Valero beats Q1 earnings estimates but lowers throughput outlook, shares dip.

Valero Energy reported strong first-quarter 2026 results, with revenue of $32.4 billion and adjusted earnings of $4.22 per share, both exceeding analyst expectations. The refining segment notably improved, turning a previous loss into $1.8 billion operating income. However, the company lowered its second-quarter refining throughput outlook due to operational reductions and a temporary refinery shutdown, which may reduce EPS by about nine cents. Valero also plans ongoing capital spending for repairs and optimization projects, with some costs offset by insurance. Shares fell slightly following the report amid these mixed signals.