[10-Q] Goodyear Tire & Rubber Quarterly Earnings Report
Filing Impact
Filing Sentiment
Form Type
10-Q
Q2 2025 highlights 鈥� The Goodyear Tire & Rubber Company (GT)
- Revenue: Net sales slipped 2% YoY to $4.47 bn; six-month sales down 4% to $8.72 bn as tire unit volumes contracted, particularly in Asia-Pacific.
- Earnings: A $439 m pre-tax gain on the Dunlop brand sale drove income before tax to $305 m (vs $133 m). GAAP net income rose to $254 m, or $0.87 diluted EPS (vs $0.28). YTD net income is $369 m ($1.27 EPS) versus $10 m last year, lifted by $701 m total divestiture gains (OTR business Q1, Dunlop Q2).
- Cost profile: Gross profit was $760 m; SG&A trimmed 5% YoY. Rationalization expense grew to $59 m; Goodyear Forward actions include closing Danville (VA) commercial tire lines and proposing closure of the South Africa plant, together affecting ~1,800 positions.
- Cash & leverage: YTD operating cash flow was a $718 m outflow, offset by $837 m investing inflow from asset sales. Cash balances at $785 m; long-term debt edged up to $6.56 bn. Shareholders鈥� equity improved to $5.12 bn.
- Strategic portfolio shift: 鈥� OTR tire business sold to Yokohama for ~$905 m (Q1). 鈥� Dunlop brand rights sold to Sumitomo Rubber for $735 m (Q2). 鈥� Agreement signed to divest Chemical business for ~$650 m cash (expected close by Nov-25). Deferred income and multi-year supply/royalty agreements will recognize a portion of proceeds over time.
- Other items: Corrected immaterial prior-period FX errors tied to Turkish hyper-inflation accounting; minimal P&L impact. Tax rate benefited from gains recognized in low-tax jurisdictions.
Management signals further deleveraging and cost-savings once the Chemical transaction closes.
Punti salienti del Q2 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Ricavi: Le vendite nette sono diminuite del 2% su base annua, attestandosi a 4,47 miliardi di dollari; le vendite semestrali sono calate del 4% a 8,72 miliardi di dollari a causa della contrazione dei volumi delle gomme, soprattutto nella regione Asia-Pacifico.
- Utili: Un guadagno ante imposte di 439 milioni di dollari derivante dalla vendita del marchio Dunlop ha portato l'utile ante imposte a 305 milioni di dollari (rispetto a 133 milioni). L'utile netto GAAP 猫 salito a 254 milioni di dollari, pari a 0,87 dollari per azione diluita (rispetto a 0,28). L'utile netto da inizio anno 猫 di 369 milioni di dollari (1,27 dollari per azione) contro 10 milioni dello scorso anno, sostenuto da 701 milioni di guadagni totali da dismissioni (business OTR nel Q1, Dunlop nel Q2).
- Profilo dei costi: Il margine lordo 猫 stato di 760 milioni di dollari; le spese SG&A sono diminuite del 5% su base annua. Le spese di razionalizzazione sono aumentate a 59 milioni; le azioni di Goodyear Forward includono la chiusura delle linee di pneumatici commerciali di Danville (VA) e la proposta di chiusura dello stabilimento in Sudafrica, con un impatto complessivo di circa 1.800 posti di lavoro.
- Liquidit脿 e indebitamento: Il flusso di cassa operativo da inizio anno ha registrato un deflusso di 718 milioni di dollari, compensato da un afflusso di 837 milioni da vendite di asset. La liquidit脿 disponibile 猫 di 785 milioni di dollari; il debito a lungo termine 猫 leggermente salito a 6,56 miliardi. Il patrimonio netto degli azionisti 猫 migliorato a 5,12 miliardi di dollari.
- Cambio strategico nel portafoglio: 鈥� Il business degli pneumatici OTR 猫 stato venduto a Yokohama per circa 905 milioni di dollari (Q1). 鈥� I diritti sul marchio Dunlop sono stati ceduti a Sumitomo Rubber per 735 milioni di dollari (Q2). 鈥� 脠 stato firmato un accordo per la cessione del business Chimico per circa 650 milioni di dollari in contanti (chiusura prevista entro novembre 2025). I ricavi differiti e gli accordi pluriennali di fornitura/royalties riconosceranno una parte dei proventi nel tempo.
- Altri aspetti: Correzione di errori valutari immateriali relativi a periodi precedenti legati all鈥檌perinflazione turca; impatto minimo sul conto economico. Il tasso fiscale ha beneficiato dei guadagni riconosciuti in giurisdizioni a bassa tassazione.
La direzione prevede ulteriori riduzioni dell鈥檌ndebitamento e risparmi sui costi una volta conclusa la transazione nel settore Chimico.
Aspectos destacados del 2T 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Ingresos: Las ventas netas cayeron un 2% interanual hasta 4,47 mil millones de d贸lares; las ventas semestrales bajaron un 4% a 8,72 mil millones debido a la contracci贸n de los vol煤menes de neum谩ticos, especialmente en Asia-Pac铆fico.
- Ganancias: Una ganancia antes de impuestos de 439 millones de d贸lares por la venta de la marca Dunlop impuls贸 el ingreso antes de impuestos a 305 millones (vs 133 millones). La utilidad neta GAAP aument贸 a 254 millones de d贸lares, o 0,87 d贸lares por acci贸n diluida (vs 0,28). La utilidad neta acumulada es de 369 millones (1,27 por acci贸n) frente a 10 millones el a帽o pasado, impulsada por 701 millones en ganancias totales por desinversiones (negocio OTR en Q1, Dunlop en Q2).
- Perfil de costos: La ganancia bruta fue de 760 millones; los gastos SG&A se redujeron un 5% interanual. Los gastos de racionalizaci贸n crecieron a 59 millones; las acciones de Goodyear Forward incluyen el cierre de las l铆neas de neum谩ticos comerciales en Danville (VA) y la propuesta de cierre de la planta en Sud谩frica, afectando alrededor de 1.800 puestos.
- Flujo de caja y apalancamiento: El flujo de caja operativo acumulado fue un egreso de 718 millones, compensado por un ingreso de 837 millones por ventas de activos. El efectivo disponible es de 785 millones; la deuda a largo plazo aument贸 a 6,56 mil millones. El patrimonio de los accionistas mejor贸 a 5,12 mil millones.
- Cambio estrat茅gico en el portafolio: 鈥� El negocio de neum谩ticos OTR se vendi贸 a Yokohama por aproximadamente 905 millones (Q1). 鈥� Los derechos de la marca Dunlop se vendieron a Sumitomo Rubber por 735 millones (Q2). 鈥� Se firm贸 un acuerdo para desinvertir el negocio Qu铆mico por unos 650 millones en efectivo (cierre esperado para noviembre de 2025). Los ingresos diferidos y acuerdos plurianuales de suministro/royalties reconocer谩n parte de los ingresos con el tiempo.
- Otros aspectos: Se corrigieron errores cambiarios previos inmateriales relacionados con la contabilidad de hiperinflaci贸n en Turqu铆a; impacto m铆nimo en P&L. La tasa impositiva se benefici贸 de ganancias reconocidas en jurisdicciones de baja tributaci贸n.
La direcci贸n anticipa una mayor reducci贸n del apalancamiento y ahorros de costos una vez que se complete la transacci贸n del negocio Qu铆mico.
2025雲� 2攵勱赴 欤检殧 雮挫毄 鈥� 甑快澊鞏� 韮�鞚挫柎 鞎る摐 霟矂 旎错嵓雼� (GT)
- 毵れ稖: 靾滊Г於滌澊 鞝勲厔 霃欔赴 雽�牍� 2% 臧愳唽頃� 44鞏� 7觳滊 雼煬毳� 旮半頄堨溂氅�, 靸侂皹旮� 毵れ稖鞚� 4% 臧愳唽頃� 87鞏� 2觳滊 雼煬搿� 鞎勳嫓鞎劼讽儨韽夓枒 歆�鞐棎靹� 韮�鞚挫柎 雼渼 氍茧焿鞚� 欷勳棃鞀惦媹雼�.
- 靾橃澋: 雿橂… 敫岆灉霌� 毵り皝鞙茧 鞚疙暅 靹胳爠 鞚挫澋 4鞏� 3,900毵� 雼煬臧� 靹胳爠 靻岆摑鞚� 3鞏� 500毵� 雼煬(鞝勲厔 1鞏� 3,300毵� 雼煬 雽�牍�)搿� 雭岇柎鞓牳鞀惦媹雼�. GAAP 靾滌澊鞚奠潃 2鞏� 5,400毵� 雼煬, 頋劃 欤茧嫻靾滌澊鞚� 0.87雼煬(鞝勲厔 0.28雼煬 雽�牍�)搿� 歃濌皜頄堨姷雼堧嫟. 鞐办磮 鞚错泟 靾滌澊鞚奠潃 3鞏� 6,900毵� 雼煬(欤茧嫻 1.27雼煬)搿� 鞝勲厔 1,000毵� 雼煬 雽�牍� 韥矊 歃濌皜頄堨溂氅�, 鞚措姅 OTR 靷梾 1攵勱赴 氚� 雿橂… 2攵勱赴 毵り皝鞐愳劀 氚滌儩頃� 齑� 7鞏� 100毵� 雼煬鞚� 觳橂秳 鞚挫澋 雿曤秳鞛呺媹雼�.
- 牍勳毄 甑“: 齑濎澊鞚奠潃 7鞏� 6觳滊 雼煬鞓�鞙茧┌, 韺愲Г甏�毽箘(SG&A)電� 鞝勲厔 雽�牍� 5% 臧愳唽頄堨姷雼堧嫟. 甑“臁办爼 牍勳毄鞚� 5,900毵� 雼煬搿� 歃濌皜頄堨溂氅�, 甑快澊鞏� 韽泴霌� 瓿勴殟鞐愲姅 氩勳雼堨晞欤� 雽勲箤 靸侅梾鞖� 韮�鞚挫柎 霛检澑 韽愳噭鞕� 雮晞頂勲Μ旃� 瓿奠灔 韽愳噭 鞝滌晥鞚� 韽暔霅橃柎 鞎� 1,800臧滌潣 鞚检瀽毽棎 鞓來枼鞚� 氙胳供雼堧嫟.
- 順勱笀 氚� 攵�毂�: 鞐办磮 鞚错泟 鞓侅梾 順勱笀 頋愲鞚� 7鞏� 1,800毵� 雼煬 鞙犾稖鞚� 旮半頄堨溂雮�, 鞛愳偘 毵り皝鞙茧 鞚疙暅 8鞏� 3,700毵� 雼煬 鞙犾瀰鞙茧 靸侅噭霅橃棃鞀惦媹雼�. 順勱笀 鞛旍暋鞚� 7鞏� 8,500毵� 雼煬鞚措┌, 鞛リ赴 攵�毂勲姅 65鞏� 6觳滊 雼煬搿� 靻岉彮 歃濌皜頄堨姷雼堧嫟. 欤检＜ 歆�攵勳潃 51鞏� 2觳滊 雼煬搿� 臧滌劆霅橃棃鞀惦媹雼�.
- 鞝勲灥鞝� 韽姼韽措Μ鞓� 氤�頇�: 鈥� OTR 韮�鞚挫柎 靷梾鞚� 鞖旍綌頃橂鞐� 鞎� 9鞏� 500毵� 雼煬鞐� 毵り皝 (1攵勱赴). 鈥� 雿橂… 敫岆灉霌� 甓岆Μ毳� 鞀る韱犽 霟矂鞐� 7鞏� 3,500毵� 雼煬鞐� 毵り皝 (2攵勱赴). 鈥� 頇旐暀 靷梾鞚� 鞎� 6鞏� 5,000毵� 雼煬 順勱笀鞐� 毵り皝頃橂姅 瓿勳暯 觳搓舶 (2025雲� 11鞗� 膦呺 鞓堨爼). 鞚挫棸 靾橃澋 氚� 雼る厔 瓿店笁/搿滌棿韹� 瓿勳暯鞚� 韱淀暣 鞚茧秬 靾橃澋鞚� 鞁滉皠鞚� 歆�雮橂┐靹� 鞚胳嫕霅� 鞓堨爼鞛呺媹雼�.
- 旮绊儉 靷暛: 韯绊偆 齑堨澑頂岆爤鞚挫厴 須岅硠鞕� 甏�霠悳 鞚挫爠 旮瓣皠鞚� 氙鸽頃� 鞕疙櫂 鞓る毳� 靾橃爼頄堨溂氅�, 靻愳澋鞐� 氙胳箻電� 鞓來枼鞚� 斓滌唽頇旊悩鞐堨姷雼堧嫟. 靹胳湪鞚� 鞝�靹胳湪 歆�鞐棎靹� 鞚胳嫕霅� 鞚挫澋鞙茧 鞚疙暣 順滍儩鞚� 氚涭晿鞀惦媹雼�.
瓴届榿歆勳潃 頇旐暀 靷梾 瓯半灅臧� 鞕勲霅橂┐ 於旉皜鞝侅澑 攵�毂� 臧愳稌瓿� 牍勳毄 鞝堦皭鞚� 旮半寑頃橁碃 鞛堨姷雼堧嫟.
Points forts du T2 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Chiffre d'affaires : Les ventes nettes ont diminu茅 de 2 % en glissement annuel pour atteindre 4,47 milliards de dollars ; les ventes semestrielles ont baiss茅 de 4 % 脿 8,72 milliards en raison de la contraction des volumes d'unit茅s de pneus, notamment en Asie-Pacifique.
- B茅n茅fices : Un gain avant imp么ts de 439 millions de dollars li茅 脿 la vente de la marque Dunlop a port茅 le r茅sultat avant imp么ts 脿 305 millions (contre 133 millions). Le b茅n茅fice net selon les normes GAAP est pass茅 脿 254 millions de dollars, soit un BPA dilu茅 de 0,87 $ (contre 0,28 $). Le b茅n茅fice net cumul茅 s'茅l猫ve 脿 369 millions de dollars (1,27 $ par action) contre 10 millions l'an dernier, soutenu par 701 millions de gains totaux sur cessions (activit茅 OTR au T1, Dunlop au T2).
- Profil des co没ts : La marge brute s'est 茅lev茅e 脿 760 millions ; les frais SG&A ont diminu茅 de 5 % en glissement annuel. Les d茅penses de rationalisation ont augment茅 脿 59 millions ; les actions Goodyear Forward incluent la fermeture des lignes de pneus commerciaux de Danville (VA) et la proposition de fermeture de l'usine d'Afrique du Sud, affectant environ 1 800 postes.
- Tr茅sorerie et endettement : Le flux de tr茅sorerie op茅rationnel cumul茅 affiche une sortie de 718 millions, compens茅e par une entr茅e de 837 millions provenant de la vente d'actifs. La tr茅sorerie s'茅l猫ve 脿 785 millions ; la dette 脿 long terme a l茅g猫rement augment茅 脿 6,56 milliards. Les capitaux propres se sont am茅lior茅s 脿 5,12 milliards.
- Changement strat茅gique du portefeuille : 鈥� L'activit茅 pneus OTR a 茅t茅 vendue 脿 Yokohama pour environ 905 millions (T1). 鈥� Les droits sur la marque Dunlop ont 茅t茅 c茅d茅s 脿 Sumitomo Rubber pour 735 millions (T2). 鈥� Un accord a 茅t茅 sign茅 pour c茅der l'activit茅 Chimie pour environ 650 millions en cash (cl么ture pr茅vue d'ici novembre 2025). Les revenus diff茅r茅s et les accords pluriannuels de fourniture/royalties permettront de comptabiliser une partie des produits dans le temps.
- Autres 茅l茅ments : Correction d'erreurs de change immat茅rielles li茅es 脿 l'hyperinflation turque sur des p茅riodes ant茅rieures ; impact minimal sur le compte de r茅sultat. Le taux d'imposition a b茅n茅fici茅 des gains reconnus dans des juridictions 脿 faible fiscalit茅.
La direction pr茅voit une nouvelle r茅duction de l'endettement et des 茅conomies de co没ts une fois la transaction Chimie finalis茅e.
Highlights Q2 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Umsatz: Der Nettoumsatz sank im Jahresvergleich um 2 % auf 4,47 Mrd. USD; der Halbjahresumsatz ging um 4 % auf 8,72 Mrd. USD zur眉ck, da die Reifenabs盲tze insbesondere im Asien-Pazifik-Raum schrumpften.
- 贰谤迟谤盲驳别: Ein Vorsteuergewinn von 439 Mio. USD aus dem Verkauf der Marke Dunlop trieb das Ergebnis vor Steuern auf 305 Mio. USD (gegen眉ber 133 Mio.). Der GAAP-Nettogewinn stieg auf 254 Mio. USD bzw. 0,87 USD verw盲ssertes Ergebnis je Aktie (vorher 0,28). Das Nettoergebnis seit Jahresbeginn betr盲gt 369 Mio. USD (1,27 je Aktie) gegen眉ber 10 Mio. im Vorjahr, gest眉tzt durch 701 Mio. USD Gesamtertr盲ge aus Desinvestitionen (OTR-Gesch盲ft im Q1, Dunlop im Q2).
- Kostenstruktur: Der Bruttogewinn lag bei 760 Mio. USD; SG&A wurden um 5 % gegen眉ber dem Vorjahr reduziert. Restrukturierungskosten stiegen auf 59 Mio. USD; Goodyear Forward-Ma脽nahmen umfassen die Schlie脽ung der kommerziellen Reifenlinien in Danville (VA) und den Vorschlag zur Schlie脽ung des Werkes in S眉dafrika, was etwa 1.800 Stellen betrifft.
- Barmittel & Verschuldung: Der operative Cashflow seit Jahresbeginn verzeichnete einen Abfluss von 718 Mio. USD, ausgeglichen durch einen Zufluss von 837 Mio. USD aus dem Verkauf von Verm枚genswerten. Die Barmittel betrugen 785 Mio. USD; die langfristigen Schulden stiegen leicht auf 6,56 Mrd. USD. Das Eigenkapital der Aktion盲re verbesserte sich auf 5,12 Mrd. USD.
- Strategische Portfoliover盲nderung: 鈥� OTR-Reifengesch盲ft wurde im Q1 f眉r etwa 905 Mio. USD an Yokohama verkauft. 鈥� Markenrechte von Dunlop im Q2 f眉r 735 Mio. USD an Sumitomo Rubber ver盲u脽ert. 鈥� Vereinbarung zum Verkauf des Chemiegesch盲fts f眉r rund 650 Mio. USD in bar unterzeichnet (Abschluss erwartet bis Nov. 2025). Aufgeschobene Einnahmen und mehrj盲hrige Liefer-/Lizenzvereinbarungen werden einen Teil der Erl枚se zeitlich gestaffelt erfassen.
- Sonstiges: Korrektur unwesentlicher Devisenfehler aus Vorperioden im Zusammenhang mit der t眉rkischen Hyperinflationsrechnung; minimale Auswirkungen auf die GuV. Der Steuersatz profitierte von Gewinnen in Niedrigsteuergebieten.
Das Management signalisiert weitere Entschuldung und Kosteneinsparungen nach Abschluss der Chemie-Transaktion.
Positive
- GAAP EPS jumped to $0.87 from $0.28, driven by $439 m Dunlop gain and cost controls.
- $1.6 bn+ gross cash generated from OTR and Dunlop divestitures; Chemical sale adds $650 m pending.
- Shareholders鈥� equity rose 8% since year-end to $5.1 bn, improving capitalization.
- SG&A down 5% YoY, showing early traction from Goodyear Forward cost initiatives.
Negative
- Core net sales down 2% YoY and 4% YTD; Asia-Pacific unit volumes particularly weak.
- Operating cash flow negative $718 m for six months despite divestiture windfalls.
- Long-term debt still high at $6.56 bn; leverage remains a constraint.
- Rationalization charges $140 m YTD and planned plant closures affect ~1,800 jobs, signaling structural pressure.
Insights
TL;DR: One-time divestiture gains mask soft core sales; cash proceeds offer deleveraging opportunity.
Goodyear鈥檚 headline EPS surge is almost entirely from $701 m in asset-sale gains. Core operations remain challenged: unit sales fell and Q2 gross margin slipped 110 bp. Nevertheless, selling Dunlop and OTR added >$1.6 bn gross cash, boosting equity and supplying optionality to repay the $6.6 bn debt stack. The pending $650 m Chemical sale should extend that trend. Investors should watch whether management channels proceeds into debt reduction versus capex, and whether Goodyear Forward rationalizations translate into sustainable margin expansion once one-offs roll off.
TL;DR: Elevated leverage, negative operating cash flow and plant closures keep execution risk high.
Despite stronger earnings, underlying cash burn (-$718 m YTD) and continued reliance on restructuring underscore liquidity risk if macro or raw-material costs worsen. Headcount cuts and facility shutdowns entail $200 m future charges and labor-relation uncertainties. Long-term debt at 3.8脳 annualized EBITDA still limits flexibility. Successful closing of the Chemical sale and disciplined use of proceeds are critical to mitigating credit risk.
Punti salienti del Q2 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Ricavi: Le vendite nette sono diminuite del 2% su base annua, attestandosi a 4,47 miliardi di dollari; le vendite semestrali sono calate del 4% a 8,72 miliardi di dollari a causa della contrazione dei volumi delle gomme, soprattutto nella regione Asia-Pacifico.
- Utili: Un guadagno ante imposte di 439 milioni di dollari derivante dalla vendita del marchio Dunlop ha portato l'utile ante imposte a 305 milioni di dollari (rispetto a 133 milioni). L'utile netto GAAP 猫 salito a 254 milioni di dollari, pari a 0,87 dollari per azione diluita (rispetto a 0,28). L'utile netto da inizio anno 猫 di 369 milioni di dollari (1,27 dollari per azione) contro 10 milioni dello scorso anno, sostenuto da 701 milioni di guadagni totali da dismissioni (business OTR nel Q1, Dunlop nel Q2).
- Profilo dei costi: Il margine lordo 猫 stato di 760 milioni di dollari; le spese SG&A sono diminuite del 5% su base annua. Le spese di razionalizzazione sono aumentate a 59 milioni; le azioni di Goodyear Forward includono la chiusura delle linee di pneumatici commerciali di Danville (VA) e la proposta di chiusura dello stabilimento in Sudafrica, con un impatto complessivo di circa 1.800 posti di lavoro.
- Liquidit脿 e indebitamento: Il flusso di cassa operativo da inizio anno ha registrato un deflusso di 718 milioni di dollari, compensato da un afflusso di 837 milioni da vendite di asset. La liquidit脿 disponibile 猫 di 785 milioni di dollari; il debito a lungo termine 猫 leggermente salito a 6,56 miliardi. Il patrimonio netto degli azionisti 猫 migliorato a 5,12 miliardi di dollari.
- Cambio strategico nel portafoglio: 鈥� Il business degli pneumatici OTR 猫 stato venduto a Yokohama per circa 905 milioni di dollari (Q1). 鈥� I diritti sul marchio Dunlop sono stati ceduti a Sumitomo Rubber per 735 milioni di dollari (Q2). 鈥� 脠 stato firmato un accordo per la cessione del business Chimico per circa 650 milioni di dollari in contanti (chiusura prevista entro novembre 2025). I ricavi differiti e gli accordi pluriennali di fornitura/royalties riconosceranno una parte dei proventi nel tempo.
- Altri aspetti: Correzione di errori valutari immateriali relativi a periodi precedenti legati all鈥檌perinflazione turca; impatto minimo sul conto economico. Il tasso fiscale ha beneficiato dei guadagni riconosciuti in giurisdizioni a bassa tassazione.
La direzione prevede ulteriori riduzioni dell鈥檌ndebitamento e risparmi sui costi una volta conclusa la transazione nel settore Chimico.
Aspectos destacados del 2T 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Ingresos: Las ventas netas cayeron un 2% interanual hasta 4,47 mil millones de d贸lares; las ventas semestrales bajaron un 4% a 8,72 mil millones debido a la contracci贸n de los vol煤menes de neum谩ticos, especialmente en Asia-Pac铆fico.
- Ganancias: Una ganancia antes de impuestos de 439 millones de d贸lares por la venta de la marca Dunlop impuls贸 el ingreso antes de impuestos a 305 millones (vs 133 millones). La utilidad neta GAAP aument贸 a 254 millones de d贸lares, o 0,87 d贸lares por acci贸n diluida (vs 0,28). La utilidad neta acumulada es de 369 millones (1,27 por acci贸n) frente a 10 millones el a帽o pasado, impulsada por 701 millones en ganancias totales por desinversiones (negocio OTR en Q1, Dunlop en Q2).
- Perfil de costos: La ganancia bruta fue de 760 millones; los gastos SG&A se redujeron un 5% interanual. Los gastos de racionalizaci贸n crecieron a 59 millones; las acciones de Goodyear Forward incluyen el cierre de las l铆neas de neum谩ticos comerciales en Danville (VA) y la propuesta de cierre de la planta en Sud谩frica, afectando alrededor de 1.800 puestos.
- Flujo de caja y apalancamiento: El flujo de caja operativo acumulado fue un egreso de 718 millones, compensado por un ingreso de 837 millones por ventas de activos. El efectivo disponible es de 785 millones; la deuda a largo plazo aument贸 a 6,56 mil millones. El patrimonio de los accionistas mejor贸 a 5,12 mil millones.
- Cambio estrat茅gico en el portafolio: 鈥� El negocio de neum谩ticos OTR se vendi贸 a Yokohama por aproximadamente 905 millones (Q1). 鈥� Los derechos de la marca Dunlop se vendieron a Sumitomo Rubber por 735 millones (Q2). 鈥� Se firm贸 un acuerdo para desinvertir el negocio Qu铆mico por unos 650 millones en efectivo (cierre esperado para noviembre de 2025). Los ingresos diferidos y acuerdos plurianuales de suministro/royalties reconocer谩n parte de los ingresos con el tiempo.
