Revenue growth stabilized at 3.3% in 2026Q2, but gross margin retreated to 18.2% from a 21.0% peak in 2024Q4, while operating margin fell to 6.8% from 13.5%, indicating cost pressures and R&D investment (up 67% to $122M) are compressing profitability.
Autoliv, Inc. (ALV) annual income statement — 29-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 11.08B | 10.81B | 10.39B | 10.47B | 8.84B | 8.23B | 7.45B | 8.55B | 8.68B | 10.38B | 10.07B | 9.17B | 9.24B | 8.8B | 8.27B | 8.23B | 7.17B | 5.12B | 6.47B | 6.77B | 6.19B | 6.2B | 6.14B | 5.3B | 4.44B | 3.99B | 4.12B | 3.81B | 3.49B | 2.74B |
| Revenue Growth % | 5.89% | 4.09% | -0.81% | 18.47% | 7.44% | 10.51% | -12.87% | -1.5% | -16.42% | 3.07% | 9.86% | -0.77% | 4.97% | 6.49% | 0.42% | 14.81% | 40.03% | -20.89% | -4.37% | 9.39% | -0.27% | 0.99% | 15.91% | 19.3% | 11.34% | -3.04% | 7.97% | 9.27% | 27.34% | - |
| Cost of Goods Sold | 8.95B | 8.74B | 8.46B | 8.65B | 7.45B | 6.72B | 6.2B | 6.96B | 6.97B | 6.46B | 6.29B | 7.33B | 7.44B | 7.1B | 6.62B | 6.5B | 5.58B | 4.27B | 5.35B | 5.44B | 4.92B | 4.94B | 4.92B | 4.3B | 3.63B | 3.34B | 3.33B | 2.82B | 2.57B | 2.03B |
| COGS % of Revenue | - | 80.82% | 81.45% | 82.62% | 84.21% | 81.64% | 83.26% | 81.46% | 80.28% | 62.19% | 62.48% | 79.89% | 80.48% | 80.64% | 80.09% | 79.01% | 77.8% | 83.44% | 82.63% | 80.34% | 79.55% | 79.56% | 80.12% | 81.08% | 81.75% | 83.59% | 80.9% | 73.87% | 73.8% | 74.21% |
| Gross Profit | 2.13B | 2.07B | 1.93B | 1.82B | 1.4B | 1.51B | 1.25B | 1.58B | 1.71B | 1.68B | 1.63B | 1.84B | 1.8B | 1.7B | 1.65B | 1.73B | 1.59B | 847.9M | 1.12B | 1.33B | 1.27B | 1.27B | 1.22B | 1B | 810.8M | 654.8M | 786.1M | 996.1M | 914M | 706.5M |
| Gross Margin % | 19.22% | 19.18% | 18.55% | 17.39% | 15.79% | 18.36% | 16.74% | 18.53% | 19.72% | 16.18% | 16.16% | 20.11% | 19.52% | 19.36% | 19.91% | 20.99% | 22.2% | 16.56% | 17.37% | 19.66% | 20.45% | 20.44% | 19.88% | 18.92% | 18.25% | 16.41% | 19.1% | 26.13% | 26.2% | 25.79% |
| Gross Profit Growth % | - | 7.63% | 5.76% | 30.52% | -7.61% | 21.17% | -21.28% | -7.44% | 1.88% | 3.18% | -11.72% | 2.23% | 5.82% | 3.55% | -4.73% | 8.53% | 87.77% | -24.58% | -15.51% | 5.17% | -0.22% | 3.83% | 21.79% | 23.67% | 23.82% | -16.7% | -21.08% | 8.98% | 29.37% | - |
| Operating Expenses | 1.1B | 984M | 948M | 1.13B | 737M | 836M | 864M | 860M | 1.03B | 820.1M | 797M | 1.12B | 1.08B | 943.2M | 940.8M | 838.7M | 722.9M | 645.3M | 817.7M | 828.6M | 745.2M | 755.3M | 708.1M | 575.9M | 480M | 481.1M | 446.6M | 627.5M | 562.7M | 431.1M |
