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Garrett Motion designs and manufactures turbochargers used in gasoline, diesel and natural-gas engines, including those in hybrid vehicles, commercial vehicles and industrial equipment. These products help customers improve fuel economy and meet emissions requirements. Turbochargers generate most sales, with gasoline applications the largest product line. Vehicle manufacturers provide most revenue; a smaller business sells Garrett-branded replacement products through independent aftermarket distributors.
Major customers include Stellantis, BMW and Ford. Its largest customers collectively account for most sales, though no single customer dominates. Garrett produces and ships to manufacturers’ delivery schedules, and those customers generally do not guarantee minimum purchases. Revenue therefore depends on actual production of the vehicle models and engine platforms it supplies, not simply on winning a supply contract.
Garrett also sells E-Boosting products and air compressors for hydrogen fuel cells, while developing electric-drive, cooling and new industrial applications. Profits from turbochargers fund these investments, and many newer technologies remain in development. The core business depends on the mix of engines customers choose and on emissions rules: battery-electric vehicles do not need turbochargers, while weaker emissions requirements can reduce demand for them.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Watch turbocharged vehicle production at BMW and Ford: each accounted for 11% of Garrett’s 2025 sales, but neither appears in this list.
BorgWarner competes with Garrett for global automakers’ turbocharger business. Its Turbos & Thermal Technologies sales offer a view of the market Garrett competes in, rather than its broader electric-vehicle businesses.
Garrett depends on vehicle maker Stellantis for a substantial share of sales: Stellantis bought products for its vehicles representing 12% of Garrett’s 2025 sales. Watch production of the vehicles that use Garrett’s products, since customer production schedules determine its shipments.
Cummins competes with Garrett through its Components business, selling turbochargers to engine manufacturers. Turbocharger news from that business is more relevant to Garrett’s competitive position than Cummins’ overall engine or power-generation results.
Garrett buys hot-side turbocharger wheels from DPC Holdings PLC and builds them into the turbochargers it sells. Watch DPC’s Turbo Wheels business for this supply relationship, rather than its more prominent aerospace and industrial gas-turbine businesses.
Dana and Garrett both depend on light- and commercial-vehicle production, selling automakers driveline and powertrain parts and turbochargers, respectively. Dana’s separate Light Vehicle and Commercial Vehicle sales help track demand in those two markets, though its products also serve electric vehicles.
Magna International and Garrett both rely on automakers’ production schedules for orders: Magna sells vehicle systems, while Garrett sells turbochargers. Neither generally has guaranteed minimum purchases, so production changes matter more than the stated life of a supply program.
Lear and Garrett share exposure to major automakers’ production volumes: Lear sells seats and electrical systems, while Garrett sells turbochargers. Lear’s Seating and E-Systems sales provide a view of vehicle-production demand, not direct competition for Garrett’s products.
Aptiv and Garrett both sell to global automakers, linking them to vehicle production and technology spending rather than competition in the same product. Aptiv supplies electrical and electronic systems, so its automotive power, signal and data-distribution business is a window on those customers’ demand, not turbocharger demand itself.
Standard Motor Products competes with Garrett in replacement turbochargers through its Nissens business, which sells turbochargers for the vehicle aftermarket.
Stellantis N.V. earningsSTLA
Stellantis’s report will show whether its vehicle production supports orders for Garrett Motion, for which the automaker accounted for 12% of 2025 sales.
Watch whether Stellantis’s vehicle production and schedules hold up. Steady or higher production would support the pace of shipments to this important customer; a decline would put orders and shipments for the affected vehicles under pressure. Stellantis’s report cannot confirm Garrett Motion’s actual orders. The takeaway is whether this major customer’s production is a tailwind or a risk for Garrett Motion’s shipments.
Dana Incorporated earningsDAN
Dana’s light- and commercial-vehicle sales will show how those vehicle markets are moving, a demand check for Garrett Motion’s turbocharger shipments.
Read Dana’s light-vehicle and commercial-vehicle sales separately. Growth in both would point to broader demand across vehicle markets that can support Garrett Motion’s related shipments; declines in both would signal a weaker production backdrop. Dana also serves electric vehicles, so its sales are not a direct read-through to turbocharger demand. The takeaway is whether the broader vehicle markets are helping or hindering Garrett Motion.
Fed Interest Rate Decision
Garrett Motion’s debt costs can rise or fall with interest rates, changing the cash it has for operations and investment.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise the cost of Garrett Motion’s term debt as it reprices, leaving less cash for its operations and technology investment.
If it comes in below expectations
Lower rates can ease borrowing costs as Garrett Motion’s term debt reprices, leaving more cash for its operations and technology investment.
Garrett Motion Inc. earningsThis company
Garrett Motion’s report will show whether automakers’ production schedules are turning into more turbocharger sales, and whether product mix and costs are squeezing margins.
Read sales in gas, diesel and commercial-vehicle products alongside gross margin, the share of sales left after direct product costs. Rising sales with a steady margin would show that shipments are adding profitable business. Slower sales or a falling margin would point to customer schedules, product mix, price reductions or costs offsetting shipments. The conclusion is whether Garrett Motion can turn customer releases into profitable sales.
BorgWarner Inc. earningsBWA
BorgWarner’s Turbos & Thermal Technologies sales will show how a rival’s competing product business is faring, offering Garrett Motion a read on its competitive market.
Focus on BorgWarner’s Turbos & Thermal Technologies sales, not its company-wide results. Growth would show activity in the rival’s turbocharger and thermal business, but would not prove Garrett Motion won or lost orders. A decline could reflect a softer market or changes in BorgWarner’s own programs or share. The conclusion is whether this rival’s relevant business is expanding or contracting, not whether Garrett Motion has gained or lost market share.
Standard Motor Products earningsSMP
If Standard Motor Products reports on Nissens, its sales will show how a rival is faring in replacement turbochargers, a market where it competes with Garrett Motion’s aftermarket business.
If the report breaks out Nissens or replacement turbocharger activity, check whether those sales grow or weaken. Growth would show a rival gaining traction in the replacement market where Garrett Motion’s aftermarket business competes; a decline would show weaker traction. Company-wide results alone cannot establish what happened in turbochargers. The takeaway is whether this rival is advancing in the relevant aftermarket, not how Garrett Motion’s own aftermarket sales performed.
DPC Holdings PLC earningsDPC
DPC Holdings PLC’s Turbo Wheels business supplies hot-side turbocharger wheels to Garrett Motion, making it a window on this supplier relationship.
Focus on DPC’s Turbo Wheels business, not its aerospace or industrial gas-turbine activities. Strength there would show activity in the component business that supplies Garrett Motion; weakness would warrant attention to softer activity at this supplier. DPC’s results cannot confirm deliveries to Garrett Motion or prove a supply interruption. The takeaway is the direction of the supplier’s relevant business, not how much Garrett Motion received.
Industrial Production MoM (Oct)
Garrett Motion’s turbochargers and compression products go mainly to automakers and other OEMs, so factory, mine and utility output can shape customer orders, sales and how fully its plants are used.
Stronger factory, mine and utility output points to firmer industrial demand, which may support OEM orders and use of Garrett Motion’s plants; weaker output points to softer demand, with fewer orders and more risk of underused capacity.