- Otros aspectos: Se corrigieron errores cambiarios previos inmateriales relacionados con la contabilidad de hiperinflaci贸n en Turqu铆a; impacto m铆nimo en P&L. La tasa impositiva se benefici贸 de ganancias reconocidas en jurisdicciones de baja tributaci贸n.
La direcci贸n anticipa una mayor reducci贸n del apalancamiento y ahorros de costos una vez que se complete la transacci贸n del negocio Qu铆mico.
2025雲� 2攵勱赴 欤检殧 雮挫毄 鈥� 甑快澊鞏� 韮�鞚挫柎 鞎る摐 霟矂 旎错嵓雼� (GT)
- 毵れ稖: 靾滊Г於滌澊 鞝勲厔 霃欔赴 雽�牍� 2% 臧愳唽頃� 44鞏� 7觳滊 雼煬毳� 旮半頄堨溂氅�, 靸侂皹旮� 毵れ稖鞚� 4% 臧愳唽頃� 87鞏� 2觳滊 雼煬搿� 鞎勳嫓鞎劼讽儨韽夓枒 歆�鞐棎靹� 韮�鞚挫柎 雼渼 氍茧焿鞚� 欷勳棃鞀惦媹雼�.
- 靾橃澋: 雿橂… 敫岆灉霌� 毵り皝鞙茧 鞚疙暅 靹胳爠 鞚挫澋 4鞏� 3,900毵� 雼煬臧� 靹胳爠 靻岆摑鞚� 3鞏� 500毵� 雼煬(鞝勲厔 1鞏� 3,300毵� 雼煬 雽�牍�)搿� 雭岇柎鞓牳鞀惦媹雼�. GAAP 靾滌澊鞚奠潃 2鞏� 5,400毵� 雼煬, 頋劃 欤茧嫻靾滌澊鞚� 0.87雼煬(鞝勲厔 0.28雼煬 雽�牍�)搿� 歃濌皜頄堨姷雼堧嫟. 鞐办磮 鞚错泟 靾滌澊鞚奠潃 3鞏� 6,900毵� 雼煬(欤茧嫻 1.27雼煬)搿� 鞝勲厔 1,000毵� 雼煬 雽�牍� 韥矊 歃濌皜頄堨溂氅�, 鞚措姅 OTR 靷梾 1攵勱赴 氚� 雿橂… 2攵勱赴 毵り皝鞐愳劀 氚滌儩頃� 齑� 7鞏� 100毵� 雼煬鞚� 觳橂秳 鞚挫澋 雿曤秳鞛呺媹雼�.
- 牍勳毄 甑“: 齑濎澊鞚奠潃 7鞏� 6觳滊 雼煬鞓�鞙茧┌, 韺愲Г甏�毽箘(SG&A)電� 鞝勲厔 雽�牍� 5% 臧愳唽頄堨姷雼堧嫟. 甑“臁办爼 牍勳毄鞚� 5,900毵� 雼煬搿� 歃濌皜頄堨溂氅�, 甑快澊鞏� 韽泴霌� 瓿勴殟鞐愲姅 氩勳雼堨晞欤� 雽勲箤 靸侅梾鞖� 韮�鞚挫柎 霛检澑 韽愳噭鞕� 雮晞頂勲Μ旃� 瓿奠灔 韽愳噭 鞝滌晥鞚� 韽暔霅橃柎 鞎� 1,800臧滌潣 鞚检瀽毽棎 鞓來枼鞚� 氙胳供雼堧嫟.
- 順勱笀 氚� 攵�毂�: 鞐办磮 鞚错泟 鞓侅梾 順勱笀 頋愲鞚� 7鞏� 1,800毵� 雼煬 鞙犾稖鞚� 旮半頄堨溂雮�, 鞛愳偘 毵り皝鞙茧 鞚疙暅 8鞏� 3,700毵� 雼煬 鞙犾瀰鞙茧 靸侅噭霅橃棃鞀惦媹雼�. 順勱笀 鞛旍暋鞚� 7鞏� 8,500毵� 雼煬鞚措┌, 鞛リ赴 攵�毂勲姅 65鞏� 6觳滊 雼煬搿� 靻岉彮 歃濌皜頄堨姷雼堧嫟. 欤检＜ 歆�攵勳潃 51鞏� 2觳滊 雼煬搿� 臧滌劆霅橃棃鞀惦媹雼�.
- 鞝勲灥鞝� 韽姼韽措Μ鞓� 氤�頇�: 鈥� OTR 韮�鞚挫柎 靷梾鞚� 鞖旍綌頃橂鞐� 鞎� 9鞏� 500毵� 雼煬鞐� 毵り皝 (1攵勱赴). 鈥� 雿橂… 敫岆灉霌� 甓岆Μ毳� 鞀る韱犽 霟矂鞐� 7鞏� 3,500毵� 雼煬鞐� 毵り皝 (2攵勱赴). 鈥� 頇旐暀 靷梾鞚� 鞎� 6鞏� 5,000毵� 雼煬 順勱笀鞐� 毵り皝頃橂姅 瓿勳暯 觳搓舶 (2025雲� 11鞗� 膦呺 鞓堨爼). 鞚挫棸 靾橃澋 氚� 雼る厔 瓿店笁/搿滌棿韹� 瓿勳暯鞚� 韱淀暣 鞚茧秬 靾橃澋鞚� 鞁滉皠鞚� 歆�雮橂┐靹� 鞚胳嫕霅� 鞓堨爼鞛呺媹雼�.
- 旮绊儉 靷暛: 韯绊偆 齑堨澑頂岆爤鞚挫厴 須岅硠鞕� 甏�霠悳 鞚挫爠 旮瓣皠鞚� 氙鸽頃� 鞕疙櫂 鞓る毳� 靾橃爼頄堨溂氅�, 靻愳澋鞐� 氙胳箻電� 鞓來枼鞚� 斓滌唽頇旊悩鞐堨姷雼堧嫟. 靹胳湪鞚� 鞝�靹胳湪 歆�鞐棎靹� 鞚胳嫕霅� 鞚挫澋鞙茧 鞚疙暣 順滍儩鞚� 氚涭晿鞀惦媹雼�.
瓴届榿歆勳潃 頇旐暀 靷梾 瓯半灅臧� 鞕勲霅橂┐ 於旉皜鞝侅澑 攵�毂� 臧愳稌瓿� 牍勳毄 鞝堦皭鞚� 旮半寑頃橁碃 鞛堨姷雼堧嫟.
Points forts du T2 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Chiffre d'affaires : Les ventes nettes ont diminu茅 de 2 % en glissement annuel pour atteindre 4,47 milliards de dollars ; les ventes semestrielles ont baiss茅 de 4 % 脿 8,72 milliards en raison de la contraction des volumes d'unit茅s de pneus, notamment en Asie-Pacifique.
- B茅n茅fices : Un gain avant imp么ts de 439 millions de dollars li茅 脿 la vente de la marque Dunlop a port茅 le r茅sultat avant imp么ts 脿 305 millions (contre 133 millions). Le b茅n茅fice net selon les normes GAAP est pass茅 脿 254 millions de dollars, soit un BPA dilu茅 de 0,87 $ (contre 0,28 $). Le b茅n茅fice net cumul茅 s'茅l猫ve 脿 369 millions de dollars (1,27 $ par action) contre 10 millions l'an dernier, soutenu par 701 millions de gains totaux sur cessions (activit茅 OTR au T1, Dunlop au T2).
- Profil des co没ts : La marge brute s'est 茅lev茅e 脿 760 millions ; les frais SG&A ont diminu茅 de 5 % en glissement annuel. Les d茅penses de rationalisation ont augment茅 脿 59 millions ; les actions Goodyear Forward incluent la fermeture des lignes de pneus commerciaux de Danville (VA) et la proposition de fermeture de l'usine d'Afrique du Sud, affectant environ 1 800 postes.
- Tr茅sorerie et endettement : Le flux de tr茅sorerie op茅rationnel cumul茅 affiche une sortie de 718 millions, compens茅e par une entr茅e de 837 millions provenant de la vente d'actifs. La tr茅sorerie s'茅l猫ve 脿 785 millions ; la dette 脿 long terme a l茅g猫rement augment茅 脿 6,56 milliards. Les capitaux propres se sont am茅lior茅s 脿 5,12 milliards.
- Changement strat茅gique du portefeuille : 鈥� L'activit茅 pneus OTR a 茅t茅 vendue 脿 Yokohama pour environ 905 millions (T1). 鈥� Les droits sur la marque Dunlop ont 茅t茅 c茅d茅s 脿 Sumitomo Rubber pour 735 millions (T2). 鈥� Un accord a 茅t茅 sign茅 pour c茅der l'activit茅 Chimie pour environ 650 millions en cash (cl么ture pr茅vue d'ici novembre 2025). Les revenus diff茅r茅s et les accords pluriannuels de fourniture/royalties permettront de comptabiliser une partie des produits dans le temps.
- Autres 茅l茅ments : Correction d'erreurs de change immat茅rielles li茅es 脿 l'hyperinflation turque sur des p茅riodes ant茅rieures ; impact minimal sur le compte de r茅sultat. Le taux d'imposition a b茅n茅fici茅 des gains reconnus dans des juridictions 脿 faible fiscalit茅.
La direction pr茅voit une nouvelle r茅duction de l'endettement et des 茅conomies de co没ts une fois la transaction Chimie finalis茅e.
Highlights Q2 2025 鈥� The Goodyear Tire & Rubber Company (GT)
- Umsatz: Der Nettoumsatz sank im Jahresvergleich um 2 % auf 4,47 Mrd. USD; der Halbjahresumsatz ging um 4 % auf 8,72 Mrd. USD zur眉ck, da die Reifenabs盲tze insbesondere im Asien-Pazifik-Raum schrumpften.
- 贰谤迟谤盲驳别: Ein Vorsteuergewinn von 439 Mio. USD aus dem Verkauf der Marke Dunlop trieb das Ergebnis vor Steuern auf 305 Mio. USD (gegen眉ber 133 Mio.). Der GAAP-Nettogewinn stieg auf 254 Mio. USD bzw. 0,87 USD verw盲ssertes Ergebnis je Aktie (vorher 0,28). Das Nettoergebnis seit Jahresbeginn betr盲gt 369 Mio. USD (1,27 je Aktie) gegen眉ber 10 Mio. im Vorjahr, gest眉tzt durch 701 Mio. USD Gesamtertr盲ge aus Desinvestitionen (OTR-Gesch盲ft im Q1, Dunlop im Q2).
- Kostenstruktur: Der Bruttogewinn lag bei 760 Mio. USD; SG&A wurden um 5 % gegen眉ber dem Vorjahr reduziert. Restrukturierungskosten stiegen auf 59 Mio. USD; Goodyear Forward-Ma脽nahmen umfassen die Schlie脽ung der kommerziellen Reifenlinien in Danville (VA) und den Vorschlag zur Schlie脽ung des Werkes in S眉dafrika, was etwa 1.800 Stellen betrifft.
- Barmittel & Verschuldung: Der operative Cashflow seit Jahresbeginn verzeichnete einen Abfluss von 718 Mio. USD, ausgeglichen durch einen Zufluss von 837 Mio. USD aus dem Verkauf von Verm枚genswerten. Die Barmittel betrugen 785 Mio. USD; die langfristigen Schulden stiegen leicht auf 6,56 Mrd. USD. Das Eigenkapital der Aktion盲re verbesserte sich auf 5,12 Mrd. USD.
- Strategische Portfoliover盲nderung: 鈥� OTR-Reifengesch盲ft wurde im Q1 f眉r etwa 905 Mio. USD an Yokohama verkauft. 鈥� Markenrechte von Dunlop im Q2 f眉r 735 Mio. USD an Sumitomo Rubber ver盲u脽ert. 鈥� Vereinbarung zum Verkauf des Chemiegesch盲fts f眉r rund 650 Mio. USD in bar unterzeichnet (Abschluss erwartet bis Nov. 2025). Aufgeschobene Einnahmen und mehrj盲hrige Liefer-/Lizenzvereinbarungen werden einen Teil der Erl枚se zeitlich gestaffelt erfassen.
- Sonstiges: Korrektur unwesentlicher Devisenfehler aus Vorperioden im Zusammenhang mit der t眉rkischen Hyperinflationsrechnung; minimale Auswirkungen auf die GuV. Der Steuersatz profitierte von Gewinnen in Niedrigsteuergebieten.
Das Management signalisiert weitere Entschuldung und Kosteneinsparungen nach Abschluss der Chemie-Transaktion.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 June 30, 2025
Commission File Number: 1-1927
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
(330 ) 796-2121
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each 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.
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.
| ☑ | 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 Exchange Act).
Yes ☐ No ☑
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Number of Shares of Common Stock, Without Par Value, Outstanding at July 31, 2025: | ||||||||
Table of Contents
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION | |||||
ITEM 1. FINANCIAL STATEMENTS | |||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||||
ITEM 4. CONTROLS AND PROCEDURES | |||||
PART II. OTHER INFORMATION | |||||
ITEM 1. LEGAL PROCEEDINGS | |||||
ITEM 1A. RISK FACTORS | |||||
ITEM 5. OTHER INFORMATION | |||||
EX-2.1 | |||||
EX-2.2 | |||||
EX-10.1 | |||||
EX-10.2 | |||||
EX-22.1 | |||||
EX-31.1 | |||||
EX-31.2 | |||||
EX-32.1 | |||||
| EX-101.INS INSTANCE DOCUMENT | |||||
| EX-101.SCH SCHEMA DOCUMENT | |||||
| EX-104 | |||||
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net Sales (Note 3) | $ | $ | $ | $ | |||||||||||||||||||
| Cost of Goods Sold | |||||||||||||||||||||||
| Selling, Administrative and General Expense | |||||||||||||||||||||||
Rationalizations (Note 4) | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Other (Income) Expense (Note 5) | |||||||||||||||||||||||
Net (Gain) on Asset Sales (Note 2) | ( | ( | ( | ( | |||||||||||||||||||
Income before Income Taxes | |||||||||||||||||||||||
United States and Foreign Tax Expense (Note 6) | |||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Less: Minority Shareholders’ Net Income (Loss) | ( | ( | |||||||||||||||||||||
Goodyear Net Income | $ | $ | $ | $ | |||||||||||||||||||
Goodyear Net Income — Per Share of Common Stock | |||||||||||||||||||||||
| Basic | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Shares Outstanding (Note 7) | |||||||||||||||||||||||
| Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Shares Outstanding (Note 7) | |||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
1
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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
| Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign currency translation, net of tax of $ | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustment for amounts recognized in income, net of tax of $ | ( | ||||||||||||||||||||||
| Defined benefit plans: | |||||||||||||||||||||||
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $ | |||||||||||||||||||||||
Change in net actuarial gains and losses, net of tax of $( | ( | ||||||||||||||||||||||
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures, net of tax of $ | ( | ||||||||||||||||||||||
| Deferred derivative gain: | |||||||||||||||||||||||
Reclassification adjustment for amounts recognized in income, net of tax of $ | |||||||||||||||||||||||
Other Comprehensive Income (Loss) | ( | ( | |||||||||||||||||||||
Comprehensive Income (Loss) | ( | ||||||||||||||||||||||
Less: Comprehensive Income (Loss) Attributable to Minority Shareholders | ( | ( | |||||||||||||||||||||
Goodyear Comprehensive Income | $ | $ | $ | $ | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
2
Table of Contents
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (In millions, except share data) | June 30, 2025 | December 31, 2024 | |||||||||
| Assets: | |||||||||||
| Current Assets: | |||||||||||
| Cash and Cash Equivalents | $ | $ | |||||||||
Accounts Receivable, less Allowance — $ | |||||||||||
| Inventories: | |||||||||||
| Raw Materials | |||||||||||
| Work in Process | |||||||||||
| Finished Products | |||||||||||
Assets Held for Sale (Note 1) | |||||||||||
| Prepaid Expenses and Other Current Assets | |||||||||||
| Total Current Assets | |||||||||||
| Goodwill | |||||||||||
| Intangible Assets | |||||||||||
Deferred Income Taxes (Note 6) | |||||||||||
| Other Assets | |||||||||||
| Operating Lease Right-of-Use Assets | |||||||||||
Property, Plant and Equipment, less Accumulated Depreciation — $ | |||||||||||
| Total Assets | $ | $ | |||||||||
| Liabilities: | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts Payable — Trade | $ | $ | |||||||||
Compensation and Benefits (Notes 11 and 12) | |||||||||||
| Other Current Liabilities | |||||||||||
Notes Payable and Overdrafts (Note 9) | |||||||||||
| Operating Lease Liabilities due Within One Year | |||||||||||
Long Term Debt and Finance Leases due Within One Year (Note 9) | |||||||||||
| Total Current Liabilities | |||||||||||
| Operating Lease Liabilities | |||||||||||
Long Term Debt and Finance Leases (Note 9) | |||||||||||
Compensation and Benefits (Notes 11 and 12) | |||||||||||
Deferred Income Taxes (Note 6) | |||||||||||
| Other Long Term Liabilities | |||||||||||
| Total Liabilities | |||||||||||
Commitments and Contingent Liabilities (Note 13) | |||||||||||
| Shareholders’ Equity: | |||||||||||
| Goodyear Shareholders’ Equity: | |||||||||||
Common Stock, no par value: | |||||||||||
Authorized, | |||||||||||
| Capital Surplus | |||||||||||
| Retained Earnings | |||||||||||
Accumulated Other Comprehensive Loss (Note 15) | ( | ( | |||||||||
| Goodyear Shareholders’ Equity | |||||||||||
| Minority Shareholders’ Equity — Nonredeemable | |||||||||||
| Total Shareholders’ Equity | |||||||||||
| Total Liabilities and Shareholders’ Equity | $ | $ | |||||||||
The accompanying notes are an integral part of these consolidated financial statements.
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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
| Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Goodyear Shareholders' Equity | Minority Shareholders' Equity — Non- Redeemable | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
| (In millions, except share data) | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
(after deducting | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation plans | |||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued from treasury | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
(after deducting | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation plans | |||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued from treasury | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
(after deducting | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
There were no
The accompanying notes are an integral part of these consolidated financial statements.
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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
| Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Goodyear Shareholders' Equity | Minority Shareholders' Equity — Non- Redeemable | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
| (In millions, except share data) | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(after deducting | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation plans | |||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued from treasury | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
(after deducting | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation plans | |||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
(after deducting | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
There were no
The accompanying notes are an integral part of these consolidated financial statements.
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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six Months Ended June 30, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| Cash Flows from Operating Activities: | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: | |||||||||||
| Depreciation and Amortization | |||||||||||
| Amortization and Write-Off of Debt Issuance Costs | |||||||||||
Provision for Deferred Income Taxes (Note 6) | ( | ( | |||||||||
| Net Pension Curtailments and Settlements | ( | ||||||||||
Net Rationalization Charges (Note 4) | |||||||||||
| Rationalization Payments | ( | ( | |||||||||
Net Gains on Asset Sales (Note 5) | ( | ( | |||||||||
Loss (Gain) on Insurance Recoveries for Damaged Property, Plant and Equipment | ( | ||||||||||
| Operating Lease Expense | |||||||||||
| Operating Lease Payments | ( | ( | |||||||||
| Pension Contributions and Direct Payments | ( | ( | |||||||||
| Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions: | |||||||||||
| Accounts Receivable | ( | ( | |||||||||
| Inventories | ( | ( | |||||||||
| Accounts Payable — Trade | ( | ( | |||||||||
| Compensation and Benefits | |||||||||||
| Other Current Liabilities | ( | ||||||||||
| Other Assets and Liabilities | ( | ||||||||||
Total Cash Flows used in Operating Activities | ( | ( | |||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Capital Expenditures | ( | ( | |||||||||
| Insurance Recoveries for Damaged Property, Plant and Equipment | |||||||||||
Cash Proceeds from Sale and Leaseback Transactions (Note 5) | |||||||||||
| Asset Dispositions | |||||||||||
| Long Term Securities Redeemed | |||||||||||
| Notes Receivable | ( | ||||||||||
| Other Transactions | ( | ||||||||||
Total Cash Flows from (used in) Investing Activities | ( | ||||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Short Term Debt and Overdrafts Incurred | |||||||||||
| Short Term Debt and Overdrafts Paid | ( | ( | |||||||||
| Long Term Debt Incurred | |||||||||||
| Long Term Debt Paid | ( | ( | |||||||||
| Common Stock Issued | ( | ( | |||||||||
| Transactions with Minority Interests in Subsidiaries | ( | ( | |||||||||
| Debt Related Costs and Other Transactions | ( | ||||||||||
Total Cash Flows (used in) from Financing Activities | ( | ||||||||||
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | ( | ||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | ( | ||||||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of the Period | |||||||||||
| Cash, Cash Equivalents and Restricted Cash at End of the Period | $ | $ | |||||||||
The accompanying notes are an integral part of these consolidated financial statements.
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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared by The Goodyear Tire & Rubber Company (the “Company,” “Goodyear,” “we,” “us” or “our”) in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America ("U.S. GAAP") and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to fairly state the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results expected in subsequent quarters or for the year ending December 31, 2025.
Revision of Previously Issued Financial Statements
In preparing the consolidated financial statements as of and for the three and six months ended June 30, 2025, we identified errors in our previously issued financial statements related to our historical computation of currency remeasurement of our foreign operations in Turkey, which was designated as a highly inflationary economy beginning April 1, 2022. Upon that designation, the operations and balance sheet in that country should be remeasured into our parent company reporting currency, with remeasurement gains and losses recognized in earnings to reflect the impact of currency translation on our financial results. Our computation did not reflect the full inflationary impact. The identified errors impacted our previously issued 2022, 2023 and 2024 annual and interim financial statements. The impact of the errors on the previously issued consolidated statements of operations and comprehensive income for the quarter ended March 31, 2025 were de minimis. There were no impacts on previously reported cash flows from operating, investing and financing activities in any prior periods.
We evaluated the errors in accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 and determined that the related impacts were not material in any previously issued annual or interim financial statements. We revised the prior period amounts presented in these financial statements to correct the errors. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the revisions of the previously filed consolidated interim financial statements. A summary of the revisions to the previously issued financial information is included in Note to the Consolidated Financial Statements No.16, Revision of Previously Issued Financial Statements.
Recently Issued Accounting Standards
On December 14, 2023, the Financial Accounting Standards Board ("FASB") issued a final Accounting Standards Update ("ASU") to improve income tax disclosures. The new standard requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information and improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and requiring income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures. The standards update is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact of this standards update on our disclosures in the notes to the consolidated financial statements.
On November 4, 2024, the FASB issued a final ASU to require disaggregated disclosure of income statement expenses. This new standard requires certain expense categories, including selling expenses, to be disaggregated in the notes to the consolidated financial statements. The standards update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are currently assessing the impact of this standards update on our disclosures in the notes to the consolidated financial statements.
Principles of Consolidation
The consolidated financial statements include the accounts of all legal entities in which we hold a controlling financial interest. A controlling financial interest generally arises from our ownership of a majority of the voting shares of our subsidiaries. We would also hold a controlling financial interest in variable interest entities if we are considered to be the primary beneficiary. Investments in companies in which we do not own a majority interest and we have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are primarily carried at cost. All intercompany balances and transactions have been eliminated in consolidation.
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Assets and Liabilities Held for Sale
Assets and liabilities are classified as held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year, and it is unlikely that significant changes will be made to the plan. When all of these criteria have been met, the assets and liabilities are classified as held for sale in the balance sheet. Assets classified as held for sale are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation as held for sale. At June 30, 2025, Assets Held for Sale of $544 million, $455 million of which related to the sale of our Chemical business and $89 million of which related to the sale of the Dunlop brand, and Other Current Liabilities classified as held for sale of $171 million related to the sale of our Chemical business, were included in the Consolidated Balance Sheets. At December 31, 2024, assets classified as held for sale of $466 million and liabilities classified as held for sale of $51 million related to the sale of our off-the-road ("OTR") tire business were included within Assets Held for Sale and Other Current Liabilities, respectively, in the Consolidated Balance Sheets. Refer to Note to the Consolidated Financial Statements No. 2, Divestitures, for additional information.
Restricted Cash
The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported within the Consolidated Statements of Cash Flows:
| June 30, | |||||||||||||||||
| (In millions) | 2025 | 2024 | |||||||||||||||
| Cash and Cash Equivalents | $ | $ | |||||||||||||||
| Restricted Cash | |||||||||||||||||
| Total Cash, Cash Equivalents and Restricted Cash | $ | $ | |||||||||||||||
Restricted Cash primarily represents amounts required to be set aside for accounts receivable factoring programs. The restrictions lapse when cash from factored accounts receivable is remitted to the purchaser of those receivables. Restricted cash at June 30, 2025 also includes amounts collected in connection with ongoing agreements related to the sale of our OTR tire business. At both June 30, 2025 and 2024, restricted cash was recorded in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets.
Reclassifications and Adjustments
Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.
NOTE 2. DIVESTITURES
Net gains on asset sales were $439 million and $96 million for the three months ended June 30, 2025 and 2024, respectively. Net gains on asset sales were $701 million and $94 million for the six months ended June 30, 2025 and 2024, respectively. None of our divestitures meet the criteria for presentation as discontinued operations as they do not represent a strategic shift that will have a major effect on our operations or financial results.
