Aptiv Reports Third Quarter 2025 Financial Results

Record Revenues, Adjusted Operating Income and Adjusted Earnings per Share

SCHAFFHAUSEN, Switzerland–(BUSINESS WIRE)–Aptiv PLC (NYSE: APTV), a global technology company focused on making the world safer, greener and more connected, today reported record financial results for the third quarter of 2025, with revenues increasing 7% to $5.2 billion. Additionally, the Company raised its full year 2025 guidance, reflecting the strong third quarter performance.

Third Quarter Financial Highlights Include:

• U.S. GAAP revenue of $5.2 billion, an increase of 7%
  • Revenue increased 6% adjusted for currency exchange and commodity movements
• U.S. GAAP net loss of $355 million, which includes a non-cash goodwill impairment charge of $648 million
• U.S. GAAP diluted loss per share of $1.63; Excluding special items, diluted earnings per share of $2.17
• Adjusted Operating Income of $654 million; Adjusted EBITDA of $851 million
• Cash from operations totaled $584 million

Year-to-Date Financial Highlights Include:

• U.S. GAAP revenue of $15.2 billion, an increase of 3%
  • Revenue increased 2% adjusted for currency exchange and commodity movements
• U.S. GAAP net income of $27 million, which includes a non-cash goodwill impairment charge of $648 million
• U.S. GAAP diluted earnings per share of $0.12; Excluding special items, diluted earnings per share of $5.96
• Adjusted Operating Income of $1,854 million; Adjusted EBITDA of $2,430 million
• Cash from operations totaled $1,367 million

“Aptiv delivered another quarter of record financial results, reflecting the strength of our product portfolio and our consistent operational execution,” said Kevin Clark, chair and chief executive officer. “We also delivered on our commitment to maximizing shareholder value through our continued share repurchases and debt retirement in the quarter. Our team continues to work diligently on the separation of our Electrical Distribution Systems business, which remains on track, and we look forward to sharing more at our Investor Day on November 18th.”

Third Quarter 2025 Results

For the three months ended September 30, 2025, the Company reported U.S. GAAP revenue of $5.2 billion, an increase of 7% from the prior year period. Adjusted for currency exchange and commodity movements, revenue increased by 6% during the third quarter. This reflects growth of 14% in North America, 4% in Asia, with flat growth in China, and 16% growth in South America, our smallest region, partially offset by a decline of 3% in Europe.

The Company reported a third quarter 2025 U.S. GAAP net loss of $355 million, with net loss margin of 6.8% and loss of $1.63 per diluted share. This includes the impact of a non-cash goodwill impairment charge of $648 million related to the Company’s acquisition of Wind River in 2022, reflecting slower growth than original expectations over 2023 and 2024 due to delays in 5G adoption and the launch of software-defined vehicle programs. Mid-teens revenue growth in Wind River is expected in 2025. Prior year period net income totaled $363 million, with net income margin of 7.5% and earnings of $1.48 per diluted share. Third quarter Adjusted Net Income totaled $471 million, or earnings of $2.17 per diluted share, compared to $449 million, or $1.83 per diluted share, in the prior year period, an increase of 4.9% and 18.6%, respectively.

Third quarter U.S. GAAP operating loss was $175 million, compared to operating income of $503 million in the prior year period. The Company reported third quarter Adjusted Operating Income of $654 million, compared to $593 million in the prior year period. Adjusted Operating Income margin was 12.5%, compared to 12.2% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives, partially offset by increased commodity costs and foreign exchange impacts totaling $56 million. Depreciation and amortization expense totaled $249 million in the third quarter, compared to $241 million in the prior year period.

Interest expense for the third quarter totaled $90 million, a decrease from $101 million in the prior year period.

Tax expense in the third quarter of 2025 was $103 million, compared to $32 million in the prior year period.

The Company generated net cash flow from operating activities of $584 million in the third quarter, compared to $499 million in the prior year period.

Year-to-Date 2025 Results

For the nine months ended September 30, 2025, the Company reported U.S. GAAP revenue of $15.2 billion, an increase of 3% from the prior year period. Adjusted for currency exchange and commodity movements, revenue increased by 2% during the period. This reflects growth of 5% in North America, 5% in Asia, which includes growth of 1% in China, and 5% growth in South America, our smallest region, partially offset by a decline of 2% in Europe.

The Company reported 2025 year-to-date U.S. GAAP net income of $27 million, with net income margin of 0.2% and earnings of $0.12 per diluted share, which includes the non-cash goodwill impairment charge described above, compared to net income of $1,519 million, net income margin of 10.3% and earnings of $5.76 per diluted share in the prior year period. Year-to-date Adjusted Net Income totaled $1,324 million, or $5.96 per diluted share, compared to $1,195 million, or $4.53 per diluted share, in the prior year period, an increase of 10.8% and 31.6%, respectively.

For the 2025 year-to-date period, U.S. GAAP operating income was $759 million, compared to $1,363 million in the prior year period. The Company reported Adjusted Operating Income of $1,854 million for the 2025 year-to-date period, compared to $1,743 million in the prior year period. Adjusted Operating Income margin was 12.2%, compared to 11.8% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives, partially offset by increased commodity costs and foreign exchange impacts totaling $141 million. Depreciation and amortization expense totaled $741 million, compared to $719 million in the prior year period.

