Aptiv Q3 2026 Revenue Hits $3.2B as Non-Auto Sales Climb

Aptiv PLC (NYSE: APTV) reported third quarter 2026 revenue of $3.2 billion on 3 November 2026, a 2% increase from the prior-year period, alongside U.S. GAAP net income from continuing operations of $194 million and diluted earnings per share of $0.94. Adjusted net income per share came in at $1.42, down from $1.48 a year earlier, while Adjusted EBITDA of $567 million equated to a 17.7% margin, versus 19.1% in the comparable quarter. The company said non-automotive revenue and bookings growth reflected demand across new end markets.

Context — Why Aptiv's Third Quarter Matters Now

Aptiv is now reporting as "New Aptiv," the remaining business after the spin-off of its Electrical Distribution Systems segment. The company said adjusted figures for periods before the spin-off are presented on a pro forma basis to strip out EDS and to exclude general corporate overhead that EDS previously absorbed.

That restatement is the reason the year-over-year comparisons look unusual. The prior-year third quarter carried a non-cash goodwill impairment charge of $648 million, which pushed Aptiv to a GAAP net loss from continuing operations of $488 million and a loss of $2.24 per diluted share. Against that base, the swing to $194 million of GAAP income is largely a function of an impairment that did not repeat.

The cleaner comparison is the adjusted line. Adjusted net income fell to $292 million from $321 million, and Adjusted EBITDA slipped to $567 million from $598 million. Revenue grew, but margin compressed by 140 basis points year over year.

Aptiv's chief executive, Kevin Clark, framed the quarter around portfolio differentiation and a resilient supply chain, saying the company continues to "deliver performance and cost benefits for customers in a changing macro environment." He pointed to non-automotive bookings as evidence the product set travels beyond light vehicles.

Macro conditions matter here because auto suppliers carry fixed cost bases against cyclical volumes. Aptiv's revenue mix is now split across automotive, commercial vehicle, aerospace and defense, telecom and datacom, and other industrial end markets, so the growth rate depends on how those verticals offset each other.

Data — What the Numbers Show

Regional performance diverged sharply. Third-quarter adjusted revenue rose 5% in North America and 5% in Asia Pacific, including 1% growth in China, plus 3% in South America. EMEA declined 5% and was the only region to fall.

The year-to-date picture is similar but softer. Revenue of $9.5 billion rose 2% on a reported basis and 1% adjusted. North America grew 8%, Asia Pacific rose 2% with China down 2%, while EMEA fell 6% and South America slipped 1%.

Metric	Q3 2026	Q3 2025
Revenue	$3.2B	$3.1B
GAAP net income (cont. ops)	$194M	-$488M
Adjusted EPS	$1.42	$1.48
Adjusted EBITDA margin	17.7%	19.1%

Year-to-date Adjusted EBITDA was $1,729 million against $1,754 million a year earlier, an 18.1% margin versus 18.8%. Adjusted net income of $897 million, or $4.26 per share, compared with $940 million, or $4.24 per share.

Cash generation held up. Third-quarter operating cash flow from continuing operations was $320 million, with free cash flow of $194 million. Year-to-date operating cash flow from continuing operations was $402 million, down from $853 million, and capital expenditures ran at $404 million versus $366 million.

Interest expense fell to $59 million in the quarter from $88 million, reflecting the debt repayment that followed the spin-off. Aptiv repurchased 4.7 million shares for $233 million in the quarter, taking year-to-date buybacks to $558 million, with $1.6 billion remaining under its authorization.

Analysis — What It Means for Auto Supplier Exposure

Aptiv's problem is not volume, it is mix and margin. Adjusted EBITDA margin of 17.7% in the quarter sits below the 18.4% full-year Adjusted EBITDA margin implied by the company's own guidance, which means management expects the fourth quarter to run better than the third.

The EMEA weakness is the structural issue. A 5% third-quarter decline and a 6% year-to-date decline in the region contrast with North American growth of 5% and 8% respectively. Any investor tracking European light-vehicle production exposure through Aptiv is effectively taking a position on that regional spread narrowing.

The counter-argument is the non-automotive pivot. Aerospace and defense, telecom and datacom, and diversified industrial demand do not move with global car builds. If those bookings convert, Aptiv's revenue becomes less correlated with the auto cycle, which is the whole rationale for the portfolio reshaping.

A limitation: Aptiv did not disclose the revenue split between automotive and non-automotive end markets, so the scale of that offset cannot be quantified from this report. The company also did not break out the terms or timing of the EDS separation costs still flowing through results.

On positioning, the buyback is the visible signal. Repurchasing 4.7 million shares in a single quarter against roughly 206 million diluted shares outstanding shows management directing cash to the equity rather than to capacity. That supports the share count line, which fell from 217.41 million diluted shares a year ago to 206.29 million.

Outlook — What to Watch Next

Aptiv guided fourth-quarter net sales to $3,110-$3,210 million, GAAP net income from continuing operations of $197-$237 million, and Adjusted EBITDA of $582-$642 million, implying a 19.4% Adjusted EBITDA margin. Adjusted net income per share is guided to $1.35-$1.55.

Full-year 2026 guidance is net sales of $12,650-$12,750 million, Adjusted EBITDA of $2,310-$2,370 million at an 18.4% margin, and Adjusted net income per share of $5.60-$5.80. Free cash flow is guided to $625-$675 million on operating cash flow of $1,154-$1,204 million.

The company said its GAAP effective tax rate should be about 17% for the year, with an adjusted rate near 18%. The fourth-quarter margin target is the number to watch: it requires a step up from the 17.7% just delivered, and it is the clearest test of whether the cost actions tied to the EDS separation are landing.

Frequently Asked Questions

Why did Aptiv's GAAP earnings swing so sharply from a loss to a profit?

The prior-year third quarter included a non-cash goodwill impairment charge of $648 million, which drove a GAAP loss from continuing operations of $488 million, or $2.24 per diluted share. That charge did not repeat in 2026. The adjusted comparison, which excludes such items, shows net income of $292 million this year versus $321 million last year, so the underlying decline is real even as the GAAP line flips positive.

What does the EDS spin-off mean for how investors should read Aptiv's numbers?

Aptiv now reports as "New Aptiv," excluding the Electrical Distribution Systems segment. The company presents adjusted metrics on a pro forma basis for periods before the spin-off and excludes corporate overhead that EDS previously absorbed. That means prior-year adjusted figures have been restated, and reported GAAP comparisons spanning the spin-off are not like-for-like. Investors should anchor on the adjusted revenue growth and Adjusted EBITDA lines for trend analysis.

Is Aptiv's buyback pace sustainable at current cash flow?

Aptiv repurchased 4.7 million shares for $233 million in the third quarter and $558 million year to date, leaving $1.6 billion authorized. Third-quarter free cash flow was $194 million, below the buyback outlay, though year-to-date free cash flow guidance of $625-$675 million plus the cash received from the spin-off and lower interest expense support the program. The company did not state a target pace for future repurchases.

Bottom Line

Aptiv grew revenue 2% but its adjusted margin compressed to 17.7%, leaving fourth-quarter execution as the swing factor.

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