A valve assembly for a faucet includes a spout, a valve stem, a first valve, and a second valve. The first valve is rotatably coupled to the valve stem upstream from the spout and is selectively positionable to control a flow of fluid from a fluid source to the spout. The second valve is rotatably coupled to the valve stem for selectively draining fluid from the valve assembly. Further, the second valve is coupled to the first valve such that when the first and second valves are positioned in a first operational position, fluid flows from the source through the spout, and such that when the first and second valves are positioned in a second operational position, fluid is substantially prevented from flowing from the source through the spout and residual fluid within the faucet is gravity drained from the faucet.