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ALSN
Allison Transmission
Earnings
ALSN | Earnings Review
Allison Transmission Holdings, Inc. | 2026 Q1 reported May 4, 2026 AMC | Analysis date: May 5, 2026 | Daloopa company_id 9173
Revenue
+83.6% YoY (acq)
$1.41B vs $1.37B Street; +83.6% YoY incl. Allison Off-Highway acq (Jan 1, 2026); legacy organic still -4.3% YoY (~$733M)
Adj EPS
$2.57 (+6% YoY)
Beat ~$2.42 Street; GAAP $1.33 vs $2.03 = optical miss on ~$115M Off-Highway acq accounting charges; record Adj EBITDA $362M (+22%)
Defense
+64% YoY
Mgmt: "balance of year looks like Q1"; Hanwha K9, Borsuk Poland, Kaplan Turkey, BAE Hägglunds, India FICV; eGen Force/OMFV optionality (SOP 2029)
FY26 Guide
REAFFIRMED ($1.44B EBITDA mid)
Rev $5.575-5.925B; EBITDA $1.365-1.515B (25% mid margin) — BELOW $1.47B Street; FCF $655-805M; Off-Hwy synergies ($120M run-rate) NOT in 2026 guide = pure 2027 upside
Operational beat with optical GAAP miss; FY26 reaffirmed below Street while sandbagging Off-Highway synergies. Revenue $1.41B beat $1.37B Street; +83.6% YoY driven entirely by Allison Off-Highway acquisition (closed Jan 1, 2026; ~$650M annual rev run-rate; formerly Dana Off-Highway Drive & Motion). Three-line operational beat: Adj EBITDA $362M (+22% YoY) beat $351.6M Street by +3%; Adj EPS $2.57 (+6% YoY) beat ~$2.42; Adj EBITDA margin 25.7%. Optical GAAP miss: GAAP EPS $1.33 vs $2.03 expected — entirely driven by ~$115M of Off-Highway acquisition accounting charges (stepped-up basis amortization, intangibles, integration). Adj EBITDA margin compressed to 25.7% from ~37% prior trend = dilutive effect of lower-margin acquired Off-Highway business + purchase-accounting step-ups. Guidance: REAFFIRMED, NOT raised — FY26 rev $5.575-5.925B mid $5.75B; Adj EBITDA $1.365-1.515B (25% mid margin) ~$30M below ~$1.47B Street; Adj FCF $655-805M; Adj EPS not formally re-guided. Q1 ~$10M EBITDA beat NOT flowed through — instead absorbed by quietly raised integration costs ($70M → >$100M pretax). Zero of $120M Off-Highway run-rate synergies in 2026 guide — pure 2027 upside; financial benefits begin 2H'26, full run-rate Year 4. LT margin target 27-29% pro forma (vs 25% FY26 mid) within "a few years." Legacy organic deceleration: legacy ALT segment ~$733M Q1'26 still -4.3% YoY but stable sequentially — early trough signal, not confirmed inflection. NA on-highway peaked Q3'24 at $457M, troughed Q3'25 at $327M (-28% from peak), recovered to $361M Q4'25; Class 8 straight came in stronger than guide; medium-duty still very soft. Service parts slipped from $663M FY24 to $643M FY25. Defense is the standout at +64% YoY ($267M FY25 to ~$78-80M Q1'26 implied) with mgmt guiding "balance of year looks like Q1." High-margin and decoupled from NA truck cycle. Tone: confident reaffirmation, but quantitative detail on synergies and Off-Highway end-market baselines deferred. 11 of 14 Q&A well answered, 3 partial (no deflections). Notable: refused to provide Off-Highway 2025 historical end-market data; vague margin-target timing; Wertheimer's direct ask for deal "negatives" got no quantification. 4 contradictions identified: (1) MATERIAL — EBITDA margin trajectory: prior commentary held ~37% midpoint with peak return to 40% talk; FY26 consolidated guide implies 25% midpoint with 27-29% post-synergy ceiling — a ~12 pt headline reset; (2) MODERATE — NA truck cycle "deferral, not destruction" framing across Q2/Q3/Q1'26 sits awkwardly with FY26 guide locking in trough run-rates; (3) MODERATE — M&A posture: Q4'25 emphasized integration discipline + 2x leverage target; Q1'26 reactivated active M&A pipeline language while still ~3x levered; (4) MINOR — EV/electrification: Q2'25 bullish eGen Flex/Force commercial vs Q4'25 $29M electrification impairment (defense EV intact, commercial EV being written down). Buyback throttled: $20M Q1 vs $328M FY25 — prioritizing deleveraging from ~3x to 2x net leverage. Top catalysts: (1) Off-Highway integration $120M run-rate synergies — financial benefits begin 2H'26, full run-rate Year 4 = 2027 step-function; (2) International defense ramp (Hanwha K9, Borsuk Poland, Kaplan Turkey, BAE Hägglunds, India FICV; eGen Force/OMFV optionality SOP 2029); (3) NA Class 8 vocational + EPA 2027 prebuy optionality — 2026 guide bakes in NO recovery and NO prebuy = asymmetric upside. Read: setup is sandbag-biased given (a) Q1 beat absorbed not raised, (b) zero synergies in guide, (c) defense ramp commitment, (d) potential medium-duty EPA 2027 prebuy. Near-term stock pressure from optical GAAP miss + EBITDA below Street; 2027 sets up as the synergy story year.
