Garrett Motion Inc.

Listed Company

GTXCIK 0001735707NasdaqLarge AcceleratedMotor Vehicle Parts & AccessoriesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.58B

Net Income

$310.00M

Total Assets

$2.37B

Equity

$-802.00M

Shares Out

187.19M

Op. Cash Flow

$413.00M

Business

Garrett Motion Inc. designs, manufactures and sells highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies for OEMs and distributors in the mobility and industrial markets. Its main products include turbochargers for gasoline, diesel, natural gas and hybrid engines, fuel cell air compressors, E-Powertrain and E-Cooling compressors, and aftermarket and remanufactured performance parts. The company operates across internal combustion (light, commercial and industrial), zero-emission (fuel cell and electric powertrain/thermal management) and aftermarket segments. Garrett distributes globally to OEMs and through a network of distributors serving light vehicles, commercial vehicles and industrial customers.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales (Note 3)	3,584	3,475	3,886	3,603	3,633
Cost of goods sold	2,853	2,770	3,130	2,920	2,926
Gross profit	731	705	756	683	707
Selling, general and administrative expenses	240	240	247	216	216
Other expense, net (Note 4)	10	6	5	2	1
Interest expense	108	156	159	8	—
Gain on sale of equity investment (Note 26)	0	−27	0	0	—
Non-operating income, net (Note 5)	−19	−13	−2	−47	—
Income before taxes	392	343	347	496	538
Tax expense (Note 6)	82	61	86	106	43
Net income	310	282	261	390	495
Less: preferred stock dividends (Note 19)	0	0	−80	−157	−97
Less: preferred stock deemed dividends (Note 19)	0	0	−232	0	0
Net income (loss) available for distribution	310	282	−51	233	398
Earnings (loss) per share, basic (in USD per share)	1.55	1.27	−0.31	0.75	1.69
Earnings (Loss) per share, diluted (in USD per share)	1.52	1.26	−0.31	0.75	1.56
Weighted average common shares outstanding, basic (in shares)	200	222	167	65	70
Weighted average common shares outstanding, diluted (in shares)	204	224	167	65	318

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	177	125	259	246	423
Restricted cash (Note 2)	2	1	1	2	41
Accounts, notes and other receivables, net (Note 7)	703	687	808	803	747
Inventories, net (Note 9)	339	286	263	270	244
Other current assets (Note 10)	98	94	75	110	56
Total current assets	1,319	1,193	1,406	1,431	1,511
Investments and long-term receivables	11	10	29	30	28
Property, plant and equipment, net (Note 12)	462	449	477	470	485
Goodwill (Note 13)	193	193	193	193	193
Deferred income taxes (Note 6)	210	207	216	232	289
Other assets (Note 11)	172	224	206	281	200
Total assets	2,367	2,276	2,527	2,637	2,706
Accounts payable	1,061	972	1,074	1,048	1,006
Current maturities of long-term debt (Note 15)	7	7	7	7	7
Accrued liabilities (Note 14)	295	299	293	320	295
Total current liabilities	1,363	1,278	1,374	1,375	1,508
Long-term debt (Note 15)	1,411	1,464	1,643	1,148	1,181
Deferred income taxes (Note 6)	32	25	27	25	21
Other liabilities (Note 18)	363	182	218	205	269
Total liabilities	3,169	2,949	3,262	2,753	3,174
COMMITMENTS AND CONTINGENCIES (Note 23)	—	—	—	—	—
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 242,549,685 and 240,987,329 issued and 190,556,297 and 206,387,938 outstanding as of December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	1,240	1,213	1,190	1,333	1,326
Retained deficit	−1,384	−1,653	−1,922	−1,485	−1,790
Accumulated other comprehensive (loss) income (Note 20)	−138	73	−3	36	−4
Treasury Stock, at cost; 51,993,388 and 34,599,391 shares as of December 31, 2025 and 2024, respectively (Note 19)	−520	−306	0	—	—
Total deficit	−802	−673	−735	−116	−468
Total liabilities and deficit	2,367	2,276	2,527	2,637	2,706

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	9	7	24	46	−36
Depreciation	99	90	90	84	92
Amortization of deferred debt issuance costs	7	37	20	8	7
Loss on remeasurement of forward purchase contract	0	0	13	0	0
Foreign exchange (gain) loss	−66	27	−15	−1	7
Stock compensation expense	27	23	14	11	7
Pension expense	−8	−6	−1	−28	−2
Unrealized loss (gain) on derivatives	73	−2	51	−65	1
Other	10	−6	7	1	−11
Accounts, notes and other receivables	22	89	1	−102	18
Inventories	−35	−48	12	−48	−31
Other assets	−18	−25	−2	34	−32
Accounts payable	8	−52	8	108	−75
Accrued liabilities	−46	26	−8	−17	−46
Other liabilities	21	−7	−10	−32	87
Net cash provided by operating activities	413	408	465	375	−310
Expenditures for property, plant and equipment	−72	−91	−83	−91	−72
Proceeds from cross-currency swap contracts	28	31	28	0	—
Proceeds from sale of equity investment	3	46	0	0	—
Net cash used for investing activities	−41	−14	−55	−91	−71
Proceeds from issuance of long-term debt, net of deferred financing costs	80	794	667	0	1,221
Proceeds from revolving credit facilities	70	0	0	0	0
Payments of long-term debt	−139	−992	−207	−7	−1,517
Payments of revolving credit facilities	−70	0	0	0	−370
Payments for dividends	−52	0	−42	−83	0
Repurchases of Series A Preferred Stock	0	0	−580	−7	−15
Repurchases of Common Stock	−208	−296	−213	0	−4
Excise tax on Common Stock repurchase	−3	−8	0	—	—
Payments of Additional Amounts for conversion of Series A Preferred Stock	0	0	−25	0	0
Payments for debt and revolving facility financing costs	−2	−8	−2	−4	−7
Other	−2	−10	−1	0	0
Net cash used for financing activities	−326	−520	−403	−482	139
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	7	−8	5	−18	13
Net increase (decrease) in cash, cash equivalents and restricted cash	53	−134	12	−216	−229
Income taxes paid (net of refunds and credits)	62	64	60	42	61
Interest paid	95	88	89	65	61
Dividends declared, not paid	0	13	0	0	—

Filings

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