VAN BUREN TOWNSHIP, Mich., April 23, 2026 /PRNewswire/ -- Visteon Corporation (NASDAQ: VC) today reported first quarter financial results. Highlights include:
- Sales of $954 million with Growth-over-Market of 3%1
- Net income attributable to Visteon of $31 million
- Adjusted EBITDA of $104 million
- Operating cash flow of $6 million and adjusted free cash flow of ($23) million
- Strong balance sheet with net cash of $385 million at quarter end
- New business wins of $1.0 billion and 20 new product launches
- Continued SmartCore HPC momentum with third customer win in China
- Returned $40 million to shareholders through share repurchases and dividends
First Quarter Results
Visteon reported net sales of $954 million, compared to $934 million in the prior year, an increase of 2% year-over-year. Despite industry and customer vehicle production being down 3% and 4%, respectively, the Company delivered growth-over-market of 3%1, driven by the ramp-up of recent product launches and robust customer demand.
Gross margin in the first quarter was $113 million. Net income attributable to Visteon was $31 million or $1.14 per diluted share. Adjusted EBITDA, a non-GAAP measure defined below, was $104 million, reflecting a solid operational performance in a dynamic supply chain environment. Margin performance in the quarter was impacted by elevated semiconductor and other supply chain-related costs partially offset by commercial recoveries and other operational cost reductions.
For the first three months of 2026, cash from operations was $6 million, capital expenditures were $36 million, and adjusted free cash flow, a non-GAAP measure defined below, was an outflow of $23 million. The Company ended the first quarter with cash of $682 million and debt of $297 million. During the quarter, Visteon repurchased $30 million of shares and paid $10 million in dividends, reflecting the Company's balanced approach to capital allocation. The Company's strong balance sheet, with a net cash position of $385 million, provides flexibility to continue investing in the business while supporting future capital allocation priorities.
Visteon secured $1.0 billion in new business in the first quarter, led by clusters, cockpit domain controllers, and continued traction in the Company's strategic growth areas. Highlights included a SmartCore high-performance compute ("HPC") domain controller system win for a premium brand of a domestic Chinese OEM. This win marks Visteon's third customer win for AI-capable smart cockpit systems in China and further strengthens its SmartCore HPC portfolio. The Company also won a SmartCore cockpit domain controller program for vehicles in India and other emerging markets, adding a new customer relationship in an important growth market. Additional awards included digital clusters across passenger vehicle and commercial vehicle platforms, as well as a follow-on two-wheeler cluster award in Asia.
Visteon launched 20 new products in the first quarter across 11 customers, reflecting strong execution across key regions and platforms, and supporting the Company's near-term growth outlook. Highlights included Visteon's first launch with Lexus, featuring a driver display on the fully redesigned Lexus ES. Additional launches included a digital cluster on the all-new Infiniti QX65 crossover in North America and a display cluster on JMC-Ford's electrified Bronco in China. In India, the Company also delivered strong launch activity across programs including Hyundai Verna, Tata Tiago, and Renault Duster.
"Our first quarter results reflect strong continued execution across our strategic priorities in a dynamic supply chain environment," said President and CEO Sachin Lawande. "We are very pleased with overall performance, especially in support of our customers' high-profile vehicle launches, particularly with Lexus and Infiniti."
Reaffirming Full-Year 2026 Guidance
Visteon is reaffirming its full-year 2026 guidance. The Company continues to expect sales in the range of $3.625 billion to $3.825 billion, adjusted EBITDA in the range of $455 million to $495 million, and adjusted free cash flow in the range of $170 million to $210 million.
The Company's reaffirmed guidance reflects a strong start to the year, continued customer demand resilience, and the benefit of upcoming product launches, which are expected to offset the softer industry production outlook, particularly in the second half. The Company's guidance assumes that memory supply will not impact customer production volumes. Visteon continues to expect margin improvement over the balance of the year, supported by customer recoveries and ongoing cost actions.
