UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) (State or other jurisdiction of incorporation or organization) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-11311 (Exact name of registrant as specified in its charter) Delaware 1 ...

Company Overview - Lear Corporation is a Tier 1 supplier to the global automotive industry, providing automotive seating and electrical systems (E-Systems) [11] - The company serves major automotive original equipment manufacturers (OEMs) and operates in 38 countries [11] Investment Ratings - Lear Corporation has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid overall rating [11] - The company has a Momentum Style Score of B, with shares increasing by 7.9% over the past four weeks [12] Earnings Estimates - For fiscal 2026, two analysts have revised their earnings estimates upwards in the last 60 days, with the Zacks Consensus Estimate increasing by $0.28 to $14.11 per share [12] - Lear Corporation has an average earnings surprise of +14.3%, suggesting a positive trend in earnings performance [12]

Core Insights - Lear Corp. (LEA) reported fourth-quarter 2025 adjusted earnings per share of $3.41, exceeding the Zacks Consensus Estimate of $2.67, driven by strong revenues from the Seating and E-Systems segments. This represents an increase from $2.94 in the same quarter last year [1][9] - Total revenues for the quarter rose 5% year over year to $6 billion, surpassing the Zacks Consensus Estimate of $5.80 billion [1][9] Segment Performance - The Seating segment generated sales of $4.41 billion, up from $4.19 billion in the previous year, and exceeded the Zacks Consensus Estimate of $4.24 billion. Adjusted segment earnings were $263 million, an increase from $257 million year over year, beating the estimate of $243 million. The adjusted margin was 6%, slightly down from 6.1% [2] - The E-Systems segment reported sales of $1.58 billion, up from $1.53 billion year over year, and also topped the Zacks Consensus Estimate of $1.53 billion. Adjusted earnings for this segment were $83.7 million, up from $76.7 million, surpassing the estimate of $70 million. The adjusted margin improved to 5.3% from 5% [3] Regional Performance - North America sales increased 6% year over year to $2.46 billion, exceeding the Zacks Consensus Estimate of $2.39 billion [4] - Sales in Europe and Africa rose 3% year over year to $2.04 billion, slightly missing the Zacks Consensus Estimate of $2.05 billion [4] - Asia region sales totaled $1.26 billion, a 4.5% increase year over year, surpassing the Zacks Consensus Estimate of $1.16 billion [4] - South America sales reached $232.3 million, up from $213.5 million year over year, exceeding the Zacks Consensus Estimate of $217 million [5] Financial Position - As of December 31, 2025, Lear had $1.03 billion in cash and cash equivalents, down from $1.05 billion a year earlier. Long-term debt decreased slightly to $2.71 billion from $2.73 billion [6] - Net cash provided by operating activities was $476 million, with free cash flow of $281 million for the quarter [6] Share Repurchase - During the quarter, Lear repurchased 1,632,456 shares for a total of $175 million, with a remaining share repurchase authorization of nearly $775 million [7] 2026 Guidance - Lear projects full-year net sales between $23,210 million and $24,010 million, compared to $23,259 million in 2025. Core operating earnings are expected to be in the range of $1.03 billion to $1.2 billion, with free cash flow projected between $550 million and $650 million, higher than the $427 million reported in 2025. Capital spending is anticipated to be $660 million, up from $561 million in 2025 [10]

