Dana Incorporated Reports Solid 2025 Third-quarter Financial Results; Raises 2025 Full-year Profit Guidance

By PR Newswire | October 29, 2025, 6:59 AM

Highlights

  • Sales of $1.9 billion from continuing operations
  • Net income was $13 million from continuing operations, a $34 million increase compared to last year
  • Adjusted EBITDA of $162 million from continuing operations; 8.5 percent margin, an increase of 260 basis points compared to prior year
  • Operating cash flow* was $111 million, a $76 million increase compared to last year
  • Adjusted free cash flow* was $101 million, a $109 million increase compared to the prior year
  • Sale of Off-Highway business remains on-track for closing in late Q4 2025
  • Repurchased 9.5 million shares in Q3, 24.1 million to date
  • Realized $73 million in cost savings in Q3, $183 million to date; expecting $235 million in 2025
  • Raised full-year profit guidance due to accelerated cost savings

*Cash flow includes cash from both continuing and discontinued operations to align with deal structure

MAUMEE, Ohio, Oct. 29, 2025 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced financial results for the third quarter of 2025 reflecting the Off-Highway business as a discontinued operation for all periods.

"Our business is performing very well, and we are experiencing minimal impact from market fluctuations and customer production disruptions," said R. Bruce McDonald, Dana chairman and chief executive officer. "Our $310 million cost-savings initiative is on track, with over $70 million in savings in the third quarter we are exceeding our expectations. We now expect our fourth-quarter adjusted EBITDA margin to be consistent with our forecasted 2026 margin of 10-10.5 percent. We expect to complete the Off-Highway divestiture in the fourth quarter of this year. The benefits of this transaction are already being realized as we execute our $1 billion capital return program, including $189 million in share repurchases during the quarter. We expect to repurchase an additional $155 million in the fourth quarter, bringing the total to $600 million for the year."

Sales for continuing operations in the third quarter of 2025 totaled $1.92 billion, compared with $1.90 billion in the same period of 2024. 

Net income from continuing operations was $13 million compared with a net loss of $21 million in the third quarter of 2024.

Adjusted EBITDA for the third quarter of 2025 was $162 million or 8.5 percent of sales, compared with $111 million or 5.9 percent of sales for the same period in 2024. The company's cost-savings program has mitigated the margin impact of lower volumes and cost inflation.

Operating cash flow in the third quarter of 2025 was $111 million, compared with $35 million in the same period of 2024. Adjusted free cash flow was $101 million, compared with a use of $8 million in the third quarter of 2024. The improvement was driven by higher profit, lower taxes and working capital requirements.

"The continued execution of our cost-saving plan and operating efficiency improvements are driving our higher profit expectations for this year," said Timothy Kraus, Dana's senior vice president and chief financial officer. "Additionally, the tariff recovery mechanisms we have in place are functioning well and we expect to recover the majority of these costs within the year."

2025 Financial Targets for Continuing Operations

Results for the Off-Highway business are reported as discontinued operations. The sales and adjusted EBITDA guidance targets below are for continuing operations for the full year 2025. The cash flow guidance targets below include cash flows from both continuing and discontinued operations to align with the deal structure.



Guidance

Sales

$7.3 to $7.5 billion

Adjusted EBITDA

$570 to $610 million

Implied adjusted EBITDA margin

7.8% to 8.1%

Operating cash flow

$390 to $440 million

Adjusted free cash flow

$250 to $300 million

 

Dana to Host Conference Call at 9 a.m. Wednesday, October 29

Dana will discuss its third-quarter results in a conference call at 9 a.m. EDT on Wednesday, October 29. The conference call can be accessed by telephone from both domestic and international locations using the information provided below:

Conference ID: 9943139

Participant Toll-Free Dial-In Number: 1 (888) 440-5873

Participant Toll Dial-In Number: 1 (646) 960-0319

Audio streaming and slides will be available online via a link provided on the Dana investor website: www.dana.com/investors. Phone registration will be available beginning at 8:30 a.m. EDT. 

A webcast replay can be accessed via Dana's investor website following the call.

