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CLOSED · 08:25 ET
Market ClerkRecap
Sun Nov 1 · markets closed1 signal on Oct 31129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

GT

GOODYEAR TIRE & RUBBER CO /OH/
NASDAQ · MATERIALS · TIRES & INNER TUBES
4.29
−0.14 −3.16%
USD · close Oct 30
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Work order
61
WATCH · shorts 61
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no disclosures naming it
Big money
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0
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MKT CAP $1.2BP/E —DIV YIELD —FCF YIELD 15.55%REV TTM $17.7B −4.3%NET INCOME −$2.5B −727.9%NET DEBT $5.7B52W 4.15 – 10.54SEC XBRL · TTM TO Invalid Date

How GT rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
33%
of sentences unchanged
Added
662
new sentences
Dropped
663
sentences removed
Length
+867
words, now 55,442

New in FY2025

  • RESULTS OF OPERATIONS — CONSOLIDATED Goodyear net loss in 2025 was $1,721 million, or $5.99 per share, compared to Goodyear net income of $46 million, or $0.16 per share, in 2024.
  • The change in Goodyear net income (loss) was primarily due to the change in U.S. and Foreign Tax Expense, driven by the establishment of a full valuation allowance on our net deferred tax assets in the U.S., a non-cash goodwill impairment charge in Americas and lower segment operating income, partially offset by gains on the sales of the OTR tire business, the Dunlop brand and the Chemical Business.
  • Net Sales Net sales in 2025 of $18,280 million decreased $598 million, or 3.2%, compared to $18,878 million in 2024, due to the impacts of divestitures, primarily the sale of the OTR tire business, of $671 million, excluding product supply agreement revenue of $268 million, lower global tire volume of $669 million and the negative impact of changes in foreign exchange rates of $18 million.
  • These decreases were partially offset by favorable global price and product mix of $370 million and benefits from the Goodyear Forward plan of $64 million.
  • Goodyear worldwide tire unit net sales were $15,390 million and $15,993 million in 2025 and 2024, respectively.
  • Consumer and commercial net sales were $12,234 million and $3,124 million in 2025, respectively.
  • The following table presents our tire unit sales for the periods indicated: Year Ended December 31, (In millions of tires) 2025 2024 % Change Replacement Units United States 50.2 52.8 (4.9) % International 62.9 67.9 (7.4) % Total 113.1 120.7 (6.3) % OE Units United States 9.3 9.6 (3.1) % International 36.3 36.3 — % Total 45.6 45.9 (0.5) % Goodyear worldwide tire units 158.7 166.6 (4.7) % The decrease in worldwide tire unit sales of 7.9 million units, or 4.7%, compared to 2024, included a decrease of 7.6 million replacement tire units, or 6.3%, reflecting decreases in each region.
  • OE tire units decreased by 0.3 million units, or 0.5%.
  • Consumer and commercial unit sales in 2025 were 147.1 million and 10.0 million, respectively.
  • Cost of Goods Sold Cost of Goods Sold ("CGS") was $14,909 million in 2025, decreasing $283 million, or 1.9%, from $15,192 million in 2024.
  • CGS was 81.6% of sales in 2025 compared to 80.5% of sales in 2024.
  • CGS in 2025 decreased primarily due to savings related to the Goodyear Forward plan of $578 million, lower tire volume of $521 million, benefits from divestitures, primarily related to the sale of the OTR tire business, of $262 million, and foreign currency translation of $19 million.
  • These decreases were partially offset by higher raw material costs of $443 million, higher conversion costs of $402 million, an increase in other costs of $138 million, primarily related to tariff and transportation costs, a net decrease of $62 million ($30 million after-tax and minority) from insurance proceeds for property damages and business interruptions received in 2024 and 2025, an increase in asset write-offs, accelerated depreciation and accelerated lease charges of $32 million, primarily related to the closures of our Fulda, Germany ("Fulda"), Fürstenwalde, Germany ("Fürstenwalde"), and Kariega, South Africa ("Kariega") tire manufacturing facilities and the elimination of commercial tire production at our Danville, Virginia tire manufacturing facility ("Danville"), and a benefit received in 2024 related to a reduction in U.S. duty rates on various commercial tires from China of $14 million.
  • CGS in 2024 included a favorable $8 million ($6 million after-tax and minority) tax item in Brazil and a $3 million ($3 million after-tax and minority) charge related to a flood in South Africa.
  • CGS in 2025 and 2024 included pension expense of $12 million and $15 million, respectively.
  • Selling, Administrative and General Expense SAG was $2,719 million in 2025, decreasing $63 million, or 2.3%, from $2,782 million in 2024.
  • SAG was 14.9% of sales in 2025 compared to 14.7% of sales in 2024.
