VVV

MKT CAP:$4B

Valvoline Inc.

Market Cap

$4B

Energy·Oil & Gas Refining & Marketing·🇺🇸 United States·NYSE

Energy·Oil & Gas Refining & Marketing·🇺🇸·NYSE

Stock Price

$34.56+$5.69 (+19.71%)

Apr 17, 2026

Company Details

Valvoline Inc. manufactures, markets, and supplies, engine and automotive maintenance products and services. It operates through two segments, Retail Services and Global Products. The company offers lubricants for passenger car, light duty,...

CEO

Lori A. Flees

IPO Date

Sep 23, 2016

Website

www.valvoline.com

Key Metrics TTM

Revenue

$1.7B

+10.2% YoY

Net Income

$153M

EPS (Diluted)

$1.18

Free Cash Flow

$22M

Revenue / Share

$13.46

Gross Margin

38.0%

Operating Margin

21.6%

Net Margin

8.9%

FCF Margin

1.3%

P/S

2.4x

P/E

27.2x

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 4, 2026

$462M+11.5%EPS -$0.26

FY 2025

Nov 21, 2025

$1.7BEPS $1.64

Q3 2025

Aug 6, 2025

$439M+4.2%EPS $0.44

Q2 2025

May 8, 2025

$403M+3.7%EPS $0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$652M	$258M	$176M
Q1 21	$653M	$228M	$124M
Q2 21	$701M	$247M	$131M
Q3 21	$792M	$259M	$131M
Q4 21	$835M	$246M	$142M
Q1 22	$287M	$112M	$52M
Q1 23	$333M	$119M	$29M
Q2 23	$345M	$127M	$61M
Q3 23	$376M	$151M	$87M
Q1 24	$373M	$135M	$63M
Q2 24	$389M	$146M	$76M
Q3 24	$421M	$168M	$93M
Q1 25	$414M	$153M	$144M
Q2 25	$403M	$151M	$67M
Q3 25	$439M	$178M	$95M
Q1 26	$462M	$173M	$66M

Valuation

Quarter	P/S	P/E
Q4 20	1.8x	13.1x
Q1 21	1.7x	12.6x
Q2 21	1.6x	12.4x
Q3 21	1.5x	11.1x
Q4 21	1.4x	9.9x
Q1 22	1.6x	9.9x
Q1 23	1.9x	9.6x
Q2 23	2.3x	2.7x
Q3 23	3.1x	2.9x
Q1 24	2.9x	3.0x
Q2 24	2.8x	3.1x
Q3 24	2.7x	23.0x
Q1 25	2.6x	19.7x
Q2 25	2.6x	19.2x
Q3 25	2.5x	18.0x
Q1 26	2.4x	27.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$101M	$44M
Q1 21	$79M	$44M
Q2 21	$111M	$72M
Q3 21	$106M	$74M
Q4 21	$108M	$70M
Q1 22	$32M	-$200.0K
Q1 23	-$9M	-$49M
Q2 23	$119M	$79M
Q3 23	-$159M	-$205M
Q1 24	$20M	-$22M
Q2 24	$68M	$23M
Q3 24	$76M	$10M
Q1 25	$41M	-$12M
Q2 25	$47M	-$5M
Q3 25	$87M	$32M
Q1 26	$65M	$7M

