胜牌 2025年度报告

FORM 11-K (Mark One): ☑ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF For the fiscal year ended December31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF For the transition period from __________ to __________ Commission File Number 001-37884 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: VALVOLINE 401(k) PLAN B.Name of issuer of the securities held pursuant to the plan and the address of its principal executiveoffice: VALVOLINE INC.100 Valvoline Way, Suite 100Lexington, Kentucky 40509 Valvoline 401(k) PlanTABLE OF CONTENTS Report of Independent Registered Public Accounting Firm Financial Statements: Statements of Net Assets Available for BenefitsStatement of Changes in Net Assets Available for Benefits Supplemental Schedule* Schedule H; Line 4i – Schedule of Assets (Held at End of Year) Signature Exhibit Index Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reportingand Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Valvoline Retirement Committeeand Participants of the Valvoline 401(k) Plan Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the Valvoline 401(k) Plan (the"Plan") as of December31, 2025 and 2024 and the related statement of changes in net assets available for benefits forthe year ended December31, 2025, and the related notes (collectively referred to as the "financial statements"). In ouropinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion onthe Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public CompanyAccounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financial statements are free of materialmisstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an auditof its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also Supplemental Information The supplemental information contained in the accompanying schedule (Schedule H, Line 4i – Schedule of Assets (Heldat End of Year) as of December31, 2025) has been subjected to audit procedures performed in conjunction with the auditof the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our auditprocedures included determining whether the supplemental information reconciles to the financial statements or theunderlying accounting and other records, as applicable, and performing procedures to test the completeness and We have served as the Plan’s auditor since 2017.Lexington, KentuckyJune29, 2026 Valvoline 401(k) PlanNotes to Financial Statements NOTE 1 – DESCRIPTION OF THE PLAN General The Valvoline 401(k) Plan (the “Plan”) is a contributory, defined contribution plan established on January 1, 2017 availableto substantially all U.S. employees of Valvoline LLC (“Valvoline” or the “Company”).Employees in designated eligiblegroups may immediately enroll in the Plan, regardless of the amount of Company service. The Plan is designed to qualifyunder sections 401(a), 401(k), and 401(m) of the Internal Revenue Code of 1986, as amended (“IRC”) and is subject to Contributions and funding All eligible employees of the Company may defer a portion of their eligible compensation by making contributions to thePlan. Participants may elect to contribute up to 65% of their eligible compensation, up to certain IRC limits. Newly hired orrehired employees who are not hourly employees of Valvoline Instant Oil Change ("VIOC") and who do not opt out or electto contribute a different amount of their eligible compensation are automatically enrolled in the Plan at a pre-tax As soon as administratively feasible after their date of hire, participants, who are not hourly employees of VIOC, areeligible to receive employer matching contributions equal to 100% of their