Key Metrics Trends
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total net sales | $789M | $816M | $824M | $796M | $766M | $814M | $693M | $737M | $1.4B |
| Total net sales YoY % | - | - | - | - | -2.9% | -0.2% | -15.9% | -7.4% | +83.6% |
| NA on-highway | $420M | $456M | $457M | $419M | $435M | $417M | $327M | $361M | - |
| NA on-highway YoY % | - | - | - | - | +3.6% | -8.6% | -28.4% | -13.8% | - |
| Defense | $48M | $43M | $53M | $68M | $53M | $63M | $78M | $73M | - |
| Defense YoY % | - | - | - | - | +10.4% | +46.5% | +47.2% | +7.4% | - |
| Outside NA on-highway | $115M | $128M | $126M | $124M | $112M | $142M | $122M | $131M | - |
| Outside NA on-highway YoY % | - | - | - | - | -2.6% | +10.9% | -3.2% | +5.6% | - |
| Service parts/support eq./other | $160M | $166M | $168M | $169M | $148M | $176M | $159M | $160M | - |
| Service parts/support eq./other YoY % | - | - | - | - | -7.5% | +6.0% | -5.4% | -5.3% | - |
| Gross profit | $366M | $394M | $396M | $373M | $378M | $402M | $329M | $354M | $406M |
| Gross profit YoY % | - | - | - | - | +3.3% | +2.0% | -16.9% | -5.1% | +7.4% |
| Operating income | $234M | $263M | $260M | $235M | $249M | $256M | $204M | $171M | $195M |
| Operating income YoY % | - | - | - | - | +6.4% | -2.7% | -21.5% | -27.2% | -21.7% |
| Adjusted EBITDA | $289M | $301M | $305M | $270M | $287M | $313M | $256M | $265M | $362M |
| Adjusted EBITDA YoY % | - | - | - | - | -0.7% | +4.0% | -16.1% | -1.9% | +26.1% |
| Adj EBITDA margin % | 36.6% | 36.9% | 37.0% | 33.9% | 37.5% | 38.5% | 36.9% | 36.0% | 25.7% |
| Adj EBITDA margin % YoY chg (bps) | - | - | - | - | +90 | +160 | -10 | +210 | -1180 |
| GAAP Diluted EPS | $1.90 | $2.13 | $2.27 | $2.01 | $2.23 | $2.29 | $1.63 | $1.18 | $1.33 |
| GAAP Diluted EPS YoY % | - | - | - | - | +17.4% | +7.5% | -28.2% | -41.3% | -40.4% |
_Trajectory: Cyclically troughed legacy core; transformative inorganic step-up. Legacy Allison Transmission peaked Q3'24 at $824M, rolled into a 4-quarter downcycle bottoming Q3-Q4'25: NA On-Highway -28% from peak ($457M → $327M); EPS -41% YoY at the trough. Q1'26 legacy segment of ~$733M still -4.3% YoY but stable sequentially — early trough signal, not confirmed inflection. Off-Highway acquisition (segment ~$673M Q1'26) reset company size: reported Adj EBITDA $362M +26% YoY masks soft legacy. Adj EBITDA margin compressed to 25.7% from prior 37% trend due to lower-margin acquired business + PPA step-ups. Defense the only consistently positive end-market: $48M Q1'24 → $73M Q4'25 → continued ramp Q1'26 (+64% YoY); FY25 +26% YoY. Service parts soft (FY24 $663M → FY25 $643M). Total revenue contracted -6.7% FY25 from FY24 after 3 years of growth. Margin discipline held FY25 (37.5% vs 36.1% FY24) despite revenue decline. Verdict: legacy organic deceleration through 2025, trough signal Q1'26, M&A reset of company size, defense as standout. Next 2-3 quarters reveal whether legacy on-highway re-accelerates or whether the deal carries the entire growth narrative._
Beat/Miss
Guidance
Catalysts
Street Q&A
Contradictions
Read-Throughs
This Quarter vs Consensus
| Metric | Consensus | Actual | Variance | Read |
|---|---|---|---|---|
| Revenue | $1.37B | $1.41B | +$40M / +2.9% | Beat — but +83.6% YoY is acquisition-driven |
| Reported Revenue YoY | — | +83.6% | — | Off-Highway acq Jan 1, 2026 |
| Legacy organic Revenue | — | ~$733M | -4.3% YoY | Stable sequentially — early trough signal |
| Adj EBITDA | $351.6M | $362M | +$10M / +3% | Beat — record |
| Adj EBITDA margin | ~25% | 25.7% | +70 bps | Compressed from 37% prior trend on acq mix |
| Adj Diluted EPS | ~$2.42 | $2.57 | +$0.15 / +6.2% | Beat |
| GAAP Diluted EPS | $2.03 | $1.33 | -$0.70 / -34.5% | Optical miss — ~$115M Off-Hwy acq charges |
| Defense | — | +64% YoY | — | Standout — Hanwha K9, Borsuk, Kaplan |
| L4Q Adj EBITDA beat rate | — | ~3/4 = 75% | — | Restored cadence post-Q3'25 miss |
| L8Q beat rate | — | ~6/8 = 75% | — | Q3'25 was the demand-driven double-miss |
| FY26 EBITDA Guide vs Street | $1.47B | $1.44B mid (reaffirmed) | -$30M / -2% | Below Street consensus |
Pattern: clean operational beat extends multi-year ~75% L8Q beat cadence after the Q3'25 demand-driven double-miss. Q1'26 was a 3-line operational beat (rev/EBITDA/EPS) with an optical GAAP EPS miss entirely driven by ~$115M of Off-Highway acquisition accounting charges (stepped-up basis amortization, intangibles, integration). FY26 guide REAFFIRMED (not raised) with $1.44B EBITDA mid below ~$1.47B Street consensus — Q1's ~$10M EBITDA cushion was NOT flowed through, instead absorbed by raised integration costs ($70M → >$100M pretax). Mgmt's variance commentary: "Disciplined cost management," defense ramp +64% YoY ("balance of year looks like Q1"), Class 8 straight "a little stronger in Q1, steady," medium-duty still extremely soft. The integration cost creep + buyback throttle ($20M Q1 vs $328M FY25 — deleveraging from ~3x to 2x) suggest mgmt is preserving optionality. The Adj-vs-GAAP bridge is the cleanest single explanation.
