NYSE : BWA
BorgWarner Inc. — Financial statements
Consumer Discretionary · Auto Parts · United States
Last price 53.3 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 10.86B
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Financial statements
BorgWarner Inc. (BWA) reported revenue of 14.24B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 14.24B | 14.32B | 14.09B | 14.20B | 12.63B | 11.80B |
| Cost of Revenue | 11.48B | 11.65B | 11.44B | 11.63B | 10.27B | 9.63B |
| Gross Profit | 2.76B | 2.66B | 2.65B | 2.57B | 2.37B | 2.17B |
| Selling, General & Admin | 1.34B | 1.31B | 1.36B | 1.33B | 1.29B | 1.08B |
| Research & Development | -28.00M | |||||
| Other Operating Expenses | -2.00M | -4.00M | -5.00M | -11.00M | -4.00M | -11.00M |
| Operating Expenses | 1.31B | 1.31B | 1.36B | 1.32B | 1.29B | 1.07B |
| Operating Income | 1.45B | 1.35B | 1.29B | 1.25B | 1.08B | 1.11B |
| Interest Expense | -89.00M | -99.00M | -84.00M | -73.00M | -71.00M | -82.00M |
| Interest & Investment Income | 60.00M | 60.00M | 54.00M | 35.00M | 20.00M | 11.00M |
| Earnings From Equity Investments | 32.00M | 35.00M | 27.00M | 30.00M | 28.00M | 42.00M |
| Currency Exchange Gain (Loss) | -2.00M | |||||
| EBT Excluding Unusual Items | 1.45B | 1.35B | 1.29B | 1.24B | 1.06B | 1.08B |
| Merger & Restructuring Charges | -128.00M | -177.00M | -76.00M | -102.00M | -57.00M | -156.00M |
| Impairment of Goodwill | -410.00M | -410.00M | -577.00M | |||
| Gain (Loss) on Sale of Investments | -8.00M | -13.00M | -1.00M | -174.00M | -73.00M | -362.00M |
| Gain (Loss) on Sale of Assets | -3.00M | -11.00M | -8.00M | 18.00M | 13.00M | -29.00M |
| Asset Writedown | -172.00M | -175.00M | -69.00M | -29.00M | -30.00M | |
| Legal Settlements | -2.00M | -40.00M | ||||
| Other Unusual Items | -5.00M | -18.00M | -17.00M | 38.00M | -20.00M | |
| Pretax Income | 758.00M | 524.00M | 539.00M | 991.00M | 913.00M | 510.00M |
| Income Tax Expense | 220.00M | 189.00M | 111.00M | 289.00M | 195.00M | 65.00M |
| Earnings From Continuing Operations | 538.00M | 335.00M | 428.00M | 702.00M | 718.00M | 445.00M |
| Earnings From Discontinued Operations | -29.00M | -7.00M | 308.00M | 194.00M | ||
| Net Income to Company | 538.00M | 335.00M | 399.00M | 695.00M | 1.03B | 639.00M |
| Minority Interest in Earnings | -60.00M | -58.00M | -61.00M | -70.00M | -82.00M | -102.00M |
| Net Income | 478.00M | 277.00M | 338.00M | 625.00M | 944.00M | 537.00M |
| Net Income to Common | 478.00M | 277.00M | 338.00M | 625.00M | 944.00M | 537.00M |
| Shares Outstanding (Basic) | 204.82M | 214.20M | 223.50M | 232.80M | 235.50M | 238.10M |
| Shares Outstanding (Diluted) | 208.00M | 216.40M | 224.80M | 234.40M | 236.80M | 239.50M |