About Visteon
Visteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. In 2025, the Company recorded annual sales of approximately $3.77 billion and secured $7.4 billion in new business. For more information, visit visteon.com.
Conference Call and Presentation
Today, Thursday, April 23, at 9 a.m. ET, the Company will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
U.S./Canada: 1-888-330-2508
Outside U.S./Canada: 1-240-789-2735
Conference ID: 8897485
(Call approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon's website.
__
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
Forward-looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
- uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries;
- continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;
- significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers;
- failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
- conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
- our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
- our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
- our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China;
- general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold;
- disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
- increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
- changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; and
- those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.
Visteon Contacts:
Media:
[email protected]
Investors:
[email protected]
VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In millions except per share amounts) (Unaudited) | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Net sales | $ 954 | $ 934 | |
Cost of sales | (841) | (796) | |
Gross margin | 113 | 138 | |
Selling, general and administrative expenses | (54) | (47) | |
Restructuring, net | (18) | - | |
Interest income, net | 2 | 1 | |
Equity in net income (loss) of non-consolidated affiliates | 2 | 2 | |
Other income (expense), net | 4 | 1 | |
Income (loss) before income taxes | 49 | 95 | |
Provision for income taxes | (16) | (26) | |
Net income (loss) | 33 | 69 | |
Less: Net (income) loss attributable to non-controlling interests | (2) | (2) | |
Net income (loss) attributable to Visteon Corporation | $ 31 | $ 67 | |
Comprehensive income (loss) | $ 22 | $ 89 | |
Less: Comprehensive (income) loss attributable to non-controlling interests | (3) | (3) | |
Comprehensive income (loss) attributable to Visteon Corporation | $ 19 | $ 86 | |
Basic earnings (loss) per share attributable to Visteon Corporation | $ 1.16 | $ 2.46 | |
Diluted earnings (loss) per share attributable to Visteon Corporation | $ 1.14 | $ 2.44 | |
Average shares outstanding (in millions) | |||
Basic | 26.8 | 27.2 | |
Diluted | 27.3 | 27.5 | |
VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) | |||
(Unaudited) | |||
March 31, | December 31, | ||
2026 | 2025 | ||
ASSETS | |||
Cash and equivalents | $ 680 | $ 771 | |
Restricted cash | 2 | 2 | |
Accounts receivable, net | 675 | 613 | |
Inventories, net | 316 | 269 | |
Other current assets | 148 | 130 | |
Total current assets | 1,821 | 1,785 | |
Property and equipment, net | 516 | 524 | |
Intangible assets, net | 216 | 222 | |
Right-of-use assets | 135 | 126 | |
Investments in non-consolidated affiliates | 31 | 29 | |
Deferred tax assets | 513 | 511 | |
Other non-current assets | 191 | 189 | |
Total assets | $ 3,423 | $ 3,386 | |
LIABILITIES AND EQUITY | |||
Short-term debt | $ 18 | $ 18 | |
Accounts payable | 613 | 540 | |
Accrued employee liabilities | 98 | 122 | |
Current lease liability | 24 | 21 | |
Other current liabilities | 300 | 291 | |
Total current liabilities | 1,053 | 992 | |
Long-term debt, net | 279 | 283 | |
Employee benefits | 83 | 88 | |
Non-current lease liability | 115 | 109 | |
Deferred tax liabilities | 52 | 51 | |
Other non-current liabilities | 199 | 212 | |
Stockholders' equity: | |||
Common stock | 1 | 1 | |
Additional paid-in capital | 1,389 | 1,398 | |
Retained earnings | 2,859 | 2,838 | |
Accumulated other comprehensive loss | (252) | (240) | |
