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The standard perturbation theory (SPT) approach to gravitational clustering is based on a fluid approximation of the underlying Vlasov-Poisson dynamics, taking only the zeroth and first cumulant of the phase-space distribution function into account (density and velocity fields). This assumption breaks down when dark matter particle orbits cross and leads to well-known problems, e.g. an anomalously large backreaction of small-scale modes onto larger scales that compromises predictivity. We extend SPT by incorporating second and higher cumulants generated by orbit crossing. For collisionless matter, their equations of motion are completely fixed by the Vlasov-Poisson system, and thus we refer to this approach as Vlasov Perturbation Theory (VPT). Even cumulants develop a background value, and they enter the hierarchy of coupled equations for the fluctuations. The background values are in turn sourced by power spectra of the fluctuations. The latter can be brought into a form that is formally analogous to SPT, but with an extended set of variables and linear as well as non-linear terms, that we derive explicitly. In this paper, we focus on linear solutions, which are far richer than in SPT, showing that modes that cross the dispersion scale set by the second cumulant are highly suppressed. We derive stability conditions on the background values of even cumulants from the requirement that exponential instabilities be absent. We also compute the expected magnitude of averaged higher cumulants for various halo models and show that they satisfy the stability conditions. Finally, we derive self-consistent solutions of perturbations and background values for a scaling universe and study the convergence of the cumulant expansion. The VPT framework provides a conceptually straightforward and deterministic extension of SPT that accounts for the decoupling of small-scale modes.