ALV 8-K

Autoliv Inc (ALV)

8-K 2026-01-30 For: 2026-01-30

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Added on April 12, 2026

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Delaware	001-12933	Not applicable
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Klarabergsviadukten 70, Section D 5th Floor, Box 70381,
Stockholm, Sweden		SE-107 24
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $1.00 per share)	ALV	New York Stock Exchange


99.1		Press Release of Autoliv, Inc. dated January 30, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


Exhibit No.		Description

99.1		Press Release of Autoliv, Inc. dated January 30, 2026.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	AUTOLIV, INC

	By:		/s/ Anthony J. Nellis
	Name:		Anthony J. Nellis
	Title:		Executive Vice President, Legal Affairs and General Counsel

ALV 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

Key business developments in the fourth quarter of 2025

Key definitions ------------------------------------------------------------------------------------------------------------

Adj. operating income and margin*: Operating income adjusted for capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. Capacity alignments include non-recurring costs related to our structural efficiency and business cycle management programs.

Capex, net: Capital Expenditure, net, defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment.

D&A: Depreciation and Amortization.

Cash conversion: Free operating cash flow in relation to net income. Free operating cash flow defined as operating cash flow less capital expenditure, net.

Consolidated sales development

Fourth quarter 2025

Consolidated sales development

Full year 2025

Chery Fengyun

Mercedes GLB

Ford Bronco (China)

Nissan Leaf

Chevrolet Bolt EUV

ORA 5

Honda WR-V

Mercedes CLA

Buick GL8

Nissan Micra

Daihatsu Traz

Porsche Cayenne

Driver/Passenger Airbags

Seatbelts

Side Airbags

Head/Inflatable Curtain Airbags

Steering Wheel

Knee Airbag

Front Center Airbag

Bag-in-Belt

Pyrotechnical Safety Switch

Pedestrian Airbag

Hood Lifter


(Dollars in millions, except per share data)	Q4 2025	Q4 2024	Change	FY 2025	FY 2024	Change
Net sales	$2,817	$2,616	7.7%	$10,815	$10,390	4.1%
Operating income	319	353	(9.6)%	1,088	979	11%
Adjusted operating income1)	337	349	(3.6)%	1,114	1,007	11%
Operating margin	11.3%	13.5%	(2.2)pp	10.1%	9.4%	0.6pp
Adjusted operating margin1)	12.0%	13.4%	(1.4)pp	10.3%	9.7%	0.6pp
Earnings per share - diluted	2.98	3.10	(3.8)%	9.55	8.04	19%
Adjusted earnings per share - diluted1)	3.19	3.05	4.7%	9.85	8.32	18%
Operating cash flow	544	420	30%	1,157	1,059	9.2%
Return on capital employed2)	30.3%	35.8%	(5.5)pp	26.4%	25.0%	1.5pp
Adjusted return on capital employed1,2)	31.8%	35.2%	(3.4)pp	27.0%	25.6%	1.5pp
1) Excluding effects from capacity alignments and antitrust related matters. Non-GAAP measure, see reconciliation table. 2) Annualized operating income and income from equity method investments, relative to average capital employed.


Comments from Mikael Bratt, President & CEO
	We reached new record high sales for a quarter and a full year, driven mainly by strong growth in India and with Chinese OEMs. Sales to COEMs grew by almost 40% in the quarter and by 23% for the full year. Our organic sales growth outperformed LVP in all regions in Q4. We recovered close to 100% of the tariff costs in Q4 and more than 80% for the full year.	In 2025, we reached several significant milestones: operating income exceeded $1 billion for the first time, earnings per share rose above $9 and we paid more than $3 per share in dividends. Our ability to continue delivering attractive shareholder returns remains strong. In the fourth quarter, we accelerated shareholder returns while also improving our leverage ratio - demonstrating both financial strength and disciplined capital management. Our 2026 guidance, assuming 1% GLVP decline, is organic growth of around 0% and adjusted operating margin of around 10.5-11.0%. We expect Q1 2026 adjusted operating margin to be considerably weaker than Q1 2025, with improvements in the following three quarters. Our solid position and strong performance in Asia are instrumental to our continued progress. I am confident that together with our demonstrated ability to improve performance in a low-growth environment, we have a solid foundation for continued attractive shareholder returns and a clear path towards our 12% adjusted operating margin target.
Our profit development and balance sheet control resulted in record high operating cash flow and free operating cash flow for both the quarter and the full year. For 2025, operating cash flow was 11% of sales and free operating cash flow was 7% of sales. Over the past few years, we have taken significant steps to strengthen our position in China with COEMs through investments in footprint and engineering capacity, and by signing several strategic co-operation agreements. This is paying off, evidenced by the fact that 30% of our order intake in 2025 was from COEMs, which includes order intake for COEM production in Europe and the world's first foldable steering wheel for autonomous driving.