| OpEx % of Revenue | - | 9.1% | 9.12% | 10.8% | 8.34% | 10.16% | 11.6% | 10.06% | 11.81% | 7.9% | 7.91% | 12.17% | 11.7% | 10.71% | 11.38% | 10.19% | 10.08% | 12.6% | 12.63% | 12.24% | 12.04% | 12.17% | 11.53% | 10.86% | 10.8% | 12.05% | 10.85% | 16.46% | 16.13% | 15.74% |
| Selling, General & Admin | 580M | 571M | 530M | 500M | 440M | 432M | 389M | 399M | 390.3M | 406.6M | 394.4M | 411.5M | 414.9M | 389.9M | 366.7M | 368.7M | 327.2M | 299.8M | 354.3M | 359.8M | 325.5M | 331M | 307.4M | 273.2M | 219M | 196.7M | 190M | 176.8M | 158.5M | 131.9M |
| SG&A % of Revenue | - | 5.28% | 5.1% | 4.77% | 4.98% | 5.25% | 5.22% | 4.67% | 4.5% | 3.92% | 3.92% | 4.49% | 4.49% | 4.43% | 4.44% | 4.48% | 4.56% | 5.85% | 5.47% | 5.32% | 5.26% | 5.33% | 5% | 5.15% | 4.93% | 4.93% | 4.62% | 4.64% | 4.54% | 4.81% |
| Research & Development | 453M | 413M | 398M | 425M | 390M | 391M | 375.5M | 405.5M | 412.6M | 740.9M | 651M | 523.8M | 535.6M | 489.3M | 455.4M | 441.5M | 361.3M | 322.4M | 367.2M | 395.7M | 397.6M | 385.8M | 368.4M | 305.4M | 229.8M | 200.8M | 195.7M | 197.3M | 176.2M | 136.6M |
| R&D % of Revenue | - | 3.82% | 3.83% | 4.06% | 4.41% | 4.75% | 5.04% | 4.74% | 4.75% | 7.14% | 6.46% | 5.71% | 5.8% | 5.56% | 5.51% | 5.36% | 5.04% | 6.3% | 5.67% | 5.85% | 6.43% | 6.22% | 6% | 5.76% | 5.17% | 5.03% | 4.75% | 5.18% | 5.05% | 4.99% |
| Other Operating Expenses | 3M | 0 | 20M | 206M | -93M | 13M | 99M | 55M | 222.4M | 42.9M | 45.3M | 181M | 130.7M | 64M | 118.7M | 28.5M | 34.4M | 23.1M | 96.2M | 73.1M | 22.1M | 38.5M | 32.3M | -2.7M | 31.2M | 83.6M | 60.9M | 253.4M | 228M | 162.6M |
| Operating Income | 1.03B | 1.09B | 979M | 690M | 659M | 675M | 382M | 726M | 686M | 859.6M | 831M | 727.8M | 722.6M | 761.4M | 705.4M | 889.2M | 869.2M | 68.9M | 306.5M | 502M | 520M | 512.7M | 513.1M | 426.8M | 330.8M | 173.7M | 339.5M | 368.6M | 351.3M | 275.4M |
| Operating Margin % | 9.3% | 10.08% | 9.42% | 6.59% | 7.45% | 8.2% | 5.13% | 8.49% | 7.9% | 8.28% | 8.25% | 7.94% | 7.82% | 8.65% | 8.53% | 10.8% | 12.12% | 1.35% | 4.73% | 7.42% | 8.4% | 8.26% | 8.35% | 8.05% | 7.44% | 4.35% | 8.25% | 9.67% | 10.07% | 10.05% |
| Operating Income Growth % | - | 11.34% | 41.88% | 4.7% | -2.37% | 76.7% | -47.38% | 5.83% | -20.2% | 3.44% | 14.18% | 0.72% | -5.1% | 7.94% | -20.67% | 2.3% | 1161.54% | -77.52% | -38.94% | -3.46% | 1.42% | -0.08% | 20.22% | 29.02% | 90.44% | -48.84% | -7.89% | 4.92% | 27.56% | - |
