# VISTEON CORP (VC)

Informational only - not investment advice.

CIK: 0001111335
SIC: 3714 Motor Vehicle Parts & Accessories
SIC breadcrumb: [Manufacturing](/division/D/) > [Transportation Equipment](/major-group/37/) > [SIC 3714 Motor Vehicle Parts & Accessories](/industry/3714/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1111335
Filing source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001111335-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001111335.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,768,000,000 USD | 2025 | verified |
| Net income | 201,000,000 USD | 2025 | verified |
| Assets | 3,386,000,000 USD | 2025 | verified |
| Net margin | 5.33% | 2025 | computed |
| Revenue YoY | -2.53% | 2025 | computed |
| ROE | 12.82% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.3% | 3.3% | 73 | 23 |
| Revenue growth | -2.5% | 3.3% | 13 | 24 |
| ROE | 12.8% | 8.6% | 71 | 22 |
| ROA | 5.9% | 3.2% | 74 | 24 |
| Liabilities / equity | 1.16 | 1.60 | 19 | 22 |
| Current ratio | 1.80 | 2.01 | 35 | 24 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3714 Motor Vehicle Parts & Accessories, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3768000000 | USD | 2025 | 2026-02-19 |
| Net income | 201000000 | USD | 2025 | 2026-02-19 |
| Assets | 3386000000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001111335.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 3,161,000,000 | 3,146,000,000 | 2,984,000,000 | 2,945,000,000 | 2,548,000,000 | 2,773,000,000 | 3,756,000,000 | 3,954,000,000 | 3,866,000,000 | 3,768,000,000 |
| Net income | 75,000,000 | 176,000,000 | 164,000,000 | 70,000,000 | -56,000,000 | 41,000,000 | 124,000,000 | 568,000,000 | 296,000,000 | 201,000,000 |
| Gross profit | 456,000,000 | 491,000,000 | 411,000,000 | 324,000,000 | 245,000,000 | 254,000,000 | 368,000,000 | 487,000,000 | 531,000,000 | 532,000,000 |
| Diluted EPS | 2.12 | 5.47 | 5.52 | 2.48 | -2.01 | 1.44 | 4.35 | 19.93 | 10.61 | 7.28 |
| Operating cash flow | 116,000,000 | 215,000,000 | 204,000,000 | 183,000,000 | 168,000,000 | 58,000,000 | 167,000,000 | 267,000,000 | 427,000,000 | 410,000,000 |
| Dividends paid |  |  |  |  |  |  |  | 0.00 | 0.00 | 15,000,000 |
| Share buybacks | 500,000,000 | 200,000,000 | 300,000,000 | 20,000,000 | 16,000,000 | 0.00 | 0.00 | 107,000,000 | 63,000,000 | 57,000,000 |
| Assets | 2,373,000,000 | 2,304,000,000 | 2,007,000,000 | 2,271,000,000 | 2,271,000,000 | 2,234,000,000 | 2,450,000,000 | 2,727,000,000 | 2,966,000,000 | 3,386,000,000 |
| Stockholders' equity | 586,000,000 | 637,000,000 | 465,000,000 | 480,000,000 | 387,000,000 | 516,000,000 | 675,000,000 | 1,038,000,000 | 1,333,000,000 | 1,568,000,000 |
| Cash and cash equivalents | 878,000,000 | 706,000,000 | 463,000,000 | 466,000,000 | 496,000,000 | 452,000,000 | 520,000,000 | 515,000,000 | 623,000,000 | 771,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 2.37% | 5.59% | 5.50% | 2.38% | -2.20% | 1.48% | 3.30% | 14.37% | 7.66% | 5.33% |
| Return on equity | 12.80% | 27.63% | 35.27% | 14.58% | -14.47% | 7.95% | 18.37% | 54.72% | 22.21% | 12.82% |
| Return on assets | 3.16% | 7.64% | 8.17% | 3.08% | -2.47% | 1.84% | 5.06% | 20.83% | 9.98% | 5.94% |
| Liabilities / equity | 3.05 | 2.62 | 3.32 | 3.73 | 4.87 | 3.33 | 2.63 | 1.63 | 1.23 | 1.16 |
| Current ratio | 1.87 | 2.00 | 1.80 | 1.69 | 1.63 | 1.67 | 1.65 | 1.74 | 1.74 | 1.80 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/VC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001111335.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 | 1,026,000,000 |  | 1.54 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 | 967,000,000 |  | 1.18 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 983,000,000 | 20,000,000 | 0.70 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,014,000,000 | 66,000,000 | 2.32 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 |  | 366,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 933,000,000 | 42,000,000 | 1.50 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,014,000,000 | 71,000,000 | 2.54 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 980,000,000 | 39,000,000 | 1.40 | reported discrete quarter |
| 2025-Q1 | 2025-03-31 | 934,000,000 | 65,000,000 | 2.36 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 969,000,000 | 65,000,000 | 2.36 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 917,000,000 | 57,000,000 | 2.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 |  | 14,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 954,000,000 | 31,000,000 | 1.14 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 960,000,000 | 49,000,000 | 1.80 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VC's latest 10-K: [/company/VC/business/](/company/VC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VC's latest 10-K: [/company/VC/risk-factors/](/company/VC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000046/vc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations, financial condition, and cash flows of Visteon Corporation (“Visteon” or the “Company”). MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission on February 19, 2026 and the financial statements and accompanying notes to the financial statements included elsewhere herein.

