VALVOLINE INC
For the period ended Sep 30, 2025. Filed Nov 21, 2025.
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FY2025 · Filed Nov 21, 2025
VVV$35.73-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Valvoline Inc. and Consolidated Subsidiaries | |||
|---|---|---|---|
| Consolidated Statements of Cash Flows | |||
| (In millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net income | $210.7 | $211.5 | $1,419.7 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Loss (income) from discontinued operations | 4.1 | 3.0 | (1,220.3) |
| Loss on extinguishment of debt | — | 5.1 | — |
| Gain on sale of operations | (71.1) | (41.8) | — |
| Depreciation and amortization | 119.4 | 105.9 | 88.8 |
| Deferred income taxes | 38.3 | 23.5 | 33.6 |
| Loss (gain) on pension and other postretirement plan remeasurements | 26.6 | (2.4) | (41.6) |
| Stock-based compensation expense | 10.5 | 12.0 | 12.2 |
| Other, net | 3.6 | (0.1) | 11.9 |
| Change in assets and liabilities | |||
| Receivables | (3.1) | (0.9) | 26.4 |
| Inventories | (5.4) | (7.7) | (3.3) |
| Payables and accrued liabilities | 3.3 | (6.4) | 111.3 |
| Other assets and liabilities | (29.8) | (18.8) | (85.7) |
| Operating cash flows from continuing operations | 307.1 | 282.9 | 353.0 |
| Operating cash flows from discontinued operations | (9.9) | (17.8) | (393.8) |
| Total cash provided by (used in) operating activities | 297.2 | 265.1 | (40.8) |
| Cash flows from investing activities | |||
| Additions to property, plant and equipment | (259.2) | (224.4) | (180.5) |
| Acquisitions, net of cash acquired | (65.0) | (52.7) | (36.3) |
| Proceeds from sale of operations, net of cash disposed | 121.0 | 71.5 | — |
| Issuances of notes receivable | (24.2) | (13.6) | (3.5) |
| Repayments of notes receivable | 21.2 | 9.7 | 2.1 |
| Purchases of investments | (4.5) | (3.5) | (440.4) |
| Proceeds from investments | 6.0 | 350.0 | 80.0 |
| Other investing activities, net | 3.6 | (0.2) | 1.4 |
| Investing cash flows from continuing operations | (201.1) | 136.8 | (577.2) |
| Investing cash flows from discontinued operations | — | — | 2,620.9 |
| Total cash (used in) provided by investing activities | (201.1) | 136.8 | 2,043.7 |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 85.0 | 200.0 | 924.0 |
| Repayments on borrowings | (103.8) | (698.8) | (920.9) |
| Repurchases of common stock, including excise tax payments | (76.8) | (226.8) | (1,524.8) |
| Cash dividends paid | — | — | (21.8) |
| Payment of finance lease obligations | (12.2) | (12.0) | (10.6) |
| Other financing activities, net | (5.1) | (8.7) | (11.4) |
| Financing cash flows from continuing operations | (112.9) | (746.3) | (1,565.5) |
| Financing cash flows from discontinued operations | — | — | (108.1) |
| Total cash used in financing activities | (112.9) | (746.3) | (1,673.6) |
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | — | (0.1) |
| Decrease in cash, cash equivalents and restricted cash | (17.1) | (344.4) | 329.2 |
| Cash, cash equivalents and restricted cash - beginning of year | 68.7 | 413.1 | 83.9 |
| Cash, cash equivalents and restricted cash - end of year | $51.6 | $68.7 | $413.1 |
| Supplemental disclosures | |||
| Interest paid | $56.1 | $78.2 | $69.6 |
| Income taxes paid | $35.8 | $31.3 | $373.8 |
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