| EPS (Basic) | 2.33 | 1.29 | 1.51 | 2.68 | 4.01 | 2.26 |
| EPS (Diluted) | 2.30 | 1.28 | 1.50 | 2.67 | 3.99 | 2.24 |
| Free Cash Flow | 1.15B | 1.18B | 681.00M | 480.00M | 948.00M | 791.00M |
| Free Cash Flow Per Share | 5.53 | 5.45 | 3.03 | 2.05 | 4.00 | 3.30 |
| Dividend Per Share | 0.68 | 0.56 | 0.44 | 0.56 | 0.68 | 0.68 |
| Gross Margin | 19.39% | 18.59% | 18.80% | 18.09% | 18.75% | 18.41% |
| Operating Margin | 10.15% | 9.44% | 9.16% | 8.79% | 8.57% | 9.37% |
| Profit Margin | 3.36% | 1.93% | 2.40% | 4.40% | 7.47% | 4.55% |
| Free Cash Flow Margin | 8.08% | 8.24% | 4.83% | 3.38% | 7.50% | 6.70% |
| EBITDA | 2.03B | 1.98B | 1.91B | 1.83B | 1.64B | 1.68B |
| EBITDA Margin | 14.26% | 13.83% | 13.58% | 12.86% | 12.94% | 14.23% |
| D&A For EBITDA | 584.00M | 629.00M | 623.00M | 578.00M | 552.00M | 574.00M |
| EBIT | 1.45B | 1.35B | 1.29B | 1.25B | 1.08B | 1.11B |
| EBIT Margin | 10.15% | 9.44% | 9.16% | 8.79% | 8.57% | 9.37% |
| Effective Tax Rate | 29.02% | 36.07% | 20.59% | 29.16% | 21.36% | 12.75% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.58B | 2.31B | 2.09B | 1.53B | 1.08B | 1.84B |
| Cash & Short-Term Investments | 1.58B | 2.31B | 2.09B | 1.53B | 1.08B | 1.84B |
| Accounts Receivable | 3.11B | 2.40B | 2.27B | 2.52B | 2.14B | 2.53B |
| Other Receivables | 577.00M | 591.00M | 602.00M | 349.00M | 389.00M | |
| Receivables | 3.11B | 2.98B | 2.86B | 3.13B | 2.48B | 2.92B |
| Inventory | 1.30B | 1.21B | 1.25B | 1.31B | 1.22B | 1.53B |
| Prepaid Expenses | 143.00M | 116.00M | 109.00M | 95.00M | 93.00M | 100.00M |
| Other Current Assets | 212.00M | 182.00M | 209.00M | 148.00M | 1.74B | 204.00M |
| Total Current Assets | 6.35B | 6.79B | 6.52B | 6.22B | 6.62B | 6.60B |
| Property, Plant & Equipment | 3.41B | 3.48B | 3.75B | 3.93B | 3.53B | 4.58B |
| Long-Term Investments | 327.00M | 310.00M | 315.00M | 308.00M | 763.00M | 428.00M |
| Goodwill | 2.04B | 2.06B | 2.36B | 3.01B | 2.98B | 3.28B |
| Other Intangible Assets | 356.00M | 394.00M | 474.00M | 564.00M | 619.00M | 1.09B |
| Long-Term Deferred Tax Assets | 563.00M | 556.00M | 359.00M | 257.00M | 179.00M | 254.00M |
| Other Long-Term Assets | 173.00M | 178.00M | 215.00M | 168.00M | 2.31B | 346.00M |
| Total Assets | 13.22B | 13.77B | 13.99B | 14.45B | 16.99B | 16.57B |
| Accounts Payable | 2.14B | 2.00B | 2.03B | 2.55B | 2.15B | 2.28B |
| Accrued Expenses | 466.00M | 563.00M | 571.00M | 541.00M | 522.00M | 570.00M |
| Short-Term Debt | 5.00M | 3.00M | 61.00M | 70.00M | 58.00M | 62.00M |
| Current Portion of Long-Term Debt | 1.10B | 334.00M | 2.00M | |||
| Current Portion of Leases | 33.00M | 38.00M | 41.00M | 40.00M | 24.00M | 45.00M |
| Current Income Taxes Payable | 105.00M | 113.00M | 115.00M | 103.00M | 107.00M | 105.00M |
