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Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

☑	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: September 30, 2025

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From to

Commission File Number: 1-1063

Dana Incorporated

(Exact name of registrant as specified in its charter)

Delaware				26-1531856
(State of incorporation)				(IRS Employer Identification Number)

3939 Technology Drive, Maumee, OH				43537
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (419) 887-3000

Securities registered pursuant to Section 12(b) of the Act:

Common stock $0.01 par value		DAN		New York Stock Exchange
(Title of each class)		(Trading Symbol)		(Name of exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

There were 116,837,366 shares of the registrant’s common stock outstanding at October 24, 2025.

Table of Contents

DANA INCORPORATED – FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

		10-Q Pages
PART I – FINANCIAL INFORMATION

Item 1	Financial Statements	3
	Consolidated Statement of Operations (Unaudited)	3
	Consolidated Statement of Comprehensive Income (Unaudited)	4
	Consolidated Balance Sheet (Unaudited)	5
	Consolidated Statement of Cash Flows (Unaudited)	6
	Notes to Consolidated Financial Statements (Unaudited)	7

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4	Controls and Procedures	37

PART II – OTHER INFORMATION

Item 1	Legal Proceedings	38

Item 1A	Risk Factors	38

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 5	Other Information	38

Item 6	Exhibits	38

Signatures		39

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Dana Incorporated

Consolidated Statement of Operations (Unaudited)

(In millions, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Net sales	$	1,917		$	1,897		$	5,633		$	5,960
Costs and expenses
Cost of sales		1,751			1,775			5,211			5,609
Selling, general and administrative expenses		87			106			291			328
Amortization of intangibles		2			2			6			6
Restructuring charges, net		4			20			17			36
Gain (loss) on disposal group previously held for sale					4						(26	)
Other income (expense), net		(20	)		(6	)		(31	)		(14	)
Earnings (loss) from continuing operations before interest and income taxes		53			(8	)		77			(59	)
Interest income		3			5			8			9
Interest expense		47			38			130			117
Income (loss) from continuing operations before income taxes		9			(41	)		(45	)		(167	)
Income tax benefit		(2	)		(18	)		(2	)		(13	)
Equity in earnings of affiliates		2			2			27			7
Net income (loss) from continuing operations		13			(21	)		(16	)		(147	)
Net income from discontinued operations		74			32			164			174
Net income		87			11			148			27
Less: Noncontrolling interests net income from continuing operations		4			7			13			17
Less: Redeemable noncontrolling interests net loss from continuing operations											(13	)
Net income attributable to the parent company	$	83		$	4		$	135		$	23

Net income per share available to common stockholders
Basic earnings (loss) per share from continuing operations	$	0.07		$	(0.19	)	$	(0.21	)	$	(1.04	)
Basic earnings per share from discontinued operations		0.58			0.22			1.18			1.20
Basic earnings per share	$	0.65		$	0.03		$	0.97		$	0.16

Diluted earnings (loss) per share from continuing operations	$	0.07		$	(0.19	)	$	(0.21	)	$	(1.04	)
Diluted earnings per share from discontinued operations		0.57			0.22			1.18			1.20
Diluted earnings per share	$	0.64		$	0.03		$	0.97		$	0.16

Weighted-average common shares outstanding
Basic		128.4			145.0			139.2			144.9
Diluted		130.8			145.0			139.2			144.9

The accompanying notes are an integral part of the consolidated financial statements.

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Dana Incorporated

Consolidated Statement of Comprehensive Income (Unaudited)

(In millions)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Net income (loss) from continuing operations	$	13		$	(21	)	$	(16	)	$	(147	)
Other comprehensive income (loss) from continuing operations, net of tax:
Currency translation adjustments		2			16			49			(45	)
Hedging gains and losses		6			(6	)		47			(34	)
Defined benefit plans		1			1			1			6
Other comprehensive income (loss) from continuing operations		9			11			97			(73	)
Total comprehensive income (loss) from continuing operations		22			(10	)		81			(220	)
Net income from discontinued operations		74			32			164			174
Other comprehensive income (loss) from discontinued operations, net of tax:
Currency translation adjustments		(10	)		(2	)		(2	)		(7	)
Hedging gains and losses					(1	)		1			(1	)
Other comprehensive loss from discontinued operations		(10	)		(3	)		(1	)		(8	)
Total comprehensive income from discontinued operations		64			29			163			166
Total comprehensive income (loss)		86			19			244			(54	)
Less: Comprehensive income from continuing operations attributable to noncontrolling interests		(3	)		(7	)		(14	)		(16	)
Less: Comprehensive loss from continuing operations attributable to redeemable noncontrolling interests											17
Comprehensive income (loss) attributable to the parent company	$	83		$	12		$	230		$	(53	)

The accompanying notes are an integral part of the consolidated financial statements.

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Dana Incorporated

Consolidated Balance Sheet (Unaudited)

(In millions, except share and per share amounts)

	September 30,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	414		$	494
Accounts receivable
Trade, less allowance for doubtful accounts of $16 in 2025 and $13 in 2024		1,184			890
Other		228			220
Inventories		1,112			1,047
Other current assets		151			148
Current assets of disposal group held for sale		1,040			904
Total current assets		4,129			3,703
Intangibles		74			80
Deferred tax assets		541			514
Other noncurrent assets		96			118
Investments in affiliates		96			125
Operating lease assets		310			256
Property, plant and equipment, net		1,887			1,830
Noncurrent assets of disposal group held for sale		975			876
Total assets	$	8,108		$	7,502

Liabilities, redeemable noncontrolling interests and equity
Current liabilities
Short-term debt	$	630		$	8
Current portion of long-term debt		22			214
Accounts payable		1,206			1,120
Accrued payroll and employee benefits		201			176
Taxes on income		64			68
Current portion of operating lease liabilities		41			34
Other accrued liabilities		301			314
Current liabilities of disposable group held for sale		693			626
Total current liabilities		3,158			2,560
Long-term debt, less debt issuance costs of $17 in 2025 and $19 in 2024		2,565			2,387
Noncurrent operating lease liabilities		274			231
Pension and postretirement obligations		257			233
Other noncurrent liabilities		297			321
Noncurrent liabilities of disposal group held for sale		219			185
Total liabilities		6,770			5,917
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests		188			189
Parent company stockholders' equity
Preferred stock, 50,000,000 shares authorized, $0.01 par value, no shares outstanding		—			—
Common stock, 450,000,000 shares authorized, $0.01 par value, 121,917,210 and 144,993,614 shares outstanding		1			2
Additional paid-in capital		1,863			2,282
Retained earnings		297			204
Treasury stock, at cost (1,330,258 and 837,803 shares)		(21	)		(13	)
Accumulated other comprehensive loss		(1,047	)		(1,142	)
Total parent company stockholders' equity		1,093			1,333
Noncontrolling interests		57			63
Total equity		1,150			1,396
Total liabilities, redeemable noncontrolling interests and equity	$	8,108		$	7,502

The accompanying notes are an integral part of the consolidated financial statements.

