The strong EPS beat and margin expansion validate the post-spin thesis, but the sharp FCF decline and lowered full-year guidance create a tug-of-war. Watch the Q3 call for FCF trajectory and non-auto revenue growth (robotics, drone win) to see if the margin story can overcome the cash flow headwind. The lowered guidance suggests H2 will be softer than previously expected.
Price Chart
Executive Summary
Aptiv reported Q2 2026 adjusted EPS of $1.63, a 14.1% beat vs. the $1.43 consensus, on revenue of $3.3B (in line with $3.32B estimates). This is the first quarter as 'New Aptiv' post-EDS spin-off, with adjusted EBITDA margin expanding 160bps YoY to 18.7%. However, free cash flow collapsed to just $12M from $219M a year ago, and full-year 2026 guidance was lowered from the prior outlook (new FY revenue $12.6-12.8B vs. prior $12.8-13.2B; new adj. EPS $5.60-5.80 vs. prior $5.70-6.10). The beat is driven by the higher-margin remaining portfolio, but the cash flow deterioration and guidance reduction are material offsets.
Key Financial Metrics
Key Facts
- Adjusted EPS of $1.63 beat consensus of $1.43 by 14.1%
- Revenue of $3.3B was in line with $3.32B consensus; adjusted revenue growth of 2% YoY
- Adjusted EBITDA margin expanded to 18.7% from 17.1% YoY, a 160bps improvement
- Free cash flow plunged to $12M from $219M in Q2 2025; H1 2026 FCF was -$196M vs. +$264M
- Full-year 2026 guidance lowered: revenue $12.6-12.8B (from $12.8-13.2B), adj. EPS $5.60-5.80 (from $5.70-6.10)
- Repurchased 4.1M shares for $250M in Q2; $1.8B remaining on authorization
- Completed EDS spin-off (Versigent) on April 1, 2026; received $1.9B cash dividend used for debt redemption
Financial Impact
Adjusted EPS beat by $0.20 (14.1%) vs consensus; FCF declined by $207M YoY; FY guidance lowered by ~$200M revenue and ~$0.25 adj. EPS at midpoint
Risk Factors
- Free cash flow deterioration from $219M to $12M YoY signals working capital strain or higher capex needs
- Full-year guidance lowered on both revenue and EPS, indicating H2 headwinds from auto customer mix and EMEA weakness
- EMEA revenue declined 8% YoY; auto macro remains dynamic with customer mix headwinds flagged by management
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001521332-26-000057 |
| Document: aptv-20260804.htm | 0001521332-26-000057 |
| Document: 0001521332-26-000057-index-headers.html | 0001521332-26-000057 |
| Document: 0001521332-26-000057-index.html | 0001521332-26-000057 |
| Document: 0001521332-26-000057.txt | 0001521332-26-000057 |
| 8-K Data (Synthetic) | 0001521332-26-000057 |
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