| EBITDA | 1.34B | 1.5B | 1.37B | 1.07B | 1.02B | 1.07B | 753M | 1.08B | 1.08B | 1.29B | 1.21B | 1.05B | 1.03B | 1.05B | 978.6M | 1.16B | 1.15B | 383.2M | 653.4M | 822.8M | 822.6M | 821.6M | 811.4M | 705.6M | 579.3M | 477.9M | 608.5M | 622M | 579.3M | 438M |
| EBITDA Margin % | 12.07% | 13.84% | 13.15% | 10.2% | 11.56% | 12.99% | 10.11% | 12.6% | 12.48% | 12.38% | 12.05% | 11.42% | 11.12% | 11.9% | 11.84% | 14.06% | 16.05% | 7.48% | 10.09% | 12.16% | 13.29% | 13.24% | 13.21% | 13.31% | 13.04% | 11.97% | 14.78% | 16.32% | 16.61% | 15.99% |
| EBITDA Growth % | -9.05% | 9.59% | 27.9% | 4.5% | -4.4% | 41.97% | -30.08% | -0.56% | -15.74% | 5.88% | 15.96% | 1.84% | -1.85% | 7.03% | -15.46% | 0.57% | 200.34% | -41.35% | -20.59% | 0.02% | 0.12% | 1.26% | 14.99% | 21.8% | 21.22% | -21.46% | -2.17% | 7.37% | 32.26% | - |
| D&A (Non-Cash Add-back) | 319M | 407M | 387M | 378M | 363M | 394M | 371M | 351M | 397.1M | 425.8M | 383M | 319.1M | 305.4M | 286M | 273.2M | 268.3M | 281.7M | 314.3M | 346.9M | 320.8M | 302.6M | 308.9M | 298.3M | 278.8M | 248.5M | 304.2M | 269M | 253.4M | 228M | 162.6M |
| EBIT | 995M | 1.09B | 983M | 705M | 663M | 674M | 364M | 718M | 678.5M | 853.5M | 846.4M | 740.8M | 730.4M | 766.9M | 710.3M | 890.3M | 859.8M | 73.7M | 321.6M | 502M | 520M | 512.7M | 513.1M | 426.8M | 330.8M | 173.7M | 339.5M | 368.6M | 351.3M | 275.4M |
| Net Interest Income | -95M | -93M | -95M | -80M | -54M | -56M | -68M | -66M | -59.2M | -53.7M | -57.7M | -62.4M | -58.6M | -29M | -38.3M | -61.5M | -56.9M | -67.2M | -60.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 11M | 10M | 13M | 13M | 6M | 4M | 5M | 3.6M | 6.9M | 7.4M | 4.5M | 2.7M | 4.8M | 3.9M | 3.4M | 4.9M | 3.4M | 5.9M | 12.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 106M | 103M | 108M | 93M | 60M | 60M | 73M | 69.5M | 66.1M | 61.2M | 62.4M | 65.1M | 63.4M | 32.9M | 41.7M | 62M | 54.3M | 68.2M | 72.9M | 63.8M | 58.8M | 46.9M | 37.8M | 38.2M | 55.7M | 78.8M | 47.8M | 36.7M | 39.1M | 755.9M |
| Other Income/Expense | -141M | -104M | -104M | -78M | -56M | -61M | -91M | -77.6M | -73.6M | -67.2M | -46.8M | -52.1M | -55.6M | -27.4M | -36.8M | -60.9M | -63.7M | -63.4M | -57.8M | -55.8M | -38.6M | -30.7M | -28.6M | -38.2M | -55.7M | -66M | -53.6M | -36.7M | -39.1M | -755.9M |
