Revenue has oscillated between roughly $3.2B and $5.2B per quarter with gross margin confined to 18% to 24% and the latest operating margin at 8.8%, indicating that operating income has not scaled predictably with gross profit.
Aptiv PLC (APTV) annual income statement — 16-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 |
|---|
| Sales/Revenue | 16.71B | 20.4B | 19.71B | 20.05B | 17.49B | 15.62B | 13.07B | 14.36B | 14.44B | 12.88B | 16.66B | 15.16B | 17.02B | 16.46B | 15.52B | 16.04B | 13.82B |
| Revenue Growth % | -17.07% | 3.47% | -1.69% | 14.65% | 11.98% | 19.53% | -8.99% | -0.54% | 12.04% | -22.67% | 9.86% | -10.91% | 3.4% | 6.08% | -3.25% | 16.1% | - |
| Cost of Goods Sold | 13.31B | 16.5B | 16.19B | 16.96B | 14.99B | 13.27B | 11.25B | 11.85B | 11.86B | 10.38B | 8.81B | 12.13B | 12.55B | 13.67B | 12.94B | 13.51B | 11.84B |
| COGS % of Revenue | - | 80.89% | 82.11% | 84.61% | 85.73% | 84.96% | 86.12% | 82.55% | 82.16% | 80.56% | 52.9% | 79.99% | 73.74% | 83.05% | 83.4% | 84.23% | 85.68% |
| Gross Profit | 3.4B | 3.9B | 3.53B | 3.09B | 2.5B | 2.35B | 1.81B | 2.51B | 2.58B | 2.5B | 3.46B | 3.04B | 2.95B | 2.79B | 2.58B | 2.53B | 1.98B |
| Gross Margin % | 20.36% | 19.11% | 17.89% | 15.39% | 14.27% | 15.04% | 13.88% | 17.45% | 17.84% | 19.43% | 20.77% | 20.01% | 17.31% | 16.95% | 16.6% | 15.77% | 14.32% |
| Gross Profit Growth % | - | 10.52% | 14.29% | 23.69% | 6.22% | 29.56% | -27.65% | -2.68% | 2.84% | -27.65% | 14.04% | 2.99% | 5.59% | 8.35% | 1.82% | 27.84% | - |
| Operating Expenses | 1.92B | 2.71B | 1.47B | 1.44B | 1.14B | 1.07B | 976M | 1.08B | 993M | 952M | 1.73B | 1.02B | 1.04B | 963M | 927M | 901M | 815M |
| OpEx % of Revenue | - | 13.31% | 7.43% | 7.16% | 6.51% | 6.88% | 7.47% | 7.49% | 6.88% | 7.39% | 10.38% | 6.71% | 6.09% | 5.85% | 5.97% | 5.62% | 5.9% |
| Selling, General & Admin | 1.5B | 1.67B | 1.47B | 1.44B | 1.14B | 1.07B | 976M | 1.08B | 993M | 952M | 924M | 803M | 1.04B | 916M | 927M | 901M | 815M |
| SG&A % of Revenue | - | 8.2% | 7.43% | 7.16% | 6.51% | 6.88% | 7.47% | 7.49% | 6.88% | 7.39% | 5.55% | 5.3% | 6.09% | 5.56% | 5.97% | 5.62% | 5.9% |
| Research & Development | 0 | 0 | 1.1B | 1.29B | 1.12B | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 5.56% | 6.43% | 6.4% | 6.59% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.04B | -1.1B | -1.29B | -1.12B | -1.03B | 0 | 0 | 0 | 0 | -18M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.48B | 1.18B | 2.06B | 1.65B | 1.36B | 1.27B | 837M | 1.43B | 1.58B | 1.55B | 1.73B | 2.02B | 1.91B | 1.83B | 1.65B | 1.63B | 1.16B |
| Operating Margin % | 8.86% | 5.8% | 10.46% | 8.23% | 7.76% | 8.16% | 6.41% | 9.96% | 10.96% | 12.05% | 10.39% | 13.31% | 11.23% | 11.1% | 10.63% | 10.16% | 8.42% |
| Operating Income Growth % | - | -42.58% | 24.97% | 21.59% | 6.51% | 52.21% | -41.47% | -9.61% | 1.93% | -10.34% | -14.22% | 5.6% | 4.54% | 10.86% | 1.23% | 39.95% | - |
| EBITDA | 2.36B | 2.17B | 3.03B | 2.56B | 2.12B | 2.05B | 1.6B | 2.15B | 2.26B | 2.09B | 2.22B | 2.56B | 2.5B | 2.37B | 2.13B | 2.1B | 1.58B |
| EBITDA Margin % | 14.13% | 10.66% | 15.35% | 12.78% | 12.12% | 13.11% | 12.25% | 14.95% | 15.64% | 16.21% | 13.32% | 16.87% | 14.67% | 14.38% | 13.76% | 13.12% | 11.47% |
| EBITDA Growth % | -7.12% | -28.12% | 18.11% | 20.91% | 3.52% | 27.86% | -25.43% | -4.92% | 8.09% | -5.86% | -13.25% | 2.4% | 5.49% | 10.91% | 1.47% | 32.74% | - |