On February 3, 2025, we completed the sale of our OTR tire business to The Yokohama Rubber Company, Limited (“Yokohama”) pursuant to the terms of the Share and Asset Purchase Agreement, dated as of July 22, 2024 (the “OTR Purchase Agreement”). In conjunction with the sale of the OTR tire business, we entered into several ancillary agreements, including a trademark license agreement, whereby we license certain trademarks to Yokohama for an initial period of ten years from the date of the sale, a product supply agreement, pursuant to which we supply to Yokohama certain OTR tires for an initial period of up to five years , and a transition services agreement, pursuant to which we are providing certain support services for a period of up to eighteen months . The activity related to these agreements is primarily recorded in Prepaid Expenses and Other Current Assets and Other Current Liabilities in the Consolidated Balance Sheets.
As a result of the transaction, considering the receipt of the purchase price of $905 million, subject to certain adjustments set forth in the OTR Purchase Agreement, amounts allocated to deferred income related to the trademark license agreement of $90 million, amounts allocated to deferred revenue related to the product supply agreement of $95 million, and transaction costs of $26 million, and based upon the net assets of the OTR tire business of $434 million, we recorded an estimated pre-tax gain of $260 million during the first quarter of 2025. We estimated the fair value of the deferred income related to the trademark license agreement using the relief-from-royalty method, with the most critical assumptions based on projected revenue, royalty rate and discount rate. We estimated the fair value of the deferred revenue related to the product supply agreement using a cost-plus-margin approach, with the most critical assumption based on projected cost of goods sold. The pre-tax income from the assets sold included within the Consolidated Statements of Operations was $23 million for the three
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months ended June 30, 2024 and $35 million for the six months ended June 30, 2024. These amounts exclude any ongoing obligations related to the product supply agreement and transition services agreement, as well as any amortization of deferred revenue or income.
On May 7, 2025, we completed the sale of our rights to the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property and other intangible assets, for a purchase price of $526 million to Sumitomo Rubber Industries, Ltd. ("SRI") pursuant to the terms of the Purchase Agreement, dated as of January 7, 2025 (as amended, the "Dunlop Purchase Agreement"). SRI also paid us an up-front transition support fee of $105 million for our support in transitioning the Dunlop brand, related intellectual property and Dunlop customers to SRI. SRI also acquired our existing Dunlop tire inventory for approximately $104 million. We also entered into a number of ancillary agreements, including (a) a transition license agreement, pursuant to which we will continue to manufacture, sell and distribute Dunlop-branded consumer tires in Europe from the closing of the transaction until December 31, 2025, and during which we will pay SRI a royalty on such Dunlop sales; (b) a transition offtake agreement, pursuant to which we will sell to SRI certain Dunlop-branded consumer tire products for a period of up to five years , commencing after termination or expiration of the transition license agreement; and (c) we will license back the Dunlop brand from SRI for commercial tires in Europe on a long-term basis, subject to a royalty on sales.
As a result of the transaction, we received gross proceeds of $735 million at closing for the Dunlop brand, related intellectual property and other intangible assets, the transition support fee and the tire inventory. We allocated $105 million of those proceeds related to the up-front transition support fee to deferred income, which will be recognized over the combined lives of the transition license and transition offtake agreements. We also allocated $86 million of those proceeds to deferred income for tire inventory in Europe that will not transfer ownership until the termination of the transition license agreement. We recognized an estimated pre-tax gain of $385 million based on the net assets sold of $133 million during the second quarter of 2025, net of transaction costs of $26 million.
On May 22, 2025, we entered into an Asset Purchase Agreement (the “Chemical Purchase Agreement”) with G-3 Chickadee Purchaser, LLC, a Delaware limited liability company (the “Purchaser”). Pursuant to the Chemical Purchase Agreement and upon the terms and subject to the conditions set forth therein, we have agreed to sell to the Purchaser, and the Purchaser has agreed to acquire from us, the polymer chemicals business of the Company (the “Chemical Business”) for a purchase price of approximately $650 million in cash, subject to certain adjustments. The assets to be acquired, and the liabilities to be assumed, by the Purchaser are generally those primarily related to the Chemical Business, including our chemical plants in Houston, Texas and Beaumont, Texas and a research and development facility in Akron, Ohio. The closing of the transaction is subject to the satisfaction of customary closing conditions. The Chemical Purchase Agreement contains customary termination rights, including if the closing of the transaction has not occurred on or prior to November 22, 2025, subject to certain limitations.
The Chemical Purchase Agreement also contemplates that, at the closing date, we will enter into a number of ancillary agreements with the Purchaser (or their respective affiliates). These agreements include, among others: (a) a master supply agreement, pursuant to which the Purchaser will, or will cause its affiliates to, supply to us certain polymer chemical products for a period of fifteen (15) years after the closing, (b) a transition services agreement, pursuant to which we will provide certain transition services to the Purchaser for the Chemical Business for a period of up to eighteen (18) months from the closing, and (c) a patent and know-how license agreement, pursuant to which the Purchaser will license back to us certain intellectual property related to the Chemical Business for use in connection with certain retained businesses.
Net gains on asset sales for the three and six months ended June 30, 2025 also include a $55 26 80
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NOTE 3. NET SALES
The following tables show disaggregated net sales from contracts with customers by major source:
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Tire unit sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Other tire and related sales | ||||||||||||||||||||||||||
| Retail services and service related sales | ||||||||||||||||||||||||||
| Chemical sales | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Net Sales by reportable segment | $ | $ | $ | $ | ||||||||||||||||||||||
| Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Tire unit sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Other tire and related sales | ||||||||||||||||||||||||||
| Retail services and service related sales | ||||||||||||||||||||||||||
| Chemical sales | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Net Sales by reportable segment | $ | $ | $ | $ | ||||||||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Tire unit sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Other tire and related sales | ||||||||||||||||||||||||||
| Retail services and service related sales | ||||||||||||||||||||||||||
| Chemical sales | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Net Sales by reportable segment | $ | $ | $ | $ | ||||||||||||||||||||||
| Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Tire unit sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Other tire and related sales | ||||||||||||||||||||||||||
| Retail services and service related sales | ||||||||||||||||||||||||||
| Chemical sales | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Net Sales by reportable segment | $ | $ | $ | $ | ||||||||||||||||||||||
Tire unit sales consist of consumer, commercial, farm and OTR tire sales, including the sale of new Company-branded tires through Company-owned retail channels. OTR tire sales in 2025 primarily consist of tires sold to Yokohama pursuant to our product supply agreement. Other tire and related sales consist of aviation, race and motorcycle tire sales, retread sales and other tire related sales. Sales of tires in this category are not included in reported tire unit information. Retail services and service related sales consist of automotive services performed for customers through our Company-owned retail channels, and includes service related products. Chemical sales relate to the sale of synthetic rubber and other chemicals to third parties, and exclude intercompany sales. Other sales include items such as franchise fees and ancillary tire parts.
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When we receive consideration from a customer prior to transferring goods or services under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Deferred revenue included in Other Current Liabilities in the Consolidated Balance Sheets totaled $32 million and $13 million at June 30, 2025 and December 31, 2024, respectively. Deferred revenue included in Other Long Term Liabilities in the Consolidated Balance Sheets totaled $87 million and $6 million at June 30, 2025 and December 31, 2024, respectively. We recognize deferred revenue after we have transferred control of the goods or services to the customer and all revenue recognition criteria are met. Revenue deferred during the three and six months ended June 30, 2025 primarily relates to the product supply agreement we entered into in connection with the sale of our OTR tire business.
The following table presents the balance of deferred revenue related to contracts with customers, and changes during the six months ended June 30, 2025:
| (In millions) | |||||||||||
| Balance at December 31, 2024 | $ | ||||||||||
| Revenue deferred during period | |||||||||||
| Revenue recognized during period | ( | ||||||||||
| Impact of foreign currency translation | |||||||||||
| Balance at June 30, 2025 | $ | ||||||||||
NOTE 4. COSTS ASSOCIATED WITH RATIONALIZATION PROGRAMS
In order to improve our global competitiveness and as part of our execution of the Goodyear Forward transformation plan ("Goodyear Forward"), we have implemented, and are implementing, rationalization actions to reduce high-cost and excess manufacturing capacity and operating and administrative costs.
The following table presents a roll-forward of the liability balance between periods:
| (In millions) | Associate- Related Costs | Other Costs | Total | |||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | |||||||||||||||||
2025 Charges(1) | ||||||||||||||||||||
Incurred, net of foreign currency translation of $ | ( | ( | ( | |||||||||||||||||
| Reversed to the Statement of Operations | ( | ( | ||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | |||||||||||||||||
(1) Charges of $ | ||||||||||||||||||||
During the second quarter of 2025, we approved a proposed plan to close our manufacturing facility in Kariega, South Africa in the EMEA business unit. The plan includes approximately 900 job reductions, including associates and contracted positions, and is expected to be substantially complete by the end of 2025. The total charges associated with this action are expected to be between $100 million and $110 million, of which $45 million to $55 million are expected to be cash charges primarily for associate-related and other exit costs and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation and other asset-related charges. The rationalization plan remains subject to consultation with employee representative bodies. We have accrued approximately $26 million for this plan at June 30, 2025.
During the first quarter of 2025, we approved a rationalization plan to eliminate our production of commercial tires in our Danville, Virginia tire manufacturing facility ("Danville") in order to reduce our production cost per tire in Americas. The plan includes approximately 850 job reductions, including associates and contracted positions. We expect to substantially complete this rationalization plan by the end of 2025. Total pre-tax charges are expected to be between $130 million and $140 million, of which $80 million to $90 million is expected to be cash charges primarily for associate-related and other exit costs and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation, pension termination benefit charges and other asset-related charges. We have approximately $23 million accrued for this plan at June 30, 2025.
During the first quarter of 2025, we approved a plan to reduce Selling, Administrative and General expenses (“SAG”) headcount in Americas and Corporate. The proposed plan includes approximately 80 net headcount reductions. Total estimated pre-tax charges are expected to be approximately $6 million. We have accrued approximately $2 million for this plan at June 30, 2025.
The remainder of the accrual balance at June 30, 2025 includes $219 million related to the closures of our Fulda, Germany ("Fulda") and our Fürstenwalde, Germany ("Fürstenwalde") tire manufacturing facilities, $56 million related to a
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rationalization and workforce reorganization plan in EMEA, which reflects $7 million of reversals due to voluntary attrition, $7 million related to the plan to open a shared service center in Costa Rica and to exit certain Commercial Tire and Service Center ("CTSC") locations, $5 million related to the closed Amiens, France tire manufacturing facility, $4 million related to a global workforce reorganization plan to improve our cost structure, $3 million related to plans to reduce SAG headcount, $2 million related to the closure of Cooper Tire's Melksham, United Kingdom tire manufacturing facility ("Melksham"), and various other plans to reduce headcount and improve operating efficiency.
At June 30, 2025 and December 31, 2024, $291 million and $296 million were recorded in Other Current Liabilities in the Consolidated Balance Sheets, respectively.
The following table shows net rationalization charges included in Income (Loss) before Income Taxes:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Current Year Plans | ||||||||||||||||||||||||||
| Associate Severance and Other Related Costs | $ | $ | $ | $ | ||||||||||||||||||||||
| Benefit Plan Curtailments/Settlements/Termination Benefits | ||||||||||||||||||||||||||
| Other Exit Costs | ||||||||||||||||||||||||||
| Current Year Plans - Net Charges | $ | $ | $ | $ | ||||||||||||||||||||||
| Prior Year Plans | ||||||||||||||||||||||||||
| Associate Severance and Other Related Costs | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
| Other Exit Costs | ||||||||||||||||||||||||||
| Prior Year Plans - Net Charges | $ | $ | $ | $ | ||||||||||||||||||||||
| Total Net Charges | $ | $ | $ | $ | ||||||||||||||||||||||
| Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs, net | $ | $ | $ | $ | ||||||||||||||||||||||
Substantially all of the new charges for the three and six months ended June 30, 2025 and 2024 relate to future cash outflows. Net current year plan charges for the three months ended June 30, 2025 primarily relate to the plans approved during the first and second quarter of 2025 described above. Net current year plan charges for the six months ended June 30, 2025 also include a $4 million termination benefits charge for one of our defined benefit pension plans related to headcount reductions at Danville. Net current year plan charges for the three months ended June 30, 2024 primarily relate to the plan to open a new shared service center in Costa Rica. Net current year plan charges for the six months ended June 30, 2024 also include the closure of our tire manufacturing facility in Malaysia.
Net prior year plan charges for the three months ended June 30, 2025 include $15 million related to the closures of Fulda and Fürstenwalde, $5 million related to the rationalization and workforce reorganization plan in EMEA, $2 million related to the closure of Melksham, $2 million related to plans to reduce SAG headcount, $1 million related to our closure of certain retail and warehouse locations in Americas, and reversals of $3 million primarily related to voluntary attrition. Net prior year plan charges for the six months ended June 30, 2025 include $30 million related to the closures of Fulda and Fürstenwalde, $7 million related to the rationalization and workforce reorganization plan in EMEA, $3 million related to the closure of Melksham, $3 million related to plans to reduce SAG headcount, $2 million related to our closure of certain retail and warehouse locations in Americas, and reversals of $9 million primarily related to voluntary attrition. Net prior year plan charges for the three months ended June 30, 2024 include $6 million related to the closures of Fulda and Fürstenwalde, $3 million related to the closure of Melksham, $2 million related to a plan to improve profitability in Australia and New Zealand, $2 million related to a plan to streamline our EMEA distribution network, $1 million related to our closure of certain retail and warehouse locations in Americas, $1 million related to plans to reduce SAG headcount, and reversals of $12 million primarily related to voluntary attrition. Net prior year plan charges for the six months ended June 30, 2024 include $8 million related to the closures of Fulda and Fürstenwalde, $7 million related to the closure of Melksham, $3 million related to the plan in Australia and New Zealand, $3 million related to the permanent closure of our Gadsden, Alabama tire manufacturing facility, $2 million related to the plan to streamline our EMEA distribution network, $2 million related to the closure of certain retail and warehouse locations in Americas, $1 million related to plans to reduce SAG headcount, and reversals of $13 million related to voluntary attrition.
Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs for both the three and six months ended June 30, 2025 primarily relate to the announced closures of Fulda and Fürstenwalde, the plan to reduce our production capacity at Danville, and the proposed plan to close our manufacturing facility in South Africa.
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Asset write-offs (recoveries), accelerated depreciation, and accelerated lease costs for both the three and six months ended June 30, 2024 primarily relate to the announced closures of our Fulda, Fürstenwalde and Malaysia tire manufacturing facilities, as well as the closure of a development center and warehouse in the U.S.
Ongoing rationalization plans had approximately $1,050 million in charges incurred prior to 2025 and have approximately $200 million in expected charges to be incurred in future periods.
Approximately 1,800 associates will be released under plans initiated in 2025, of which approximately 750 were released through June 30, 2025. In the first six months of 2025, approximately 700 associates were released under plans initiated in prior years. Approximately 2,700 associates remain to be released under all ongoing rationalization plans.
NOTE 5. OTHER (INCOME) EXPENSE
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Non-service related pension and other postretirement benefits cost | $ | $ | $ | $ | ||||||||||||||||||||||
Financing fees and financial instruments expense | ||||||||||||||||||||||||||
| Net foreign currency exchange (gains) losses | ( | |||||||||||||||||||||||||
Interest income | ( | ( | ( | ( | ||||||||||||||||||||||
General and product liability expense - discontinued products | ||||||||||||||||||||||||||
Royalty and other (income) | ( | ( | ( | ( | ||||||||||||||||||||||
Miscellaneous expense | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
Non-service related pension and other postretirement benefits cost consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost, as well as curtailments and settlements which are not related to rationalization plans. Pension expense for the six months ended June 30, 2025 includes a pension settlement charge of $4 million resulting from total lump sum payments exceeding annual service and interest cost of the applicable plan. Pension expense for the six months ended June 30, 2024 includes a pension settlement credit of $5 million related to a premium refund on the purchase of a group annuity contract for the Cooper Tire U.S. salaried defined benefit pension plan in 2023. For further information, refer to Note to the Consolidated Financial Statements No. 11, Pension, Savings and Other Postretirement Benefit Plans.
Net foreign currency exchange (gains) losses for the three and six months ended June 30, 2025 includes an $11 million loss and a $13 million loss, respectively, related to the Turkish lira and a $2 million loss and a $4 million gain, respectively, related to the euro. Net foreign currency exchange (gains) losses for the three months ended June 30, 2024 includes a $1 million loss related to the Turkish lira and a $2 million gain related to the euro. Net foreign currency exchange (gains) losses for the six months ended June 30, 2024 includes a $4 million loss related to the Turkish lira.
Royalty and other income for the three and six months ended June 30, 2025 includes $8 million and $14 million, respectively, primarily related to royalty income, and $7 million and $12 million, respectively, related to OTR transition license agreement royalty income and transition services income related to the sales of the OTR tire business and the Dunlop brand. Royalty and other income for the three and six months ended June 30, 2024 is primarily related to royalty income.
Miscellaneous expense for the three and six months ended June 30, 2025 includes transaction costs of $2 million and $6 million, respectively, primarily related to the sale of the Chemical Business. Miscellaneous expense for the six months ended June 30, 2024 includes an $8 million loss related to the sale of receivables in Argentina.
Other (Income) Expense also includes financing fees and financial instruments expense, which consists of commitment fees and charges incurred in connection with financing transactions; interest income; and general and product liability expense - discontinued products, which consists of charges for claims against us related primarily to asbestos personal injury claims, net of probable insurance recoveries.
NOTE 6. INCOME TAXES
For the second quarter of 2025, we recorded income tax expense of $24 million on income before income taxes of $305 million. For the first six months of 2025, we recorded income tax expense of $37 million on income before income taxes of $436 million. Income tax expense for the three and six months ended June 30, 2025 includes net discrete tax benefits of $4 million and $5 million, respectively.
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For the second quarter of 2024, we recorded income tax expense of $60 million on income before income taxes of $133 million. For the first six months of 2024, we recorded income tax expense of $66 million on income before income taxes of $69 million. Income tax expense for the six months ended June 30, 2024 includes a net discrete tax benefit of $1 million.
We record taxes based on overall estimated annual effective tax rates. The difference between our effective tax rate and the U.S. statutory rate of 21 21
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 Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of tax treatment for certain business provisions. We do not expect a material impact from OBBBA on our 2025 operating tax rates. We will continue to assess the impact on us as regulations develop in the future.
The Organisation for Economic Co-operation and Development ("OECD") have published the Pillar Two model rules which adopt a global corporate minimum tax of 15 % for multinational enterprises with average revenue in excess of €750 million. Certain jurisdictions in which we operate enacted legislation consistent with one or more of the OECD Pillar Two model rules effective in 2024. The model rules include minimum domestic top-up taxes, income inclusion rules, and undertaxed profit rules all aimed to ensure that multinational corporations pay a minimum effective corporate tax rate of 15 % in each jurisdiction in which they operate. We do not expect the Pillar Two model rules to materially impact our annual effective tax rate in 2025. However, we are continuing to evaluate the Pillar Two model rules and related legislation and their potential impact on future periods.
We consider both positive and negative evidence when measuring the need for a valuation allowance. The weight given to the evidence is commensurate with the extent to which it may be objectively verified. Current and cumulative financial reporting results are a source of objectively verifiable information. We give operating results during the most recent three-year period a significant weight in our analysis. We perform scheduling exercises to determine if sufficient taxable income of the appropriate character exists in the periods required in order to realize our deferred tax assets with limited lives (such as tax loss carryforwards and tax credits) prior to their expiration. We also consider prudent tax planning strategies (including an assessment of their feasibility) to accelerate taxable income if required to utilize expiring deferred tax assets. A valuation allowance is not required to the extent that, in our judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not that our deferred tax assets will be realized.
At June 30, 2025 and December 31, 2024, we had approximately $1.4 billion and $1.3 billion, respectively, of U.S. federal, state and local net deferred tax assets, inclusive of valuation allowances totaling $36 million and $26 million, respectively, primarily for state tax loss carryforwards with limited lives. As of June 30, 2025, approximately $1.2 billion of these U.S. net deferred tax assets had unlimited lives and approximately $200 million had limited lives, and the majority do not start to expire until 2030. As of December 31, 2024, approximately $1.1 billion of these U.S. net deferred tax assets had unlimited lives and approximately $200 million had limited lives, including $24 million of foreign tax credits, and the majority do not start to expire until 2030. In the U.S., we have a cumulative loss for the three-year period ended June 30, 2025 primarily driven by non-recurring items such as rationalization charges, pension curtailments and settlements, one-time costs associated with the Goodyear Forward plan, and intangible asset impairments.
In assessing our ability to utilize our net deferred tax assets, we primarily considered objectively verifiable information including the reduction in interest expense from debt repayment as a result of the sales of the OTR tire business and the Dunlop brand, which included certain associated intellectual property and other intangible assets, and future royalty income from foreign subsidiaries. In addition, we considered our current forecasts of future profitability in assessing our ability to realize our deferred tax assets as well as the impact of tax planning strategies. These forecasts include the impact of recent trends and various macroeconomic factors such as the impact of raw material, transportation, tariff, labor and energy costs on our profitability. Our tax planning strategies include accelerating income on cross border transactions, including sales of inventory or raw materials to our subsidiaries, reducing U.S. interest expense by, for example, repaying U.S. third-party debt and reducing intercompany loans through repatriating current year earnings of foreign subsidiaries, repatriation of certain foreign royalty income, and other financing transactions, all of which would increase our domestic profitability.
We believe our forecasts of future profitability, including a reduction in interest expense from debt repayment as a result of the sales of the OTR tire business and the Dunlop brand, which included certain associated intellectual property and other intangible assets, provide us sufficient positive evidence to conclude that it is more likely than not that, at June 30, 2025, our U.S. net deferred tax assets will be fully utilized. However, macroeconomic factors such as raw material, transportation, tariff, labor and energy costs possess a high degree of volatility and can significantly impact our profitability. Our U.S. operating
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results for the quarter ended June 30, 2025 declined relative to prior periods. If our U.S. operating results continue to decline in the future, we may need to record a valuation allowance which could adversely impact our operating results. As such, we will closely monitor our U.S. operations and any tax law changes to assess the realizability of our U.S. deferred tax assets.
At June 30, 2025 and December 31, 2024, we also had approximately $1.5 1.3 billion and $1.2 billion, respectively. Our losses in various foreign taxing jurisdictions in recent periods represented sufficient negative evidence to require us to maintain a full valuation allowance against certain of these net foreign deferred tax assets. Most notably, in Luxembourg, we maintain a valuation allowance of approximately $1.0 billion on all of our net deferred tax assets. Each reporting period, we assess available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize these existing deferred tax assets. We do not believe that sufficient positive evidence required to release valuation allowances on our foreign deferred tax assets having a significant impact on our financial position or results of operations will exist within the next twelve months.
For the six months ended June 30, 2025, changes to our unrecognized tax benefits did not , and for the full year of 2025 are not expected to, have a significant impact on our financial position or results of operations.
We are open to examination in the United States from 2021 onward and in Germany from 2018 onward. Generally, for our remaining tax jurisdictions, years from 2020 onward are still open to examination.
Following an audit by the Internal Revenue Service ("IRS"), we received a Notice of Proposed Adjustment ("NOPA") during the second quarter of 2025 related to an intercompany sale of certain intellectual property in 2021. The IRS proposes to disallow income recognition totaling $1.5 billion associated with this transaction. The federal tax charge related to that income recognition was fully offset by the utilization of $315 million of then-existing deferred tax assets, including tax loss carryforwards and foreign tax credits.
We disagree with the IRS’s position as stated in the NOPA and plan to challenge the proposed adjustments through the established IRS administrative procedures. Based on the information currently available, we believe that it is more likely than not that our tax position will be sustained upon review; therefore, no changes have been made to our reserve for uncertain tax positions relating to the NOPA. The ultimate resolution of this matter is uncertain, and if the income recognition associated with the transaction is disallowed, we will not be able to use a portion of the deferred tax assets that we utilized to offset the related federal taxes and our operating results could be adversely impacted.
NOTE 7. EARNINGS PER SHARE
Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are calculated to reflect the potential dilution that could occur if securities or other contracts were exercised or converted into common stock.
Basic and diluted earnings per common share are calculated as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Earnings per share — basic: | ||||||||||||||||||||||||||
Goodyear net income | $ | $ | $ | $ | ||||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||||
Earnings per common share — basic | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings per share — diluted: | ||||||||||||||||||||||||||
Goodyear net income | $ | $ | $ | $ | ||||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||||
| Dilutive effect of stock options and other dilutive securities | ||||||||||||||||||||||||||
| Weighted average shares outstanding — diluted | ||||||||||||||||||||||||||
Earnings per common share — diluted | $ | $ | $ | $ | ||||||||||||||||||||||
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NOTE 8. BUSINESS SEGMENTS
Results of operations are measured based on net sales to unaffiliated customers and segment operating income. Each segment exports tires to other segments. The financial results of each segment exclude sales of tires exported to other segments, but include operating income derived from such transactions. Segment operating income is computed as follows: Net sales less Cost of Goods Sold ("CGS") (excluding asset write-offs and accelerated depreciation charges) and SAG (including certain allocated corporate administrative expenses). Segment operating income also includes certain royalties and equity in earnings of most affiliates. Segment operating income does not include net rationalization charges, asset sales, goodwill and other asset impairment charges, and certain other items.
The chief operating decision maker ("CODM") is the Chief Executive Officer. The CODM uses segment operating income to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for the profit measure when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating income or loss for evaluating product pricing and to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees.
