Earnings (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

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)