Capital Expenditures

Quarter	CapEx
Q4 20	$57M
Q1 21	$35M
Q2 21	$39M
Q3 21	$32M
Q4 21	$38M
Q1 22	$32M
Q1 23	$40M
Q2 23	$40M
Q3 23	$47M
Q1 24	$42M
Q2 24	$45M
Q3 24	$66M
Q1 25	$54M
Q2 25	$52M
Q3 25	$55M
Q1 26	$57M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+3.7%	-7.8%
Q1 21	+7.6%	+5.2%
Q2 21	+21.3%	+23.6%
Q3 21	+53.5%	+54.4%
Q4 21	+28.1%	+45.6%
Q1 22	-56.0%	-55.5%
Q1 23	-52.5%	-46.8%
Q2 23	-56.5%	-57.1%
Q3 23	-54.9%	-58.2%
Q1 24	+30.0%	+32.0%
Q2 24	+16.8%	+2.9%
Q3 24	+22.3%	+15.8%
Q1 25	+10.1%	-6.6%
Q2 25	+8.0%	+8.3%
Q3 25	+12.9%	+10.2%
Q1 26	+9.6%	+20.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$4M	0.6%
Q1 21	$3M	0.5%
Q2 21	$3M	0.4%
Q3 21	$4M	0.5%
Q4 21	$4M	0.5%
Q1 22	$3M	1.1%
Q1 23	$3M	0.9%
Q2 23	$3M	0.7%
Q3 23	$3M	0.9%
Q1 24	$2M	0.6%
Q2 24	$3M	0.6%
Q3 24	$5M	1.1%
Q1 25	$2M	0.5%
Q2 25	$3M	0.6%
Q3 25	$3M	0.6%
Q1 26	$2M	0.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 20	$13M	$20M	$72M	—
Q1 21	—	—	—	$117M
Q2 21	—	—	—	$129M
Q3 21	—	—	—	$136M
Q4 21	—	—	—	$138M
Q1 22	—	—	—	$60M
Q1 23	—	$70M	—	—
Q2 23	—	$66M	—	—
Q3 23	—	$69M	—	—
Q1 24	—	$78M	—	—
Q2 24	—	$72M	—	—
Q3 24	—	$77M	—	—
Q1 25	—	$83M	—	—
Q2 25	—	$86M	—	—
Q3 25	—	$86M	—	—

Revenue Segments

Quarter	Global Products	Retail Services
Q3 21	$462M	$330M

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America	International
Q4 20	$80M	$44M	$22M	$506M	—
Q1 21	—	—	—	$489M	$164M
Q2 21	$88M	$54M	$32M	$527M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$118M	$0	$118M
Q3 22	$98M	$0	$98M
Q4 22	$23M	$0	$23M
Q1 23	$21M	$0	$21M
Q2 23	$2.3B	$0	$2.3B
Q3 23	$527M	$424M	$951M
Q4 23	$409M	$348M	$757M
Q1 24	$421M	$120M	$540M
Q2 24	$495M	$0	$495M
Q3 24	$66M	$1M	$67M
Q4 24	$68M	$0	$68M
Q1 25	$60M	$0	$60M
Q2 25	$62M	$0	$62M
Q3 25	$68M	$0	$68M
Q4 25	$52M	$0	$52M
Q1 26	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	186M	0.0%	-1.6%
Q1 21	186M	0.0%	-1.6%
Q2 21	183M	-1.6%	-2.7%
Q3 21	183M	0.0%	-1.6%
Q4 21	182M	-0.5%	-2.2%
Q1 22	182M	0.0%	-2.2%
Q1 23	176M	-3.1%	-3.7%
Q2 23	173M	-2.0%	-5.6%
Q3 23	163M	-5.9%	-10.7%
Q1 24	133M	-18.3%	-27.1%
Q2 24	131M	-1.5%	-25.9%
Q3 24	130M	-0.4%	-24.6%
Q1 25	130M	-0.5%	-20.3%
Q2 25	128M	-1.0%	-3.4%
Q3 25	128M	0.0%	-1.9%
Q1 26	128M	-0.4%	-1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$74.1K	9K
Q1 21	$74.2K	9K
Q2 21	$79.7K	9K
Q3 21	$90.0K	9K
Q4 21	$85.2K	10K
Q1 22	$29.3K	10K
Q1 23	$37.4K	9K
Q2 23	$38.7K	9K
Q3 23	$42.3K	9K
Q1 24	$37.3K	10K
Q2 24	$38.9K	10K
Q3 24	$42.1K	10K
Q1 25	$36.0K	12K
Q2 25	$35.1K	12K
Q3 25	$38.2K	12K
Q1 26	$40.5K	11K

Revenue / Employee