For the first quarter of 2026, analysts expect Valero Energy to report consensus revenue of $33.42 billion and earnings per share of $2.97, with the stock currently trading at $205.50 against an average price target of $235.25.
Investors are primarily focused on refining margins, specifically the impact of narrowing crack spreads on bottom-line profitability following a period of high volatility. Market participants are also seeking updates on the Diamond Green Diesel project and progress in sustainable aviation fuel (SAF) production as part of Valero's low-carbon strategy.
Despite an expected year-over-year decline in EPS, Valero's best-in-class refining utilization rates and robust share buyback program continue to provide a floor for valuation.