The following tables present segment sales, significant segment expenses and operating income, and the reconciliation of segment operating income to Income before Income Taxes:
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of Goods Sold | ||||||||||||||||||||||||||
| Selling, Administrative and General Expense | ||||||||||||||||||||||||||
Other (income)(1) | ( | ( | ( | ( | ||||||||||||||||||||||
Segment Operating Income (Loss) | $ | $ | ( | $ | $ | |||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
Rationalizations (Note 4) | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Other (income) expense (Note 5) | ||||||||||||||||||||||||||
| Net (gains) losses on asset sales | ( | |||||||||||||||||||||||||
Asset write-offs, accelerated depreciation and accelerated lease costs, net (Note 4) | ||||||||||||||||||||||||||
| Corporate incentive compensation plans | ||||||||||||||||||||||||||
| Retained expenses of divested operations | ||||||||||||||||||||||||||
Other(2) | ||||||||||||||||||||||||||
Income before Income Taxes | $ | |||||||||||||||||||||||||
(1) Primarily represents OTR transition license agreement royalty income, in addition to transition services income related to the sales of the OTR tire business and the Dunlop brand. | ||||||||||||||||||||||||||
(2) Primarily represents unallocated corporate costs and the elimination of royalty and other income attributable to the strategic business units (“SBUs”). | ||||||||||||||||||||||||||
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| Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of Goods Sold | ||||||||||||||||||||||||||
| Selling, Administrative and General Expense | ||||||||||||||||||||||||||
Other (income)(1) | ( | ( | ( | ( | ||||||||||||||||||||||
Segment Operating Income | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
Rationalizations (Note 4) | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
| Other (income) expense (Note 5) | ||||||||||||||||||||||||||
| Net (gains) losses on asset sales | ( | |||||||||||||||||||||||||
Asset write-offs, accelerated depreciation and accelerated lease costs, net (Note 4) | ||||||||||||||||||||||||||
| Corporate incentive compensation plans | ||||||||||||||||||||||||||
| Retained expenses of divested operations | ||||||||||||||||||||||||||
Other(2) | ||||||||||||||||||||||||||
| Income before Income Taxes | $ | |||||||||||||||||||||||||
(1) Primarily represents royalty income attributable to the SBUs. | ||||||||||||||||||||||||||
(2) Primarily represents unallocated corporate costs and the elimination of royalty income attributable to the SBUs. Other also includes $ | ||||||||||||||||||||||||||
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Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of Goods Sold | ||||||||||||||||||||||||||
| Selling, Administrative and General Expense | ||||||||||||||||||||||||||
Other (income)(1) | ( | ( | ( | ( | ||||||||||||||||||||||
Segment Operating Income (Loss) | $ | $ | ( | $ | $ | |||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
Rationalizations (Note 4) | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
| Other (income) expense (Note 5) | ||||||||||||||||||||||||||
| Net (gains) losses on asset sales | ( | |||||||||||||||||||||||||
Asset write-offs, accelerated depreciation and accelerated lease costs, net (Note 4) | ||||||||||||||||||||||||||
| Corporate incentive compensation plans | ||||||||||||||||||||||||||
| Retained expenses of divested operations | ||||||||||||||||||||||||||
Other(2) | ||||||||||||||||||||||||||
Income before Income Taxes | $ | |||||||||||||||||||||||||
(1) Primarily represents OTR transition license agreement royalty income, in addition to transition services income related to the sales of the OTR tire business and the Dunlop brand. | ||||||||||||||||||||||||||
(2) Primarily represents unallocated corporate costs and the elimination of royalty and other income attributable to the SBUs. | ||||||||||||||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| (In millions) | Americas | Europe, Middle East and Africa | Asia Pacific | Total | ||||||||||||||||||||||
| Net Sales | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of Goods Sold | ||||||||||||||||||||||||||
| Selling, Administrative and General Expense | ||||||||||||||||||||||||||
Other (income)(1) | ( | ( | ( | ( | ||||||||||||||||||||||
Segment Operating Income | $ | $ | $ | $ | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
Rationalizations (Note 4) | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
| Other (income) expense (Note 5) | ||||||||||||||||||||||||||
| Net (gains) losses on asset sales | ( | |||||||||||||||||||||||||
Asset write-offs, accelerated depreciation and accelerated lease costs, net (Note 4) | ||||||||||||||||||||||||||
| Corporate incentive compensation plans | ||||||||||||||||||||||||||
| Retained expenses of divested operations | ||||||||||||||||||||||||||
Other(2) | ||||||||||||||||||||||||||
Income before Income Taxes | $ | |||||||||||||||||||||||||
(1) Primarily represents royalty income attributable to the SBUs. | ||||||||||||||||||||||||||
(2) Primarily represents unallocated corporate costs and the elimination of royalty income attributable to the SBUs. Other also includes $ | ||||||||||||||||||||||||||
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The following table presents segment assets at:
| (In millions) | June 30, 2025 | December 31, 2024 | ||||||||||||
| Assets | ||||||||||||||
| Americas | $ | $ | ||||||||||||
| Europe, Middle East and Africa | ||||||||||||||
| Asia Pacific | ||||||||||||||
| Total Segment Assets | $ | $ | ||||||||||||
Corporate(1) | ||||||||||||||
| $ | $ | |||||||||||||
(1) Corporate includes substantially all of our U.S. net deferred tax assets. | ||||||||||||||
The following table presents geographic information. Net sales by country were determined based on the location of the selling subsidiary. Long-lived assets consist of property, plant and equipment. Management did not consider the net sales of any individual country outside the United States to be significant to the consolidated financial statements. For long-lived assets, only the United States and China were considered to be significant.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Net Sales | ||||||||||||||||||||||||||
| United States | $ | $ | $ | $ | ||||||||||||||||||||||
| International | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
| (In millions) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
| Long-Lived Assets | ||||||||||||||||||||||||||
| United States | $ | $ | ||||||||||||||||||||||||
| China | ||||||||||||||||||||||||||
| Other international | ||||||||||||||||||||||||||
| $ | $ | |||||||||||||||||||||||||
Rationalizations, as described in Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs; net (gains) losses on asset sales, as described in Note to the Consolidated Financial Statements No. 2, Divestitures; and asset write-offs, accelerated depreciation and accelerated leases costs were not charged (credited) to the SBUs for performance evaluation purposes but were attributable to the SBUs as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Rationalizations | ||||||||||||||||||||||||||
| Americas | $ | $ | $ | $ | ||||||||||||||||||||||
| Europe, Middle East and Africa | ||||||||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||||||||
| Total Segment Rationalizations | $ | $ | $ | $ | ||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
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| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Net (Gains) Losses on Asset Sales | ||||||||||||||||||||||||||
| Americas | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
| Europe, Middle East and Africa | ( | ( | ||||||||||||||||||||||||
| Asia Pacific | ( | ( | ||||||||||||||||||||||||
Total Segment (Gains) Losses on Asset Sales | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
| Corporate | ( | ( | ||||||||||||||||||||||||
| $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Asset Write-Offs, Accelerated Depreciation, and Accelerated Lease Costs, net | ||||||||||||||||||||||||||
| Americas | $ | $ | $ | $ | ||||||||||||||||||||||
| Europe, Middle East and Africa | ||||||||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||||||||
| Total Segment Asset Write-Offs, Accelerated Depreciation, and Accelerated Lease Costs, net | $ | $ | $ | $ | ||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
The following tables present segment capital expenditures and depreciation and amortization:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Capital Expenditures | ||||||||||||||||||||||||||
| Americas | $ | $ | $ | $ | ||||||||||||||||||||||
| Europe, Middle East and Africa | ||||||||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||||||||
| Total Segment Capital Expenditures | $ | $ | $ | $ | ||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Depreciation and Amortization | ||||||||||||||||||||||||||
| Americas | $ | $ | $ | $ | ||||||||||||||||||||||
| Europe, Middle East and Africa | ||||||||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||||||||
| Total Segment Depreciation and Amortization | $ | $ | $ | $ | ||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
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The following table presents segment equity in the net (income) loss of investees accounted for by the equity method:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Equity in (Income) Loss | ||||||||||||||||||||||||||
| Americas | $ | $ | $ | $ | ||||||||||||||||||||||
| Europe, Middle East and Africa | ( | ( | ( | ( | ||||||||||||||||||||||
| Asia Pacific | ( | ( | ( | ( | ||||||||||||||||||||||
Total Segment Equity in (Income) Loss | $ | $ | $ | $ | ||||||||||||||||||||||
NOTE 9. FINANCING ARRANGEMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS
At June 30, 2025, we had total credit arrangements of $10,920 million, of which $3,158 million were unused. At that date, approximately 30 % of our debt was at variable interest rates averaging 6.42 %.
Notes Payable and Overdrafts, Long Term Debt and Finance Leases due Within One Year and Short Term Financing Arrangements
At June 30, 2025, we had short term committed and uncommitted credit arrangements totaling $781 million, of which $250 million were unused. These arrangements are available primarily to certain of our foreign subsidiaries through various banks at quoted market interest rates.
The following table presents amounts due within one year:
| (In millions) | June 30, 2025 | December 31, 2024 | ||||||||||||
| Chinese credit facilities | $ | $ | ||||||||||||
| Other foreign and domestic debt | ||||||||||||||
| Notes Payable and Overdrafts | $ | $ | ||||||||||||
| Weighted average interest rate | % | % | ||||||||||||
| Chinese credit facilities | $ | $ | ||||||||||||
| Other foreign and domestic debt (including finance leases) | ||||||||||||||
| Long Term Debt and Finance Leases due Within One Year | $ | $ | ||||||||||||
| Weighted average interest rate | % | % | ||||||||||||
| Total obligations due within one year | $ | $ | ||||||||||||
Long Term Debt and Finance Leases and Financing Arrangements
At June 30, 2025, we had long term credit arrangements totaling $10,139 million, of which $2,908 million were unused.
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The following table presents long term debt and finance leases, net of unamortized discounts, and interest rates:
| June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
| (In millions) | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||
| Notes: | |||||||||||||||||||||||
| $ | $ | ||||||||||||||||||||||
| Credit Facilities: | |||||||||||||||||||||||
First lien revolving credit facility due 2030 | % | % | |||||||||||||||||||||
European revolving credit facility due 2028 | % | ||||||||||||||||||||||
| Pan-European accounts receivable facility | % | % | |||||||||||||||||||||
| Mexican credit facility | % | % | |||||||||||||||||||||
| Chinese credit facilities | % | % | |||||||||||||||||||||
Other foreign and domestic debt(1) | % | % | |||||||||||||||||||||
| Unamortized deferred financing fees | ( | ( | |||||||||||||||||||||
Finance lease obligations(2) | |||||||||||||||||||||||
| Less portion due within one year | ( | ( | |||||||||||||||||||||
| $ | $ | ||||||||||||||||||||||
(1)Interest rates are weighted average interest rates primarily related to various foreign credit facilities with customary terms and conditions. (2)Includes $ | |||||||||||||||||||||||
NOTES
At June 30, 2025, we had $4,892 million of outstanding notes, compared to $5,240 million at December 31, 2024.
$500 million 6.625 % Senior Notes due 2030
On June 3, 2025, we issued $500 million in aggregate principal amount of 6.625 % senior notes due 2030. These notes were sold at 100 % of the principal amount and will mature on July 15, 2030. These notes are unsecured senior obligations and are guaranteed by our U.S. and Canadian subsidiaries that also guarantee our obligations under our U.S. first lien revolving credit facility described below.
We have the option to redeem these notes, in whole or in part, at any time on or after July 15, 2027 at a redemption price of 103.313 %, 101.656 % and 100 % during the 12-month periods commencing on July 15, 2027, 2028 and 2029 and thereafter, respectively, plus accrued and unpaid interest to the redemption date. Prior to July 15, 2027, we may redeem these notes, in whole or in part, at a redemption price equal to 100 % of the principal amount plus a make-whole premium and accrued and unpaid interest to the redemption date. In addition, prior to July 15, 2027, we may redeem up to 35 % of the original aggregate principal amount of these notes from the net cash proceeds of certain equity offerings at a redemption price equal to 106.625 % of the principal amount plus accrued and unpaid interest to the redemption date.
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The terms of the indenture for these notes, among other things, limit our ability and the ability of certain of our subsidiaries to (i) incur certain liens, (ii) engage in sale and leaseback transactions, and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications.
$900 million 5 % Senior Notes due 2026
On June 30, 2025, we redeemed $400 million of our 5 % senior notes due 2026 at a redemption price equal to 100 % of the principal amount redeemed plus accrued and unpaid interest. On July 3, 2025, we redeemed the remaining $500 million of our 5 % senior notes due 2026 at a redemption price equal to 100 % of the principal amount redeemed plus accrued and unpaid interest. We used the net proceeds from the 6.625 % senior notes described above, together with cash and cash equivalents, to redeem these notes.
CREDIT FACILITIES
$2.75 billion Amended and Restated First Lien Revolving Credit Facility due 2030
On May 19, 2025, we amended and restated our U.S. first lien revolving credit facility. The principal change to the facility was the extension of its maturity from June 8, 2026 to May, 19, 2030. The interest rate for loans under the facility remained at SOFR plus 125 basis points, based on our current liquidity as described below.
Our amended and restated first lien revolving credit facility is available in the form of loans or letters of credit. Up to $800 million in letters of credit and $50 million of swingline loans are available for issuance under the facility. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to $250 million.
Our obligations under the facility are guaranteed by most of our wholly-owned U.S. and Canadian subsidiaries. Our obligations under the facility and our subsidiaries' obligations under the related guarantees are secured by first priority security interests in a variety of collateral. Availability under the facility is subject to a borrowing base, which is based on (i) eligible accounts receivable and inventory of The Goodyear Tire & Rubber Company and certain of its U.S. and Canadian subsidiaries, (ii) the greater of 50 % of the appraised value, if any, of our principal trademarks or $400 million, (iii) the value of eligible machinery and equipment, and (iv) certain cash in an amount not to exceed $275 million. To the extent that our eligible accounts receivable, inventory and other components of the borrowing base decline in value, our borrowing base will decrease and the availability under the facility may decrease below $2.75 billion. As of June 30, 2025, our borrowing base, and therefore our availability, under this facility was $69 million below the facility's stated amount of $2.75 billion.
The facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2024. The facility also has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries.
If Available Cash (as defined in the facility) plus the average quarterly availability under the facility is greater than 25 % of the total commitments under the facility, amounts drawn under the facility will bear interest, at our option, at (i) 125 basis points over SOFR or (ii) 25 basis points over an alternate base rate (the higher of (a) the prime rate, (b) the federal funds effective rate or the overnight bank funding rate plus 50 basis points or (c) SOFR plus 100 basis points). If Available Cash plus the average quarterly availability under the facility is equal to or less than 25 % of the total commitments under the facility, then amounts drawn under the facility will bear interest, at our option, at (i) 150 basis points over SOFR or (ii) 50 basis points over an alternate base rate. Based on our current liquidity, amounts drawn under this facility bear interest at SOFR plus 125 basis points. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.
At June 30, 2025, we had $1,210 million of borrowings and $1 million of letters of credit issued under the revolving credit facility. At December 31, 2024, we had $700 million of borrowings and $1 million of letters of credit issued under the revolving credit facility.
€800 million Amended and Restated Senior Secured European Revolving Credit Facility due 2028
The European revolving credit facility matures on January 14, 2028 and consists of (i) a €180 million German tranche that is available only to Goodyear Germany GmbH and (ii) a €620 million all-borrower tranche that is available to Goodyear Europe B.V. ("GEBV"), Goodyear Germany and Goodyear Operations S.A. Up to €175 million of swingline loans and €75 million in letters of credit are available for issuance under the all-borrower tranche. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to €200 million. Amounts drawn under this facility will bear interest at SOFR plus 150 basis points for loans denominated in U.S. dollars, EURIBOR plus 150 basis points for loans denominated in euros, and SONIA plus 150 basis points for loans denominated in pounds sterling. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.
GEBV and certain of its subsidiaries in the United Kingdom, Luxembourg, France and Germany provide guarantees to support the facility. The German guarantors secure the German tranche on a first-lien basis and the all-borrower tranche on a second-lien basis. GEBV and its other subsidiaries that provide guarantees secure the all-borrower tranche on a first-lien basis and
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generally do not provide collateral support for the German tranche. The Company and its U.S. and Canadian subsidiaries that guarantee our U.S. first lien revolving credit facility described above also provide unsecured guarantees in support of the facility.
The facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2021. The facility also has customary defaults, including a cross-default to material indebtedness of Goodyear and our subsidiaries.
At June 30, 2025, there were $140 million (€120 million) of borrowings outstanding under the all-borrower tranche, no borrowings outstanding under the German tranche, and no letters of credit outstanding under the European revolving credit facility. At December 31, 2024, we had no borrowings and no letters of credit outstanding under the European revolving credit facility.
Accounts Receivable Securitization Facilities (On-Balance Sheet)
GEBV and certain other of our European subsidiaries are parties to a pan-European accounts receivable securitization facility that expires in 2027. The terms of the facility provide the flexibility to designate annually the maximum amount of funding available under the facility in an amount of not less than €30 million and not more than €450 million. For the period from October 19, 2023 through October 16, 2024, the designated maximum amount of the facility was €300 million. For the period from October 17, 2024 through October 16, 2025, the designated maximum amount of the facility will remain €300 million.
The facility involves an ongoing daily sale of substantially all of the trade accounts receivable of certain GEBV subsidiaries. These subsidiaries retain servicing responsibilities. Utilization under this facility is based on eligible receivable balances.
The funding commitments under the facility will expire upon the earliest to occur of: (a) October 19, 2027, (b) the non-renewal and expiration (without substitution) of all of the back-up liquidity commitments, (c) the early termination of the facility according to its terms (generally upon an Early Amortisation Event (as defined in the facility), which includes, among other things, events similar to the events of default under our first lien revolving credit facility; certain tax law changes; or certain changes to law, regulation or accounting standards), or (d) our request for early termination of the facility. The facility’s current back-up liquidity commitments will expire on October 16, 2025.
At June 30, 2025, the amounts available and utilized under this program totaled $200 million (€170 million). At December 31, 2024, the amounts available and utilized under this program totaled $227 million (€218 million). The program does not qualify for sale accounting, and accordingly, these amounts are included in Long Term Debt and Finance Leases.
For a description of the collateral securing the credit facilities described above as well as the covenants applicable to them, refer to Note to the Consolidated Financial Statements No. 15, Financing Arrangements and Derivative Financial Instruments, in our 2024 Form 10-K.
Accounts Receivable Factoring Facilities (Off-Balance Sheet)
We have sold certain of our trade receivables under off-balance sheet programs. For these programs, we have concluded that there is generally no risk of loss to us from non-payment of the sold receivables. At June 30, 2025, the gross amount of receivables sold was $771 million, compared to $773 million at December 31, 2024.
Supplier Financing
We have entered into supplier finance programs with several financial institutions. Under these programs, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. We agree to pay the financial institutions the stated amount of the confirmed invoices from the designated suppliers on the original due dates of the invoices. Invoice payment terms can be up to 120 days based on industry norms for the specific item purchased. We do not pay any fees to the financial institutions and we do not pledge any assets as security or provide other forms of guarantees for these programs. These programs allow our suppliers to sell their receivables to the financial institutions at the sole discretion of the suppliers and the financial institutions on terms that are negotiated among them. We are not always notified when our suppliers sell receivables under these programs. Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under these programs. The amounts available under these programs were $875 million and $775 million at June 30, 2025 and December 31, 2024, respectively. The amounts confirmed to the financial institutions were $692 million and $604 million at June 30, 2025 and December 31, 2024, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets. All activity related to these obligations is presented within operating activities on the Consolidated Statements of Cash Flows.
Other Foreign Credit Facilities
A Mexican subsidiary and a U.S. subsidiary have a revolving credit facility in Mexico. At June 30, 2025, we have $200 million available and no borrowings outstanding under this facility. At December 31, 2024, the amounts available and utilized under this facility were $200 million. The facility matures on November 22, 2026, has covenants relating to the Mexican and U.S.
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subsidiaries and has customary representations and warranties and defaults relating to the Mexican and U.S. subsidiaries' ability to perform their respective obligations under the facility.
Our Chinese subsidiaries have several financing arrangements in China. These facilities contain covenants relating to these Chinese subsidiaries and have customary representations and warranties and defaults relating to these Chinese subsidiaries' ability to perform their respective obligations under these facilities. These facilities are also available for other off-balance sheet utilization, such as letters of credit and bank acceptances.
The following table presents the total amounts available and utilized under the Chinese financing arrangements:
| (In millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Total available | $ | $ | |||||||||
| Amounts utilized: | |||||||||||
| Notes Payable and Overdrafts | $ | $ | |||||||||
| Long Term Debt due Within One Year | |||||||||||
| Long Term Debt | |||||||||||
| Letters of credit, bank acceptances and other utilization | |||||||||||
| Total utilized | $ | $ | |||||||||
| Maturities | 7/25-8/28 | 1/25-8/28 | |||||||||
Certain of these facilities can only be used to finance the expansion of our manufacturing facilities in China and the unused amount available under these facilities was $31
DERIVATIVE FINANCIAL INSTRUMENTS
We utilize derivative financial instrument contracts and nonderivative instruments to manage interest rate, foreign exchange and commodity price risks. We have established a control environment that includes policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. We do not hold or issue derivative financial instruments for trading purposes.
Foreign Currency Contracts
We enter into foreign currency contracts in order to manage the impact of changes in foreign exchange rates on our consolidated results of operations and future foreign currency-denominated cash flows. These contracts may be used to reduce exposure to currency movements affecting existing foreign currency-denominated assets, liabilities, firm commitments and forecasted transactions resulting primarily from trade purchases and sales, equipment acquisitions, intercompany loans and royalty agreements. Contracts hedging short term trade receivables and payables normally have no hedging designation.
The following table presents the fair values for foreign currency hedge contracts that do not meet the criteria to be accounted for as cash flow hedging instruments:
| (In millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Fair Values — Current asset (liability): | |||||||||||
| Accounts receivable | $ | $ | |||||||||
| Other current liabilities | ( | ( | |||||||||
At June 30, 2025 and December 31, 2024, these outstanding foreign currency derivatives had notional amounts of $2,159 million and $1,779 million, respectively, and were primarily related to intercompany loans. Other (Income) Expense included net transaction losses on derivatives of $91 million and $106 million for the three and six months ended June 30, 2025. Other (Income) Expense included net transaction gains on derivatives of $10 million and $45 million for the three and six months ended June 30, 2024. These amounts were substantially offset in Other (Income) Expense by the effect of changing exchange rates on the underlying currency exposures.
At June 30, 2025 and December 31, 2024, we did not have any open foreign currency hedge contracts that meet the criteria to be accounted for as cash flow hedging instruments.
We enter into master netting agreements with counterparties. The amounts eligible for offset under the master netting agreements are not material and we have elected a gross presentation of foreign currency contracts in the Consolidated Balance Sheets.
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The following table presents the classification of changes in fair values of foreign currency contracts that meet the criteria to be accounted for as cash flow hedging instruments (before tax and minority):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Amount of gains (losses) deferred to Accumulated Other Comprehensive Loss ("AOCL") | $ | $ | $ | $ | |||||||||||||||||||
| Reclassification adjustment for amounts recognized in CGS | |||||||||||||||||||||||
No net deferred losses at June 30, 2025 are expected to be reclassified to earnings within the next twelve months.
The counterparties to our foreign currency contracts were considered by us to be substantial and creditworthy financial institutions that were recognized market makers at the time we entered into those contracts. We seek to control our credit exposure to these counterparties by diversifying across multiple counterparties, by setting counterparty credit limits based on long term credit ratings and other indicators of counterparty credit risk such as credit default swap spreads and default probabilities, and by monitoring the financial strength of these counterparties on a regular basis. We also enter into master netting agreements with counterparties when possible. By controlling and monitoring exposure to counterparties in this manner, we believe that we effectively manage the risk of loss due to nonperformance by a counterparty. However, the inability of a counterparty to fulfill its contractual obligations to us could have a material adverse effect on our liquidity, financial position or results of operations in the period in which it occurs.
NOTE 10. FAIR VALUE MEASUREMENTS
The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheets at June 30, 2025 and December 31, 2024:
| Total Carrying Value in the Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets at Fair Value | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Exchange Contracts | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities at Fair Value | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding finance leases, at June 30, 2025 and December 31, 2024:
| (In millions) | June 30, 2025 | December 31, 2024 | ||||||||||||
Fixed Rate Debt:(1) | ||||||||||||||
| Carrying amount — liability | $ | $ | ||||||||||||
| Fair value — liability | ||||||||||||||
Variable Rate Debt:(1) | ||||||||||||||
| Carrying amount — liability | $ | $ | ||||||||||||
| Fair value — liability | ||||||||||||||
(1)Excludes Notes Payable and Overdrafts of $ | ||||||||||||||
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Long term debt with fair values of $4,766 million and $4,921 million at June 30, 2025 and December 31, 2024, respectively, were estimated using quoted Level 1 market prices. The carrying value of the remaining debt was based upon internal estimates of fair value derived from market prices for similar debt.
NOTE 11. PENSION, SAVINGS AND OTHER POSTRETIREMENT BENEFIT PLANS
We provide employees with defined benefit pension or defined contribution savings plans.
Defined benefit pension cost follows:
| U.S. | U.S. | |||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
| Interest cost | ||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
| Amortization of net losses | ||||||||||||||||||||||||||
| Net periodic pension cost | $ | $ | $ | $ | ||||||||||||||||||||||
| Net curtailments/settlements/termination benefits | ( | |||||||||||||||||||||||||
| Total defined benefit pension cost | $ | $ | $ | $ | ||||||||||||||||||||||
| Non-U.S. | Non-U.S. | |||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
| Interest cost | ||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
| Amortization of prior service cost | ||||||||||||||||||||||||||
| Amortization of net losses | ||||||||||||||||||||||||||
| Net periodic pension cost | $ | $ | $ | $ | ||||||||||||||||||||||
| Net curtailments/settlements/termination benefits | ||||||||||||||||||||||||||
| Total defined benefit pension cost | $ | $ | $ | $ | ||||||||||||||||||||||
Service cost is recorded in CGS or SAG. Other components of net periodic pension cost are recorded in Other (Income) Expense. Net curtailments, settlements and termination benefits, if any, are recorded in Other (Income) Expense or Rationalizations if related to a rationalization plan.
