Valvoline operates a chain of quick-service automotive maintenance stores across the U.S. and Canada, primarily under the Valvoline Instant Oil Change brand. The core service is a drive-through, stay-in-your-car oil change completed in about 15 minutes, with technicians also offering additional services like battery, wiper, filter replacements, and tire rotations — collectively called non-oil-change revenue (NOCR). As of FY25, Valvoline's network totals 2,180 stores system-wide, split roughly evenly between company-operated and franchised locations, plus over 240 independent operators through its Express Care platform. Valvoline earns revenue directly from its ~1,016 company-operated stores, and earns royalties, fees, and product margin from franchisees through a long-term lubricant supply agreement. Key revenue drivers are same-store sales growth (through transaction volume and ticket growth via pricing, premiumization, and NOCR attachment) and network expansion. Growth CapEx targets 250+ new stores per year by FY27, combining ground-up builds, acquisitions of independent operators, and franchisee development. In December 2025, Valvoline acquired Breeze Auto Care, adding ~162 stores, funded with a $740M Term Loan B that brought leverage to ~4.2x. Valvoline also serves commercial fleet operators, a segment growing faster than its consumer business. The franchise model is capital-light, and Valvoline has been refranchising select company-owned markets to convert capital-intensive assets into recurring fee streams while locking in franchisee development commitments.