| Current Unearned Revenue | 11.00M | 22.00M | 21.00M | 14.00M | 21.00M | |
| Other Current Liabilities | 651.00M | 558.00M | 470.00M | 446.00M | 1.36B | 717.00M |
| Total Current Liabilities | 4.50B | 3.28B | 3.65B | 3.77B | 4.24B | 3.80B |
| Long-Term Debt | 1.90B | 3.88B | 3.74B | 3.68B | 4.13B | 4.25B |
| Long-Term Leases | 159.00M | 138.00M | 164.00M | 135.00M | 94.00M | 163.00M |
| Long-Term Unearned Revenue | 81.00M | 84.00M | 88.00M | 83.00M | 59.00M | 68.00M |
| Pension & Post-Retirement Benefits | 132.00M | 128.00M | 137.00M | 146.00M | 129.00M | 290.00M |
| Long-Term Deferred Tax Liabilities | 162.00M | 165.00M | 167.00M | 160.00M | 143.00M | 206.00M |
| Other Long-Term Liabilities | 417.00M | 480.00M | 342.00M | 412.00M | 694.00M | 538.00M |
| Total Liabilities | 7.35B | 8.15B | 8.29B | 8.39B | 9.49B | 9.31B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 2.65B | 2.68B | 2.67B | 2.69B | 2.67B | 2.64B |
| Retained Earnings | 7.21B | 6.57B | 6.41B | 6.15B | 7.45B | 6.67B |
| Treasury Stock | -3.41B | -3.01B | -2.54B | -2.19B | -2.03B | -1.81B |
| Comprehensive Income & Other | -781.00M | -799.00M | -1.02B | -828.00M | -876.00M | -551.00M |
| Total Common Equity | 5.67B | 5.44B | 5.53B | 5.83B | 7.22B | 6.95B |
| Minority Interest | 195.00M | 172.00M | 174.00M | 238.00M | 284.00M | 314.00M |
| Shareholders' Equity | 5.87B | 5.61B | 5.71B | 6.07B | 7.51B | 7.26B |
| Total Liabilities & Equity | 13.22B | 13.77B | 13.99B | 14.45B | 16.99B | 16.57B |
| Total Debt | 3.20B | 4.06B | 4.34B | 3.93B | 4.31B | 4.52B |
| Net Cash (Debt) | -1.62B | -1.74B | -2.25B | -2.40B | -3.22B | -2.68B |
| Net Cash Per Share | -7.77 | -8.06 | -10.00 | -10.22 | -13.61 | -11.18 |
| Filing Date Shares Outstanding | 200.81M | 207.05M | 218.68M | 229.78M | 234.13M | 239.97M |
| Total Common Shares Outstanding | 200.81M | 207.06M | 218.67M | 229.78M | 234.12M | 239.78M |
| Working Capital | 1.85B | 3.51B | 2.88B | 2.45B | 2.38B | 2.80B |
| Book Value Per Share | 28.24 | 26.28 | 25.30 | 25.36 | 30.86 | 28.98 |
| Tangible Book Value | 3.28B | 2.99B | 2.70B | 2.25B | 3.63B | 2.58B |
| Tangible Book Value Per Share | 16.32 | 14.45 | 12.35 | 9.80 | 15.49 | 10.75 |
| Land | 1.37B | 1.35B | 1.32B | 1.21B | 1.50B | |
| Machinery | 6.08B | 5.76B | 5.58B | 5.20B | 6.12B | |
| Construction In Progress | 407.00M | 437.00M | 671.00M | 529.00M | 471.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 478.00M | 277.00M | 338.00M | 625.00M | 944.00M | 537.00M |
| Depreciation & Amortization | 584.00M | 629.00M | 623.00M | 578.00M | 552.00M | 574.00M |
| Loss (Gain) From Sale of Assets | 3.00M | 11.00M | 6.00M | -5.00M | -16.00M | 29.00M |