  • SAG decreased primarily due to savings related to the Goodyear Forward plan of $132 million, benefits related to divestitures, primarily the sale of the OTR tire business, of $56 million, and a decrease in asset write-offs, accelerated depreciation and accelerated lease charges of $18 million.
  • These decreases were partially offset by an increase in other costs of $151 million, including an investment in systems and technology for customer facing support and higher costs associated with product liability claims, an increase of $53 million related to inflation and wages and benefits and increased advertising costs of $30 million.
  • SAG in 2025 also included costs related to the Goodyear Forward plan of $15 million ($15 million after-tax and minority) compared to $105 million ($80 million after-tax and minority) in 2024, primarily consisting of advisory, legal and consulting fees incurred to support development and execution of the plan, including costs associated with planned asset sales.
  • SAG in 2025 and 2024 included pension expense of $9 million and $11 million, respectively.
  • SAG in 2025 included incremental savings from rationalization plans of $44 million compared to $46 million in 2024.
  • CGS and SAG in 2025 included $160 million ($149 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily relate to the announced closures of Fulda, Fürstenwalde and Kariega and the plan to reduce our production capacity at Danville.
  • Asset write-offs, accelerated depreciation and accelerated lease charges for 2025 were primarily recorded in CGS.
  • Rationalizations We recorded net rationalization charges of $194 million ($172 million after-tax and minority) in 2025.
  • Net rationalization charges include $73 million related to the elimination of commercial tire production at Danville, $61 million related to the closures of Fulda and Fürstenwalde, $34 million related to the closure of Kariega, $13 million related to the plan to reduce headcount at our Fayetteville, North Carolina tire manufacturing facility ("Fayetteville"), $9 million related to the rationalization and workforce reorganization plan in EMEA, $5 million related to the closure of our tire manufacturing facility in Melksham, United Kingdom ("Melksham"), and various other plans to reduce headcount and improve operating efficiency.
  • These charges were partially offset by reversals of $21 million, primarily related to voluntary attrition in our rationalization and workforce reorganization plan in EMEA.
  • We recorded net rationalization charges of $86 million ($72 million after-tax and minority) in 2024.
  • Net rationalization charges include $52 million related to Fulda and Fürstenwalde, $15 million related to the rationalization and workforce reorganization plan in EMEA, $15 million related to opening a shared service center in Costa Rica, the exit of certain Commercial Tire and Service Center locations and global SAG reductions, $12 million related to the closure of our tire manufacturing facility in Malaysia, $11 million related to the closure of Melksham, $4 million related to the closure of certain retail and warehouse locations in Americas, $3 million related to the permanent closure of our Gadsden, Alabama tire manufacturing facility, $3 million related to a plan to reduce SAG headcount globally and $3 million related to the plan to streamline our EMEA distribution network.
  • These charges were partially offset by reversals of $45 million, primarily related to voluntary attrition in our rationalization and workforce reorganization plan in EMEA.
  • Upon completion of new plans initiated in 2025, we estimate that annual segment operating income will improve by approximately $120 million (approximately $50 million SAG and approximately $70 million CGS).
  • The savings realized in 2025 from rationalization plans totaled approximately $43 million (primarily SAG).
  • For further information, refer to Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs.
  • Goodwill and Intangible Asset Impairment During 2025, we recorded a non-cash impairment charge of $674 million ($674 million after-tax and minority) to fully impair our North America reporting unit's goodwill in our Americas segment.
  • During 2024, we recorded a non-cash impairment charge of $125 million ($94 million after-tax and minority) primarily related to our lower tier indefinite-lived intangible assets related to the acquisition of Cooper Tire as a result of increased competition from lower tier imports in the market.
  • For further information, refer to "Critical Accounting Policies - Goodwill and Intangible Assets" and Notes to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets, in this Form 10-K.
  • Interest Expense Interest expense was $445 million in 2025, decreasing $77 million from $522 million in 2024.
  • The decrease is due to lower interest rates on lower average debt levels in 2025, due to the repayment of debt with proceeds from asset sales.
  • The average interest rate was 5.76% in 2025 compared to 6.24% in 2024.
  • The average debt balance was $7,729 million in 2025 compared to $8,368 million in 2024.

and 622 more.