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Dana Incorporated

Consolidated Statement of Cash Flows (Unaudited)

(In millions)

	Nine Months Ended
	September 30,
	2025			2024
Operating activities
Net income	$	148		$	27
Less: Net income from discontinued operations		164			174
Net loss from continuing operations		(16	)		(147	)
Depreciation		257			253
Amortization		9			10
Amortization of deferred financing charges		4			4
Earnings of affiliates, net of dividends received		(4	)		(4	)
Stock compensation expense		31			21
Deferred income taxes		(67	)		16
Pension expense, net		(1	)		6
Change in working capital		(212	)		(219	)
Change in other noncurrent assets and liabilities		(56	)		(6	)
Loss on disposal group previously held for sale					26
Loss on divestiture of ownership interests		(12	)
Other, net		8			(4	)
Net cash used in operating activities from continuing operations		(59	)		(44	)
Net cash provided by operating activities from discontinued operations		165			192
Net cash provided by (used in) operating activities		106			148
Investing activities
Purchases of property, plant and equipment		(153	)		(198	)
Proceeds from sale of property, plant and equipment		12			3
Proceeds from sale of investments		57
Settlements of undesignated derivatives		(15	)		(5	)
Other, net					2
Net cash used in investing activities from continuing operations		(99	)		(198	)
Net cash used in investing activities from discontinued operations		(31	)		(7	)
Net cash used in investing activities		(130	)		(205	)
Financing activities
Net change in short-term debt		622
Proceeds from long-term debt					1
Repayment of long-term debt		(216	)		(35	)
Dividends paid to common stockholders		(42	)		(43	)
Repurchases of common stock		(439	)
Distributions to noncontrolling interests		(14	)		(17	)
Collection of note receivable from noncontrolling interest					11
Contributions from redeemable noncontrolling interests					18
Swap settlements		(14	)
Other, net		(8	)		9
Net cash provided by (used in) financing activities		(111	)		(56	)
Net decrease in cash, cash equivalents and restricted cash		(135	)		(113	)
Cash, cash equivalents and restricted cash – beginning of period		512			563
Effect of exchange rate changes on cash balances		52			(15	)
Cash, cash equivalents and restricted cash – end of period (Note 6)	$	429		$	435

Non-cash investing activity
Purchases of property, plant and equipment held in accounts payable	$	29		$	53

The accompanying notes are an integral part of the consolidated financial statements.

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Dana Incorporated

Index to Notes to Consolidated Financial Statements

1.	Organization and Summary of Significant Accounting Policies

2.	Discontinued Operations

3.	Disposal Group Previously Held for Sale

4.	Intangible Assets

5.	Restructuring of Operations

6.	Supplemental Balance Sheet and Cash Flow Information

7.	Stockholders' Equity

8.	Redeemable Noncontrolling Interests

9.	Earnings per Share

10.	Stock Compensation

11.	Pension and Postretirement Benefit Plans

12.	Financing Agreements

13.	Fair Value Measurements and Derivatives

14.	Commitments and Contingencies

15.	Warranty Obligations

16.	Income Taxes

17.	Other Income (Expense), Net

18.	Revenue from Contracts with Customers

19.	Segments

20.	Equity Affiliates

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Notes to Consolidated Financial Statements (Unaudited)

(In millions, except share and per share amounts)

Note 1. Organization and Summary of Significant Accounting Policies

General

Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. Dana is a global provider of high technology driveline (axles, driveshafts and transmissions); sealing and thermal-management products; and motors, power inverters, and control systems for electric vehicles with a customer base that includes virtually every major on-highway vehicle manufacturer in the world.

The terms "Dana," "we," "our" and "us," when used in this report, are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise.

Summary of significant accounting policies

Basis of presentation — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. These statements are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The results reported in these consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Form 10-K). Certain prior year amounts have been reclassified to conform to the current presentation.

In June 2025, we entered into a definitive agreement to sell our Off-Highway business. The transaction is currently expected to close during the fourth quarter of 2025, subject to satisfaction of regulatory approvals and other customary conditions. We concluded that our Off-Highway business met the criteria to be classified as held for sale in June 2025. A component of an entity is reported in discontinued operations after meeting the criteria for held for sale classification if the disposition represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results. We analyzed the quantitative and qualitative factors relevant to the pending divestiture of our Off-Highway business and determined that the conditions for discontinued operations presentation have been met. As such, the financial position, results of operations and cash flows of that business are reported as discontinued operations in the accompanying consolidated financial statements. Prior period amounts have been recast to reflect discontinued operations presentation. See Note 2 for additional information.

Recently adopted accounting pronouncements

We did not adopt any new accounting pronouncements during the nine months ended September 30, 2025.

Recently issued accounting pronouncements

In September 2025, Financial Accounting Standards Board (FASB) issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which eliminates the sequential software development-stage model and requires capitalization when management authorizes and commits to funding a software project and determines it is probable of completion. In evaluating whether it is probable the project will be completed, management is required to consider whether there is significant uncertainty associated with the development activities of the software. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of the guidance on the consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient that allows entities to assume conditions existing at the balance-sheet date will remain constant over the remaining life of current accounts receivable and contract assets arising from revenue transactions. The guidance is effective prospectively for annual reporting periods beginning after December 15, 2025, including interim periods within those annual reporting periods, with early adoption permitted. We do not expect this guidance to have a material impact on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires public entities to disclose detailed components of income statement expenses, such as inventory purchases, employee compensation, depreciation and amortization within relevant expense captions. Companies are also required to explain amounts not disaggregated and define and disclose total selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. We are currently evaluating the impact of the guidance on our financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This guidance requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures.

Note 2. Discontinued Operations

In June 2025, we entered into a definitive agreement to sell our Off-Highway business to Allison Transmission Holdings, Inc. (Allison) for $2,732. The sale price is subject to adjustment based on net working capital and net indebtedness balances as of the closing date. The transaction is currently expected to close during the fourth quarter of 2025, subject to satisfaction of regulatory approvals and other customary conditions.

