$PHIN

PHINIA INC.

CIK:0001968915|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ 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	$ 940	$ 890	$ 1,818	$ 1,686
Cost of sales	724	693	1,414	1,317
Gross profit	216	197	404	369
Selling, general and administrative expenses	128	112	243	219
Restructuring expense	8	2	11	7
Other operating (income) expense, net	0	(6)	1	(8)
Operating income	80	89	149	151
Equity in affiliates’ earnings, net of tax	(4)	(4)	(9)	(8)
Interest income	(2)	(4)	(4)	(8)
Interest expense	21	21	41	40
Other postretirement (income) expense, net	(2)	1	(3)	2
Earnings before income taxes	67	75	124	125
Provision for income taxes	27	29	47	53
Net earnings	$ 40	$ 46	$ 77	$ 72
Earnings per share — basic (in dollars per share)	$ 1.08	$ 1.16	$ 2.06	$ 1.80
Earnings per share— diluted (in dollars per share)	$ 1.05	$ 1.14	$ 2.01	$ 1.76
Weighted average shares outstanding:
Basic (in shares)	37.0	39.5	37.4	40.1
Diluted (in shares)	38.0	40.2	38.4	40.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING
Net cash provided by operating activities (see Note 22)	$ 144	$ 97
INVESTING
Capital expenditures, including tooling outlays	(54)	(69)
Payments for business acquired, net of cash acquired	1	0
Proceeds from asset disposals and other, net	0	1
Net cash used in investing activities	(53)	(68)
FINANCING
Net increase in short-term borrowings	48	0
Borrowings under Revolving Facility	60	0
Repayments under Revolving Facility	(60)	0
Dividends paid to PHINIA stockholders	(22)	(21)
Payments for purchase of treasury stock, including excise tax	(100)	(142)
Payments for stock-based compensation items	(7)	(6)
Net cash used in financing activities	(81)	(169)
Effect of exchange rate changes on cash	1	3
Net increase (decrease) in cash and cash equivalents	11	(137)
Cash and cash equivalents at beginning of year	359	484
Cash and cash equivalents at end of period	$ 370	$ 347

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 370	$ 359
Receivables, net	853	804
Inventories	475	473
Prepayments and other current assets	140	126
Total current assets	1,838	1,762
Property, plant and equipment, net	841	876
Investments and long-term receivables	158	145
Goodwill	509	509
Other intangible assets, net	376	398
Other non-current assets	120	127
Total assets	3,842	3,817
LIABILITIES AND EQUITY
Short-term borrowings and current portion of long-term debt	51	3
Accounts payable	529	510
Other current liabilities	438	434
Total current liabilities	1,018	947
Long-term debt	968	967
Retirement-related liabilities	134	141
Other non-current liabilities	181	175
Total liabilities	2,301	2,230
Commitments and contingencies (see Note 19)
Common stock	1	1
Additional paid-in capital	1,979	1,978
Retained earnings	187	132
Accumulated other comprehensive loss	(104)	(98)
Treasury stock	(522)	(426)
Total equity	1,541	1,587
Total liabilities and equity	$ 3,842	$ 3,817