Gone since FY2024

  • RESULTS OF OPERATIONS — CONSOLIDATED Goodyear net income in 2024 was $70 million, or $0.24 per share, compared to a net loss of $689 million, or $2.42 per share, in 2023.
  • The change in Goodyear net income (loss) was primarily due to lower rationalization charges, higher segment operating income, lower impairment charges and lower other expense.
  • These increases were partially offset by higher U.S. and Foreign Tax Expense.
  • Net Sales Net sales in 2024 of $18,878 million decreased $1,188 million, or 5.9%, compared to $20,066 million in 2023, due to lower tire volume of $900 million, primarily in Americas and EMEA, global declines in price and product mix of $349 million and the negative impact of changes in foreign exchange rates globally of $192 million, driven by the strengthening of the U.S. dollar, partially offset by the unfavorable impact of the Tupelo storm on sales in 2023 of $110 million and an increase in sales in other tire-related businesses of $91 million, primarily due to Fleet Solutions in EMEA and higher third-party chemical sales in Americas.
  • Goodyear worldwide tire unit net sales were $15,993 million and $17,288 million in 2024 and 2023, respectively.
  • Consumer and commercial net sales were $12,894 million and $3,731 million in 2023, respectively.
  • The following table presents our tire unit sales for the periods indicated: Year Ended December 31, (In millions of tires) 2024 2023 % Change Replacement Units United States 52.8 58.1 (9.1 )% International 67.9 72.1 (5.8 )% Total 120.7 130.2 (7.3 )% OE Units United States 9.6 9.4 2.1 % International 36.3 33.7 7.7 % Total 45.9 43.1 6.3 % Goodyear worldwide tire units 166.6 173.3 (3.9 )% The decrease in worldwide tire unit sales of 6.7 million units, or 3.9%, compared to 2023, included a decrease of 9.5 million replacement tire units, or 7.3%, reflecting decreases in each region.
  • OE tire units increased by 2.8 million units, or 6.3%, reflecting an increase in EV fitments in Asia Pacific.
  • Consumer and commercial unit sales in 2023 were 159.4 million and 12.1 million, respectively.
  • Cost of Goods Sold Cost of Goods Sold ("CGS") was $15,176 million in 2024, decreasing $1,381 million, or 8.3%, from $16,557 million in 2023.
  • CGS was 80.4% of sales in 2024 compared to 82.5% of sales in 2023.
  • CGS in 2024 decreased primarily due to lower tire volume of $715 million, savings related to the Goodyear Forward plan of $335 million, lower raw material costs of $289 million, foreign currency translation of $154 million, driven by the strengthening of the U.S. dollar, lower costs related to product mix of $146 million globally, a benefit of $92 million ($69 million after-tax and minority) from insurance proceeds for property damage and business interruptions resulting from storm damage events in Americas in prior years, a benefit of $26 million ($17 million after-tax and minority) from insurance recoveries related to the fire at our Debica, Poland tire manufacturing facility, net of fixed costs incurred during the ramp-up of the facility, and a favorable $8 million ($6 million after-tax and minority) tax item in Brazil.
  • These decreases were partially offset by higher conversion costs of $318 million, driven by inflation and the effect of lower tire production on fixed cost absorption, an increase in accelerated depreciation and asset write-offs of $70 million, primarily related to the announced plant closures in Asia Pacific and EMEA, higher costs in other tire-related business of $64 million, driven by Fleet Solutions in EMEA and higher third-party chemical sales in Americas, and a $3 million ($3 million after-tax and minority) charge related to a flood in South Africa.
  • CGS in 2024 and 2023 included pension expense of $15 million.
  • CGS in 2023 also included the favorable impact of a successful legal claim of $3 million ($3 million after-tax and minority) related to a 2005 warehouse fire in Spain.
  • Selling, Administrative and General Expense SAG was $2,782 million in 2024, decreasing $32 million, or 1.1%, from $2,814 million in 2023.
  • SAG was 14.7% of sales in 2024 compared to 14.0% of sales in 2023.
  • SAG decreased primarily due to lower wages and benefits of $92 million driven by Goodyear Forward savings and lower incentive compensation, lower advertising costs of $26 million and lower foreign currency translation of $22 million.
  • These decreases were partially offset by higher asset write-offs, accelerated depreciation and accelerated lease costs of $40 million.
  • SAG in 2024 also included costs related to the Goodyear Forward plan of $105 million ($80 million after-tax and minority) compared to $35 million ($26 million after-tax and minority) in 2023, primarily consisting of advisory, legal and consulting fees incurred to support development and execution of the plan, including costs associated with planned asset sales.
