Revenue growth has effectively stalled at 0.2% in 2025Q4, while gross margins have compressed to 10.2%, reflecting limited pricing power within the North American automotive supply chain.
| Metric | 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 |
|---|
| Sales/Revenue | 5.84B | 6.12B | 6.08B | 5.8B | 5.16B | 4.71B | 6.53B | 7.27B | 6.27B | 3.95B | 3.9B | 3.7B | 3.21B | 2.93B | 2.58B | 2.28B | 1.52B | 2.11B | 3.25B | 3.19B | 3.39B | 3.6B | 3.68B | 3.48B | 3.11B | 3.07B | 2.95B | 2.04B |
| Revenue Growth % | -4.71% | 0.75% | 4.78% | 12.52% | 9.46% | -27.87% | -10.17% | 16.03% | 58.71% | 1.15% | 5.6% | 15.24% | 9.43% | 13.38% | 13.23% | 50.04% | -27.86% | -35.07% | 1.77% | -5.77% | -5.9% | -2.26% | 5.82% | 12% | 1.23% | 3.94% | 44.72% | - |
| Cost of Goods Sold | 5.13B | 5.38B | 5.46B | 5.1B | 4.43B | 4.13B | 5.63B | 6.13B | 5.15B | 3.22B | 3.27B | 3.17B | 2.73B | 2.53B | 2.13B | 1.88B | 1.55B | 2.97B | 2.97B | 3.32B | 3.08B | 3.13B | 3.14B | 2.99B | 2.7B | 2.54B | 2.48B | 1.81B |
| COGS % of Revenue | 87.93% | 87.9% | 89.73% | 87.85% | 85.98% | 87.63% | 86.18% | 84.31% | 82.14% | 81.61% | 83.72% | 85.86% | 85.07% | 86.36% | 82.39% | 82.4% | 102.04% | 141.02% | 91.43% | 104.03% | 91% | 86.82% | 85.33% | 85.87% | 86.81% | 82.74% | 83.92% | 88.82% |
| Gross Profit | 704.5M | 741.4M | 624.3M | 704.9M | 722.7M | 582.7M | 902.6M | 1.14B | 1.12B | 726.1M | 635.4M | 522.8M | 478.7M | 399.7M | 455.1M | 401.7M | -31.1M | -865.2M | 278.4M | -128.6M | 304.7M | 474.5M | 540.3M | 491.7M | 409.7M | 529.9M | 474.9M | 228.1M |
| Gross Margin % | 12.07% | 12.1% | 10.27% | 12.15% | 14.02% | 12.37% | 13.82% | 15.69% | 17.86% | 18.39% | 16.28% | 14.14% | 14.93% | 13.64% | 17.61% | 17.6% | -2.04% | -41.02% | 8.57% | -4.03% | 9% | 13.18% | 14.67% | 14.13% | 13.19% | 17.26% | 16.08% | 11.18% |
| Gross Profit Growth % | -4.98% | 18.76% | -11.43% | -2.46% | 24.03% | -35.44% | -20.85% | 1.9% | 54.12% | 14.27% | 21.54% | 9.21% | 19.76% | -12.17% | 13.29% | 1391.64% | 96.41% | -410.78% | 316.49% | -142.21% | -35.78% | -12.18% | 9.88% | 20.01% | -22.68% | 11.58% | 108.2% | - |
| Operating Expenses | 389M | 500M | 477.7M | 461M | 482.1M | 978.7M | 1.2B | 485.1M | 465.4M | 319.2M | 277.3M | 255.2M | 238.4M | 243.3M | 231.7M | 197.6M | 172.7M | 185.4M | 202.8M | 197.4M | 199.6M | 189.7M | 194M | 180.5M | 168.4M | 270.5M | 232.8M | 177.9M |
| OpEx % of Revenue | 6.66% | 8.16% | 7.86% | 7.95% | 9.35% | 20.78% | 18.44% | 6.67% | 7.43% | 8.09% | 7.1% | 6.9% | 7.43% | 8.3% | 8.96% | 8.66% | 11.35% | 8.79% | 6.24% | 6.18% | 5.89% | 5.27% | 5.27% | 5.19% | 5.42% | 8.81% | 7.88% | 8.72% |
| Selling, General & Admin | 389M | 387.1M | 366.9M | 345.1M | 344.2M | 313.9M | 364.7M | 385.7M | 390.1M | 319.2M | 277.3M | 255.2M | 238.4M | 243.3M | 231.7M | 197.6M | 172.7M | 185.4M | 202.8M | 197.4M | 199.6M | 189.7M | 194M | 180.5M | 164.4M | 162.6M | 143.3M | 106.2M |
| SG&A % of Revenue | 6.66% | 6.32% | 6.04% | 5.95% | 6.67% | 6.66% | 5.58% | 5.31% | 6.23% | 8.09% | 7.1% | 6.9% | 7.43% | 8.3% | 8.96% | 8.66% | 11.35% | 8.79% | 6.24% | 6.18% | 5.89% | 5.27% | 5.27% | 5.19% | 5.29% | 5.3% | 4.85% | 5.2% |
| Research & Development | 0 | 0 | 155.4M | 144M | 116.8M | 0 | 0 | 146.2M | 161.5M | 139.8M | 113.9M | 103.9M | 103.4M | 123.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 2.56% | 2.48% | 2.27% | - | - | 2.01% | 2.58% | 3.54% | 2.92% | 2.81% | 3.22% | 4.21% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 112.9M | -44.6M | -28.1M | 21.1M | 664.8M | 839.5M | -2.2M | -6.8M | 8.8M | 12M | 6.9M | -1.9M | -4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 107.9M | 89.5M | 71.7M |
