The Goodyear Tire & Rubber Company · NASDAQ:GT
The Goodyear Tire & Rubber — Q4 2025 Earnings Presentation
35 slides from The Goodyear Tire & Rubber's earnings presentation, Feb 10, 2026
Slide 1: Earnings Release Q4 2025
EARNINGS RELEASE Q4 2025 February 10, 2026
Slide 2: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS SEGMENT OPERATING INCOME of $416 million, reflecting an 18 percent organic increase GOODYEAR FORWARD BENEFITS of $192 million, driven by exceptional execution FREE CASH FLOW of more than $1.3 billion – one of the strongest quarters for cash generation on record P.2 Highlights Fina
Slide 3: Q4 Fundamentals & Current Industry Dynamics
Q4 FUNDAMENTALS & CURRENT INDUSTRY DYNAMICS CORE OPERATIONS INDUSTRY DYNAMICS • GY Forward Cost Savings • U.S. industry sell-out down 2.5% in Q4 • Asset sales driving significant debt reduction • Extreme weather conditions significantly impacting U.S.; sell-out in January down 5% • Q4 SOI margin exp
Slide 4: Q4 2025 Key Metrics
Q4 2025 KEY METRICS TIRE UNITS NET SALES SEGMENT OPERATING INCOME 42.3 $4,917 $416 -3.0% YoY - 0.6% YoY + 8.9% YoY + 18.2% YoY Excluding OTR & Chemical asset sales SOI MARGIN FREE CASH FLOW ADJUSTED EPS 8.5% $1,335 $0.39 + 0.8 pts YoY +$308 YoY +$0.01 YoY Excludes $0.19 for 2025 insurance recovery +
Slide 5: Q4 2025 SBU Metrics
Q4 2025 SBU METRICS NET SALES SEGMENT OPERATING INCOME SOI MARGIN AMERICAS $2,867 $233 8.1% - 0.8% YoY - $29 YoY - 1.0pts YoY $1,522 $114 7.5% EMEA + 4.9% YoY + $76 YoY + 4.9pts YoY $528 $69 13.1% APAC - 12.9% YoY - $13 YoY - 0.4pts YoY + $16 YoY + 3.3 pts YoY Excluding OTR sale Excluding OTR sale T
Slide 6: Goodyear Forward
GOODYEAR FORWARD Goodyear Forward is a transformation plan designed to deliver significant margin expansion and reduce leverage to drive substantial shareholder value creation. Segment operating income benefited by approximately $480 million in 2024 and approximately $775 million in 2025. We expect
Slide 7: Financial Results
FINANCIAL RESULTS
Slide 8: Income Statement
INCOME STATEMENT THREE MONTHS ENDED Three Months Ended December 31, 2025 2024 Change Tire Units 42.3 43.6 -3.0% Net Sales $ 4,917 $ 4,947 -0.6% Gross Margin % 20.9% 19.9% 1.0pts SAG 701 692 1.3% SAG % to Sales 14.3% 14.0% 0.3pts Segment Operating Income $ 416 $ 382 $34 Segment Operating Margin 8.5%
Slide 9: Segment Operating Results
SEGMENT OPERATING RESULTS FOURTH QUARTER 2025 VERSUS 2024 TERMS: $ IN MILLIONS P.9 Highlights Financial Results SBU Results Outlook Important Disclosures Appendix
Slide 10: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW CASH FLOW FROM TOTAL DEBT OPERATING ACTIVITIES (GAAP) $6,198 $7,782 $1,512 $1,289 As of As of Three Months Ended Three Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 - $1,584 YoY + $223 YoY FREE CASH FLOW NET DEBT (NON-GAAP) $5,397 $6,9
Slide 11: SBU Results
SBU RESULTS
Slide 12: Americas
AMERICAS Q4 2025 SBU RESULTS Tire Units Net Sales Segment Operating Income Margin 21.1 $2,867 $233 8.1% - 3.9% YoY - 0.8% YoY - $29 YoY - 1.0 pts YoY • Consumer replacement U.S. sell-in industry down 0.6%. Non-USTMA member imports down 3% • U.S. consumer OE industry down 3%. Goodyear maintained rece
Slide 13: EMEA