Full year 2026 Guidance
Organic sales growth	Around 0%
Adjusted operating margin1)	Around 10.5-11.0%
Operating cash flow2)	Around $1.2 billion
Capex, net, % of sales	Less than 5%
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items.


Full year 2026 Assumptions
LVP growth	Around 1% negative
FX impact on net sales	Around 1% positive
Tax rate3)	Around 28%
3) Excluding unusual tax items.


Net Sales Development by region	Operating and adjusted* operating income and margins


Consolidated sales	Fourth quarter		Reported change	Currency	Organic
(Dollars in millions)	2025	2024	(U.S. GAAP)	effects1)	change*
Airbags, Steering Wheels and Other2)	$1,907	$1,760	8.4%	3.3%	5.1%
Seatbelt Products and Other2)	910	856	6.3%	4.0%	2.2%
Total	$2,817	$2,616	7.7%	3.5%	4.2%

Americas	$841	$786	6.9%	3.6%	3.3%
Europe	779	715	9.0%	8.9%	0.1%
China	645	587	9.8%	1.5%	8.3%
Asia excl. China	552	527	4.8%	(1.7)%	6.5%
Total	$2,817	$2,616	7.7%	3.5%	4.2%
1) Effects from currency translations. 2) Including Corporate sales.


Q4 2025 organic growth*	Americas	Europe	China	Asia excl. China	Global
Autoliv	3.3%	0.1%	8.3%	6.5%	4.2%
Main growth drivers	Stellantis, Subaru, Mercedes	Volvo, Stellantis, Renault	Geely, EV COEM, Chery	Suzuki, Tata, Hyundai	Stellantis, Suzuki, Geely
Main decline drivers	Honda, EV GOEM, GM	JLR, VW, Hyundai	VW, Toyota, EV GOEM	Subaru, Honda, GM	Honda, VW, EV GOEM


Consolidated sales	Full year		Reported change	Currency	Organic
(Dollars in millions)	2025	2024	(U.S. GAAP)	effects1)	change*
Airbags, Steering Wheels and Other2)	$7,302	$7,023	4.0%	0.6%	3.4%
Seatbelt Products and Other2)	3,513	3,367	4.3%	0.8%	3.5%
Total	$10,815	$10,390	4.1%	0.7%	3.4%

Americas	$3,480	$3,424	1.6%	(1.7)%	3.3%
Europe	3,116	2,946	5.8%	4.4%	1.4%
China	2,095	2,010	4.2%	0.2%	4.0%
Asia excl. China	2,124	2,010	5.7%	(0.2)%	5.9%
Total	$10,815	$10,390	4.1%	0.7%	3.4%
1) Effects from currency translations. 2) Including Corporate sales.


FY 2025 organic growth*	Americas	Europe	China	Asia excl. China	Global
Autoliv	3.3%	1.4%	4.0%	5.9%	3.4%
Main growth drivers	Stellantis, Toyota, Ford	Stellantis, BMW, VW	Chery, Great Wall, Nio	Suzuki, Toyota, Hyundai	Stellantis, Suzuki, Toyota
Main decline drivers	EV GOEM, GM, Hyundai	EV GOEM, JLR, Hyundai	EV GOEM, VW, Mercedes	Mitsubishi, Honda, GM	EV GOEM, JLR, Lixiang