Non-GAAP Financial Information

Adjusted EBITDA is a non-GAAP financial measure which we have defined as net income (loss) before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit costs and other adjustments not related to our core operations (gain/loss on debt extinguishment, pension settlements, divestitures, impairment, etc.). Adjusted EBITDA is a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. We use adjusted EBITDA in assessing the effectiveness of our business strategies, evaluating and pricing potential acquisitions and as a factor in making incentive compensation decisions. In addition to its use by management, we also believe adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate financial performance of our company relative to other Tier 1 automotive suppliers. Adjusted EBITDA should not be considered a substitute for earnings (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Adjusted free cash flow is a non-GAAP financial measure which we have defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment plus proceeds from sale of property, plant and equipment plus cash paid for Off-Highway business divestiture related activities. We believe adjusted free cash flow is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations. Adjusted free cash flow is not intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported in accordance with GAAP. Adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

The accompanying financial information provides reconciliations of adjusted EBITDA and adjusted free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have not provided a reconciliation of our adjusted EBITDA outlook to the most comparable GAAP measures of net income (loss). Providing net income (loss) guidance is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items that are included in net income (loss), including restructuring actions, asset impairments and certain income tax adjustments. The accompanying reconciliations of these non-GAAP measures with the most comparable GAAP measures for the historical periods presented are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. 

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Incorporated

Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe. The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

Based in Maumee, Ohio, USA, the company reported sales of $7.7 billion in 2024 with 28,000 people in 26 countries across six continents. With a history dating to 1904, Dana was named among the "World's Most Ethical Companies" for 2025 by Ethisphere and as one of "America's Most Responsible Companies 2025" by Newsweek. The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer. Learn more at dana.com.

 DANA INCORPORATED











 Consolidated Statement of Operations (Unaudited)











 For the Three Months Ended September 30, 2025 and 2024





























Three Months Ended

 (In millions, except per share amounts)



September 30,







2025



2024

 Net sales





$       1,917



$       1,897

 Costs and expenses









     Cost of sales



1,751



1,775

     Selling, general and administrative expenses



87



106

     Amortization of intangibles



2



2

     Restructuring charges, net



4



20

 Loss on disposal group previously held for sale







4

 Other income (expense), net



(20)



(6)

 Earnings (loss) from continuing operations before interest and income taxes



53



(8)

 Interest income



3



5

 Interest expense



47



38

 Income (loss) from continuing operations before income taxes



9



(41)

 Income tax benefit



(2)



(18)

 Equity in earnings of affiliates



2



2

 Net income (loss) from continuing operations



13



(21)

 Net income from discontinued operations



74



32

 Net income



87



11

     Less: Noncontrolling interests net income from continuing operations



4



7

 Net income attributable to the parent company



$            83



$              4













 Net income per share available to common stockholders









    Basic earnings (loss) per share from continuing operations



$         0.07



$       (0.19)

    Basic earnings per share from discontinued operations



0.58



0.22

    Basic earnings per share



$         0.65



$         0.03













    Diluted earnings (loss) per share from continuing operations



$         0.07



$       (0.19)

    Diluted earnings per share from discontinued operations



0.57



0.22

    Diluted earnings per share



$         0.64



$         0.03













 Weighted-average shares outstanding - Basic



128.4



145.0

 Weighted-average shares outstanding - Diluted



130.8



145.0

 

 DANA INCORPORATED









 Consolidated Statement of Operations (Unaudited)









 For the Nine Months Ended September 30, 2025 and 2024



























Nine Months Ended

 (In millions, except per share amounts)



September 30,







2025



2024

 Net sales





$       5,633



$       5,960

 Costs and expenses









     Cost of sales



5,211



5,609

     Selling, general and administrative expenses



291



328

     Amortization of intangibles



6



6

     Restructuring charges, net



17



36

 Loss on disposal group previously held for sale







(26)

 Other income (expense), net



(31)



(14)

 Earnings (loss) from continuing operations before interest and income taxes



77



(59)

 Interest income



8



9

 Interest expense



130



117

 Loss from continuing operations before income taxes



(45)



(167)

 Income tax benefit



(2)



(13)

 Equity in earnings of affiliates



27



7

 Net loss from continuing operations



(16)



(147)

 Net income from discontinued operations



164



174

 Net income



148



27

     Less: Noncontrolling interests net income from continuing operations



13



17

     Less: Redeemable noncontrolling interests net loss from continuing operations



-



(13)

 Net income attributable to the parent company



$          135



$            23













 Net income per share available to common stockholders









    Basic loss per share from continuing operations



$       (0.21)



$       (1.04)

    Basic earnings per share from discontinued operations



1.18



1.20

    Basic earnings per share



$         0.97



$         0.16













    Diluted loss per share from continuing operations



$       (0.21)



$       (1.04)

    Diluted earnings per share from discontinued operations



1.18



1.20

    Diluted earnings per share



$         0.97



$         0.16













 Weighted-average shares outstanding - Basic



139.2



144.9

 Weighted-average shares outstanding - Diluted



139.2



144.9

 

