Revenue has fluctuated between roughly $1.9B and $2.5B with gross margins compressing to 5.7% in 2024Q4 and net margins swinging from -3.4% to 4.3%, indicating unstable profitability.
Dana Incorporated (DAN) annual income statement — 30-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 | Dec'96 |
|---|
| Sales/Revenue | -288M | 7.5B | 10.28B | 10.55B | 10.16B | 8.95B | 7.11B | 8.62B | 8.14B | 7.21B | 5.83B | 6.06B | 6.62B | 6.77B | 7.22B | 7.59B | 6.11B | 5.23B | 8.1B | 8.72B | 8.5B | 8.61B | 9.06B | 7.92B | 9.5B | 10.27B | 12.32B | 13.27B | 12.46B | 8.29B | 7.69B |
| Revenue Growth % | -103.37% | -27.07% | -2.57% | 3.93% | 13.54% | 25.88% | -17.56% | 5.86% | 12.96% | 23.74% | -3.86% | -8.42% | -2.25% | -6.3% | -4.85% | 24.28% | 16.85% | -35.42% | -7.18% | 2.55% | -1.24% | -4.91% | 14.37% | -16.69% | -7.47% | -16.61% | -7.18% | 6.47% | 50.33% | 7.86% | -1.39% |
| Cost of Goods Sold | -332M | 6.9B | 9.41B | 9.65B | 9.39B | 8.11B | 6.49B | 7.49B | 6.99B | 6.15B | 4.98B | 5.21B | 5.67B | 5.85B | 6.25B | 6.7B | 5.45B | 4.99B | 7.83B | 8.23B | 8.17B | 8.21B | 8.33B | 7.25B | 8.43B | 9.27B | 10.6B | 10.96B | 10.45B | 7.18B | 6.53B |
| COGS % of Revenue | - | 91.97% | 91.48% | 91.47% | 92.49% | 90.64% | 91.26% | 86.88% | 85.79% | 85.27% | 85.51% | 85.99% | 85.72% | 86.41% | 86.52% | 88.21% | 89.21% | 95.35% | 96.71% | 94.38% | 96.03% | 95.29% | 92.02% | 91.5% | 88.66% | 90.23% | 86.05% | 82.62% | 83.84% | 86.61% | 84.89% |
| Gross Profit | 44M | 602M | 876M | 900M | 763M | 837M | 621M | 1.13B | 1.16B | 1.06B | 844M | 849M | 945M | 920M | 974M | 895M | 659M | 243M | 266M | 490M | 338M | 406M | 723M | 673M | 1.08B | 1B | 1.72B | 2.31B | 2.01B | 1.11B | 1.16B |
| Gross Margin % | -15.28% | 8.03% | 8.52% | 8.53% | 7.51% | 9.36% | 8.74% | 13.12% | 14.21% | 14.73% | 14.49% | 14.01% | 14.28% | 13.59% | 13.48% | 11.79% | 10.79% | 4.65% | 3.29% | 5.62% | 3.97% | 4.71% | 7.98% | 8.5% | 11.34% | 9.77% | 13.95% | 17.38% | 16.16% | 13.39% | 15.11% |
| Gross Profit Growth % | - | -31.28% | -2.67% | 17.96% | -8.84% | 34.78% | -45.09% | -2.25% | 8.95% | 25.83% | -0.59% | -10.16% | 2.72% | -5.54% | 8.83% | 35.81% | 171.19% | -8.65% | -45.71% | 44.97% | -16.75% | -43.85% | 7.43% | -37.57% | 7.48% | -41.62% | -25.5% | 14.47% | 81.42% | -4.37% | -13.66% |
| Operating Expenses | 36M | 387M | 902M | 931M | 823M | 767M | 677M | 802M | 766M | 735M | 593M | 574M | 587M | 575M | 548M | 544M | 464M | 384M | 403M | 365M | 419M | 553M | 504M | 520M | 823M | 985M | 1.13B | 1.19B | 1.12B | 739.7M | 714.8M |
| OpEx % of Revenue | - | 5.16% | 8.77% | 8.82% | 8.1% | 8.57% | 9.53% | 9.3% | 9.41% | 10.2% | 10.18% | 9.47% | 8.87% | 8.49% | 7.59% | 7.17% | 7.6% | 7.35% | 4.98% | 4.19% | 4.93% | 6.42% | 5.57% | 6.57% | 8.66% | 9.59% | 9.19% | 8.98% | 9.01% | 8.92% | 9.3% |
