On this page of StockholderLetter.com we present the latest annual shareholder letter from Allison Transmission Holdings Inc — ticker symbol ALSN. Reading current and past ALSN letters to shareholders can bring important insights into the investment thesis.

 •  3/25/2026 Letter Continued (Full PDF)
 •  3/24/2023 ALSN Stockholder Letter
 •  3/29/2024 ALSN Stockholder Letter
 •  3/26/2025 ALSN Stockholder Letter
 •  More "Auto Parts" Category Stockholder Letters
 •  ALSN Benford's Law Stock Score = 81

ALSN Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

Global leader in high-performance
mobility and work solutions built for the
needs of the modern industrial world
Allison (NYSE: ALSN) is a global leader in high-performance mobility and work solutions built for the needs of the modern industrial
world. Beginning in 2026, Allison operates through two business units: Allison Transmission and Allison Off-Highway Drive &
Motion Systems. Headquartered in Indianapolis, Indiana, USA, Allison manufactures solutions which offer industry-leading value
propositions across vital sectors such as infrastructure, mining, energy, agriculture, construction, transportation and national
security. For over 110 years, Allison has been recognized as a reliable partner of choice, keeping essential industries moving
anytime, in over 150 countries around the world. For more information, visit https://allisontransmission.com.
51%
$623
North America
On-Highway
Net Income
in millions
$731
$673
2025 Net Sales(1)
% by End Market
17%
21%
Outside North
America
On-Highway
Service Parts,
Support
Equipment
& Other
Adjusted EBITDA
(NON-GAAP)2
in millions
2%
9%
Global
Off-Highway
Defense
Adjusted Free Cash
Flow (NON-GAAP)2
in millions
$1,130
$1,165
$1,108
$661
$658
$659
2023
2024
2025
(1) 2025 financial results do not reflect the impact from the acquisition of Dana Corporation's Off-Highway business.
(2) Adjusted EBITDA and Adjusted Free Cash Flow are Non-GAAP financial measures Allison uses to measure its operating profitability and to evaluate and control its cash operating costs.
Please refer to pages 44-45 for reconciliations to Net Income and Net Cash Provided by Operating Activities.

3/25/2026 Letter Continued (Full PDF)

 

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