BorgWarner Inc. (BWA) financial statements: income statement, balance sheet and cash flow

BorgWarner Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), BorgWarner Inc. reported revenue of $14.3B (+1.6% year on year) and net income of $335.0M (-21.7% year on year).

Income statement

BorgWarner Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$14.3B	$14.1B	$14.2B	$15.8B
Cost of sales	$11.6B	$11.4B	$11.6B	$12.7B
Gross profit	$2.7B	$2.6B	$2.6B	$3.1B
Selling, general and administrative expenses	$1.3B	$1.4B	$1.3B	$1.6B
Restructuring expense	$101.0M	$74.0M	$79.0M	$59.0M
Other operating expense (income), net	$109.0M	$32.0M	$13.0M	$58.0M
Impairment charges	$624.0M	$646.0M	—	—
Operating income	$536.0M	$546.0M	$1.2B	$1.4B
Equity in affiliates’ earnings, net of tax	($35.0M)	($27.0M)	($30.0M)	($38.0M)
Unrealized and realized (gain) loss on equity and debt securities	$3.0M	($1.0M)	($174.0M)	—
Interest expense, net	($39.0M)	($20.0M)	$10.0M	$52.0M
Other postretirement expense	$11.0M	$13.0M	$15.0M	($31.0M)
Earnings from continuing operations before income taxes and noncontrolling interest	$524.0M	$539.0M	$991.0M	$1.3B
Provision for income taxes	$189.0M	$111.0M	$289.0M	$292.0M
Net earnings from continuing operations	$335.0M	$428.0M	$702.0M	—
Net earnings	$335.0M	$399.0M	$695.0M	$1.0B
Net earnings from continuing operations attributable to the noncontrolling interest, net of tax	$58.0M	$61.0M	$70.0M	—
Net earnings attributable to BorgWarner Inc.	$277.0M	$338.0M	$625.0M	$944.0M
Net earnings from continuing operations	$277.0M	$367.0M	$632.0M	—
Net loss from discontinued operations	$0	($29.0M)	($7.0M)	—
Earnings per share from continuing operations — basic (in dollar per share)	$1.29	$1.64	$2.71	—
Loss per share from discontinued operations — basic (in dollars per share)	$0.00	-$0.13	-$0.03	—
Earnings per share attributable to BorgWarner Inc. — basic (in dollar per share)	$1.29	$1.51	$2.68	$4.01
Earnings per share from continuing operations — diluted (in dollar per share)	$1.28	$1.63	$2.70	—
Loss per share from discontinued operations — diluted (in dollars per share)	$0.00	-$0.13	-$0.03	—
Earnings per share attributable to BorgWarner Inc. — diluted (in dollar per share)	$1.28	$1.50	$2.67	$3.99
Basic (in shares)	214.2M	223.5M	232.8M	235.5M
Diluted (in shares)	216.4M	224.8M	234.4M	236.8M

BorgWarner Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net sales	$3.6B	$3.5B	$3.6B	$3.6B
Cost of sales	$2.9B	$2.9B	$2.9B	$3.0B
Gross profit	$721.0M	$677.0M	$664.0M	$640.0M
Selling, general and administrative expenses	$331.0M	$328.0M	$341.0M	$317.0M
Restructuring expense	$21.0M	$18.0M	$23.0M	$17.0M
Other operating (income) expense, net	($1.0M)	($5.0M)	$52.0M	$14.0M
Impairment charges	$0	$0	$0	$3.0M
Operating income	$370.0M	$336.0M	$248.0M	$289.0M
Equity in affiliates’ earnings, net of tax	($10.0M)	($6.0M)	($11.0M)	($8.0M)
Unrealized gain on equity securities	($4.0M)	$1.0M	($1.0M)	($1.0M)
Interest expense, net	$10.0M	$11.0M	$9.0M	$12.0M
Other postretirement expense	$2.0M	$2.0M	$3.0M	$2.0M
Earnings before income taxes and noncontrolling interest	$372.0M	$328.0M	$248.0M	$284.0M
Provision for income taxes	$81.0M	$73.0M	$75.0M	$52.0M
Net earnings	$291.0M	$255.0M	$173.0M	$232.0M
Net earnings attributable to noncontrolling interest	$14.0M	$13.0M	$15.0M	$8.0M
Net earnings attributable to BorgWarner Inc.	$277.0M	$242.0M	$158.0M	$224.0M
Earnings per share attributable to BorgWarner Inc. — basic (in dollar per share)	$1.36	$1.18	$0.74	$1.04
Earnings per share attributable to BorgWarner Inc. — diluted (in dollar per share)	$1.34	$1.16	$0.73	$1.03
Basic (in shares)	203.0M	205.3M	213.7M	216.3M
Diluted (in shares)	206.3M	208.3M	216.5M	218.2M

