BWA financial statements

The full income statement, balance sheet, and cash-flow statement for BorgWarner Inc. (BWA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 227.8M2024-09 218.7M2024-12 218.7M2025-03 219.7M2025-06 216.4M2025-09 213.9M2025-12 207.0M2026-03 205.1M2026-06 203.7M-10.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	14.3B YoY+1.6%	14.1B YoY-0.8%	14.2B YoY+12.4%	12.6B YoY+7.0%	11.8B YoY+16.1%
	2.67B YoY+1.0%	2.65B YoY+3.1%	2.57B YoY+8.4%	2.37B YoY+9.0%	2.17B YoY+13.8%
Cost of revenue	11.6B YoY+1.8%	11.4B YoY-1.7%	11.6B YoY+13.3%	10.3B YoY+6.6%	9.63B YoY+16.7%
Research & development	710M YoY-3.5%	736M YoY+2.6%	717M YoY+2.3%	701M YoY+19.6%	586M YoY+23.1%
Selling, general & administrative	1.30B YoY-3.4%	1.35B YoY+2.6%	1.32B YoY+2.0%	1.29B YoY+18.9%	1.08B YoY+14.1%
Restructuring	101M YoY+36.5%	74.0M YoY-6.3%	79.0M YoY+64.6%	48.0M YoY-55.6%	108M YoY-46.8%
Amortization of intangibles	66.0M YoY-4.3%	69.0M YoY+3.0%	67.0M YoY-2.9%	69.0M YoY+16.9%	59.0M YoY-33.7%
Provision for credit losses	7.00M YoY-30.0%	10.0M YoY+150.0%	4.00M YoY+100.0%	2.00M	0.00 YoY-100.0%
Operating income	536M YoY-1.8%	546M YoY-52.9%	1.16B YoY+15.0%	1.01B YoY+10.4%	914M YoY+47.9%
Interest expense	99.0M YoY+17.9%	84.0M YoY+15.1%	73.0M YoY+40.4%	52.0M YoY-44.1%	93.0M YoY+52.5%
Interest & investment income	60.0M YoY+11.1%	54.0M YoY+54.3%	35.0M YoY+75.0%	20.0M YoY+81.8%	11.0M YoY-8.3%
Net interest income	-39.0M YoY-95.0%	-20.0M YoY-100.0%	-10.0M YoY+80.4%	-51.0M YoY+44.0%	-91.0M YoY-49.2%
Equity-method income	35.0M YoY+29.6%	27.0M YoY-10.0%	30.0M YoY+7.1%	28.0M YoY-33.3%	42.0M YoY+133.3%
Pre-tax income	524M YoY-2.8%	539M YoY-45.6%	991M YoY+8.5%	913M YoY+79.0%	510M YoY-47.1%
Income tax	189M YoY+70.3%	111M YoY-61.6%	289M YoY+48.2%	195M YoY+200.0%	65.0M YoY-83.6%
	277M YoY-18.0%	338M YoY-45.9%	625M YoY-33.8%	944M YoY+75.8%	537M YoY+7.4%
Income from continuing operations	277M YoY-24.5%	367M YoY-41.9%	632M YoY-0.6%	636M YoY+85.4%	343M
Discontinued operations	0.00 YoY+100.0%	-29.0M YoY-314.3%	-7.00M YoY-102.3%	308M YoY+58.8%	194M
Net income to non-controlling interest	—	—	—	82.0M YoY-19.6%	102M YoY+52.2%
	$1.28 YoY-14.7%	$1.50 YoY-43.8%	$2.67 YoY-33.1%	$3.99 YoY+78.1%	$2.24 YoY-4.3%
EPS (basic)	$1.29 YoY-14.6%	$1.51 YoY-43.7%	$2.68 YoY-33.2%	$4.01 YoY+78.2%	$2.25 YoY-4.3%
	214M YoY-4.2%	224M YoY-4.0%	233M YoY-1.1%	236M YoY-1.1%	238M YoY+11.8%
	216M YoY-3.7%	225M YoY-4.1%	234M YoY-1.0%	237M YoY-1.1%	240M YoY+11.9%
Dividends per share	$0.56 YoY+27.3%	$0.44 YoY-21.4%	$0.56 YoY-17.6%	$0.68 YoY+0.0%	$0.68 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.79B YoY+4.2%	6.52B YoY+4.9%	6.22B YoY-6.0%	6.62B YoY+0.3%	6.60B YoY+7.0%
Cash & equivalents	2.31B YoY+10.5%	2.09B YoY+36.5%	1.53B YoY+14.6%	1.34B YoY-27.3%	1.84B YoY+11.6%
Accounts receivable	2.96B YoY+4.2%	2.84B YoY-8.6%	3.11B YoY+25.8%	2.47B YoY-14.7%	2.90B YoY-0.7%
Inventory	1.21B YoY-3.5%	1.25B YoY-4.7%	1.31B YoY+7.9%	1.22B YoY-20.7%	1.53B YoY+19.3%
Prepaid expenses	313M YoY-6.0%	333M YoY+27.6%	261M YoY+13.5%	230M YoY-28.3%	321M YoY+2.9%
