Borgwarner
BWA · NYSEMotor Vehicle Parts & Accessories · Fiscal year ends Dec 31
Borgwarner reported revenue of $14.3B in the fiscal year ended Dec 2025, up 1.6% from the year before. Operating income was $536M, an operating margin of 3.7%, and net income was $277M. Operating cash flow of $1.6B less capital expenditure of $469M left free cash flow of $1.2B. Net debt was $1.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.8B | $12.6B | $14.2B | $14.1B | $14.3B |
| Cost of revenue | $9.6B | $10.3B | $11.6B | $11.4B | $11.6B |
| Gross profit | $2.2B | $2.4B | $2.6B | $2.6B | $2.7B |
| Research & development | $586M | $701M | $717M | $736M | $710M |
| Selling, general & admin | $1.1B | $1.3B | $1.3B | $1.4B | $1.3B |
| Operating income | $914M | $1B | $1.2B | $546M | $536M |
| Net interest incomeBanks | −$91M | −$51M | −$10M | −$20M | −$39M |
| Interest expense | $82M | $71M | $73M | $84M | $99M |
| Pre-tax income | $510M | $913M | $991M | $539M | $524M |
| Income tax | $65M | $195M | $289M | $111M | $189M |
| Net income | $537M | $944M | $625M | $338M | $277M |
| Diluted EPS | 2.24 | 3.99 | 2.67 | 1.50 | 1.28 |
| Diluted shares | 240M | 237M | 234M | 225M | 216M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.3B | $1.5B | $2.1B | $2.3B |
| Receivables | $2.9B | $2.5B | $3.1B | $2.8B | $3B |
| Inventory | $1.5B | $1.2B | $1.3B | $1.3B | $1.2B |
| Current assets | $6.6B | $6.6B | $6.2B | $6.5B | $6.8B |
| Goodwill | $2.9B | $3B | $3B | $2.4B | $2.1B |
| Total assets | $16.6B | $17B | $14.5B | $14B | $13.8B |
| Payables | $2.3B | $2.7B | – | – | – |
| Deferred revenue | $21M | $14M | $18M | $13M | $1M |
| Current liabilities | $3.8B | $4.2B | $3.8B | $3.6B | $3.3B |
| Short-term debt | $4M | $2M | $3M | $337M | $2M |
| Long-term debt | $4.3B | $4.1B | $3.7B | $3.8B | $3.9B |
| Total liabilities | $9.3B | $9.5B | $8.4B | $8.3B | $8.2B |
| Shareholders' equity | $6.9B | $7.2B | $5.8B | $5.5B | $5.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.6B | $1.4B | $1.4B | $1.6B |
| Capital expenditure | $514M | $622M | $832M | $671M | $469M |
| Free cash flow | $792M | $947M | $565M | $711M | $1.2B |
| Depreciation & amortisation | $574M | $552M | $582M | $673M | $719M |
| Stock-based compensation | $50M | $64M | $58M | $62M | $66M |
| Acquisitions | $759M | $312M | $109M | $0 | $0 |
| Share buybacks | $0 | $240M | $177M | $402M | $508M |
| Dividends paid | $162M | $161M | $130M | $98M | $119M |
| Dividend per share | 0.68 | 0.68 | 0.56 | 0.44 | 0.56 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.0% | 12.4% | −0.8% | 1.6% |
| Operating income growth (YoY) | – | 10.4% | 15.0% | −52.9% | −1.8% |
| EPS growth (YoY) | – | 78.1% | −33.1% | −43.8% | −14.7% |
| Gross margin | 18.4% | 18.7% | 18.1% | 18.8% | 18.7% |
| Operating margin | 7.7% | 8.0% | 8.2% | 3.9% | 3.7% |
| Net margin | 4.5% | 7.5% | 4.4% | 2.4% | 1.9% |
| Return on equityBlank when equity is negative | 7.7% | 13.1% | 10.7% | 6.1% | 5.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.2% | 7.9% | 10.9% | 5.3% | 5.1% |
| Free cash flow margin | 6.7% | 7.5% | 4.0% | 5.0% | 8.2% |
| Cash conversion (CFO ÷ net income) | 2.43x | 1.66x | 2.24x | 4.09x | 5.95x |
| Receivable days | 90 | 71 | 80 | 74 | 76 |
| Inventory days | 58 | 43 | 41 | 40 | 38 |
| Payable days | 86 | 95 | – | – | – |
| Interest cover | 11.1x | 14.2x | 15.9x | 6.50x | 5.41x |
| Debt ÷ equity | 0.61x | 0.57x | 0.64x | 0.74x | 0.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.4B | $2.8B | $2.2B | $2B | $1.6B |
| Current ratio | 1.74x | 1.56x | 1.65x | 1.79x | 2.07x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.