Revenue growth remains inconsistent, oscillating between -7.2% and 4.8%, while gross margins are trapped in a narrow 6.5% to 7.9% range due to OEM pricing pressures.
| 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 | 23.52B | 23.26B | 23.3B | 23.46B | 20.88B | 19.26B | 17.04B | 19.81B | 21.15B | 20.47B | 18.56B | 18.21B | 17.73B | 16.23B | 14.57B | 14.15B | 11.95B | 9.74B | 13.57B | 15.99B | 17.84B | 17.09B | 16.96B | 15.75B | 14.42B | 13.62B | 14.07B | 12.43B | 9.06B | 7.34B | 6.25B |
| Revenue Growth % | 2.85% | -0.19% | -0.7% | 12.39% | 8.41% | 12.99% | -13.98% | -6.32% | 3.33% | 10.27% | 1.95% | 2.72% | 9.22% | 11.42% | 2.9% | 18.4% | 22.74% | -28.23% | -15.16% | -10.34% | 4.39% | 0.76% | 7.71% | 9.17% | 5.87% | -3.18% | 13.23% | 37.19% | 23.38% | 17.5% | 32.55% |
| Cost of Goods Sold | 16.44B | 21.34B | 21.46B | 21.72B | 19.31B | 17.76B | 15.73B | 17.88B | 18.7B | 18.14B | 16.37B | 16.33B | 16.19B | 14.94B | 13.33B | 12.93B | 10.91B | 9.26B | 12.68B | 14.67B | 16.81B | 16.27B | 15.55B | 14.4B | 13.16B | 12.59B | 12.32B | 10.9B | 8.03B | 6.39B | 5.52B |
| COGS % of Revenue | - | 91.77% | 92.09% | 92.56% | 92.46% | 92.24% | 92.3% | 90.22% | 88.4% | 88.63% | 88.19% | 89.7% | 91.31% | 92.08% | 91.54% | 91.33% | 91.23% | 95.03% | 93.43% | 91.73% | 94.25% | 95.2% | 91.72% | 91.45% | 91.26% | 92.41% | 87.55% | 87.66% | 88.61% | 87.03% | 88.29% |
| Gross Profit | 1.26B | 1.91B | 1.84B | 1.75B | 1.57B | 1.49B | 1.31B | 1.94B | 2.45B | 2.33B | 2.19B | 1.88B | 1.54B | 1.29B | 1.23B | 1.23B | 1.05B | 484.2M | 891.1M | 1.32B | 1.03B | 820.6M | 1.41B | 1.35B | 1.26B | 1.03B | 1.75B | 1.53B | 1.03B | 952.4M | 731.8M |
| Gross Margin % | 5.35% | 8.23% | 7.91% | 7.44% | 7.54% | 7.76% | 7.7% | 9.78% | 11.6% | 11.37% | 11.81% | 10.3% | 8.69% | 7.92% | 8.46% | 8.67% | 8.77% | 4.97% | 6.57% | 8.27% | 5.75% | 4.8% | 8.28% | 8.55% | 8.74% | 7.6% | 12.45% | 12.34% | 11.39% | 12.97% | 11.71% |
| Gross Profit Growth % | - | 3.85% | 5.61% | 10.96% | 5.3% | 13.9% | -32.32% | -20.98% | 5.41% | 6.18% | 16.83% | 21.84% | 19.76% | 4.27% | 0.42% | 17.16% | 116.44% | -45.66% | -32.59% | 28.89% | 24.99% | -41.6% | 4.36% | 6.83% | 21.79% | -40.95% | 14.27% | 48.61% | 8.35% | 30.14% | 52.94% |
| Operating Expenses | 702.4M | 892M | 898.9M | 832.3M | 805.5M | 750.7M | 707.5M | 725.2M | 730.3M | 617.5M | 613.4M | 527M | 510.7M | 503.4M | 468.9M | 481.1M | 445.7M | 432.5M | 557.1M | 589M | 629.7M | 585.2M | 633.7M | 573.6M | 517.2M | 604.4M | 917M | 824.6M | 556.7M | 471.3M | 356M |
| OpEx % of Revenue | - | 3.84% | 3.86% | 3.55% | 3.86% | 3.9% | 4.15% | 3.66% | 3.45% | 3.02% | 3.3% | 2.89% | 2.88% | 3.1% | 3.22% | 3.4% | 3.73% | 4.44% | 4.11% | 3.68% | 3.53% | 3.42% | 3.74% | 3.64% | 3.59% | 4.44% | 6.52% | 6.63% | 6.14% | 6.42% | 5.7% |
| Selling, General & Admin | 702.4M | 505.7M | 499.7M | 512.7M | 486.7M | 440.5M | 380.2M | 408.6M | 433.7M | 469.6M | 469.7M | 400.2M | 408.7M | 395M | 364.6M | 370.4M | 364.3M | 349.1M | 376.2M | 386.6M | 459.7M | 411.2M | 436.1M | 573.6M | 517.2M | 514.2M | 524.8M | 483.7M | 337M | 286.9M | 210.3M |
