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
June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Earnings per common share: | | | | | | | | | Net income attributable to Valero stockholders | | $ | 3,720 | | | $ | 714 | | | $ | 4,983 | | | $ | 119 | | | Less: Income allocated to participating securities | | 10 | | | 2 | | | 14 | | | 2 | | Net income available to common stockholders | | $ | 3,710 | | | $ | 712 | | | $ | 4,969 | | | $ | 117 | | | | | | | | | | | | Weighted-average common shares outstanding | | 294 | | | 312 | | | 296 | | | 313 | | | | | | | | | | | Earnings per common share | | $ | 12.62 | | | $ | 2.28 | | | $ | 16.79 | | | $ | 0.37 | | | | | | | | | | | Earnings per common share – assuming dilution: | | | | | | | | | Net income attributable to Valero stockholders | | $ | 3,720 | | | $ | 714 | | | $ | 4,983 | | | $ | 119 | | | Less: Income allocated to participating securities | | 10 | | | 2 | | | 14 | | | 2 | | Net income available to common stockholders | | $ | 3,710 | | | $ | 712 | | | $ | 4,969 | | | $ | 117 | | | | | | | | | | | | Weighted-average common shares outstanding | | 294 | | | 312 | | | 296 | | | 313 | | | Effect of dilutive securities | | — | | | — | | | — | | | — | | Weighted-average common shares outstanding – assuming dilution | | 294 | | | 312 | | | 296 | | | 313 | | | | | | | | | | | Earnings per common share – assuming dilution | | $ | 12.62 | | | $ | 2.28 | | | $ | 16.78 | | | $ | 0.37 | |
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 six months ended June 30, 2026 and 2025, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.
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