Record Revenue, Adjusted Operating Earnings and Adjusted Earnings per Share

SCHAFFHAUSEN - Aptiv PLC (NYSE: APTV), a global technology company focused on making the world safer, greener and more connected, today reported second quarter 2025 U.S. GAAP earnings of $1.80 per diluted share. Excluding special items, second quarter earnings totaled $2.12 per diluted share.

Second Quarter Financial Highlights Include:

•U.S. GAAP revenue of $5.2 billion, an increase of 3%

◦Revenue increased 2% adjusted for currency exchange and commodity movements, compared to flat growth on an AWM1 basis

•U.S. GAAP net income of $393 million, U.S. GAAP net income margin of 7.5%; U.S. GAAP diluted earnings per share of $1.80

◦Excluding special items, diluted earnings per share of $2.12

•U.S. GAAP operating income of $486 million, U.S. GAAP operating income margin of 9.3%

◦Adjusted Operating Income of $628 million, Adjusted Operating Income margin of 12.1%; Adjusted EBITDA of $821 million, Adjusted EBITDA margin of 15.8%

•Generated $510 million of cash from operations

Year-to-Date Financial Highlights Include:

•U.S. GAAP revenue of $10.0 billion, an increase of 1%

◦Revenue increased 1% adjusted for currency exchange and commodity movements, compared to a decrease of 1% on an AWM1 basis

•U.S. GAAP net income of $382 million, U.S. GAAP net income margin of 3.8%; U.S. GAAP diluted earnings per share of $1.70

◦Excluding special items, diluted earnings per share of $3.80

•U.S. GAAP operating income of $934 million, U.S. GAAP operating income margin of 9.3%

◦Adjusted Operating Income of $1,200 million, Adjusted Operating Income margin of 12.0%; Adjusted EBITDA of $1,579 million, Adjusted EBITDA margin of 15.7%

•Generated $783 million of cash from operations

“We delivered record financial results in the second quarter, a testament to our efforts to build a resilient business model that allows us to operate efficiently, even in dynamic environments,” said Kevin Clark, chair and chief executive officer. “With continued customer demand for our high-performance, cost-effective solutions that are

aligned to the accelerating trends of electrification, automation, and digitalization, as well as our relentless focus on operational execution, we are confident in our ability to drive long-term growth and value for our shareholders.”

For the three months ended June 30, 2025, the Company reported U.S. GAAP revenue of $5.2 billion, an increase of 3% from the prior year period. Adjusted for currency exchange and commodity movements, revenue increased by 2% during the second quarter. This reflects growth of 4% in Asia, which includes a decline of 1% in China, growth of 3% in North America and growth of 3% in South America, our smallest region, partially offset by a decline of 1% in Europe.

The Company reported second quarter 2025 U.S. GAAP net income of $393 million, earnings of $1.80 per diluted share and net income margin of 7.5%, compared to $938 million, $3.47 per diluted share and 18.6% in the prior year period. Second quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $463 million, or earnings of $2.12 per diluted share, compared to $428 million, or $1.58 per diluted share, in the prior year period.

Second quarter U.S. GAAP operating income was $486 million, compared to $441 million in the prior year period. The Company reported second quarter Adjusted Operating Income, a non-GAAP financial measure defined below, of $628 million, compared to $606 million in the prior year period. Adjusted Operating Income margin was 12.1%, compared to 12.0% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives. Depreciation and amortization expense totaled $250 million in the second quarter, compared to $248 million in the prior year period.

Interest expense for the second quarter totaled $91 million, an increase from $64 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 in the second quarter of 2025 was $45 million, resulting in an effective tax rate of approximately 10%. Tax expense in the second quarter of 2024 was $51 million, resulting in an effective tax rate of approximately 5%.

The Company generated net cash flow from operating activities of $510 million in the second quarter, compared to $643 million in the prior year period.

For the six months ended June 30, 2025, the Company reported U.S. GAAP revenue of $10.0 billion, an increase of 1% from the prior year period. Adjusted for currency exchange and commodity movements, revenue increased by 1% during the period. This reflects growth of 5% in Asia, which includes growth of 1% in China, partially offset by declines of 2% in Europe. Growth was flat in North America and in South America, our smallest region.