| SG&A % of Revenue | - | 2.17% | 2.14% | 2.19% | 2.33% | 2.29% | 2.23% | 2.06% | 2.05% | 2.29% | 2.53% | 2.2% | 2.31% | 2.43% | 2.5% | 2.62% | 3.05% | 3.58% | 2.77% | 2.42% | 2.58% | 2.41% | 2.57% | 3.64% | 3.59% | 3.77% | 3.73% | 3.89% | 3.72% | 3.91% | 3.37% |
| Research & Development | 0 | 386.3M | 399.2M | 319.6M | 318.8M | 310.2M | 327.3M | 316.6M | 296.6M | 147.9M | 143.7M | 126.8M | 102M | 108.4M | 104.3M | 110.7M | 81.4M | 83.4M | 113M | 134.6M | 170M | 174M | 197.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.66% | 1.71% | 1.36% | 1.53% | 1.61% | 1.92% | 1.6% | 1.4% | 0.72% | 0.77% | 0.7% | 0.58% | 0.67% | 0.72% | 0.78% | 0.68% | 0.86% | 0.83% | 0.84% | 0.95% | 1.02% | 1.17% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.9M | 67.8M | 0 | 0 | 0 | 0 | 0 | 90.2M | 392.2M | 340.9M | 219.7M | 184.4M | 145.7M |
| Operating Income | 745.8M | 1.02B | 944.9M | 913.6M | 768M | 743.6M | 604.4M | 1.21B | 1.72B | 1.71B | 1.58B | 1.35B | 1.03B | 782.3M | 764.1M | 746.7M | 602.3M | 51.7M | 334M | 733M | 396M | 235.4M | 771.4M | 772.8M | 743.1M | 430.4M | 835.4M | 708.9M | 475.2M | 481.1M | 375.8M |
| Operating Margin % | 3.17% | 4.4% | 4.06% | 3.89% | 3.68% | 3.86% | 3.55% | 6.12% | 8.15% | 8.35% | 8.5% | 7.41% | 5.81% | 4.82% | 5.25% | 5.28% | 5.04% | 0.53% | 2.46% | 4.58% | 2.22% | 1.38% | 4.55% | 4.91% | 5.15% | 3.16% | 5.94% | 5.7% | 5.25% | 6.55% | 6.01% |
| Operating Income Growth % | - | 8.23% | 3.43% | 18.96% | 3.28% | 23.03% | -50.18% | -29.58% | 0.76% | 8.32% | 17% | 31.1% | 31.55% | 2.38% | 2.33% | 23.97% | 1064.99% | -84.52% | -54.43% | 85.1% | 68.22% | -69.48% | -0.18% | 4% | 72.65% | -48.48% | 17.84% | 49.18% | -1.23% | 28.02% | 53.51% |
| EBITDA | 1.2B | 1.63B | 1.57B | 1.52B | 1.34B | 1.32B | 1.14B | 1.72B | 2.21B | 2.14B | 1.96B | 1.7B | 1.34B | 1.07B | 1B | 993M | 838.2M | 315.4M | 633.3M | 1.03B | 788.2M | 628.8M | 1.13B | 1.09B | 1.04B | 822.6M | 1.23B | 1.05B | 694.9M | 665.5M | 521.5M |
| EBITDA Margin % | 5.11% | 6.99% | 6.72% | 6.46% | 6.44% | 6.84% | 6.71% | 8.7% | 10.44% | 10.44% | 10.54% | 9.32% | 7.56% | 6.58% | 6.89% | 7.02% | 7.01% | 3.24% | 4.67% | 6.44% | 4.42% | 3.68% | 6.64% | 6.95% | 7.24% | 6.04% | 8.72% | 8.45% | 7.67% | 9.06% | 8.35% |
| EBITDA Growth % | -26.04% | 3.91% | 3.26% | 12.76% | 2.05% | 15.14% | -33.59% | -21.93% | 3.26% | 9.24% | 15.31% | 26.63% | 25.49% | 6.39% | 1.08% | 18.47% | 165.76% | -50.2% | -38.51% | 30.66% | 25.35% | -44.18% | 2.91% | 4.84% | 26.93% | -32.99% | 16.94% | 51.07% | 4.42% | 27.61% | 53.61% |
| D&A (Non-Cash Add-back) | 456.4M | 604.1M | 620.7M | 602.5M | 576.5M | 573.9M | 539.9M | 509.9M | 484.4M | 427.7M | 378.2M | 347.8M | 310.9M | 285.5M | 239.6M | 246.3M | 235.9M | 263.7M | 299.3M | 296.9M | 392.2M | 393.4M | 355.1M | 321.8M | 301M | 392.2M | 392.2M | 340.9M | 219.7M | 184.4M | 145.7M |