Executive Summary

Strategic Priorities

Visteon is a global automotive technology company serving the mobility industry, dedicated to creating more enjoyable, connected, and safe driving experiences. The Company's platforms leverage proven, scalable hardware and software solutions that enable the digital, electric, and autonomous evolution of its global automotive customers. The automotive technology market is expected to grow faster than underlying vehicle production volumes as the vehicle shifts from analog to digital, incorporates increased connectivity through onboard computing, software and cloud-enabled features, and includes more advanced safety and Artificial Intelligence ("AI") features.

The Company has laid out the following strategic priorities:

•Technology Innovation - The Company is an established global leader in cockpit electronics and is positioned to provide solutions as the industry transitions to the next generation automotive cockpit experience. The cockpit is becoming fully digital, connected, automated, AI and voice enabled. The Company's broad portfolio of digital cockpit and electrification electronics positions Visteon to support these macro trends in the automotive industry.

•Long-Term Growth - The Company has continued to win business at a rate that exceeds current sales levels by demonstrating product quality, technical and development capability, new product innovation, reliability, timeliness, product design, manufacturing capability, and flexibility, as well as overall customer service.

•Balanced Capital Allocation with a Strong Balance Sheet - The Company continues to maintain a strong balance sheet to withstand near-term industry volatility and support a balanced capital allocation framework. The Company is primarily focused on allocating capital to high-returning organic initiatives that increase internal capabilities, attractive inorganic growth opportunities, and returning capital to shareholders. Since 2023, the Company has returned nearly $300 million to shareholders through a combination of share repurchases and cash dividends. In June 2026, the Company reinforced its commitment to shareholder returns by authorizing a new $800 million share repurchase program extending through 2029.

Financial Results

The pie charts below highlight the net sales breakdown for Visteon for the three and six months ended June 30, 2026.

Three Months Ended June 30, 2026

27

Six Months Ended June 30, 2026

*Regional net sales are based on the geographic region where sales originate and not where customer is located (excludes inter-regional eliminations).

Global Automotive Market Conditions and Production Levels

Global light‑vehicle production was flat in the second quarter of 2026 compared to 2025, based on July 2026 Mobility Global, Inc. data, with production volumes for the Company’s key customers declining by approximately 5%. In the Americas, industry production increased by approximately 1%, while production volumes at the Company’s major customers declined by an estimated 4%. Retail demand remained relatively resilient, with U.S. seasonally adjusted retail sales remaining above 16 million units. This reflected continued consumer demand for internal‑combustion and hybrid vehicles, partially offset by a decline in electric‑vehicle (“EV”) purchases following the expiration of federal EV tax credits. In Europe, industry production decreased approximately 1% compared to the prior year, while production volumes at the Company’s largest European customers declined by approximately 3%. In China, production volumes declined by approximately 3%, with production at the Company’s key customers declining by approximately 13%.

Looking ahead, Mobility Global, Inc. expects global light-vehicle production to decrease by 2% compared to 2025, with production volumes for the Company’s key customers anticipated to decline by approximately 4%. The ongoing conflict in the Middle East may further decrease production, though the magnitude of the decrease is uncertain. Memory chip market conditions are creating cost pressures and have the potential to affect industry production volumes, as memory supplier capacity is increasingly allocated to support growth in data center infrastructure. The impact of tariffs on the automotive industry remains uncertain, with the potential to increase production costs and weigh on future vehicle volumes; however, the effects have been minimal to date.

The extent to which these factors affect future financial performance will depend on the evolution of tariff policies, customer production schedules, supply chain conditions, customer market share shifts, and the pace of EV adoption.