At closing of the transaction, Dana will enter into a transition services agreement, engineering services agreement, intellectual property and trademark license agreements, and certain supply agreements with Allison. Services to be provided by Dana under the transition services agreement include finance, information technology, human resources and certain other administrative services for periods up to 24 months.

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The major classes of line items included in net income from discontinued operations are as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Net sales	$	625		$	619		$	1,888		$	2,103
Cost of sales		500			496			1,539			1,710
Selling, general and administrative expenses		23			24			78			73
Amortization of intangibles					1			2			4
Restructuring charges, net					4			2			5
Other income (expense), net		(7	)		2			(32	)		10
Earnings from discontinued operations before interest and income taxes		95			96			235			321
Interest income		1			(1	)		3			1
Interest expense		1			1			1			1
Earnings from discontinued operations before income taxes		95			94			237			321
Income tax expense		21			62			73			147
Net income from discontinued operations	$	74		$	32		$	164		$	174

During the three and nine months ended September 2025, we incurred $20 and $54, respectively, of Off-Highway business divestiture transaction related costs. These costs were attributed to discontinued operations and included in other income (expense), net in the table above.

The carrying amounts of the major classes of assets and liabilities of our Off-Highway business are as follows:

	September 30,		December 31,
	2025		2024
Accounts receivable - Trade	$	385	$	305
Accounts receivable - Other		40		41
Inventories		543		500
Other current assets		72		58
Current assets of disposal group held for sale	$	1,040	$	904

Goodwill	$	270	$	250
Intangibles		72		70
Deferred tax assets		90		64
Other noncurrent assets		46		71
Operating lease assets		43		37
Property, plant and equipment, net		454		384
Noncurrent assets of disposal group held for sale	$	975	$	876

Current portion of long-term debt	$	2	$	—
Accounts payable		431		402
Accrued payroll and employee benefits		80		60
Taxes on income		3
Current portion of operating lease liabilities		10		10
Other accrued liabilities		167		154
Current liabilities of disposal group held for sale	$	693	$	626

Long-term debt	$	32	$	2
Noncurrent operating lease liabilities		34		27
Pension and postretirement obligations		64		62
Other noncurrent liabilities		89		94
Noncurrent liabilities of disposal group held for sale	$	219	$	185

Note 3. Disposal Group Previously Held for Sale

In February 2024, we entered into a definitive agreement to sell our European hydraulics business to HPIH S.à r.l. We classified the disposal group as held for sale, recognizing a $26 loss during the year ended December 31, 2024 to adjust the carrying value of net assets to fair value less estimated costs to sell. The transaction was not completed by the date set forth in the definitive agreement. The assets of the European hydraulics business are no longer held for sale and have been reclassified as held and used at the lower of their adjusted carrying value or fair value at the date the held for sale criteria was no longer met.

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Note 4. Intangible Assets

Components of intangible assets —

			September 30, 2025							December 31, 2024
	Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Impairment and Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Impairment and Amortization			Net Carrying Amount
Amortizable intangible assets
Core technology		10	$	50	$	(30	)	$	20	$	47	$	(25	)	$	22
Trademarks and trade names		16		3		(3	)				2		(2	)
Customer relationships		10		66		(51	)		15		65		(45	)		20
Non-amortizable intangible assets
Trademarks and trade names				39					39		38					38
			$	158	$	(84	)	$	74	$	152	$	(72	)	$	80

Net carrying amounts of intangible assets attributable to each of our operating segments—

	September 30, 2025
Light Vehicle	$	9
Commercial Vehicle		65
	$	74

Amortization expense related to amortizable intangible assets —

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Charged to cost of sales	$	1	$	1	$	3	$	4
Charged to amortization of intangibles		2		2		6		6
Total amortization	$	3	$	3	$	9	$	10

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Note 5. Restructuring of Operations

Our restructuring activities include rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations, and headcount reduction initiatives focused on reducing operating and overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain costs of facilities that we are in the process of closing.

During 2024, we announced actions to consolidate certain manufacturing facilities along with global headcount reductions focused on reducing engineering and overhead costs in response to market dynamics, including delays in the adoption of electric vehicles. During 2025, we continued to execute on these initiatives.

Accrued restructuring costs and activity —

	Employee Termination Benefits			Exit Costs			Total
Balance, June 30, 2025	$	38		$	—		$	38
Charges to restructuring		5			2			7
Adjustments of accruals		(3	)					(3	)
Cash payments		(7	)		(2	)		(9	)
Currency impact		(1	)					(1	)
Balance, September 30, 2025	$	32		$	—		$	32

Balance, December 31, 2024	$	44		$	1		$	45
Charges to restructuring		18			5			23
Adjustments of accruals		(6	)					(6	)
Cash payments		(26	)		(6	)		(32	)
Currency impact		2						2
Balance, September 30, 2025	$	32		$	—		$	32

At September 30, 2025, the accrued employee termination benefits include costs to reduce approximately 600 employees to be completed over the next year.

Note 6. Supplemental Balance Sheet and Cash Flow Information

Supplier finance programs —

As of September 30, 2025 and December 31, 2024, we had $60 and $46, respectively, of confirmed obligations subject to supplier finance programs presented as accounts payable within total current liabilities on the consolidated balance sheet.

Inventory components —

	September 30, 2025		December 31, 2024
Raw materials	$	497	$	456
Work in process and finished goods		615		591
Total	$	1,112	$	1,047

Cash, cash equivalents and restricted cash —

	September 30, 2025		December 31, 2024		September 30, 2024		December 31, 2023
Cash and cash equivalents	$	414	$	494	$	419	$	529
Restricted cash included in other current assets		5		9		6		23
Restricted cash included in other noncurrent assets		10		9		10		11
Total cash, cash equivalents and restricted cash	$	429	$	512	$	435	$	563

Note 7. Stockholders’ Equity

Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first, second and third quarters of 2025. Dividends accrue on restricted stock units (RSUs) and performance share units (PSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest.

Share repurchase program — On June 8, 2025 our Board of Directors approved a stock repurchase program of up to an aggregate of $1,000 less any amount of special dividends distributed in connection with the sale of the Off-Highway business. The program expires on December 31, 2027. On June 17, 2025, pursuant to the program, we spent $251 to repurchase 14,286,505 shares of our common stock from the Icahn Group, which represented all of the shares held by the Icahn Group. Additionally, under the program, we repurchased 9,519,423 and 9,840,201 shares of our common stock at an aggregate cost of $187 and $193 for the three and nine months ended September 30, 2025 through open market transactions. Approximately $556 remained available under the program for future share repurchases as of September 30, 2025.

