BorgWarner (BWA) financial statements
BorgWarner reported revenue of $14.3B in fiscal 2025, up 5.2% a year over 9 years.
Net income was $277M and the operating margin 3.7%, against 10.7% in 2016.
Free cash flow was $1.2B, and the company returned $119M in dividends and $508M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BorgWarner's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.1B | $9.8B | $10.5B | $10.2B | $10.2B | $11.8B | $12.6B | $14.2B | $14.1B | $14.3B |
| Cost of revenue | $7.1B | $7.7B | $8.3B | $8.1B | $8.3B | $9.6B | $10.3B | $11.6B | $11.4B | $11.6B |
| Gross profit | $1.9B | $2.1B | $2.2B | $2.1B | $1.9B | $2.2B | $2.4B | $2.6B | $2.6B | $2.7B |
| Research and development | $343M | $408M | $440M | $413M | $476M | $586M | $701M | $717M | $736M | $710M |
| Selling, general and admin | $818M | $899M | $946M | $873M | $951M | $1.1B | $1.3B | $1.3B | $1.4B | $1.3B |
| Operating income | $973M | $1.1B | $1.2B | $1.3B | $618M | $914M | $1.0B | $1.2B | $546M | $536M |
| Interest expense | $85M | $71M | $59M | $43M | $61M | $93M | $52M | $73M | $84M | $99M |
| Pre-tax income | $943M | $1.1B | $1.2B | $1.3B | $964M | $510M | $913M | $991M | $539M | $524M |
| Income tax | $306M | $580M | $211M | $468M | $397M | $65M | $195M | $289M | $111M | $189M |
| Net income | $595M | $440M | $931M | $746M | $500M | $537M | $944M | $625M | $338M | $277M |
| EPS (diluted) | $2.76 | $2.08 | $4.44 | $3.61 | $2.34 | $2.24 | $3.99 | $2.67 | $1.50 | $1.28 |
| Diluted shares | 215M | 212M | 210M | 207M | 214M | 240M | 237M | 234M | 225M | 216M |
| Gross margin | 21.3% | 21.6% | 21.2% | 20.7% | 18.8% | 18.4% | 18.7% | 18.1% | 18.8% | 18.7% |
| Operating margin | 10.7% | 10.9% | 11.3% | 12.8% | 6.1% | 7.7% | 8.0% | 8.2% | 3.9% | 3.7% |
| Net margin | 6.6% | 4.5% | 8.8% | 7.3% | 4.9% | 4.5% | 7.5% | 4.4% | 2.4% | 1.9% |
Balance sheet
Fiscal years, from BorgWarner's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $444M | $545M | $739M | $832M | $1.6B | $1.8B | $1.3B | $1.5B | $2.1B | $2.3B |
| Receivables | $1.7B | $2.0B | $2.0B | $1.9B | $2.9B | $2.9B | $2.5B | $3.1B | $2.8B | $3.0B |
| Inventory | $641M | $766M | $781M | $807M | $1.3B | $1.5B | $1.2B | $1.3B | $1.3B | $1.2B |
| Total current assets | $2.9B | $3.5B | $3.8B | $3.8B | $6.2B | $6.6B | $6.6B | $6.2B | $6.5B | $6.8B |
| Property, plant and equipment | $2.5B | $2.9B | $2.9B | $2.9B | $4.6B | $4.4B | $3.4B | $3.8B | $3.6B | $3.3B |
| Goodwill | $1.7B | $1.9B | $1.9B | $1.8B | $2.6B | $2.9B | $3.0B | $3.0B | $2.4B | $2.1B |
| Total assets | $8.8B | $9.8B | $10.1B | $9.7B | $16.0B | $16.6B | $17.0B | $14.5B | $14.0B | $13.8B |
| Total current liabilities | $2.1B | $2.4B | $2.4B | $2.3B | $3.8B | $3.8B | $4.2B | $3.8B | $3.6B | $3.3B |
| Long-term debt | $2.0B | $2.1B | $1.9B | $1.7B | $3.7B | $4.3B | $4.1B | $3.7B | $3.8B | $3.9B |
| Total liabilities | $5.5B | $6.0B | $5.8B | $10.4B | $9.3B | $9.3B | $9.5B | $8.4B | $8.3B | $8.2B |
| Shareholders' equity | $3.2B | $3.7B | $4.2B | $4.7B | $6.4B | $6.9B | $7.2B | $5.8B | $5.5B | $5.4B |
| Net debt | $1.6B | $1.6B | $1.3B | $1.1B | $2.1B | $2.4B | $2.8B | $2.2B | $2.0B | $1.6B |
Cash flow
Fiscal years, from BorgWarner's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $1.2B | $1.1B | $1.0B | $1.2B | $1.3B | $1.6B | $1.4B | $1.4B | $1.6B |
| Capital spending | $501M | $560M | $546M | $481M | $441M | $514M | $622M | $832M | $671M | $469M |
| Free cash flow | $535M | $620M | $580M | $527M | $743M | $792M | $947M | $565M | $711M | $1.2B |
| Stock-based compensation | $44M | $52M | $53M | $42M | $41M | $50M | $64M | $58M | $62M | $66M |
| Dividends paid | $113M | $124M | $142M | $140M | $146M | $162M | $161M | $130M | $98M | $119M |
| Share buybacks (net) | -$288M | -$100M | -$150M | -$100M | -$216M | $0 | -$240M | -$177M | -$402M | -$508M |
| Net borrowing | -$189M | -$17M | -$7M | -$141M | $847M | $587M | -$8M | -$433M | $483M | -$409M |
| Free cash flow margin | 5.9% | 6.3% | 5.5% | 5.2% | 7.3% | 6.7% | 7.5% | 4.0% | 5.0% | 8.2% |
| Dividends per share | $0.53 | $0.59 | $0.68 | $0.68 | $0.68 | $0.68 | $0.68 | $0.55 | $0.44 | $0.55 |
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Open BWA in InvestinglyQuestions
What was BorgWarner's revenue in 2025?
$14.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does BorgWarner generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From BorgWarner's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.