| Operating Income | 112.3M | 241.4M | 146.6M | 243.9M | 240.6M | -396M | -301.6M | 106.4M | 543M | 380.7M | 358.1M | 267.6M | 240.3M | 156.4M | 223.4M | 204.1M | -203.8M | -1.05B | 75.6M | -326M | 105.1M | 284.8M | 346.3M | 311.2M | 241.3M | 259.4M | 242.1M | 50.2M |
| Operating Margin % | 1.92% | 3.94% | 2.41% | 4.2% | 4.67% | -8.41% | -4.62% | 1.46% | 8.67% | 9.64% | 9.17% | 7.24% | 7.49% | 5.34% | 8.64% | 8.94% | -13.39% | -49.81% | 2.33% | -10.21% | 3.1% | 7.91% | 9.4% | 8.94% | 7.77% | 8.45% | 8.2% | 2.46% |
| Operating Income Growth % | -53.48% | 64.67% | -39.89% | 1.37% | 160.76% | -31.3% | -383.46% | -80.41% | 42.63% | 6.31% | 33.82% | 11.36% | 53.64% | -29.99% | 9.46% | 200.15% | 80.6% | -1489.68% | 123.19% | -410.18% | -63.1% | -17.76% | 11.28% | 28.97% | -6.98% | 7.15% | 382.27% | - |
| EBITDA | 112.3M | 711.1M | 633.8M | 736M | 784.9M | 125.9M | 235.3M | 572.8M | 919.9M | 546.1M | 556.5M | 467.5M | 417.3M | 308.6M | 362.8M | 335.7M | -69.1M | -851.1M | 305M | -120M | 290.2M | 455.9M | 509.4M | 457M | 367.9M | 367.3M | 331.6M | 121.9M |
| EBITDA Margin % | 1.92% | 11.61% | 10.43% | 12.68% | 15.22% | 2.67% | 3.6% | 7.88% | 14.68% | 13.83% | 14.26% | 12.65% | 13.01% | 10.53% | 14.03% | 14.7% | -4.54% | -40.35% | 9.39% | -3.76% | 8.57% | 12.67% | 13.83% | 13.13% | 11.84% | 11.97% | 11.23% | 5.97% |
| EBITDA Growth % | -84.21% | 12.2% | -13.89% | -6.23% | 523.43% | -46.49% | -58.92% | -37.73% | 68.45% | -1.87% | 19.04% | 12.03% | 35.22% | -14.94% | 8.07% | 585.82% | 91.88% | -379.05% | 354.17% | -141.35% | -36.35% | -10.5% | 11.47% | 24.22% | 0.16% | 10.77% | 172.03% | - |
| D&A (Non-Cash Add-back) | 0 | 469.7M | 487.2M | 492.1M | 544.3M | 521.9M | 536.9M | 466.4M | 376.9M | 165.4M | 198.4M | 199.9M | 177M | 152.2M | 139.4M | 131.6M | 134.7M | 199.5M | 229.4M | 206M | 185.1M | 171.1M | 163.1M | 145.8M | 126.6M | 107.9M | 89.5M | 71.7M |
| EBIT | 0 | 248.8M | 177.2M | 240.8M | 196.4M | -398M | -315.7M | 125M | 535.6M | 392.4M | 358.1M | 267.6M | 202.2M | 133.1M | 222M | 207.8M | -212.6M | -1.05B | 75.6M | -326M | 105.1M | 284.8M | 346.3M | 311.2M | 241.3M | 259.4M | 242.1M | 50.2M |
| Net Interest Income | 0 | -157.9M | -175.5M | -157.5M | -184.3M | -200.7M | -211.5M | -214.3M | -192.7M | -93.4M | -99.2M | -99.9M | -115.9M | -101.6M | -83.9M | -89M | -84.5M | -70.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 39.8M | 28.1M | 26.2M | 17M | 10.9M | 11.6M | 5.8M | 2M | 2.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -201.1M | 186M | 201.7M | 174.5M | 195.2M | 212.3M | 217.3M | 216.3M | 195.6M | 93.4M | 99.2M | 99.9M | 115.9M | 101.6M | 83.9M | 89M | 84.5M | 70.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -110.8M | -178.6M | -171.1M | -177.6M | -239.4M | -214.3M | -231.4M | -220.3M | -203M | -81.7M | -85.4M | -90.9M | -154M | -124.9M | -85.3M | -85.3M | -93.3M | -70.7M | -58M | -29.5M | -25.1M | -49M | -43.1M | -37.4M | -60.4M | -56M | -58.7M | -44.6M |
| Pretax Income | 1.5M | 62.8M | -24.5M | 66.3M | 1.2M | -610.3M | -533M | -113.9M | 340M | 299M | 272.7M | 176.7M | 86.3M | 31.5M | 138.1M | 118.8M | -297.1M | -1.12B | 17.6M | -355.5M | 80M | 235.8M | 303.2M | 273.8M | 180.9M | 203.4M | 183.4M | 5.6M |
| Pretax Margin % | 0.03% | 1.03% | -0.4% | 1.14% | 0.02% | -12.96% | -8.16% | -1.57% | 5.43% | 7.57% | 6.99% | 4.78% | 2.69% | 1.07% | 5.34% | 5.2% | -19.53% | -53.16% | 0.54% | -11.14% | 2.36% | 6.55% | 8.23% | 7.87% | 5.82% | 6.63% | 6.21% | 0.27% |