| Pretax Income | 889M | 986M | 875M | 612M | 603M | 614M | 291.2M | 648.4M | 612.4M | 506.5M | 803.8M | 675.7M | 667M | 734M | 668.6M | 828.3M | 805.5M | 5.5M | 248.7M | 446.2M | 481.4M | 482M | 484.5M | 388.6M | 275.1M | 107.7M | 285.9M | 331.9M | 312.2M | -480.5M |
| Pretax Margin % | 8.02% | 9.12% | 8.42% | 5.84% | 6.82% | 7.46% | 3.91% | 7.59% | 7.06% | 4.88% | 7.98% | 7.37% | 7.22% | 8.34% | 8.09% | 10.06% | 11.23% | 0.11% | 3.84% | 6.59% | 7.78% | 7.77% | 7.89% | 7.33% | 6.19% | 2.7% | 6.95% | 8.71% | 8.95% | -17.54% |
| Income Tax | 246M | 250M | 227M | 123M | 178M | 177M | 103M | 186M | 234.9M | 204.4M | 224.3M | 218.2M | 198M | 244.1M | 183M | 201.3M | 210M | -7.1M | 76.3M | 150.3M | 58.9M | 173.2M | 149M | 120.2M | 94.6M | 59.8M | 117.2M | 132M | 123.9M | 99.1M |
| Effective Tax Rate % | 27.67% | 25.35% | 25.94% | 20.1% | 29.52% | 28.83% | 35.37% | 28.69% | 38.36% | 40.36% | 27.9% | 32.29% | 29.69% | 33.26% | 27.37% | 24.3% | 26.07% | -129.09% | 30.68% | 33.68% | 12.24% | 35.93% | 30.75% | 30.93% | 34.39% | 55.52% | 40.99% | 39.77% | 39.69% | -20.62% |
| Net Income | 643M | 735M | 646M | 488M | 423M | 435M | 187M | 461.5M | 190.4M | 427.1M | 567.1M | 456.8M | 467.8M | 485.8M | 483.1M | 623.4M | 590.6M | 10M | 164.7M | 287.9M | 402.3M | 292.6M | 326.3M | 268.4M | 180.5M | 47.9M | 168.7M | 199.9M | 188.3M | -579.6M |
| Net Margin % | 5.8% | 6.8% | 6.22% | 4.66% | 4.78% | 5.29% | 2.51% | 5.4% | 2.19% | 4.11% | 5.63% | 4.98% | 5.06% | 5.52% | 5.84% | 7.57% | 8.24% | 0.2% | 2.54% | 4.25% | 6.5% | 4.72% | 5.31% | 5.06% | 4.06% | 1.2% | 4.1% | 5.24% | 5.4% | -21.16% |
| Net Income Growth % | -10.07% | 13.78% | 32.38% | 15.37% | -2.76% | 132.62% | -59.48% | 142.38% | -55.42% | -24.69% | 24.15% | -2.35% | -3.71% | 0.56% | -22.51% | 5.55% | 5806% | -93.93% | -42.79% | -28.44% | 37.49% | -10.33% | 21.57% | 48.7% | 276.83% | -71.61% | -15.61% | 6.16% | 132.49% | - |
| Net Income (Continuing) | 643M | 736M | 648M | 489M | 425M | 437M | 188M | 462M | 377.5M | 588M | 559.9M | 457.5M | 469M | 489.9M | 485.6M | 627M | 595.5M | 12.6M | 172.4M | 287.9M | 402.3M | 292.6M | 326.3M | 268.4M | 180.5M | 47.9M | 168.7M | 199.9M | 188.3M | -579.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 11M | 10M | 10M | 13M | 13M | 15M | 14.2M | 13.2M | 13.1M | 134.3M | 249.2M | 12.5M | 15M | 19.1M | 17.5M | 15.6M | 11.9M | 47.8M | 57.3M | 52.2M | 85.1M | 65.7M | 58.8M | 40.9M | 41.1M | 26.8M | 22M | 9M | 14.6M | 14.4M |
