Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

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


	Year Ended December 31,
	2025		2024		2023
Earnings per common share:
Net income attributable to Valero stockholders	$	2,348	$	2,770	$	8,835
Less: Income allocated to participating securities	7		8		27
Net income available to common stockholders	$	2,341	$	2,762	$	8,808

Weighted-average common shares outstanding	309		322		353

Earnings per common share	$	7.57	$	8.58	$	24.93

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	2,348	$	2,770	$	8,835
Less: Income allocated to participating securities	7		8		27
Net income available to common stockholders	$	2,341	$	2,762	$	8,808

Weighted-average common shares outstanding	309		322		353
Effect of dilutive securities	—		—		—
Weighted-average common shares outstanding – assuming dilution	309		322		353

Earnings per common share – assuming dilution	$	7.57	$	8.58	$	24.92