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FY2025 Q4
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Отчётный звонок Aptiv PLC
Вывод Buzzberg
Aptiv confident on semiconductor cost recoveries, sees minimal 2026 supply impact
Aptiv reported strong Q4 2025 results with record revenue of $5.2 billion, driven by solid execution despite FX and commodity headwinds. Management provided 2026 guidance for both newly standalone Aptiv and Versagen, emphasizing growth in non-auto markets and confidence in navigating supply chain challenges. Q4 revenue of $5.2B, up 3%, with adjusted EPS of $1.86; operating cash flow of $818M.
Вывод Buzzberg Aptiv confident on semiconductor cost recoveries, sees minimal 2026 supply impact Aptiv reported strong Q4 2025 results with record revenue of $5.2 billion, driven by solid execution despite FX and commodity headwinds. Management provided 2026 guidance for both newly standalone Aptiv and Versagen, emphasizing growth in non-auto markets and confidence in navigating supply chain challenges. Q4 revenue of $5.2B, up 3%, with adjusted EPS of $1.86; operating cash flow of $818M. Читать полный анализСвернуть анализ
Aptiv reported strong Q4 2025 results with record revenue of $5.2 billion, driven by solid execution despite FX and commodity headwinds. Management provided 2026 guidance for both newly standalone Aptiv and Versagen, emphasizing growth in non-auto markets and confidence in navigating supply chain challenges. Q4 revenue of $5.2B, up 3%, with adjusted EPS of $1.86; operating cash flow of $818M.
- FY2025 bookings of $27B fell short of $31B target due to timing shifts into 2026, but management expects >$30B in 2026.
- Management guided 2026 revenue for new Aptiv (ex-EDS) at $12.8-13.2B and Versagen at $9.1-9.4B.
- Aptiv is building semiconductor inventory to 12 weeks, mitigating DRAM shortage and passing through low-double-digit price increases.
Выручка$5.153BФакт
EPS$1.86Факт
Валовая маржа19.76%Факт
Операционная маржа7.61%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Bookings
Q4 bookings short of target on timing, stronger 2026 expected
AI
Wind River sees $6 billion robotics TAM, more partnerships coming
Показать ещё 3 тезиса
Margins
Aptiv expects to pass on higher semiconductor costs to customers
Capital Allocation
Versagen spin on track for April 1, with planned debt paydown
Demand
2026 EV growth expected at 15%, mostly driven by China
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $5.153B | Факт |
| EPS | $1.86 | Факт |
| Валовая маржа | 19.76% | Факт |
| Операционная маржа | 7.61% | Факт |
| Свободный денежный поток | $0.651B | Факт |
| Капзатраты | $0.167B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 | $5.70–$6.10 | $5.90 | Начат |
| Свободный денежный поток | FY2026 | $0.75B | $0.75B | Начат |
| Свободный денежный потокVERSAGEN | FY2026 | $0.25B | $0.25B | Начат |
| Выручка | FY2026 | $12.8B–$13.2B | $13B | Подтверждён |
| Выручка | FY2026 | $9.1B–$9.4B | $9.25B | Подтверждён |
| Выручка | FY2026 Q1 | $5.05B | $5.05B | Начат |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed confidence in executing through a dynamic macro environment, highlighting strong bookings, margin expansion plans, and successful cost pass-through.
Оценка AI от менеджмента
Management discussed AI and robotics as a growing non-automotive opportunity, announcing partnerships with robotics companies and investing in AI-powered software solutions, with an estimated $6 billion TAM and expected further commercial announcements.
Инвестиции и мощности
Aptiv is making targeted investments in engineering and go-to-market capabilities for non-auto markets, with $35 million in 2026, and investing in semiconductor inventory build ($200 million) and footprint rotation/automation for Versagen.
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Компаниис момента звонка
Цепочка поставок
Цепочка поставок
Varen Laroia
Aptiv has built 12 weeks of semiconductor inventory, insulating its supply chain against the 2026 DRAM shortage, and has locked in pricing at low-double-digit increases, far below spot market 100-120% increases. — Aptiv's forward-buying signals tighter DRAM supply but also the ability to pass through higher costs, potentially squeezing OEM margins.
Доказательства
“As we mentioned at the beginning of last year, we have worked diligently to strengthen the resiliency of our supply chain and invested to build semiconductor inventory coverage to approximately 12 weeks.”
Цепочка поставок
Kevin Clark
Aptiv is embedding Wind River software and its sensing portfolio into robots, creating a $4,000-$5,000 content opportunity per unit, and expects more partnership announcements in Q1 2026. — Aptiv's pivot to robotics and non-auto markets creates new cross-company signals for industrial automation and robotics suppliers.
Доказательства
“We think during the first quarter, we'll have more commercial relationships or partnerships that we'll be announcing that will show the traction that we have in place.”
Цепочка поставок
Kevin Clark
Aptiv is selectively receiving cash recoveries from automakers for canceled EV programs, with negotiations underway, particularly in North America. — Cash recoveries from canceled EV programs provide an upside cushion to Aptiv's 2026 margin outlook, signaling ongoing weakness in North American EV demand.
Доказательства
“As it relates to some of the larger decisions, principally in North America, as it relates to EV programs, those are discussions that are underway now at this point in time.”
Цепочка поставок
Kevin Clark
Aptiv's China bookings are shifting heavily toward local OEMs, with around 80% of 2025 China awards coming from local players, signaling their growing influence in the global supply chain. — Aptiv's China revenue mix is improving but at lower margins, reflecting the pricing pressure exerted by Chinese EV makers.
Доказательства
“And of note, approximately 80% of our China New Business Awards in 2025 were from the local OEMs.”
Внешние сигналы
Альфа цепочки поставок · 4с момента звонка
Aptiv has built 12 weeks of semiconductor inventory, insulating its supply chain against the 2026 DRAM shortage, and has locked in pricing at low-double-digit increases, far below spot market 100-120% increases.
Aptiv is embedding Wind River software and its sensing portfolio into robots, creating a $4,000-$5,000 content opportunity per unit, and expects more partnership announcements in Q1 2026.
Aptiv is selectively receiving cash recoveries from automakers for canceled EV programs, with negotiations underway, particularly in North America.
Aptiv's China bookings are shifting heavily toward local OEMs, with around 80% of 2025 China awards coming from local players, signaling their growing influence in the global supply chain.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 5. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.