Core Insights - Lear Corporation reported a strong performance in 2025, achieving $23.3 billion in revenue and $1.1 billion in core operating earnings, marking a 5% increase in fourth-quarter revenue and the fifth consecutive year of adjusted EPS growth [3][4][7] Financial Performance - The company generated $527 million in free cash flow and returned nearly $500 million to shareholders, including $325 million in share repurchases, exceeding its initial target of $250 million [2][7] - For 2026, Lear guided revenue between $23.2 billion and $24.0 billion, with core operating earnings projected at $1.03 billion to $1.2 billion, indicating about 2% growth at the midpoint [5][14] Business Development - Lear secured significant new business awards, including its largest-ever seating contract for a major U.S. truck program and multiple contracts in China, which are expected to support growth in 2026 [6][8][9] - The company reported over $1.4 billion in E-Systems business awards, its strongest performance in over a decade [9] Operational Efficiency - Lear emphasized operational execution, achieving $195 million in net operating performance, with benefits of 60 basis points in Seating and 110 basis points in E-Systems [1] - The company implemented automation and digital transformation initiatives, generating $70 million in savings in 2025 [12] Segment Performance - In the fourth quarter, Seating revenue was $4.4 billion, up 5%, while E-Systems revenue was $1.6 billion, up 3% [13][16] - For the full year, Seating adjusted operating margins were 6.4%, and E-Systems adjusted operating margins were 4.9% [13] Future Outlook - Lear's outlook for 2026 assumes a slight decline in global industry production and includes expected restructuring costs of approximately $175 million and capital spending of about $660 million [15] - The company aims to continue its focus on shareholder returns with planned share repurchases exceeding $300 million in 2026 [17]

Financial Data and Key Metrics Changes - Lear Corporation reported a 5% increase in revenue for Q4 2025, totaling $23.3 billion for the full year [4] - Core operating earnings reached $1.1 billion, representing 4.6% of net sales for the full year [4] - Adjusted earnings per share increased by 1% to $12.80, marking the fifth consecutive year of year-over-year growth [4] - Free cash flow was reported at $527 million for 2025 [4] Business Line Data and Key Metrics Changes - In the Seating segment, sales for 2025 were $17.3 billion, a slight increase of 0.4% from 2024, with adjusted operating margins at 6.4% [34][35] - E-Systems segment sales decreased by 2% to $6 billion, with adjusted earnings at $293 million, or 4.9% of sales [36][37] - Both segments exceeded expectations in operational performance, contributing 60 basis points to Seating and 110 basis points to E-Systems margins [8][28] Market Data and Key Metrics Changes - Global vehicle production increased by 1% year-over-year, with production volumes flat in North America and down 2% in Europe, while China saw a 3% increase [30] - Lear expects more than 50% of its revenue in China to come from domestic automakers in the next year [22] Company Strategy and Development Direction - Lear's strategic priorities include extending leadership in Seating, expanding margins in E-Systems, and supporting sustainable value creation through disciplined capital allocation [5] - The company secured over $1.4 billion in E-Systems business awards, marking the strongest performance in over a decade [8] - Lear is focused on automation and digital transformation, with significant investments in operational excellence and quality leadership [9][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets, with a robust pipeline of conquest opportunities in both Seating and E-Systems [21][22] - The company anticipates continued strong cash flow generation and plans to return excess cash to shareholders through share repurchases and dividends [44][45] - Management highlighted the importance of innovation and technology in securing new business awards, particularly in the context of competitive advantages [55][59] Other Important Information - Lear repurchased $325 million in shares during 2025, exceeding the initial target of $250 million [11] - The company achieved a record net performance savings of $195 million, significantly above the original target of $125 million [20] Q&A Session Summary Question: Can you discuss the conquest win and its impact on Seating share? - Management noted that the conquest win was significant, being the largest in Lear's history, driven by innovation and technology [52][53] - The company remains committed to achieving a 29% market share in Seating, supported by strong relationships and technological advancements [58][60] Question: What is the outlook for net performance in 2026? - Management indicated that they expect similar levels of net performance in 2026 as in 2025, with continued savings from digital and automation initiatives [62][64] Question: How should investors think about earnings cadence throughout the year? - Management expects a solid start to the year, with revenues in the $6 billion range and operating income around $260 million for Q1 [69][70] Question: What is the potential for onshoring wins? - The Orion award is expected to benefit 2027, with limited additional onshoring activity anticipated until 2028 and 2029 [74][75] Question: Can you confirm the revenue potential of the large conquest win? - Management confirmed that the large conquest win is outside the backlog window and is expected to launch at the end of 2028, benefiting 2029 [80]