| Selling, General & Admin | -17M | 282M | 542M | 562M | 502M | 470M | 431M | 531M | 514M | 515M | 397M | 391M | 411M | 410M | 424M | 409M | 402M | 313M | 337M | 365M | 419M | 500M | 504M | 520M | 823M | 985M | 1.13B | 1.19B | 1.12B | 739.7M | 714.8M |
| SG&A % of Revenue | - | 3.76% | 5.27% | 5.32% | 4.94% | 5.25% | 6.07% | 6.16% | 6.31% | 7.14% | 6.81% | 6.45% | 6.21% | 6.06% | 5.87% | 5.39% | 6.58% | 5.99% | 4.16% | 4.19% | 4.93% | 5.81% | 5.57% | 6.57% | 8.66% | 9.59% | 9.19% | 8.98% | 9.01% | 8.92% | 9.3% |
| Research & Development | 0 | 105M | 360M | 369M | 321M | 297M | 246M | 271M | 252M | 220M | 196M | 183M | 176M | 165M | 161M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.4% | 3.5% | 3.5% | 3.16% | 3.32% | 3.46% | 3.14% | 3.09% | 3.05% | 3.36% | 3.02% | 2.66% | 2.44% | 2.23% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135M | 62M | 71M | 66M | 0 | 0 | 53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 8M | 213M | -26M | -31M | -60M | 70M | -56M | 342M | 391M | 345M | 242M | 275M | 358M | 345M | 476M | 351M | 195M | -141M | -137M | 125M | -81M | -147M | 219M | 153M | 255M | 18M | 586M | 1.11B | 892M | 370.7M | 446.3M |
| Operating Margin % | -2.78% | 2.84% | -0.25% | -0.29% | -0.59% | 0.78% | -0.79% | 3.97% | 4.8% | 4.79% | 4.15% | 4.54% | 5.41% | 5.1% | 6.59% | 4.62% | 3.19% | -2.7% | -1.69% | 1.43% | -0.95% | -1.71% | 2.42% | 1.93% | 2.68% | 0.18% | 4.76% | 8.39% | 7.16% | 4.47% | 5.81% |
| Operating Income Growth % | - | 919.23% | 16.13% | 48.33% | -185.71% | 225% | -116.37% | -12.53% | 13.33% | 42.56% | -12% | -23.18% | 3.77% | -27.52% | 35.61% | 80% | 238.3% | -2.92% | -209.6% | 254.32% | 44.9% | -167.12% | 43.14% | -40% | 1316.67% | -96.93% | -47.4% | 24.89% | 140.63% | -16.94% | -32.34% |
| EBITDA | 354M | 570M | 396M | 385M | 328M | 459M | 309M | 681M | 661M | 578M | 424M | 449M | 571M | 607M | 753M | 658M | 509M | 256M | 251M | 404M | 294M | 163M | 580M | 547M | 733M | 566M | 1.11B | 1.63B | 1.38B | 705.2M | 724.7M |
| EBITDA Margin % | -122.92% | 7.6% | 3.85% | 3.65% | 3.23% | 5.13% | 4.35% | 7.9% | 8.12% | 8.02% | 7.28% | 7.41% | 8.63% | 8.97% | 10.42% | 8.67% | 8.33% | 4.9% | 3.1% | 4.63% | 3.46% | 1.89% | 6.4% | 6.91% | 7.71% | 5.51% | 9% | 12.31% | 11.07% | 8.51% | 9.43% |
| EBITDA Growth % | 72.68% | 43.94% | 2.86% | 17.38% | -28.54% | 48.54% | -54.63% | 3.03% | 14.36% | 36.32% | -5.57% | -21.37% | -5.93% | -19.39% | 14.44% | 29.27% | 98.83% | 1.99% | -37.87% | 37.41% | 80.37% | -71.9% | 6.03% | -25.38% | 29.51% | -48.96% | -32.09% | 18.36% | 95.65% | -2.69% | -19.96% |
