$GTX

Garrett Motion Inc.

CIK:0001735707|SEC Filings

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales (Note 3)	$ 976	$ 913	$ 1,961	$ 1,791
Cost of goods sold	764	732	1,553	1,431
Gross profit	212	181	408	360
Selling, general and administrative expenses	63	59	121	118
Other expense, net	1	1	2	8
Interest expense	24	25	51	54
Non-operating income, net	(2)	(6)	(10)	(7)
Income before taxes	126	102	244	187
Tax expense (Note 5)	25	15	48	38
Net income	$ 101	$ 87	$ 196	$ 149
Earnings per common share (Note 19)
Earnings per common share, basic (in USD per share)	$ 0.54	$ 0.43	$ 1.04	$ 0.73
Earnings per common share, diluted (in USD per share)	$ 0.53	$ 0.42	$ 1.02	$ 0.72
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	187,252,451	202,672,945	188,244,787	203,886,530
Weighted average common shares outstanding, diluted (in shares)	190,594,777	205,255,033	191,970,322	206,433,975

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 196	$ 149
Adjustments to reconcile net income to net cash provided by operating activities
Deferred income taxes	10	(3)
Depreciation	49	45
Amortization of deferred issuance costs	3	3
Foreign exchange loss (gain)	17	(65)
Stock compensation expense	14	13
Pension expense	0	1
Unrealized (gain) loss on derivatives	(37)	81
Other	8	4
Changes in assets and liabilities:
Accounts, notes and other receivables	(137)	8
Inventories	(23)	20
Other assets	5	(7)
Accounts payable	109	(13)
Accrued liabilities	12	(44)
Other liabilities	17	22
Net cash provided by operating activities	243	214
Cash flows from investing activities:
Expenditures for property, plant and equipment	(46)	(41)
Proceeds from cross-currency swap contracts	8	15
Net cash used for investing activities	(38)	(26)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of debt financing costs	56	68
Payments of long-term debt	(110)	(73)
Repurchases of Common Stock	(115)	(52)
Excise tax on Common Stock repurchase	(1)	(3)
Dividend payments	(31)	(25)
Withholdings on shares issued under stock plan	(20)	0
Payments for debt and revolving facility financing costs	0	(2)
Other	(1)	(2)
Net cash used for financing activities	(222)	(89)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(2)	8
Net (decrease) increase in cash, cash equivalents and restricted cash	(19)	107
Cash, cash equivalents and restricted cash at beginning of the period	179	126
Cash, cash equivalents and restricted cash at end of the period	$ 160	$ 233

CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 158	$ 177
Restricted cash	2	2
Accounts, notes and other receivables – net (Note 6)	836	703
Inventories – net (Note 8)	350	339
Other current assets (Note 9)	124	98
Total current assets	1,470	1,319
Investments and long-term receivables	10	11
Property, plant and equipment – net	426	462
Goodwill	193	193
Deferred income taxes	207	210
Other assets (Note 10)	167	172
Total assets	2,473	2,367
Current liabilities:
Accounts payable	1,135	1,061
Current maturities of long-term debt (Note 15)	7	7
Accrued liabilities (Note 12)	325	295
Total current liabilities	1,467	1,363
Long-term debt (Note 15)	1,360	1,411
Deferred income taxes	35	32
Other liabilities (Note 13)	286	363
Total liabilities	3,148	3,169
COMMITMENTS AND CONTINGENCIES (Note 20)
EQUITY (DEFICIT)
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 245,457,621 and 242,549,685 issued and 186,800,685 and 190,556,297 outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid–in capital	1,254	1,240
Retained deficit	(1,220)	(1,384)
Accumulated other comprehensive loss (Note 18)	(54)	(138)
Treasury Stock, at cost; $58,666,936 and 51,993,388 shares as of June 30, 2026 and December 31, 2025, respectively (Note 16)	(655)	(520)
Total deficit	(675)	(802)
Total liabilities and deficit	$ 2,473	$ 2,367