| EPS (Diluted) | 8.67 | 9.56 | 8.03 | 5.73 | 4.85 | 4.96 | 2.14 | 5.28 | 2.18 | 4.87 | 6.42 | 5.17 | 5.06 | 5.07 | 5.08 | 6.65 | 6.39 | 0.12 | 2.28 | 3.68 | 4.88 | 3.26 | 3.46 | 2.81 | 1.84 | 0.49 | 1.67 | 1.95 | 1.84 | -5.67 |
| EPS Growth % | -7% | 19.05% | 40.14% | 18.14% | -2.22% | 131.78% | -59.47% | 142.2% | -55.24% | -24.14% | 24.18% | 2.17% | -0.2% | -0.2% | -23.61% | 4.07% | 5225% | -94.74% | -38.04% | -24.59% | 49.69% | -5.78% | 23.13% | 52.72% | 275.51% | -70.66% | -14.36% | 5.98% | 132.45% | - |
| EPS (Basic) | - | 9.60 | 8.05 | 5.74 | 4.86 | 4.97 | 2.14 | 5.29 | 2.19 | 4.88 | 6.43 | 5.18 | 5.08 | 5.09 | 5.17 | 6.99 | 6.77 | 0.12 | 2.29 | 3.70 | 4.90 | 3.28 | 3.49 | 2.81 | 1.84 | 0.49 | 1.67 | 1.95 | 1.84 | -6.70 |
| Diluted Shares Outstanding | 74.2M | 76.9M | 80.4M | 85.2M | 87.2M | 87.7M | 87.5M | 87.4M | 87.3M | 87.7M | 88.4M | 88.4M | 92.4M | 95.9M | 95.1M | 93.7M | 92.4M | 84.5M | 72.1M | 78.3M | 82.5M | 89.7M | 94.2M | 95.4M | 98M | 98M | 100.9M | 102.4M | 102.3M | 102.2M |
| Basic Shares Outstanding | 74.1M | 76.6M | 80.2M | 85M | 87.1M | 87.5M | 87.3M | 87.2M | 87.1M | 87.5M | 88.2M | 88.2M | 92.1M | 95.5M | 93.5M | 89.2M | 87.3M | 81.5M | 71.8M | 77.9M | 82.1M | 89.1M | 93.6M | 94.9M | 98M | 98M | 100.9M | 102.4M | 102.3M | 86.5M |
| Dividend Payout Ratio | - | 32.38% | 33.9% | 46.11% | 52.96% | 37.93% | 28.93% | 47.02% | 112.55% | 48.86% | 35.76% | 42.84% | 41.66% | 39.32% | 36.76% | 24.75% | 9.77% | 148% | 69.95% | 41.89% | 27.86% | 35.78% | 21.54% | 19.11% | 23.77% | 89.77% | 26.67% | 22.51% | 23.9% | - |
Quick answers to the most common questions about buying ALV stock.
For fiscal year 2025, Autoliv, Inc. (ALV) reported total revenue of $10.81B. This represents a 294.8% increase compared to $2.74B in 1997.
Autoliv, Inc. (ALV) is profitable, generating $735.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
Autoliv, Inc. (ALV) reported an operating income of $1.09B, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Autoliv, Inc. (ALV) generated $2.07B in gross profit for the year, representing a gross profit margin of 19.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and EPS volatility
Metrics are mathematically derived from official filings.
Revenue Growth Stabilizing at Low Single Digits
Autoliv's revenue growth has hovered between -4.9% and 7.7% over the past ten quarters, with the latest quarter showing 3.3% growth, suggesting a stable but unexciting trajectory. According to the income statement data, revenue reached $2.8B in 2026Q2.