EMEA Q4 2025 SBU RESULTS Tire Units Net Sales Segment Operating Income Margin 12.3 $1,522 $114 7.5% - 2.3% YoY + 4.9% YoY + $76 YoY + 4.9 pts YoY Includes planned $56 million insurance recovery • Consumer replacement sell-in industry down 2% • Consumer OE industry down 2%; Goodyear volume up 15% • 8
Slide 14: Asia Pacific
ASIA PACIFIC Q4 2025 SBU RESULTS Tire Units Net Sales Segment Operating Income Margin 8.9 $528 $69 13.1% - $13 YoY - 0.4 pts YoY - 1.6% YoY - 12.9% YoY + $16 YoY + 3.3 pts YoY Excluding OTR Excluding OTR • Consumer replacement volume increased by 1% driven by growth in China • Above industry growth
Slide 15: Outlook
OUTLOOK
Slide 16: SOI Assumptions Q1 2026
SOI ASSUMPTIONS 2(a) Q1 2026 Global unit volumes down ~10% VOLUME Unabsorbed overhead ~$60 million headwind ~$25 million benefit. Versus Q4 2025 reflects seasonality, RMI contracts, and PRICE/MIX commercial truck mix; improving post-Q1 RAW MATERIALS 2(b) ~$85 million benefit; FY2026 ~$300 million be
Slide 17: Other Financial Assumptions Full Year 2026
OTHER FINANCIAL ASSUMPTIONS 2(a) FULL YEAR 2026 CORPORATE OTHER NORMAL OPERATING ~$150 million INTEREST EXPENSE $400 to $425 million Interest income: ~$30 million OTHER (INCOME)/EXPENSE Financing fees: ~$60 million Global pension related: ~$100 million 2(c) RATIONALIZATION PAYMENTS ~$225 million CAS
Slide 18: Important Disclosures
IMPORTANT DISCLOSURES
Slide 19: Important Disclosures: Forward-Looking Statements
IMPORTANT DISCLOSURES FORWARD-LOOKING STATEMENTS Certain information contained in this presentation constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our
Slide 20: Use of Non-GAAP Financial Measures
IMPORTANT DISCLOSURES USE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) This presentation presents non-GAAP financial measures, including Total Segment Operating Income and Margin, Free Cash Flow, Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (EPS) and organic earnings measures, which
Slide 21: Important Disclosures (Cont)
IMPORTANT DISCLOSURES (CONT) USE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONT) Organic earnings measures, including organic Net Sales growth, organic Segment Operating Income and Margin and organic Segment Operating Income growth, are non-GAAP financial measures that exclude the direct impacts o
Slide 22: Appendix
APPENDIX
Slide 23: Full Year 2025 Key Metrics
FULL YEAR 2025 KEY METRICS TIRE UNITS NET SALES SEGMENT OPERATING INCOME 158.7 $18,280 $1,057 -4.7% YoY -3.2% YoY - 18.8% YoY -13.9% YoY Excluding OTR & Chemical asset sales SOI MARGIN FREE CASH FLOW ADJUSTED EPS 5.8% ($30) $0.47 -1.1 pts YoY +$398 YoY -$0.50 YoY -0.9 pts YoY Excluding OTR & Chemica
Slide 24: Segment Operating Results Full Year 2025
SEGMENT OPERATING RESULTS FULL YEAR 2025 VERSUS 2024 TERMS: $ IN MILLIONS P.24 Highlights Financial Results SBU Results Outlook Important Disclosures Appendix
Slide 25: No Significant Maturities Until 2027
NO SIGNIFICANT MATURITIES UNTIL 2027 AS OF DECEMBER 31, 2025 (3b) $2,750 (3c) $60 (3a) $940 $821 $620 $850 $500 $1,892 2026 2027 2028 2029 2030 ≥ 2031 Undrawn Credit Lines Funded Debt TERMS: $ IN MILLIONS P.25 Highlights Financial Results SBU Results Outlook Important Disclosures Appendix
Slide 26: Segment Operating Income Reconciliation
SEGMENT OPERATING INCOME RECONCILIATION Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Total Segment Operating Income $ 416 $ 382 $ 1,057 $ 1,302 Less: Goodwill and Intangible Asset Impairment — — 674 125 Rationalizations 33 34 194 86 Interest Expense 104 131 445 522 Oth