 DANA INCORPORATED











 Consolidated Statement of Comprehensive Income (Unaudited)











 For the Three Months Ended September 30, 2025 and 2024





































Three Months Ended

 (In millions)



September 30,











2025



2024

 Net income (loss) from continuing operations



$            13



$          (21)

 Other comprehensive income (loss) from continuing operations, net of tax:











Currency translation adjustments



2



16



Hedging gains and losses



6



(6)



Defined benefit plans



1



1





Other comprehensive income from continuing operations



9



11

Total comprehensive income (loss) from continuing operations



22



(10)

Net income from discontinued operations



74



32

Other comprehensive income (loss) from discontinued operations, net of tax:











Currency translation adjustments



(10)



(2)



Hedging gains and losses







(1)





Other comprehensive loss from discontinued operations



(10)



(3)

Total comprehensive income from discontinued operations



64



29

Total comprehensive income



86



19



Less: Comprehensive income from continuing operations attributable to noncontrolling interests



(3)



(7)

Comprehensive income attributable to the parent company



$            83



$            12

 

 DANA INCORPORATED











 Consolidated Statement of Comprehensive Income (Unaudited)











 For the Nine Months Ended September 30, 2025 and 2024





































Nine Months Ended

 (In millions)



September 30,











2025



2024

 Net loss from continuing operations



$          (16)



$        (147)

 Other comprehensive income (loss) from continuing operations, net of tax:











Currency translation adjustments



49



(45)



Hedging gains and losses



47



(34)



Defined benefit plans



1



6





Other comprehensive income (loss) from continuing operations



97



(73)

Total comprehensive income (loss) from continuing operations



81



(220)

Net income from discontinued operations



164



174

Other comprehensive income (loss) from discontinued operations, net of tax:











Currency translation adjustments



(2)



(7)



Hedging gains and losses



1



(1)





Other comprehensive loss from discontinued operations



(1)



(8)

Total comprehensive income from discontinued operations



163



166

Total comprehensive income (loss)



244



(54)



Less: Comprehensive income from continuing operations attributable to noncontrolling interests



(14)



(16)



Less: Comprehensive loss from continuing operations attributable to redeemable noncontrolling interests



-



17

Comprehensive income (loss) attributable to the parent company



$          230



$          (53)

 

 DANA INCORPORATED









 Consolidated Balance Sheet (Unaudited)









 As of September 30, 2025 and December 31, 2024























 (In millions, except share and per share amounts)



September 30,



December 31,









2025



2024

 Assets









 Current assets









 Cash and cash equivalents



$                414



$                494

 Accounts receivable











 Trade, less allowance for doubtful accounts of $16 in 2025 and $13 in 2024



1,184



890



 Other



228



220

 Inventories



1,112



1,047

 Other current assets



151



148

 Current assets of disposal group held for sale



1,040



904





 Total current assets



4,129



3,703

 Intangibles



74



80

 Deferred tax assets



541



514

 Other noncurrent assets



96



118

 Investments in affiliates



96



125

 Operating lease assets



310



256

 Property, plant and equipment, net



1,887



1,830

 Noncurrent assets of disposal group held for sale



975



876





 Total assets



$             8,108



$             7,502















 Liabilities, redeemable noncontrolling interests and equity









 Current liabilities









 Short-term debt



$                630



$                    8

 Current portion of long-term debt



22



214

 Accounts payable



1,206



1,120

 Accrued payroll and employee benefits



201



176

 Taxes on income



64



68

 Current portion of operating lease liabilities



41



34

 Other accrued liabilities



301



314

 Current liabilities of disposal group held for sale



693



626





 Total current liabilities



3,158



2,560

 Long-term debt, less debt issuance costs of $17 in 2025 and $19 in 2024



2,565



2,387

 Noncurrent operating lease liabilities



274



231

 Pension and postretirement obligations



257



233

 Other noncurrent liabilities



297



321

 Noncurrent liabilities of disposal group held for sale



219



185





 Total liabilities



6,770



5,917

 Commitments and contingencies









 Redeemable noncontrolling interests



188



189

 Parent company stockholders' equity











 Preferred stock, 50,000,000 shares authorized, $0.01 par value,













 no shares outstanding



-



-



 Common stock, 450,000,000 shares authorized, $0.01 par value,













 121,917,210 and 144,993,614 shares outstanding



1



2



 Additional paid-in capital



1,863



2,282



 Retained earnings



297



204



 Treasury stock, at cost (1,330,258 and 837,803 shares)



