10-Q · August 4, 2026
Aptiv's continuing business delivered modest Q2 sales growth of 2% to $3.274 billion, while gross margin expanded 80 basis points to 23.7% and operating income increased 13% to $367 million. Engineered Components drove…
Earnings analysis · 10-Q
APTV earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Aptiv reported Q3 revenue of $3.199 billion and EPS of $1.42, with EPS improving from $1.17 in Q2 2026 and negative $1.63 in Q3 2025, while revenue declined versus both comparison periods. Free cash flow improved to…
Read full summary
Aptiv reported Q3 revenue of $3.199 billion and EPS of $1.42, with EPS improving from $1.17 in Q2 2026 and negative $1.63 in Q3 2025, while revenue declined versus both comparison periods. Free cash flow improved to $194 million, but Intelligent Systems adjusted EBITDA fell 18% to $180 million. The filing provides full-year 2026 revenue guidance of $12.65-$12.75 billion and GAAP diluted EPS guidance of $3.95-$4.15, while noting no material changes to risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.42
- Segment
- Engineered Components: identified as a growth driver; segment revenue was not disclosed in the provided filing text.
- Segment
- Intelligent Systems: adjusted EBITDA declined 18% year over year to $180 million.
What stood out
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Revenue declined sequentially and year over year
Revenue was $3.199 billion, down approximately 2.2% from $3.27 billion in Q2 2026 and 38.6% from $5.21 billion in Q3 2025.
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EPS improved versus both comparison periods
Reported EPS was $1.42 versus $1.17 in Q2 2026 and negative $1.63 in Q3 2025, indicating a substantial year-over-year earnings recovery.
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Free cash flow improved sequentially
Free cash flow was $194 million, up from $33 million in Q2 2026, supporting improved quarterly cash generation.
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Engineered Components led reported growth
Engineered Components was identified as a growth driver, while consolidated revenue totaled $3.199 billion.
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Share repurchases continued materially
The company repurchased 4,731,618 shares during Q3 at an average price of $49.14; $1.557 billion remained available under the repurchase program at September 30, 2026.
What to watch
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Intelligent Systems profitability weakened
Intelligent Systems adjusted EBITDA declined 18% year over year to $180 million, creating segment-level execution and profitability pressure.
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No new risk-factor disclosures
The 10-Q states there were no material changes in risk factors during the period and refers investors to the 2025 Form 10-K; no incremental risk-factor update was identified.
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Foreign-currency exposure remains
The filing identifies transactional and translational foreign-currency exposures and states that the company uses net-investment hedges; the filing reports no material changes to market-risk disclosures from the 2025 Form 10-K.
Management's outlook
The filing materials provide full-year 2026 GAAP diluted EPS guidance of $3.95-$4.15 and adjusted EPS guidance of $5.60-$5.80, plus Q4 GAAP diluted EPS guidance of $0.95-$1.15 and adjusted EPS guidance of $1.35-$1.55. Full-year revenue guidance is $12.65-$12.75 billion. Direction versus the prior outlook cannot be determined because the prior 10-Q did not provide quantitative guidance.
Earlier filings 4
10-Q · May 5, 2026
Aptiv's Q1 2026 10-Q shows a positive trend with revenue increasing by 5% year-over-year to $5.1 billion, surpassing consensus estimates. Diluted EPS doubled to $1.71, reflecting management’s efforts in maintaining a…
10-K · February 6, 2026
Aptiv reports modest revenue growth in 2025 with revenue of approximately $20.4 billion (sum of 2025 quarters) versus $19.71 billion in 2024, offset by one-time and restructuring items tied to a planned spin-off and a…
10-Q · October 30, 2025
Aptiv reported Q3 net sales of $5,212 million, up from $4,854 million a year ago, but recorded an operating loss of $175 million and a goodwill impairment of $648 million, producing a diluted loss per share of $(1.63).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.