Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2026

9. EARNINGS (LOSS) PER COMMON SHARE

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


	Three Months Ended March 31,
		2026		2025
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders		$	1,263	$	(595)
Less: Income allocated to participating securities		4		1
Net income (loss) available to common stockholders		$	1,259	$	(596)

Weighted-average common shares outstanding		298		314

Earnings (loss) per common share		$	4.22	$	(1.90)

Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders		$	1,263	$	(595)
Less: Income allocated to participating securities		4		1
Net income (loss) available to common stockholders		$	1,259	$	(596)

Weighted-average common shares outstanding		298		314
Effect of dilutive securities		—		—
Weighted-average common shares outstanding – assuming dilution		298		314

Earnings (loss) per common share – assuming dilution		$	4.22	$	(1.90)

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan. Dilutive securities include participating securities. For the three months ended March 31, 2026 and 2025, we computed earnings (loss) per common share – assuming dilution using the two-class method and included dilutive securities as appropriate.