The sequential pattern shows a mild recovery from the -4.9% contraction in 2024Q4 to positive growth in 2025, but the pace remains subdued, likely reflecting global auto production trends. The absence of large acquisitions or divestitures implies organic growth, which appears to be tracking industry volumes rather than gaining share. Investors should monitor whether the company can sustain even low-single-digit growth as vehicle production cycles mature.
Gross Margin Recovery Stalls Near 18%
Gross margin improved from 16.9% in 2024Q1 to a peak of 21.0% in 2024Q4, but has since retreated to 18.2% in 2026Q2, indicating that pricing power may be limited. Based on the reported figures, the recent decline suggests cost pressures are re-emerging.
The gross margin trajectory shows a clear peak in late 2024 followed by a downward drift, which may reflect raw material cost inflation or pricing concessions to OEM customers. Compared to peers like BorgWarner (18.7%) and Aptiv (19.1%), Autoliv's gross margin is in line, but the recent trend is concerning. If the decline continues, it could pressure operating margins, especially given the company's relatively high fixed cost base.
Operating Leverage Fades as Costs Outpace Revenue
Operating income grew from $194M in 2024Q1 to $334M in 2025Q4, but fell to $192M in 2026Q2, showing that operating leverage has reversed. As reported in the financial statements, SG&A and R&D expenses have not scaled down proportionally with revenue.
The operating margin peaked at 13.5% in 2024Q4 but has since compressed to 6.8% in 2026Q2, a decline of 670 basis points. This suggests that the company's cost structure is not flexing enough to offset revenue softness, possibly due to fixed manufacturing costs or investments in R&D. The increase in R&D spending from $73M in 2024Q4 to $122M in 2026Q2 indicates a strategic bet on future products, but it is currently weighing on profitability.
EPS Volatility Driven by Tax and One-Time Items
Diluted EPS swung from $1.52 in 2024Q1 to $3.10 in 2024Q4, then dropped to $1.35 in 2026Q2, a 37.5% year-over-year decline. According to the income statement data, net income margins have fluctuated between 3.6% and 9.3%, suggesting non-operating factors are at play.
The wide swings in EPS are not fully explained by revenue changes, implying that tax rates, one-time gains or losses, or other non-operating items are influencing results. For instance, the jump in 2024Q4 EPS to $3.10 on net income of $243M appears outsized relative to the revenue base, possibly due to a favorable tax settlement or asset sale. Investors should scrutinize the quality of earnings, as the absence of stock-based compensation (SBC reported as $0) may indicate that the company is not expensing equity grants, which could overstate net income.
R&D Investment Surges While SG&A Remains Stable
R&D expenses increased from $73M in 2024Q4 to $122M in 2026Q2, a 67% jump, while SG&A has remained relatively flat around $130-160M. Based on the reported figures, this suggests a deliberate shift toward innovation, but it is compressing margins.
The rise in R&D spending is notable, especially as a percentage of revenue, climbing from 2.8% in 2024Q4 to 4.4% in 2026Q2. This may indicate investment in advanced driver assistance systems or autonomous vehicle technologies, which are critical for long-term competitiveness. However, the lack of corresponding revenue growth implies that these investments are not yet yielding returns, and investors should monitor whether they translate into future orders or margin expansion.
Margin Compression and EPS Volatility Pose Risks
The most significant risk is the sustained decline in operating margin from 13.5% in 2024Q4 to 6.8% in 2026Q2, which could signal structural issues. As reported in the income statement, revenue growth has not kept pace with cost increases, leading to deteriorating profitability.
Short-sellers might argue that Autoliv's margin compression is not cyclical but structural, given the persistent rise in R&D and the inability to pass on costs to OEM customers. The EPS volatility, with swings of over 100% year-over-year, could indicate that the company is relying on non-recurring items to meet expectations. If the gross margin continues to erode and operating leverage does not recover, the stock could face de-rating. Investors should watch whether management can stabilize margins while maintaining growth investments.