Garrett Motion Inc. reported financial results for the three months ended September 30, 2026, and announced a new share repurchase program for 2027. For the third quarter, net sales totaled $930 million, representing a 3% increase on a constant currency basis compared to the prior year. This growth was driven by strong performance in commercial vehicle and industrial applications, as well as gains in the aftermarket.
Net income for the quarter was $97 million, resulting in a net income margin of 10.4%. Adjusted EBIT was $152 million, with a margin of 16.3%. The company reported net cash provided by operating activities of $135 million and adjusted free cash flow of $136 million.
Garrett’s Board of Directors approved a new share repurchase program for calendar year 2027, authorizing the repurchase of up to $250 million of common stock. The program will commence on January 1, 2027. Additionally, the company declared a cash dividend of $0.08 per share, payable on December 15, 2026, to shareholders of record as of December 1, 2026.
During the quarter, Garrett executed a $50 million voluntary early debt repayment on its Term Loan. As of September 30, 2026, the company had $841 million in available liquidity, including $211 million in unrestricted cash and $630 million of undrawn commitments under its revolving credit facility.
Garrett reaffirmed its full-year 2026 mid-point outlook. The company expects light vehicle industry production to be down 2% to 4% from 2025, while commercial vehicle industry production is expected to increase 1% to 2%. The company also projects average light vehicle battery electric vehicle penetration of approximately 19% for 2026.
