VALERO ENERGY CORP/TX Earnings Per Share Disclosure
| 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 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.