BorgWarner Inc. (BWA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.27	$1.42	+11.8%	—	—	—
Q3 26	$1.17	$1.24	+6.0%	—	—	—
Q2 26	$1.19	$1.35	+13.4%	—	—	—
Q1 26	$1.18	$1.24	+5.1%	—	—	—
Q4 25	$1.08	$1.21	+12.0%	—	—	—
Q3 25	$0.97	$1.11	+14.4%	—	—	—
Q2 25	$0.96	$1.01	+5.2%	—	—	—
Q1 25	$0.93	$1.09	+17.2%	—	—	—
Q4 24	$1.01	$1.19	+17.8%	—	—	—
Q3 24	$0.87	$1.03	+18.4%	—	—	—
Q2 24	$0.94	$0.9	-4.3%	—	—	—
Q1 24	$0.94	$0.98	+4.3%	—	—	—
Q4 23	$0.92	$1.05	+14.1%	—	—	—
Q3 23	$1.11	$1.09	-1.8%	—	—	—
Q2 23	$1.08	$1.26	+16.7%	—	—	—
Q1 23	$1.03	$1.24	+20.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.29	—	—	$14.3B	—
FY24	—	$1.55	—	—	$14.1B	—
FY23	—	$2.72	—	—	$14.2B	—
FY22	—	$4.03	—	—	$12.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.1B	$9.8B	$10.5B	$10.2B	$10.2B	$11.8B	$12.6B	$14.2B	$14.1B	$14.3B
YoY change	+13.1%	+8.03%	+7.46%	-3.44%	-0.03%	+16.1%	+7.05%	+12.4%	-0.79%	+1.63%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.1B	9.8B	10.5B	10.2B	10.2B	11.8B	12.6B	14.2B	14.1B	14.3B
Cost of revenue	7.1B	7.7B	8.3B	8.1B	8.3B	9.6B	10.3B	11.6B	11.4B	11.6B
Gross profit	1.9B	2.1B	2.2B	2.1B	1.9B	2.2B	2.4B	2.6B	2.6B	2.7B
Gross margin	21.3%	21.6%	21.2%	20.7%	18.8%	18.4%	18.7%	18.1%	18.8%	18.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	818M	899M	946M	873M	951M	1.1B	1.3B	1.3B	1.4B	1.3B
Operating expenses	813.8M	898.7M	942M	871M	947M	1.1B	1.3B	1.3B	1.3B	1.4B
Operating income	1.1B	1.2B	1.3B	1.2B	921M	1.1B	1.1B	1.2B	1.3B	1.3B
Operating margin	12.2%	12.4%	12.2%	12.1%	9.06%	9.37%	8.57%	8.79%	9.25%	9.24%
Non-operating income, net	-89.7M	-88M	-39M	80M	104M	-525M	-119M	-219M	-734M	-760M
Pretax income	942.7M	1.1B	1.2B	1.3B	964M	510M	913M	991M	539M	524M
Income tax	306M	580M	211M	468M	397M	65M	195M	289M	111M	189M
Net income	636.7M	483M	985M	797M	567M	639M	1B	695M	399M	335M
Net margin	7.02%	4.93%	9.35%	7.84%	5.58%	5.41%	8.12%	4.9%	2.83%	2.34%
EBITDA	1.6B	1.7B	1.8B	1.7B	1.5B	1.7B	1.7B	1.9B	2B	2.1B
EPS	0.56	2.09	4.47	3.61	2.09	2.24	4.03	2.72	1.55	1.29
Diluted EPS	0.55	2.08	4.44	3.61	2.09	2.24	3.99	2.67	1.5	1.28

