Valvoline reported a solid QQ2 2025 quarter with adjusted EBITDA up 6% year over year on a recast basis, supported by continued strength in non-oil-change revenue (NOCR) and a resilient demand backdrop for non-discretionary vehicle maintenance. Net sales rose 4% on a reported basis to $403 million, reflecting refranchising effects that boosted top-line after adjusting for store transitions. Despite near-term gross margin pressure from store depreciation and refranchising-driven SG&A deleverage, management reaffirmed full-year guidance and highlighted a clear plan to normalize margins as the network expands and refranchised transactions lap. The company maintained an aggressive but measured growth trajectory, adding 68 net new stores year-to-date and projecting 60-85 openings for the year, with Breeze Auto Care potentially accelerating pipeline growth pending FTC clearance. In sum, Valvoline remains structurally positioned in a durable, nondiscretionary market, but near-term margin recovery hinges on successful integration of refranchising benefits, SG&A leverage as the base size normalizes, and the timely closing of Breeze.