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The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a non-deductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. We reflect the applicable excise tax as part of the cost basis of the stock repurchased and record a corresponding liability for the excise taxes payable in other accrued liabilities on our consolidated balance sheet. Excise taxes when paid will be reflected in financing activities in the consolidated statement of cash flows. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorization exclude such excise taxes, to the extent applicable, unless otherwise indicated.

Changes in equity —

2025	Common Stock			Additional Paid-In Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss			Non-controlling Interests			Total Equity
Balance, December 31, 2024	$	2		$	2,282		$	204		$	(13	)	$	(1,142	)	$	63		$	1,396
Net income								25									5			30
Other comprehensive income														32						32
Common stock dividends and dividend equivalents								(15	)											(15	)
Distributions to noncontrolling interests																	(1	)		(1	)
Stock compensation					12															12
Stock withheld for employee taxes											(8	)								(8	)
Balance, March 31, 2025		2			2,294			214			(21	)		(1,110	)		67			1,446
Net income								27									4			31
Other comprehensive income														63			2			65
Common stock dividends and dividend equivalents								(15	)											(15	)
Distributions to noncontrolling interests																	(2	)		(2	)
Repurchase and retirement of shares		(1	)		(258	)														(259	)
Sale of noncontrolling interests																	(5	)		(5	)
Stock compensation					9															9
Balance, June 30, 2025		1			2,045			226			(21	)		(1,047	)		66			1,270
Net income								83									4			87
Other comprehensive loss														—			(1	)		(1	)
Common stock dividends and dividend equivalents								(13	)											(13	)
Distributions to noncontrolling interests																	(12	)		(12	)
Repurchase and retirement of shares					(189	)														(189	)
Redeemable noncontrolling interests adjustment to redemption value								1												1
Stock compensation					7															7
Balance, September 30, 2025	$	1		$	1,863		$	297		$	(21	)	$	(1,047	)	$	57		$	1,150

2024	Common Stock		Additional Paid-In Capital		Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss			Non-controlling Interests			Total Equity
Balance, December 31, 2023	$	2	$	2,255	$	317		$	(9	)	$	(990	)	$	62		$	1,637
Net income						3									5			8
Other comprehensive loss												(17	)		(1	)		(18	)
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(8	)											(8	)
Stock compensation				5														5
Stock withheld for employee taxes									(4	)								(4	)
Balance, March 31, 2024		2		2,260		297			(13	)		(1,007	)		65			1,604
Net income						16									5			21
Other comprehensive loss												(67	)					(67	)
Common stock dividends and dividend equivalents						(15	)											(15	)
Distributions to noncontrolling interests															(1	)		(1	)
Redeemable noncontrolling interests adjustment to redemption value						(5	)											(5	)
Stock compensation				7														7
Balance, June 30, 2024		2		2,267		293			(13	)		(1,074	)		69			1,544
Net income						4									7			11
Other comprehensive loss												8						8
Common stock dividends and dividend equivalents						(14	)											(14	)
Distributions to noncontrolling interests															(13	)		(13	)
Stock compensation				7														7
Balance, September 30, 2024	$	2	$	2,274	$	283		$	(13	)	$	(1,066	)	$	63		$	1,543

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Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent —

	Parent Company Stockholders
2025	Foreign Currency Translation			Hedging			Defined Benefit Plans			Accumulated Other Comprehensive Loss
Balance, December 31, 2024	$	(977	)	$	(29	)	$	(136	)	$	(1,142	)
Currency translation adjustments		14									14
Holding gains and losses					(11	)					(11	)
Reclassification of amount to net income (a)					34						34
Tax expense					(5	)					(5	)
Other comprehensive income		14			18			—			32
Balance, March 31, 2025		(963	)		(11	)		(136	)		(1,110	)
Currency translation adjustments		39									39
Reclassification of amount to net income (a)					30						30
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Tax expense					(6	)		(1	)		(7	)
Other comprehensive income		39			24			—			63
Balance, June 30, 2025		(924	)		13			(136	)		(1,047	)
Currency translation adjustments		(7	)								(7	)
Holding gains and losses					16						16
Reclassification of amount to net income (a)					(8	)					(8	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Tax expense					(2	)					(2	)
Other comprehensive income (loss)		(7	)		6			1			—
Balance, September 30, 2025	$	(931	)	$	19		$	(135	)	$	(1,047	)

	Parent Company Stockholders
2024	Foreign Currency Translation			Hedging			Defined Benefit Plans			Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	(868	)	$	20		$	(142	)	$	(990	)
Currency translation adjustments		(16	)								(16	)
Holding gains and losses					9						9
Reclassification of amount to net income (a)					(11	)					(11	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Other comprehensive income (loss)		(16	)		(2	)		1			(17	)
Balance, March 31, 2024		(884	)		18			(141	)		(1,007	)
Currency translation adjustments		(45	)								(45	)
Holding gains and losses					(23	)					(23	)
Reclassification of amount to net income (a)					(8	)					(8	)
Other								3			3
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								2			2
Tax (expense) benefit					5			(1	)		4
Other comprehensive income (loss)		(45	)		(26	)		4			(67	)
Balance, June 30, 2024		(929	)		(8	)		(137	)		(1,074	)
Currency translation adjustments		14									14
Holding gains and losses					(35	)					(35	)
Reclassification of amount to net income (a)					26						26
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								1			1
Tax expense					2						2
Other comprehensive income (loss)		14			(7	)		1			8
Balance, September 30, 2024	$	(915	)	$	(15	)	$	(136	)	$	(1,066	)

(a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 13 for additional details.

(b) See Note 11 for additional details.

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Note 8. Redeemable Noncontrolling Interests

Hydro-Québec owns a 45% redeemable noncontrolling interest in Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC. The terms of the joint venture agreement provide Hydro-Québec with the right to put all, and not less than all, of its ownership interests in Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC to Dana at fair value. We estimate the fair value of the redemption value using an income-based approach based on discounted cash flow projections. In determining fair value using discounted cash flow projections, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected EBITDA, discount rate, capital expenditures and terminal growth rate.

On May 6, 2024, Hydro-Québec provided Dana with its put notice. Subsequent to May 6, 2024, Dana will no longer attribute net income (loss) and other comprehensive income (loss) items of Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC to Hydro-Québec's redeemable noncontrolling interest. Closure of the transaction will proceed in accordance with the provisions of the shareholders agreement.