| D&A (Non-Cash Add-back) | 346M | 357M | 422M | 416M | 388M | 389M | 365M | 339M | 270M | 233M | 182M | 174M | 213M | 262M | 277M | 307M | 314M | 397M | 388M | 279M | 375M | 310M | 361M | 394M | 478M | 548M | 523M | 519M | 487.7M | 334.5M | 278.4M |
| EBIT | 144M | 181M | 321M | 325M | 247M | 353M | 177M | 601M | 635M | 554M | 430M | 444M | 492M | 436M | 476M | 385M | 144M | -315M | -407M | 125M | -456M | -293M | 170M | 6.71B | 6.28B | 573M | 1.16B | 1.4B | 1.07B | 864M | 708.7M |
| Net Interest Income | -82M | -171M | -146M | -137M | -117M | -122M | -129M | -112M | -85M | -91M | -100M | -100M | -103M | -74M | -60M | -52M | -59M | -139M | -142M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 32M | 10M | 15M | 17M | 11M | 9M | 9M | 10M | 11M | 11M | 13M | 13M | 15M | 25M | 24M | 27M | 30M | 0 | 52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 114M | 181M | 161M | 154M | 128M | 131M | 138M | 122M | 96M | 102M | 113M | 113M | 118M | 99M | 84M | 79M | 89M | 139M | 150M | 72M | 0 | 0 | 217M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 22M | -213M | 116M | 200M | 33M | 202M | 63M | -141M | 127M | 54M | -13M | -17M | -85M | 35M | -110M | -117M | -160M | -215M | -249M | -512M | -490M | -191M | -306M | -72M | -264M | -1.06B | -122M | -377M | -72M | -209.9M | -217M |
| Pretax Income | 30M | 0 | 90M | 169M | -27M | 272M | 7M | 201M | 518M | 399M | 229M | 258M | 273M | 380M | 366M | 296M | 35M | -454M | 351M | -387M | -571M | -285M | -136M | 81M | -9M | -483M | 464M | 737M | 820.2M | 654.1M | 491.7M |
| Pretax Margin % | -10.42% | - | 0.88% | 1.6% | -0.27% | 3.04% | 0.1% | 2.33% | 6.36% | 5.53% | 3.93% | 4.26% | 4.13% | 5.61% | 5.07% | 3.9% | 0.57% | -8.68% | 4.34% | -4.44% | -6.71% | -3.31% | -1.5% | 1.02% | -0.09% | -4.7% | 3.77% | 5.55% | 6.58% | 7.89% | 6.4% |
| Income Tax | 108M | 53M | 139M | 121M | 284M | 72M | 58M | -32M | 78M | 283M | -424M | 82M | -70M | 119M | 51M | 85M | 31M | -27M | 306M | 62M | 66M | 924M | -196M | -49M | -27M | -161M | 171M | 251M | 315.6M | 293.6M | 166.3M |
| Effective Tax Rate % | 360% | - | 154.44% | 71.6% | -1051.85% | 26.47% | 828.57% | -15.92% | 15.06% | 70.93% | -185.15% | 31.78% | -25.64% | 31.32% | 13.93% | 28.72% | 88.57% | 5.95% | 87.18% | -16.02% | -11.56% | -324.21% | 144.12% | -60.49% | 300% | 33.33% | 36.85% | 34.06% | 38.48% | 44.89% | 33.82% |
| Net Income | -262M | 85M | -57M | 38M | -242M | 197M | -31M | 226M | 427M | 111M | 640M | 159M | 319M | 244M | 269M | 219M | 10M | -431M | 18M | -551M | -739M | -1.6B | 82M | 222M | -182M | -298M | 334M | 513M | 534.1M | 369.1M | 306M |
| Net Margin % | 90.97% | 1.13% | -0.55% | 0.36% | -2.38% | 2.2% | -0.44% | 2.62% | 5.24% | 1.54% | 10.99% | 2.62% | 4.82% | 3.6% | 3.72% | 2.88% | 0.16% | -8.24% | 0.22% | -6.32% | -8.69% | -18.64% | 0.91% | 2.8% | -1.92% | -2.9% | 2.71% | 3.87% | 4.29% | 4.45% | 3.98% |