Interest expense for the nine months ended September 30, 2025 totaled $274 million, an increase from $230 million in the prior year period, primarily driven by debt transactions in the third quarter of 2024 in part to finance our $3.0 billion accelerated share repurchase program.

Tax expense for the nine months ended September 30, 2025 was $504 million, which includes the impact of an increase to valuation allowances of approximately $300 million on deferred tax assets impacted by the OECD Administrative Guidance issued in the first quarter of 2025. Tax expense in the prior year period was $159 million.

The Company generated net cash flow from operating activities of $1,367 million in the nine months ended September 30, 2025, compared to $1,386 million in the prior year period. As of September 30, 2025, the Company had cash and cash equivalents of $1.6 billion and total available liquidity of $4.2 billion.

Reconciliations of Adjusted Revenue Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Cash Flow Before Financing, which are non-GAAP measures, to the most directly comparable financial measures, respectively, calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) are provided in the attached supplemental schedules.

Debt and Share Repurchases

During the third quarter of 2025, the Company redeemed $148 million of aggregate principal amount of certain senior notes.

During the third quarter of 2025, the Company repurchased 1.2 million shares for $96 million. On a year-to-date basis, the Company repurchased and retired 18.9 million shares with a value of $1.2 billion, including incremental share deliveries under the Company’s Accelerated Share Repurchase Program. As of September 30, 2025, approximately $2.4 billion remained available for future share repurchases under the current repurchase program. All repurchased shares were retired.

Q4 and Full Year 2025 Outlook

The Company’s fourth quarter and full year 2025 financial guidance is below. The Company’s fourth quarter and full year 2025 financial guidance reflects the impacts of recently imposed tariffs by the U.S. government, but does not reflect the impacts of the potential for additional tariffs, trade barriers or retaliatory actions by the U.S. or other countries.

Conference Call and Webcast

The Company will host a conference call to discuss these results at 8:00 a.m. (ET) today, which is accessible by dialing +1.800.330.6710 (U.S.) or +1.213.279.1505 (international) or through a webcast at ir.aptiv.com. The conference ID number is 6799167. A slide presentation will accompany the prepared remarks and has been posted on the investor relations section of the Company’s website. A replay will be available two hours following the conference call.

Use of Non-GAAP Financial Information

This press release contains information about Aptiv’s financial results which are not presented in accordance with GAAP. Specifically, Adjusted Revenue Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Cash Flow Before Financing are non-GAAP financial measures. Adjusted Revenue Growth represents the change in reported net sales relative to the comparable period, excluding the impact on net sales from currency exchange, commodity movements, acquisitions, divestitures and other transactions. Adjusted Operating Income represents net (loss) income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring, separation costs related to the planned spin-off of the Electrical Distribution Systems business, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), goodwill and other asset impairments, compensation expense related to acquisitions and gains (losses) on business divestitures and other transactions. Adjusted Operating Income margin is defined as Adjusted Operating Income as a percentage of net sales. Adjusted EBITDA represents net (loss) income before depreciation and amortization (including asset impairments), interest expense, income tax (expense) benefit, other income (expense), net, equity income (loss), net of tax, restructuring and other special items.

Adjusted Net Income represents net (loss) income attributable to Aptiv before amortization, restructuring and other special items, including the tax impact thereon. Adjusted Net Income Per Share represents Adjusted Net Income divided by the Weighted Average Number of Diluted Shares Outstanding for the period. Cash Flow Before Financing represents cash provided by (used in) operating activities plus cash provided by (used in) investing activities, adjusted for the purchase price of business acquisitions and other transactions, the cost of significant technology investments and net proceeds from the divestiture of discontinued operations and other significant businesses.

Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position, results of operations and liquidity. In particular, management believes Adjusted Revenue Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Cash Flow Before Financing are useful measures in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding GAAP measure, provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and that may obscure underlying business results and trends. Management also uses these non-GAAP financial measures for internal planning and forecasting purposes.

Such non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measures in the attached supplemental schedules at the end of this press release. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures of other companies.

About Aptiv

Aptiv is a global technology company focused on making the world safer, greener and more connected. Visit aptiv.com.

Forward-Looking Statements

This press release, as well as other statements made by Aptiv PLC (the “Company”), contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events, certain investments and acquisitions and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results. All statements that address future operating, financial or business performance or the Company’s strategies or expectations are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: global and regional economic conditions, including conditions affecting the credit market; global inflationary pressures; uncertainties created by the conflict between Ukraine and Russia, and its impacts to the European and global economies and our operations in each country; uncertainties created by the conflicts in the Middle East and their impacts on global economies; fluctuations in interest rates and foreign currency exchange rates; the cyclical nature of global automotive sales and production; the potential disruptions in the supply of and changes in the competitive environment for raw material and other components integral to the Company’s products, including the ongoing semiconductor supply shortage; the Company’s ability to maintain contracts that are critical to its operations; potential changes to beneficial free trade laws and regulations, such as the United States-Mexico-Canada Agreement; the effects of significant increases in trade tariffs, import quotas and other trade restrictions or actions, including retaliatory responses to such actions; changes to tax laws; future significant public health crises; the ability of the Company to integrate and realize the expected benefits of recent transactions; the ability of the Company to achieve the intended benefits from, or to complete, the proposed separation of its Electrical Distribution Systems business; the ability of the Company to attract, motivate and/or retain key executives; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers; and the ability of the Company to attract and retain customers. Additional factors are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.

Contacts

Investor Contact:
Betsy Frank

+1.929.240.1777

[email protected]

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