| EBIT | 745.8M | 1.02B | 836.7M | 875.9M | 605.5M | 672.9M | 396.5M | 1.04B | 1.62B | 1.61B | 1.42B | 1.12B | 854.9M | 678.5M | 698.8M | 655.4M | 504.2M | 1.06B | -351.1M | 522.4M | -443.6M | -945.4M | 729.8M | 772.8M | 743.1M | 430.4M | 835.4M | 708.9M | 475.2M | 481.1M | 375.8M |
| Net Interest Income | -73.2M | -98.4M | -103.8M | -98.7M | -96.2M | -89.4M | -97.2M | -90.9M | -84.1M | -83.7M | -82.5M | -86.7M | -67.5M | -68.4M | -49.9M | -39.7M | -55.4M | -162.5M | -190.3M | -199.2M | -209.8M | -183.2M | -165.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 | 0 |
| Interest Expense | 98.8M | 98.4M | 103.8M | 98.7M | 96.2M | 89.4M | 97.2M | 90.9M | 84.1M | 83.7M | 82.5M | 86.7M | 67.5M | 68.4M | 49.9M | 39.7M | 55.4M | 162.5M | 190.3M | 199.2M | 209.8M | 183.2M | 165.5M | 0 | 67.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -216.4M | -345.6M | -162M | -87.1M | -225.6M | -144.3M | -276.6M | -236.4M | -164.2M | -131.4M | -167.8M | -267.8M | -205.4M | -133.8M | -84.9M | -107.5M | -116.3M | 780M | -912.6M | -376M | -1.03B | -1.42B | -207.1M | -238.4M | -262.6M | -327.5M | -363.4M | -277.8M | -265.8M | -129.8M | -122.4M |
| Pretax Income | 746.1M | 677.1M | 782.9M | 826.5M | 542.4M | 599.3M | 327.8M | 976.8M | 1.56B | 1.58B | 1.41B | 1.08B | 823.7M | 648.5M | 679.2M | 639.2M | 486M | 831.7M | -578.6M | 357M | -637.2M | -1.18B | 564.3M | 380.5M | 480.5M | 102.9M | 472M | 431.1M | 209.4M | 351.3M | 253.4M |
| Pretax Margin % | 3.17% | 2.91% | 3.36% | 3.52% | 2.6% | 3.11% | 1.92% | 4.93% | 7.37% | 7.71% | 7.6% | 5.94% | 4.65% | 4% | 4.66% | 4.52% | 4.07% | 8.54% | -4.26% | 2.23% | -3.57% | -6.9% | 3.33% | 2.42% | 3.33% | 0.76% | 3.35% | 3.47% | 2.31% | 4.78% | 4.06% |
| Income Tax | 143.2M | 150M | 191.1M | 180.8M | 133.7M | 137.7M | 93.9M | 146.1M | 311.9M | 197.5M | 370.2M | 285.5M | 121.4M | 192.7M | -638M | 68.8M | 24.6M | 5M | 85.8M | 89.9M | 54.9M | 194.3M | 128M | 153.7M | 157M | 68.7M | 197.3M | 174M | 93.9M | 143.1M | 101.5M |
| Effective Tax Rate % | 19.19% | 22.15% | 24.41% | 21.88% | 24.65% | 22.98% | 28.65% | 14.96% | 20.01% | 12.51% | 26.24% | 26.4% | 14.74% | 29.71% | -93.93% | 10.76% | 5.06% | 0.6% | -14.83% | 25.18% | -8.62% | -16.47% | 22.68% | 40.39% | 32.67% | 66.76% | 41.8% | 40.36% | 44.84% | 40.73% | 40.06% |
| Net Income | 528.4M | 436.8M | 506.6M | 572.5M | 327.7M | 373.9M | 158.5M | 789.5M | 1.14B | 1.29B | 975.1M | 745.5M | 672.4M | 431.4M | 1.28B | 540.7M | 407.8M | 814.4M | -689.9M | 241.5M | -710.4M | -1.38B | 422.2M | 380.5M | 13M | 26.3M | 274.7M | 257.1M | 115.5M | 207.2M | 151.9M |
| Net Margin % | 2.25% | 1.88% | 2.17% | 2.44% | 1.57% | 1.94% | 0.93% | 3.98% | 5.39% | 6.29% | 5.25% | 4.09% | 3.79% | 2.66% | 8.81% | 3.82% | 3.41% | 8.36% | -5.08% | 1.51% | -3.98% | -8.08% | 2.49% | 2.42% | 0.09% | 0.19% | 1.95% | 2.07% | 1.27% | 2.82% | 2.43% |