Reconciliation of changes in redeemable noncontrolling interests —

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025			2024		2025			2024
Balance, beginning of period	$	189		$	205	$	189		$	191
Capital contribution from redeemable noncontrolling interests										18
Adjustment to redemption value		(1	)				(1	)		13
Comprehensive income (loss) adjustments:
Net loss attributable to redeemable noncontrolling interests										(13	)
Other comprehensive loss attributable to redeemable noncontrolling interests										(4	)
Balance, end of period	$	188		$	205	$	188		$	205

Note 9. Earnings per Share

Reconciliation of the numerators and denominators of the earnings per share calculations —

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025		2024			2025			2024
Net income (loss) from continuing operations	$	13	$	(21	)	$	(16	)	$	(147	)
Less: Noncontrolling interests net income from continuing operations		4		7			13			17
Less: Redeemable noncontrolling interests net loss from continuing operations										(13	)
Net income (loss) from continuing operations attributable to the parent company		9		(28	)		(29	)		(151	)
Net income from discontinued operations		74		32			164			174
Net income attributable to the parent company	$	83	$	4		$	135		$	23

Denominator:
Weighted-average common shares outstanding - Basic		128.4		145.0			139.2			144.9
Employee compensation-related shares		2.4		—			—			—
Weighted-average common shares outstanding - Diluted		130.8		145.0			139.2			144.9

The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 0.1 and 0.5 million CSEs from the calculation of diluted earnings per share for the third quarters of 2025 and 2024 and excluded 0.1 million and 2.4 million of CSEs for the respective year-to-date periods as the effect of including them would have been anti-dilutive. In addition, we excluded CSEs that satisfied the definition of potentially dilutive shares of 0.1 million for the third quarter of 2024 and excluded 1.9 million for the year-to-date 2025 period as a result of the loss from continuing operations for these periods.

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Note 10. Stock Compensation

The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during the nine months ended September 30, 2025.

	Granted		Grant Date
	(In millions)		Fair Value*
RSUs		1.0	$	16.23
PSUs		0.4	$	18.70

* Weighted-average per share

We calculated the fair value of the RSUs at grant date based on the closing market price of our common stock at the date of grant. The number of PSUs that ultimately vest is contingent on achieving specified financial targets and specified total shareholder return targets relative to peer companies. For the portion of the award based on financial metrics, we estimated the fair value of the PSUs at grant date based on the closing market price of our common stock at the date of grant. For the portion of the award based on shareholder returns, we estimated the fair value of the PSUs at grant date using various assumptions as part of a Monte Carlo simulation. The expected term represents the period from the grant date to the end of the three-year performance period. The risk-free interest rate of 4.23% was based on U.S. Treasury constant maturity rates at the grant date. The estimated volatility of 49.1% was based on observed historical volatility of daily stock returns for the 3-year period preceding the grant date. During the nine months ended September 30, 2025, the Company amended the PSU awards to accrue dividends, which are subject to the same vesting and forfeiture conditions as the original award. The incremental compensation cost resulting from this modification is not material.

During the nine months ended September 30, 2025, we paid $2.4 and $0.4 of cash to settle RSUs and PSUs and issued 1.0 and 0.2 million shares of common stock based on the vesting of RSUs and PSUs, respectively. We recognized stock compensation expense of $8 and $7 in the third quarters of 2025 and 2024 and expense of $31 and $21 during the respective year-to-date periods of 2025 and 2024. At September 30, 2025, the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $26. This cost is expected to be recognized over a weighted-average period of 1.7 years.

Note 11. Pension and Postretirement Benefit Plans

We have a number of defined contribution and defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement.

Components of net periodic benefit cost —

	Pension												OPEB
	2025						2024						2025			2024
Three Months Ended September 30,	U.S.			Non-U.S.			U.S.			Non-U.S.			Non-U.S.			Non-U.S.
Interest cost	$	4		$	2		$	5		$	2		$	1		$	1
Expected return on plan assets		(6	)					(6	)		(1	)
Service cost					1						1
Amortization of net actuarial loss (gain)		2						2									(1	)
Termination benefit								3
Net periodic benefit cost	$	—		$	3		$	4		$	2		$	1		$	—

Nine Months Ended September 30,
Interest cost	$	14		$	7		$	15		$	8		$	2		$	2
Expected return on plan assets		(17	)		(1	)		(18	)		(2	)
Service cost					3						3
Amortization of net actuarial loss (gain)		4						5			1			(2	)		(2	)
Termination benefit								3
Net periodic benefit cost	$	1		$	9		$	5		$	10		$	—		$	—

The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets. The non-service components are reported in other income (expense), net and are not eligible for capitalization.

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Note 12. Financing Agreements

Long-term debt at —

	Interest Rate				September 30, 2025			December 31, 2024
Senior Notes due April 15, 2025		5.750	%	*	$	—		$	200
Senior Notes due November 15, 2027		5.375	%			400			400
Senior Notes due June 15, 2028		5.625	%			400			400
Senior Euro Notes due July 15, 2029		3.000	%			381			337
Senior Notes due September 1, 2030		4.250	%			400			400
Senior Euro Notes due July 15, 2031		8.500	%			499			440
Senior Notes due February 15, 2032		4.500	%			350			350
Other indebtedness						174			93
Debt issuance costs						(17	)		(19	)
						2,587			2,601
Less: Current portion of long-term debt						22			214
Long-term debt, less debt issuance costs					$	2,565		$	2,387

*	In conjunction with the issuance of the April 2025 Notes, we entered into 8-year fixed-to-fixed cross-currency swaps which had the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850%. See Note 13 for additional information.

Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions and finance lease obligations.

Senior notes activity — On April 15, 2025, Dana retired its remaining April 2025 Notes.

