Revenue surged 24.1% YoY to $544.6M in 2026Q3, with gross margin at 39.5% and operating margin expanding to 20.6%, though EPS volatility from one-time items (e.g., -$0.91 in 2024Q4) masks core strength.
Valvoline Inc. (VVV) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 |
|---|
| Sales/Revenue | 1.96B | 1.71B | 1.62B | 1.44B | 1.24B | 1.04B | 727M | 2.39B | 2.29B | 2.08B | 1.93B | 1.97B | 2.04B |
| Revenue Growth % | 16.08% | 5.64% | 12.16% | 16.78% | 19.18% | 42.67% | -69.58% | 4.6% | 9.64% | 8.04% | -1.93% | -3.63% | - |
| Cost of Goods Sold | 1.21B | 1.05B | 1B | 899M | 759.7M | 604.9M | 426M | 1.58B | 1.48B | 1.31B | 1.17B | 1.28B | 1.41B |
| COGS % of Revenue | - | 61.5% | 61.78% | 62.28% | 61.46% | 58.32% | 58.6% | 66.11% | 64.73% | 62.67% | 60.55% | 65.17% | 69.03% |
| Gross Profit | 751.9M | 658.5M | 618.8M | 544.5M | 476.4M | 432.3M | 301M | 810M | 806M | 778M | 761M | 685.1M | 632M |
| Gross Margin % | 38.28% | 38.5% | 38.22% | 37.72% | 38.54% | 41.68% | 41.4% | 33.89% | 35.27% | 37.33% | 39.45% | 34.83% | 30.97% |
| Gross Profit Growth % | - | 6.42% | 13.65% | 14.29% | 10.2% | 43.62% | -62.84% | 0.5% | 3.6% | 2.23% | 11.08% | 8.4% | - |
| Operating Expenses | 401.2M | 268.6M | 251.6M | 297.3M | 256.1M | 192.2M | 140.8M | 449M | 430M | 375M | 342M | 359.8M | 378M |
| OpEx % of Revenue | - | 15.7% | 15.54% | 20.6% | 20.72% | 18.53% | 19.37% | 18.79% | 18.82% | 17.99% | 17.73% | 18.29% | 18.52% |
| Selling, General & Admin | 281.9M | 349.9M | 316.8M | 236.9M | 251.6M | 95.7M | 122.3M | 449M | 430M | 375M | 270M | 290.8M | 303M |
| SG&A % of Revenue | - | 20.46% | 19.57% | 16.41% | 20.35% | 9.23% | 16.82% | 18.79% | 18.82% | 17.99% | 14% | 14.78% | 14.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 14M | 13M | 13M | 11M | 11M |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.54% | 0.61% | 0.62% | 0.67% | 0.56% | 0.54% |
| Other Operating Expenses | 700K | -81.3M | -65.2M | 60.4M | 4.5M | 96.5M | 18.5M | -60M | 0 | 136M | 0 | 0 | 0 |
| Operating Income | 350.7M | 389.9M | 367.2M | 247.2M | 220.3M | 240.1M | 160.2M | 398M | 395M | 532M | 431M | 323.1M | 264M |
| Operating Margin % | 17.86% | 22.8% | 22.68% | 17.13% | 17.82% | 23.15% | 22.04% | 16.65% | 17.29% | 25.53% | 22.34% | 16.43% | 12.93% |
| Operating Income Growth % | - | 6.18% | 48.54% | 12.21% | -8.25% | 49.88% | -59.75% | 0.76% | -25.75% | 23.43% | 33.4% | 22.39% | - |
| EBITDA | 492.8M | 509.3M | 473.1M | 336M | 291.7M | 302.2M | 200.8M | 459M | 449M | 574M | 469M | 361.1M | 301M |
| EBITDA Margin % | 25.09% | 29.78% | 29.22% | 23.28% | 23.6% | 29.14% | 27.62% | 19.2% | 19.65% | 27.54% | 24.31% | 18.36% | 14.75% |
| EBITDA Growth % | -11.27% | 7.65% | 40.8% | 15.19% | -3.47% | 50.5% | -56.25% | 2.23% | -21.78% | 22.39% | 29.88% | 19.97% | - |