(21)



(13)



 Accumulated other comprehensive loss



(1,047)



(1,142)





 Total parent company stockholders' equity



1,093



1,333

 Noncontrolling interests



57



63





 Total equity



1,150



1,396





 Total liabilities, redeemable noncontrolling interests and equity



$             8,108



$             7,502

 

 DANA INCORPORATED











 Consolidated Statement of Cash Flows (Unaudited)









 For the Three Months Ended September 30, 2025 and 2024



























Three Months Ended

 (In millions)



September 30,







2025



2024

 Operating activities









 Net income



$            87



$            11

 Less: Net income from discontinued operations



74



32

 Net loss from continuing operations



13



(21)

 Depreciation



86



83

 Amortization



3



3

 Amortization of deferred financings charges



1



1

 Earnings of affiliates, net of dividends received



21



(1)

 Stock compensation expense



8



7

 Deferred income taxes



(41)



(13)

 Pension expense, net



(1)



6

 Change in working capital



(10)



(38)

 Change in other noncurrent assets and liabilities



(43)



(8)

 Loss on disposal group previously held for sale







(4)

 Loss on divestiture of ownership interests



(19)





 Other, net



(46)



9

 Net cash provied by (used in) operating activities from continuing operations



(28)



24

 Net cash provided by operating activities from discontinued operations



139



11

 Net cash provided by operating activities



111



35













 Investing activities









 Purchases of property, plant and equipment



(49)



(37)

 Proceeds from sale of property, plant and equipment



1



3

 Settlements of undesignated derivatives



(9)



(1)

 Other, net



(4)



(2)

 Net cash used in investing activities from continuing operations



(61)



(37)

 Net cash provided by (used) in investing activities from discontinued operations



(9)



9

 Net cash used in investing activities



(70)



(28)













 Financing activities









 Net change in short-term debt



100



4

 Proceeds from long-term debt







1

 Repayment of long-term debt



(6)



(5)

 Dividends paid to common stockholders



(13)



(14)

 Repurchases of common stock



(182)





 Distributions to noncontrolling interests



(11)



(12)

 Net cash used in financing activities



(112)



(26)













 Net decrease in cash, cash equivalents and restricted cash



(71)



(19)

 Cash, cash equivalents and restricted cash − beginning of period



501



440

 Effect of exchange rate changes on cash balances



(1)



14

 Cash, cash equivalents and restricted cash − end of period



$          429



$          435

 

 DANA INCORPORATED











 Consolidated Statement of Cash Flows (Unaudited)









 For the Nine Months Ended September 30, 2025 and 2024



























Nine Months Ended

 (In millions)



September 30,







2025



2024

 Operating activities









 Net income



$          148



$            27

 Less: Net income from discontinued operations



164



174

 Net loss from continuing operations



(16)



(147)

 Depreciation



257



253

 Amortization



9



10

 Amortization of deferred financings charges



4



4

 Earnings of affiliates, net of dividends received



(4)



(4)

 Stock compensation expense



31



21

 Deferred income taxes



(67)



16

 Pension expense, net



(1)



6

 Change in working capital



(212)



(219)

 Change in other noncurrent assets and liabilities



(56)



(6)

 Loss on disposal group previously held for sale







26

 Loss on divestiture of ownership interests



(12)





 Other, net



8



(4)

 Net cash used in operating activities from continuing operations



(59)



(44)

 Net cash provided by operating activities from discontinued operations



165



192

 Net cash provided by operating activities



106



148













 Investing activities









 Purchases of property, plant and equipment



(153)



(198)

 Proceeds from sale of property, plant and equipment



12



3

 Proceeds from sales of investments



57





 Settlements of undesignated derivatives



(15)



(5)

 Other, net







2

 Net cash used in investing activities from continuing operations



(99)



(198)

 Net cash used in investing activities from discontinued operations



(31)



(7)

 Net cash used in investing activities



(130)



(205)













 Financing activities









 Net change in short-term debt



622





 Proceeds from long-term debt







1

 Repayment of long-term debt



(216)



(35)

 Dividends paid to common stockholders



(42)



(43)

 Repurchases of common stock



(439)





 Distributions to noncontrolling interests



(14)



(17)

 Collection of note receivable from noncontrolling interest







11

 Contributions from redeemable noncontrolling interests







18

 Swap settlements



(14)





 Other, net



(8)



9

 Net cash used in financing activities



(111)



(56)