28

Results of Operations - Three Months Ended June 30, 2026 and 2025

The Company's consolidated results of operations for the three months ended June 30, 2026 and 2025 were as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["(In millions)","2026","","2025","","Change"],["Net sales","$","960","","","$","969","","","$","(9)"],["Cost of sales","(842)","","","(828)","","","(14)"],["Gross margin","118","","","141","","","(23)"],["Selling, general and administrative expenses","(46)","","","(48)","","","2"],["Restructuring, net","1","","","(1)","","","2"],["Interest income, net","3","","","2","","","1"],["Equity in net income (loss) of non-consolidated affiliates","2","","","2","","","\u2014"],["Other income (expense), net","(2)","","","1","","","(3)"],["Provision for income taxes2","(26)","","","(22)","","","(4)"],["Net income (loss)2","50","","","75","","","(25)"],["Less: Net (income) loss attributable to non-controlling interests","(1)","","","(4)","","","3"],["Net income (loss) attributable to Visteon Corporation2","$","49","","","$","71","","","$","(22)"],["Adjusted EBITDA1","$","116","","","$","134","","","$","(18)"],["1 Adjusted EBITDA is a Non-GAAP financial measure, as further discussed below."],["2Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets described in Note 1. \"Summary of Significant Accounting Policies\" within Part II, Item 8, \u201cFinancial Statements and Supplementary Data.\u201d of the Annual Report on Form 10-K for the year ended December 31, 2025."]]
[[/GREPCENT_TABLE]]

Net Sales, Cost of Sales and Gross Margin

[[GREPCENT_TABLE]]
[["(In millions)","Net Sales","","Cost of Sales","","Gross Margin"],["Three months ended June 30, 2025","969","","","$","(828)","","","$","141"],["Volume, mix, and net new business","(17)","","","13","","","(4)"],["Currency","4","","","(11)","","","(7)"],["Customer pricing","(1)","","","\u2014","","","(1)"],["Engineering costs, net *","\u2014","","","(12)","","","(12)"],["Cost performance, design changes and other","5","","","(4)","","","1"],["Three months ended June 30, 2026","960","","","(842)","","","$","118"],["*Excludes the impact of currency."]]
[[/GREPCENT_TABLE]]

Net sales for the three months ended June 30, 2026 totaled $960 million, representing a decrease of $9 million compared with the same period of 2025. Volumes and net new business decreased net sales by $17 million. Customer pricing decreased net sales by $1 million as a result of annual price reductions and partially offset by higher customer recoveries due to elevated semiconductor cost. Favorable currency increased net sales by $4 million, primarily attributable to the euro, Brazilian real, and Chinese renminbi, partially offset by the Indian rupee and the Japanese yen. Other cost performance, design changes and other net sales increased by $5 million, primarily due to sales from the recently acquired engineering services companies and other commercial items.

Cost of sales increased by $14 million for the three months ended June 30, 2026 compared with the same period in 2025. Volume, mix and net new business decreased cost of sales by $13 million. Net engineering costs, excluding currency, increased cost of sales by $12 million. Foreign currency increased cost of sales by $11 million, primarily attributable to the euro, Chinese renminbi, and Brazilian real, partially offset by the Indian rupee. Cost performance, design changes and other increased cost of sales by $4 million primarily due to higher semiconductor and manufacturing costs, partially offset by ongoing cost discipline.

29

A summary of net engineering costs is shown below:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["(In millions)","2026","","2025"],["Gross engineering costs","$","(97)","","","$","(88)"],["Engineering recoveries","35","","","36"],["Engineering costs, net","$","(62)","","","$","(52)"]]
[[/GREPCENT_TABLE]]

Gross engineering costs relate to forward model program development, advanced engineering activities and services. Net engineering costs were $62 million and $52 million for the three months ended June 30, 2026 and 2025, respectively. The increase is primarily due to recent engineering services acquisitions and timing of project spend, partially offset by lower personnel costs.

Selling, General and Administrative Expenses

Selling, general, and administrative expenses were $46 million and $48 million, during the three months ended June 30, 2026 and 2025, respectively. The decrease in expenses during the second quarter is primarily related to lower bad debt expense.

Restructuring, net

During the three months ended June 30, 2026, the Company recorded a release of $1 million of net restructuring expense primarily due to a change in estimate of the Q1 2026 programs. During the three months ended June 30, 2025, the Company recorded an expense of $1 million of net restructuring expense. These expenses are primarily related to employee severance. The second quarter release reflects an updated assessment of restructuring actions and related costs based on initiatives identified during the quarter.

Interest, Net

Interest, net for the three months ended June 30, 2026 increased by $1 million when compared to the same period in 2025. The increase in interest, net is due to lower interest expense related to the debt amendment executed in April 2026.