Guidance Deep Dive
| Metric | Prior (Q4'25 / Feb'26) | New (May'26) | Δ | Read |
|---|---|---|---|---|
| FY26 Revenue | $5.575-5.925B mid $5.75B | $5.575-5.925B mid $5.75B | Reaffirmed | Q1 beat absorbed |
| FY26 Adj EBITDA | $1.365-1.515B mid $1.44B | $1.365-1.515B mid $1.44B | Reaffirmed | Below ~$1.47B Street consensus |
| FY26 Adj EBITDA margin (mid) | 25% | 25% | Maintained | Below 27-29% LT target |
| FY26 Adj FCF | $655-805M mid $730M | $655-805M | Reaffirmed | — |
| FY26 Capex | — | Reaffirmed | — | Includes $45M one-time Off-Hwy integration |
| FY26 Net leverage | Targeting 2x | Targeting 2x (~3x today) | Maintained | Buyback throttled to fund deleveraging |
| FY26 Buyback pace | Active ($328M FY25) | $20M Q1 (throttled) | Slowed | Deleveraging priority |
| Off-Hwy integration costs | ~$70M pretax | >$100M pretax (raised) | +$30M+ | Quietly raised |
| Off-Hwy PPA step-up (Q1) | — | $76M (in adj EBITDA add-backs) | — | Disclosed |
| Off-Hwy one-time cash outlays | — | $55M FY26 | — | Disclosed |
| Off-Hwy one-time integration capex | — | $45M FY26 | — | Disclosed |
| Off-Highway $120M run-rate synergies | Year 4 full run-rate | Reaffirmed: 2H'26 financial benefits begin | Maintained | ZERO in 2026 guide = pure 2027 upside |
| LT pro forma EBITDA margin target | 27-29% | 27-29% ("within a few years") | Maintained | From 25% FY26 mid |
| NA Class 8 cycle | Steady (no recovery) | Slight strength Q1, steady balance of year | Marginal positive | Trough signal |
| Medium-duty truck | Very soft | Very soft (no recovery) | Maintained | EPA 2027 prebuy optionality not in guide |
Tone: confident reaffirmation but qualitative on synergies and Off-Highway baselines. Sandbag-biased setup. Mgmt didn't flow through Q1 EBITDA beat (~$10M cushion) — absorbed by quietly raised integration costs ($70M → >$100M). 11 of 14 analyst questions well-answered, 3 partial (Off-Highway 2025 historical end-market data refused; vague margin-target timing; no quantified deal "negatives" provided despite Wertheimer's direct ask). Risk caveats: (1) Adj EBITDA margin trajectory: ~12 pt headline reset from prior 37%+ midpoint commentary to FY26 25% mid (post-acq) with 27-29% LT target — material contradiction; (2) NA truck cycle "deferral, not destruction" framing has been consistent Q2/Q3/Q1'26 but FY26 guide still locks in trough run-rates; (3) M&A posture: Q4'25 emphasized integration discipline + 2x leverage target, Q1'26 reactivated active M&A pipeline language while still ~3x levered; (4) EV/electrification: Q4'25 $29M electrification impairment (commercial EV being written down) — defense EV intact via eGen Force/OMFV (SOP 2029). Watch: Q2'26 EBITDA cushion vs guide; EPA 2027 ruling clarity by Q4 → potential MD prebuy in 4Q26; international defense booking momentum; Off-Hwy synergy realization timing into 2H'26.
Upcoming Catalysts
| # | Catalyst | Timing | What to Watch | Read |
|---|---|---|---|---|
| 1 | Allison Off-Highway integration + $120M run-rate synergies | 2H'26 onset; Year 4 full run-rate | ZERO synergies in 2026 guide = pure 2027 upside; drives consolidated Adj EBITDA margin from 25% mid toward 27-29% target | 2027 step-function |
| 2 | International defense ramp | FY26 ongoing | Q1'26 Defense +64% YoY; mgmt: "balance of year looks like Q1"; Korea (Hanwha K9), Poland (Borsuk), Turkey (Korkut/FNSS), India (FICV/3040 MX); eGen Force/OMFV (Bradley replacement, SOP 2029) | High-margin, decoupled from NA truck cycle |
| 3 | NA Class 8 vocational + EPA 2027 prebuy optionality | 4Q'26 → 1H'27 | Q1'26 Class 8 straight stronger than guide; 2026 guide bakes in NO recovery and NO prebuy = asymmetric upside on installed capacity; ALSN explicitly "not expecting a delay" | Asymmetric upside not in guide |
| 4 | Medium-duty EPA 2027 prebuy | 4Q'26 | MD still extremely soft Q1'26; pre-buy magnitude depends on EPA final rule timing; CMI delayed B-platform to Jan 2028 — ALSN paired benefit | Optionality, EPA-rule dependent |