| Income Tax | 21.2M | 27.8M | 9.1M | 2M | -4.7M | -49.2M | -48.9M | -57.1M | 2.5M | 58.3M | 37.1M | 33.7M | -8.2M | -335.2M | 1M | 4.3M | -43.8M | 103.3M | -19.4M | -133M | 24M | 76.3M | 106.1M | 97.7M | 66M | 74.2M | 67.8M | 2.1M |
| Effective Tax Rate % | 1413.33% | 44.27% | -37.14% | 3.02% | -391.67% | 8.06% | 9.17% | 50.13% | 0.74% | 19.5% | 13.6% | 19.07% | -9.5% | -1064.13% | 0.72% | 3.62% | 14.74% | -9.21% | -110.23% | 37.41% | 30% | 32.36% | 34.99% | 35.68% | 36.48% | 36.48% | 36.97% | 37.5% |
| Net Income | -19.7M | 35M | -33.6M | 64.3M | 5.9M | -561.3M | -484.5M | -57.5M | 337.1M | 240.7M | 235.6M | 143M | 94.5M | 367.7M | 142.8M | 115.4M | -253.1M | -1.22B | 37M | -222.5M | 56M | 159.5M | 197.1M | 176.1M | 114.9M | 129.2M | 115.6M | 3.5M |
| Net Margin % | -0.34% | 0.57% | -0.55% | 1.11% | 0.11% | -11.92% | -7.42% | -0.79% | 5.38% | 6.1% | 6.04% | 3.87% | 2.95% | 12.55% | 5.52% | 5.05% | -16.63% | -58.05% | 1.14% | -6.97% | 1.65% | 4.43% | 5.35% | 5.06% | 3.7% | 4.21% | 3.91% | 0.17% |
| Net Income Growth % | -156.29% | 204.17% | -152.26% | 989.83% | 101.05% | -15.85% | -742.61% | -117.06% | 40.05% | 2.16% | 64.76% | 51.32% | -74.3% | 157.49% | 23.74% | 145.59% | 79.33% | -3408.92% | 116.63% | -497.32% | -64.89% | -19.08% | 11.92% | 53.26% | -11.07% | 11.76% | 3202.86% | - |
| Net Income (Continuing) | 0 | 35M | -33.6M | 64.3M | 5.9M | -561.1M | -484.1M | -56.8M | 337.5M | 240.7M | 235.6M | 143M | 94.5M | 366.7M | 137.1M | 114.5M | -253.3M | -1.22B | 37M | -222.5M | 56M | 159.5M | 197.1M | 176.1M | 114.9M | 129.2M | 115.6M | 3.5M |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 2.7M | 2.8M | 2.4M | 4M | 0 | 0 | 0 | 0 | 0 | 5.9M | 11.4M | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.17 | 0.29 | -0.29 | 0.53 | 0.05 | -4.96 | -4.31 | -0.52 | 3.21 | 3.06 | 3.02 | 1.85 | 1.23 | 4.87 | 1.89 | 1.55 | -4.81 | -23.73 | 0.70 | -4.42 | 1.10 | 2.98 | 3.70 | 3.38 | 2.36 | 2.60 | 2.34 | 0.08 |
| EPS Growth % | -158.62% | 200% | -154.72% | 960% | 101.01% | -15.08% | -728.85% | -116.2% | 4.9% | 1.32% | 63.24% | 50.41% | -74.74% | 157.67% | 21.94% | 132.22% | 79.73% | -3490% | 115.84% | -501.82% | -63.09% | -19.46% | 9.47% | 43.22% | -9.23% | 11.11% | 2825% | - |
| EPS (Basic) | -0.17 | 0.29 | -0.29 | 0.54 | 0.05 | -4.96 | -4.30 | -0.52 | 3.22 | 3.08 | 3.03 | 1.85 | 1.23 | 4.88 | 1.91 | 1.61 | -4.81 | -23.73 | 0.72 | -4.42 | 1.12 | 3.09 | 3.84 | 3.62 | 2.55 | 2.79 | 2.87 | 0.11 |
| Diluted Shares Outstanding | 0 | 121.9M | 116.6M | 115.5M | 118M | 113.1M | 112.6M | 111.6M | 102.8M | 76.9M | 76.3M | 75.9M | 75.3M | 74.9M | 75.4M | 74.5M | 52.6M | 51.6M | 52.7M | 50.34M | 50.91M | 53.52M | 53.27M | 52.1M | 48.69M | 49.69M | 49.4M | 43.75M |
| Basic Shares Outstanding | 0 | 117.58M | 116.6M | 114.5M | 114M | 113.1M | 112.6M | 111.6M | 102.3M | 76.4M | 75.9M | 75.7M | 75.2M | 74.8M | 74.9M | 71.5M | 52.6M | 51.6M | 51.1M | 50.34M | 50M | 51.62M | 51.33M | 48.65M | 45.06M | 46.31M | 40.28M | 31.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 85.95% | - | 54.29% | 14.42% | - | - | - | - | - | - |
High OEM Customer Concentration
According to the latest quarterly financial data, AXL's revenue growth has effectively stalled, with the most recent period showing a marginal 0.2% increase, reflecting the broader challenges in the North American light truck market and the company's heavy reliance on legacy automotive production cycles.
The lack of meaningful top-line expansion suggests that AXL is struggling to offset the natural decline of legacy ICE programs with new business wins. Investors should monitor whether the current plateau in revenue indicates a structural loss of market share or merely a temporary pause in OEM production schedules.