Equity in Net Income of Non-Consolidated Affiliates

Equity in net income of non-consolidated affiliates was income of $2 million during the three months ended June 30, 2026 and 2025.

Other Income (Expense), Net

Other income, net was a loss of $2 million and a gain of $1 million for the three months ended June 30, 2026 and 2025, respectively. During the three months ended June 30, 2026, the loss was primarily due to acquisition and debt amendment costs, partially offset by pension financing benefits.

During the three months ended June 30, 2025, the gain consisted primarily of net pension financing benefits, partially offset by acquisition costs.

Income Taxes

The Company's provision for income taxes was $26 million for the three months ended June 30, 2026, compared with $22 million for the same period in 2025. The increase was primarily attributable to net discrete tax expense of $5 million recognized during the second quarter of 2026, consisting principally of a $4 million charge related to the resolution of a tax audit in Tunisia and a $3 million charge associated with the settlement of a bilateral advance pricing arrangement between the United States and India, pa

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm
Complete FY 2025 MD&A: /company/VC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations, financial condition, and cash flows of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s consolidated financial statements and related notes appearing in Item 8 of this Annual Report on Form 10-K “Financial Statements and Supplementary Data”.

Executive Summary

Strategic Priorities

Visteon is a global automotive technology company serving the mobility industry, dedicated to creating more enjoyable, connected, and safe driving experiences. The Company's platforms leverage proven, scalable hardware and software solutions that enable the digital, electric, and autonomous evolution of its global automotive customers. The automotive mobility market is expected to grow faster than underlying vehicle production volumes as the vehicle shifts from analog to digital, incorporates increased connectivity through onboard computing, software and cloud-enabled features, and includes more advanced safety features.

The Company has laid out the following strategic priorities:

•Technology Innovation - The Company is an established global leader in cockpit electronics and is positioned to provide solutions as the industry transitions to the next generation automotive cockpit experience. The cockpit is becoming fully digital, connected, automated, and voice enabled. The Company's broad portfolio of digital cockpit and electrification electronics positions Visteon to support these macro trends in the automotive industry.

•Long-Term Growth - The Company has continued to win business at a rate that exceeds current sales levels by demonstrating product quality, technical and development capability, new product innovation, reliability, timeliness, product design, manufacturing capability, and flexibility, as well as overall customer service.

•Balanced Capital Allocation with a Strong Balance Sheet - The Company continues to maintain a strong balance sheet to withstand near-term industry volatility and support a balanced capital allocation framework. The Company is primarily focused on allocating capital to high-returning organic initiatives that increase internal capabilities, attractive inorganic growth opportunities, and returning capital to shareholders. In March 2023, the Company announced a $300 million share repurchase program maturing at the end of 2026. The Company has repurchased $226 million of Company common stock under this program. During the year ended December 31, 2025, the Company paid a total of $15 million of quarterly cash dividends. During the year ended December 31, 2025, Visteon paid a net cash outlay of $50 million on inorganic growth to acquire a user experience electronics engineering consulting and consumer research company.

23

Financial Results

The pie charts below highlight the sales breakdown for Visteon for the year ended December 31, 2025.

*Regional sales are based on the geographic region where sale originates and not where customer is located (excludes inter-regional eliminations).

Global Automotive Market Conditions and Production Levels

Global light-vehicle production rose approximately 4% in 2025, based on January 2026 S&P Global data, while production volumes for the Company’s key customers decreased around 1%. In North America, retail demand remained resilient with U.S. seasonally adjusted retail sales above 16 million units in 2025, although electric-vehicle (“EV”) purchases softened in the fourth quarter following accelerated buying activity ahead of expiring tax credits. Industry production declined slightly, and production at the Company’s major customers declined at a slightly higher rate. In Europe, industry production decreased slightly compared to the prior year, while production at the Company’s top customers declined at a higher rate. Jaguar Land Rover (“JLR”) production was down significantly as operations were temporarily suspended during September and the company slowly ramped up production in the fourth quarter. In China, production increased by 10%, supported by continued share gains of domestic OEMs, and production at the Company’s key customers increased year over year but continued to lag the broader market due to ongoing shifts in OEM mix.

For the full year 2026, S&P Global expects global light-vehicle production to decrease slightly compared to 2025, and production volumes for the Company’s key customers are anticipated to decline by a low-single-digit percentage. Market conditions remain mixed across regions, with retail demand in the U.S. remaining stable, though sales of EVs are expected to decline due to the recent expiration of certain tax credits. Retail demand in Europe is forecasted to increase slightly, while retail demand in China is forecasted to decline marginally due to recent changes in government incentives. In 2026, memory chip market conditions may create cost pressures and have the potential to affect industry production volumes, as memory supplier capacity is increasingly allocated to support growth in data center infrastructure. The impact of tariffs on the automotive industry remains uncertain, with the potential to increase production costs and weigh on future vehicle volumes; however, the effects have been minimal to date.