| Net Income Growth % | -576.36% | 249.12% | -250% | 115.7% | -222.84% | 735.48% | -113.72% | -47.07% | 284.68% | -82.66% | 302.52% | -50.16% | 30.74% | -9.29% | 22.83% | 2090% | 102.32% | -2494.44% | 103.27% | 25.44% | 53.96% | -2057.32% | -63.06% | 221.98% | 38.93% | -189.22% | -34.89% | -3.95% | 44.7% | 20.62% | 6.21% |
| Net Income (Continuing) | -78M | -53M | -49M | 48M | -311M | 200M | -51M | 203M | 440M | 116M | 639M | 176M | 343M | 261M | 315M | 219M | 4M | -427M | 45M | -433M | -618M | -1.18B | 72M | 155M | 18M | -125M | 280M | 337M | 542M | 320M | 450.9M |
| Discontinued Operations | -2M | 155M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | -15M | -1M | 0 | 0 | 0 | 0 | -581M | -134M | -140M | -464M | -42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 60M | 59M | 252M | 253M | 247M | 251M | 256M | 262M | 197M | 148M | 85M | 103M | 100M | 104M | 105M | 101M | 99M | 100M | 107M | 95M | 81M | 84M | 123M | 96M | 107M | 112M | 121M | 148M | 156.3M | 154.1M | 170.9M |
| EPS (Diluted) | -2.48 | 0.64 | -0.39 | 0.26 | -1.69 | 1.35 | -0.21 | 1.56 | 2.91 | 0.71 | 4.36 | 0.99 | 1.84 | -0.09 | 1.40 | 1.02 | -0.15 | -3.92 | -7.06 | -3.67 | -4.93 | -10.63 | 0.41 | 1.53 | -1.22 | -2.01 | 2.18 | 3.08 | 3.20 | 1.94 | 2.96 |
| EPS Growth % | -592.86% | 264.1% | -250% | 115.38% | -225.19% | 742.86% | -113.46% | -46.39% | 309.86% | -83.72% | 340.4% | -46.2% | 2144.44% | -106.43% | 37.25% | 780% | 96.17% | 44.48% | -92.37% | 25.56% | 53.62% | -2692.68% | -73.2% | 225.41% | 39.3% | -192.2% | -29.22% | -3.75% | 64.95% | -34.46% | 4.23% |
| EPS (Basic) | - | 0.64 | -0.39 | 0.26 | -1.69 | 1.36 | -0.21 | 1.57 | 2.94 | 0.72 | 4.38 | 1.00 | 1.97 | -0.09 | 1.82 | 1.28 | -0.15 | -3.92 | -7.06 | -3.67 | -4.93 | -10.70 | 0.41 | 1.54 | -1.23 | -2.01 | 2.20 | 3.10 | 3.24 | 1.97 | 2.97 |
| Diluted Shares Outstanding | 105.5M | 139.2M | 145.2M | 144.6M | 143.6M | 146.2M | 144.5M | 145.1M | 146.5M | 146.9M | 146.8M | 160M | 173.5M | 146.4M | 214.7M | 215.3M | 140.8M | 110M | 100M | 150M | 150M | 151M | 151M | 149M | 149M | 148M | 153M | 166M | 167M | 164.95M | 103.47M |
| Basic Shares Outstanding | 105.5M | 139.2M | 145.2M | 144.4M | 143.6M | 144.8M | 144.5M | 144M | 145M | 145.1M | 146M | 159M | 158M | 146.4M | 148M | 146.6M | 140.8M | 110M | 100M | 150M | 150M | 150M | 149M | 148M | 148M | 148M | 152M | 165M | 165M | 162.44M | 102.89M |
| Dividend Payout Ratio | - | 63.53% | - | 152.63% | - | 29.44% | - | 25.66% | 13.58% | 31.53% | 5.47% | 23.27% | 10.03% | 12.3% | 11.15% | - | - | - | - | - | - | - | 89.02% | 6.31% | - | - | 55.99% | 40.16% | 37.07% | 29.42% | 49.97% |
Quick answers to the most common questions about buying DAN stock.