| Net Income Growth % | 10.61% | -13.78% | -11.51% | 74.7% | -12.36% | 135.9% | -79.92% | -30.71% | -11.53% | 32.08% | 30.8% | 10.87% | 55.86% | -66.37% | 137.25% | 32.59% | -49.93% | 218.05% | -385.67% | 133.99% | 48.58% | -427.21% | 10.96% | 2826.92% | -50.57% | -90.43% | 6.85% | 122.6% | -44.26% | 36.41% | 65.83% |
| Net Income (Continuing) | 596.9M | 527.1M | 591.8M | 645.7M | 408.7M | 461.6M | 233.9M | 830.7M | 1.25B | 1.38B | 1.04B | 795.8M | 702.3M | 455.8M | 1.32B | 570.4M | 461.4M | 826.7M | -664.4M | 267.1M | -692.1M | -1.37B | 436.3M | 380.5M | 311.5M | 34.2M | 274.7M | 257.1M | 115.5M | 208.2M | 151.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 188.7M | 165.9M | 149.3M | 141.8M | 151.5M | 165M | 147.6M | 269.8M | 318M | 295.5M | 135.7M | 90.3M | 70.5M | 103.6M | 125.1M | 124.7M | 108.6M | 92.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.25 | 8.15 | 8.97 | 9.68 | 5.47 | 6.19 | 2.62 | 12.75 | 17.22 | 18.59 | 13.33 | 9.59 | 8.23 | 4.99 | 12.85 | 5.08 | 4.06 | 11.02 | -4.47 | 1.55 | -5.18 | -10.29 | 2.89 | 2.66 | 0.10 | 0.20 | 2.09 | 1.90 | 0.85 | 1.52 | 1.19 |
| EPS Growth % | 17.23% | -9.14% | -7.33% | 76.97% | -11.63% | 136.26% | -79.45% | -25.97% | -7.36% | 39.46% | 39% | 16.52% | 64.93% | -61.17% | 152.95% | 25.28% | -63.2% | 346.78% | -389% | 129.86% | 49.68% | -456.5% | 8.46% | 2700% | -52.5% | -90.43% | 10% | 123.53% | -44.08% | 27.73% | 36.78% |
| EPS (Basic) | - | 8.22 | 9.02 | 9.73 | 5.49 | 6.22 | 2.63 | 12.80 | 17.35 | 18.79 | 13.48 | 9.71 | 8.39 | 5.07 | 13.04 | 5.21 | 4.30 | 11.02 | -4.47 | 1.57 | -5.18 | -10.29 | 3.09 | 2.86 | 0.10 | 0.21 | 2.11 | 1.92 | 0.87 | 1.57 | 1.19 |
| Diluted Shares Outstanding | 51.55M | 53.59M | 56.48M | 59.12M | 59.92M | 60.42M | 60.43M | 61.92M | 66.16M | 69.28M | 73.12M | 77.77M | 81.73M | 86.42M | 99.83M | 106.34M | 108.12M | 73.91M | 154.48M | 156.43M | 137.21M | 134.33M | 149.45M | 143.31M | 136.84M | 131.5M | 131.75M | 135.32M | 135.88M | 136.32M | 127.65M |
| Basic Shares Outstanding | 51.04M | 53.17M | 56.14M | 58.83M | 59.67M | 60.08M | 60.25M | 61.7M | 65.67M | 68.54M | 72.35M | 76.75M | 80.19M | 85.09M | 98.39M | 103.75M | 94.81M | 73.91M | 154.48M | 153.65M | 137.21M | 134.33M | 136.56M | 133.27M | 130M | 128.29M | 130.5M | 133.91M | 133.53M | 132.4M | 127.65M |
| Dividend Payout Ratio | - | 37.73% | 34.29% | 31.77% | 56.61% | 28.54% | 42.46% | 23.6% | 16.35% | 10.69% | 9.11% | 10.53% | 9.71% | 13.54% | 4.26% | 9.45% | 3.97% | 2.92% | - | - | - | - | 16.11% | - | - | - | - | - | - | - | - |
OEM Pricing Pressure Sensitivity
As reported in recent financial filings, Lear's revenue growth has fluctuated between -7.2% and 4.8% over the last ten quarters, indicating that the company is struggling to achieve consistent top-line expansion in a volatile global light vehicle production environment that currently lacks clear directional momentum.