Treasury stock | (2,441) | (2,429) | |
Total Visteon Corporation stockholders' equity | 1,556 | 1,568 | |
Non-controlling interests | 86 | 83 | |
Total equity | 1,642 | 1,651 | |
Total liabilities and equity | $ 3,423 | $ 3,386 | |
VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
OPERATING | |||
Net income (loss) | $ 33 | $ 69 | |
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities: | |||
Depreciation and amortization | 29 | 25 | |
Non-cash stock-based compensation | 12 | 11 | |
Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted | (2) | (2) | |
Tax valuation allowance expense (benefit) | - | (2) | |
Other non-cash items | - | (1) | |
Changes in assets and liabilities: | |||
Accounts receivable | (71) | (24) | |
Inventories | (51) | (20) | |
Accounts payable | 89 | 51 | |
Other assets and other liabilities | (33) | (37) | |
Net cash provided from operating activities | 6 | 70 | |
INVESTING | |||
Capital expenditures, including intangibles | (36) | (35) | |
Net investment hedge transactions | (12) | 1 | |
Other | - | 1 | |
Net cash used by investing activities | (48) | (33) | |
FINANCING | |||
Principal repayment of term debt facility | (4) | (4) | |
Dividends to non-controlling interests | - | (4) | |
Dividend to shareholders | (10) | - | |
Repurchase of common stock | (30) | (7) | |
Stock-based compensation tax withholding payments | (7) | (6) | |
Proceeds from the exercise of stock options | 4 | 3 | |
Net cash used by financing activities | (47) | (18) | |
Effect of exchange rate changes on cash | (2) | 13 | |
Net increase (decrease) in cash, equivalents, and restricted cash | (91) | 32 | |
Cash, equivalents, and restricted cash at beginning of the period | 773 | 626 | |
Cash, equivalents, and restricted cash at end of the period | $ 682 | $ 658 | |
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended | Estimated | ||||
March 31, | Full Year | ||||
Visteon: | 2026 | 2025 | 2026 | ||
Net income (loss) attributable to Visteon Corporation* | $ 31 | $ 67 | $ 190 | ||
Depreciation and amortization | 29 | 25 | 120 | ||
Restructuring, net | 18 | - | 25 | ||
Provision for (benefit from) income taxes* | 16 | 26 | 90 | ||
Non-cash, stock-based compensation expense | 12 | 11 | 50 | ||
Interest (income) expense, net | (2) | (1) | (5) | ||
Net income (loss) attributable to non-controlling interests | 2 | 2 | 10 | ||
Equity in net loss (income) of non-consolidated affiliates | (2) | (2) | (10) | ||
Other, net | - | 1 | 5 | ||
Adjusted EBITDA | $ 104 | $ 129 | $ 4752 | ||
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of | |||||
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended | Estimated | ||||
March 31, | Full Year | ||||
Visteon: | 2026 | 2025 | 2026 | ||
Cash provided from operating activities | $ 6 | $ 70 | $ 320 | ||
Capital expenditures, including intangibles | (36) | (35) | (150) | ||
Free cash flow | $ (30) | $ 35 | $ 170 | ||
Restructuring related payments | 7 | 3 | 20 | ||
Adjusted free cash flow | $ (23) | $ 38 | $ 1903 | ||
Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Net income (loss) attributable to Visteon* | $ 31 | $ 67 | |
Diluted earnings (loss) per share: | |||
Net income (loss) attributable to Visteon* | $ 31 | $ 67 | |
Average shares outstanding, diluted | 27.3 | 27.5 | |
Diluted earnings (loss) per share | $ 1.14 | $ 2.44 | |
Adjusted net income (loss) and adjusted earnings (loss) per share: | |||
Net income (loss) attributable to Visteon* | $ 31 | $ 67 | |
Restructuring, net | 18 | - | |
Other | - | 1 | |
Tax impacts of adjustments | (4) | - | |
Adjusted net income (loss) | $ 45 | $ 68 | |
Average shares outstanding, diluted | 27.3 | 27.5 | |
Adjusted earnings (loss) per share | $ 1.65 | $ 2.47 | |
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of | |||
Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.
_____________ |
1 Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution. |
2 Based on mid-point of the range of the Company's financial guidance |
3 Based on mid-point of the range of the Company's financial guidance |
SOURCE Visteon Corporation