| Asset Writedown & Restructuring Costs | 660.00M | 782.00M | 702.00M | 99.00M | 71.00M | 81.00M |
| Loss (Gain) From Sale of Investments | -8.00M | -3.00M | 1.00M | 174.00M | 73.00M | 362.00M |
| Stock-Based Compensation | 52.00M | 66.00M | 62.00M | 58.00M | 64.00M | 50.00M |
| Other Operating Activities | -42.00M | -80.00M | -142.00M | -39.00M | -356.00M | -239.00M |
| Change in Accounts Receivable | 194.00M | 2.00M | 143.00M | -482.00M | -409.00M | -55.00M |
| Change in Inventory | -73.00M | 105.00M | 31.00M | -72.00M | -158.00M | -179.00M |
| Change in Accounts Payable | -154.00M | -207.00M | -292.00M | 375.00M | 433.00M | -61.00M |
| Change in Income Taxes | -28.00M | -17.00M | -40.00M | -20.00M | 25.00M | -10.00M |
| Change in Other Net Operating Assets | 11.00M | 83.00M | -50.00M | 106.00M | -43.00M | 121.00M |
| Operating Cash Flow | 1.68B | 1.65B | 1.35B | 1.31B | 1.57B | 1.31B |
| Capital Expenditures | -526.00M | -469.00M | -671.00M | -832.00M | -622.00M | -516.00M |
| Sale of Property, Plant & Equipment | 29.00M | 43.00M | 4.00M | 30.00M | 20.00M | 8.00M |
| Cash Acquisitions | -109.00M | -312.00M | -759.00M | |||
| Divestitures | 7.00M | 8.00M | 9.00M | 27.00M | 22.00M | |
| Investment in Securities | -2.00M | -8.00M | 284.00M | -473.00M | -20.00M | |
| Other Investing Activities | 37.00M | 51.00M | 64.00M | -61.00M | -59.00M | -131.00M |
| Investing Cash Flow | -462.00M | -368.00M | -603.00M | -679.00M | -1.42B | -1.40B |
| Long-Term Debt Issued | 1.01B | 18.00M | 5.00M | 1.29B | ||
| Total Debt Issued | 3.00M | 1.01B | 18.00M | 5.00M | 1.29B | |
| Long-Term Debt Repaid | -414.00M | -525.00M | -451.00M | -13.00M | -699.00M | |
| Total Debt Repaid | -867.00M | -414.00M | -525.00M | -451.00M | -13.00M | -699.00M |
| Net Debt Issued (Repaid) | -864.00M | -414.00M | 483.00M | -433.00M | -8.00M | 587.00M |
| Repurchase of Common Stock | -728.00M | -508.00M | -402.00M | -177.00M | -240.00M | |
| Common Dividends Paid | -139.00M | -119.00M | -98.00M | -130.00M | -161.00M | -162.00M |
| Other Financing Activities | -78.00M | -75.00M | -150.00M | 303.00M | -158.00M | -139.00M |
| Financing Cash Flow | -1.81B | -1.12B | -167.00M | -437.00M | -567.00M | 286.00M |
| Foreign Exchange Rate Adjustments | 5.00M | 55.00M | -22.00M | -90.00M | -3.00M | |
| Net Cash Flow | -589.00M | 219.00M | 560.00M | 196.00M | -506.00M | 194.00M |
| Free Cash Flow | 1.15B | 1.18B | 681.00M | 480.00M | 948.00M | 791.00M |
| Free Cash Flow Margin | 8.08% | 8.24% | 4.83% | 3.38% | 7.50% | 6.70% |
| Free Cash Flow Per Share | 5.53 | 5.45 | 3.03 | 2.05 | 4.00 | 3.30 |
| Levered Free Cash Flow | 998.12M | 984.50M | 576.75M | 892.38M | 310.50M | 487.00M |
