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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Matthew Blair | Tudor, Pickering, Holt | 14 (7%) |
| Joe Laetsch | Morgan Stanley | 14 (0%) |
| Theresa Chen | Barclays | 14 (0%) |
| Neil Mehta | Goldman Sachs | 14 (0%) |
| Jason Gabelman | TD Cowen | 13 (0%) |
| Manav Gupta | UBS | 13 (0%) |
| Doug Leggate | Wolfe Research | 13 (31%) |
| Paul Sankey | Sankey Research | 10 (0%) |
| Ryan Todd | Piper Sandler | 10 (0%) |
| Paul Cheng | Scotiabank | 10 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Piper Sandler | 2 | 16 (0%) |
| Tudor, Pickering, Holt | 1 | 14 (7%) |
| Goldman Sachs | 1 | 14 (0%) |
| Morgan Stanley |
| 1 |
| 14 (0%) |
| Barclays | 1 | 14 (0%) |
| UBS | 1 | 13 (0%) |
| Wolfe Research | 1 | 13 (31%) |
| TD Cowen | 1 | 13 (0%) |
Valero delivered Q1 net income of $1.3B ($4.22 per share), a dramatic reversal from the year-ago net loss of $595M, as heavy sour crude advantage drove feedstock gains with refining throughput at 2.9 million barrels per day. Proactive risk management limited volatility, and the Iran conflict tightened global refining supply, supporting margins. Ethanol demand surged on global octane economics, and a Port Arthur fire caused temporary disruption but was contained. CAPEX guidance remained unchanged while no forward financial guidance was provided.
Supply Chain | Competitive Dynamics | Margin | Regulation Policy | Demand | Capital Allocation | Macroeconomic | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 7 | 11 | 5 | 3 | 1 | 2 | |
| 2025Q1 | 3 | 2 | 6 | 7 | 6 | 5 | 4 | |
| 2025Q2 | 8 | 9 | 6 | 7 | 3 | 3 | 2 | |
| 2025Q3 | 10 | 9 | 6 | 3 | 3 | 2 | 3 | |
| 2025Q4 | 10 | 10 | 8 | 7 | 3 | 3 | 4 | 3 |
| 2026Q1 | 7 | 4 | 3 | 4 | 2 | 2 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Supply Chain | 6 | 3 | 8 | 10 | 10 | 7 |
| Competitive Dynamics | 7 | 2 | 9 | 9 | 10 | 4 |
| Margin | 11 | 6 | 6 | 6 | 8 | 3 |
| Regulation Policy | 5 | 7 | 7 | 3 | 7 | 4 |
| Demand | 3 | 6 | 3 | 3 | 3 | 2 |
| Capital Allocation | 1 | 5 | 3 | 2 | 3 | 2 |
| Macroeconomic | 2 | 3 | 4 | 4 | ||
| Capex Investment | 2 | 4 | 3 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $30.76B | -13.2% | $0.89 | -74.9% | 2.0% | 1.1% | 0.9% | $767M |
| FY2025 Q1 | $30.26B | -4.7% | $-1.90 | -150.7% | 1.6% | -3.0% | -2.0% | $703M |
| FY2025 Q2 | $29.89B | -13.3% | $2.28 | -15.9% | 4.1% | 3.3% | 2.4% | $1.19B |
| FY2025 Q3 | $32.17B | -2.2% | $3.53 | +209.6% | 5.5% | 4.7% | 3.4% | $1.70B |
| FY2025 Q4 | $31.73B | +3.2% | $3.74 | +320.2% | 10.3% | 5.0% | 3.6% | $1.81B |
| FY2026 Q1 | $32.38B | +7.0% | $4.22 | +322.1% | 8.9% | 5.3% | 3.9% | $1.23B |
| FY2026 Q2 | $44.48B | +48.8% | $12.62 | +453.5% | -6.5% | 11.7% | 8.4% | $5.74B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
VLO Valero Energy | 7 | +7.0% | |
| MPC Marathon Petroleum | 8 | +9.7% | |
| PSX Phillips 66 | 8 | +11.7% |