Other current assets	47.0M YoY-43.4%	83.0M YoY+45.6%	57.0M YoY+14.0%	50.0M YoY-32.4%	74.0M YoY+2.8%
	13.8B YoY-1.6%	14.0B YoY-3.2%	14.5B YoY-15.0%	17.0B YoY+2.5%	16.6B YoY+3.4%
Operating lease right-of-use	151M YoY-14.7%	177M YoY+23.8%	143M YoY+34.9%	106M YoY-42.7%	185M YoY-12.3%
Goodwill	2.06B YoY-12.8%	2.36B YoY-21.8%	3.01B YoY+1.2%	2.98B YoY+4.3%	2.85B YoY+8.6%
Intangible assets	394M YoY-16.9%	474M YoY-16.0%	564M YoY-8.9%	619M YoY-43.3%	1.09B YoY-0.5%
Deferred tax assets	556M YoY+54.9%	359M YoY+39.7%	257M YoY+43.6%	179M YoY-29.5%	254M YoY-12.7%
Other non-current assets	838M YoY+18.0%	710M YoY+38.7%	512M YoY+4.7%	489M YoY-28.4%	683M YoY-6.2%
	3.28B YoY-10.0%	3.65B YoY-3.2%	3.77B YoY-11.1%	4.24B YoY+11.5%	3.80B YoY-0.3%
Accounts payable	—	—	—	2.68B YoY+17.9%	2.28B
Deferred revenue	1.00M YoY-92.3%	13.0M YoY-27.8%	18.0M YoY+28.6%	14.0M YoY-33.3%	21.0M YoY-4.5%
Short-term & current debt	2.00M YoY-99.4%	337M YoY+11133.3%	3.00M YoY+50.0%	2.00M YoY-50.0%	4.00M YoY+0.0%
Current lease liability	36.0M YoY-5.3%	38.0M YoY+2.7%	37.0M YoY+68.2%	22.0M YoY-48.8%	43.0M YoY-8.5%
Other current liabilities	1.28B YoY+5.3%	1.22B YoY+5.9%	1.15B YoY+5.9%	1.08B YoY-25.5%	1.46B YoY+3.3%
Finance lease liability (current)	2.00M YoY-33.3%	3.00M YoY+0.0%	3.00M YoY+50.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
	8.15B YoY-1.6%	8.29B YoY-1.2%	8.39B YoY-11.6%	9.49B YoY+1.9%	9.31B YoY+0.1%
Long-term debt	3.89B YoY+3.5%	3.76B YoY+1.5%	3.71B YoY-10.5%	4.14B YoY-2.8%	4.26B YoY+14.0%
Deferred revenue (non-current)	1.00M YoY-98.9%	88.0M YoY+6.0%	83.0M YoY+40.7%	59.0M YoY-13.2%	68.0M YoY+23.6%
Non-current lease liability	122M YoY-15.3%	144M YoY+28.6%	112M YoY+31.8%	85.0M YoY-44.1%	152M YoY-11.6%
Operating lease liability (total)	158M YoY-13.2%	182M YoY+22.1%	149M YoY-28.4%	208M YoY+6.7%	195M YoY-11.0%
Finance lease liability (total)	18.0M YoY-21.7%	23.0M YoY-11.5%	26.0M YoY+116.7%	12.0M YoY-7.7%	13.0M YoY-7.1%
Finance lease liability	16.0M YoY-20.0%	20.0M YoY-13.0%	23.0M YoY+155.6%	9.00M YoY-18.2%	11.0M YoY-8.3%
Deferred tax liabilities	165M YoY-1.2%	167M YoY+4.4%	160M YoY+11.9%	143M YoY-30.6%	206M YoY-25.4%
Other non-current liabilities	851M YoY+14.8%	741M YoY-3.4%	767M YoY+11.8%	686M YoY-28.8%	964M YoY-18.4%
	5.44B YoY-1.6%	5.53B YoY-5.1%	5.83B YoY-19.3%	7.22B YoY+4.0%	6.95B YoY+8.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%
Additional paid-in capital	2.68B YoY+0.1%	2.67B YoY-0.6%	2.69B YoY+0.5%	2.67B YoY+1.4%	2.64B YoY+0.9%
Retained earnings	6.57B YoY+2.5%	6.41B YoY+4.2%	6.15B YoY-17.5%	7.45B YoY+11.7%	6.67B YoY+6.0%
Treasury stock	3.01B YoY+18.6%	2.54B YoY+16.0%	2.19B YoY+7.7%	2.03B YoY+12.1%	1.81B YoY-1.2%
Accumulated other comprehensive income	-799M YoY+21.7%	-1.02B YoY-23.2%	-828M YoY+5.5%	-876M YoY-59.0%	-551M YoY+15.4%
Non-controlling interest	172M YoY-1.1%	174M YoY-26.9%	238M YoY-16.2%	284M YoY-9.6%	314M YoY+6.1%
Total equity incl. non-controlling	5.61B YoY-1.6%	5.71B YoY-5.9%	6.07B YoY-19.2%	7.51B YoY+3.4%	7.26B YoY+8.0%
