Direct Answer
Valero Energy reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Refining is the largest, with $116 billion of revenue (95% of the total), followed by Ethanol at $5.0 billion (4%). 72% of revenue came from the United States.
How Does Valero Energy Make Money?
Refining supplies 95% of revenue, so Valero Energy's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Ethanol grew fastest (+37.6%) and Renewable Diesel slowest (-9.3%), so the revenue mix tilts toward Ethanol while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Refining | $116 billion | $124 billion | 94.7% | -6.2% |
| Ethanol | $5.0 billion | $3.6 billion | 4.1% | 37.6% |
| Renewable Diesel | $4.6 billion | $5.1 billion | 3.7% | -9.3% |
Which Valero Energy Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Refining | $4.0 billion | 3.5% |
| Ethanol | $374 million | 7.5% |
| Renewable Diesel | -$156 million | -3.4% |
Segment operating income is the profit measure Valero Energy reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Valero Energy more safely than against another company.
Where Does Valero Energy's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $87.8 billion | $93.3 billion | 71.6% | -5.9% |
| United Kingdom and Ireland | $15.8 billion | $15.2 billion | 12.9% | 3.9% |
| Canada | $8.1 billion | $8.6 billion | 6.6% | -5.1% |
| Other countries | $5.7 billion | $7.4 billion | 4.7% | -22.0% |
| Mexico and Peru | $5.2 billion | $5.4 billion | 4.2% | -4.4% |
What the Segment Figures Do Not Show
The rows above add up to 102% of Valero Energy's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Valero Energy reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001628280-26-011499), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Valero Energy's business segments?
In its fiscal 2025 Form 10-K, Valero Energy reports revenue for Refining, Ethanol and Renewable Diesel.
Which part of Valero Energy brings in the most revenue?
Refining, with $116 billion of revenue in fiscal 2025, or 95% of the total.
How much of Valero Energy's revenue comes from outside the United States?
28% in fiscal 2025, by the geographic breakdown Valero Energy reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.