The industry continues to face ongoing risks related to tariffs, vehicle affordability, economic uncertainty, geopolitical developments, production disruptions, and changes in customer market share. The potential impact on future periods’ financial statements, results of operations, and cash flows will depend on the evolution of tariff policies, plant production schedules, supply-chain conditions, and the pace of EV adoption.

Company Highlights

In 2025, Visteon continued to progress on its long-term growth strategy, making meaningful progress across product development, customer expansion, operational execution, and capital allocation, despite a challenging and uneven automotive environment.

Sales were $3,768 million, down 3% year over year, reflecting lower customer commodity price recoveries, continued market weakness in China and lower demand for its battery management system. Despite these headwinds, Visteon continued to outperform underlying customer production trends, supported by new product launches, strong performance in displays, and disciplined commercial execution. Net income attributable to Visteon was $201 million, reflecting a decline from the prior year due largely to a higher income tax provision driven primarily by changes in the Company's valuation allowance assessments, offset in part by lower restructuring costs and higher earnings from non‑consolidated affiliates. Adjusted EBITDA1 was $492 million reflecting continued operational discipline and effective cost management despite lower reported sales.

24

Strategic execution in 2025 was highlighted by strong new business momentum including next-generation cockpit technologies. During the year, Visteon secured $7.4 billion of new business awards across its product portfolio, reflecting broad-based customer demand for digital cockpits and advanced displays. Notably, the Company secured two SmartCore™ high-performance computing (“HPC”) program awards, reinforcing customer confidence in the scalability of its cockpit domain controller architecture and its ability to support increased software content and advanced in-cabin functionality. The 2025 business wins of $7.4 billion included $3.6 billion of new display wins across 17 OEM customers. The Company also launched 18 new display products and expanded beyond its core markets, securing $1.1 billion of new business in two-wheeler and commercial vehicle applications.

Operationally, in 2025 Visteon delivered its fifth consecutive year of positive net income attributable to Visteon, by generating $201 million. While net income attributable to Visteon declined year‑over‑year driven primarily by changes in the Company's valuation allowance assessments, underlying profitability remained solid, supported by strong operational performance. Solid gross margin performance, disciplined cost actions, and continued commercial execution enabled the Company to maintain strong net income despite lower sales and industry volatility. The Company delivered its fifth consecutive year of Adjusted EBITDA1 margin expansion, reflecting strong cost performance and disciplined commercial management.

In parallel with these commercial and operational achievements, Visteon generated strong cash flow from operations during the year, reflecting the strength of its earnings profile, disciplined working capital management, and capital efficiency. The Company also maintained a balanced approach to capital allocation, returning approximately $70 million to shareholders through share repurchases and dividends while also completing a second engineering services acquisition to further strengthen its capabilities.

Taken together, these achievements demonstrate Visteon’s ability to execute across its strategic priorities, deliver measurable financial and operational results, and position the Company for sustained long-term growth.

1 Adjusted EBITDA is a Non-GAAP financial measure, as defined below.

25

Results of Operations

Year ended December 31, 2025 Compared to Year ended December 31, 2024

The Company's consolidated results of operations for the years ended December 31, 2025 and 2024 were as follows:

[[GREPCENT_TABLE]]

Read the full FY 2025 MD&A: /company/VC/mda/fy2025/
All MD&A years: /company/VC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VC/mda/fy2024/): filed 2025-02-18; accession 0001111335-25-000006 (https://www.sec.gov/Archives/edgar/data/1111335/000111133525000006/vc-20241231.htm)
- [FY 2023 MD&A](/company/VC/mda/fy2023/): filed 2024-02-20; accession 0001111335-24-000018 (https://www.sec.gov/Archives/edgar/data/1111335/000111133524000018/vc-20231231.htm)
- [FY 2022 MD&A](/company/VC/mda/fy2022/): filed 2023-02-16; accession 0001111335-23-000009 (https://www.sec.gov/Archives/edgar/data/1111335/000111133523000009/vc-20221231.htm)
- [FY 2021 MD&A](/company/VC/mda/fy2021/): filed 2022-02-17; accession 0001111335-22-000014 (https://www.sec.gov/Archives/edgar/data/1111335/000111133522000014/vc-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3714 Motor Vehicle Parts & Accessories) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VC.md · JSON record: /company/VC.json · verified financials: /company/VC/financials.json / /company/VC/financials.csv · machine TOC for the whole site: /llms.txt