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.6B	3.5B	3.6B	3.6B	3.4B	3.4B	3.5B	3.6B	3.6B	3.6B	3.5B	3.6B
Cost of revenue	3B	2.9B	3B	2.9B	2.8B	2.8B	2.9B	3B	2.9B	2.8B	2.9B	2.9B
Gross profit	652M	659M	644M	685M	636M	683M	639M	640M	664M	731M	677M	721M
Gross margin	18%	18.7%	17.9%	19%	18.4%	19.9%	18.2%	17.6%	18.5%	20.5%	19.2%	19.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	330M	360M	332M	341M	340M	340M	315M	323M	341M	342M	328M	331M
Operating expenses	330M	360M	331M	363M	340M	340M	313M	320M	341M	342M	323M	331M
Operating income	322M	310M	313M	322M	296M	348M	326M	320M	323M	353M	354M	390M
Operating margin	8.89%	8.8%	8.71%	8.94%	8.58%	10.1%	9.27%	8.8%	8.99%	9.88%	10%	10.7%
Non-operating income, net	-103M	-46M	-18M	-16M	-22M	-654M	-82M	-24M	-66M	-587M	-15M	-8M
Pretax income	238M	229M	290M	298M	270M	-319M	232M	284M	248M	-240M	328M	372M
Income tax	133M	59M	62M	-31M	13M	67M	61M	52M	75M	1M	73M	81M
Net income	68M	175M	221M	317M	249M	-388M	171M	232M	173M	-241M	255M	291M
Net margin	1.88%	4.97%	6.15%	8.8%	7.22%	-11.3%	4.86%	6.38%	4.82%	-6.75%	7.22%	7.98%
EBITDA	578M	495M	478M	500M	504M	497M	504M	517M	569M	530M	517M	562M
EPS	0.21	0.67	0.91	1.34	1.04	-1.85	0.72	1.02	0.74	-1.27	1.16	1.36
Diluted EPS	0.21	0.66	0.9	1.34	1.04	-1.85	0.72	1.02	0.73	-1.27	1.16	1.34

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.4B	9.5B	6.4B	7.9B	—	9.5B	8.3B	8.2B	7B	9.7B	12.4B
Enterprise value	9.1B	11.1B	7.7B	9.1B	—	12.2B	11.5B	10.6B	9.2B	11.4B	14.3B
Shares outstanding	212.3M	210.4M	208.2M	206.4M	238.9M	239.8M	234.1M	229.8M	218.7M	214.2M	214.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	11.6	19.6	6.46	9.89	—	14.9	8.09	11.9	17.4	28.8	30.2
P/S	0.81	0.97	0.6	0.78	—	0.81	0.66	0.58	0.49	0.67	0.87
P/B	2.23	2.47	1.47	1.63	—	1.31	1.1	1.36	1.22	1.72	2.22
EV/EBITDA	5.86	6.59	4.33	5.39	—	7.03	6.84	5.61	4.5	5.36	7.01
EV/Sales	1.01	1.13	0.74	0.89	—	1.03	0.91	0.75	0.65	0.8	1
Earnings yield	8.64%	5.1%	15.5%	10.1%	—	6.72%	12.4%	8.44%	5.74%	3.47%	3.31%
FCF yield	7.26%	6.55%	9.11%	6.69%	—	7.3%	6.73%	6.86%	10.5%	12.5%	8.57%
PEG	—	—	—	—	—	—	—	—	—	—	0.89

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	21.3%	21.6%	21.2%	20.7%	18.8%	18.4%	18.7%	18.1%	18.8%	18.7%	19.8%
Operating margin	12.2%	12.4%	12.2%	12.1%	9.06%	9.37%	8.57%	8.79%	9.25%	9.24%	10.6%
Net margin	7.02%	4.93%	9.35%	7.84%	5.58%	5.41%	8.12%	4.9%	2.83%	2.34%	2.89%
ROE	19.3%	12.6%	22.7%	16.5%	8.43%	8.8%	13.7%	11.5%	6.99%	5.97%	8.06%
ROA	7.21%	4.93%	9.76%	8.21%	3.54%	3.86%	6.04%	4.81%	2.85%	2.43%	6.33%
ROIC	14.8%	10.1%	18.5%	12.8%	5.97%	9.71%	7.94%	10.4%	13%	11.5%	12.9%
Return on tangible assets	14.1%	9.59%	17.9%	15.3%	6.61%	8.16%	10.5%	9.52%	4.79%	3.78%	5.24%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.39	1.46	1.59	1.65	1.62	1.74	1.56	1.65	1.79	2.07	2.13
Quick ratio	1.09	1.15	1.26	1.3	1.28	1.33	1.27	1.3	1.45	1.7	1.76
Debt / equity	0.67	0.57	0.49	0.42	0.6	0.62	0.57	0.65	0.76	0.72	0.7
Debt / assets	0.25	0.22	0.21	0.21	0.25	0.27	0.25	0.27	0.31	0.29	0.29
Net debt / EBITDA	1.14	0.97	0.77	0.72	1.54	1.55	1.92	1.26	1.1	0.82	0.74
Interest coverage	12.1	16	21.3	24	14.2	7.22	13.9	14.6	7.42	6.29	8.3
Effective tax rate	32.5%	54.6%	17.6%	37%	41.2%	12.7%	21.4%	29.2%	20.6%	36.1%	32.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	42.7	46.6	50.6	49.3	42.5	49.2	54	61.8	64.4	66.8	69
EPS (basic)	0.56	2.09	4.47	3.61	2.09	2.24	4.03	2.72	1.55	1.29	1.29
EPS (diluted)	0.55	2.08	4.44	3.61	2.09	2.24	3.99	2.67	1.5	1.28	2.03
Book value per share	15.6	18.2	20.9	23.5	28.1	30.3	32.1	26.4	26.1	26.2	27.6
FCF per share	2.52	2.95	2.79	2.55	3.03	2.89	2.38	2.46	3.33	5.64	6.02
Cash per share	2.09	2.59	3.55	4.03	6.91	7.69	4.63	6.68	9.58	10.8	12
Capex per share	—	—	—	—	—	—	—	—	—	2.05	2.34