In the first six months of 2025, a pension settlement charge of $4 million was recorded in Other (Income) Expense. The settlement charge resulted from total lump sum payments exceeding annual service and interest cost of the applicable plan. In addition, pension termination benefits charges of $4 million and $1 million were recorded related to the exit of employees under an approved rationalization plan and the sale of the OTR tire business, respectively.
In the first six months of 2024, a pension settlement credit of $5 million was recorded in Other (Income) Expense. The settlement credit resulted from a premium refund related to the purchase of a group annuity contract for the Cooper Tire U.S. salaried defined benefit pension plan in 2023.
We also provide certain U.S. employees and employees at certain non-U.S. subsidiaries with health care benefits or life insurance benefits upon retirement. There was no 2 million and $4 million, respectively.
We expect to contribute $25 million to $50 million to our funded non-U.S. pension plans in 2025. For the three and six months ended June 30, 2025, we contributed $7 million and $13 million, respectively, to our non-U.S. plans.
The expense recognized for our contributions to defined contribution savings plans for the three months ended June 30, 2025 and 2024 was $30 million and $33 million, respectively, and for the six months ended June 30, 2025 and 2024 was $62 million and $70 million, respectively.
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NOTE 12. STOCK COMPENSATION PLANS
Our Board of Directors granted 1.9 million restricted stock units and 1.0 million performance share units during the six months ended June 30, 2025 under our stock compensation plans. We measure the fair value of grants of restricted stock units and performance share units based primarily on the closing market price of a share of our common stock on the date of the grant, modified as appropriate to take into account the features of such grants. The weighted average fair value per share was $9.79 for restricted stock units and $9.31 for performance share units granted during the six months ended June 30, 2025.
We recognized stock-based compensation expense of $5 million and $11 million during the three and six months ended June 30, 2025, respectively. At June 30, 2025, unearned compensation cost related to the unvested portion of all stock-based awards was approximately $27 million and is expected to be recognized over the remaining vesting period of the respective grants, through the second quarter of 2028. We recognized stock-based compensation expense of $6 million and $9 million during the three and six months ended June 30, 2024, respectively.
NOTE 13. COMMITMENTS AND CONTINGENT LIABILITIES
Environmental Matters
We have recorded liabilities totaling $77 million and $81 million at June 30, 2025 and December 31, 2024, respectively, for anticipated costs related to various environmental matters, primarily the remediation of numerous waste disposal sites and certain properties sold by us. Of these amounts, $22 million and $24 million were included in Other Current Liabilities at June 30, 2025 and December 31, 2024, respectively. The costs include legal and consulting fees, site studies, the design and implementation of remediation plans, post-remediation monitoring and related activities, and will be paid over several years. The amount of our ultimate liability in respect of these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute. We have limited potential insurance coverage for future environmental claims.
Since many of the remediation activities related to environmental matters vary substantially in duration and cost from site to site and the associated costs for each vary depending on the mix of unique site characteristics, in some cases we cannot reasonably estimate a range of possible losses. Although it is not possible to estimate with certainty the outcome of all of our environmental matters, management believes that potential losses in excess of current reserves for environmental matters, individually and in the aggregate, will not have a material adverse effect on our financial position, cash flows or results of operations.
Workers’ Compensation
We have recorded liabilities, on a discounted basis, totaling $158 29 million and $31 million were included in Other Current Liabilities as part of Compensation and Benefits at June 30, 2025 and December 31, 2024, respectively. The costs include an estimate of expected settlements on pending claims, defense costs and a provision for claims incurred but not reported. These estimates are based on our assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and current cost trends. The amount of our ultimate liability in respect of these matters may differ from these estimates. We periodically, and at least annually, update our loss development factors based on actuarial analyses. At June 30, 2025 and December 31, 2024, the liability was discounted using a risk-free rate of return. At June 30, 2025, we estimate that it is reasonably possible that the liability could exceed our recorded amounts by approximately $25 million.
General and Product Liability and Other Litigation
We have recorded liabilities for both asserted and unasserted claims totaling $415 million and $406 million, including related legal fees expected to be incurred, for potential product liability and other tort claims, including asbestos claims, at June 30, 2025 and December 31, 2024, respectively. Of these amounts, $85 million and $60 million were included in Other Current Liabilities at June 30, 2025 and December 31, 2024, respectively. The amounts recorded were estimated based on an assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and, where available, recent and current trends. Based upon that assessment, at June 30, 2025, we do not believe that estimated reasonably possible losses associated with general and product liability claims in excess of the amounts recorded will have a material adverse effect on our financial position, cash flows or results of operations. However, the amount of our ultimate liability in respect of these matters may differ from these estimates.
We have recorded an indemnification asset within Accounts Receivable of $4 million and within Other Assets of $2 million for SRI's obligation to indemnify us for certain product liability claims related to products manufactured by a formerly consolidated joint venture entity, subject to certain caps and restrictions.
Asbestos. We are a defendant in numerous lawsuits alleging various asbestos-related personal injuries purported to result from alleged exposure to asbestos in certain products manufactured by us or present in certain of our facilities. Typically, these lawsuits have been brought against multiple defendants in state and federal courts. To date, we have disposed of approximately
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A summary of recent approximate asbestos claims activity follows. Because claims are often filed and disposed of by settlement or dismissal in large numbers, the amount and timing of filings, settlements and dismissals and the number of open claims during a particular period can fluctuate significantly.
| (Dollars in millions) | Six Months Ended June 30, 2025 | Year Ended December 31, 2024 | ||||||||||||
| Pending claims, beginning of period | ||||||||||||||
| New claims filed | ||||||||||||||
| Claims settled/dismissed | ( | ( | ||||||||||||
| Pending claims, end of period | ||||||||||||||
Payments(1) | $ | $ | ||||||||||||
(1)Represents cash payments made during the period by us and our insurers for asbestos litigation defense and claim resolution. | ||||||||||||||
We periodically, and at least annually, review our existing reserves for pending claims, including a reasonable estimate of the liability associated with unasserted asbestos claims, and estimate our receivables from probable insurance recoveries. We recorded gross liabilities for both asserted and unasserted claims, inclusive of defense costs, totaling $116 million and $115 million at June 30, 2025 and December 31, 2024, respectively. In determining the estimate of our asbestos liability, we evaluated claims over the next ten-year period. Due to the difficulties in making these estimates, analysis based on new data and/or a change in circumstances arising in the future may result in an increase in the recorded obligation, and that increase could be significant.
We maintain certain primary and excess insurance coverage under coverage-in-place agreements, and also have additional excess liability insurance with respect to asbestos liabilities. After consultation with our outside legal counsel and giving consideration to agreements with certain of our insurance carriers, the financial viability and legal obligations of our insurance carriers and other relevant factors, we determine an amount we expect is probable of recovery from such carriers. We record a receivable with respect to such policies when we determine that recovery is probable and we can reasonably estimate the amount of a particular recovery.
We recorded an insurance receivable related to asbestos claims of $64 million and $63 million at June 30, 2025 and December 31, 2024, respectively. We expect that approximately 55 % of asbestos claim related losses would be recoverable through insurance during the ten-year period covered by the estimated liability. Of these amounts, $11
We believe that, at December 31, 2024, we had approximately $520 million in excess level policy limits applicable to indemnity and defense costs for asbestos products claims under coverage-in-place agreements. We also had additional unsettled excess level policy limits potentially applicable to such costs. In addition, we had coverage under certain primary policies for indemnity and defense costs for asbestos products claims under remaining aggregate limits pursuant to a coverage-in-place agreement, as well as coverage for indemnity and defense costs for asbestos premises claims pursuant to coverage-in-place agreements.
With respect to both asserted and unasserted claims, it is reasonably possible that we may incur a material amount of cost in excess of the current reserve; however, such amounts cannot be reasonably estimated. Coverage under insurance policies is subject to varying characteristics of asbestos claims including, but not limited to, the type of claim (premise vs. product exposure), alleged date of first exposure to our products or premises and disease alleged. Recoveries may also be limited by insurer insolvencies or financial difficulties. Depending upon the nature of these characteristics or events, as well as the resolution of certain legal issues, some portion of the insurance may not be accessible by us.
Other Actions
We are currently a party to various claims, indirect tax assessments and legal proceedings in addition to those noted above. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate
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outcome of these matters, individually and in the aggregate, will not have a material adverse effect on our financial position or overall trends in results of operations.
Our recorded liabilities and estimates of reasonably possible losses for the contingent liabilities described above are based on our assessment of potential liability using the information available to us at the time and, where applicable, any past experience and recent and current trends with respect to similar matters. Our contingent liabilities are subject to inherent uncertainties, and unfavorable judicial or administrative decisions could occur which we did not anticipate. Such an unfavorable decision could include monetary damages, fines or other penalties or an injunction prohibiting us from taking certain actions or selling certain products. If such an unfavorable decision were to occur, it could result in a material adverse impact on our financial position and results of operations in the period in which the decision occurs or in future periods.
Income Tax Matters
The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize income tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. We derecognize income tax benefits when based on new information we determine that it is no longer more likely than not that our position will be sustained. To the extent we prevail in matters for which liabilities have been established, or determine we need to derecognize tax benefits recorded in prior periods, our results of operations and effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash, and lead to recognition of expense to the extent the settlement amount exceeds recorded liabilities and, in the case of an income tax settlement, result in an increase in our effective tax rate in the period of resolution. A favorable tax settlement would be recognized as a reduction of expense to the extent the settlement amount is lower than recorded liabilities and, in the case of an income tax settlement, would result in a reduction in our effective tax rate in the period of resolution.
Following an audit by the IRS, we received a Notice of Proposed Adjustment ("NOPA") during the second quarter of 2025 related to an intercompany sale of certain intellectual property in 2021. The IRS proposes to disallow income recognition totaling $1.5 billion associated with this transaction. The federal tax charge related to that income recognition was fully offset by the utilization of $315 million of then-existing deferred tax assets, including tax loss carryforwards and foreign tax credits.
We disagree with the IRS’s position as stated in the NOPA and plan to challenge the proposed adjustments through the established IRS administrative procedures. Based on the information currently available, we believe that it is more likely than not that our tax position will be sustained upon review; therefore, no changes have been made to our reserve for uncertain tax positions relating to the NOPA. The ultimate resolution of this matter is uncertain, and if the income recognition associated with the transaction is disallowed, we will not be able to use a portion of the deferred tax assets that we utilized to offset the related federal taxes and our operating results could be adversely impacted.
While the Company applies consistent transfer pricing policies and practices globally, supports transfer prices through economic studies, seeks advance pricing agreements and joint audits to the extent possible and believes its transfer prices to be appropriate, such transfer prices, and related interpretations of tax laws, are occasionally challenged by various taxing authorities globally. We have received various tax assessments challenging our interpretations of applicable tax laws in various jurisdictions. Although we believe we have complied with applicable tax laws, have strong positions and defenses and have historically been successful in defending such claims, our results of operations could be materially adversely affected in the case we are unsuccessful in the defense of existing or future claims.
Binding Commitments and Guarantees
We have off-balance sheet financial guarantees and other commitments totaling $29
In 2015, as a result of the dissolution of the global alliance with SRI, we issued a guarantee of $46 million to an insurance company related to SRI's obligation to pay certain outstanding workers' compensation claims of a formerly consolidated joint venture entity. As of June 30, 2025, this guarantee amount has been reduced to $15 million. We have concluded the probability of our performance to be remote and, therefore, have not recorded a liability for this guarantee. While there is no fixed duration of this guarantee, we expect the amount of this guarantee to continue to decrease over time as the formerly consolidated joint venture entity pays its outstanding claims.
If our performance under these guarantees is triggered by non-payment or another specified event, we would be obligated to make payment to the financial institution or the other entity, and would typically have recourse to the affiliate, lessor, customer or SRI, as applicable. We are unable to estimate the extent to which our lessors’, customers’ or SRI's assets would be adequate to recover any payments made by us under the related guarantees.
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We have an agreement to provide a revolving loan commitment to TireHub, LLC of up to $130 million. The carrying value of our net investment in TireHub was $83 million and $110 million, which includes an outstanding loan receivable of $117 million and $119 million, including $2 50 % share of the net income (losses) of TireHub.
NOTE 14. CAPITAL STOCK
Common Stock Repurchases
We may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. During the first six months of 2025, we did not repurchase any shares from employees.
NOTE 15. ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables present changes in AOCL, by component, for the six months ended June 30, 2025 and 2024, after tax and minority interest.
| (In millions) Income (Loss) | Foreign Currency Translation Adjustment | Unrealized Gains (Losses) from Securities | Unrecognized Net Actuarial Losses and Prior Service Costs | Deferred Derivative Gains (Losses) | Total | |||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
| (In millions) Income (Loss) | Foreign Currency Translation Adjustment | Unrealized Gains (Losses) from Securities | Unrecognized Net Actuarial Losses and Prior Service Costs | Deferred Derivative Gains (Losses) | Total | |||||||||||||||||||||||||||
| Balance at December 31, 2023 | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
| Balance at June 30, 2024 | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
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The following table presents reclassifications out of AOCL:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||
| (In millions) (Income) Expense | Amount Reclassified from AOCL | Amount Reclassified from AOCL | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||
| Component of AOCL | ||||||||||||||||||||||||||||||||
| Foreign currency translation adjustment, before tax | $ | ( | $ | $ | $ | Net (Gain) Loss on Asset Sales | ||||||||||||||||||||||||||
| Tax effect | United States and Foreign Taxes | |||||||||||||||||||||||||||||||
| Net of tax | $ | ( | $ | $ | $ | Goodyear Net Income (Loss) | ||||||||||||||||||||||||||
| Amortization of prior service cost and unrecognized gains and losses | $ | $ | $ | $ | Other (Income) Expense | |||||||||||||||||||||||||||
| Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements and divestitures | ( | Other (Income) Expense / Rationalizations | ||||||||||||||||||||||||||||||
| Unrecognized net actuarial losses and prior service costs, before tax | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Tax effect | ( | ( | ( | ( | United States and Foreign Taxes | |||||||||||||||||||||||||||
| Net of tax | $ | $ | $ | $ | Goodyear Net Income (Loss) | |||||||||||||||||||||||||||
Deferred derivative (gains) losses, before tax | $ | $ | $ | $ | Cost of Goods Sold | |||||||||||||||||||||||||||
| Tax effect | United States and Foreign Taxes | |||||||||||||||||||||||||||||||
| Net of tax | $ | $ | $ | $ | Goodyear Net Income (Loss) | |||||||||||||||||||||||||||
| Total reclassifications | $ | $ | $ | $ | Goodyear Net Income (Loss) | |||||||||||||||||||||||||||
The following table presents the details of comprehensive income (loss) attributable to minority shareholders:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
Net Income (Loss) Attributable to Minority Shareholders | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Minority Shareholders | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
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NOTE 16. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
As discussed in Note 1, in preparing the consolidated financial statements as of and for the three and six months ended June 30, 2025, we identified errors in our previously issued financial statements related to our historical computation of currency remeasurement of our foreign operations in Turkey, which was designated as a highly inflationary economy beginning April 1, 2022. The identified errors impacted our previously issued 2022, 2023 and 2024 annual and interim financial statements. The impact of the errors on the previously issued consolidated statements of operations and comprehensive income for the quarter ended March 31, 2025 were de minimis. There were no impacts on previously reported cash flows from operating, investing and financing activities in any prior periods.
We evaluated the errors in accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 and determined that the related impacts were not material in any previously issued annual or interim financial statements. We revised the prior period amounts presented in these financial statements to correct the errors. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the revisions of the previously filed consolidated interim financial statements.
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The following tables reflect the impact of the revision to the specific line items presented in our previously reported financial information.
Impacts to Consolidated Statements of Operations and Comprehensive Income (in millions, except per share data)
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
| As Reported | Revision | As Revised | As Reported | Revision | As Revised | As Reported | Revision | As Revised | |||||||||||||||||||||||||||
| Cost of Goods Sold | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Other Expense (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Net Income (Loss) | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||
| Minority Shareholders’ Net Income (Loss) | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Goodyear Net Income (Loss) | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||
| Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||
| Comprehensive Income (Loss) Attributable to Minority Shareholders | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
| Goodyear Comprehensive Income (Loss) | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||
| Basic EPS | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||
| Diluted EPS | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||
(1) Other Expense also reflects the reclassification of Net (Gain) Loss on Asset Sales of $( | |||||||||||||||||||||||||||||||||||
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| Nine Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Six Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As Reported | Revision | As Revised | As Reported | Revision | As Revised | As Reported | Revision | As Revised | As Reported | Revision | As Revised | As Reported | Revision | As Revised | |||||||||||||||||||||||||||||||||||||||||||||
| Cost of Goods Sold | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Other Expense (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
| Minority Shareholders’ Net Income (Loss) | $ | ( | $ | $ | ( | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||
Goodyear Net Income (Loss) | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss) | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss) Attributable to Minority Shareholders | $ | ( | $ | $ | ( | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||
| Goodyear Comprehensive Income (Loss) | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||
| Basic EPS | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
| Diluted EPS | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||
(1) Other Expense also reflects the reclassification of Net (Gain) Loss on Asset Sales of $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| As Reported | Revision | As Revised | As Reported | Revision | As Revised | ||||||||||||||||||
| Inventories | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Total Current Assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Total Assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Accounts Payable — Trade | $ | $ | $ | $ | $ | $ | |||||||||||||||||
| Total Current Liabilities | $ | $ | $ | $ | $ | $ | |||||||||||||||||
| Total Liabilities | $ | $ | $ | $ | $ | $ | |||||||||||||||||
| Retained Earnings | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Goodyear Shareholders' Equity | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Minority Shareholders' Equity | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Total Shareholders' Equity | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
All per share amounts are diluted and refer to Goodyear net income (loss).
OVERVIEW
The Goodyear Tire & Rubber Company (the "Company," "Goodyear," "we," "us" or "our") is one of the world’s leading manufacturers of tires, with one of the most recognizable brand names in the world and operations in most regions of the world. We have a broad global footprint with 53 manufacturing facilities in 20 countries, including the United States. We operate our business through three operating segments representing our regional tire businesses: Americas; Europe, Middle East and Africa (“EMEA”); and Asia Pacific.
Results of Operations
On November 15, 2023, we announced a transformation plan, Goodyear Forward, that is intended to optimize our portfolio of products, deliver segment operating margin expansion and reduce our leverage in order to drive sustainable, long-term shareholder value creation. Optimization of our portfolio consisted of a strategic review of three major asset groups: our chemical operations which produces synthetic rubber and other chemical products in our Americas segment, the Dunlop brand for which we own rights in certain markets throughout the world, but is primarily used in our EMEA segment, and our global off-the-road ("OTR") tire business. Our plans for margin expansion include brand optimization and tiering to capitalize on premium tire pricing and volume and a reduction of our overall exposure related to lower-tiered products either through margin expansion or product line rationalization, resulting in an expected annual run-rate benefit of approximately $200 million by the end of 2025. Our plans for margin expansion also include a reduction of our cost structure by approximately $1.3 billion by the end of 2025, including actions related to our manufacturing footprint, plant optimization, further improvement of our purchasing leverage, reduction of Selling, Administrative and General expenses (“SAG”) and improvements in our supply chain planning and logistics. During the six months ended June 30, 2025, the Goodyear Forward plan provided $395 million in benefits to segment operating income.
On February 3, 2025, we completed the sale of our OTR tire business to The Yokohama Rubber Company, Limited (“Yokohama”) pursuant to the terms of the Share and Asset Purchase Agreement, dated as of July 22, 2024 (the “OTR Purchase Agreement”). Yokohama acquired our OTR tire business for a purchase price of $905 million in cash, subject to certain adjustments set forth in the OTR Purchase Agreement. In conjunction with the sale of the OTR tire business, we entered into several ancillary agreements, including a trademark license agreement, whereby we license certain trademarks to Yokohama for an initial period of ten years from the date of the sale, and a product supply agreement, pursuant to which we will supply to Yokohama certain OTR tires for an initial period of up to five years, subject to the terms and conditions set forth therein, including an exit and asset relocation plan to be mutually agreed upon by the parties pursuant to which, beginning no earlier than the second anniversary of closing of the transaction, the production of those OTR tires will transition to Yokohama’s facilities. The cash received of $905 million included $185 million for deferred amounts related to the trademark license and product supply agreements that are presented in operating activities and $720 million for proceeds that are presented in investing activities on our Consolidated Statements of Cash Flows.
On May 7, 2025, we completed the sale of our rights to the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property and other intangible assets, for a purchase price of $526 million to Sumitomo Rubber Industries, Ltd. ("SRI") pursuant to the terms of the Purchase Agreement, dated as of January 7, 2025 (as amended, the "Dunlop Purchase Agreement"). SRI also paid us an up-front transition support fee of $105 million for our support in transitioning the Dunlop brand, related intellectual property and Dunlop customers to SRI. SRI also acquired our existing Dunlop tire inventory for approximately $104 million. We also entered into a number of ancillary agreements, including (a) a transition license agreement, pursuant to which we will continue to manufacture, sell and distribute Dunlop-branded consumer tires in Europe from the closing of the transaction until December 31, 2025, and during which we will pay SRI a royalty on such Dunlop sales; (b) a transition offtake agreement, pursuant to which we will sell to SRI certain Dunlop-branded consumer tire products for a period of up to five years, commencing after termination or expiration of the transition license agreement; and (c) we will license back the Dunlop brand from SRI for commercial tires in Europe on a long-term basis, subject to a royalty on sales.
As a result of the transaction, we received gross proceeds of $735 million at closing for the Dunlop brand, related intellectual property and other intangible assets, the transition support fee and the tire inventory. We allocated $105 million of those proceeds related to the up-front transition support fee to deferred income, which will be recognized over the combined lives of the transition license and transition offtake agreements. We also allocated $86 million of those proceeds to deferred income for tire inventory in Europe that will not transfer ownership until the termination of the transition license agreement. We recognized an estimated pre-tax gain of $385 million based on the net assets sold of $133 million during the second quarter of 2025, net of transaction costs of $26 million. The deferred amounts related to the transition agreements and inventory are presented in operating activities and the $526 million purchase price is presented in investing activities on our Consolidated Statements of Cash Flows.
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On May 22, 2025, we entered into an Asset Purchase Agreement (the “Chemical Purchase Agreement”) with G-3 Chickadee Purchaser, LLC, a Delaware limited liability company (the “Purchaser”). Pursuant to the Chemical Purchase Agreement and upon the terms and subject to the conditions set forth therein, we have agreed to sell to the Purchaser, and the Purchaser has agreed to acquire from us, the polymer chemicals business of the Company (the “Chemical Business”) for a purchase price of approximately $650 million in cash, subject to certain adjustments. The assets to be acquired, and the liabilities to be assumed, by the Purchaser are generally those primarily related to the Chemical Business, including our chemical plants in Houston, Texas and Beaumont, Texas and a research and development facility in Akron, Ohio. The closing of the transaction is subject to the satisfaction of customary closing conditions.
During the first quarter of 2025, we reached an agreement with the United Steelworkers and approved a rationalization plan to eliminate our production of commercial tires in our Danville, Virginia tire manufacturing facility ("Danville") in order to reduce our production cost per tire in Americas. The plan includes approximately 850 job reductions, including associates and contracted positions. Danville will continue to produce aviation tires and conduct mixing operations. We expect to substantially complete this rationalization plan by the end of 2025.
During the second quarter of 2025, we approved a proposed plan to close our manufacturing facility in Kariega, South Africa in the EMEA business unit ("Kariega"). The plan includes approximately 900 job reductions, including associates and contracted positions, and is expected to be substantially complete by the end of 2025. The rationalization plan remains subject to consultation with employee representative bodies.
Our results for the second quarter of 2025 include a 5.3% decrease in tire unit shipments compared to 2024 due to lower global tire volume. In the second quarter of 2025, we experienced approximately $55 million of inflationary cost pressures.
Net sales in the second quarter of 2025 were $4,465 million, compared to $4,570 million in the second quarter of 2024. Net sales decreased in 2025 primarily due to lower global tire volume and the impacts of our divestitures, primarily from the sale of the OTR tire business. These decreases were partially offset by global increases in price and product mix, higher sales in other tire-related businesses, primarily due to growth in Fleet Solutions in EMEA, higher retread sales in EMEA and Americas and higher global aviation sales, and benefits from the Goodyear Forward plan.
In the second quarter of 2025, Goodyear net income was $254 million, or $0.88 per share, compared to Goodyear net income of $79 million, or $0.28 per share, in the second quarter of 2024. The change in Goodyear net income was primarily due a gain on the sale of the Dunlop brand and lower interest expense, partially offset by lower segment operating income and higher rationalization charges.
Total segment operating income for the second quarter of 2025 was $159 million, compared to $334 million in the second quarter of 2024. The $175 million decrease was primarily due to higher raw material costs of $174 million, increased conversion costs of $90 million, driven by the effect of lower tire production on fixed cost absorption and inflation, a net benefit from insurance recoveries in 2024 of $63 million, higher SAG of $54 million when excluding Goodyear Forward savings, lower tire volume of $37 million, and the impact of the sale of the OTR tire business of $23 million. These decreases were partially offset by benefits from the Goodyear Forward plan of $195 million and benefits from price and product mix of $91 million. Refer to "Results of Operations — Segment Information" for additional information.
