Earnings Per Common Share

9 Months Ended

Sep. 30, 2026

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,
	2026		2025		2026		2025
Earnings per common share:
Net income attributable to Valero stockholders	$	6,828	$	1,095	$	11,811	$	1,214
Less: Income allocated to participating securities	19		3		33		3
Net income available to common stockholders	$	6,809	$	1,092	$	11,778	$	1,211

Weighted-average common shares outstanding	285		309		292		311

Earnings per common share	$	23.90	$	3.54	$	40.30	$	3.89

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	6,828	$	1,095	$	11,811	$	1,214
Less: Income allocated to participating securities	19		3		33		3
Net income available to common stockholders	$	6,809	$	1,092	$	11,778	$	1,211

Weighted-average common shares outstanding	285		309		292		311
Effect of dilutive securities	—		—		—		1
Weighted-average common shares outstanding – assuming dilution	285		309		292		312

Earnings per common share – assuming dilution	$	23.89	$	3.53	$	40.29	$	3.89

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan. Dilutive securities include participating securities. For the three and nine months ended September 30, 2026 and 2025, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.