BORGWARNER INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BORGWARNER INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,071	9,799	10,530	10,168	10,165	11,803	12,635	14,198	14,086	14,316
Cost of revenue	7,142	7,684	8,300	8,067	8,255	9,630	10,266	11,630	11,438	11,642
Gross profit	1,929	2,115	2,230	2,101	1,910	2,173	2,369	2,568	2,648	2,674
Research and development	343	408	440	413	476	586	701	717	736	710
Selling, general and administrative	818	899	946	873	951	1,085	1,290	1,316	1,350	1,304
Operating income	973	1,072	1,190	1,303	618	914	1,009	1,160	546	536
Interest expense	84.6	71	59	55	73	82	71	73	84	99
Interest income	6.3	6	6	12	12	11	20	35	54	60
Other non-operating income	0	2	4	0	0
Pre-tax income	943	1,063	1,196	1,265	964	510	913	991	539	524
Income tax	306	580	211	468	397	65	195	289	111	189
Income from continuing operations						343	636	632	367	277
Net income to minority interests	41.7	43	54	51	67	102	82
Net income	595	440	931	746	500	537	944	625	338	277
EBITDA	1,365	1,480	1,621	1,742	1,186	1,488	1,561	1,742	1,219	1,255
EPS, basic	2.78	2.09	4.47	3.63	2.35	2.25	4.01	2.68	1.51	1.29
EPS, diluted	2.76	2.08	4.44	3.61	2.34	2.24	3.99	2.67	1.50	1.28
Shares, basic (weighted)	214	210	208	206	213	238	236	233	224	214
Shares, diluted (weighted)	215	212	210	207	214	240	237	234	225	216
Dividend per share	0.53	0.59	0.68	0.68	0.68	0.68	0.68	0.56	0.44	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	444	545	739	832	1,650	1,841	1,338	1,534	2,094	2,313
Receivables	1,689	2,019	1,988	1,921	2,919	2,898	2,471	3,109	2,843	2,962
Inventory	641	766	781	807	1,286	1,534	1,217	1,313	1,251	1,207
Other current assets	51.9	58.2	83	40	72	74	50	57	83	47
Total current assets	2,912	3,543	3,805	3,836	6,167	6,597	6,617	6,217	6,521	6,795
Property, plant and equipment	2,502	2,864	2,904	2,925	4,591	4,395	3,426	3,783	3,575	3,330
Lease right-of-use assets			0	85	211	185	106	143	177	151
Goodwill	1,702	1,882	1,853	1,842	2,627	2,854	2,978	3,013	2,357	2,055
Intangible assets	464	493	439	402	1,096	1,091	619	564	474	394
Long-term investments	502	547	592	318	820
Other non-current assets	753	459	502	379	728	683	489	512	710	838
Total assets	8,835	9,788	10,095	9,702	16,029	16,575	16,994	14,453	13,993	13,769
Accounts payable	1,259	1,546	1,485	1,325		2,276	2,684
Accrued liabilities	6.4	5.8	25	34	101	85	21	61	31	36
Deferred revenue		12.1	13	10	22	21	14	18	13	1
Short-term debt	19.4	15.8	140	252	4	4	2	3	337	2
Total current liabilities	2,092	2,425	2,399	2,329	3,810	3,798	4,236	3,767	3,646	3,282
Long-term debt	2,044	2,104	1,941	1,674	3,738	4,261	4,140	3,707	3,763	3,894
Lease liabilities				67	172	152	85	112	144	122
Other non-current liabilities	276	356	357	549	1,181	964	686	767	741	851
Total liabilities	5,533	5,962	5,750	10,429	9,305	9,313	9,486	8,387	8,287	8,155
Total debt	2,063	2,120	2,081	1,926	3,742	4,265	4,142	3,710	4,100	3,896
Paid-in capital	1,104	1,119	1,146	1,145	2,614	2,637	2,675	2,689	2,674	2,676
Retained earnings	4,215	4,531	5,336	5,942	6,296	6,671	7,454	6,152	6,412	6,570
Treasury stock	-1,382	-1,445	-1,585	-1,657	-1,834	-1,812	-2,032	-2,188	-2,537	-3,008
Other comprehensive income	-722	-490	-674	-727	-651	-551	-876	-828	-1,020	-799
Shareholders' equity	3,218	3,717	4,226	4,706	6,428	6,948	7,224	5,828	5,532	5,442
Minority interests	83.6	109	119	138	296	314	284	238	174	172
Total equity	3,302	3,826	4,345	-727	6,724	7,262	7,508	6,066	5,706	5,614
Total liabilities and equity	8,835	9,788	10,095	9,702	16,029	16,575	16,994	14,453	13,993	13,769
Shares outstanding	212	211	208	206	239	240	234	230	219	207