Condensed Income Statement	Fourth quarter			Full year
(Dollars in millions, except per share data)	2025	2024	Change	2025	2024	Change
Net sales	$2,817	$2,616	7.7%	$10,815	$10,390	4.1%
Cost of sales	(2,245)	(2,065)	8.7%	(8,741)	(8,463)	3.3%
Gross profit	572	551	3.9%	2,074	1,927	7.6%
S,G&A	(144)	(132)	9.4%	(571)	(530)	7.6%
R,D&E, net	(94)	(74)	28%	(413)	(398)	3.8%
Other income (expense), net	(15)	8	n/a	(2)	(19)	(91)%
Operating income	319	353	(9.6)%	1,088	979	11%
Adjusted operating income1)	337	349	(3.6)%	1,114	1,007	11%
Financial and non-operating items, net	(26)	(32)	(17)%	(102)	(105)	(2.5)%
Income before taxes	293	321	(8.8)%	986	875	13%
Income taxes	(68)	(78)	(13)%	(250)	(227)	10%
Net income	$226	$243	(7.3)%	$736	$648	14%

Earnings per share - diluted2)	$2.98	$3.10	(3.8)%	$9.55	$8.04	19%
Adjusted earnings per share - diluted1,2)	$3.19	$3.05	4.7%	$9.85	$8.32	18%

Gross margin	20.3%	21.0%	(0.7)pp	19.2%	18.5%	0.6pp
S,G&A, in relation to sales	(5.1)%	(5.0)%	(0.1)pp	(5.3)%	(5.1)%	(0.2)pp
R,D&E, net in relation to sales	(3.3)%	(2.8)%	(0.5)pp	(3.8)%	(3.8)%	0.0pp
Operating margin	11.3%	13.5%	(2.2)pp	10.1%	9.4%	0.6pp
Adjusted operating margin1)	12.0%	13.4%	(1.4)pp	10.3%	9.7%	0.6pp
Tax Rate	23.0%	24.3%	(1.2)pp	25.4%	26.0%	(0.6)pp

Other data
No. of shares at period-end in millions2)	74.7	77.7	(3.9)%	74.7	77.7	(3.9)%
Weighted average no. of shares in millions, basic2)	75.4	78.3	(3.6)%	76.6	80.2	(4.4)%
Weighted average no. of shares in millions, diluted2)	75.7	78.5	(3.5)%	76.9	80.4	(4.3)%
1) Non-GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net of treasury shares.


Q4 2025	Americas	Europe	China	Asia excl. China	Global
LVP (Jan 2026)	(0.4)%	(1.4)%	3.0 %	1.7%	1.3%
LVP (Oct 2025)	0.0%	(1.8)%	(5.0)%	(1.6)%	(2.7)%


Selected Cash Flow items	Fourth quarter			Full year
(Dollars in millions)	2025	2024	Change	2025	2024	Change
Net income	$226	$243	(7.3)%	$736	$648	14%
Depreciation and amortization	108	98	10%	407	387	5.2%
Other non-cash adjustments, net	5	(29)	n/a	26	(29)	n/a
Changes in operating working capital	205	107	91%	(12)	53	n/a
Operating cash flow	544	420	30%	1,157	1,059	9.2%
Capital expenditure, net1)	(110)	(132)	(17)%	(423)	(563)	(25)%
Free operating cash flow2)	$434	$288	51%	$734	$497	48%
Cash conversion3)	192%	118%	74pp	100%	77%	23pp
Shareholder returns
- Dividends paid	(66)	(55)	20%	(238)	(219)	9.0%
- Share repurchases	(150)	(102)	47%	(351)	(552)	(36)%
Cash dividend paid per share	$(0.87)	$(0.70)	23%	$(3.12)	$(2.74)	14%
Capital expenditures, net in relation to sales	3.9%	5.0%	(1.1)pp	3.9%	5.4%	(1.5)pp
1) Defined as Expenditures for property, plant and equipment less Proceeds from sale of property, plant and equipment. 2) Operating cash flow less Capital expenditure, net. Non-GAAP measure. See enclosed reconciliation table. 3) Free operating cash flow relative to Net income. Non-GAAP measure. See reconciliation table.


