Valero Energy Corporation (VLO)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	11,454,000	14,052,000	14,250,000	17,746,000	14,956,000	12,003,000	8,898,000	3,194,000	1,185,000	-641,000	-1,970,000	-709,000	-2,324,000	-290,000	1,285,000	465,000	3,124,000	2,895,000	3,253,000	3,575,000
Revenue (ttm)	US$ in thousands	144,216,000	150,596,000	156,657,000	173,795,000	175,838,000	169,727,000	154,779,000	130,878,000	113,188,000	94,227,000	80,668,000	63,467,000	64,912,000	76,187,000	87,627,000	106,163,000	108,324,000	109,175,000	112,775,000	114,857,000
Pretax margin		7.94%	9.33%	9.10%	10.21%	8.51%	7.07%	5.75%	2.44%	1.05%	-0.68%	-2.44%	-1.12%	-3.58%	-0.38%	1.47%	0.44%	2.88%	2.65%	2.88%	3.11%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $11,454,000K ÷ $144,216,000K
= 7.94%

Valero Energy Corp.'s pretax margin has exhibited fluctuations in recent quarters. The company's pretax margin ranged from a low of 2.68% in Q1 2022 to a peak of 10.39% in Q1 2023. Over the past year, there has been a general upward trend in the pretax margin, with notable increases seen in Q2 and Q3 of 2023 compared to the prior quarters. This indicates that Valero Energy Corp. has been able to improve its profitability before accounting for taxes, which is a positive sign for investors and stakeholders. However, it is worth noting that the company experienced a slight dip in pretax margin in Q4 of 2023 compared to the previous quarter. Continued monitoring of the pretax margin will be essential to assess Valero Energy Corp.'s financial performance and efficiency in generating profits.