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.07%	3.37%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	26.7%	28%
Payout ratio	17.8%	25.7%	14.4%	17.6%	25.7%	25.4%	15.7%	18.7%	24.6%	35.5%	33.5%
Dividend yield	1.54%	1.31%	2.23%	1.78%	—	1.7%	1.94%	1.58%	1.41%	1.23%	1.11%

Yield

1.11%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.17

ex-dividend Sep 1, 2026

Payout ratio

34%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.17
Jun 1, 2026	$0.17
Mar 2, 2026	$0.17

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.6B	$3.5B	$3.6B	$3.6B	$3.4B	$3.4B	$3.5B	$3.6B	$3.6B	$3.6B	$3.5B	$3.6B
YoY change	+12.3%	-14.3%	+6.27%	-1.85%	-4.78%	-2.36%	-2.23%	+0.97%	+4.12%	+3.87%	+0.51%	+0.27%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	443.7M	545.3M	739M	832M	1.6B	1.8B	1.1B	1.5B	2.1B	2.3B
Receivables	1.4B	1.7B	1.7B	1.7B	2.6B	2.5B	2.1B	2.5B	2.3B	2.4B
Inventory	641.2M	766.3M	781M	807M	1.3B	1.5B	1.2B	1.3B	1.3B	1.2B
Total current assets	2.9B	3.5B	3.8B	3.8B	6.2B	6.6B	6.6B	6.2B	6.5B	6.8B
Property, plant & equipment	1.8B	2.1B	2.1B	3B	4.8B	4.6B	3.5B	3.9B	3.8B	3.5B
Goodwill & intangibles	4.3B	4.7B	4.6B	4.5B	7.4B	8.7B	7.2B	7.2B	5.7B	4.9B
Total assets	8.8B	9.8B	10.1B	9.7B	16B	16.6B	17B	14.5B	14B	13.8B
Accounts payable	1.3B	1.5B	1.5B	1.3B	2.4B	2.3B	2.1B	2.5B	2B	2B
Short-term debt	175.9M	84.6M	173M	304M	96M	109M	82M	110M	436M	41M
Total current liabilities	2.1B	2.4B	2.4B	2.3B	3.8B	3.8B	4.2B	3.8B	3.6B	3.3B
Long-term debt	2B	2.1B	1.9B	1.7B	3.9B	4.4B	4.2B	3.8B	3.9B	4B
Total liabilities	5.5B	6B	5.8B	4.9B	9.3B	9.3B	9.5B	8.4B	8.3B	8.2B
Shareholders' equity	3.3B	3.8B	4.3B	4.8B	6.7B	7.3B	7.5B	6.1B	5.7B	5.6B
Total debt	2.2B	2.2B	2.1B	2B	4B	4.5B	4.3B	3.9B	4.3B	4.1B
Net debt	1.8B	1.6B	1.4B	1.2B	2.4B	2.7B	3.2B	2.4B	2.2B	1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	949M	1.5B	1B	1.3B	2B	2.1B	1.7B	2B	2.2B	2.3B	2.1B	2.4B
Receivables	3.4B	2.5B	3.3B	3.1B	3.2B	2.3B	3.1B	3.2B	3.3B	2.4B	3.1B	3.1B
Inventory	1.3B	1.3B	1.3B	1.3B	1.4B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B
Total current assets	5.9B	6.2B	6B	6B	6.9B	6.5B	6.4B	6.8B	7B	6.8B	6.7B	7.1B
Property, plant & equipment	3.7B	3.9B	3.9B	3.9B	4B	3.8B	3.7B	3.8B	3.6B	3.5B	3.4B	3.4B
Goodwill & intangibles	7B	7.2B	7B	7B	7.1B	5.7B	5.6B	5.8B	5.7B	4.9B	4.8B	4.8B
Total assets	14.1B	14.5B	14.1B	14.1B	15.1B	14B	13.8B	14.4B	14.5B	13.8B	13.7B	13.9B
Accounts payable	2.4B	2.5B	2.4B	2.2B	2.2B	2B	2.1B	2.1B	2.1B	2B	2.1B	2.1B
Short-term debt	104M	110M	481M	481M	434M	436M	98M	44M	42M	41M	42M	40M