As reported in recent income statements, AXL's gross margin has faced significant pressure, falling to 10.2% in 2025Q4, which highlights the company's limited ability to pass through inflationary cost increases while maintaining its competitive position within the highly concentrated North American automotive supply chain.
The contraction in gross margins appears to be a direct consequence of the company's high fixed-cost base, which leaves little room for error during periods of stagnant volume. This trend suggests that AXL's pricing power is currently insufficient to protect profitability against rising input costs and the ongoing transition to electrification.
Based on the provided financial figures, AXL's operating income has deteriorated into negative territory, reaching -$33.8 million in 2025Q4, which demonstrates that the company's high fixed-cost structure is currently failing to scale effectively as revenue growth remains essentially flat across the last several quarters.
The shift to negative operating margins indicates that the company is unable to cover its overhead expenses at current production levels. This warrants further investigation into whether management can successfully rationalize the cost base or if the current operating model is fundamentally mismatched with the current demand environment.
Analysis of the company's recent filings reveals that net income has become increasingly erratic, swinging from a $39.3 million profit in 2025Q2 to a $75.3 million loss by 2025Q4, suggesting that non-operating items and accounting adjustments are significantly obscuring the underlying cash-generating capability of the business.
The inconsistency in bottom-line performance appears to be driven by the interplay between legacy asset impairments and the costs associated with the EV transition. Investors should be wary of relying on reported EPS as a proxy for operational health, as these figures may not reflect the true cash-flow reality.
While some market participants may view AXL's mechanical expertise as a durable asset, the recent income statement trends suggest that the company's reliance on legacy driveline components may be a long-term liability rather than a moat, especially given the persistent inability to achieve consistent profitability.
Short-sellers would likely focus on the company's inability to maintain positive net margins during periods of stable production, which raises questions about the viability of the current business model. The lack of R&D spending in recent quarters may also indicate a dangerous deferral of necessary investment in future technologies.
Quick answers to the most common questions about buying AXL stock.
For fiscal year 2025, American Axle & Manufacturing Holdings, Inc. (AXL) reported total revenue of $5.84B. This represents a 186.0% increase compared to $2.04B in 1998.
American Axle & Manufacturing Holdings, Inc. (AXL) reported a net loss of $19.7M for the fiscal year ending 2025.
American Axle & Manufacturing Holdings, Inc. (AXL) reported an operating income of $112.3M, resulting in an operating profit margin of 1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
American Axle & Manufacturing Holdings, Inc. (AXL) generated $704.5M in gross profit for the year, representing a gross profit margin of 12.1%. This demonstrates the company's core pricing power and production efficiency.