Total liabilities & equity	13.8B YoY-1.6%	14.0B YoY-3.2%	14.5B YoY-15.0%	17.0B YoY+2.5%	16.6B YoY+3.4%
	284M YoY+0.0%	284M YoY+0.0%	284M YoY+0.0%	284M YoY+0.0%	284M YoY+0.0%
	207M YoY-5.3%	219M YoY-4.8%	230M YoY-1.9%	234M YoY-2.4%	240M YoY+0.4%
	207M YoY-5.3%	219M YoY-4.8%	230M YoY-1.9%	234M YoY-2.4%	240M YoY+0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.65B YoY+19.2%	1.38B YoY-1.1%	1.40B YoY-11.0%	1.57B YoY+20.1%	1.31B YoY+10.3%
Depreciation & amortization	719M YoY+6.8%	673M YoY+15.6%	582M YoY+5.4%	552M YoY-3.8%	574M YoY+1.1%
Intangible amortization	66.0M YoY-4.3%	69.0M YoY+3.0%	67.0M YoY-2.9%	69.0M YoY+16.9%	59.0M YoY-33.7%
Share-based compensation	66.0M YoY+6.5%	62.0M YoY+6.9%	58.0M YoY-9.4%	64.0M YoY+28.0%	50.0M YoY+22.0%
Deferred income taxes	-133M YoY+14.7%	-156M YoY-160.0%	-60.0M YoY+36.2%	-94.0M YoY+49.7%	-187M YoY-250.8%
Change in inventory	-105M YoY-238.7%	-31.0M YoY-143.1%	72.0M YoY-54.4%	158M YoY-11.7%	179M YoY+539.3%
	—	—	—	-1.42B YoY-1.6%	-1.40B YoY-61.1%
Capital expenditure	469M YoY-30.1%	671M YoY-19.4%	832M YoY+33.8%	622M YoY+21.0%	514M YoY+16.6%
Free cash flow	1.18B YoY+65.8%	711M YoY+25.8%	565M YoY-40.3%	947M YoY+19.6%	792M YoY+6.6%
Acquisitions	0.00	0.00 YoY-100.0%	109M YoY-65.1%	312M YoY-58.9%	759M YoY+69.0%
Purchases of investments	—	—	—	473M YoY+2265.0%	20.0M YoY+900.0%
	—	—	—	-567M YoY-298.3%	286M YoY-34.6%
Long-term debt issued	0.00 YoY-100.0%	1.01B YoY+5500.0%	18.0M YoY+260.0%	5.00M YoY-99.6%	1.29B YoY+9.2%
Long-term debt repaid	409M YoY-22.1%	525M YoY+16.4%	451M YoY+3369.2%	13.0M YoY-98.1%	699M YoY+111.2%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	508M YoY+26.4%	402M YoY+127.1%	177M YoY-26.3%	240M	0.00 YoY-100.0%
Dividends paid	119M YoY+21.4%	98.0M YoY-24.6%	130M YoY-19.3%	161M YoY-0.6%	162M YoY+11.0%
Other financing activities	—	—	—	-18.0M YoY-20.0%	-15.0M YoY-15.4%
FX effect on cash	55.0M YoY+350.0%	-22.0M	0.00 YoY+100.0%	-90.0M YoY-2900.0%	-3.00M YoY-104.8%
Net change in cash	219M YoY-60.9%	560M YoY+185.7%	196M YoY+138.7%	-506M YoY-360.8%	194M YoY-76.3%
Interest paid	133M YoY+9.9%	121M YoY-4.0%	126M YoY-3.8%	131M YoY+3.1%	127M YoY+30.9%
Income taxes paid	372M YoY-8.4%	406M YoY+12.2%	362M YoY+35.1%	268M YoY-7.6%	290M YoY+41.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	9.33B YoY+34.2%	6.95B YoY-17.5%	8.43B YoY+1.6%	8.30B YoY-12.9%	9.52B YoY+17.1%
P/E	33.7× YoY+63.8%	20.6× YoY+77.0%	11.6× YoY+14.7%	10.1× YoY-42.9%	17.7× YoY+9.0%
P/S	0.7× YoY+32.0%	0.5× YoY-18.0%	0.6× YoY-16.7%	0.7× YoY-10.4%	0.8× YoY+0.9%
P/B	1.7× YoY+36.4%	1.3× YoY-14.0%	1.5× YoY+19.3%	1.2× YoY-10.6%	1.4× YoY+8.3%
P/FCF	7.9× YoY-19.1%	9.8× YoY-10.1%	10.9× YoY+1.4%	10.7× YoY-10.8%	12.0× YoY+9.9%
	3.0% YoY-38.9%	4.9% YoY-43.5%	8.6% YoY-12.8%	9.9% YoY+75.0%	5.6% YoY-8.3%
	12.6% YoY+23.6%	10.2% YoY+11.2%	9.2% YoY-1.4%	9.3% YoY+12.1%	8.3% YoY-9.0%
	1.2% YoY-10.2%	1.4% YoY-11.4%	1.6% YoY-18.6%	1.9% YoY+12.0%	1.7% YoY-14.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: BWA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BWA filings on SEC EDGAR → Not investment advice.