Selected Balance Sheet items	Fourth quarter
(Dollars in millions)	2025	2024	Change
Trade working capital1)	$1,221	$1,115	9.5%
Trade working capital in relation to sales2)	10.8%	10.7%	0.2pp
- Receivables outstanding in relation to sales3)	19.8%	19.0%	0.8pp
- Inventory outstanding in relation to sales4)	8.8%	8.8%	0.0pp
- Payables outstanding in relation to sales5)	17.8%	17.2%	0.6pp
Cash & cash equivalents	604	330	83%
Gross Debt6)	2,153	1,909	13%
Net Debt7)	1,566	1,554	0.8%
Capital employed8)	4,148	3,840	8.0%
Return on capital employed9)	30.3%	35.8%	(5.5)pp
Total equity	2,582	2,285	13%
Return on total equity10)	35.1%	42.5%	(7.4)pp
Leverage ratio11)	1.1	1.2	(0.1)
1) Outstanding receivables and outstanding inventory less outstanding payables. Non-GAAP measure, see reconciliation table. 2) Outstanding receivables and outstanding inventory less outstanding payables relative to annualized quarterly sales. Non-GAAP measure, see reconciliation table. Annualized quarterly sales is calculated as the quarterly sales amount multiplied by four. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstanding inventory relative to annualized quarterly sales. 5) Outstanding payables relative to annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. Non-GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating income and income from equity method investments, relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tables below. 10) Annualized net income relative to average total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-GAAP measure. See reconciliation table.


	Dec 31	Sep 30	Dec 31
	2025	2025	2024
Total headcount	64,300	65,200	65,200
Whereof: Direct headcount in manufacturing	47,300	47,900	48,000
Indirect headcount	17,000	17,300	17,200
Temporary personnel	10%	9%	9%


• On December 29, 2025, Autoliv provided an update regarding the resignation date of Fredrik Westin. Mr. Westin will continue his employment as EVP, Finance and Chief Financial Officer of the Company through March 31, 2026. The recruitment of Mr. Westin's successor as Chief Financial Officer and Executive Vice President, Finance continues. • On January 5, 2026, Autoliv and Tensor announced the introduction of world's first foldable steering wheel for autonomous driving. Seamlessly integrated with Tensor Robocar's autonomous driving system, the steering wheel retracts in Level 4 mode-where the vehicle can handle all driving tasks within defined conditions. When in autonomous mode, and the steering wheel is retracted, a passenger airbag integrated into the instrument panel is enabled. During manual driving, the airbag located within the steering wheel is used.		• In Q4 2025, Autoliv repurchased and retired 1.26 million shares of common stock at an average price of $118.98 per share under the Autoliv 2029 stock repurchase program. Under this program, repurchases may be made from July 1, 2025 through December 31, 2029. The maximum value of aggregate repurchases under this program is $2.5 billion. Repurchases of stock may be made directly on the NYSE.


This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “estimates”, “expects”, “anticipates”, “projects”, “plans”, “intends”, “believes”, “may”, “likely”, “might”, “would”, “should”, “could”, or the negative of these terms and other comparable terminology, although not all forward-looking statements contain such words. Because these forward-looking statements involve risks and uncertainties, the outcome could differ materially from those set out in the forward-looking statements for a variety of reasons, including without limitation: general global and regional economic conditions, including the impact of inflation; changes in light vehicle production; fluctuation in vehicle production schedules for which the Company is a supplier; global supply chain disruptions, including port, transportation, and distribution delays or interruptions; supply chain disruptions, and component shortages specific to the automotive industry or the Company; potential changes to beneficial free trade agreements and regulations, such as the United States-Mexico-Canada Agreement; changes in geopolitical and other economic and political conditions or developments, including inflation, changes trade policies, tariff regimes, and other developments in and by countries in which we do business that could materially impact supply chains, margins, access to capital, or overall business performance; political stability or geopolitical conflicts; changes in general industry or market conditions, including regional economic growth or decline; changes in and the successful execution of our capacity alignment, restructuring, cost reduction, and efficiency initiatives and the market reaction thereto; loss of business from increased competition; volatility or increases in raw material, fuel, and energy costs; changes in consumer and customer preferences for end products; loss of customers or sales; legislative or regulatory changes; customer bankruptcies, consolidations or restructuring or divestiture of customer brands; unfavorable fluctuations in currencies or interest rates among the various jurisdictions in which we operate; market acceptance of our new products; costs or difficulties related to the integration of any new or acquired businesses and technologies; continued uncertainty in pricing and other negotiations with		customers, including inflation and tariff compensations; successful integration of acquisitions and operations of joint ventures; successful implementation of strategic partnerships and collaborations; our ability to be awarded new business; product liability, warranty and recall claims and investigations and other litigation, civil judgments or financial penalties and customer reactions thereto; higher expenses for our pension and other postretirement benefits, including higher funding needs for our pension plans; work stoppages or other labor issues; possible adverse results of pending or future litigation or infringement claims, and the availability of insurance with respect to such matters; our ability to protect our intellectual property rights; negative impacts of antitrust investigations or other governmental investigations and associated litigation relating to the conduct of our business; tax assessments or results of tax audits by governmental authorities and changes in our effective tax rate; dependence on key personnel; our ability to meet our sustainability targets, goals and commitments; dependence on and relationships with customers and suppliers; the conditions necessary to hit our financial targets; and other risks and uncertainties identified under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Reports and Quarterly Reports on Forms 10-K and 10-Q and any amendments thereto. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.


