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FY2026 Q1
In line
Aptiv PLC earnings call
Buzzberg read
New Aptiv bookings surge 15% to $4.6B in Q1
Aptiv's first earnings call post-spin of its EDS business (Versagen) focused on presenting the new 'Aptiv' as a higher-growth, higher-margin software and hardware company. Management maintained near-term guidance despite citing significant commodity cost headwinds from the Middle East conflict and a customer-specific production disruption, expressing confidence in second-half acceleration. The most notable cross-company signal was a direct rebuttal of rumors regarding GM reducing wiring harness awards, confirming the relationship is healthy. Completed separation of EDS business into new company Versagen, reporting standalone first quarter results for 'new Aptiv'.
Buzzberg read New Aptiv bookings surge 15% to $4.6B in Q1 Aptiv's first earnings call post-spin of its EDS business (Versagen) focused on presenting the new 'Aptiv' as a higher-growth, higher-margin software and hardware company. Management maintained near-term guidance despite citing significant commodity cost headwinds from the Middle East conflict and a customer-specific production disruption, expressing confidence in second-half acceleration. The most notable cross-company signal was a direct rebuttal of rumors regarding GM reducing wiring harness awards, confirming the relationship is healthy. Completed separation of EDS business into new company Versagen, reporting standalone first quarter results for 'new Aptiv'. Read full analysisCollapse analysis
Aptiv's first earnings call post-spin of its EDS business (Versagen) focused on presenting the new 'Aptiv' as a higher-growth, higher-margin software and hardware company. Management maintained near-term guidance despite citing significant commodity cost headwinds from the Middle East conflict and a customer-specific production disruption, expressing confidence in second-half acceleration. The most notable cross-company signal was a direct rebuttal of rumors regarding GM reducing wiring harness awards, confirming the relationship is healthy. Completed separation of EDS business into new company Versagen, reporting standalone first quarter results for 'new Aptiv'.
- Maintained FY2026 guidance for revenue growth (4%), EBITDA margin (18.6%), EPS ($5.70-$6.10), and FCF ($750M), despite citing ~60bps incremental input cost headwinds.
- Q1 revenue growth was 1%, impacted by a customer supply chain issue (fire at supplier) and China program cancellations, but strength in non-automotive (9%) and software/services (10%) growth.
- Management explicitly addressed and dismissed rumors about GM awarding electric harness business to a competitor, confirming GM remains a strategic customer and the relationship is healthy.
Revenue$5.086B-1% QoQ
EPS$1.71-8% QoQ
Gross margin18.09%Reported
Operating margin8.65%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Diversification
Non-auto revenue grows 9%, software up 10%
Bookings
Expects 2026 bookings exceeding $20 billion
Show 3 more callouts
Guidance
Second-half growth acceleration driven by launches and demand recovery
Suppliers
GM reaffirms Aptiv as 'gold standard' wire harness supplier
Margins
Commodity inflation headwinds up 60 bps since prior guide
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $5.086B | -1% QoQ |
| EPS | $1.71 | -8% QoQ |
| Gross margin | 18.09% | Reported |
| Operating margin | 8.65% | Reported |
| Free cash flow | $-0.362B | Reported |
| Capex | $0.219B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $5.70–$6.10 | $5.90 | Maintained |
AI, capex & demand read
Management read
Measured
Management acknowledged near-term headwinds from input cost inflation and customer mix issues but expressed confidence in offsetting them through performance initiatives and future growth drivers.
Management AI read
Management highlighted AI as a structural tailwind, driving demand for high-speed interconnects, edge compute, and software solutions, with growth in robotics and drone partnerships and expansion into non-automotive markets like data centers.
Investment and capacity
Management did not provide specific capital expenditure guidance, but mentioned continued investments in supply chain resiliency for semiconductors and bolt-on M&A opportunities.
all 5 named companies below
Companiesreturns since call
Customers
Customers
Kevin Clark
Aptiv's new Active segment faces a material revenue headwind in Q1 due to supply chain disruptions at a large North American customer following a fire at their aluminum supplier; this impact is expected to partially recover in the second half. — Indicates a temporary supply chain bottleneck for a major North American OEM, but one that is being managed and resolved over the course of the year.
Evidence
“GM did award a very small portion of the wire harness content on the T1 program to another supplier. This portion represents a simpler portion of the harness.”
Supply chain
Supply chain
Kevin Clark
Aptiv is experiencing a meaningful increase in input costs (copper, gold, silver, resins) due to the Middle East conflict, but a significant portion is expected to be offset by performance initiatives and customer pass-throughs, with some lag. — Suggests sustained pricing pressure for inputs like copper and oil-based resins, but also indicates that companies with contractual pass-throughs or hedging can mitigate the impact.
Evidence
“The macroeconomic environment remains very dynamic. At present, and as reflected in our first quarter results and full year guide, we're experiencing a meaningful increase in input costs, broadly related to the ongoing conflict in the”
Supply chain
Kevin Clark
Aptiv's new business awards are strong ($4.6B in Q1, +15% vs 2025 quarterly average), particularly in non-automotive markets (~$900M), driven by diversification into aerospace, defense, and data centers. — Indicates a robust competitive position in diversified end markets, with management expressing high confidence in achieving full-year bookings of $20 billion+.
Evidence
“We secured $7 billion of new business awards while also delivering solid financial results, including revenue of over $5 billion”
External signals
Supply-chain alpha · 3returns since call
Aptiv's new Active segment faces a material revenue headwind in Q1 due to supply chain disruptions at a large North American customer following a fire at their aluminum supplier; this impact is expected to partially recover in the second half.
Evidence
“a greater than anticipated headwind from lower production at one of our largest North American customers owing to supply chain constraints following a supplier fire. although this should be partially recovered in the second half of the yea…”
Aptiv is experiencing a meaningful increase in input costs (copper, gold, silver, resins) due to the Middle East conflict, but a significant portion is expected to be offset by performance initiatives and customer pass-throughs, with some lag.
Evidence
“The macroeconomic environment remains very dynamic. At present, and as reflected in our first quarter results and full year guide, we're experiencing a meaningful increase in input costs, broadly related to the ongoing conflict in the Midd…”
Aptiv's new business awards are strong ($4.6B in Q1, +15% vs 2025 quarterly average), particularly in non-automotive markets (~$900M), driven by diversification into aerospace, defense, and data centers.
Methodology & coverage
Management-only analysis. All 5 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.