Net sales in the first six months of 2025 were $8,718 million, compared to $9,107 million in the first six months of 2024. Net sales decreased in 2025 primarily due to lower global tire volume, the impacts of our divestitures, primarily from the sale of the OTR tire business, and the negative impact of changes in foreign exchange rates globally. These decreases were partially offset by favorable price and product mix, higher sales in other tire-related businesses, primarily due to growth in Fleet Solutions in EMEA and higher retread sales in EMEA and Americas, and benefits from the Goodyear Forward plan.
In the first six months of 2025, Goodyear net income was $369 million, or $1.28 per share, compared to Goodyear net income of $10 million, or $0.04 per share, in the first six months of 2024. The change in Goodyear net income was primarily due to gains on the sales of the OTR tire business and the Dunlop brand and lower interest expense, partially offset by higher rationalization charges and lower segment operating income.
Total segment operating income for the first six months of 2025 was $354 million, compared to $574 million in the first six months of 2024. The $220 million decrease was primarily due to higher raw material costs of $352 million, increased conversion costs of $105 million, driven by the effect of lower tire production on fixed cost absorption, higher SAG of $97 million when excluding Goodyear Forward savings, lower tire volume of $70 million, higher transportation costs of $48 million, the impact of the sale of the OTR tire business of $35 million, $32 million related to net insurance recoveries received in 2024 related to the Debica fire, a benefit of $20 million in 2024 from insurance proceeds for business interruptions resulting from storm damage events in prior years, and the negative impact of changes in foreign exchange rates globally of $17 million. These decreases were partially offset by benefits from the Goodyear Forward plan of $395 million and global improvements in price and product mix of $159 million. Refer to "Results of Operations —Segment Information" for additional information.
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Liquidity
On May 19, 2025, we amended and restated our first lien revolving credit facility. The principal change to the facility was the extension of its maturity from 2026 to 2030.
On June 3, 2025, we issued $500 million in aggregate principal amount of 6.625% senior notes due 2030.
On June 30, 2025, we redeemed $400 million and, on July 3, 2025, we redeemed the remaining $500 million of our 5% senior notes due 2026 at redemption prices equal to 100% of the principal amount redeemed plus accrued and unpaid interest, using the net proceeds from the 6.625% senior notes due 2030, together with cash and cash equivalents.
At June 30, 2025, we had $785 million of cash and cash equivalents as well as $3,158 million of unused availability under our various credit agreements, compared to $810 million and $3,555 million, respectively, at December 31, 2024. The decrease in cash and cash equivalents of $25 million was primarily due to cash used for operating activities of $718 million, capital expenditures of $466 million and net debt repayments of $112 million, partially offset by cash provided by the sales of the OTR tire business and the Dunlop brand, as well as other asset dispositions, of $1,328 million. Net cash used for operating activities reflects cash used for working capital of $1,069 million, rationalization payments of $204 million, and pension contributions and direct payments of $53 million, partially offset by deferred income related to divestitures of $376 million, as well as the Company's net income for the period of $399 million, which includes non-cash gains on asset sales of $701 million and non-cash charges for depreciation and amortization of $544 million. Refer to "Liquidity and Capital Resources" for additional information.
Outlook
In the third quarter of 2025, we expect our global tire unit volume to decline approximately 5% compared to the third quarter of 2024 driven by global OE volume reductions and lower consumer replacement volume. We also expect unabsorbed overhead to be approximately $50 million higher in the third quarter of 2025 compared to the third quarter of 2024 due to lower production in the second quarter of 2025.
We expect to continue progress on our Goodyear Forward transformation plan in 2025, with third quarter of 2025 benefits from the program of approximately $180 million and full year benefits of approximately $750 million in segment operating income. The expected impact of the sale of the OTR tire business on our segment operating income is approximately $10 million in the third quarter of 2025.
We expect our raw material costs to increase approximately $50 million in the third quarter of 2025 compared to the third quarter of 2024, driven by natural rubber. These raw material cost increases are expected to be offset by approximately $100 million of price and product mix improvements, driven by previously implemented pricing actions and customer contracts indexed to changes in raw materials. Natural and synthetic rubber prices and other commodity prices historically have been volatile, and our raw materials costs could change based on future cost fluctuations and changes in foreign exchange rates. We continue to focus on price and product mix, to substitute lower cost materials where possible, to identify additional substitution opportunities, to reduce the amount of material required in each tire, and to pursue alternative raw materials to minimize the impact of higher raw material costs.
We expect non-raw material inflation and other costs to be approximately $180 million higher in the third quarter of 2025 compared to the third quarter of 2024. These costs include the impact of inflation, tariffs, increased transportation costs and other manufacturing costs including costs associated with announced rationalization plans. We continue to focus on actions to offset costs other than raw materials through cost savings initiatives, including initiatives related to the Goodyear Forward plan, rationalization actions and improvements in price and product mix.
For the full year of 2025, we expect working capital to be neither a source nor use of cash. We anticipate our capital expenditures to be approximately $900 million. We anticipate our cash flows will include rationalization payments of approximately $400 million, as we continue to implement elements of our Goodyear Forward plan to improve our cost structure.
Refer to "Item 1A. Risk Factors" in the 2024 Form 10-K for a discussion of the factors that may impact our business, results of operations, financial condition or liquidity and "Forward-Looking Information — Safe Harbor Statement" in this Quarterly Report on Form 10-Q for a discussion of our use of forward-looking statements.
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RESULTS OF OPERATIONS
CONSOLIDATED
Three Months Ended June 30, 2025 and 2024
Net sales in the second quarter of 2025 were $4,465 million, decreasing $105 million, or 2.3%, from $4,570 million in the second quarter of 2024. Goodyear net income was $254 million, or $0.87 per share, in the second quarter of 2025, compared to Goodyear net income of $79 million, or $0.28 per share, in the second quarter of 2024.
Net sales decreased in the second quarter of 2025 primarily due to lower global tire volume of $157 million and the impacts of the sale of the OTR tire business of $149 million, excluding product supply agreement revenue of $82 million, and the sale of the Dunlop brand of $16 million. These decreases were partially offset by global improvements in price and product mix of $93 million, higher sales in other tire-related businesses of $35 million, primarily due to growth in Fleet Solutions in EMEA, higher retread sales in EMEA and Americas and higher global aviation sales, and benefits from the Goodyear Forward plan of $16 million.
Worldwide tire unit sales in the second quarter of 2025 were 37.9 million units, decreasing 2.2 million units, or 5.3%, from 40.1 million units in the second quarter of 2024. Replacement tire volume decreased globally by 1.8 million units, or 6.1%. OE tire volume decreased by 0.4 million units, or 3.5%, driven by Asia Pacific.
Cost of Goods Sold ("CGS") in the second quarter of 2025 was $3,705 million, increasing $78 million, or 2.2%, from $3,627 million in the second quarter of 2024. CGS increased primarily due to higher raw material costs of $174 million, higher conversion costs of $90 million, higher costs in other tire-related businesses of $40 million, primarily related to Fleet Solutions in EMEA, $12 million of other costs, primarily related to transportation, and an increase in accelerated depreciation and asset write-offs of $7 million ($11 million after-tax and minority). These increases were partially offset by savings related to the Goodyear Forward plan of $147 million, lower tire volume of $120 million, and benefits related to divestitures, primarily the sale of the OTR tire business, of $47 million. CGS in the second quarter of 2024 included a net benefit from insurance recoveries related to the Debica fire of $43 million ($30 million after-tax and minority), a benefit of $20 million ($15 million after-tax and minority) from insurance proceeds for property damage and business interruptions resulting from storm damage events in prior years and a $3 million ($3 million after-tax and minority) charge related to a flood in South Africa.
CGS in the second quarter of 2025 and 2024 included pension expense of $4 million for each period. CGS in the second quarter of 2025 included $5 million of incremental savings from rationalization plans. CGS was 83.0% of sales in the second quarter of 2025, compared to 79.4% in the second quarter of 2024.
SAG in the second quarter of 2025 was $692 million, decreasing $39 million, or 5.3%, from $731 million in the second quarter of 2024. SAG decreased primarily due to savings related to the Goodyear Forward plan of $31 million, benefits related to divestitures, primarily the sale of the OTR tire business, of $17 million, and a decrease in accelerated lease costs and asset write-offs of $9 million ($8 million after-tax and minority). These decreases were partially offset by an increase in other costs of $54 million, primarily related to advertising costs, inflation and non-recurring insurance. SAG in the second quarter of 2025 also included costs related to the Goodyear Forward plan of $3 million ($2 million after-tax and minority), compared to $40 million ($30 million after-tax and minority) in the second quarter of 2024, primarily related to third-party advisory, legal and consulting fees and costs associated with planned asset sales.
SAG in the second quarter of 2025 and 2024 included pension expense of $2 million for each period. SAG in the second quarter of 2025 included $10 million of incremental savings from rationalization plans. SAG was 15.5% of sales in the second quarter of 2025, compared to 16.0% in the second quarter of 2024.
We recorded net rationalization charges of $59 million ($55 million after-tax and minority) in the second quarter of 2025 and $19 million ($15 million after-tax and minority) in the second quarter of 2024. Net rationalization charges in the second quarter of 2025 primarily related to the proposed plan to close our manufacturing facility in Kariega, the elimination of commercial tire production at Danville, the closures of our Fulda, Germany tire manufacturing facility (“Fulda”) and our Fürstenwalde, Germany tire manufacturing facility (“Fürstenwalde”), and the plan to reduce SAG headcount in Americas and Corporate. Net rationalization charges in the second quarter of 2024 primarily related to the plan to open a new shared services center in Costa Rica, and the closures of Fulda, Fürstenwalde and Cooper Tire's Melksham, United Kingdom tire manufacturing facility ("Melksham"), partially offset by reversals related our rationalization and workforce reorganization plan in EMEA due to voluntary attrition. For further information, refer to Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs.
CGS and SAG in the second quarter of 2025 included $41 million ($37 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily related to the closures of Fulda and Fürstenwalde and the elimination of commercial tire production at Danville. CGS and SAG in the second quarter of 2024 included $43 million ($34 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily related to plant closures in Asia Pacific and EMEA and the exit of our retail operations in Australia and New Zealand.
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Interest expense in the second quarter of 2025 was $112 million, decreasing $18 million, or 13.8%, from $130 million in the second quarter of 2024. The average interest rate was 5.65% in the second quarter of 2025 compared to 6.21% in the second quarter of 2024. The average debt balance was $7,936 million in the second quarter of 2025 compared to $8,371 million in the second quarter of 2024.
The second quarter of 2025 includes net gains on asset sales of $439 million ($393 million after-tax and minority), primarily due to an estimated gain of $385 million ($367 million after-tax and minority) on the sale of Dunlop brand and other asset sales of $54 million ($26 million after-tax and minority), compared to net gains of $96 million ($68 million after-tax and minority) in the second quarter of 2024, primarily due to the sale of distribution centers in EMEA and Americas.
Other (Income) Expense in the second quarter of 2025 was $31 million of expense, compared to $26 million of expense in the second quarter of 2024. The change in Other (Income) Expense was primarily due to an increase in net foreign currency exchange losses of $12 million and a decrease in interest income of $4 million, partially offset by an increase in royalty and other income of $9 million and a decrease in non-service related pension and other postretirement benefits cost of $4 million. The second quarter of 2025 includes transaction costs of $2 million ($1 million after-tax and minority), primarily related to the anticipated sale of the Chemical Business.
In the second quarter of 2025, we recorded income tax expense of $24 million on income before income taxes of $305 million. Income tax expense for the three months ended June 30, 2025 includes a net discrete tax benefit of $4 million ($4 million after minority interest). In the second quarter of 2024, we recorded income tax expense of $60 million on income before income taxes of $133 million.
We record taxes based on overall estimated annual effective tax rates. The difference between our effective tax rate and the U.S. statutory rate of 21% for the three months ended June 30, 2025 is favorably impacted by gains recognized as a result of the sale of the Dunlop brand, which included certain associated intellectual property and other intangible assets, in jurisdictions where no taxes are recorded, net of losses in foreign jurisdictions in which no tax benefits are recorded, and the discrete items noted above. The difference between our effective tax rate and the U.S. statutory rate of 21% for the three months ended June 30, 2024 primarily relates to losses in foreign jurisdictions in which no tax benefits are recorded.
For further information regarding income taxes and the realizability of our deferred tax assets, including our foreign tax credits, refer to Note to the Consolidated Financial Statements No. 6, Income Taxes.
There was $27 million of minority shareholders’ net income in the second quarter of 2025, primarily related to the sale of property in Asia Pacific, compared to a $6 million loss in the second quarter of 2024.
Six Months Ended June 30, 2025 and 2024
Net sales in the first six months of 2025 were $8,718 million, decreasing $389 million, or 4.3%, from $9,107 million in the first six months of 2024. Goodyear net income was $369 million, or $1.27 per share, in the first six months of 2025, compared to Goodyear net income of $10 million, or $0.04 per share, in the first six months of 2024.
Net sales decreased in the first six months of 2025 primarily due to lower tire volume of $313 million, the impact of the sale of the OTR tire business of $255 million, excluding product supply agreement revenue of $137 million, the negative impact of changes in foreign exchange rates globally of $149 million, and the impact of the sale of the Dunlop brand of $38 million. These decreases were partially offset by favorable price and product mix of $146 million, higher sales in other tire-related businesses of $54 million, primarily due to growth in Fleet Solutions in EMEA and higher retread sales in EMEA and Americas, and benefits from the Goodyear Forward plan of $29 million.
Worldwide tire unit sales in the first six months of 2025 were 76.4 million units, decreasing 4.1 million units, or 5.0%, from 80.5 million units in the first six months of 2024. Replacement tire volume decreased globally by 3.6 million units, or 6.2%. OE tire volume decreased by 0.5 million units, or 2.3%, driven by Asia Pacific.
CGS in the first six months of 2025 was $7,218 million, decreasing $131 million, or 1.8%, from $7,349 million in the first six months of 2024. CGS decreased primarily due to savings related to the Goodyear Forward plan of $299 million, lower tire volume of $243 million, foreign currency translation of $114 million, benefits related to divestitures, primarily the sale of the OTR tire business, of $98 million, and lower global product mix of $13 million. These decreases were partially offset by higher raw material costs of $351 million, higher conversion costs of $105 million, other cost of $63 million, primarily due to higher transportation costs in 2025 and a benefit received in 2024 related to a reduction in U.S. duty rates on various commercial tires from China, higher costs in other tire-related businesses of $51 million, primarily related Fleet Solutions and retread in EMEA, and an increase in accelerated depreciation and asset write-offs of $7 million, primarily related to the closures of Fulda and Fürstenwalde and the elimination of commercial tire production at Danville. CGS in the first six months of 2024 included a net benefit from insurance recoveries related to the Debica fire of $29 million ($19 million after-tax and minority), a benefit of $20 million ($15 million after-tax and minority) from insurance proceeds for property damages and business interruptions resulting from storm damage events in prior years, 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.
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CGS in the first six months of 2025 and 2024 included pension expense of $6 million and $7 million, respectively. CGS in the first six months of 2025 included $8 million of incremental savings from rationalization plans. CGS was 82.8% of sales in the first six months of 2025, compared to 80.7% in the first six months of 2024.
SAG in the first six months of 2025 was $1,342 million, decreasing $85 million, or 6.0%, from $1,427 million in the first six months of 2024. SAG decreased primarily due to savings related to the Goodyear Forward plan of $67 million and benefits related to divestitures, primarily the sale of the OTR tire business, of $30 million. These decreases were partially offset by an increase in other costs of $81 million, primarily related to inflation and non-recurring insurance. SAG in the first six months of 2025 also included costs related to the Goodyear Forward plan of $5 million ($4 million after-tax and minority) compared to $67 million ($51 million after-tax and minority) in the first six months of 2024, primarily related to third-party advisory, legal and consulting fees and costs associated with planned asset sales.
SAG in the first six months of 2025 and 2024 included pension expense of $5 million and $6 million, respectively. SAG in the first six months of 2025 included $19 million of incremental savings from rationalization plans. SAG was 15.4% of sales in the first six months of 2025, compared to 15.7% in the first six months of 2024.
We recorded net rationalization charges of $140 million ($119 million after-tax and minority) in the first six months of 2025 and $41 million ($31 million after-tax and minority) in the first six months of 2024. Net rationalization charges in the first six months of 2025 primarily related to the proposed plan to close our manufacturing facility in Kariega, South Africa in EMEA, the elimination of commercial tire production at Danville, the closures of Fulda and Fürstenwalde, and the plan to reduce SAG headcount in Americas and Corporate. Net rationalization charges in the first six months of 2024 primarily related to the closure of our tire manufacturing facility in Malaysia, the plan to open a new shared services center in Costa Rica, and the closures of Fulda, Fürstenwalde and Melksham, partially offset by reversals related to our rationalization and workforce reorganization plan in EMEA due to voluntary attrition. For further information, refer to Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs.
CGS and SAG in the first six months of 2025 included $87 million ($77 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily related to the closures of Fulda and Fürstenwalde and the elimination of commercial tire production at Danville. CGS and SAG in the first six months of 2024 included $94 million ($76 million after-tax and minority) of asset write offs, accelerated depreciation and accelerated lease charges, primarily related to plant closures in Asia Pacific and EMEA, closure of a development center in the U.S. and the exit of our retail operations in Australia and New Zealand.
Interest expense in the first six months of 2025 was $227 million, decreasing $29 million, or 11.3%, from $256 million in the first six months of 2024. The average interest rate was 5.73% in the first six months of 2025 compared to 6.28% in the first six months of 2024. The average debt balance was $7,923 million in the first six months of 2025 compared to $8,158 million in the first six months of 2024.
The first six months of 2025 include net gains on asset sales of $701 million ($630 million after-tax and minority), primarily due to an estimated gain of $385 million ($367 million after-tax and minority) on the sale of the Dunlop brand, an estimated gain of $260 million on the sale of the OTR tire business ($236 million after-tax and minority), and other asset sales of $56 million ($27 million after-tax and minority), compared to net gains of $94 million ($66 million after-tax and minority) in the first six months of 2024, primarily due to the sale of distribution centers in EMEA and Americas.
Other (Income) Expense in the first six months of 2025 was $56 million of expense, compared to $59 million of expense in the first six months of 2024. The change in Other (Income) Expense was primarily due to a pension settlement charge of $4 million ($3 million after-tax and minority) in the first six months of 2025 compared to a pension settlement credit of $5 million ($4 million after-tax and minority) in the first six months of 2024, a decrease in interest income of $9 million, and an increase in net foreign currency exchange losses of $2 million, partially offset by an increase in royalty and other income of $15 million. The first six months of 2025 include transaction costs of $6 million ($4 million after-tax and minority), primarily related to the anticipated sale of the Chemical Business. The first six months of 2024 included an $8 million ($6 million after-tax and minority) loss related to the sale of receivables in Argentina and a favorable $2 million ($1 million after-tax and minority) tax item in Brazil.
For the first six months of 2025, we recorded income tax expense of $37 million on income before income taxes of $436 million. Income tax expense for the six months ended June 30, 2025 includes a net discrete tax benefit of $5 million ($5 million after minority interest).
In the first six months of 2024, we recorded income tax expense of $66 million on income before income taxes of $69 million. Income tax expense for the six months ended June 30, 2024 includes a net discrete tax benefit of $1 million ($1 million after minority interest).
We record taxes based on overall estimated annual effective tax rates. The difference between our effective tax rate and the U.S. statutory rate of 21% for the six months ended June 30, 2025 is favorably impacted by gains recognized as a result of the sales of the OTR tire business and the Dunlop brand, which included certain associated intellectual property and other
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intangible assets, in foreign jurisdictions where no taxes are recorded, net of losses in foreign jurisdictions in which no tax benefits are recorded, and the discrete items noted above. The difference between our effective tax rate and the U.S. statutory rate of 21% for the six months ended June 30, 2024 primarily relates to losses in foreign jurisdictions in which no tax benefits are recorded and the discrete items noted above.
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 Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of tax treatment for certain business provisions. We do not expect a material impact from OBBBA on our 2025 operating tax rates. We will continue to assess the impact on us as regulations develop in the future.
The Organisation for Economic Co-operation and Development ("OECD") has published the Pillar Two model rules which adopt a global corporate minimum tax of 15% for multinational enterprises with average revenue in excess of €750 million. Certain jurisdictions in which we operate enacted legislation consistent with one or more of the OECD Pillar Two model rules effective in 2024. The model rules include minimum domestic top-up taxes, income inclusion rules, and undertaxed profit rules all aimed to ensure that multinational corporations pay a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate. We do not expect the Pillar Two model rules to materially impact our annual effective tax rate in 2025. However, we are continuing to evaluate the Pillar Two model rules and related legislation and their potential impact on future periods.
At June 30, 2025 and December 31, 2024, we had approximately $1.4 billion and $1.3 billion, respectively, of U.S. federal, state and local net deferred tax assets, inclusive of valuation allowances totaling $36 million and $26 million, respectively, primarily for state tax loss carryforwards with limited lives. As of June 30, 2025, approximately $1.2 billion of these U.S. net deferred tax assets had unlimited lives and approximately $200 million had limited lives, and the majority do not start to expire until 2030. As of December 31, 2024, approximately $1.1 billion of these U.S. net deferred tax assets had unlimited lives and approximately $200 million had limited lives, including $24 million of foreign tax credits, and the majority do not start to expire until 2030. In the U.S., we have a cumulative loss for the three-year period ended June 30, 2025 primarily driven by non-recurring items such as rationalization charges, pension curtailments and settlements, one-time costs associated with the Goodyear Forward plan, and intangible asset impairments.
In assessing our ability to utilize our net deferred tax assets, we primarily considered objectively verifiable information, including the reduction in interest expense from debt repayment as a result of the sales of the OTR tire business and the Dunlop brand, which included certain associated intellectual property and other intangible assets, and future royalty income from foreign subsidiaries. In addition, we considered our current forecasts of future profitability in assessing our ability to realize our deferred tax assets as well as the impact of tax planning strategies. These forecasts include the impact of recent trends and various macroeconomic factors such as the impact of raw material, transportation, tariff, labor and energy costs on our profitability. Our tax planning strategies include accelerating income on cross border transactions, including sales of inventory or raw materials to our subsidiaries, reducing U.S. interest expense by, for example, repaying U.S. third-party debt and reducing intercompany loans through repatriating current year earnings of foreign subsidiaries, repatriation of certain foreign royalty income, and other financing transactions, all of which would increase our domestic profitability.
We believe our forecasts of future profitability, including a reduction in interest expense from debt repayment as a result of the sales of the OTR tire business and the Dunlop brand, which included certain associated intellectual property and other intangible assets, provide us sufficient positive evidence to conclude that it is more likely than not that, at June 30, 2025, our U.S. net deferred tax assets will be fully utilized. However, macroeconomic factors such as raw material, transportation, tariff, labor and energy costs possess a high degree of volatility and can significantly impact our profitability. Our U.S. operating results for the quarter ended June 30, 2025 declined relative to prior periods. If our U.S. operating results continue to decline in the future, we may need to record a valuation allowance which could adversely impact our operating results. As such, we will closely monitor our U.S. operations and any tax law changes to assess the realizability of our U.S. deferred tax assets.
At June 30, 2025 and December 31, 2024, we also had approximately $1.5 billion of foreign net deferred tax assets and related valuation allowances of approximately $1.3 billion and $1.2 billion, respectively. Our losses in various foreign taxing jurisdictions in recent periods represented sufficient negative evidence to require us to maintain a full valuation allowance against certain of these net foreign deferred tax assets. Most notably, in Luxembourg, we maintain a valuation allowance of approximately $1.0 billion on all of our net deferred tax assets. Each reporting period, we assess available positive and negative evidence and estimate if sufficient future taxable income will be generated to utilize these existing deferred tax assets. We do not believe that sufficient positive evidence required to release valuation allowances on our foreign deferred tax assets having a significant impact on our financial position or results of operations will exist within the next twelve months.
For further information regarding income taxes and the realizability of our deferred tax assets, including our foreign tax credits, refer to Note to the Consolidated Financial Statements No. 6, Income Taxes.
Minority shareholders’ net income in the first six months of 2025 was $30 million, primarily related to the sale of property in Asia Pacific, compared to a net loss of $7 million in the first six months of 2024.
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SEGMENT INFORMATION
Segment information reflects our strategic business units (“SBUs”), which are organized to meet customer requirements and global competition and are segmented on a regional basis.
Results of operations are measured based on net sales to unaffiliated customers and segment operating income. Each segment exports tires to other segments. The financial results of each segment exclude sales of tires exported to other segments, but include operating income derived from such transactions. Segment operating income is computed as follows: Net Sales less CGS (excluding asset write-off and accelerated depreciation charges) and SAG (including certain allocated corporate administrative expenses). Segment operating income also includes certain royalties and equity in earnings of most affiliates. Segment operating income does not include net rationalization charges, asset sales, goodwill and other impairment charges, and certain other items.
Total segment operating income for the second quarter of 2025 was $159 million, a decrease of $175 million, or 52.4%, from $334 million in the second quarter of 2024. Total segment operating margin in the second quarter of 2025 was 3.6%, compared to 7.3% in the second quarter of 2024. Total segment operating income for the first six months of 2025 was $354 million, a decrease of $220 million, or 38.3%, from $574 million in the first six months of 2024. Total segment operating margin in the first six months of 2025 was 4.1%, compared to 6.3% in the first six months of 2024.
Management believes that total segment operating income is useful because it represents the aggregate value of income created by our SBUs and excludes items not directly related to the SBUs for performance evaluation purposes. Total segment operating income is the sum of the individual SBUs’ segment operating income. Refer to Note to the Consolidated Financial Statements No. 8, Business Segments, for further information and for a reconciliation of total segment operating income to Income (Loss) before Income Taxes.