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	637	483	985	797	567	639	1,026	695	399	335
Depreciation and amortization	391	408	431	439	568	574	552	582	673	719
Stock-based compensation	43.6	52	53	42	41	50	64	58	62	66
Deferred income tax	10.8	292	-70	187	124	-187	-94	-60	-156	-133
Change in receivables	-138	-168	-43	19	27	-55	-409	-482	143	2
Change in inventory	-36.5	-85	-53	-36	-28	-179	-158	-72	31	105
Change in payables	135	233	-76	-123	186	-61	433	375	-292	-207
Cash from operations	1,036	1,180	1,126	1,008	1,184	1,306	1,569	1,397	1,382	1,648
Capital expenditures	-501	-560	-546	-481	-441	-514	-622	-832	-671	-469
Acquisitions	0	-186	0	-10	-449	-759	-312	-109	0	0
Purchases of investments					-2	-20	-473
Cash from investing	-404	-752	-514	-489	-866	-1,395	-1,418	-593	-603	-368
Debt issued	4.6	3	59	63	1,178	1,286	5	18	1,008
Debt repaid	-194	-20	-66	-204	-331	-699	-13	-451	-525	-409
Stock issued	13	16	0	0
Share buybacks	-288	-100	-150	-100	-216	0	-240	-177	-402	-508
Dividends paid	-113	-124	-142	-140	-146	-162	-161	-130	-98	-119
Cash from financing	-734	-363	-383	-420	437	286	-567	-521	-167	-1,116
Exchange rate effect	-31.7	36	-35	-6	63	-3	-90	0	-22	55
Net change in cash	-134	101	194	93	818	194	-506	196	560	219
Free cash flow	535	620	580	527	743	792	947	565	711	1,179
Interest paid	100	92	84	72	97	127	131	126	121	133
Income taxes paid	301	280	316	243	205	290	268	362	406	372

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $61.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.5%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.9%	Pre-tax income / revenue.
Net margin	2.9%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.0%	Cash from operations / revenue.
Effective tax rate	32.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.9%	Research and development expense / revenue.
SG&A / revenue	9.3%	Selling, general and administrative expense / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-19.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-18.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-33.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-11.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-31.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-11.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	65.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	27.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-6.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-3.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.13x	Current assets / current liabilities.
Debt / equity	0.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.7%	Total debt / total assets.
Liabilities / assets	58.4%	Total liabilities / total assets.
Interest coverage	7.38x	Operating income / interest expense.
Working capital	$3.76B	Current assets - current liabilities.
Goodwill and intangibles / assets	17.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	4.45x	Revenue / average property, plant and equipment.
Inventory turnover	9.38x	Cost of revenue / average inventory.
Days inventory	39 days	365 x average inventory / cost of revenue.
Receivables turnover	4.69x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
FCF conversion	292.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$69.53	Revenue / diluted weighted shares.
FCF per share	$5.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.36	Cash from operations / diluted weighted shares.
Book value per share	$27.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.60	Tangible book value / shares outstanding.
Payout ratio	33.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	53.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.49B	Share price x shares outstanding.
Enterprise value	$16.35B	Market cap + total debt - cash - short-term investments.
P/E	30.1x	Market cap / net income. Only when net income is positive.
P/S	0.87x	Market cap / revenue.
P/B	2.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.88x	Market cap / tangible book value, when positive.
P/FCF	10.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.24x	Market cap / cash from operations, when positive.
EV/Sales	1.14x	Enterprise value / revenue.
EV/EBIT	22.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.7%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	6.3%	(Dividends paid + share buybacks) / market cap.

What was BORGWARNER INC's revenue in fiscal 2025?

BORGWARNER INC reported revenue of $14.32B for fiscal 2025, 1.6% higher than the year before.

Was BORGWARNER INC profitable in fiscal 2025?

Yes. Net income was $277.0M, a net margin of 1.9%.

How much free cash flow did BORGWARNER INC generate in fiscal 2025?

Cash from operations of $1.65B minus capital expenditures of $469.0M left free cash flow of $1.18B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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