ADDED
As of January 30, 2026, the registrant had 207,048,768 shares o f voting common stock outstanding.
Accounting estimates, such as those described under the heading Critical Accounting Policies and Estimates in Item 7 of this report, are inherently forward-looking.
You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report.
Financial Information About Reportable Segments Refer to Note 24, Reportable Segments and Related Information, to the Consolidated Financial Statements in Item 8 of this report for financial information about the Company's reportable segments.
Net sales by reportable segment were as follows: Year Ended December 31, (in millions) 2025 2024 2023 Turbos Thermal Technologies $ 5,772 $ 5,887 $ 6,012 Drivetrain Morse Systems 5,654 5,577 5,549 PowerDrive Systems 2,347 1,937 2,166 Battery Charging Systems 590 729 546 Inter-segment eliminations (47) (44) (75) Net sales $ 14,316 $ 14,086 $ 14,198 The sales information presented above does not include the sales by the Company s unconsolidated joint ventures (see sub-heading Joint Ventures below).
Such unconsolidated sales totaled approximately $764 million, $764 million, and $732 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Turbos Thermal Technologies technologies include turbochargers, eBoosters, eTurbos, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, cabin heaters, battery heaters and battery cooling systems.
Sales of turbochargers for light vehicles represented approximately 21%, 21% and 22% of the Company s net sales for the years ended December 31, 2025, 2024 and 2023, respectively.
Drivetrain Morse Systems Drivetrain Morse Systems technologies include hydraulic controls, friction and mechanical clutch products for automatic transmissions and torque-management products.
The segment also includes electronic limited slip differentials ( eLSD ), electric torque vectoring products and axle disconnect systems that will benefit vehicle energy efficiency and vehicle dynamics.
REMOVED
As of January 31, 2025, the registrant had 218,684,028 shares o f voting common stock outstanding.
Accounting estimates, such as those described under the heading Critical Accounting Policies and Estimates in Item 7 of this Annual Report on Form 10-K, are inherently forward-looking.
BorgWarner Strategy In 2021, the Company announced its accelerated electrification strategy.
There were three primary elements of the strategy: (1) profitably scaling organic growth in electric vehicles ( EVs ); (2) executing mergers and acquisitions that expand our EV products; and (3) optimizing our combustion portfolio through planned dispositions of between $3 billion and $4 billion of annual revenue.
In June 2023, the Company announced the next phase of its strategy, which focused on advancing its position as a leader in eProducts (all products utilized on or for EVs plus those same products and components that are included in hybrid powertrains whose underlying technologies are adaptable to those used in or for EVs), while maximizing the value of its combustion portfolio or Foundational products (all products utilized in internal combustion engines plus those same products and components that are also included in hybrid powertrains).
During the years ended December 31, 2024, 2023 and 2022, the Company s eProduct revenue was approximately $2.3 billion, $2.0 billion and $1.5 billion, respectively, or 17%, 14% and 12% of its total revenue, respectively, and the Company s Foundational products revenue was approximately $11.8 billion, $12.2 billion and $11.2 billion, respectively, or 83%, 86% and 88% of its total revenue, respectively.
On July 3, 2023, BorgWarner completed the previously announced spin-off ( Spin-Off ) of its Fuel Systems and Aftermarket segments in a transaction intended to qualify as tax free to the Company s stockholders for U.S.
federal income tax purposes, which was accomplished by the distribution of 100% of the outstanding common stock of PHINIA, Inc.
( PHINIA ) to holders of record of common stock of the Company on a pro-rata basis.
PHINIA is an independent public company trading under the symbol PHIN on the New York Stock Exchange.