Balance sheet

BorgWarner Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$2.3B	$2.1B	$1.5B	—
Receivables, net	$3.0B	$2.8B	$3.1B	$3.3B
Inventories	$1.2B	$1.3B	$1.3B	$1.7B
Prepayments and other current assets	$313.0M	$333.0M	$261.0M	$269.0M
Total current assets	$6.8B	$6.5B	$6.2B	$6.6B
Property, plant and equipment, net	$3.3B	$3.6B	$3.8B	$4.4B
Investments and long-term receivables	$357.0M	$356.0M	$364.0M	$896.0M
Goodwill	$2.1B	$2.4B	$3.0B	$3.4B
Other intangible assets, net	$394.0M	$474.0M	$564.0M	$1.1B
Other non-current assets	$838.0M	$710.0M	$512.0M	$668.0M
Total assets	$13.8B	$14.0B	$14.5B	$17.0B
Notes payable and other short-term debt	$5.0M	$398.0M	$73.0M	$62.0M
Accounts payable	$2.0B	$2.0B	$2.5B	$2.7B
Other current liabilities	$1.3B	$1.2B	$1.1B	$1.5B
Total current liabilities	$3.3B	$3.6B	$3.8B	$4.2B
Long-term debt	$3.9B	$3.8B	$3.7B	$4.2B
Retirement-related liabilities	$128.0M	$137.0M	$146.0M	$223.0M
Other non-current liabilities	$851.0M	$741.0M	$767.0M	$861.0M
Total liabilities	$8.2B	$8.3B	$8.4B	$9.5B
Preferred stock, $0.01 par value; authorized shares: 5,000,000; none issued and outstanding	0	0	0	0
Common stock	$3.0M	$3.0M	$3.0M	$3.0M
Capital in excess of par value	$2.7B	$2.7B	$2.7B	$2.7B
Retained earnings	$6.6B	$6.4B	$6.2B	$7.5B
Accumulated other comprehensive loss	($799.0M)	($1.0B)	($828.0M)	($876.0M)
Common stock held in treasury, at cost: (2025 - 76,518,605 shares; 2024 - 64,906,002 shares)	-3.0B	-2.5B	-2.2B	-2.0B
Total BorgWarner Inc. stockholders’ equity	$5.4B	$5.5B	$5.8B	$7.2B
Noncontrolling interest	$172.0M	$174.0M	$238.0M	$284.0M
Total equity	$5.6B	$5.7B	$6.1B	$7.5B
Total liabilities and equity	$13.8B	$14.0B	$14.5B	$17.0B

BorgWarner Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$2.4B	$2.1B	$2.2B	$2.0B
Receivables, net	$3.1B	$3.1B	$3.3B	$3.2B
Inventories	$1.2B	$1.2B	$1.2B	$1.2B
Prepayments and other current assets	$352.0M	$344.0M	$315.0M	$323.0M
Total current assets	$7.1B	$6.7B	$7.0B	$6.8B
Property, plant and equipment, net	$3.2B	$3.3B	$3.5B	$3.6B
Investments and long-term receivables	$320.0M	$343.0M	$407.0M	$367.0M
Goodwill	$2.0B	$2.0B	$2.5B	$2.5B
Other intangible assets, net	$364.0M	$377.0M	$413.0M	$430.0M
Other non-current assets	$904.0M	$889.0M	$761.0M	$755.0M
Total assets	$13.9B	$13.7B	$14.5B	$14.4B
Short-term debt	$5.0M	$5.0M	$6.0M	$6.0M
Accounts payable	$2.1B	$2.1B	$2.1B	$2.1B
Other current liabilities	$1.2B	$1.1B	$1.3B	$1.3B
Total current liabilities	$3.3B	$3.2B	$3.4B	$3.4B
Long-term debt	$3.9B	$3.9B	$3.9B	$3.9B
Retirement-related liabilities	$125.0M	$124.0M	$149.0M	$148.0M
Other non-current liabilities	$815.0M	$846.0M	$900.0M	$929.0M
Total liabilities	$8.1B	$8.0B	$8.3B	$8.3B
Common stock	$3.0M	$3.0M	$3.0M	$3.0M
Capital in excess of par value	$2.6B	$2.6B	$2.7B	$2.6B
Retained earnings	$7.0B	$6.8B	$6.9B	$6.7B
Accumulated other comprehensive loss	($815.0M)	($799.0M)	($838.0M)	($868.0M)
Common stock held in treasury, at cost	($3.2B)	($3.1B)	($2.7B)	($2.6B)
Total BorgWarner Inc. stockholders’ equity	$5.6B	$5.5B	$6.0B	$5.9B
Noncontrolling interest	$177.0M	$163.0M	$161.0M	$146.0M
Total equity	$5.8B	$5.6B	$6.2B	$6.1B
Total liabilities and equity	$13.9B	$13.7B	$14.5B	$14.4B

