Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Earnings per common share:
Net income attributable to Valero stockholders	$	1,095	$	364	$	1,214	$	2,489
Less: Income allocated to participating securities	3		1		3		7
Net income available to common stockholders	$	1,092	$	363	$	1,211	$	2,482
Weighted-average common shares outstanding	309		318		311		324
Earnings per common share	$	3.54	$	1.14	$	3.89	$	7.66
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	1,095	$	364	$	1,214	$	2,489
Less: Income allocated to participating securities	3		1		3		7
Net income available to common stockholders	$	1,092	$	363	$	1,211	$	2,482
Weighted-average common shares outstanding	309		318		311		324
Effect of dilutive securities	—		—		1		—
Weighted-average common shares outstanding – assuming dilution	309		318		312		324
Earnings per common share – assuming dilution	$	3.53	$	1.14	$	3.89	$	7.66

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 nine months ended September 30, 2025 and 2024, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.