| D&A (Non-Cash Add-back) | 881M | 991M | 964M | 912M | 762M | 773M | 764M | 717M | 676M | 537M | 488M | 540M | 587M | 540M | 486M | 475M | 421M |
| EBIT | 1.51B | 1.24B | 2.49B | 1.62B | 1.21B | 1.06B | 2.12B | 1.29B | 1.48B | 1.4B | 1.16B | 1.12B | 1.75B | 1.61B | 1.48B | 1.63B | 974M |
| Net Interest Income | -329M | -361M | -250M | -174M | -133M | -141M | -156M | -151M | -120M | -133M | -154M | -119M | -125M | -129M | -119M | -92M | -1M |
| Interest Income | -32M | 0 | 87M | 111M | 86M | 9M | 8M | 13M | 21M | 7M | 1M | 5M | 10M | 14M | 17M | 31M | 29M |
| Interest Expense | 297M | 361M | 337M | 285M | 219M | 150M | 164M | 164M | 141M | 140M | 155M | 124M | 135M | 143M | 136M | 123M | 30M |
| Other Income/Expense | -264M | -303M | -29M | -612M | -646M | -564M | 1.03B | -289M | -225M | -266M | -696M | -494M | -276M | -271M | -277M | -101M | -203M |
| Pretax Income | 1.22B | 881M | 2.03B | 1.04B | 711M | 710M | 1.87B | 1.14B | 1.36B | 1.29B | 1.03B | 1.52B | 1.64B | 1.56B | 1.37B | 1.53B | 961M |
| Pretax Margin % | 7.28% | 4.32% | 10.31% | 5.18% | 4.07% | 4.55% | 14.32% | 7.95% | 9.4% | 9.98% | 6.21% | 10.05% | 9.6% | 9.46% | 8.84% | 9.53% | 6.96% |
| Income Tax | 354M | 700M | 223M | -1.93B | 121M | 101M | 49M | 132M | 250M | 223M | 167M | 263M | 255M | 256M | 212M | 305M | 258M |
| Effective Tax Rate % | 29.11% | 79.46% | 10.97% | -185.74% | 17.02% | 14.23% | 2.62% | 11.57% | 18.42% | 17.34% | 16.14% | 17.26% | 15.6% | 16.44% | 15.45% | 19.96% | 26.85% |
| Net Income | 769M | 165M | 1.79B | 2.94B | 594M | 590M | 1.8B | 990M | 1.07B | 1.35B | 1.26B | 1.45B | 1.35B | 1.21B | 1.08B | 1.15B | 631M |
| Net Margin % | 4.6% | 0.81% | 9.07% | 14.65% | 3.4% | 3.78% | 13.81% | 6.9% | 7.39% | 10.52% | 7.54% | 9.56% | 7.94% | 7.36% | 6.94% | 7.14% | 4.57% |
| Net Income Growth % | 160.68% | -90.77% | -39.18% | 394.61% | 0.68% | -67.29% | 82.22% | -7.22% | -21.25% | 7.8% | -13.31% | 7.33% | 11.47% | 12.53% | -5.94% | 81.46% | - |
| Net Income (Continuing) | 862M | 181M | 1.81B | 2.97B | 590M | 609M | 1.82B | 1.01B | 1.11B | 1.06B | 868M | 852M | 1.38B | 1.24B | 1.13B | 1.2B | 686M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 365M | 458M | 683M | 60M | 60M | 0 | 0 | 0 |
| Minority Interest | 0 | 292M | 289M | 296M | 285M | 214M | 195M | 192M | 211M | 218M | 362M | 483M | 503M | 523M | 485M | 483M | 458M |
| EPS (Diluted) | 3.73 | 0.75 | 6.96 | 10.39 | 1.96 | 1.94 | 6.66 | 3.85 | 4.02 | 5.06 | 4.59 | 5.06 | 4.48 | 3.89 | 3.33 | 2.72 | 1.39 |
| EPS Growth % | 186.8% | -89.22% | -33.01% | 430.1% | 1.03% | -70.87% | 72.99% | -4.23% | -20.55% | 10.24% | -9.29% | 12.95% | 15.17% | 16.82% | 22.43% | 95.68% | - |
| EPS (Basic) | - | 0.75 | 6.97 | 10.50 | 1.96 | 1.95 | 6.72 | 3.85 | 4.04 | 5.10 | 4.66 | 5.21 | 4.63 | 3.96 | 3.42 | 2.72 | 1.39 |
| Diluted Shares Outstanding | 206.29M | 220.75M | 256.66M | 282.88M | 271.18M | 271.22M | 270.7M | 257.39M | 265.22M | 268.03M | 273.7M | 286.64M | 301.89M | 311.8M | 323.29M | 421.26M | 452.58M |
| Basic Shares Outstanding | 206.01M | 220.75M | 256.38M | 276.92M | 270.9M | 270.46M | 263.43M | 256.81M | 264.41M | 265.84M | 269.79M | 278.21M | 291.62M | 306.39M | 315.3M | 421.26M | 452.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | 3.1% | 22.83% | 21.84% | 22.88% | 25.22% | 19.72% | 22.28% | 17.41% | - | 8.12% | - |
Quick answers to the most common questions about buying APTV stock.