Americas
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | Change | Percent Change | 2025 | 2024 | Change | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
| Tire Units | 19.1 | 19.6 | (0.5) | (2.6) | % | 37.5 | 38.6 | (1.1) | (2.9) | % | ||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 2,662 | $ | 2,697 | $ | (35) | (1.3) | % | $ | 5,164 | $ | 5,285 | $ | (121) | (2.3) | % | ||||||||||||||||||||||||||||||||||
| Operating Income | 141 | 241 | (100) | (41.5) | % | 296 | 420 | (124) | (29.5) | % | ||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 5.3 | % | 8.9 | % | 5.7 | % | 7.9% | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2025 and 2024
Americas unit sales in the second quarter of 2025 decreased 0.5 million units, or 2.6%, to 19.1 million units. Replacement tire volume decreased 0.3 million units, or 2.0%, primarily in our consumer business. OE tire volume decreased 0.2 million units, or 5.0%, primarily due to weakness in the OE industry in North America.
Net sales in the second quarter of 2025 were $2,662 million, decreasing $35 million, or 1.3%, from $2,697 million in the second quarter of 2024. The decrease in net sales was primarily due to lower tire volume of $55 million, the impact of the sale of the OTR tire business of $45 million, excluding product supply agreement revenue of $42 million, and the negative impact of changes in foreign exchange rates of $34 million, primarily related to the weakening of the Brazilian real and Mexican peso. These decreases were partially offset by favorable price and product mix of $33 million, a $16 million benefit related to the Goodyear Forward plan, and increased sales in other tire-related businesses of $8 million, primarily due to increased retail sales.
Operating income in the second quarter of 2025 was $141 million, decreasing $100 million, or 41.5%, from $241 million in the second quarter of 2024. The decrease in operating income was due to higher raw material costs of $108 million, higher conversion costs of $82 million, driven by the effect of lower tire production on fixed cost absorption and inflation, higher SAG of $45 million, higher transportation and imported tire costs of $21 million, a $20 million benefit received in 2024 related to insurance proceeds for property damage and business interruptions resulting from storm damage events in prior years and lower tire volume of $13 million. These decreases were partially offset by a $149 million benefit related to the Goodyear Forward plan and favorable price and product mix of $43 million. Operating income for the second quarter of 2025 includes incremental savings from rationalization plans of $7 million.
Operating income in the second quarter of 2025 excluded asset write-offs, accelerated depreciation and accelerated lease costs of $14 million and net rationalization charges of $10 million. Operating income in the second quarter of 2024 excluded net gains on asset sales of $14 million, net rationalization charges of $11 million, and asset write-offs, accelerated depreciation and accelerated lease costs of $2 million.
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Six Months Ended June 30, 2025 and 2024
Americas unit sales in the first six months of 2025 decreased 1.1 million units, or 2.9%, to 37.5 million units. Replacement tire volume decreased 0.8 million units, or 2.5%, primarily due to a decrease in our consumer business, driven by increased competitiveness in the U.S. from the lower tier market. OE tire volume decreased 0.3 million units, or 4.2%, primarily due to weakness in the OE industry in North America.
Net sales in the first six months of 2025 were $5,164 million, decreasing $121 million, or 2.3%, from $5,285 million in the first six months of 2024. The decrease in net sales was primarily due to lower tire volume of $120 million, the negative impact of changes in foreign exchange rates of $94 million, primarily related to the weakening of the Brazilian real and Mexican peso, and the impact of the sale of the OTR tire business of $77 million, excluding product supply agreement revenue of $74 million. These decreases were partially offset by increased sales in other tire-related businesses of $38 million, primarily due to increased third-party chemical and retail sales, a $29 million benefit related to the Goodyear Forward plan, and favorable price and product mix of $29 million.
Operating income in the first six months of 2025 was $296 million, decreasing $124 million, or 29.5%, from $420 million in the first six months of 2024. The decrease in operating income was due to higher raw material costs of $214 million, higher conversion costs of $90 million, driven by the effect of lower tire production on fixed cost absorption and inflation, higher SAG of $64 million, higher transportation and imported tire costs of $37 million, lower tire volume of $28 million, a $20 million benefit received in 2024 related to insurance proceeds for property damage and business interruptions resulting from storm damage events in prior years, a $14 million benefit received in 2024 related to a reduction in U.S. duty rates on various commercial tires from China, and the negative impact of changes in foreign exchange rates of $12 million, primarily related to the weakening of the Brazilian real and Mexican peso. These decreases were partially offset by a $287 million benefit related to the Goodyear Forward plan, favorable price and product mix of $51 million, and increased earnings in other tire-related businesses of $18 million, primarily due to higher retail earnings. Operating income for 2025 includes incremental savings from rationalization plans of $15 million.
Operating income in the first six months of 2025 excluded net rationalization charges of $72 million, asset write-offs, accelerated depreciation and accelerated lease costs of $42 million, and net gains on asset sales of $1 million. Operating income in the first six months of 2024 excluded net rationalization charges of $15 million, net gains on asset sales of $14 million, and asset write-offs, accelerated depreciation and accelerated lease costs of $10 million.
Europe, Middle East and Africa
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | Change | Percent Change | 2025 | 2024 | Change | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
| Tire Units | 11.3 | 11.6 | (0.3) | (2.0) | % | 23.6 | 24.1 | (0.5) | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 1,344 | $ | 1,279 | $ | 65 | 5.1 | % | $ | 2,621 | $ | 2,626 | $ | (5) | (0.2) | % | ||||||||||||||||||||||||||||||||||
| Operating Income (Loss) | (25) | 30 | (55) | (183.3) | % | (30) | 31 | (61) | (196.8) | % | ||||||||||||||||||||||||||||||||||||||||
| Operating Margin | (1.9 | %) | 2.3% | (1.1 | %) | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2025 and 2024
EMEA unit sales in the second quarter of 2025 decreased 0.3 million units, or 2.0%, to 11.3 million units. Replacement tire volume decreased 0.6 million units, or 7.3%, mainly driven by our consumer business, reflecting market softness and increased competition from the lower tier market. OE tire volume increased 0.3 million units, or 10.9%, primarily in our consumer business, reflecting share gains driven by new fitments.
Net sales in the second quarter of 2025 were $1,344 million, increasing $65 million, or 5.1%, from $1,279 million in the second quarter of 2024. The increase in net sales was primarily driven by improvements in price and product mix of $42 million, higher sales in other tire-related businesses of $35 million, primarily due to growth in Fleet Solutions, and the positive impact of changes in foreign exchange rates of $25 million, driven by a stronger euro and British pound, partially offset by a weaker Turkish lira. These increases were partially offset by lower tire volume of $23 million and the impact of the sale of the OTR tire business of $54 million, excluding product supply agreement revenue of $40 million.
Operating loss in the second quarter of 2025 was $25 million, decreasing $55 million, or 183.3%, from operating income of $30 million in the second quarter of 2024. The change in operating income (loss) was primarily due to higher raw material costs of $48 million, a net benefit from insurance recoveries last year related to the Debica fire of $43 million, higher SAG of $9 million, higher conversion costs of $6 million, primarily driven by inflation, lower earnings in other tire-related businesses of $6 million, primarily due to motorcycle, and lower tire volume of $5 million. These decreases were partially offset by favorable price and product mix of $35 million and benefits related to the Goodyear Forward plan of $29 million. Operating loss for second quarter of 2025 includes incremental savings from rationalization plans of $8 million.
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Operating loss in the second quarter of 2025 excluded net rationalization charges of $43 million, asset write-offs, accelerated depreciation and accelerated lease costs of $26 million and a $1 million net loss on asset sales. Operating income in the second quarter of 2024 excluded an $82 million net gain on asset sales, asset write-offs, accelerated depreciation and accelerated lease costs of $17 million, and net rationalization charges of $3 million.
Six Months Ended June 30, 2025 and 2024
EMEA unit sales in the first six months of 2025 decreased 0.5 million units, or 2.0%, to 23.6 million units. Replacement tire volume decreased 0.9 million units, or 5.5%, mainly driven by our consumer business, reflecting market softness and increased competition from the lower tier market. OE tire volume increased 0.4 million units, or 6.8%, primarily in our consumer business, reflecting share gains driven by new fitments.
Net sales in the first six months of 2025 were $2,621 million, decreasing $5 million, or 0.2%, from $2,626 million in the first six months of 2024. The decrease in net sales was primarily driven by the impact of the sale of the OTR tire business of $90 million, excluding product supply agreement revenue of $63 million, the negative impact of changes in foreign exchange rates of $47 million, driven by a weaker Turkish lira and euro in the first quarter, and lower tire volume of $46 million. These decreases were partially offset by favorable price and product mix of $85 million and higher sales in other-tire-related businesses of $30 million, primarily due to growth in Fleet Solutions.
Operating loss in the first six months of 2025 was $30 million, decreasing $61 million, from operating income of $31 million in the first six months of 2024. The change in operating income (loss) was primarily due to higher raw material costs of $98 million, a net benefit from insurance recoveries last year related to the Debica fire of $32 million, higher SAG of $32 million, lower earnings in other-tire-related businesses of $13 million, higher conversion costs of $12 million, higher transportation costs of $8 million, and lower tire volume of $8 million. These decreases were partially offset by a favorable price and product mix of $73 million and benefits related to the Goodyear Forward plan of $72 million. Operating loss for the first six months of 2025 includes incremental savings from rationalization plans of $12 million.
Operating loss in the second quarter of 2025 excluded net rationalization charges of $55 million and asset write-offs, accelerated depreciation and accelerated lease costs of $42 million. Operating income in the first six months of 2024 excluded an $80 million net gain on asset sales, asset write-offs, accelerated depreciation and accelerated lease costs of $33 million, and net rationalization charges of $10 million.
Asia Pacific
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | Change | Percent Change | 2025 | 2024 | Change | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
| Tire Units | 7.5 | 8.9 | (1.4) | (15.6) | % | 15.3 | 17.8 | (2.5) | (14.0) | % | ||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 459 | $ | 594 | $ | (135) | (22.7) | % | $ | 933 | $ | 1,196 | $ | (263) | (22.0) | % | ||||||||||||||||||||||||||||||||||
| Operating Income | 43 | 63 | (20) | (31.7) | % | 88 | 123 | (35) | (28.5) | % | ||||||||||||||||||||||||||||||||||||||||
| Operating Margin | 9.4% | 10.6% | 9.4% | 10.3% | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2025 and 2024
Asia Pacific unit sales in the second quarter of 2025 decreased 1.4 million units, or 15.6%, to 7.5 million units. Replacement tire volume decreased 0.9 million units, or 18.2%, driven by actions taken to reduce lower margin business, softness in consumer replacement and weak demand in China. OE tire volume decreased 0.5 million units, or 13.0%, primarily in China.
Net sales in the second quarter of 2025 were $459 million, decreasing $135 million, or 22.7%, from $594 million in the second quarter of 2024. The decrease in net sales was primarily due to lower tire volume of $79 million, the loss of sales from divestitures, primarily related to the sale of the OTR tire business, of $66 million, and lower sales in other tire-related businesses of $8 million. These decreases were partially offset by favorable price and product mix of $18 million.
Operating income in the second quarter of 2025 was $43 million, decreasing $20 million, or 31.7%, from $63 million in the second quarter of 2024. The decrease in operating income was primarily due to decreased earnings of $21 million due to the sales of the OTR tire business and the Dunlop brand, lower tire volume of $19 million, higher raw material costs of $18 million, and higher conversion costs of $2 million. These decreases were partially offset by benefits related to the Goodyear Forward plan of $17 million, favorable price and product mix of $13 million and other savings of $11 million.
Operating income in the second quarter of 2025 excluded net gains on asset sales of $55 million and asset write-offs, accelerated depreciation and accelerated lease costs of $1 million. Operating income in the second quarter of 2024 excluded asset write-offs, accelerated depreciation and accelerated lease costs of $24 million and net rationalization charges of $2 million.
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Six Months Ended June 30, 2025 and 2024
Asia Pacific unit sales in the first six months of 2025 decreased 2.5 million units, or 14.0%, to 15.3 million units. Replacement tire volume decreased 1.9 million units, or 19.8%, driven by actions taken to reduce lower margin business and softness in consumer replacement. OE tire volume decreased 0.6 million units, or 7.9%, primarily in China.
Net sales in the first six months of 2025 were $933 million, decreasing $263 million, or 22.0%, from $1,196 million in the first six months of 2024. The decrease in net sales was primarily due to lower tire volume of $147 million, the loss of sales from divestitures, primarily related to the sale of the OTR tire business, of $126 million, and lower sales from other-tire related businesses of $14 million. These decreases were partially offset by favorable price and product mix of $32 million.
Operating income in the first six months of 2025 was $88 million, decreasing $35 million, or 28.5%, from $123 million in the first six months of 2024. The decrease in operating income was primarily due to higher raw material costs of $40 million, decreased earnings of $37 million due to the sales of the OTR tire business and the Dunlop brand, and lower tire volume of $34 million. These decreases were partially offset by benefits related to the Goodyear Forward plan of $36 million, favorable price and product mix of $35 million and other cost savings of $6 million.
Operating income in the first six months of 2025 excluded net gains on asset sales of $55 million, asset write-offs, accelerated depreciation and accelerated lease costs of $3 million and net rationalization charges of $1 million. Operating income in the first six months of 2024 excluded asset write-offs, accelerated depreciation and accelerated lease costs of $31 million and net rationalization charges of $13 million.
LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity are cash generated from our operating and financing activities. Our cash flows from operating activities are driven primarily by our operating results and changes in our working capital requirements and our cash flows from financing activities are dependent upon our ability to access credit or other capital.
At June 30, 2025, we had $785 million in cash and cash equivalents, compared to $810 million at December 31, 2024. For the six months ended June 30, 2025, net cash used for operating activities was $718 million, reflecting cash used for working capital of $1,069 million, rationalization payments of $204 million and pension contributions and direct payments of $53 million, partially offset by deferred income related to divestitures of $376 million, as well as the Company's net income for the period of $399 million, which included non-cash charges for depreciation and amortization of $544 million and a non-cash gain on asset sales of $701 million. Net cash provided by investing activities was $837 million, primarily representing proceeds from the sales of the OTR tire business and the Dunlop brand, as well as other asset dispositions, of $1,328 million, partially offset by capital expenditures of $466 million. Net cash used for financing activities was $107 million, primarily due to net debt repayments of $112 million.
At June 30, 2025, we had $3,158 million of unused availability under our various credit agreements, compared to $3,555 million at December 31, 2024. The table below presents unused availability under our credit facilities at those dates:
| (In millions) | June 30, 2025 | December 31, 2024 | ||||||||||||
| First lien revolving credit facility | $ | 1,470 | $ | 2,049 | ||||||||||
| European revolving credit facility | 797 | 832 | ||||||||||||
| Chinese credit facilities | 508 | 500 | ||||||||||||
| Mexican credit facility | 200 | — | ||||||||||||
| Other foreign and domestic debt | 183 | 174 | ||||||||||||
| $ | 3,158 | $ | 3,555 | |||||||||||
We have deposited our cash and cash equivalents and entered into various credit agreements and derivative contracts with financial institutions that we considered to be substantial and creditworthy at the time of such transactions. We seek to control our exposure to these financial institutions by diversifying our deposits, credit agreements and derivative contracts across multiple financial institutions, by setting deposit and counterparty credit limits based on long term credit ratings and other indicators of credit risk such as credit default swap spreads and default probabilities, and by monitoring the financial strength of these financial institutions on a regular basis. We also enter into master netting agreements with counterparties when possible. By controlling and monitoring exposure to financial institutions in this manner, we believe that we effectively manage the risk of loss due to nonperformance by a financial institution. However, we cannot provide assurance that we will not experience losses or delays in accessing our deposits or lines of credit due to the nonperformance of a financial institution. Our inability to access our cash deposits or make draws on our lines of credit, or the inability of a counterparty to fulfill its contractual obligations to us, could have a material adverse effect on our liquidity, financial condition or results of operations in the period in which it occurs.
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We expect our 2025 full-year cash flow needs to include capital expenditures of approximately $900 million. We also expect interest expense to be approximately $450 million; rationalization payments to be approximately $400 million; income tax payments to be approximately $200 million, excluding one-time items; and contributions to our funded pension plans to be $25 million to $50 million. We expect working capital to be neither a source nor use of cash in 2025.
We are continuing to actively monitor our liquidity and intend to operate our business in a way that allows us to address our cash flow needs with our existing cash and available credit if they cannot be funded by cash generated from operating or other financing activities. We believe that our liquidity position is adequate to fund our operating and investing needs and debt maturities for the next twelve months and to provide us with the ability to respond to further changes in the business environment.
Our ability to service debt and operational requirements is also dependent, in part, on the ability of our subsidiaries to make distributions of cash to various other entities in our consolidated group, whether in the form of dividends, loans or otherwise. In certain countries where we operate, such as China, South Africa, Serbia and Argentina, transfers of funds into or out of such countries by way of dividends, loans, advances or payments to third-party or affiliated suppliers are generally or periodically subject to certain requirements, such as obtaining approval from the foreign government and/or currency exchange board before net assets can be transferred out of the country. In addition, certain of our credit agreements and other debt instruments limit the ability of foreign subsidiaries to make distributions of cash. Thus, we would have to repay and/or amend these credit agreements and other debt instruments in order to use this cash to service our consolidated debt. Because of the inherent uncertainty of satisfactorily meeting these requirements or limitations, we do not consider the net assets of our subsidiaries, including our Chinese, South African, Serbian and Argentinian subsidiaries, which are subject to such requirements or limitations to be integral to our liquidity or our ability to service our debt and operational requirements. At June 30, 2025, approximately $888 million of net assets, including approximately $173 million of cash and cash equivalents, were subject to such requirements. The requirements we must comply with to transfer funds out of China, South Africa, Serbia and Argentina have not adversely impacted our ability to make transfers out of those countries.
Operating Activities
Net cash used for operating activities was $718 million in the first six months of 2025, compared to net cash used for operating activities of $518 million in the first six months of 2024. The $200 million increase in net cash used for operating activities was primarily due to an increase in cash used for working capital of $300 million, lower earnings in our SBUs of $220 million and increased rationalization payments of $99 million, partially offset by deferred income related to divestitures of $376 million.
The increase in cash used for working capital reflects an increase in cash used for Accounts Receivable of $144 million, Inventory of $115 million and Accounts Payable — Trade of $41 million. These changes were driven by lower sales volume and the timing of accounts receivable collections in the first six months of 2025 compared to the first six months of 2024.
Investing Activities
Net cash provided by investing activities was $837 million in the first six months of 2025, compared to net cash used for investing activities of $488 million in the first six months of 2024. The $1,325 million increase in net cash provided by investing activities was primarily due to net cash provided by the sales of the OTR tire business and the Dunlop brand, as well as other asset dispositions, of $1,328 million in the first six months of 2025, compared to $108 million in the first six months of 2024. Capital expenditures were $466 million in the first six months of 2025, compared to $634 million in the first six months of 2024.
Financing Activities
Net cash used for financing activities was $107 million in the first six months of 2025, compared to net cash provided by financing activities of $896 million in the first six months of 2024. The $1,003 million increase in cash used for financing activities was primarily related to net debt repayments of $112 million in the first six months of 2025, which included the redemption of the remaining $500 million 9.5% senior notes due 2025 and the redemption of $400 million of our 5% senior notes due 2026, compared to net borrowings of $919 million in the first six months of 2024.
Credit Sources
In aggregate, we had total credit arrangements of $10,920 million available at June 30, 2025, of which $3,158 million were unused, compared to $11,223 million available at December 31, 2024, of which $3,555 million were unused. At June 30, 2025, we had long term credit arrangements totaling $10,139 million, of which $2,908 million were unused, compared to $10,352 million and $3,263 million, respectively, at December 31, 2024. At June 30, 2025, we had short term committed and uncommitted credit arrangements totaling $781 million, of which $250 million were unused, compared to $871 million and $292 million, respectively, at December 31, 2024. The continued availability of the short term uncommitted arrangements is at the discretion of the relevant lenders and may be terminated at any time.
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Outstanding Notes
At June 30, 2025, we had $4,892 million of outstanding notes, compared to $5,240 million at December 31, 2024.
On June 3, 2025, we issued $500 million in aggregate principal amount of 6.625% senior notes due 2030. These notes were sold at 100% of the principal amount and will mature on July 15, 2030.
On June 30, 2025, we redeemed $400 million of our 5% senior notes due 2026 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest. On July 3, 2025, we redeemed the remaining $500 million of our 5% senior notes due 2026 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest. We used the net proceeds from the 6.625% senior notes, together with cash and cash equivalents, to redeem these notes.
$2.75 billion Amended and Restated First Lien Revolving Credit Facility due 2030
On May 19, 2025, we amended and restated our U.S. first lien revolving credit facility. The principal change to the facility was the extension of its maturity from June 8, 2026 to May 19, 2030. The interest rate for loans under the facility remained at SOFR plus 125 basis points.
Our amended and restated first lien revolving credit facility is available in the form of loans or letters of credit. Up to $800 million in letters of credit and $50 million of swingline loans are available for issuance under the facility. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to $250 million.
Our obligations under the facility are guaranteed by most of our wholly-owned U.S. and Canadian subsidiaries. Our obligations under the facility and our subsidiaries' obligations under the related guarantees are secured by first priority security interests in a variety of collateral. Based on our current liquidity, amounts drawn under this facility bear interest at SOFR plus 125 basis points. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.
Availability under the facility is subject to a borrowing base, which is based on (i) eligible accounts receivable and inventory of The Goodyear Tire & Rubber Company and certain of its U.S. and Canadian subsidiaries, (ii) the greater of 50% of the appraised value, if any, of our principal trademarks or $400 million, (iii) the value of eligible machinery and equipment, and (iv) certain cash in an amount not to exceed $275 million. To the extent that our eligible accounts receivable, inventory and other components of the borrowing base decline in value, our borrowing base will decrease and the availability under the facility may decrease below $2.75 billion. As of June 30, 2025, our borrowing base, and therefore our availability, under this facility was $69 million below the facility's stated amount of $2.75 billion. In addition, if the amount of outstanding borrowings and letters of credit under the facility exceeds the borrowing base, we would be required to prepay borrowings and/or cash collateralize letters of credit sufficient to eliminate the excess.
At June 30, 2025, we had $1,210 million of borrowings and $1 million of letters of credit issued under the revolving credit facility. At December 31, 2024, we had $700 million of borrowings and $1 million of letters of credit issued under the revolving credit facility.
€800 million Amended and Restated Senior Secured European Revolving Credit Facility due 2028
The European revolving credit facility matures on January 14, 2028 and consists of (i) a €180 million German tranche that is available only to Goodyear Germany GmbH and (ii) a €620 million all-borrower tranche that is available to Goodyear Europe B.V. ("GEBV"), Goodyear Germany and Goodyear Operations S.A. Up to €175 million of swingline loans and €75 million in letters of credit are available for issuance under the all-borrower tranche. Subject to the consent of the lenders whose commitments are to be increased, we may request that the facility be increased by up to €200 million. Amounts drawn under this facility will bear interest at SOFR plus 150 basis points for loans denominated in U.S. dollars, EURIBOR plus 150 basis points for loans denominated in euros, and SONIA plus 150 basis points for loans denominated in pounds sterling. Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.
At June 30, 2025, there were $140 million (€120 million) of borrowings outstanding under the all-borrower tranche, no borrowings outstanding under the German tranche, and no letters of credit outstanding under the European revolving credit facility. At December 31, 2024, we had no borrowings and no letters of credit outstanding under the European revolving credit facility.
Both our first lien revolving credit facility and our European revolving credit facility have customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in our business or financial condition since December 31, 2024 under the first lien facility and December 31, 2021 under the European facility.
Accounts Receivable Securitization Facilities (On-Balance Sheet)
GEBV and certain other of our European subsidiaries are parties to a pan-European accounts receivable securitization facility that expires in 2027. The terms of the facility provide the flexibility to designate annually the maximum amount of funding
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available under the facility in an amount of not less than €30 million and not more than €450 million. For the period from October 19, 2023 through October 16, 2024, the designated maximum amount of the facility was €300 million. For the period from October 17, 2024 through October 16, 2025, the designated maximum amount of the facility will remain €300 million.
The facility involves an ongoing daily sale of substantially all of the trade accounts receivable of certain GEBV subsidiaries. These subsidiaries retain servicing responsibilities. Utilization under this facility is based on eligible receivable balances.
The funding commitments under the facility will expire upon the earliest to occur of: (a) October 19, 2027, (b) the non-renewal and expiration (without substitution) of all of the back-up liquidity commitments, (c) the early termination of the facility according to its terms (generally upon an Early Amortisation Event (as defined in the facility), which includes, among other things, events similar to the events of default under our first lien revolving credit facility; certain tax law changes; or certain changes to law, regulation or accounting standards), or (d) our request for early termination of the facility. The facility’s current back-up liquidity commitments will expire on October 16, 2025.
At June 30, 2025, the amounts available and utilized under this program totaled $200 million (€170 million). At December 31, 2024, the amounts available and utilized under this program totaled $227 million (€218 million). The program does not qualify for sale accounting, and accordingly, these amounts are included in Long Term Debt and Finance Leases.
Accounts Receivable Factoring Facilities (Off-Balance Sheet)
We have sold certain of our trade receivables under off-balance sheet programs. For these programs, we have concluded that there is generally no risk of loss to us from non-payment of the sold receivables. At June 30, 2025, the gross amount of receivables sold was $771 million, compared to $773 million at December 31, 2024.
Letters of Credit
At June 30, 2025, we had $229 million in letters of credit issued under bilateral letter of credit agreements and other foreign credit facilities. The majority of these letter of credit agreements are in lieu of security deposits.
