The filing confirms strong operational execution with margin expansion and a clear timeline for the Eaton Mobility deal. The only remaining regulatory approval is the key near-term catalyst for deal closure. Monitor Q4 repurchase activity and any updates on the pending regulatory approval.
Price Chart
Executive Summary
Dana Incorporated reported Q3 2026 results with sales of $2.04 billion (+6.3% YoY) and adjusted EBITDA of $218 million (+34.6% YoY), driven by stronger commercial vehicle demand and cost actions. The Eaton Mobility transaction remains on track to close around end of Q1 2027 with only one regulatory approval pending. Dana raised its full-year sales guidance by ~$50 million to $7.75-$7.85 billion, maintained adjusted EBITDA guidance of $800-$850 million, and increased planned share repurchases by $100 million in Q4.
Key Financial Metrics
Key Facts
- Q3 2026 sales of $2.04 billion, up from $1.92 billion in Q3 2025
- Adjusted EBITDA of $218 million, up from $162 million in Q3 2025; margin expanded 220 bps to 10.7%
- Net loss from continuing operations of $10 million vs. net income of $13 million in Q3 2025, due to $24 million debt extinguishment loss and $29 million foreign income tax settlement charge
- Diluted adjusted EPS of $0.41 vs. adjusted loss per share of $0.04 in Q3 2025
- Operating cash flow of $102 million; adjusted free cash flow of $66 million
- Repurchased 6.6 million shares for $200 million in Q3; year-to-date repurchases of $369 million; planning additional ~$100 million in Q4 2026
- Eaton Mobility transaction on track to close around end of Q1 2027; nearly all regulatory approvals obtained with only one pending
- Revised 2026 guidance: sales $7.75-$7.85 billion, adjusted EBITDA $800-$850 million, diluted adjusted EPS $1.75-$2.25, adjusted free cash flow $275-$375 million
- Expect to achieve at least $250 million run-rate cost synergies within 24 months post-close of Eaton Mobility transaction
- Pro forma synergized 2026 net leverage of ~1.6x, inclusive of additional $100 million in share buybacks
Financial Impact
Q3 sales up $121 million YoY; adjusted EBITDA up $56 million; adjusted net income improved by $49 million to $44 million; full-year sales guidance raised by ~$50 million at midpoint
Risk Factors
- Pending regulatory approval for Eaton Mobility transaction could be delayed or denied
- Net loss from continuing operations due to one-time charges; ongoing tax and debt extinguishment costs may persist
- Adjusted free cash flow declined to $66 million from $101 million in Q3 2025, partly due to higher capital spending and working capital timing
- Forward-looking statements subject to risks including integration difficulties, market conditions, and supply-chain constraints
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001193125-26-436150 |
| Document: 0001193125-26-436150-index-headers.html | 0001193125-26-436150 |
| Document: 0001193125-26-436150-index.html | 0001193125-26-436150 |
| Document: 0001193125-26-436150.txt | 0001193125-26-436150 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 425 | $24.85 | awaiting T+60 | awaiting T+60 | $23.11 (−7.00%) |
Oct 28, 2026 2d ago | 425 | $24.85 | awaiting T+60 | awaiting T+60 | $23.11 (−7.00%) |
Oct 28, 2026 2d ago | 8-K | $25.48 | awaiting T+60 | awaiting T+60 | $23.11 (−9.30%) |
Oct 20, 2026 10d ago | Press Release | $29.05 | awaiting T+60 | awaiting T+60 | $23.11 (−20.45%) |
Aug 6, 2026 12w ago | 425 | $28.44 | awaiting T+60 | awaiting T+60 | $23.11 (−18.74%) |
Aug 6, 2026 12w ago | 425 | $27.32 $23.11 | ▼ −15.41% | ▼ −13.74% | $23.11 (−15.41%) |
Aug 6, 2026 12w ago | 8-K | $27.32 $23.11 | ▲ +15.41% | ▲ +13.74% | $23.11 (+15.41%) |
Jul 20, 2026 14w ago | Press Release | $26.15 | awaiting T+60 | awaiting T+60 | $23.11 (−11.63%) |
Jun 11, 2026 20w ago | 425 | $30.81 $31.29 | ▲ +1.56% | ▼ −1.71% | $23.11 (−24.99%) |
Jun 11, 2026 20w ago | 425 | $30.81 $31.29 | ▲ +1.56% | ▼ −1.71% | $23.11 (−24.99%) |
US Market Status
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