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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,688	$ 4,657
Receivables, net	9,877	10,708
Inventories	7,591	7,761
Prepaid expenses and other	1,054	611
Total current assets	23,210	23,737
Property, plant, and equipment, at cost	50,091	52,368
Accumulated depreciation	(22,474)	(23,054)
Property, plant, and equipment, net	27,617	29,314
Deferred charges and other assets, net	7,161	7,092
Total assets	57,988	60,143
Current liabilities:
Current portion of debt and finance lease obligations	949	743
Accounts payable	10,139	12,092
Accrued expenses	1,403	1,130
Taxes other than income taxes payable	1,550	1,360
Income taxes payable	68	170
Total current liabilities	14,109	15,495
Debt and finance lease obligations, less current portion	9,670	9,720
Deferred income tax liabilities	5,146	5,267
Other long-term liabilities	2,458	2,140
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7	7
Additional paid-in capital	6,981	6,939
Treasury stock, at cost; 374,561,457 and 358,637,890 common shares	(30,753)	(28,178)
Retained earnings	47,959	47,016
Accumulated other comprehensive loss	(469)	(1,272)
Total Valero Energy Corporation stockholders’ equity	23,725	24,512
Noncontrolling interests	2,880	3,009
Total equity	26,605	27,521
Total liabilities and equity	$ 57,988	$ 60,143

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

VALERO ENERGY CORP/TX 10-K