Dana Incorporated filed a Form 425 on October 28, 2026, containing a transcript of its third quarter 2026 earnings conference call, which also provided an update on the proposed business combination with Mobility (USA) Corporation, a wholly owned subsidiary of Eaton Corporation plc.

Key Highlights

  • Q3 2026 Sales: Dana reported sales "just over $2 billion," an increase of $121 million over Q3 2025, according to the filing.
  • EBITDA: EBITDA came in at $218 million, up $56 million versus the same period last year, with a margin of 10.7%, a 220 basis point improvement year-over-year.
  • Cost Savings Program: The program is on track to deliver $325 million by end of Q4 2026, up from an original target of $200 million set at launch in November 2024; $320 million has been delivered program-to-date.
  • Share Repurchases: Dana increased its 2026 repurchase target to $469 million; in Q3, the company bought back 6.6 million shares for $200 million, bringing the year-to-date total to $369 million.
  • Eaton Transaction Timeline: The transaction is structured as a split-off and Reverse Morris Trust, intended to be tax-free, with a special shareholder meeting targeted for December 7 and closing targeted around the end of Q1 2027.
  • Regulatory Approvals: All regulatory approvals have been achieved except one, which the company said it expects to obtain shortly.
  • Synergy Target: The company disclosed a target of $250 million in run-rate cost synergies within 24 months post-close, and cited a combined sales target of $14 billion to $15 billion.

Dana's Q3 Results and Eaton Combination Progress Detailed in October 2026 Call

According to the filing, Dana's Chief Executive Officer Byron Foster and Executive Vice President and Chief Financial Officer Timothy Kraus led the October 28, 2026, earnings call. Foster attributed Q3 performance to "continued focus on productivity gains, supply chain efficiencies and commercial discipline," as quoted in the transcript. The company's EBITDA margin of 10.7% represented a 220 basis point improvement versus the prior-year period, the filing stated.

Regarding the cost savings program, the filing disclosed that Dana originally launched the initiative in November 2024 with a $200 million target, subsequently increased to $325 million. Year-to-date savings of $60 million have been delivered against that target, bringing the program-to-date total to $320 million. On share repurchases, the 2026 target was raised to $469 million, and the company reported that program-to-date repurchases stand at $1.2 billion of a $2 billion authorization, which the company plans to complete in the first half of 2029. The filing noted that no final decision has been made on the direction of share buybacks following the close of the Eaton transaction.

On the proposed combination with Mobility (USA) Corporation, the filing stated the transaction is expected to close around the end of Q1 2027 and is structured as a split-off and Reverse Morris Trust intended to be tax-free for both Dana and Eaton shareholders. The company cited a net leverage target of 1.6x post-close, inclusive of the additional $100 million in share buybacks. The filing also noted that 11 plants are executing automation projects heading into 2027, with 38 automation units deployed and 56 more expected within the calendar year, targeting run-rate savings of $20 million.

What Was Disclosed

Dana Incorporated filed a Form 425 containing its Q3 2026 earnings call transcript, disclosing quarterly financial results, an expanded cost savings program, updated share repurchase activity, and a progress update on the proposed Eaton Mobility business combination, including regulatory status and closing timeline.