Research Reports

Prepared Highlights

Q4 record revenue of $5.2B, up 3% YoY adjusted (prepared); adjusted operating income $607M (prepared); EPS $1.86, up 6% YoY (prepared).
Segment revenue: Intelligent Systems $1.4B (+2% YoY), Engineered Components $1.6B (+1% YoY), EDS $2.3B (+5% YoY) (prepared).
Segment margins: Intelligent Systems OI down 17% (investments, timing, FX); Engineered Components OI +8%, margin +60bps; EDS OI -2%, margin -90bps (FX, commodities, labor) (prepared).
Regional revenue growth: North America +8%, Europe -1%, China -5% (Q4); ~80% of 2025 China bookings from local OEMs (prepared).
Operating cash flow Q4: $818M (down YoY from working capital & ~$80M separation costs); full-year OCF >$2B; year-end cash $1.9B (prepared).
Capital allocation: Retired $150M debt in Q4; repurchased 3.9M shares (~$300M) in Q4; cumulative ~$3.5B buyback since 2024, reducing share count 20% (prepared).
New business bookings: FY2025 total $27B (vs $31B target due to timing shift to 2026); FY2026 bookings expected >$30B (prepared).
2025 bookings highlights: $4B with local China OEMs, <$4B with non-China Asian OEMs (+20% YoY), >$4B non-automotive (prepared).
2026 NuAptiv guidance (pro forma): Revenue $12.8–$13.2B (+4% midpoint); EBITDA $2.42B, margin 18.6%; EPS $5.70–$6.10; FCF $750M (midpoint), net of ~$250M separation costs & $200M semiconductor inventory build (CFO).
2026 Versagen guidance: Revenue $9.1–$9.4B (+2% midpoint); EBITDA ~$990M, margin 10.7% (up ~40bps pro forma); FCF $250M (midpoint) (CFO).
Q1 2026 total Aptiv guidance: Revenue $5.05B (+~1% adjusted); EBITDA $740M, margin 14.7% (120bps FX/commodity headwind); EPS $1.65; tax rate 20.5% (CFO).
Semiconductor/memory impact: 2026 purchase value ~$175M (DRAM3 & DRAM4); price increases low double-digits; 2027 negotiations begun, expected below 100-120% (CEO).

Official Guidance

NuAptiv FY2026: Revenue $12.8B–$13.2B; EBITDA $2.42B (midpoint); EPS $5.70–$6.10; FCF $750M (midpoint) (CFO).
Versagen FY2026: Revenue $9.1B–$9.4B; EBITDA ~$990M (midpoint); FCF $250M (midpoint) (CFO).
Total Aptiv Q1 2026: Revenue $5.05B; EBITDA $740M; EPS $1.65 (CFO).

Mgmt Quotes

“We capped off 2025 with another solid quarter in which we seamlessly navigated ongoing changes in the macro environment.” — CEO
“Excluding FX and commodities, our Q4 operating income margin would have been up 70 basis points versus the prior year, reflecting flow-through on volume and ongoing performance improvements.” — CFO
“We are confident that Versagen is well-positioned to deliver continued value to their customers and create value for their shareholders.” — CEO
“Our NuAptiv EPS guidance does not incorporate the benefit of returning capital to shareholders through repurchases.” — CFO
“We have momentum heading into 2026, and as an independent company with a strong financial profile, we're confident in our ability to deliver value for shareholders.” — Versagen CEO (Joe Liatine)