Short answer
Aptiv (APTV) filed its fiscal 2025 10-K annual report with the SEC on Feb 6, 2026. It reported revenue of $20.4B (+3.5% year over year) and net income of $165M.
- Top risk flagged: Regulatory risk: OECD Pillar Two Framework impact on global tax and trade compliance amid evolving international regulations
FY2025 key financial metrics · XBRL
- Revenue
- $20.4B
- +3.5% YoY
- Net income
- $165M
- −90.8% YoY
- Operating margin
- 5.8%
- −3.5 pp YoY
- Gross margin
- 4.7%
- −0.2 pp YoY
- EPS (diluted)
- $0.75
- −89.2% YoY
- ROE
- 1.8%
- −18.5 pp YoY
- Operating cash flow
- $2.2B
- −10.7% YoY
Source: XBRL data from the Aptiv (APTV) FY2025 10-K on SEC EDGAR. USD.
Aptiv FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: automotive technology and electrical distribution systems with focus on innovative vehicle connectivity and electrification solutions
- New segment emphasis: planned spin-off of Electrical Distribution Systems business into independent public company "Versigent" announced January 2025
- Strategic shift: separation aimed at creating more focused companies but resulting in smaller, less diversified entities more vulnerable to market risks
- Notable quantitative metric: $178 million incurred in separation-related expenses during fiscal 2025 despite spin-off not yet completed
- Unique filing fact: spin-off structured to be tax-free under U.S. and Swiss law but heavily contingent on tax advisor opinions and market conditions
Management Discussion & Analysis
- Revenue $20,398M, up 3% YoY ($685M increase), driven by volume growth in North America and Asia Pacific, partially offset by Europe declines
- Gross margin 19.1% vs 18.8% YoY, Adjusted Operating Income down in Advanced Safety ($658M vs $714M), up in Engineered Components ($1,129M vs $1,073M), Electrical Distribution up ($674M vs $579M)
- Best performing segment: Engineered Components Group with $278M revenue increase and $56M Adjusted Operating Income growth
- Worst performing segment: Advanced Safety and User Experience with $56M Adjusted Operating Income decrease despite flat revenue
- Cash $1.9B, total liquidity $4.4B, with ongoing share repurchases including $3B accelerated repurchase, continuation of restructuring with $110M cash payments planned in 2026
- Management expects liquidity sufficient for operations, restructuring, capex, debt, and Separation; ongoing restructuring and cost alignment programs planned; effective tax rate 76% with risks from Swiss tax incentive and goodwill impairment
Risk Factors
- Regulatory risk: OECD Pillar Two Framework impact on global tax and trade compliance amid evolving international regulations
- Geopolitical risk: Ukraine/Russia conflict disrupting supply of key raw materials (copper, aluminum, palladium, neon gases) affecting European operations (32% net sales)
- Supply chain risk: Elevated inventory levels from production volatility due to ongoing global supply chain disruptions and tariff uncertainties
- Competitive risk: Accelerated electrified vehicle demand challenged by OEM delays in software-defined vehicle investments impacting future product growth
- Financial risk: Gross debt $7.7B with $4.4B liquidity and EBITDA breakeven at 45% volume downturn, reflecting exposure to automotive production cycles
Generated from the filing text; verify against the original. How to read a 10-K
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