	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
(Dollars in millions, unaudited)	2025	2025	2025	2025	2024
Assets
Cash & cash equivalents	$604	$225	$237	$322	$330
Receivables, net	2,236	2,357	2,341	2,205	1,993
Inventories, net	992	1,036	957	913	921
Prepaid expenses	212	226	249	184	167
Other current assets	57	102	146	75	72
Total current assets	4,101	3,946	3,929	3,699	3,483

Property, plant & equipment, net	2,419	2,402	2,399	2,286	2,239
Operating leases right-of-use assets	171	167	171	168	158
Goodwill and intangible assets, net	1,386	1,387	1,389	1,380	1,375
Investments and other non-current assets	568	561	588	581	548
Total assets	8,644	8,463	8,476	8,114	7,804

Liabilities and equity
Short-term debt	419	654	679	540	387
Accounts payable	2,007	1,889	1,945	1,839	1,799
Accrued liabilities	1,050	1,172	1,138	1,053	1,056
Operating lease liabilities - current	43	44	44	42	41
Other current liabilities	404	383	430	327	351
Total current liabilities	3,923	4,141	4,235	3,800	3,633

Long-term debt	1,734	1,374	1,372	1,565	1,522
Pension liability	169	167	167	163	153
Operating lease liabilities - non-current	122	118	121	120	118
Other non-current liabilities	113	105	102	103	92
Total non-current liabilities	2,138	1,763	1,762	1,952	1,885

Total parent shareholders’ equity	2,572	2,549	2,469	2,351	2,276
Non-controlling interest	10	10	11	10	10
Total equity	2,582	2,559	2,480	2,361	2,285

Total liabilities and equity	$8,644	$8,463	$8,476	$8,114	$7,804


(Dollars in millions)	2023	2022	2021	2020
Operating income (GAAP)	$690	$659	$675	$382
Non-GAAP adjustments:
Less: Capacity alignments1)	218	(61)	8	99
Less: The Andrews litigation settlement	8	-	-	-
Less: Antitrust related items	4	-	-	1
Total non-GAAP adjustments to operating income	230	(61)	8	99
Adjusted Operating income (Non-GAAP)	$920	$598	$683	$482
1) For 2022, including a gain on divestiture of property of $80 million.

ALV 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

Key business developments in the fourth quarter of 2025

Key definitions ------------------------------------------------------------------------------------------------------------

Adj. operating income and margin*: Operating income adjusted for capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. Capacity alignments include non-recurring costs related to our structural efficiency and business cycle management programs.

Capex, net: Capital Expenditure, net, defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment.

D&A: Depreciation and Amortization.

Cash conversion*: Free operating cash flow* in relation to net income. Free operating cash flow defined as operating cash flow less capital expenditure, net.

Consolidated sales development

Fourth quarter 2025

Consolidated sales development

Full year 2025

Chery Fengyun

Mercedes GLB

Ford Bronco (China)

Nissan Leaf

Chevrolet Bolt EUV

ORA 5

Honda WR-V

Mercedes CLA

Buick GL8

Nissan Micra

Daihatsu Traz

Porsche Cayenne

Driver/Passenger Airbags

Seatbelts

Side Airbags

Head/Inflatable Curtain Airbags

Steering Wheel

Knee Airbag

Front Center Airbag

Bag-in-Belt

Pyrotechnical Safety Switch

Cash conversion: Free operating cash flow in relation to net income. Free operating cash flow defined as operating cash flow less capital expenditure, net.