| D&A (Non-Cash Add-back) | 142.1M | 119.4M | 105.9M | 88.8M | 71.4M | 62.1M | 40.6M | 61M | 54M | 42M | 38M | 38M | 37M |
| EBIT | 319M | 391.3M | 366.5M | 280M | 213.4M | 368.3M | 215.7M | 321M | 379M | 520M | 419M | 297M | 264M |
| Net Interest Income | -60.4M | -74M | -71.9M | -38.3M | -69.3M | -108.3M | -74M | -73M | -63M | -42M | -9M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 60.4M | 74M | 71.9M | 38.3M | 69.3M | 108.3M | 74M | 73M | 63M | 42M | 9M | 0 | 0 |
| Other Income/Expense | -174.4M | -97.6M | -83.6M | -10.7M | -76.2M | 19.9M | -37.2M | -133M | -63M | -42M | -10M | -26M | 0 |
| Pretax Income | 176.3M | 292.3M | 283.6M | 236.5M | 144.1M | 260M | 123M | 265M | 332M | 490M | 421M | 296.8M | 264M |
| Pretax Margin % | 8.98% | 17.09% | 17.52% | 16.38% | 11.66% | 25.07% | 16.92% | 11.09% | 14.53% | 23.51% | 21.82% | 15.09% | 12.93% |
| Income Tax | 72.6M | 77.5M | 69.1M | 37.1M | 34.7M | 59.9M | 53.4M | 57M | 166M | 186M | 148M | 100.7M | 91M |
| Effective Tax Rate % | 41.18% | 26.51% | 24.37% | 15.69% | 24.08% | 23.04% | 43.41% | 21.51% | 50% | 37.96% | 35.15% | 33.93% | 34.47% |
| Net Income | 101.5M | 210.7M | 211.5M | 1.42B | 424.3M | 420.3M | 316.6M | 208M | 166M | 304M | 273M | 196.1M | 173M |
| Net Margin % | 5.17% | 12.32% | 13.06% | 98.35% | 34.33% | 40.52% | 43.55% | 8.7% | 7.26% | 14.59% | 14.15% | 9.97% | 8.48% |
| Net Income Growth % | -63.49% | -0.38% | -85.1% | 234.6% | 0.95% | 32.75% | 52.21% | 25.3% | -45.39% | 11.36% | 39.21% | 13.35% | - |
| Net Income (Continuing) | 103.7M | 214.8M | 214.5M | 199.4M | 109.4M | 200.1M | 69.6M | 208M | 166M | 304M | 273M | 196.1M | 173M |
| Discontinued Operations | -2.2M | -4.1M | -3M | 1.22B | 314.9M | 220.2M | 247M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.79 | 1.64 | 1.61 | 8.73 | 2.35 | 2.29 | 1.69 | 1.10 | 0.84 | 1.49 | 1.60 | 0.98 | 0.87 |
| EPS Growth % | -65.09% | 1.86% | -81.56% | 271.49% | 2.62% | 35.5% | 53.64% | 30.95% | -43.62% | -6.88% | 63.27% | 12.64% | - |
| EPS (Basic) | - | 1.65 | 1.63 | 8.79 | 2.37 | 2.30 | 1.70 | 1.10 | 0.84 | 1.49 | 1.60 | 0.98 | 0.87 |
| Diluted Shares Outstanding | 128.4M | 128.6M | 131M | 162.6M | 180.4M | 183.5M | 187.5M | 189M | 197M | 204M | 170M | 200M | 200M |
| Basic Shares Outstanding | 127.8M | 127.9M | 130.1M | 161.6M | 179.1M | 182.5M | 187M | 189M | 197M | 204M | 170M | 200M | 200M |
| Dividend Payout Ratio | - | - | - | 1.54% | 21.02% | 21.63% | 26.63% | 38.46% | 34.94% | 13.16% | - | - | - |
Quick answers to the most common questions about buying VVV stock.
For fiscal year 2025, Valvoline Inc. (VVV) reported total revenue of $1.71B. This represents a 16.2% decline compared to $2.04B in 2014.
