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Auto parts · Consumer Cyclical · Fiscal year ends Dec 31
LEAR reported revenue of $23.3B in the fiscal year ended Dec 2025, down 0.2% from the year before. Operating income was $777M, an operating margin of 3.3%, and net income was $437M. Operating cash flow of $1.1B less capital expenditure of $562M left free cash flow of $527M. Net debt was $1.7B.
Ranks among the 17 auto parts companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 19,263 | 20,892 | 23,467 | 23,306 | 23,259 |
| Cost of revenue | 17,871 | 19,482 | 21,757 | 21,667 | 21,755 |
| Gross profit | 1,392 | 1,410 | 1,710 | 1,639 | 1,504 |
| Selling, general & admin | 643 | 685 | 715 | 703 | 708 |
| Operating income | 675 | 654 | 933 | 888 | 777 |
| Interest expense | 91.8 | 98.6 | 101 | 106 | 101 |
| Pre-tax income | 584 | 509 | 777 | 733 | 625 |
| Income tax | 138 | 134 | 181 | 191 | 150 |
| Net income | 374 | 328 | 573 | 507 | 437 |
| Diluted EPS | 6.19 | 5.47 | 9.68 | 8.97 | 8.15 |
| Diluted shares | 60.4 | 59.9 | 59.1 | 56.5 | 53.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,318 | 1,115 | 1,196 | 1,053 | 1,033 |
| Receivables | 3,042 | 3,452 | 3,681 | 3,589 | 3,903 |
| Inventory | 1,572 | 1,574 | 1,758 | 1,601 | 1,693 |
| Current assets | 6,765 | 6,994 | 7,637 | 7,184 | 7,663 |
| Net PP&E | 2,720 | 2,854 | 2,977 | 2,833 | 2,913 |
| Goodwill | 1,658 | 1,661 | 1,738 | 1,699 | 1,778 |
| Total assets | 13,352 | 13,763 | 14,696 | 14,028 | 14,843 |
| Payables | 2,952 | 3,206 | 3,434 | 3,251 | 3,417 |
| Deferred revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current liabilities | 4,760 | 5,188 | 5,667 | 5,447 | 5,667 |
| Short-term debt | 0.0 | 9.9 | 27.5 | 26.7 | 27.9 |
| Long-term debt | 2,595 | 2,591 | 2,743 | 2,733 | 2,712 |
| Total liabilities | 8,544 | 8,933 | 9,635 | 9,427 | 9,642 |
| Shareholders' equity | 4,643 | 4,679 | 4,919 | 4,452 | 5,035 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 670 | 1,021 | 1,249 | 1,120 | 1,089 |
| Capital expenditure | 585 | 638 | 627 | 559 | 562 |
| Free cash flow | 85.0 | 383 | 623 | 561 | 527 |
| Depreciation & amortisation | 574 | 577 | 604 | 621 | 604 |
| Stock-based compensation | 60.3 | 52.0 | 67.5 | 64.4 | 66.2 |
| Acquisitions | 0.0 | 188 | 175 | 0.8 | 0.0 |
| Share buybacks | 100 | 100 | 297 | 417 | 325 |
| Dividends paid | 107 | 186 | 182 | 174 | 165 |
| Dividend per share | – | 0.77 | 0.77 | 0.77 | 0.77 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.5% | 12.3% | −0.7% | −0.2% |
| Operating income growth (YoY) | – | −3.1% | 42.6% | −4.9% | −12.4% |
| EPS growth (YoY) | – | −11.6% | 77.0% | −7.3% | −9.1% |
| Gross margin | 7.2% | 6.7% | 7.3% | 7.0% | 6.5% |
| Operating margin | 3.5% | 3.1% | 4.0% | 3.8% | 3.3% |
| Net margin | 1.9% | 1.6% | 2.4% | 2.2% | 1.9% |
| Return on equityBlank when equity is negative | 8.1% | 7.0% | 11.6% | 11.4% | 8.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 7.6% | 10.3% | 10.3% | 8.5% |
| Free cash flow margin | 0.4% | 1.8% | 2.7% | 2.4% | 2.3% |
| Cash conversion (CFO ÷ net income) | 1.79x | 3.12x | 2.18x | 2.21x | 2.49x |
| Receivable days | 58 | 60 | 57 | 56 | 61 |
| Inventory days | 32 | 29 | 29 | 27 | 28 |
| Payable days | 60 | 60 | 58 | 55 | 57 |
| Interest cover | 7.36x | 6.64x | 9.23x | 8.36x | 7.71x |
| Debt ÷ equity | 0.56x | 0.56x | 0.56x | 0.62x | 0.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,277 | 1,486 | 1,574 | 1,707 | 1,706 |
| Current ratio | 1.42x | 1.35x | 1.35x | 1.32x | 1.35x |
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.