For fiscal year 2025, Dana Incorporated (DAN) reported total revenue of $7.50B. This represents a 2.4% decline compared to $7.69B in 1996.
Dana Incorporated (DAN) is profitable, generating $85.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
Dana Incorporated (DAN) reported an operating income of $213.0M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Dana Incorporated (DAN) generated $602.0M in gross profit for the year, representing a gross profit margin of 8.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile quarterly profitability and one-off losses
Metrics are mathematically derived from official filings.
Revenue Growth Fading Into Mixed Territory
Based on reported quarterly figures, Dana's revenue grew 6.3% year-over-year in 2026Q3 after a 16.7% gain in 2025Q1, but has since decelerated and turned negative in several periods, leaving the trend unsettled.
The reported data shows revenue hovering around $1.9B to $2.0B in recent quarters, with year-over-year growth swinging between roughly -22.6% and +16.7%. This pattern suggests demand or pricing conditions have not yet produced a durable growth trajectory. Investors should monitor whether the recent 2026 recovery reflects genuine volume strength or a low-base effect.
Thin Gross Margins Limit Pricing Power
Dana's reported gross margin ranged from 5.7% to 10.4% across the ten quarters, well below the 18.7% to 48.4% margins reported by higher-margin peers such as BorgWarner and Allison Transmission.
Gross margins compressed sharply in late 2024 and again in late 2025, indicating limited ability to pass through input costs. The gap relative to peers suggests a structurally commoditized product mix rather than differentiated pricing. Margin cyclicality appears to track the broader auto parts cycle, which may warrant further investigation into contract structures.
Operating Leverage Largely Absent
Operating margin peaked near 4.8% in 2026Q3 against a 9.9% gross margin, implying SG&A absorbs most incremental gross profit and limiting the benefit of volume recovery.
SG&A has stayed in a narrow band of roughly $87M to $138M per quarter while gross profit fluctuated, so operating income swings have been driven largely by gross profit changes. The modest operating margin relative to gross margin suggests overhead efficiency has not improved meaningfully. Operating leverage appears weak based on reported figures.
Net Income Distorted by Non-Operating Items
Reported net income diverged sharply from operating income in several quarters, including a $104.0M loss in 2026Q1 and a $168.0M loss in 2025Q4 despite operating income of $59.0M and a negative $208.0M, respectively.
The gap between operating and net income in 2026Q1 suggests material non-operating charges, interest, or tax effects that are not explained in the supplied data. Stock-based compensation remained modest at roughly $8M to $13M per quarter and does not appear to explain these gaps. Earnings quality therefore appears low, and the data does not allow attribution of the distortions.
Earnings Base Vulnerable to Repeat Shocks
Dana posted a $360.0M R&D-classified charge in 2024Q4 and multiple quarterly losses in the reported period, which together suggest the earnings base may be exposed to recurring non-recurring items.
Bears would argue that the swing from profit to large losses across the period reflects instability rather than isolated events, particularly with peer net margins generally positive. Thin margins leave little cushion against cost or volume shocks, as the reported 2025Q4 revenue figure illustrates. This interpretation is inferential and warrants verification against the full filings.