For fiscal year 2025, Aptiv PLC (APTV) reported total revenue of $20.40B. This represents a 47.6% increase compared to $13.82B in 2010.
Aptiv PLC (APTV) is profitable, generating $165.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.8%.
Aptiv PLC (APTV) reported an operating income of $1.18B, resulting in an operating profit margin of 5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Aptiv PLC (APTV) generated $3.90B in gross profit for the year, representing a gross profit margin of 19.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins amid heavy investment
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Stability
Based on reported figures, Aptiv's quarterly revenue has oscillated between roughly $3.2B and $5.2B over the past ten quarters, with the latest quarter showing a 38.6% year-over-year decline that warrants careful interpretation of timing and scope effects.
The sharp swings in the reported revenue series may reflect divestiture timing, consolidation changes, or segment reclassification rather than purely organic demand shifts, and the data provided does not allow these causes to be separated. Investors should monitor whether the recent contraction persists in subsequent quarters, as a sustained decline would suggest a meaningful loss of volume or content share rather than a one-time reporting effect. The modest year-over-year revenue growth in early 2026 hints at stabilization, but the magnitude of the swings limits confidence in the durability of any trend.
Gross Margin Compression Tied to Mix
As reported in financial statements, Aptiv's gross margin has held in a relatively narrow 18% to 24% band, with the recent 21.6% reading remaining below the 23.0% peak observed in late 2024, suggesting limited pricing power against OEM customers.
A gross margin range of this width is consistent with a Tier 1 supplier whose cost base is heavily exposed to commodity inputs such as copper and resins, with pass-through to OEMs lagging by several quarters. The late-2024 peak may indicate a favorable mix or temporary pricing benefit that has not been sustained. Analysts should monitor whether the higher-margin AS&UX segment can lift the blended gross margin over time, as persistence below the peak would suggest the structural mix shift is proceeding more slowly than the narrative implies.
Operating Leverage Remains Inconsistent
Based on Aptiv's reported figures, operating margin has ranged from negative 3.4% to 15.6% across the period, with the most recent quarter at 8.8%, indicating that operating income has not scaled predictably with gross profit.
The gap between the peak operating margin in late 2024 and the recent readings suggests that fixed R&D and SG&A commitments are absorbing a large share of gross profit when volumes soften. SG&A has remained comparatively stable in dollar terms, which implies that efficiency gains depend heavily on revenue recovery rather than cost reduction. This pattern may indicate that operating leverage works in both directions, and investors should watch whether incremental revenue flows through to operating income at a higher rate going forward.
Net Income Distorted by Non-Operating Items
According to reported figures, Aptiv's net margin has swung from negative 6.8% to 18.6%, a range far wider than its operating margin, pointing to non-operating items that materially shape reported earnings.
The divergence between operating and net income in several quarters, including a large net loss against positive operating income in one period and an outsized net gain in another, suggests material non-operating or equity-method effects. Investment losses tied to the Motional joint venture and other non-core items may be obscuring the underlying profitability of the core business. Analysts should adjust for these items before drawing conclusions from reported EPS, as the volatility in per-share earnings appears driven more by these items than by operating performance.
Thin Margins Could Persist Longer Than Expected
Based on reported figures, the most recent net margin of 6.1% and a multi-period operating margin mostly below 12% raise the question of whether current investment levels are compressing returns faster than revenue recovers.
The bear case centers on the possibility that elevated R&D spending on autonomous driving and software, combined with exposure to commodity-driven gross margin pressure, keeps profitability structurally thin even if revenue stabilizes. Peer comparisons show Aptiv's gross margin sits above several Tier 1 competitors but its ROIC is not clearly superior, which may suggest capital is not yet generating adequate returns. Investors should monitor whether margin expansion materializes as management has indicated, since sustained underperformance would call the software-driven thesis into question.