$VVV

VALVOLINE INC

CIK:0001674910|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net Income (Loss) Attributable to Parent [Abstract]
Net revenues	$ 544.6	$ 439.0	$ 1,510.2	$ 1,256.5
Cost of sales	329.7	261.4	935.8	775.5
Gross profit	214.9	177.6	574.4	481.0
Selling, general and administrative expenses	103.0	82.8	308.5	246.8
Net legacy and separation-related expenses	0.1	0.4	6.2	1.6
Other (income) loss, net	(0.4)	(0.3)	43.2	(72.8)
Operating income	112.2	94.7	216.5	305.4
Net pension and other postretirement plan income	(1.3)	(0.9)	(3.7)	(2.7)
Net interest and other financing expenses	27.9	18.6	81.1	53.0
Income before income taxes	85.6	77.0	139.1	255.1
Income tax expense	20.6	20.0	61.0	65.9
Income from continuing operations	65.0	57.0	78.1	189.2
Loss from discontinued operations, net of tax	(0.5)	(0.5)	(1.6)	(3.5)
Net income	$ 64.5	$ 56.5	$ 76.5	$ 185.7
NET EARNINGS PER SHARE
Continuing operations, basic earnings (loss) per share (usd per share)	$ 0.51	$ 0.45	$ 0.61	$ 1.48
Discontinued operations, basic earnings (loss) per share (usd per share)	0	(0.01)	(0.01)	(0.03)
Basic (loss) earnings per share (usd per share)	0.51	0.44	0.60	1.45
Continuing operations, diluted earnings (loss) per share (usd per share)	0.51	0.44	0.61	1.47
Discontinued operations, diluted earnings (loss) per share (usd per share)	0	0	(0.01)	(0.03)
Diluted earnings per share (usd per share)	$ 0.51	$ 0.44	$ 0.60	$ 1.44
Weighted average common shares outstanding
Basic (in shares)	127.8	127.6	127.8	128.0
Diluted (in shares)	128.4	128.2	128.3	128.7
COMPREHENSIVE INCOME
Net income	$ 64.5	$ 56.5	$ 76.5	$ 185.7
Other comprehensive (loss) income, net of tax
Currency translation adjustments	(2.4)	6.2	(2.4)	(0.4)
Amortization of pension and other postretirement plan prior service credits	(0.4)	(0.5)	(1.2)	(1.3)
Other comprehensive (loss) income	(2.8)	5.7	(3.6)	(1.7)
Comprehensive income	$ 61.7	$ 62.2	$ 72.9	$ 184.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 76.5	$ 185.7
Adjustments to reconcile net income to cash flows from operating activities:
Loss from discontinued operations	1.6	3.5
Loss (gain) on sale of operations	43.6	(71.6)
Depreciation and amortization	109.3	86.6
Stock-based compensation expense	9.3	7.4
Other, net	6.1	1.5
Change in operating assets and liabilities
Receivables	0.6	(0.7)
Inventories	(4.3)	(3.8)
Payables and accrued liabilities	(0.7)	(28.4)
Other assets and liabilities	42.6	(0.2)
Operating cash flows from continuing operations	284.6	180.0
Operating cash flows from discontinued operations	0.0	(4.7)
Total cash provided by operating activities	284.6	175.3
Cash flows from investing activities
Additions to property, plant and equipment	(172.3)	(160.3)
Acquisitions, net of cash acquired	(652.5)	(32.1)
Proceeds from sale of operations	63.6	121.0
Issuances of notes receivable	(16.3)	(17.3)
Repayments of notes receivable	17.7	11.7
Other investing activities, net	(1.5)	5.1
Total cash used in investing activities	(761.3)	(71.9)
Cash flows from financing activities
Proceeds from borrowings	755.0	85.0
Payments of debt issuance costs and discounts	(14.5)	(2.0)
Repayments on borrowings	(214.7)	(97.8)
Repurchases of common stock, including excise taxes of $16.4 in fiscal 2025	0.0	(76.8)
Other financing activities, net	(16.3)	(12.0)
Total cash provided by (used in) financing activities	509.5	(103.6)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash	(0.2)	(0.2)
Increase (decrease) in cash, cash equivalents and restricted cash	32.6	(0.4)
Cash, cash equivalents, and restricted cash - beginning of period	51.6	68.7
Cash, cash equivalents, and restricted cash - end of period	$ 84.2	$ 68.3

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Sep. 30, 2025
Current assets
Cash and cash equivalents	$ 84.2	$ 51.6
Receivables, net	102.8	89.6
Inventories, net	50.4	42.6
Prepaid expenses and other current assets	47.0	59.9
Total current assets	284.4	243.7
Noncurrent assets
Property, plant and equipment, net	1,280.7	1,134.6
Operating lease assets	401.4	331.8
Goodwill and intangibles, net	1,283.3	740.5
Other noncurrent assets	231.8	219.8
Total noncurrent assets	3,197.2	2,426.7
Total assets	3,481.6	2,670.4
Current liabilities
Current portion of long-term debt	31.1	23.8
Trade and other payables	119.8	118.9
Accrued expenses and other liabilities	254.5	204.7
Total current liabilities	405.4	347.4
Noncurrent liabilities
Long-term debt	1,570.9	1,050.2
Employee benefit obligations	178.9	187.5
Operating lease liabilities	377.3	315.3
Other noncurrent liabilities	532.4	431.5
Total noncurrent liabilities	2,659.5	1,984.5
Commitments and contingencies
Stockholders’ equity
Preferred stock, no par value, 40.0 shares authorized; no shares issued and outstanding	0.0	0.0
Common stock, par value $0.01 per share, 400.0 shares authorized; 127.6 and 127.1 shares issued and outstanding at June 30, 2026 and September 30, 2025, respectively	1.3	1.3
Paid-in capital	63.7	58.4
Retained earnings	350.1	273.6
Accumulated other comprehensive income	1.6	5.2
Total stockholders’ equity	416.7	338.5
Total liabilities and stockholders’ equity	$ 3,481.6	$ 2,670.4