Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

9.    EARNINGS PER COMMON SHARE

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,
	2025		2024		2025		2024
Earnings per common share:
Net income attributable to Valero stockholders	$	714	$	880	$	119	$	2,125
Less: Income allocated to participating securities	2		3		2		6
Net income available to common stockholders	$	712	$	877	$	117	$	2,119
Weighted-average common shares outstanding	312		324		313		327
Earnings per common share	$	2.28	$	2.71	$	0.37	$	6.47
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	714	$	880	$	119	$	2,125
Less: Income allocated to participating securities	2		3		2		6
Net income available to common stockholders	$	712	$	877	$	117	$	2,119
Weighted-average common shares outstanding	312		324		313		327
Effect of dilutive securities	—		—		—		—
Weighted-average common shares outstanding – assuming dilution	312		324		313		327
Earnings per common share – assuming dilution	$	2.28	$	2.71	$	0.37	$	6.47

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options. For the three and six months ended June 30, 2025 and 2024, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.