Olivia Newton John and John Travolta Flood the Red Carpet in Nostalgia With 'Grease' Reunion

It's been 40 years since Olivia Newton-John and John Travolta won over America's heart with Grease — and after all that time, the iconic duo is proving that they still go together.

At a 40th anniversary screening of Grease at the Samuel Goldwyn Theater in Beverly Hills on Wednesday, the two brought heaps of nostalgia to the red carpet.

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(Photo: Alberto E. Rodriguez / Staff / Getty)

Newton-John, 69, wore a pink shirt, matching sneakers and a white suit for the big day. Travolta, 64, donned jeans, a black blazer and a gray beard.

The two smiled, hugged and even showed off some old dance moves for photographers.

"We did something life-changing, making that film," Newton-John said in PEOPLE's Grease 40th anniversary special edition. "[At the premiere] you got the feeling from the energy that something was happening. It was a huge response. I feel grateful to be a part of that and to have worked with him. We've stayed friends ever since."

Travolta agreed, saying he thinks his bond with Newton-John is still strong almost half a century later because of the success of the film.

"When you share that kind of meteoric success — and nothing has been able to exceed it — you share a bond," he said, adding that the two still text. "I've been through her having a child, getting divorced, losing her sister. She's been through my getting married, having children. It's wonderful and full of shared memories."

Released in the summer of 1978, Grease starred Travolta as cool kid Danny Zuko and Newton-John as good girl Sandy. They struggle to keep their romance afloat when faced with the obstacles high school and separate social circles can bring.

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(Photo: Steve Granitz / Contributor / Getty)

Also attending the musical's milestone celebration were Didi Conn, who played beauty school dropout Frenchy, Barry Pearl, who starred as T-Bird Doody, and Randal Kleiser, who directed the 1978 hit. Conn, 67, and Pearl, 68, both made appearances in Grease: Live in 2016.

"Grease changed people's lives emotionally," Travolta told PEOPLE. "It inspired people to become performers, it marked people falling in love — I know it by the letters I get and encounters I have."