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Dana
Dana (DAN) investor relations material
Dana Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary21 Jan, 2026
Strategic achievements and portfolio transformation
Completed sale of Off-Highway business for $2.7 billion, netting $2.4 billion after costs and debt, and used proceeds to pay down nearly $2 billion in debt.
Increased cost reduction target to $325 million, with $300 million realized and the remainder expected by 2026.
Merged Power Technologies into core segments, reduced corporate overhead, and completed buyout of TM4 joint venture for under $200 million.
Returned over $700 million to shareholders in 2025 through buybacks and dividends, with $200–$300 million in buybacks planned for 2026.
Revised EV commercial strategy to align with market realities and efficiency.
Financial performance and 2026 outlook
2025 revenue reached $7.5 billion with adjusted EBITDA of $600 million (8% margin) and $315 million in free cash flow.
2026 guidance: flat sales at $7.5 billion, EBITDA of $800 million (10.5% margin), and $300 million in free cash flow.
Q4 2025 results exceeded consensus, with $1.9 billion revenue and 10.7% EBITDA margin.
Achieved high end of 2025 guidance ranges for sales, EBITDA, and free cash flow.
CapEx for 2026 expected at 4% of sales, with working capital improvements anticipated.
Market and backlog developments
Three-year backlog increased to $750 million, with $200 million growth in 2026, mostly from light truck programs.
Backlog growth offsets a slightly down market, with new programs and content extensions in both light and commercial vehicles.
Aftermarket business, now 12% of sales, is a renewed focus area with expansion in North America and Europe.
Commercial vehicle share gains driven by investments in low-cost manufacturing and new platform wins.
Expectation for further backlog growth in early 2026 due to robust quoting activity.
What sustains 10%+ EBITDA margin post-2026?
Prioritize capital return vs debt reduction?
What drives new business wins in flat markets?
How are EV program changes impacting recoveries?
What are Dana's non-LV growth opportunities?
How will Dana balance investment and shareholder returns?
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Frequently asked questions
Dana Inc designs and manufactures drivetrain and propulsion systems for conventional, hybrid, and electric vehicles. Its products include axles, driveshafts, transmissions, and thermal management systems used in light vehicles, commercial trucks, and off-highway equipment. The company operates production facilities and serves customers worldwide. The company is headquartered in Maumee, Ohio, and its shares are listed on the NYSE.
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