Cash flow statement

BorgWarner Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net cash provided by operating activities (see Note 25)	$1.6B	$1.4B	$1.4B	—
Capital expenditures, including tooling outlays	($469.0M)	($671.0M)	($832.0M)	($723.0M)
Customer advances related to capital expenditures	$29.0M	$18.0M	—	—
Insurance proceeds received for damage to property, plant and equipment	$4.0M	—	$0	$0
Payments for acquired business, net of cash acquired	$0	$0	($109.0M)	($312.0M)
Proceeds from sale of businesses, net	$7.0M	$8.0M	$9.0M	$27.0M
Proceeds from settlement of net investment hedges, net	$18.0M	$46.0M	$25.0M	$40.0M
(Payments for) proceeds from investments in debt and equity securities, net	$0	($8.0M)	$284.0M	—
Proceeds from asset disposals and other, net	$43.0M	$4.0M	$30.0M	$23.0M
Net cash used in investing activities from continuing operations	($368.0M)	($603.0M)	($593.0M)	—
Payments on notes payable	($5.0M)	—	—	$0
Repayments of debt, including current portion	($409.0M)	($525.0M)	($451.0M)	($13.0M)
Payments for debt issuance costs	$0	($9.0M)	($3.0M)	$0
Payments for purchase of treasury stock	($508.0M)	($402.0M)	($177.0M)	($240.0M)
Payments for stock-based compensation items	($22.0M)	($23.0M)	($25.0M)	($18.0M)
Payments for contingent consideration	($4.0M)	($1.0M)	($23.0M)	—
Purchase of noncontrolling interest	$0	$0	($15.0M)	($59.0M)
Net distribution from PHINIA	$0	$0	$401.0M	—
Dividends paid to BorgWarner stockholders	($119.0M)	($98.0M)	($130.0M)	($161.0M)
Dividends paid to noncontrolling stockholders	($49.0M)	($113.0M)	($116.0M)	($81.0M)
Net cash used in financing activities from continuing operations	($1.1B)	($167.0M)	($521.0M)	—
Operating activities of discontinued operations	$0	($30.0M)	($85.0M)	—
Investing activities of discontinued operations	$0	$0	($86.0M)	—
Financing activities of discontinued operations	$0	$0	$84.0M	—
Net cash used in discontinued operations	$0	($30.0M)	($87.0M)	—
Effect of exchange rate changes on cash	$55.0M	($22.0M)	$0	($90.0M)
Net increase in cash, cash equivalents and restricted cash	$219.0M	$560.0M	$196.0M	($506.0M)
Cash, cash equivalents and restricted cash at beginning of year	$2.1B	$1.5B	$1.3B	$1.8B
Cash and cash equivalents at end of year	$2.3B	—	—	—

BorgWarner Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net cash provided by operating activities (see Note 23)	$738.0M	$152.0M	—	—
Capital expenditures, including tooling outlays	($239.0M)	($143.0M)	($307.0M)	($196.0M)
Customer advances related to capital expenditures	$6.0M	$4.0M	$16.0M	$7.0M
Proceeds from settlement of net investment hedges, net	$9.0M	$9.0M	$18.0M	$8.0M
Payments for investments in equity securities	($2.0M)	—	$0	$0
Proceeds from the sale of business, net	$0	—	$7.0M	$7.0M
Proceeds from asset disposals and other, net	$1.0M	$0	$16.0M	$16.0M
Net cash used in investing activities	($225.0M)	($130.0M)	($246.0M)	($158.0M)
Payments of notes payable	$0	$0	($5.0M)	($5.0M)
Repayments of debt, including current portion	($3.0M)	($2.0M)	($406.0M)	($403.0M)
Payments for purchase of treasury stock	($250.0M)	($150.0M)	($210.0M)	($108.0M)
Payments for excise tax on purchase of treasury stock	($5.0M)	—	—	—
Payments for stock-based compensation items	($28.0M)	($28.0M)	($22.0M)	($18.0M)
Payment for business acquired, net of cash acquired	($3.0M)	($3.0M)	$0	—
Payments for contingent consideration	$0	—	($4.0M)	($4.0M)
Dividends paid to BorgWarner stockholders	($69.0M)	($35.0M)	($84.0M)	($48.0M)
Dividends paid to noncontrolling stockholders	($10.0M)	$0	($22.0M)	($20.0M)
Net cash used in financing activities	($368.0M)	($218.0M)	($753.0M)	($606.0M)
Effect of exchange rate changes on cash	($10.0M)	($7.0M)	$48.0M	$50.0M
Net increase (decrease) in cash and cash equivalents	$135.0M	($203.0M)	$78.0M	($53.0M)
Cash and cash equivalents at beginning of year	$2.3B	$2.3B	$2.1B	$2.1B
Cash, cash equivalents and restricted cash at end of period	$2.4B	$2.1B	$2.2B	$2.0B

BorgWarner Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.