Near-term quantum computers are expected to facilitate material and chemical research through accurate molecular simulations. Several developments have already shown that accurate groundstate energies for small molecules can be evaluated on present-day quantum devices. Although electronically excited states play a vital role in chemical processes and applications, the search for a reliable and practical approach for routine excited-state calculations on near-term quantum devices is ongoing. Inspired by excited-state methods developed for the unitary coupled-cluster theory in quantum chemistry, we present an equation-of-motion-based method to compute excitation energies following the variational quantum eigensolver algorithm for ground-state calculations on a quantum computer. We perform numerical simulations on H2, H4, H2O, and LiH molecules to test our equation-of-motion variational quantum eigensolver (EOM-VQE) method and compare it to other current state-of-the-art methods. EOM-VQE makes use of self-consistent operators to satisfy the vacuum annihilation condition. It provides accurate and size-intensive energy differences corresponding to vertical excitation energies along with vertical ionization potentials and electron affinities. We also find that EOM-VQE is more suitable for implementation on NISQ devices, as it does not require higher than 2-body reduced density matrices and is expected to be noise-resilient.