Valero Energy is expected to report second-quarter 2026 revenue of $35.95 billion and earnings of $9.81 per share, as the stock trades at $304.93 compared to a consensus analyst target of $293.00. Investors are primarily focused on refining margins, specifically the impact of elevated "3-2-1" crack spreads driven by intensifying geopolitical tensions in the Middle East.
This favorable macro environment is bolstered by domestic refinery utilization rates exceeding 96% and tight global supply of refined products. Analysts will also look for updates on capital allocation strategy following recent reports of a $2.4 billion share buyback program during the quarter.