  • SAG in 2024 and 2023 included pension expense of $11 million.
  • SAG in 2024 included incremental savings from rationalization plans of $46 million compared to $50 million in 2023.
  • CGS and SAG in 2023 included $46 million ($42 million after-tax and minority) of accelerated depreciation and asset write-offs and $10 million ($10 million after-tax and minority) of recoveries of previously written-off accounts receivable and other assets related to our exited business in Russia, which related to rationalization activities.
  • Rationalizations We recorded net rationalization charges of $86 million ($72 million after-tax and minority) in 2024.
  • Net rationalization charges include $52 million related to the proposed plan to close our tire manufacturing facilities in Fulda and Fürstenwalde, Germany, $15 million related to the workforce reorganization plan in EMEA, $15 million related to the opening of a shared service center in Costa Rica, the exit of certain Commercial Tire and Service Center locations and global SAG, $12 million related to the closure of our tire manufacturing facility in Malaysia, $11 million related to the closure of our tire manufacturing facility in Melksham, United Kingdom, $4 million related to the closure of certain retail and warehouse locations in Americas, $3 million related to the permanent closure of our Gadsden, Alabama tire manufacturing facility, $3 million related to the global rationalization and workforce reorganization plan and $3 million related to the plan to streamline our EMEA distribution network.
  • These charges were partially offset by reversals of $45 million, primarily related to voluntary attrition in our workforce reorganization plan in EMEA.
  • We recorded net rationalization charges of $502 million ($436 million after-tax and minority) in 2023.
  • Net rationalization charges include $250 million related to the proposed plan to close Fulda and Fürstenwalde, $166 million for the proposed rationalization and workforce reorganization plan in EMEA, $21 million for the plan to improve profitability in our Australia and New Zealand operations, and $18 million related to the plan to streamline our EMEA distribution network.
  • Upon completion of new plans initiated in 2024, we estimate that annual segment operating income will improve by approximately $70 million (approximately $40 million SAG and approximately $30 million CGS).
  • The savings realized in 2024 from rationalization plans totaled approximately $60 million (primarily SAG).
  • For further information, refer to Note to the Consolidated Financial Statements No. 3, Costs Associated with Rationalization Programs.
  • Goodwill and Intangible Asset Impairment During 2024, we recorded a non-cash impairment charge of $125 million ($94 million after-tax and minority) primarily related to our lower tier indefinite-lived intangible assets related to the acquisition of Cooper Tire as a result of increased competition from lower tier imports in the market.
  • During 2023, we recorded a non-cash impairment charge of $230 million ($216 million after-tax and minority) to write off all of the goodwill of our EMEA reporting unit.
  • For further information, refer to "Critical Accounting Policies - Goodwill and Intangible Assets" and Notes to the Consolidated Financial Statements No. 11, Goodwill and Intangible Assets, in this Form 10-K.
  • Interest Expense Interest expense was $522 million in 2024, decreasing $10 million from $532 million in 2023.
  • The decrease was primarily due to an increase in capitalized interest of $9 million.
  • Other (Income) Expense Other (Income) Expense was $32 million and $108 million of expense in 2024 and 2023, respectively.
  • The $76 million decrease in expense was primarily due to a $78 million net decrease in foreign currency exchange losses driven by fluctuations in the Argentine peso and the Turkish lira, a net decrease in non-service related pension and other postretirement benefits cost of $49 million primarily due to settlement credits of $3 million ($2 million after-tax and minority) in 2024 compared to pension settlement charges of $40 million ($30 million after-tax and minority) in 2023.
  • Additionally, the change in Other (Income) Expense reflects net gains on asset and other sales of $85 million ($60 million after-tax and minority), primarily related to the sale of distribution centers in EMEA and Americas, compared to a net gain on asset and other sales of $94 million ($69 million after-tax and minority) in 2023, primarily related to a sale and leaseback transaction in Americas.
  • Other (Income) Expense in 2024 had lower interest income of $30 million compared to 2023 and lower royalty income of $9 million compared to 2023.

and 623 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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