Valvoline Inc (NYSE: VVV) is an automotive preventive maintenance company that operates and franchises quick-lube service centers across the United States and Canada. Revenue comes from company-operated store sales plus royalties and fees collected from independent franchised and Express Care locations. As of the 10-K filed November 21, 2025, Valvoline operates approximately 2,200 service center locations under the Valvoline Instant Oil Change (VIOC) and Valvoline Great Canadian Oil Change (GCOC) brands, with over 240 additional locations supported through the Express Care platform. Net revenues reached $1,710.3 million in FY2025, up 5.6% from $1,619.0 million in FY2024. Operating income was $389.9 million in FY2025 at a 22.8% operating margin. The company does not pay a cash dividend. Valvoline was founded in 1866 by Dr. John Ellis and is headquartered in the United States. The system-wide store network grew nearly 50% over the five fiscal years ending FY2025, adding 718 net new stores.

Revenue model

Revenue is generated through two channels: direct sales at company-operated stores, and royalties plus fees from independently operated franchised and Express Care locations. Franchisee store-level sales are not consolidated into Valvoline's net revenues. FY2025 net revenues were $1,710.3 million, with gross profit of $658.5 million (38.5% gross margin) and Adjusted EBITDA of $466.8 million (27.3% Adjusted EBITDA margin).

Products and services

Services include approximately 15-minute stay-in-your-car oil changes, battery replacements, bulb and wiper replacements, tire rotations, and other manufacturer-recommended preventive maintenance services. Locations operate under the Valvoline Instant Oil Change (VIOC), Valvoline Great Canadian Oil Change (GCOC), and Express Care brand names.

Customers and end markets

End customers are retail vehicle owners seeking preventive maintenance services. Demand is tied to the size and age of the vehicle population (car parc) and consumer willingness to pay for outsourced vehicle maintenance rather than dealership or DIY alternatives. No customer concentration is disclosed in the filing excerpts.

Value-chain role

Valvoline is a retail service operator and franchisor in the automotive aftermarket maintenance segment. It sits at the consumer-facing end of the vehicle maintenance value chain, providing labor and consumable services directly to vehicle owners through both company-operated and franchised outlets.

Geographic exposure

Primarily United States, with expansion into Canada through the GCOC brand. International presence as of FY2025 is limited to Canada based on filing disclosures.

Source: SEC 10-K, filed 2025-11-21

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