 Net decrease in cash, cash equivalents and restricted cash



(135)



(113)

 Cash, cash equivalents and restricted cash − beginning of period



512



563

 Effect of exchange rate changes on cash balances



52



(15)

 Cash, cash equivalents and restricted cash − end of period



$          429



$          435

 

 DANA INCORPORATED









 Reconciliation of Net Cash Provided By Operating Activities to









   Adjusted Free Cash Flow (Unaudited)























Three Months Ended

 (In millions)



September 30,





2025



2024

 Net cash provided by operating activities



$       111



$         35

 Purchases of property, plant and equipment - Continuing operations



(49)



(37)

 Purchases of property, plant and equipment - Discontinued operations



(11)



(9)

 Proceeds from sale of property, plant and equipment - Continuing operations



1



3

 Proceeds from sale of property, plant and equipment - Discontinued operations



-



-

 Cash paid for Off-Highway business divestiture related activities



49



-

 Adjusted free cash flow



$       101



$          (8)















Nine Months Ended

 (In millions)



September 30,





2025



2024

 Net cash provided by operating activities



$       106



$       148

 Purchases of property, plant and equipment - Continuing operations



(153)



(198)

 Purchases of property, plant and equipment - Discontinued operations



(33)



(29)

 Proceeds from sale of property, plant and equipment - Continuing operations



12



3

 Proceeds from sale of property, plant and equipment - Discontinued operations



-



4

 Cash paid for Off-Highway business divestiture related activities



61



-

 Adjusted free cash flow



$          (7)



$        (72)

 

 DANA INCORPORATED









 Segment Sales and Adjusted EBITDA (Unaudited)





 For the Three Months Ended September 30, 2025 and 2024























Three Months Ended

 (In millions)



Setember 30,





2025



2024

 Sales









Light Vehicle



$        1,353



$        1,285

Commercial Vehicle



564



612

 Total Sales



$        1,917



$        1,897











 Adjusted EBITDA









Light Vehicle



$           126



$             82

Commercial Vehicle



51



45

Corporate expense and other items, net



(15)



(16)

 Adjusted EBITDA



$           162



$           111

 

 DANA INCORPORATED









 Segment Sales and Adjusted EBITDA (Unaudited)





 For the Nine Months Ended September 30, 2025 and 2024























Nine Months Ended

 (In millions)



September 30,





2025



2024

 Sales









Light Vehicle



$        3,901



$        4,049

Commercial Vehicle



1,732



1,911

 Total Sales



$        5,633



$        5,960











 Adjusted EBITDA









Light Vehicle



$           306



$           250

Commercial Vehicle



139



117

Corporate expense and other items, net



(43)



(56)

 Adjusted EBITDA



$           402



$           311

 

 DANA INCORPORATED









 Reconciliation of Loss From Continuing Operations Before Income Taxes





   to Adjusted EBITDA (Unaudited)









 For the Nine Months Ended September 30, 2025 and 2024























Three Months Ended

 (In millions)



September 30,





2025



2024

 Income (loss) from continuing operations before income taxes



$               9



$            (41)

 Adjustments related to continuing operations









Interest income



(3)



(5)

Interest expense



47



38

Depreciation



86



83

Amortization



3



3

Non-service cost components of pension and OPEB costs



3



5

Restructuring charges, net



4



20

Stock compensation expense



8



7

Strategic transaction expenses



6



(2)

(Gain) loss on sale of property, plant and equipment



1



(1)

Supplier capacity charge adjustment



(2)





Loss on disposal group previously held for sale







(4)

Other items







8

 Adjusted EBITDA



$           162



$           111

 

 DANA INCORPORATED









 Reconciliation of Loss From Continuing Operations Before Income Taxes

   to Adjusted EBITDA (Unaudited)









 For the Nine Months Ended September 30, 2025 and 2024























Nine Months Ended

 (In millions)



September 30,





2025



2024

 Loss from continuing operations before income taxes



$            (45)



$          (167)

 Adjustments related to continuing operations









Interest income



(8)



(9)

Interest expense



130



117

Depreciation



257



253

Amortization



9



10

Non-service cost components of pension and OPEB costs



7



12

Restructuring charges, net



17



36

Stock compensation expense



31



21

Strategic transaction expenses



12



2

Supplier capacity charge adjustment



(21)





Loss on divestiture of ownership interests



7





Loss on disposal group previously held for sale







26

Other items



6



10

 Adjusted EBITDA



$           402



$           311

 

Cision
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SOURCE Dana Incorporated

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