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

 •  4/10/2026 Letter Continued (Full PDF)
 •  4/14/2023 GTX Stockholder Letter
 •  4/12/2024 GTX Stockholder Letter
 •  4/9/2025 GTX Stockholder Letter
 •  More "Auto Parts" Category Stockholder Letters
 •  GTX Benford's Law Stock Score = 97

GTX Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT

Garrett Motion
2025 FINANCIAL HIGHLIGHTS
In 2025, Garrett delivered strong financial performance across all financial metrics
310M

3,584M

403M

Net Income
8.6% Margin
Net Sales
Adjusted Free Cash Flow1
510M
14.2%

Adjusted EBIT1
Adjusted EBIT Margin1
NET SALES BY PRODUCT LINE
45%
NET SALES BY GEOGRAPHY2
2%
29%
19%
12%
3%
23%
18%
    Gas
    Diesel
    Commercial Vehicle
    Aftermarket
    Other
1
See reconciliations to the nearest GAAP measure on pages 5 and 6.
2
Figures by geography based on where products are shipped from.
49%
    Europe
    Asia
    North America
    Other

2025 Annual Report
A MESSAGE FROM
OUR PRESIDENT & CEO
Garrett Motion had another outstanding
year in 2025. In a complex macroeconomic
environment, we delivered strong
operational and financial results, advanced
our strategic priorities, and continued to
create long-term value for our shareholders.
STRONG FINANCIAL PERFORMANCE AND
CAPITAL RETURNS
We strengthened our turbo leadership position,
80% free cash flow conversion for the year. These
increased our share of demand, expanded our
portfolio within and beyond turbo technologies, and
improved profitability, while continuing to generate
strong cash flow and return capital to shareholders.
These results reflect our differentiated technologies,
disciplined execution, and the dedication of our
global workforce.
For the full year 2025, Garrett generated net sales
of $3.58 billion and adjusted EBIT of $510 million,
representing a 14.2% adjusted EBIT margin and a
meaningful improvement versus 2024. Adjusted free
cash flow totaled $403 million, resulting in nearly
results underscore our operational rigor and focus on
productivity and cost discipline.
We ended the year with strong liquidity of $807M
and a net leverage ratio of approximately 1.9x. We
returned value to our shareholders in line with our
capital allocation framework, balancing reinvestment
in the business with significant returns to
shareholders. In 2025, we repurchased $208 million
of common stock, and paid quarterly dividends
totaling $52 million for the year, which includes an
increased dividend in the fourth quarter of $0.08


We delivered strong operational
and financial results, advanced
our strategic priorities, and
continued to create long-term
value for our shareholders.   
Olivier Rabiller
President & CEO Garrett Motion
1

Garrett Motion
per share. Finally, we authorized a $250 million share
repurchase program for 2026. This together has
contributed to reduce our share count by more than
40% since 2023.
~150M
Turbochargers in Use Globally
SUSTAINED LEADERSHIP IN TURBOCHARGING
Turbocharging is the cornerstone of our business and
Garrett is expanding its turbocharging technologies
a key driver of value creation. In 2025, we secured a
into higher power solutions for marine propulsion
significant number of new light vehicle turbo awards,
and power generation systems. We won the first
increasing our share of demand in gasoline variable
series production award for our largest turbo frame
nozzle turbine (VNT) applications and expanding
size, the Garrett MEG (for marine and large genset
our presence in hybrid and range-extended electric
applications), and sold our first MEG aftermarket
vehicle (REEV) platforms. These wins show how our
retrofit solution. These new turbo portfolio
differentiated technologies are sought after to enable
applications further advance Garrett   s capabilities to
efficiency and emissions reduction.
serve industries where turbocharging will remain a
We also achieved important wins in diesel
key technology for the foreseeable future. In 2025,
applications for light commercial vehicles and
turbo for industrial applications represented more
trucks, where diesel continues to be valued for its
than $100M of sales, driven by strong and increasing
fuel economy, lower emissions, and high torque. In
demand for genset applications whether for baseline
addition, we secured numerous awards across on-
or back-up power.
highway and off-highway commercial vehicles, as
well as industrial applications.
2

2025 Annual Report
EXPANDING ZERO-EMISSION AND
INDUSTRIAL TECHNOLOGIES
Our high-speed E-Powertrain, E-Cooling
Compressor and Fuel Cell Compressor technologies
are now poised to deliver future growth, as a
complement to our core turbo business.
We master a key set of technologies including turbo
machinery, oil-free foil bearings, high-speed electric
motors, power electronics and control software.
We are using all of these core competencies to
develop differentiated zero-emission solutions that
offer more value to customers. Our progress shows
our strategy in action: leveraging core capabilities,
diversifying our zero-emission technologies
portfolio, and expanding beyond mobility where
we bring differentiated solutions that are proven at
automotive scale and quality.
In 2025, we won the first high-speed E-Powertrain
award on electrified trucks, with a planned start of
production in 2027, as well as a series production
award for mobility E-Cooling Compressors for a
leading Chinese bus and truck HVAC supplier. We
are also an established industry leader in Hydrogen
Fuel Cell Compressors, offering the broadest product


We are diversifying beyond
mobility applications, into such
areas as industrial cooling.   
portfolio to address our customers    needs.
We are diversifying beyond mobility applications, into
such areas as industrial cooling. In February 2026, we
launched a strategic collaboration with an industrial
leader of HVAC applications. They will integrate our
unique product, the next-generation oil-free, highspeed centrifugal compressors, into their commercial
energy demand in power intensive environments
such as data centers. These benefits become even
more compelling as customers transition to ultra-low
HVAC applications, ranging from unitary rooftop and
Global Warming Potential (GWP) refrigerants.
modular chillers to large capacity chillers. Initial units
In 2025, we launched our second innovation center
will be available to select customers in 2026, with
in Wuhan, China, scaling our R&D capabilities to
broader series production beginning in 2027.
meet the growing global demand for high-efficiency
Our oil-free, high-speed centrifugal compressor
electrification solutions. Approximately 50% of our
technologies have already been developed, validated,
and industrialized at automotive scale and quality.
R&D and engineering investment is in zero-emission
technologies, including industrial cooling.
Testing has demonstrated significant real world
energy savings compared with incumbent solutions,
reducing total cost of ownership and lowering
3

4/10/2026 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.