| Unlevered Free Cash Flow | 1.05B | 1.05B | 629.25M | 938.00M | 354.88M | 538.25M |
| Cash Interest Paid | 125.00M | 133.00M | 121.00M | 126.00M | 131.00M | |
| Cash Income Tax Paid | 377.00M | 372.00M | 406.00M | 362.00M | 268.00M | 290.00M |
| Change in Working Capital | -50.00M | -34.00M | -208.00M | -93.00M | -152.00M | -184.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.39B | 9.64B | 6.95B | 8.43B | 9.42B | 10.81B |
| Enterprise Value | 12.01B | 11.69B | 9.89B | 11.58B | 12.77B | 14.22B |
| Last Close Price | 51.75 | 44.70 | 31.07 | 34.58 | 33.71 | 37.12 |
| PE Ratio | 22.50 | 34.80 | 20.57 | 13.48 | 9.98 | 20.12 |
| Forward PE | 9.30 | 9.08 | 7.23 | 8.84 | 8.74 | 11.29 |
| PS Ratio | 0.73 | 0.67 | 0.49 | 0.59 | 0.75 | 0.92 |
| PB Ratio | 1.83 | 1.72 | 1.22 | 1.39 | 1.25 | 1.49 |
| P/TBV Ratio | 3.17 | 3.22 | 2.57 | 3.74 | 2.60 | 4.19 |
| P/FCF Ratio | 9.03 | 8.18 | 10.21 | 17.56 | 9.94 | 13.66 |
| P/OCF Ratio | 6.20 | 5.85 | 5.14 | 6.42 | 6.00 | 8.27 |
| PEG Ratio | 0.69 | 0.89 | 0.67 | 0.90 | 0.47 | 0.42 |
| EV/Sales Ratio | 0.84 | 0.82 | 0.70 | 0.81 | 1.01 | 1.21 |
| EV/EBITDA Ratio | 5.92 | 5.90 | 5.17 | 6.34 | 7.81 | 8.47 |
| EV/EBIT Ratio | 8.30 | 8.65 | 7.67 | 9.28 | 11.79 | 12.86 |
| EV/FCF Ratio | 10.43 | 9.91 | 14.52 | 24.12 | 13.47 | 17.98 |
| Debt / Equity Ratio | 0.55 | 0.72 | 0.76 | 0.65 | 0.57 | 0.62 |
| Debt / EBITDA Ratio | 1.52 | 1.98 | 2.20 | 2.08 | 2.55 | 2.62 |
| Debt / FCF Ratio | 2.78 | 3.44 | 6.38 | 8.19 | 4.54 | 5.72 |
| Net Debt / Equity Ratio | 0.28 | 0.31 | 0.39 | 0.40 | 0.43 | 0.37 |
| Net Debt / EBITDA Ratio | 0.80 | 0.88 | 1.18 | 1.31 | 1.97 | 1.59 |
| Net Debt / FCF Ratio | 1.40 | 1.48 | 3.30 | 4.99 | 3.40 | 3.39 |
| Asset Turnover | 1.03 | 1.03 | 0.99 | 0.90 | 0.75 | 0.72 |
| Inventory Turnover | 9.07 | 9.48 | 8.92 | 9.19 | 7.46 | 6.83 |
| Quick Ratio | 1.04 | 1.61 | 1.36 | 1.24 | 0.84 | 1.25 |
| Current Ratio | 1.41 | 2.07 | 1.79 | 1.65 | 1.56 | 1.74 |
| Return on Equity (ROE) | 8.96% | 5.92% | 7.27% | 10.34% | 9.72% | 6.36% |
| Return on Assets (ROA) | 6.52% | 6.08% | 5.67% | 4.96% | 4.03% | 4.24% |
| Return on Invested Capital (ROIC) | 13.78% | 11.28% | 12.48% | 9.21% | 8.24% | 10.15% |
| Return on Capital Employed (ROCE) | 16.60% | 12.90% | 12.50% | 11.70% | 8.50% | 8.70% |
| Earnings Yield | 4.44% | 2.87% | 4.86% | 7.42% | 10.02% | 4.97% |
| FCF Yield | 11.08% | 12.23% | 9.79% | 5.70% | 10.06% | 7.32% |
| Dividend Yield | 1.31% | 1.20% | 1.38% | 1.53% | 1.69% | 1.51% |
| Payout Ratio | 29.57% | 42.96% | 28.99% | 20.80% | 17.05% | 30.17% |
| Buyback Yield / Dilution | 4.54% | 3.74% | 4.10% | 1.01% | 1.13% | -11.92% |
| Total Shareholder Return | 5.86% | 4.94% | 5.48% | 2.54% | 2.82% | -10.41% |