Total current liabilities	3.6B	3.8B	3.9B	3.7B	3.7B	3.6B	3.2B	3.4B	3.4B	3.3B	3.2B	3.3B
Long-term debt	3.8B	3.8B	3.4B	3.4B	4.3B	3.9B	3.9B	4B	4B	4B	4B	4B
Total liabilities	8.1B	8.4B	8.1B	7.8B	8.8B	8.3B	7.9B	8.3B	8.3B	8.2B	8B	8.1B
Shareholders' equity	6B	6.1B	6B	6.3B	6.4B	5.7B	5.9B	6.1B	6.2B	5.6B	5.6B	5.8B
Total debt	3.9B	3.9B	3.9B	3.9B	4.7B	4.3B	4B	4.1B	4.1B	4.1B	4.1B	4.1B
Net debt	2.9B	2.4B	2.8B	2.6B	2.7B	2.2B	2.3B	2B	1.9B	1.7B	2B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	636.7M	483M	985M	797M	567M	445M	718M	702M	428M	335M
Depreciation & amortization	391.4M	408M	431M	439M	568M	574M	552M	582M	673M	719M
Stock-based compensation	43.6M	52M	53M	42M	41M	50M	64M	58M	62M	66M
Change in working capital	-110.9M	-146.2M	-258.1M	-8M	110M	-198M	-169M	-90M	-190M	-66M
Operating cash flow	931M	1.1B	1.1B	1.3B	1.3B	813M	1.1B	1.3B	802M	1.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-440M
Investing cash flow	96.4M	-192M	32M	-8M	-405M	-733M	-698M	239M	50M	-368M
Dividends paid	-113.4M	-124M	-142M	-140M	-146M	-162M	-161M	-130M	-98M	-119M
Share repurchases	-288M	-100M	-150M	-100M	-216M	0	-240M	-177M	-402M	-508M
Financing cash flow	-740.5M	-361M	-368M	-405M	458M	309M	-546M	-496M	-144M	-1.1B
Net change in cash	286.9M	586.8M	782.9M	906M	1.4B	389M	-147M	1B	708M	186M
Free cash flow	535.1M	620M	580M	527M	723M	694M	558M	565M	729M	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	105M	170M	214M	343M	257M	-386M	171M	232M	173M	-241M	255M	291M
Depreciation & amortization	143M	155M	150M	160M	185M	178M	155M	179M	219M	166M	145M	149M
Stock-based compensation	20M	8M	18M	11M	17M	16M	14M	19M	19M	14M	10M	16M
Change in working capital	-330M	402M	-277M	24M	15M	340M	-178M	104M	-105M	320M	-171M	26M
Operating cash flow	-8M	741M	100M	535M	413M	46M	179M	579M	368M	619M	152M	586M
Capital expenditure	—	—	—	—	—	—	—	-77M	-111M	-133M	-143M	-96M
Investing cash flow	83M	153M	15M	29M	8M	0	25M	-64M	-88M	-122M	-130M	-93M
Dividends paid	-26M	-25M	-25M	-25M	-24M	-24M	-24M	-24M	-36M	-35M	-35M	-34M
Share repurchases	0	-177M	-100M	0	-301M	-1M	0	-108M	-102M	-298M	-150M	-100M
Financing cash flow	-70M	-243M	-160M	-59M	492M	-417M	-379M	-209M	-143M	-363M	-190M	-150M
Net change in cash	5M	651M	-45M	505M	913M	-371M	-175M	306M	137M	134M	-168M	343M
Free cash flow	36M	679M	-308M	297M	201M	539M	-37M	502M	257M	486M	9M	490M

Date	Ratio
Jul 5, 2023	1136:1000
Dec 17, 2013	2:1
Dec 18, 2007	2:1
May 18, 2004	2:1

BorgWarner Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history