Senior notes redemption provisions — We may redeem some or all of the senior notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on the anniversary date of the senior notes in the year set forth below:

	Redemption Price
	November			June			July			September			July			February
Year	2027 Notes			2028 Notes			2029 Notes			2030 Notes			2031 Notes			2032 Notes
2024		100.000	%
2025		100.000	%		100.000	%		100.750	%
2026		100.000	%		100.000	%		100.000	%		102.125	%		104.250	%
2027					100.000	%		100.000	%		101.417	%		102.125	%		102.250	%
2028								100.000	%		100.708	%		100.000	%		101.500	%
2029											100.000	%		100.000	%		100.750	%
2030														100.000	%		100.000	%
2031																	100.000	%

Prior to May 1, 2026, we may redeem some or all of the September 2030 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

At any time prior to July 15, 2026, we may redeem up to 40% of the aggregate principal amount of the July 2031 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 108.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, provided that at least 50% of the aggregate principal amount of the July 2031 Notes remain outstanding after the redemption. Prior to July 15, 2026, we may also redeem some or all of the July 2031 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

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Prior to February 15, 2027, we may redeem some or all of the February 2032 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

Credit agreement — On July 31, 2025, we amended our credit and guaranty agreement to include a $250 Term A Facility. Borrowings under the Term A Facility bear interest at a floating rate based on Term Secured Overnight Financing Rate ("SOFR") (as described in the credit agreement) plus a margin. The Term A Facility matures at the earlier of five business days after the consummation of the Off-Highway business sale or July 30, 2026. We are required to make quarterly installments on the Term A Facility on the last day of each quarter commencing on December 31, 2025 in an amount equal to 10% of the original amount borrowed adjusted for any prepayments. On July 31, 2025, we fully drew the Term A Facility and used the proceeds to pay down outstanding borrowings on our Revolving Facility.

Deferred financing costs on our Revolving Facility are included in other noncurrent assets and are being amortized over the life of the Revolving Facility. Each the Revolving Facility and Term A Facility is guaranteed by all of our wholly-owned domestic subsidiaries subject to certain exceptions (the guarantors) and is secured by a first-priority lien on substantially all of the assets of Dana and the guarantors, subject to certain exceptions.

Advances under the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or the SOFR (each as described in the credit agreement) plus a margin as set forth below:

	Margin
Total Net Leverage Ratio	Base Rate			SOFR Rate
Less than or equal to 1.00:1.00		0.25	%		1.25	%
Greater than 1.00:1.00 but less than or equal to 2.00:1.00		0.50	%		1.50	%
Greater than 2.00:1.00		0.75	%		1.75	%

Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below:

Total Net Leverage Ratio	Commitment Fee
Less than or equal to 1.00:1.00		0.250	%
Greater than 1.00:1.00 but less than or equal to 2.00:1.00		0.375	%
Greater than 2.00:1.00		0.500	%

Up to $275 of the Revolving Facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable margin for SOFR rate advances based on a quarterly average availability under issued and undrawn letters of credit under the Revolving Facility and a per annum fronting fee of 0.125%, payable quarterly.

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At September 30, 2025, we had $375 of outstanding borrowings under the Revolving Facility and had utilized $10 for letters of credit. We had availability at September 30, 2025 under the Revolving Facility of $765 after deducting outstanding borrowings and letters of credit.

Debt covenants — At September 30, 2025, we were in compliance with the covenants of our financing agreements. Under the Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types and, in the case of the Revolving Facility, a maintenance covenant tested on the last day of each fiscal quarter requiring us to maintain a first lien net leverage ratio not to exceed 2.00 to 1.00.

Note 13. Fair Value Measurements and Derivatives

In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs.

Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheets at fair value are as follows:

			Fair Value
Category	Balance Sheet Location	Fair Value Level	September 30, 2025		December 31, 2024
Currency forward contracts
Cash flow hedges	Accounts receivable - Other	2	$	23	$	9
Cash flow hedges	Other accrued liabilities	2		8		27
Undesignated	Accounts receivable - Other	2		3		8
Undesignated	Other accrued liabilities	2		7		13
Currency swaps
Cash flow hedges	Other noncurrent assets	2				23
Cash flow hedges	Other noncurrent liabilities	2		24
Undesignated	Other noncurrent liabilities	2		4		5

Fair Value Level 2 assets and liabilities reflect the use of significant other observable inputs.

Fair value of financial instruments — The financial instruments that are not carried in our balance sheets at fair value are as follows:

			September 30, 2025				December 31, 2024
	Fair Value Level		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt		2	$	2,416	$	2,464	$	2,510	$	2,492

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Foreign currency derivatives — Our foreign currency derivatives include forward contracts associated with forecasted transactions, primarily involving the purchases and sales of inventory, as well as currency swaps associated with certain recorded external notes payable and intercompany loans receivable and payable. Periodically, our foreign currency derivatives also include net investment hedges of certain of our investments in foreign operations.

We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense for hedges of external debt and as a component of other income (expense), net for hedges of intercompany debt.

The following fixed-to-fixed cross-currency swaps were outstanding at September 30, 2025:

Underlying Financial Instrument							Derivative Financial Instrument
Description	Type	Face Amount		Rate			Notional Amount		Traded Amount		Inflow Rate			Outflow Rate
Luxembourg Intercompany Notes	Receivable	€	278		3.70	%	€	278	$	300		5.38	%		3.70	%
Undesignated 2026 Swap							$	188	€	169		6.50	%		5.14	%
Undesignated Offset 2026 Swap							€	169	$	188		3.13	%		6.50	%

The designated swaps are expected to be highly effective in offsetting the corresponding currency-based changes in cash outflows related to the underlying designated financial instruments. Based on our qualitative assessment that the critical terms of the underlying designated financial instruments and the associated swaps match and that all other required criteria have been met, we do not expect to incur any ineffectiveness. As effective cash flow hedges, changes in the fair value of the swaps will be recorded in OCI during each period. Additionally, to the extent the swaps remain effective, the appropriate portion of AOCI will be reclassified to earnings each period as an offset to the foreign exchange gain or loss resulting from the remeasurement of the underlying designated financial instruments. To the extent the swaps are no longer effective, changes in their fair values will be recorded in earnings.

The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $915 at September 30, 2025 and $1,147 at December 31, 2024. The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $712 at September 30, 2025 and $951 at December 31, 2024.

The following currency derivatives were outstanding at September 30, 2025:

		Notional Amount (U.S. Dollar Equivalent)
Functional Currency	Traded Currency	Designated		Undesignated		Total		Maturity
U.S. dollar	euro, Canadian dollar, Mexican peso	$	321	$	48	$	369	Sep-2026
Euro	U.S. dollar, Australian dollar, Swiss franc, British pound, Hungarian forint, Mexican peso, Swedish krona		292		7		299	Sep-2027
Indian rupee	U.S. dollar, euro, British pound				73		73	Sep-2026
Brazilian real	U.S. dollar, euro		28		11		39	Apr-2026
South African rand	U.S. dollar, euro, Thai baht				37		37	Feb-2026
Canadian dollar	U.S. dollar		22		6		28	May-2026
Thai baht	U.S. dollar		3		18		21	Dec-2025
British pound	U.S. dollar, euro		37		5		42	Sep-2026
Mexican peso	U.S. dollar				6		6	Oct-2025
Australian dollar	U.S. dollar, euro				1		1	Oct-2025
Total forward contracts			703		212		915

U.S. dollar	euro		326		198		524	Nov-2027
Euro	U.S. dollar				188		188	Jun-2026
Total currency swaps			326		386		712
Total currency derivatives		$	1,029	$	598	$	1,627

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Designated cash flow hedges — With respect to contracts designated as cash flow hedges, changes in fair value during the period in which the contracts remain outstanding are reported in OCI to the extent such contracts remain effective. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Changes in the fair value of contracts not designated as cash flow hedges or as net investment hedges are recognized in other income (expense), net in the period in which the changes occur. Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments, including those that have been designated as cash flow hedges and those that have not been designated, are recognized in the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. Accordingly, amounts are potentially recorded in sales, cost of sales or, in certain circumstances, other income (expense), net.