Financial Data and Key Metrics Changes - Lear Corporation reported a 5% increase in revenue for Q4 2025, totaling $23.3 billion for the full year [4] - Core operating earnings were $1.1 billion, representing 4.6% of net sales for the full year [4] - Adjusted earnings per share increased by 1% to $12.80, marking the fifth consecutive year of growth [4] - Operating cash flow was $1.1 billion, with free cash flow at $527 million for 2025 [4][5] Business Line Data and Key Metrics Changes - In the Seating segment, sales for 2025 were $17.3 billion, a slight increase of 0.4% from 2024, with adjusted operating margins at 6.4% [34][35] - E-Systems sales decreased by 2% to $6 billion, with adjusted earnings at $293 million, or 4.9% of sales [36][37] - The company secured over $1.4 billion in E-Systems business awards, the strongest performance in over a decade [8] Market Data and Key Metrics Changes - Global vehicle production increased by 1% year-over-year, with production volumes flat in North America and down 2% in Europe, while China saw a 3% increase [30] - Lear expects more than 50% of its revenue in China to come from domestic automakers next year [22] Company Strategy and Development Direction - Lear's strategic priorities include extending leadership in Seating, expanding margins in E-Systems, and supporting sustainable value creation through disciplined capital allocation [5] - The company is focused on innovation and technology, particularly in modularity and automation, to enhance manufacturing efficiency and product design [56][59] - Lear aims to achieve a seating market share of 29%, supported by strong relationships with both traditional and domestic Chinese automakers [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow revenue, operating income, margins, and free cash flow in 2026 and beyond [47] - The company anticipates continued strong performance from its IDEA initiatives and digital transformation efforts, which are expected to drive future savings and operational improvements [64] - Management acknowledged the challenges posed by industry volatility but emphasized the company's solid foundation for growth [46] Other Important Information - Lear repurchased $325 million in shares during 2025, exceeding the initial target of $250 million, returning nearly $500 million to shareholders [10] - The company has a robust backlog of $1.325 billion, with significant contributions expected from new business awards in both Seating and E-Systems [24] Q&A Session Summary Question: Can you discuss the conquest win and its impact on seating share? - Management highlighted the significance of the conquest win as the largest in Lear's history, driven by innovation and technology, and expressed confidence in achieving a 29% seating market share [52][60] Question: What is the outlook for Net Performance in 2026? - Management indicated that they expect similar levels of Net Performance in 2026 as in 2025, with continued opportunities for savings from digital and automation initiatives [62][64] Question: How should investors think about earnings cadence throughout the year? - Management noted a strong start to the year, with expectations for Q1 revenues around $6 billion and operating income of approximately $260 million, despite some anticipated downtime [68][70] Question: Can you provide details on onshoring wins and their launch timing? - Management confirmed that the Orion award will benefit 2027, with limited additional onshoring activity expected until 2028 and 2029 [73][74] Question: What is the expected revenue impact of the large conquest win? - Management clarified that the large conquest win is outside the current backlog and is expected to launch in late 2028, potentially generating $400 million-$500 million in annual revenue [79][80]