| 5 | Off-Hwy integration cost / margin realization Q2-Q4'26 | Quarterly FY26 | $76M Q1 PPA step-up; $55M one-time cash outlays; $45M one-time integration capex; cost creep from $70M → >$100M is a watchpoint | Cost creep is real |
| 6 | Deleveraging trajectory ~3x → 2x | FY26-FY27 | Buyback throttled to $20M Q1 vs $328M FY25; FCF priority | Optionality returns at 2x |
| 7 | Off-Hwy 2025 historical end-market disclosure | Future calls | ALSN has refused this disclosure to date; key for analyst modeling | Watch item |
| 8 | Hydraulic fracking / oilfield power | Ongoing | Mgmt-flagged upside in Off-Highway side | Modest |
| 9 | Mining commodity cycle (gold/copper/rare earths) | Ongoing | Off-Highway exposure to mining strong | Tailwind |
| 10 | EV transmission (eGen Power) commercial | FY26-FY28 | $29M Q4'25 commercial EV write-down; defense EV intact | Slow commercial adoption |
| 11 | China bus / Brazil HD truck | Ongoing | Outside NA on-highway $507M FY25 +3% YoY | Modest |
| 12 | Active M&A pipeline reactivation | TBD | Q1'26 reactivated language while still ~3x levered | Watch — discipline question |
Street Q&A
| # | Analyst (Firm) | Topic | Mgmt Response | Quality |
|---|---|---|---|---|
| 1 | Tami Zakaria (JPMorgan) | Off-Highway integration progress + $120M synergy run-rate timing | Reaffirmed $120M run-rate; financial benefits begin 2H'26, full run-rate Year 4; 27-29% pro forma EBITDA target within "a few years" | Well Answered |
| 2 | Jerry Revich (Wells Fargo) | EPA 2027 ruling impact on MD prebuy + outlook | ALSN explicitly "not expecting a delay"; medium-duty still soft; no MD prebuy in 2026 guide; CMI's B-platform delay to Jan 2028 = ALSN paired benefit | Well Answered |
| 3 | Rob Wertheimer (Melius) | Off-Highway acquisition NEGATIVES / risks? | Mgmt declined to quantify; emphasized strategic fit and synergies | Refused — no quantified negatives |
| 4 | Various | Defense growth durability / international platforms | +64% Q1; balance of year looks like Q1; Korea Hanwha K9, Poland Borsuk, Turkey Kaplan, BAE Hägglunds, India FICV; eGen Force/OMFV | Well Answered |
| 5 | Stephen Volkmann (Jefferies) | NA Class 8 vocational cycle + medium-duty trajectory | Class 8 straight came in stronger than guide; MD still extremely soft; lease-rental "early lean-in" | Well Answered |
| 6 | Various | Off-Highway 2025 historical end-market revenue | Mgmt declined to provide; commercially sensitive | Partial — commercially sensitive |
| 7 | Joel Tiss (BMO) | FY26 EBITDA reaffirmed below Street | Q1 beat absorbed by raised integration costs ($70M → >$100M); zero synergies in 2026 = sandbag posture | Well Answered |
| 8 | Tim Thein (Raymond James) | Capital allocation / buyback pace | Throttled to $20M Q1 vs $328M FY25 to fund deleveraging from ~3x to 2x; M&A pipeline reactivated | Well Answered |
| 9 | Tim Thein follow-up | Active M&A pipeline language at ~3x levered? | Vague — "opportunistic"; emphasized integration discipline | Partial — vague |
| 10 | Steven Fisher (UBS) | EBITDA margin trajectory toward 27-29% LT | "A few years" — vague timing; 2H'26 synergies start to flow; 2027 step-function | Partial — vague timing |
| 11 | Various | EV transmission (eGen Power) commercial trajectory | Q4'25 $29M electrification impairment in commercial EV; defense EV (eGen Force/OMFV) intact, SOP 2029 | Well Answered |
| 12 | Various | Hydraulic fracking / oilfield demand | Mgmt-flagged Off-Highway upside; modest contribution | Well Answered |
| 13 | Various | China bus / Brazil HD truck outlook | Outside NA on-hwy $507M FY25 +3% YoY; stable | Well Answered |
| 14 | Various | Mining commodity cycle / Off-Hwy exposure | Mining strong on commodity prices; gold/copper/rare earths | Well Answered |
Contradictions
| # | Topic | Severity | Statement A | Statement B | Why it's a tension |
|---|---|---|---|---|---|
