Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Earnings per common share:
Net income attributable to Valero stockholders	$	3,720	$	714	$	4,983	$	119
Less: Income allocated to participating securities	10		2		14		2
Net income available to common stockholders	$	3,710	$	712	$	4,969	$	117

Weighted-average common shares outstanding	294		312		296		313

Earnings per common share	$	12.62	$	2.28	$	16.79	$	0.37

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	3,720	$	714	$	4,983	$	119
Less: Income allocated to participating securities	10		2		14		2
Net income available to common stockholders	$	3,710	$	712	$	4,969	$	117

Weighted-average common shares outstanding	294		312		296		313
Effect of dilutive securities	—		—		—		—
Weighted-average common shares outstanding – assuming dilution	294		312		296		313

Earnings per common share – assuming dilution	$	12.62	$	2.28	$	16.78	$	0.37