Highlights

  • Dana reported third quarter 2026 sales of $2,038 million and a net loss from continuing operations of $10 million.
  • Adjusted EBITDA, a non-GAAP measure, was $218 million, and the company repurchased 6.6 million shares for $200 million.
  • The Eaton Mobility transaction remains on track to close around the end of the first quarter of 2027.
  • Revised 2026 guidance includes sales of $7.75 to $7.85 billion and adjusted EBITDA of $800 to $850 million.

Dana Incorporated (NYSE:DAN) shares were trading at USD 25.65 on October 28, 2026, down 5.70%, with a relative volume at time of 3.56. The vehicle drive-systems supplier reported third quarter 2026 results on October 28, 2026, raised planned share repurchases and said the Eaton Mobility transaction remains on track.

Dana is incorporated in Delaware and is headquartered in Maumee, Ohio. The company describes itself as a designer and manufacturer of propulsion solutions for the light- and commercial-vehicle markets. It supplies vehicle manufacturers and related aftermarkets. It reports two segments, Light Vehicle and Commercial Vehicle. The company states that it reported sales of $7.5 billion in 2025, has a history dating to 1904 and employs 27,000 people in 24 countries across six continents.

Third Quarter Results

Net sales in the third quarter of 2026 were $2,038 million, compared with $1,917 million in the same period of 2025. Light Vehicle sales were $1,371 million and Commercial Vehicle sales were $667 million. Adjusted EBITDA was $218 million, a 10.7 percent margin, compared with $162 million, an 8.5 percent margin.

Net loss from continuing operations was $10 million, compared with net income of $13 million a year earlier. Diluted loss per share from continuing operations was $0.13, compared with diluted earnings per share of $0.07. The company cited a $24 million loss on the extinguishment of debt and higher income tax expense, which included a $29 million charge related to the settlement of a foreign income tax, partially offset by a $12 million benefit associated with post Off-Highway sale restructuring actions.

Net income from discontinued operations was $29 million. Net income attributable to the parent company was $15 million, or $0.14 per diluted share, compared with $83 million, or $0.64 per diluted share.

For the nine months ended September 30, 2026, net sales were $5,916 million and net income attributable to the parent company was $1,097 million, or $10.18 per diluted share, including net income from discontinued operations of $1,124 million.

Balance Sheet, Cash Flow and Capital

Operating cash flow was $102 million in the third quarter, compared with $111 million. Adjusted free cash flow, a non-GAAP measure, was $66 million, compared with $101 million.

At September 30, 2026, cash and cash equivalents were $321 million, compared with $469 million at December 31, 2025. Short-term debt was $710 million and long-term debt was $839 million.

Dana repurchased approximately 6.6 million shares for $200 million in the third quarter, bringing year-to-date share repurchases to $369 million. It expects to repurchase an additional $100 million of shares in the fourth quarter of 2026.

Eaton Mobility Transaction

Dana said the Eaton Mobility transaction remains on track to close around the end of the first quarter of 2027, with nearly all regulatory approvals obtained and only one pending. On the call, management said the combination is structured as a split-off and Reverse Morris Trust transaction intended to be tax free for Dana and Eaton shareholders. It said it targets $250 million of run-rate synergies within 24 months after closing and expects net leverage of 1.6x.

2026 Guidance

Dana revised its full-year guidance, raising its sales outlook by approximately $50 million. Revised 2026 targets are sales of $7.75 to $7.85 billion, adjusted EBITDA of $800 to $850 million, an implied adjusted EBITDA margin of approximately 10.6%, diluted adjusted EPS of $1.75 to $2.25 and adjusted free cash flow of $275 to $375 million. The company maintained its adjusted EBITDA, diluted adjusted EPS and adjusted free cash flow guidance.