| 1 | EBITDA margin trajectory — ~12 pt headline reset | MATERIAL | FY25 messaging: ~37%+ midpoint; Bohley floated return to 40% peak | FY26 consolidated guide implies 25% midpoint with 27-29% post-synergy ceiling within "a few years" | Prior commentary did not fully prepare investors for the dilutive effect of Off-Highway acquisition + PPA step-ups. Optical headline ~12 pt reset is a real narrative shift requiring repositioning. |
| 2 | NA truck cycle "deferral, not destruction" framing | MODERATE | Q2/Q3/Q1'26: Repeated "deferral, not destruction" framing for NA truck cycle | FY26 guide locks in trough run-rates and explicit dependence on EPA '27 warranty ruling for medium-duty recovery | If demand was merely "deferred," why is the FY guide locked at trough? Either the cycle is more impaired than "deferral" implies, or the guide is sandbagged. Either way the framing is loose. |
| 3 | M&A posture post-close — leverage / discipline | MODERATE | Q4'25: Emphasized integration discipline and 2x leverage target | Q1'26: Reactivated active M&A pipeline language while still ~3x levered | Discipline framing harder to defend at 3x leverage with M&A pipeline open. |
| 4 | EV/electrification — commercial vs defense bifurcation | MINOR | Q2'25: Bullish eGen Flex/Force commercial promotion | Q4'25: $29M electrification impairment (commercial EV being written down); defense EV intact (eGen Force/OMFV SOP 2029) | Soft contradiction. Commercial EV adoption slower than originally framed; defense EV intact. |
Indirect Read-Throughs
| Name | Relationship | What ALSN signaled | Read-through |
|---|---|---|---|
| PACCAR (PCAR) / Daimler Truck (DTRUY) | Major NA HD/MD OEM customers | Class 8 straight "a little stronger in Q1, steady"; MD still extremely soft; trough signal in Q1'26 | POSITIVE — Class 8 trough signal confirms CMI read |
| Cummins (CMI) | Engine partner (paired with ALSN transmissions) | Aligned with CMI's 'cycle inflecting earlier' narrative; CMI delayed B-platform to Jan 2028 = ALSN paired benefit | POSITIVE — confirms CMI cycle read |
| Volvo Group (VLVLY) / Traton/Navistar | NA HD OEMs | Same — Class 8 trough signal; medium-duty soft | POSITIVE on Class 8 trough |
| General Dynamics (GD) | Defense partner (Stryker, OMFV) | ALSN Defense +64% YoY; eGen Force/OMFV (Bradley replacement, SOP 2029) | POSITIVE — international defense ramp |
| Lockheed Martin (LMT) / Northrop (NOC) / RTX | Defense primes | International defense capex genuinely accelerating; Hanwha K9, Borsuk Poland, Kaplan Turkey programs | POSITIVE — international order books |
| Hanwha Aerospace | Defense customer (named — K9 howitzer) | Hanwha K9 program ramping | POSITIVE |
| BAE Systems | Defense customer (Hägglunds tracked vehicles) | BAE Hägglunds program intact | POSITIVE |
| Rheinmetall (RHM.DE) | European defense | International defense capex accelerating | POSITIVE |
| Oshkosh (OSK) | Defense / specialty vehicle peer | Defense ramp confirms broader cycle | POSITIVE |
| Caterpillar (CAT) / Komatsu / Sandvik / Epiroc | Off-Highway mining adjacents | Mining strong on commodity prices (gold/copper/rare earths); Off-Hwy exposure | POSITIVE — mining cycle |
| Deere (DE) / AGCO | Ag equipment | Ag muted ex-India low-HP segment | NEUTRAL-NEGATIVE |
| Volvo CE / Liebherr / Sany | Construction equipment | Europe construction positive; NA construction slight negative; bifurcating | MIXED |
| Vertiv (VRT) / Generac / ETN | Power gen / data center backstop | Notable non-mention of D-Series genset / hyperscaler backstop power = slight negative for those alt-power narratives | MILD NEGATIVE — adoption curve slow |
| Tesla Semi / Nikola / Plug Power (PLUG) | EV/H2 truck competitors | Notable non-mention of Tesla Semi / Nikola / Plug = slight negative for those EV narratives; commercial EV being written down | NEGATIVE — adoption slow |
| Dana (DAN) | Seller of Off-Highway business to ALSN | Closed Jan 1, 2026; ~$650M annual rev run-rate transferred | Strategic transfer |
| Euro at $1.17 | FX tailwind | Tailwind for Europe-exposed industrials | POSITIVE |
Data sourced from Daloopa. Document search is currently in beta; transcript and filing snippets may vary.