The inconsistent revenue trajectory suggests that Lear is highly susceptible to OEM production scheduling shifts rather than organic demand growth. Investors should monitor whether the company can leverage its E-Systems segment to drive content-per-vehicle gains, as the current reliance on cyclical seating volumes appears to be limiting overall growth durability.
Based on the provided income statement data, Lear's gross margins have remained compressed within a narrow 6.5% to 7.9% range, reflecting the intense pricing pressure from automotive OEMs that limits the company's ability to pass through inflationary cost increases effectively to its customer base.
The persistent thinness of these margins suggests that Lear lacks significant pricing power, leaving it vulnerable to even minor fluctuations in raw material costs or labor expenses. This structural limitation warrants further investigation into whether the company's vertical integration strategy is actually providing the intended cost-saving benefits or if it is merely absorbing volatility.
According to the quarterly income statement, operating margins have hovered between 3.5% and 5.0%, suggesting that Lear has struggled to achieve meaningful operating leverage despite its massive manufacturing footprint and the potential for scale-driven efficiencies in its global seating and electronics assembly operations.
The lack of significant expansion in operating income relative to revenue suggests that fixed costs remain a heavy burden on the bottom line. This may indicate that the company's ongoing restructuring efforts are not yet yielding the expected improvements in overhead efficiency, leaving earnings highly sensitive to production volume declines.
As evidenced by the historical data, Lear's net income volatility—ranging from $80.7 million to $173.1 million—highlights a significant risk profile where the company's thin net margins of 1.88% leave little room for error during periods of automotive industry downturns or unexpected supply chain disruptions.
Short-term observers may focus on the potential for margin erosion if OEM production volumes continue to stagnate or if the transition to electric vehicles fails to materialize as a high-margin growth driver for the E-Systems segment. The reliance on non-consolidated joint ventures for earnings also introduces a layer of complexity that may mask underlying operational weaknesses in the core business.
Quick answers to the most common questions about buying LEA stock.
For fiscal year 2025, Lear Corporation (LEA) reported total revenue of $23.26B. This represents a 272.2% increase compared to $6.25B in 1996.
Lear Corporation (LEA) is profitable, generating $436.8M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
Lear Corporation (LEA) reported an operating income of $1.02B, resulting in an operating profit margin of 4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Lear Corporation (LEA) generated $1.91B in gross profit for the year, representing a gross profit margin of 8.2%. This demonstrates the company's core pricing power and production efficiency.