
Gain (loss) recognized in income on derivatives (19) (86) 208
Commodity Contracts [Member] | Operating Expenses (Excluding Depreciation and Amortization Expense) [Member] | Derivatives Not Designated as Hedging Instruments [Member]      
Effect of Derivative Instruments on Income      
Gain (loss) recognized in income on derivatives 0 0 1
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]      
Effect of Derivative Instruments on Income      
Gain (loss) recognized in income on derivatives $ (12) $ 36 $ (34)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of materials and other Cost of materials and other Cost of materials and other