Lear (LEA) financial statements
Lear reported revenue of $23.3B in fiscal 2025, up 2.5% a year over 9 years.
Net income was $437M and the operating margin 3.3%, against 7.9% in 2016.
Free cash flow was $527M, and the company returned $165M in dividends and $325M in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lear's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.6B | $20.5B | $21.1B | $19.8B | $17.0B | $19.3B | $20.9B | $23.5B | $23.3B | $23.3B |
| Cost of revenue | $16.4B | $18.2B | $18.8B | $18.1B | $15.9B | $17.9B | $19.5B | $21.8B | $21.7B | $21.8B |
| Gross profit | $2.1B | $2.3B | $2.3B | $1.7B | $1.1B | $1.4B | $1.4B | $1.7B | $1.6B | $1.5B |
| Research and development | $144M | $148M | $154M | $151M | — | — | — | — | — | — |
| Selling, general and admin | $608M | $635M | $613M | $605M | $589M | $643M | $685M | $715M | $702M | $708M |
| Operating income | $1.5B | $1.6B | $1.7B | $1.1B | $454M | $675M | $654M | $933M | $888M | $777M |
| Interest expense | $82M | $86M | $84M | $92M | $100M | $92M | $99M | $101M | $106M | $101M |
| Pre-tax income | $1.3B | $1.5B | $1.5B | $954M | $299M | $584M | $509M | $777M | $733M | $625M |
| Income tax | $370M | $198M | $312M | $146M | $94M | $138M | $134M | $181M | $191M | $150M |
| Net income | $975M | $1.3B | $1.1B | $754M | $158M | $374M | $328M | $572M | $507M | $437M |
| EPS (diluted) | $13.33 | $18.59 | $17.22 | $12.75 | $2.62 | $6.19 | $5.47 | $9.68 | $8.97 | $8.15 |
| Diluted shares | 73M | 69M | 66M | 62M | 60M | 60M | 60M | 59M | 56M | 54M |
| Gross margin | 11.4% | 11.2% | 11.0% | 8.8% | 6.5% | 7.2% | 6.7% | 7.3% | 7.0% | 6.5% |
| Operating margin | 7.9% | 7.9% | 7.8% | 5.4% | 2.7% | 3.5% | 3.1% | 4.0% | 3.8% | 3.3% |
| Net margin | 5.3% | 6.4% | 5.4% | 3.8% | 0.9% | 1.9% | 1.6% | 2.4% | 2.2% | 1.9% |
Balance sheet
Fiscal years, from Lear's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $1.5B | $1.5B | $1.5B | $1.3B | $1.3B | $1.1B | $1.2B | $1.1B | $1.0B |
| Receivables | $2.7B | $3.2B | $2.9B | $3.0B | $3.3B | $3.0B | $3.5B | $3.7B | $3.6B | $3.9B |
| Inventory | $1.0B | $1.2B | $1.2B | $1.3B | $1.4B | $1.6B | $1.6B | $1.8B | $1.6B | $1.7B |
| Total current assets | $5.6B | $6.6B | $6.3B | $6.4B | $6.8B | $6.8B | $7.0B | $7.6B | $7.2B | $7.7B |
| Property, plant and equipment | $2.0B | $2.5B | $2.6B | $2.7B | $2.7B | $2.7B | $2.9B | $3.0B | $2.8B | $2.9B |
| Goodwill | $1.1B | $1.4B | $1.4B | $1.6B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B |
| Total assets | $9.9B | $11.9B | $11.6B | $12.7B | $13.2B | $13.4B | $13.8B | $14.7B | $14.0B | $14.8B |
| Total current liabilities | $4.2B | $4.9B | $4.5B | $4.7B | $5.1B | $4.8B | $5.2B | $5.7B | $5.4B | $5.7B |
| Long-term debt | $1.9B | $2.0B | $1.9B | $2.3B | $2.3B | $2.6B | $2.6B | $2.7B | $2.7B | $2.7B |
| Total liabilities | $6.7B | $7.7B | $7.2B | $8.2B | $8.6B | $8.5B | $8.9B | $9.6B | $9.4B | $9.6B |
| Shareholders' equity | $3.1B | $4.2B | $4.2B | $4.3B | $4.5B | $4.6B | $4.7B | $4.9B | $4.5B | $5.0B |
| Net debt | $626M | $451M | $448M | $820M | $994M | $1.3B | $1.5B | $1.5B | $1.7B | $1.7B |
Cash flow
Fiscal years, from Lear's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.8B | $1.8B | $1.3B | $663M | $670M | $1.0B | $1.2B | $1.1B | $1.1B |
| Capital spending | $528M | $594M | $677M | $604M | $452M | $585M | $638M | $626M | $559M | $562M |
| Free cash flow | $1.1B | $1.2B | $1.1B | $680M | $211M | $85M | $383M | $623M | $561M | $527M |
| Stock-based compensation | $68M | $70M | $41M | $23M | $40M | $60M | $52M | $68M | $64M | $66M |
| Dividends paid | $89M | $138M | $186M | $186M | $67M | $107M | $186M | $182M | $174M | $165M |
| Share buybacks (net) | -$659M | -$450M | -$705M | -$385M | -$70M | -$100M | -$100M | -$296M | -$417M | -$325M |
| Net borrowing | $9M | -$9M | $7M | $10M | -$19M | $0 | $8M | $0 | -$50M | -$50M |
| Free cash flow margin | 5.9% | 5.8% | 5.2% | 3.4% | 1.2% | 0.4% | 1.8% | 2.7% | 2.4% | 2.3% |
| Dividends per share | $1.21 | $1.99 | $2.82 | $3.01 | $1.11 | $1.77 | $3.10 | $3.08 | $3.08 | $3.08 |
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Open LEA in InvestinglyQuestions
What was Lear's revenue in 2025?
$23.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lear generate?
$527M in fiscal 2025 (operating cash flow minus capital spending).
From Lear's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.