Aptiv (APTV) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 results with revenue of $5.2B, up 3% year-over-year, and strong adjusted operating earnings and EPS, driven by robust demand in electrification, automation, and digitalization.

• Secured $5.4B in new business bookings and continued progress on the planned spin-off of Electrical Distribution Systems (EDS), expected by end of Q1 2026.

• Completed a $3.0B accelerated share repurchase program, retiring 48.5M shares at an average price of $61.84.

• Motional JV restructuring reduced equity interest to 13% and generated a $33M gain; TTTech Auto sale closed with a $13M gain.

• Recognized for supply chain resiliency and digital twin capabilities, with continued strong bookings in non-automotive sectors.

Financial highlights

• Q2 2025 revenue was $5.2B, up 3% year-over-year; adjusted for currency/commodities, revenue rose 2%.

• Q2 adjusted operating income was $628M (12.1% margin); adjusted EBITDA $821M (15.8% margin); GAAP operating income $486M (9.3% margin).

• Adjusted EPS increased 34% to $2.12; GAAP EPS was $1.80.

• Operating cash flow was $510M in Q2 and $783M year-to-date; capital expenditures were $149M in Q2 and $491M year-to-date.

• Ended Q2 with $1.4B in cash and $4.0B in total liquidity; net leverage at 2x.

Outlook and guidance

• Full-year 2025 revenue guidance: $20.0B–$20.3B (2% adjusted growth); adjusted EBITDA $3.14B–$3.24B; adjusted EPS $7.30–$7.60.

• Q3 2025 revenue guidance: $4.95B–$5.1B; adjusted EPS $1.60–$1.80; margin of 11.6%.

• Operating cash flow expected at $2B for the year, $100M lower due to accelerated EDS separation actions.

• Guidance reflects impacts of recent U.S. tariffs but excludes potential future trade actions; cautious stance on H2 due to macro uncertainty.

• Additional restructuring costs of approximately $25M anticipated over the next twelve months.