PHINIA Inc.

phinia.com

What Do They Do?

Builds fuel-injection systems and controls for vehicle and industrial equipment makers, and sells parts and repair solutions to aftermarket customers.

How Do They Make Money?

Original equipment makers, vehicle-systems suppliers and aftermarket buyers pay for products, generally when shipped or delivered; certain customized products can be paid for during production.

revenue

Segment	Share	Revenue	How money arrives
Fuel Systems Sold outright	67% FY2022: 68%		Sold outright
Aftermarket Sold outright	38% FY2022: 38%		Sold outright

Who Are Their Customers?

PHINIA supplies original equipment makers in vehicle and industrial markets, vehicle-systems suppliers, and independent aftermarket customers. It ships some products directly to original equipment makers; service and replacement products reach buyers through original-equipment dealer networks and the independent aftermarket.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 16% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

7% of revenue

▼ −2% vs FY2024 ($259M, 8%)

Net income, FY2025

4% of revenue

▲ +65% vs FY2024 ($79M, 2%)

Free cash flow, FY2025

5% of revenue

▼ −7% vs FY2024 ($203M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $890M in Q2 FY2025
Net income: ▼ −13%; vs $46M in Q2 FY2025

Fuel Systems share of revenue vs 66.5% in Q2 FY2025

Jul 30, 2026 PHINIA issued full-year financial guidance for 2026 It expects net sales of $3.57 billion to $3.67 billion, implying growth of 2% to 5%.

Flat. Revenue was $3.5B in FY2025, about the same as the $3.2B of FY2021.

Revenue over time

Fuel Systems Aftermarket

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Robert Bosch, Cummins, Denso, Dorman Products, Hitachi Astemo, Hyundai KEFICO, Marelli, Valeo, Schaeffler Group, SEG Automotive, Aisan Industry, Tenneco, ZF Group, SMP Auto, Vitesco Technologies, Kayser, Mahle, and TI Fluid Systems

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