Aptiv (APTV) FY2025 10-K Annual Report
Aptiv (APTV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 6, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Aptiv FY2025 10-K Analysis
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
Aptiv FY2025 Key Financial MetricsXBRL
Revenue
$20.4B
▲ +3.5% YoY
Net Income
$165M
▼ -90.8% YoY
Gross Margin
4.7%
▼ -16bp YoY
Operating Margin
5.8%
▼ -354bp YoY
Net Margin
0.8%
▼ -826bp YoY
ROE
1.8%
▼ -1852bp YoY
Total Assets
$23.4B
▼ -0.2% YoY
EPS (Diluted)
$0.75
▼ -89.2% YoY
Operating Cash Flow
$2.2B
▼ -10.7% YoY
Source: XBRL data from Aptiv FY2025 10-K filing on SEC EDGAR. All figures in USD.
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