# VALERO ENERGY CORP/TX (VLO) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from VALERO ENERGY CORP/TX's 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/VLO/mda/fy2025/): filed 2026-02-25; accession 0001628280-26-011499 (https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/VLO/mda/fy2024/): filed 2025-02-26; accession 0001035002-25-000005 (https://www.sec.gov/Archives/edgar/data/1035002/000103500225000005/vlo-20241231.htm)
- [FY 2023 MD&A](/company/VLO/mda/fy2023/): filed 2024-02-22; accession 0001035002-24-000007 (https://www.sec.gov/Archives/edgar/data/1035002/000103500224000007/vlo-20231231.htm)
- [FY 2022 MD&A](/company/VLO/mda/fy2022/): filed 2023-02-23; accession 0001035002-23-000027 (https://www.sec.gov/Archives/edgar/data/1035002/000103500223000027/vlo-20221231.htm)
- [FY 2021 MD&A](/company/VLO/mda/fy2021/): filed 2022-02-22; accession 0001035002-22-000007 (https://www.sec.gov/Archives/edgar/data/1035002/000103500222000007/vlo-20211231.htm)

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