The Company reported 2025 year-to-date U.S. GAAP net income of $382 million, earnings of $1.70 per diluted share and net income margin of 3.8%, compared to $1,156 million, $4.24 per diluted share and 11.6% in the prior year period. Year-to-date Adjusted Net Income totaled $853 million, or $3.80 per diluted share, compared to $746 million, or $2.73 per diluted share, in the prior year period.

For the 2025 year-to-date period, U.S. GAAP operating income was $934 million, compared to $860 million in the prior year period. The Company reported Adjusted Operating Income of $1,200 million for the 2025 year-to-date period, compared to $1,150 million in the prior year period. Adjusted Operating Income margin was 12.0%, compared to 11.6% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives. Depreciation and amortization expense totaled $492 million, an increase from $478 million in the prior year period.

Interest expense for the six months ended June 30, 2025 totaled $184 million, an increase from $129 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 six months ended June 30, 2025 was $401 million, which primarily reflects 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 $127 million.

The Company generated net cash flow from operating activities of $783 million in the six months ended June 30, 2025, compared to $887 million in the prior year period. As of June 30, 2025, the Company had cash and cash equivalents of $1.4 billion and total available liquidity of $4.0 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.

During the second quarter of 2025, under the Company’s Accelerated Share Repurchase (ASR) Program, Aptiv received incremental deliveries of 6.1 million shares, representing the final settlement under the ASR Program. Under the ASR Program, Aptiv received total deliveries of 48.5 million shares at an average price of $61.84 per share. All shares received under the ASR program were retired. There was no other share repurchase activity during the quarter. As of June 30, 2025, $2.52 billion remained available for future share repurchases under the existing $5.0 billion authorization.

The Company’s third quarter and full year 2025 financial guidance is below. The Company’s third quarter and full year 2025 financial guidance reflects the potential 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.

The Company will host a conference call to discuss these results at 8:00 a.m. (ET) today, which is accessible by dialing +1.800.239.9838 (U.S.) or +1.323.994.2093 (international) or through a webcast at ir.aptiv.com. The conference ID number is 6663508. 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.

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 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), asset impairments and other related charges, 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 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 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.

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

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.

# # #

 

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions, except per share amounts)
Net sales			$	5,208					$	5,051					$	10,033					$	9,952
Operating expenses:
Cost of sales			4,211						4,083						8,116						8,106
Selling, general and administrative			406						405						790						771
Amortization			53						52						104						106
Restructuring			52						70						89						109
Total operating expenses			4,722						4,610						9,099						9,092
Operating income			486						441						934						860
Interest expense			(91)						(64)						(184)						(129)
Other income, net			12						10						12						25
Net gain on equity method transactions			46						641						46						641
Income before income taxes and equity loss			453						1,028						808						1,397
Income tax expense			(45)						(51)						(401)						(127)
Income before equity loss			408						977						407						1,270
Equity loss, net of tax			(11)						(34)						(21)						(103)
Net income			397						943						386						1,167
Net income attributable to noncontrolling interest			5						5						6						11
Net loss attributable to redeemable noncontrolling interest			(1)						—						(2)						—
Net income attributable to Aptiv			$	393					$	938					$	382					$	1,156
Diluted net income per share:
Diluted net income per share attributable to Aptiv			$	1.80					$	3.47					$	1.70					$	4.24
Weighted average number of diluted shares outstanding			218.11						270.43						224.32						272.87

The following table illustrates the weighted average shares outstanding used in calculating basic and diluted net income per share attributable to Aptiv for the three and six months ended June 30, 2025 and 2024:

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
			(in millions, except per share amounts)
Weighted average ordinary shares outstanding, basic			217.73						270.19						223.91						272.69
Dilutive shares related to RSUs			0.38						0.24						0.41						0.18
Weighted average ordinary shares outstanding, including dilutive shares			218.11						270.43						224.32						272.87
Net income per share attributable to Aptiv:
Basic			$	1.80					$	3.47					$	1.71					$	4.24
Diluted			$	1.80					$	3.47					$	1.70					$	4.24

In this press release the Company has provided information regarding certain non-GAAP financial measures, including “Adjusted Revenue Growth,” “Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Net Income Per Share” and “Cash Flow Before Financing.” Such non-GAAP financial measures are reconciled to their closest GAAP financial measure in the following schedules.

Adjusted Revenue Growth: Adjusted Revenue Growth is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted Revenue Growth in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted Revenue Growth is defined as 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. Not all companies use identical calculations of Adjusted Revenue Growth, therefore this presentation may not be comparable to other similarly titled measures of other companies.

