Revenue has held near $5.6B to $6.2B per quarter with operating margin easing from 5.0% in Q1 2025 to 3.4% in Q3 2026, and net margins of only 1.4% to 3.1% leave little cushion against cost shocks.
Lear Corporation (LEA) 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 | 23.79B | 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 % | 3.52% | -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 | 22.12B | 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 | 1.68B | 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 % | 7.04% | 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 | 728.7M | 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 | 737.3M | 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 | -1000K | 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 | 947.3M | 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 % | 3.98% | 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 | 1.42B | 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 % | 5.97% | 6.99% | 6.72% | 6.47% | 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 % | -13.31% | 3.91% | 3.14% | 12.9% | 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 | 604.4M | 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 | 864.1M | 775.5M | 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 | -93.9M | -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 | 93.9M | 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 | -139.9M | -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 | 807.4M | 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 % | 3.39% | 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 | 147.2M | 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 % | 18.23% | 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 | 584.4M | 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 % | 2.46% | 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 % | 32.16% | -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) | 660.2M | 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 | 144M | 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) | 11.71 | 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 % | 39.98% | -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 | 49.9M | 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 | 49.9M | 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% | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cyclical LVP exposure and OEM price pressure
Metrics are mathematically derived from official filings.
Top-Line Growth Stalls Near Flat
Based on reported figures, Lear's revenue has moved within a narrow band of roughly $5.6B to $6.2B per quarter over ten quarters, with year-over-year growth hovering near zero and showing no clear acceleration.
The flat top line suggests volume softness in global light vehicle production is offsetting any pricing or content-per-vehicle gains, particularly in Seating. The recent sequential improvement in Q2 2026 is encouraging but a single quarter does not yet establish a durable reversal. Investors should monitor whether E-Systems growth can scale meaningfully enough to lift the consolidated trajectory.
Thin Gross Margins Reflect OEM Pricing Power
As reported in financial statements, Lear's gross margin has ranged between roughly 6.6% and 7.9% across recent quarters, a narrow band that appears to reflect contractual OEM price give-backs rather than discrete operational shocks.
The compression relative to the 14% to 19% gross margins of Aptiv, BorgWarner, and Autoliv indicates Lear retains limited pricing leverage over its largest customers. Margin stability within a tight range suggests cost pass-through mechanisms are functioning, though they may not fully protect against sustained input inflation. The gap versus higher-margin electronics peers warrants continued scrutiny of the E-Systems mix shift.
Operating Margin Gains Fade in Recent Quarters
According to recent SEC filings, Lear's operating margin peaked near 5.0% in Q1 2025 and has since eased to around 3.4% in Q3 2026, indicating that operating income is not consistently scaling with gross profit.
SG&A has remained relatively stable at roughly $160M to $200M per quarter, so the margin decline appears driven more by gross profit softness and restructuring-related costs than by overhead growth. This pattern suggests limited operating leverage in the current volume environment. Operating margin recovery would likely depend on sustained volume recovery rather than cost discipline alone.
Net Income Volatility Outpaces Operating Trends
Based on Lear's reported figures, net income swung from $80.7M in Q1 2025 to $192.8M in Q2 2026, a variability considerably wider than operating income movements over the same window.
Such divergence suggests non-operating items, equity affiliate income, and tax effects are contributing materially to bottom-line results. Stock-based compensation is not separately visible in the supplied data, so its contribution cannot be assessed. Investors should reconcile reported EPS against operating earnings before drawing conclusions about underlying profitability.
Sub-2% Net Margins Leave Little Cushion
Based on the supplied data, Lear's net margins have ranged from roughly 1.4% to 3.1%, and a modest revenue decline or input cost spike could push earnings into loss territory given the thin buffer.
The bear case centers on the view that Lear's cyclical exposure and OEM contractual pressure leave structurally limited margin for error. Restructuring charges that appear recurrent may further erode reported profitability if they persist. While the Q2 2026 beat and raised guidance are constructive, they represent a single data point against a backdrop of stagnant revenue and volatile earnings.