Core Insights - Aptiv reported a record fourth-quarter revenue of $5.2 billion, reflecting a 5% increase on a reported basis and a 3% increase on an adjusted basis, with adjusted earnings per share rising 6% year over year to $1.86 [6][7] Financial Performance - Electrical Distribution Systems (EDS) generated revenue of $2.3 billion, up 5%, but operating income declined by 2% due to foreign exchange and commodity headwinds [1] - Engineered Components revenue was $1.6 billion, up 1%, with operating income rising 8% and margin expanding by 60 basis points [2] - Intelligent Systems revenue reached $1.4 billion, up 2%, but operating income fell 17% due to investments in non-automotive markets and unfavorable foreign exchange [2] Regional Performance - North America led fourth-quarter adjusted revenue growth with an 8% increase, while Europe saw a 1% decline and China experienced a 5% drop in revenue [3] Cash Flow and Costs - Operating cash flow totaled $818 million, down from the previous year due to higher working capital and separation costs related to the upcoming VersaGen spinoff [4] Margin Insights - Adjusted EBITDA and operating income margins were pressured by foreign exchange and commodities, which had a 160-basis-point headwind; excluding these factors, operating income margin would have increased by 70 basis points [5] Future Outlook - For 2026, "new Aptiv" is expected to generate revenue between $12.8 billion and $13.2 billion, with an EBITDA margin of 18.6% [13] - VersaGen's pro forma revenue is projected to be between $9.1 billion and $9.4 billion, with an EBITDA margin of 10.7% [16] - The company anticipates first-quarter 2026 revenue of $5.05 billion, reflecting adjusted growth of about 1% [17] Strategic Focus - Aptiv is focusing on expanding into non-automotive markets, with partnerships announced with robotics companies and new product launches in energy storage and management [9]