The following table provides a summary of deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less:

	Deferred Gain (Loss) in AOCI
	September 30, 2025		December 31, 2024			Gain (loss) expected to be reclassified into income in one year or less
Forward Contracts	$	22	$	(35	)	$	22
Cross-Currency Swaps		1		(3	)
Total	$	23	$	(38	)	$	22

The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with cash flow hedging relationships:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Derivatives Designated as Cash Flow Hedges	2025			2024			2025			2024
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded
Net sales	$	1,917		$	1,897		$	5,633		$	5,960
Cost of sales		1,751			1,775			5,211			5,609
Other income (expense), net		(20	)		(6	)		(31	)		(14	)
(Gain) or loss on cash flow hedging relationships
Foreign currency forwards
Amount of (gain) loss reclassified from AOCI into income
Cost of sales		(3	)		(1	)		9			(17	)
Other income (expense), net		(3	)		3			(3	)		18
Cross-currency swaps
Amount of (gain) loss reclassified from AOCI into income
Other income (expense), net		(2	)		24			50			6

The amounts reclassified from AOCI into income for the cross-currency swaps represent an offset to a foreign exchange loss on our foreign currency-denominated intercompany and external debt instruments.

Certain of our hedges of forecasted transactions have not formally been designated as cash flow hedges. As undesignated forward contracts, the changes in the fair value of such contracts are included in earnings for the duration of the outstanding forward contract. Any realized gain or loss on the settlement of such contracts is recognized in the same period and in the same line item in the consolidated statement of operations as the underlying transaction. The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with undesignated hedging relationships.

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
Derivatives Not Designated as Hedging Instruments	2025			2024		2025			2024
Gain (loss) recognized in income
Foreign currency forward contracts
Cost of sales	$	1		$	—	$	1		$	2
Other income (expense), net		(8	)		10		(25	)		9

Net investment hedges — We periodically designate derivative contracts or underlying non-derivative financial instruments as net investment hedges. With respect to contracts designated as net investment hedges, we apply the forward method, but for non-derivative financial instruments designated as net investment hedges, we apply the spot method. Under both methods, we report changes in fair value in the cumulative translation adjustment (CTA) component of OCI during the period in which the contracts remain outstanding to the extent such contracts and non-derivative financial instruments remain effective. During the second quarter of 2024, we entered into foreign currency forwards with a notional value of $100 that we designated as a net investment hedge of the foreign currency exposure related to a China renminbi denominated subsidiary. These forwards matured in September 2025. During the third quarter of 2024, we entered into foreign currency forwards with a notional value of $122 that we designated as a net investment hedge of the foreign currency exposure related to a euro denominated subsidiary. These forwards will mature in November 2025.

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Note 14. Commitments and Contingencies

Environmental liabilities — Accrued environmental liabilities were $14 at September 30, 2025 and $13 at December 31, 2024. We consider the most probable method of remediation, current laws and regulations and existing technology in estimating our environmental liabilities.

Other legal matters — We are subject to various pending or threatened legal proceedings arising out of the normal course of business or operations. In view of the inherent difficulty of predicting the outcome of such matters, we cannot state the eventual outcome of these matters. However, based on current knowledge and after consultation with legal counsel, we believe that any liabilities that may result from these proceedings will not have a material adverse effect on our liquidity, financial condition or results of operations.

Note 15. Warranty Obligations

We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated.

Changes in warranty liabilities —

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Balance, beginning of period	$	84		$	86		$	88		$	86
Amounts accrued for current period sales		9			9			27			25
Adjustments of prior estimates					3			5			12
Settlements of warranty claims		(13	)		(15	)		(41	)		(39	)
Currency impact					1			1
Balance, end of period	$	80		$	84		$	80		$	84

Note 16. Income Taxes

We estimate the effective tax rate expected to be applicable for the full fiscal year and use that rate to provide for income taxes in interim reporting periods. We also recognize the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur.

We have generally not recognized tax benefits on losses generated in several entities where the recent history of operating losses does not allow us to satisfy the “more likely than not” criterion for the recognition of deferred tax assets. Consequently, there is no income tax expense or benefit recognized on the pre-tax income or losses in these jurisdictions as valuation allowances are adjusted to offset the associated tax expense or benefit.

We record interest and penalties related to uncertain tax positions as a component of income tax expense. Net interest expense for the periods presented herein is not significant.

We reported income tax benefit of $2 and $18 for the third quarters of 2025 and 2024 and income tax benefit of $2 and $13 for the respective year-to-date periods. Our effective tax rates were (4)% and (8)% for the nine months ended September 30, 2025 and 2024. During the first nine months of 2025, we recorded a tax benefit of $27 to release valuation allowance on certain U.S. federal attributes, $19 of tax benefit due to a basis difference in a foreign subsidiary as a result of a change in tax status, $9 of tax expense for income tax reserves associated with prior tax years in foreign jurisdictions, $6 of tax expense due to revisions in our assertions on unremitted earnings in foreign jurisdictions and expense of $6 resulting from the sale of Dana's ownership interest in an equity method investment. During the first nine months of 2024, we recorded tax expense of $11 for valuation allowances related to foreign jurisdictions and tax expense of $11 due to revisions in our assertions on unremitted earnings in foreign jurisdictions. Our effective income tax rates vary from the U.S. federal statutory rate of 21% due to establishment, release, and adjustment of valuation allowances in several countries, nondeductible expenses and deemed income, local tax incentives in several countries outside the U.S., different statutory tax rates outside the U.S. and withholding taxes related to repatriations of international earnings. The effective income tax rate may vary significantly due to fluctuations in the amounts and sources, both foreign and domestic, of pretax income and changes in the amounts of non-deductible expenses.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the 2017 Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the provisions of the Act and reflected the impact during the three months ended September 30, 2025, which resulted in a tax benefit for the valuation allowance release on U.S. federal attributes, as discussed above. The Company will continue to evaluate the impact of these legislative changes as more guidance becomes available.