Financial Data and Key Metrics Changes - Lear Corporation reported a 5% increase in revenue for Q4 2025, totaling $23.3 billion for the full year, with core operating earnings at $1.1 billion, representing 4.6% of net sales [4][27] - Adjusted earnings per share rose to $12.80, marking a 1% increase from 2024, and operating cash flow was $1.1 billion, with free cash flow at $527 million for 2025 [4][28] Business Line Data and Key Metrics Changes - In the Seating segment, sales for 2025 were $17.3 billion, a slight increase of 0.4% from 2024, while adjusted earnings were $1.1 billion, down 1% compared to the previous year [35][36] - E-Systems sales decreased by 2% to $6 billion for 2025, with adjusted earnings at $293 million, or 4.9% of sales, compared to 5.1% in 2024 [36][37] Market Data and Key Metrics Changes - Global vehicle production increased by 1% year-over-year, with production volumes flat in North America, down 2% in Europe, and up 3% in China [31] - Lear expects more than 50% of its revenue in China to come from domestic automakers next year, driven by strong relationships with local teams [23] Company Strategy and Development Direction - Lear's strategic priorities focus on extending leadership in Seating, expanding margins in E-Systems, and supporting sustainable value creation through disciplined capital allocation [5][10] - The company aims to achieve a seating market share of 29%, leveraging innovation and technology to drive growth and maintain competitive advantages [60][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue, operating income, margins, and free cash flow growth in 2026, supported by a robust backlog of $1.325 billion [29][41] - The company anticipates continued strong performance in automation and digital transformation initiatives, which are expected to drive future savings and operational improvements [66][67] Other Important Information - Lear repurchased $325 million in shares during 2025, exceeding the initial target of $250 million, and returned nearly $500 million to shareholders through dividends and buybacks [10][11] - The company has a strong focus on automation and digital tools, which have led to significant operational efficiencies and cost savings [17][18] Q&A Session Summary Question: Can you discuss the conquest win and its impact on seating share aspirations? - Management highlighted the significance of the conquest win as the largest in Lear's history, emphasizing innovation and technology as key factors in securing the award [53][54] Question: What is the outlook for Net Performance in 2026? - Management indicated that they expect similar levels of Net Performance in 2026, driven by digital and automation initiatives under the IDEA program [63][64] Question: How should investors think about earnings cadence throughout the year? - Management noted a strong start to the year, with expectations for revenues around $6 billion and operating income near $260 million for Q1, despite some anticipated downtime [70][71] Question: What is the potential for onshoring wins and their timing? - Management confirmed that the Orion award will benefit 2027, with limited additional onshoring opportunities expected until 2028 and 2029 [75][76] Question: Can you provide estimates for the large conquest win's revenue potential? - Management indicated that the program is outside the backlog window and is expected to launch in late 2028, potentially generating $400 million-$500 million in annual revenue [81][82]

February 4, 2026 Fourth Quarter and Full Year 2025 Financial Results Ray Scott, President and CEO Jason Cardew, Senior Vice President and CFO Lear Proprietary: The information contained herein is the property of Lear Corporation. Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "be ...

SOUTHFIELD, Mich., February 4, 2026 -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the fourth quarter and full year 2025 and provided its financial outlook for the full year 2026. Fourth Quarter 2025 Highlights FOR IMMEDIATE RELEASE Lear Contacts: Marianne Vidershain (248) 447-5541 Tim Brumbaugh (248) 447-1329 Lear Reports Fourth Quarter and Full Year 2025 Results (more) • Delivered revenue of $6.0 billion in the fourth quarter, an ...

Core Insights - Lear Corporation reported a revenue of $6.0 billion for Q4 2025, marking a 5% increase from $5.7 billion in Q4 2024 [4][6] - The company achieved a net income of $83 million and an adjusted net income of $179 million in Q4 2025, compared to $88 million and $161 million in Q4 2024, respectively [4][9] - For the full year 2025, Lear's revenue was $23.3 billion, flat compared to 2024, with a net income of $437 million and adjusted net income of $686 million [4][10][11] Fourth Quarter 2025 Highlights - Core operating earnings for Q4 2025 were $259 million, slightly up from $258 million in Q4 2024 [4][8] - Earnings per share (EPS) were $1.58, with adjusted EPS at $3.41, compared to $1.61 and $2.94 in Q4 2024 [4][9] - Net cash provided by operating activities was $476 million, with free cash flow of $281 million, down from $681 million and $489 million in Q4 2024 [4][9] Full Year 2025 Highlights - Core operating earnings for the full year were $1,062 million, down from $1,096 million in 2024 [4][11] - Adjusted earnings per share for 2025 were $12.80, compared to $12.62 in 2024, marking the fifth consecutive year of adjusted EPS growth [4][14] - The company repurchased $325 million of shares and paid $165 million in dividends during 2025 [4][12] Operational Performance - Lear secured $1.4 billion in E-Systems business awards, the largest annual total in over a decade [4][5] - The company achieved record operating performance of $195 million, generating 60 basis points in Seating and 110 basis points in E-Systems [4][5] - Lear was awarded several complete seat programs with major automakers, including General Motors and key Chinese domestic automakers [4][5] Financial Outlook for 2026 - The company anticipates net sales for 2026 to be between $23.21 billion and $24.01 billion [4][19] - Core operating earnings are projected to be between $1.03 billion and $1.20 billion, with adjusted EBITDA expected to range from $1.65 billion to $1.82 billion [4][19] - The financial outlook assumes a 1% decrease in global industry production compared to 2025 [4][18]