Valvoline (VVV) financial statements
Valvoline reported revenue of $1.7B in fiscal 2025, down 1.3% a year over 9 years.
Net income was $211M and the operating margin 22.8%, against 20.5% in 2016.
Free cash flow was $38M, and the company returned $77M in net buybacks.
The diluted share count fell 24% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Valvoline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.1B | $2.3B | $2.4B | $727M | $1.0B | $1.2B | $1.4B | $1.6B | $1.7B |
| Cost of revenue | $1.2B | $1.3B | $1.5B | $1.6B | $426M | $605M | $760M | $899M | $1.0B | $1.1B |
| Gross profit | $748M | $776M | $806M | $810M | $301M | $432M | $476M | $544M | $619M | $658M |
| Research and development | $13M | $13M | $14M | $13M | $13M | $15M | — | — | — | — |
| Selling, general and admin | $365M | $396M | $430M | $449M | $177M | $224M | $245M | $264M | $305M | $350M |
| Operating income | $396M | $394M | $395M | $398M | $160M | $240M | $220M | $247M | $367M | $390M |
| Interest expense | $9M | $42M | $63M | $73M | $92M | $108M | $69M | $38M | $72M | $74M |
| Pre-tax income | $421M | $490M | $332M | $265M | $123M | $260M | $144M | $236M | $284M | $292M |
| Income tax | $148M | $186M | $166M | $57M | $53M | $60M | $35M | $37M | $69M | $78M |
| Net income | $273M | $304M | $166M | $208M | $317M | $420M | $424M | $1.4B | $212M | $211M |
| EPS (diluted) | $1.60 | $1.49 | $0.84 | $1.10 | $1.69 | $2.29 | $2.35 | $8.73 | $1.61 | $1.64 |
| Diluted shares | 170M | 204M | 197M | 189M | 188M | 184M | 180M | 163M | 131M | 129M |
| Gross margin | 38.8% | 37.2% | 35.3% | 33.9% | 41.4% | 41.7% | 38.5% | 37.7% | 38.2% | 38.5% |
| Operating margin | 20.5% | 18.9% | 17.3% | 16.7% | 22.0% | 23.1% | 17.8% | 17.1% | 22.7% | 22.8% |
| Net margin | 14.2% | 14.6% | 7.3% | 8.7% | 43.5% | 40.5% | 34.3% | 98.4% | 13.1% | 12.3% |
Balance sheet
Fiscal years, from Valvoline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $172M | $201M | $96M | $159M | $640M | $123M | $23M | $757M | $68M | $52M |
| Receivables | $363M | $385M | $409M | $401M | $433M | $65M | $66M | $81M | $86M | $90M |
| Inventory | $139M | $175M | $176M | $194M | $199M | $27M | $29M | $33M | $40M | $43M |
| Total current assets | $730M | $790M | $725M | $797M | $1.4B | $1.0B | $1.6B | $937M | $255M | $244M |
| Property, plant and equipment | $324M | $391M | $420M | $498M | $613M | $817M | $669M | $818M | $959M | $1.1B |
| Goodwill | $264M | $330M | $381M | $430M | $316M | $513M | $548M | $578M | $615M | $658M |
| Total assets | $1.8B | $1.9B | $1.9B | $2.1B | $3.1B | $3.2B | $3.4B | $2.9B | $2.4B | $2.7B |
| Total current liabilities | $400M | $478M | $411M | $423M | $444M | $569M | $919M | $362M | $354M | $347M |
| Long-term debt | $724M | $1.0B | $1.3B | $1.3B | $2.0B | $1.6B | $1.5B | $1.6B | $1.1B | $1.1B |
| Total liabilities | $2.2B | $2.0B | $2.2B | $2.3B | $3.1B | $3.1B | $3.1B | $2.7B | $2.3B | $2.3B |
| Shareholders' equity | -$330M | -$117M | -$358M | -$258M | -$76M | $134M | $307M | $203M | $186M | $338M |
| Net debt | $571M | $848M | $1.2B | $1.2B | $1.3B | $1.5B | $1.7B | $1.2B | $1.0B | $1.0B |
Cash flow
Fiscal years, from Valvoline's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $311M | -$130M | $320M | $325M | $372M | $404M | $284M | -$41M | $265M | $297M |
| Capital spending | $66M | $68M | $93M | $108M | $94M | $103M | $132M | $180M | $224M | $259M |
| Free cash flow | $245M | -$198M | $227M | $217M | $278M | $301M | $152M | -$221M | $41M | $38M |
| Stock-based compensation | $0 | $9M | $12M | $9M | $12M | $14M | $14M | $12M | $12M | $10M |
| Dividends paid | $0 | $40M | $58M | $80M | $84M | $91M | $89M | $22M | $0 | $0 |
| Share buybacks (net) | $0 | -$50M | -$325M | $0 | -$60M | -$127M | -$143M | -$1.5B | -$227M | -$77M |
| Net borrowing | -$637M | -$90M | $197M | $18M | $508M | -$272M | -$15M | $3M | -$499M | -$19M |
| Free cash flow margin | 12.7% | -9.5% | 9.9% | 9.1% | 38.2% | 29.0% | 12.3% | -15.3% | 2.5% | 2.2% |
| Dividends per share | — | $0.20 | $0.29 | $0.42 | $0.45 | $0.50 | $0.49 | $0.13 | — | — |
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Open VVV in InvestinglyQuestions
What was Valvoline's revenue in 2025?
$1.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Valvoline generate?
$38M in fiscal 2025 (operating cash flow minus capital spending).
From Valvoline's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.