Adjusted Operating Income: Adjusted Operating Income is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted Operating Income in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Management also utilizes Adjusted Operating Income as the key performance measure of segment income or loss and for planning and forecasting purposes to allocate resources to our segments, as management also believes this measure is most reflective of the operational profitability or loss of our operating segments. Adjusted Operating Income is defined as net income before interest expense, other income (expense), net, income tax (expense) benefit, equity income (loss), net of tax, amortization, restructuring and other special items. Not all companies use identical calculations of Adjusted Operating Income, therefore this presentation may not be comparable to other similarly titled measures of other companies. Operating income margin represents Operating income as a percentage of net sales, and Adjusted Operating Income margin represents Adjusted Operating Income as a percentage of net sales.

Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted EBITDA in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted EBITDA is defined as net 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. Not all companies use identical calculations of Adjusted EBITDA, therefore this presentation may not be comparable to other similarly titled measures of other companies.

Adjusted Net Income and Adjusted Net Income Per Share: Adjusted Net Income and Adjusted Net Income Per Share, which are non-GAAP measures, are presented as supplemental measures of the Company’s financial performance which management believes are useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. 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 which may obscure underlying business results and trends. Management utilizes Adjusted Net Income and Adjusted Net Income Per Share in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Adjusted Net Income is defined as net income attributable to Aptiv before amortization, restructuring and other special items, including the tax impact thereon. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the Weighted Average Number of Diluted Shares Outstanding, for the period. Not all companies use identical calculations of Adjusted Net Income and Adjusted Net Income Per Share, therefore this presentation may not be comparable to other similarly titled measures of other companies.

Cash Flow Before Financing: Cash Flow Before Financing is presented as a supplemental measure of the Company’s liquidity which is consistent with the basis and manner in which management presents financial information for the purpose of making internal operating decisions, evaluating its liquidity and determining appropriate capital allocation strategies. Management believes this measure is useful to investors to understand how the Company’s core operating activities generate and use cash. Cash Flow Before Financing is defined as 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. Not all companies use identical calculations of Cash Flow Before Financing, therefore this presentation may not be comparable to other similarly titled measures of other companies. The calculation of Cash Flow Before Financing does not reflect cash used to service debt, pay dividends or repurchase shares and, therefore, does not necessarily reflect funds available for investment or other discretionary uses.

Financial Guidance: The reconciliation of the forward-looking non-GAAP financial measures provided in the Company’s financial guidance to the most comparable forward-looking GAAP measure is below. The Company’s third quarter and full year 2025 financial guidance reflects the potential 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.

			Estimated Q3												Estimated Full Year
			2025 (a)												2025 (a)
			($ in millions)
Adjusted Operating Income			$						Margin (b)						$						Margin (b)
Net income attributable to Aptiv			$	310					6.2		%				$	1,010					5.0		%
Interest expense			90												360
Other income, net			(5)												(20)
Net gain on equity method transactions			—												(45)
Income tax expense			50												510
Equity loss, net of tax			15												50
Net income attributable to noncontrolling interest (c)			5												15
Operating income			$	465					9.3		%				$	1,880					9.3		%
Amortization			55												210
Restructuring			25												175
Other acquisition and portfolio project costs, including costs related to the planned spin-off of the EDS business			35												130
Asset impairments			—												10
Compensation expense related to acquisitions			5												20
Gain on asset sale			—												(5)
Adjusted operating income			$	585					11.6		%				$	2,420					12.0		%
Adjusted EBITDA
Net income attributable to Aptiv			$	310					6.2		%				$	1,010					5.0		%
Interest expense			90												360
Income tax expense			50												510
Net income attributable to noncontrolling interest (c)			5												15
Depreciation and amortization			250												985
EBITDA			$	705					14.0		%				$	2,880					14.3		%
Other income, net			(5)												(20)
Net gain on equity method transactions			—												(45)
Equity loss, net of tax			15												50
Restructuring			25												175
Other acquisition and portfolio project costs, including costs related to the planned spin-off of the EDS business			35												130
Compensation expense related to acquisitions			5												20
Gain on asset sale			—												(5)
Adjusted EBITDA			$	780					15.5		%				$	3,185					15.8		%

Betsy Frank

+1.929.240.1777

betsy.frank@aptiv.com