Slide 27: Reconciliation of Total Debt and Net Debt
RECONCILIATION OF TOTAL DEBT AND NET DEBT December 31, September 30, June 30, December 31, 2025 2025 2025 2024 Accounts Receivable $ 2,341 $ 3,177 $ 3,016 $ 2,482 Inventories 3,572 3,952 4,028 3,554 Accounts Payable — Trade (3,879) (3,944) (4,010) (4,092) 4(a) Working Capital $ 2,034 $ 3,185 $ 3,034
Slide 28: Reconciliation of Free Cash Flow
RECONCILIATION OF FREE CASH FLOW Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net Income (Loss) $ 98 $ 68 $ (1,700) $ 35 Depreciation and Amortization 232 249 1,045 1,049 Change in Working Capital 1,189 1,046 (21) (57) Pension Expense 28 31 108 125 Pension Contribution
Slide 29: Reconciliation of Adjusted Net Income and EPS: Q4 2025
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS PER SHARE FOURTH QUARTER 2025 Rationalizations, Indirect Tax Pension Asset Write-offs, Goodyear Forward Debica Fire As Settlements Asset and As Settlement Accelerated and Other Insurance Reported and Discrete Other Sales Adju
Slide 30: Reconciliation of Adjusted Net Income and EPS: Q4 2024
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS PER SHARE FOURTH QUARTER 2024 Rationalizations, Pension Indirect Tax Americas Asset Write-offs, Goodyear As Asset and Settlement Settlements Storm As Accelerated Forward Reported Other Sales Charges and Discrete Insurance Adj
Slide 31: Reconciliation of Adjusted Net Income and EPS: Full Year 2025
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS PER SHARE FULL YEAR 2025 Rationalizations, Goodyear Indirect Tax Asset Write-offs, Pension Forward and Debica Fire As Settlements Goodwill Asset and As Accelerated Settlement Other Insurance Reported and Discrete Impairment O
Slide 32: Reconciliation of Adjusted Net Income and EPS: Full Year 2024
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS PER SHARE FULL YEAR 2024 Rationalizations, Pension Indirect Tax Debica Fire Americas Asset Write-offs, Ingangible Goodyear As South Africa Settlement Settlements Impact and Asset and Storm As Accelerated Asset Forward Reporte
Slide 33: Historical Key Metrics: Income Statement
HISTORICAL KEY METRICS INCOME STATEMENT 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY GOODYEAR TIRE UNITS AMERICAS 20.5 20.8 22.9 23.1 87.3 19.0 19.6 21.0 22.0 81.6 18.4 19.1 19.6 21.1 78.2 EMEA 13.2 11.8 12.5 12.4 49.9 12.5 11.6 12.2 12.6 48.9 12.3 11.3 12.0 12.3 47.9 ASIA PACIFIC 8.1
Slide 34: Historical Key Metrics: Balance Sheet and Cash Flow
HISTORICAL KEY METRICS BALANCE SHEET AND CASH FLOW 2023 2024 2025 Three Three Three Twelve Three Three Three Three Twelve Three Three Three Three Twelve Months Months Months Months Months Months Months Months Months Months Months Months Months Months Ended Ended Ended Ended Ended Ended Ended Ended E
Slide 35: End Notes
END NOTES 1 Segment Operating Income (SOI) results fourth quarter and full year 2025 versus 2024: (a) OTR and Chemical sale impact excludes stranded costs, licensing agreement and off-take agreement; (b) Raw materials variance excludes raw material cost saving measures; (c) Goodyear Forward includes
The Goodyear Tire & Rubber Company — Q4 2025 Earnings Presentation on 6ix