Valvoline Inc. (VVV) is profitable, generating $210.7M in net income for the fiscal year ending 2025 with a net profit margin of 12.3%.
Valvoline Inc. (VVV) reported an operating income of $389.9M, resulting in an operating profit margin of 22.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Valvoline Inc. (VVV) generated $658.5M in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
EPS volatility from one-time items
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by Volume
Valvoline's revenue grew 24.1% year-over-year in 2026Q3, reaching $544.6M, according to the latest quarterly report, marking a sharp acceleration from the 4.2% growth seen in 2025Q4.
The sequential acceleration from 4.2% to 24.1% suggests a step-change in demand, likely driven by increased service volumes rather than pricing, as gross margin remained relatively stable. This growth appears durable if it reflects market share gains in the quick-lube segment, but investors should monitor whether the pace is sustainable given the prior quarters' more moderate expansion.
Gross Margin Resilience Amid Expansion
Gross margin held at 39.5% in 2026Q3, according to reported figures, despite a 24% revenue surge, indicating pricing power and cost control that outpace the peer average of roughly 35%.
The stability of gross margin around 37-40% over the past ten quarters, even as revenue fluctuated, suggests a business model with limited exposure to input cost volatility. This compares favorably to peers like Monro (35%) and Driven Brands (45%), positioning Valvoline as a mid-tier player with consistent profitability. The slight dip in 2026Q2 to 37.1% may reflect mix shifts, but the recovery in Q3 implies management has maintained pricing discipline.
Operating Leverage Amplifies Profit Growth
Operating income surged to $112.2M in 2026Q3, a 27% increase from the prior year, as per the income statement, with operating margin expanding to 20.6% from 18.6% in 2025Q4.
The operating margin expansion from 14.2% in 2026Q1 to 20.6% in 2026Q3 indicates that SG&A costs are not scaling proportionally with revenue, reflecting operational efficiency. However, the 2026Q1 SG&A line was reported as zero, which may distort the trend; excluding that anomaly, the underlying leverage appears positive. This suggests that incremental revenue is flowing through to operating income at a high rate, a key driver of the recent EPS growth.
Earnings Volatility Masks Core Strength
Net income swung from a $32.8M loss in 2026Q1 to a $64.5M profit in 2026Q3, per financial statements, with EPS of $0.51, but the 2024Q4 EPS of -$0.91 indicates non-recurring items distort the trend.
The extreme EPS swings, including a negative EPS in 2024Q4 and 2026Q1, suggest that reported net income is heavily influenced by one-time charges or tax effects, not just operational performance. Stock-based compensation is modest at $9.3M in 2026Q3, so the volatility likely stems from impairments or legal settlements. Investors should adjust for these items to assess underlying earnings power, which appears stronger than the headline numbers suggest.
COGS Efficiency Drives Margin Stability
COGS as a percentage of revenue fell to 60.5% in 2026Q3, according to the latest data, down from 63.1% in 2025Q2, indicating improved cost management despite inflationary pressures.
The reduction in COGS ratio, from 63.1% in 2025Q2 to 60.5% in 2026Q3, suggests that Valvoline is benefiting from scale efficiencies or favorable input costs. SG&A, when reported, has remained in the $82-103M range, but the zero figure in 2026Q1 is a data anomaly that should be ignored. The overall cost structure appears well-controlled, with operating margin expansion driven by both gross margin improvement and SG&A leverage.
Sustainability of Growth and Margin Expansion
The 24.1% revenue growth in 2026Q3, as reported, may be unsustainable if it reflects one-time factors, and the 20.6% operating margin could compress as competition intensifies in the quick-lube market.
Short-sellers might argue that the recent acceleration is a rebound from a weak prior year, given that 2025Q3 growth was only 4.2%, and that the 2026Q1 loss indicates underlying fragility. Additionally, the operating margin of 20.6% is above the peer average, and if input costs rise or pricing competition heats up, margins could revert to the mid-teens. The reliance on volume growth rather than pricing also raises questions about the durability of the top-line expansion.