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Note 17. Other Income (Expense), Net

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Non-service cost components of pension and OPEB costs	$	(3	)	$	(5	)	$	(7	)	$	(12	)
Government assistance		1						5			4
Foreign exchange gain (loss)		(5	)		(3	)		(11	)		(9	)
Strategic transaction expenses		(6	)		2			(12	)		(2	)
Gain (loss) on sale of property, plant and equipment		(1	)		1
Loss on divestiture of ownership interests								(7	)
Other, net		(6	)		(1	)		1			5
Other income (expense), net	$	(20	)	$	(6	)	$	(31	)	$	(14	)

Foreign exchange gains and losses on cross-currency intercompany loan balances that are not of a long-term investment nature are included above. Foreign exchange gains and losses on intercompany loans that are permanently invested are reported in OCI.

Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs, and other strategic initiatives. During the third quarter of 2024, we received a transaction break fee related to the failed sale of our European hydraulics business to HPIH S.à.r.l. See Note 3 for additional information.

On June 6, 2025, we sold our ownership interest in Switch Mobility Limited, recognizing an $8 pre-tax loss on the transaction. See Note 20 for additional information.

Note 18. Revenue from Contracts with Customers

We generate revenue from selling production parts to original equipment manufacturers (OEMs) and service parts to OEMs and aftermarket customers. While we provide production and service parts to certain OEMs under awarded multi-year programs, these multi-year programs do not contain any commitment to volume by the customer. As such, individual customer releases or purchase orders represent the contract with the customer. Our customer contracts do not provide us with an enforceable right to payment for performance completed to date throughout the contract term. As such, we recognize part sales revenue at the point in time when the parts are shipped, and risk of loss has transferred to the customer. We have elected to continue to include shipping and handling fees billed to customers in revenue, while including costs of shipping and handling in costs of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate government agencies. Payment terms with our customers are established based on industry and regional practices and generally do not exceed 180 days.

We continually seek new business opportunities and at times provide incentives to our customers for new program awards. We evaluate the underlying economics of each payment made to our customers to determine the proper accounting by understanding the nature of the payment, the rights and obligations in the contract, and other relevant facts and circumstances. Upfront payments to our customers are capitalized if we determine that the payments are incremental and incurred only if the new business is obtained and we expect to recover these amounts from the customer over the term of the new business program. We recognize a reduction to revenue as products that the upfront payments are related to are transferred to the customer, based on the total amount of products expected to be sold over the term of the program. We evaluate the amounts capitalized each period for recoverability and expense any amounts that are no longer expected to be recovered. We had $7 and $4 recorded in other current assets and $17 and $27 recorded in other noncurrent assets at September 30, 2025 and December 31, 2024.

Certain of our customer contracts include rebate incentives. We estimate expected rebates and accrue the corresponding refund liability, as a reduction of revenue, at the time covered product is sold to the customer based on anticipated customer purchases during the rebate period and contractual rebate percentages. Refund liabilities are included in other accrued liabilities on our consolidated balance sheets. We provide standard fitness for use warranties on the products we sell, accruing for estimated costs related to product warranty obligations at time of sale. See Note 15 for additional information.

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Contract liabilities are primarily comprised of cash deposits made by customers with cash in advance payment terms and upfront payments from customers related to multi-year programs. We had $5 and $6 recorded in other accrued liabilities and $10 and $1 recorded on other noncurrent liabilities at September 30, 2025 and December 31, 2024.

Disaggregation of revenue —

The following table disaggregates revenue for each of our operating segments by geographical market:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Light Vehicle
North America	$	971	$	849	$	2,716	$	2,759
Europe		172		186		544		576
South America		57		69		163		197
Asia Pacific		153		181		478		517
Total	$	1,353	$	1,285	$	3,901	$	4,049

Commercial Vehicle
North America	$	218	$	270	$	678	$	863
Europe		185		176		560		558
South America		121		120		353		356
Asia Pacific		40		46		141		134
Total	$	564	$	612	$	1,732	$	1,911

Total
North America	$	1,189	$	1,119	$	3,394	$	3,622
Europe		357		362		1,104		1,134
South America		178		189		516		553
Asia Pacific		193		227		619		651
Total	$	1,917	$	1,897	$	5,633	$	5,960

Note 19. Segments

We are a global provider of high-technology products to virtually every major on-highway vehicle manufacturer in the world. Our technologies include drive systems (axles, driveshafts and transmissions); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). Effective January 1, 2025, Dana’s chief operating decision maker (CODM) realigned Dana’s operating segments, reflecting Dana’s commitment to streamlining the business, enhancing our go-to market approach, and serving our customers more efficiently. Our former Power Technologies operating segment has been split, integrating the OEM-facing business into our Light Vehicle Systems operating segment and integrating the aftermarket business into our Commercial Vehicle Systems operating segment. In addition, in June 2025 we entered into a definitive agreement to sell our Off-Highway business to Allison Transmission Holdings, Inc. See Note 2 for additional information. Certain operations that fall outside of the proposed sale perimeter, including certain Dana TM4 joint venture operations and our European hydraulics business, have been integrated into our Commercial Vehicle Systems and Light Vehicle Systems operating segments, respectively. We now serve our global light vehicle and medium/heavy vehicle markets through two operating segments – Light Vehicle Systems (Light Vehicle) and Commercial Vehicle Systems (Commercial Vehicle). These operating segments have global responsibility and accountability for business commercial activities and financial performance. Amounts presented for prior periods have been recast to align with Dana’s current two operating segments. Dana’s Chairman and Chief Executive Officer is its CODM.

Dana evaluates the performance of its operating segments based on external sales and segment EBITDA. Segment EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Our segments are charged for corporate and other shared administrative costs. Certain corporate and other administrative costs that were historically charged to our Off-Highway business, that are not permitted to be reflected as part of discontinued operations, have been recast and are included within the "corporate expense and other items, net" line of the reconciliation of segment EBITDA to loss from continuing operations before income taxes. Segment EBITDA may not be comparable to similarly titled measures reported by other companies.

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Segment information —

	Light		Commercial
Three months ended September 30, 2025	Vehicle		Vehicle		Corporate	Total
External sales	$	1,353	$	564		$	1,917
Inter-segment sales		33		20			53
		1,386		584			1,970
Reconciliation of sales
Elimination of inter-segment sales							(53

DANA Inc 10-Q