Supplier Financing
We have entered into supplier finance programs with several financial institutions. Under these programs, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. We agree to pay the financial institutions the stated amount of the confirmed invoices from the designated suppliers on the original due dates of the invoices. Invoice payment terms can be up to 120 days based on industry norms for the specific item purchased. We do not pay any fees to the financial institutions and we do not pledge any assets as security or provide other forms of guarantees for these programs. These programs allow our suppliers to sell their receivables to the financial institutions at the sole discretion of the suppliers and the financial institutions on terms that are negotiated among them. We are not always notified when our suppliers sell receivables under these programs. Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under these programs. The amounts available under these programs were $875 million and $775 million at June 30, 2025 and December 31, 2024, respectively. The amounts confirmed to the financial institutions were $692 million and $604 million at June 30, 2025 and December 31, 2024, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets. All activity related to these obligations is presented within operating activities on the Consolidated Statements of Cash Flows.
Further Information
For a further description of the terms of our outstanding notes, first lien revolving credit facility, European revolving credit facility and pan-European accounts receivable securitization facility, refer to Note to the Consolidated Financial Statements No. 16, Financing Arrangements and Derivative Financial Instruments, in our 2024 Form 10‑K and Note to the Consolidated Financial Statements No. 9, Financing Arrangements and Derivative Financial Instruments, in this Form 10-Q.
Covenant Compliance
Our first lien revolving credit facility contains certain covenants that, among other things, limit our ability to incur additional debt or issue redeemable preferred stock, pay dividends, repurchase shares or make certain other restricted payments or investments, incur liens, sell assets, incur restrictions on the ability of our subsidiaries to pay dividends or to make other payments to us, enter into affiliate transactions, engage in sale and leaseback transactions, and consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. The indentures governing our notes also contain certain covenants that, among other things, limit our ability to incur liens, engage in sale and leaseback transactions, and consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. Our first lien revolving credit facility and the indentures governing our notes also have customary defaults, including cross-defaults to material indebtedness of Goodyear and its subsidiaries.
We have an additional financial covenant in our first lien revolving credit facility that is currently not applicable. We become subject to that financial covenant when the aggregate amount of our Parent Company (The Goodyear Tire & Rubber Company) and guarantor subsidiaries cash and cash equivalents (“Available Cash”) plus our availability under our first lien revolving
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credit facility is less than $275 million. If this were to occur, our ratio of EBITDA to Consolidated Interest Expense may not be less than 2.0 to 1.0 for the most recent period of four consecutive fiscal quarters. As of June 30, 2025, our unused availability under this facility of $1,470, plus our Available Cash of $134 million, totaled $1,604 million, which is in excess of $275 million.
In addition, our European revolving credit facility contains non-financial covenants similar to the non-financial covenants in our first lien revolving credit facility that are described above, similar non-financial covenants specifically applicable to GEBV and its subsidiaries, and a financial covenant applicable only to GEBV and its subsidiaries. This financial covenant provides that we are not permitted to allow GEBV’s ratio of Consolidated Net GEBV Indebtedness to Consolidated GEBV EBITDA for a period of four consecutive fiscal quarters to be greater than 3.0 to 1.0 at the end of any fiscal quarter. Consolidated Net GEBV Indebtedness is determined net of the sum of cash and cash equivalents in excess of $100 million held by GEBV and its subsidiaries, cash and cash equivalents in excess of $150 million held by the Parent Company and its U.S. subsidiaries, and availability under our first lien revolving credit facility if the ratio of EBITDA to Consolidated Interest Expense described above is not applicable and the conditions to borrowing under the first lien revolving credit facility are met. Consolidated Net GEBV Indebtedness also excludes loans from other consolidated Goodyear entities. This financial covenant is also included in our pan-European accounts receivable securitization facility. At June 30, 2025, we were in compliance with this financial covenant.
Our credit facilities also state that we may only incur additional debt or make restricted payments that are not otherwise expressly permitted if, after giving effect to the debt incurrence or the restricted payment, our ratio of EBITDA to Consolidated Interest Expense for the prior four fiscal quarters would exceed 2.0 to 1.0. Our credit facilities also permit the incurrence of additional debt through other provisions in those agreements without regard to our ability to satisfy the ratio-based incurrence test described above. We believe that these other provisions provide us with sufficient flexibility to incur additional debt necessary to meet our operating, investing and financing needs without regard to our ability to satisfy the ratio-based incurrence test.
Covenants could change based upon a refinancing or amendment of an existing facility, or additional covenants may be added in connection with the incurrence of new debt.
At June 30, 2025, we were in compliance with the currently applicable material covenants imposed by our principal credit facilities and indentures.
The terms “Available Cash,” “EBITDA,” “Consolidated Interest Expense,” “Consolidated Net GEBV Indebtedness” and “Consolidated GEBV EBITDA” have the meanings given them in the respective credit facilities.
Potential Future Financings
In addition to the financing activities described above, we may seek to undertake additional financing actions which could include restructuring bank debt or capital markets transactions, possibly including the issuance of additional debt or equity. Given the inherent uncertainty of market conditions, access to the capital markets cannot be assured.
Our future liquidity requirements may make it necessary for us to incur additional debt. However, a substantial portion of our assets are already subject to liens securing our indebtedness. As a result, we are limited in our ability to pledge our remaining assets as security for additional secured indebtedness. In addition, no assurance can be given as to our ability to raise additional unsecured debt.
Dividends and Common Stock Repurchases
Under our primary credit facilities, we are permitted to pay dividends on and repurchase our capital stock (which constitute restricted payments) as long as no default will have occurred and be continuing, additional indebtedness can be incurred under the credit facilities following the payment, and certain financial tests are satisfied.
We do not currently pay a quarterly dividend on our common stock.
We may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. During the first six months of 2025, we did not repurchase any shares from employees.
The restrictions imposed by our credit facilities are not expected to significantly affect our ability to pay dividends or repurchase our capital stock in the future.
Asset Dispositions
Historically, the restrictions on asset sales and sale and leaseback transactions imposed by our material indebtedness have not affected our ability to divest non-core businesses or assets. We may undertake additional asset sales and sale and leaseback transactions in the future. The restrictions imposed by our material indebtedness may require us to seek waivers or amendments
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of covenants or alternative sources of financing to proceed with future transactions. We cannot assure you that such waivers, amendments or alternative financing could be obtained, or if obtained, would be on terms acceptable to us.
Supplemental Guarantor Financial Information
Certain of our subsidiaries, which are listed on Exhibit 22.1 to this Quarterly Report on Form 10-Q and are generally holding or operating companies, have guaranteed our obligations under the $500 million outstanding principal amount of 5% senior notes due 2026, the $700 million outstanding principal amount of 4.875% senior notes due 2027, the $850 million outstanding principal amount of 5% senior notes due 2029, the $500 million outstanding principal amount of 6.625% senior notes due 2030, the $550 million outstanding principal amount of 5.25% senior notes due April 2031, the $600 million outstanding principal amount of 5.25% senior notes due July 2031 and the $450 million outstanding principal amount of 5.625% senior notes due 2033 (collectively, the “Notes”).
The Notes have been issued by The Goodyear Tire & Rubber Company (the “Parent Company”) and are its senior unsecured obligations. The Notes rank equally in right of payment with all of our existing and future senior unsecured obligations and senior to any of our future subordinated indebtedness. The Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the assets securing that indebtedness. The Notes are fully and unconditionally guaranteed on a joint and several basis by each of our wholly-owned U.S. and Canadian subsidiaries that also guarantee our obligations under our first lien revolving credit facility (such guarantees, the “Guarantees”; and, such guaranteeing subsidiaries, the “Subsidiary Guarantors”). The Guarantees are senior unsecured obligations of the Subsidiary Guarantors and rank equally in right of payment with all existing and future senior unsecured obligations of our Subsidiary Guarantors. The Guarantees are effectively subordinated to existing and future secured indebtedness of the Subsidiary Guarantors to the extent of the assets securing that indebtedness.
The Notes are structurally subordinated to all of the existing and future debt and other liabilities, including trade payables, of our subsidiaries that do not guarantee the Notes (the “Non-Guarantor Subsidiaries”). The Non-Guarantor Subsidiaries will have no obligation, contingent or otherwise, to pay amounts due under the Notes or to make funds available to pay those amounts. Certain Non-Guarantor Subsidiaries are limited in their ability to remit funds to us by means of dividends, advances or loans due to required foreign government and/or currency exchange board approvals or limitations in credit agreements or other debt instruments of those subsidiaries.
The Subsidiary Guarantors, as primary obligors and not merely as sureties, jointly and severally irrevocably and unconditionally guarantee on a senior unsecured basis the performance and full and punctual payment when due of all obligations of the Parent Company under the Notes and the related indentures, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise. The Guarantees of the Subsidiary Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions.
Although the Guarantees provide the holders of Notes with a direct unsecured claim against the assets of the Subsidiary Guarantors, under U.S. federal bankruptcy law and comparable provisions of U.S. state fraudulent transfer laws, in certain circumstances a court could cancel a Guarantee and order the return of any payments made thereunder to the Subsidiary Guarantor or to a fund for the benefit of its creditors.
A court might take these actions if it found, among other things, that when the Subsidiary Guarantors incurred the debt evidenced by their Guarantee (i) they received less than reasonably equivalent value or fair consideration for the incurrence of the debt and (ii) any one of the following conditions was satisfied:
•the Subsidiary Guarantor was insolvent or rendered insolvent by reason of the incurrence;
•the Subsidiary Guarantor was engaged in a business or transaction for which its remaining assets constituted unreasonably small capital; or
•the Subsidiary Guarantor intended to incur, or believed (or reasonably should have believed) that it would incur, debts beyond its ability to pay as those debts matured.
In applying the above factors, a court would likely find that a Subsidiary Guarantor did not receive fair consideration or reasonably equivalent value for its Guarantee, except to the extent that it benefited directly or indirectly from the issuance of the Notes. The determination of whether a guarantor was or was not rendered “insolvent” when it entered into its guarantee will vary depending on the law of the jurisdiction being applied. Generally, an entity would be considered insolvent if the sum of its debts (including contingent or unliquidated debts) is greater than all of its assets at a fair valuation or if the present fair salable value of its assets is less than the amount that will be required to pay its probable liability on its existing debts, including contingent or unliquidated debts, as they mature.
Under Canadian federal bankruptcy and insolvency laws and comparable provincial laws on preferences, fraudulent conveyances or other challengeable or voidable transactions, the Guarantees could be challenged as a preference, fraudulent
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conveyance, transfer at undervalue or other challengeable or voidable transaction. The test to be applied varies among the different pieces of legislation, but as a general matter these types of challenges may arise in circumstances where:
•such action was intended to defeat, hinder, delay, defraud or prejudice creditors or others;
•such action was taken within a specified period of time prior to the commencement of proceedings under Canadian bankruptcy, insolvency or restructuring legislation in respect of a Subsidiary Guarantor, the consideration received by the Subsidiary Guarantor was conspicuously less than the fair market value of the consideration given, and the Subsidiary Guarantor was insolvent or rendered insolvent by such action and (in some circumstances, or) such action was intended to defraud, defeat or delay a creditor;
•such action was taken within a specified period of time prior to the commencement of proceedings under Canadian bankruptcy, insolvency or restructuring legislation in respect of a Subsidiary Guarantor and such action was taken, or is deemed to have been taken, with a view to giving a creditor a preference over other creditors or, in some circumstances, had the effect of giving a creditor a preference over other creditors; or
•a Subsidiary Guarantor is found to have acted in a manner that was oppressive, unfairly prejudicial to or unfairly disregarded the interests of any shareholder, creditor, director, officer or other interested party.
In addition, in certain insolvency proceedings a Canadian court may subordinate claims in respect of the Guarantees to other claims against a Subsidiary Guarantor under the principle of equitable subordination if the court determines that (1) the holder of Notes engaged in some type of inequitable or improper conduct, (2) the inequitable or improper conduct resulted in injury to other creditors or conferred an unfair advantage upon the holder of Notes and (3) equitable subordination is not inconsistent with the provisions of the relevant solvency statute.
If a court canceled a Guarantee, the holders of Notes would no longer have a claim against that Subsidiary Guarantor or its assets.
Each Guarantee is limited, by its terms, to an amount not to exceed the maximum amount that can be guaranteed by the applicable Subsidiary Guarantor without rendering the Guarantee, as it relates to that Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.
Each Subsidiary Guarantor is a consolidated subsidiary of the Parent Company at the date of each balance sheet presented. The following tables present summarized financial information for the Parent Company and the Subsidiary Guarantors on a combined basis after elimination of (i) intercompany transactions and balances among the Parent Company and the Subsidiary Guarantors and (ii) equity in earnings from and investments in any Non-Guarantor Subsidiary.
| Summarized Balance Sheets | ||||||||||||||
| (In millions) | June 30, 2025 | December 31, 2024 | ||||||||||||
Total Current Assets(1) | $ | 6,017 | $ | 5,621 | ||||||||||
| Total Non-Current Assets | 8,487 | 8,606 | ||||||||||||
| Total Current Liabilities | $ | 3,480 | $ | 3,420 | ||||||||||
| Total Non-Current Liabilities | 7,867 | 7,932 | ||||||||||||
(1)Includes receivables due from Non-Guarantor Subsidiaries of $1,487 million and $1,824 million as of June 30, 2025 and December 31, 2024, respectively. | ||||||||||||||
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| Summarized Statements of Operations | ||||||||||||||
| (In millions) | Six Months Ended June 30, 2025 | Year Ended December 31, 2024 | ||||||||||||
| Net Sales | $ | 4,964 | $ | 10,402 | ||||||||||
| Cost of Goods Sold | 4,151 | 8,427 | ||||||||||||
| Selling, Administrative and General Expense | 743 | 1,495 | ||||||||||||
| Intangible Asset Impairment | — | 125 | ||||||||||||
| Rationalizations | 79 | 27 | ||||||||||||
| Interest Expense | 200 | 482 | ||||||||||||
Other Income | (66) | (155) | ||||||||||||
| Net (Gains) on Asset Sales | (50) | (14) | ||||||||||||
Income (Loss) before Income Taxes(2) | $ | (93) | $ | 15 | ||||||||||
Net Income (Loss) | $ | (104) | $ | 26 | ||||||||||
Goodyear Net Income (Loss) | $ | (104) | $ | 26 | ||||||||||
(2)Includes income from intercompany transactions with Non-Guarantor Subsidiaries of $241 million for the six months ended June 30, 2025, primarily from royalties, intercompany product sales, dividends and interest, and $659 million for the year ended December 31, 2024, primarily from royalties, dividends, interest and intercompany product sales. | ||||||||||||||
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FORWARD-LOOKING INFORMATION — SAFE HARBOR STATEMENT
Certain information in this Form 10-Q (other than historical data and information) may constitute forward-looking statements regarding events and trends that may affect our future operating results and financial position. The words “estimate,” “expect,” “intend” and “project,” as well as other words or expressions of similar meaning, are intended to identify forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Such statements are based on current expectations and assumptions, are inherently uncertain, are subject to risks and should be viewed with caution. Actual results and experience may differ materially from the forward-looking statements as a result of many factors, including:
•if we do not successfully implement the Goodyear Forward plan and our other strategic initiatives, including the sale of our Chemical Business, our operating results, financial condition and liquidity may be materially adversely affected;
•we may not be able to consummate the sale of our Chemical Business on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy other conditions to closing;
•we face significant global competition and our market share could decline;
•raw material cost increases may materially adversely affect our operating results and financial condition;
•we have experienced inflationary cost pressures, including with respect to wages, benefits and energy costs, that may materially adversely affect our operating results and financial condition;
•delays or disruptions in our supply chain or in the provision of services, including utilities, to us could result in increased costs or disruptions in our operations;
•a prolonged economic downturn or economic uncertainty could adversely affect our business and results of operations;
•deteriorating economic conditions in any of our major markets, or an inability to access capital markets or third-party financing when necessary, may materially adversely affect our operating results, financial condition and liquidity;
•if we experience a labor strike, work stoppage, labor shortage or other similar event at the Company or its joint ventures, our business, results of operations, financial condition and liquidity could be materially adversely affected;
•financial difficulties, work stoppages, labor shortages, supply disruptions or economic conditions affecting our major OE customers, dealers or suppliers could harm our business;
•our capital expenditures may not be adequate to maintain our competitive position and may not be implemented in a timely or cost-effective manner;
•changes to tariffs, trade agreements or trade restrictions may materially adversely affect our operating results;
•our international operations have certain risks that may materially adversely affect our operating results, financial condition and liquidity;
•we have foreign currency translation and transaction risks that may materially adversely affect our operating results, financial condition and liquidity;
•our long-term ability to meet our obligations, to repay maturing indebtedness or to implement strategic initiatives may be dependent on our ability to access capital markets in the future and to improve our operating results;
•we have a substantial amount of debt, which could restrict our growth, place us at a competitive disadvantage or otherwise materially adversely affect our financial health;
•any failure to be in compliance with any material provision or covenant of our debt instruments, or a material reduction in the borrowing base under our first lien revolving credit facility, could have a material adverse effect on our liquidity and operations;
•our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly;
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•we have substantial fixed costs and, as a result, our operating income fluctuates disproportionately with changes in our net sales;
•we may incur significant costs in connection with our contingent liabilities and tax matters;
•our reserves for contingent liabilities and our recorded insurance assets are subject to various uncertainties, the outcome of which may result in our actual costs being significantly higher than the amounts recorded;
•environmental issues, including climate change, or legal, regulatory or market measures to address environmental issues, may negatively affect our business and operations and cause us to incur significant costs;
•we are subject to extensive government regulations that may materially adversely affect our operating results;
•we may be adversely affected by any disruption in, or failure of, our information technology systems due to computer viruses, unauthorized access, cyber-attack, natural disasters or other similar disruptions;
•we may not be able to protect our intellectual property rights adequately;
•if we are unable to attract and retain key personnel, our business could be materially adversely affected; and
•we may be impacted by economic and supply disruptions associated with events beyond our control, such as war, including the current conflicts between Russia and Ukraine and in the Middle East, acts of terror, political unrest, public health concerns, labor disputes or natural disasters.
It is not possible to foresee or identify all such factors. We will not revise or update any forward-looking statement or disclose any facts, events or circumstances that occur after the date hereof that may affect the accuracy of any forward-looking statement.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We utilize derivative financial instrument contracts and nonderivative instruments to manage interest rate, foreign exchange and commodity price risks. We have established a control environment that includes policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. We do not hold or issue derivative financial instruments for trading purposes.
Commodity Price Risk
The raw material costs to which our operations are principally exposed include the cost of natural rubber, synthetic rubber, carbon black, fabrics, steel cord and other petrochemical-based commodities. Approximately two-thirds of our raw materials are petroleum-based, the cost of which may be affected by fluctuations in the price of oil. We currently do not hedge commodity prices. We do, however, use various strategies to partially offset cost increases for raw materials, including centralizing purchases of raw materials through our global procurement organization in an effort to leverage our purchasing power, expanding our capabilities to substitute lower cost raw materials, and reducing the amount of material required in each tire.
Interest Rate Risk
We continuously monitor our fixed and floating rate debt mix. Within defined limitations, we manage the mix using refinancing. At June 30, 2025, approximately 30% of our debt was at variable interest rates averaging 6.42%.
The following table presents information about long term fixed rate debt, excluding finance leases, at June 30, 2025:
| (In millions) | ||||||||
| Carrying amount — liability | $ | 5,027 | ||||||
| Fair value — liability | 4,933 | |||||||
| Pro forma fair value — liability | 5,098 | |||||||
The pro forma information assumes a 100 basis point decrease in market interest rates at June 30, 2025, and reflects the estimated fair value of fixed rate debt outstanding at that date under that assumption. The sensitivity of our fixed rate debt to changes in interest rates was determined using current market pricing models.
Foreign Currency Exchange Risk
We enter into foreign currency contracts in order to reduce the impact of changes in foreign exchange rates on our consolidated results of operations and future foreign currency-denominated cash flows. These contracts reduce exposure to currency movements affecting existing foreign currency-denominated assets, liabilities, firm commitments and forecasted transactions resulting primarily from trade purchases and sales, equipment acquisitions, intercompany loans and royalty agreements. Contracts hedging short term trade receivables and payables normally have no hedging designation.
The following table presents net foreign currency contract information at June 30, 2025:
| (In millions) | ||||||||
| Fair value — asset (liability) | $ | (50) | ||||||
| Pro forma decrease in fair value | (217) | |||||||
| Contract maturities | 7/25-5/26 | |||||||
The pro forma decrease in fair value assumes a 10% adverse change in underlying foreign exchange rates at June 30, 2025, and reflects the estimated change in the fair value of contracts outstanding at that date under that assumption. The sensitivity of our foreign currency positions to changes in exchange rates was determined using current market pricing models.
Fair values are recognized on the Consolidated Balance Sheet at June 30, 2025 as follows:
| (In millions) | ||||||||
| Current asset (liability): | ||||||||
| Accounts receivable | $ | 5 | ||||||
| Other current liabilities | (55) | |||||||
For further information on foreign currency contracts, refer to Note to the Consolidated Financial Statements No. 9, Financing Arrangements and Derivative Financial Instruments. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” for a discussion of our management of counterparty risk.
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ITEM 4. CONTROLS AND PROCEDURES.
Management’s Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures” which, consistent with Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, we define to mean controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure.
Our management, with the participation of our principal executive and financial officers, has evaluated the effectiveness of our disclosure controls and procedures. Based on such evaluation, our principal executive and financial officers have concluded that such disclosure controls and procedures were effective as of June 30, 2025 (the end of the period covered by this Quarterly Report on Form 10-Q).
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Asbestos Litigation
As reported in our Form 10-K for the year ended December 31, 2024, we were one of numerous defendants in legal proceedings in certain state and federal courts involving approximately 35,400 claimants relating to their alleged exposure to materials containing asbestos in products allegedly manufactured by us or asbestos materials present in our facilities. During the first six months of 2025, approximately 360 claims were filed against us and approximately 2,900 were settled or dismissed. The amounts expended on asbestos defense and claim resolution by us and our insurers during the first six months of 2025 was $7 million. At June 30, 2025, there were approximately 32,860 asbestos claims pending against us. The plaintiffs are seeking unspecified actual and punitive damages and other relief. Refer to Note to the Consolidated Financial Statements No. 13, Commitments and Contingent Liabilities, for additional information on asbestos litigation.
Other Matters
In addition to the legal proceedings described above and in our 2024 Form 10-K and quarterly reports on Form 10-Q, various other legal actions, indirect tax assessments, claims and governmental investigations and proceedings covering a wide range of matters are pending against us, including claims and proceedings relating to several waste disposal sites that have been identified by the United States Environmental Protection Agency and similar agencies of various states or foreign jurisdictions for remedial investigation and cleanup, which sites were allegedly used by us in the past for the disposal of industrial waste materials. Based on available information, we do not consider any such action, assessment, claim, investigation or proceeding to be material, within the meaning of that term as used in Item 103 of Regulation S-K and the instructions thereto. As permitted by SEC regulations, we use a threshold of $1 million for purposes of determining whether disclosure is required with respect to any environmental proceedings in which a governmental authority is a party and we reasonably believe that such proceeding will result in monetary sanctions (exclusive of interest and costs).
For additional information regarding our legal proceedings, refer to Note to the Consolidated Financial Statements No. 19, Commitments and Contingent Liabilities, and Part I, Item 3, Legal Proceedings, in our 2024 Form 10-K, Part II, Item 1, in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and Note to the Consolidated Financial Statements No. 13, Commitments and Contingent Liabilities, in this Form 10-Q.
ITEM 1A. RISK FACTORS.
Refer to “Item 1A. Risk Factors” in our 2024 Form 10-K for a discussion of our risk factors.
ITEM 5. OTHER INFORMATION.
During the quarterly period ended June 30, 2025, none of our directors or officers informed us of the adoption termination
ITEM 6. EXHIBITS.
Refer to the Index of Exhibits, which is by specific reference incorporated into and made a part of this Quarterly Report on Form 10-Q.
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Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2025
INDEX OF EXHIBITS
Exhibit Table Item No. | Description of Exhibit | Exhibit Number | |||||||||||||||
| 2 | Plan of Acquisition, Reorganization, Arrangement, Liquidation, or Succession | ||||||||||||||||
| (a) | Asset Purchase Agreement, dated as of May 22, 2025, by and between the Company and G-3 Purchaser, LLC.* | 2.1 | |||||||||||||||
| (b) | Amendment 1 to Asset Purchase Agreement, dated as of August 4, 2025, by and between the Company and G-3 Purchaser, LLC.* | 2.2 | |||||||||||||||
| 4 | Instruments Defining the Rights of Security Holders, Including Indentures | ||||||||||||||||
| (a) | Twelfth Supplemental Indenture, dated as of June 3, 2025, among the Company, the Subsidiary Guarantors and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, N.A., as Trustee, in respect of the Company’s 6.625% Senior Notes due 2030 (incorporated by reference, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed June 3, 2025, File No. 1-1927). | ||||||||||||||||
| 10 | Material Contracts | ||||||||||||||||
| (a) | Amended and Restated First Lien Credit Agreement, dated as of May 19, 2025, among the Company, the lenders and issuing banks party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent.* | 10.1 | |||||||||||||||
| (b) | Reaffirmation Agreement with respect to the Amended and Restated First Lien Guarantee and Collateral Agreement, dated as of May 19, 2025, among the Company, the subsidiaries of the Company identified therein and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent.* | 10.2 | |||||||||||||||
| (c) | 2022 Performance Plan of the Company, as amended April 14, 2025 (incorporated by reference, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed April 16, 2025, File No. 1-1927). | ||||||||||||||||
| 22 | Subsidiary Guarantors of Guaranteed Securities | ||||||||||||||||
| (a) | List of Subsidiary Guarantors. | 22.1 | |||||||||||||||
| 31 | Rule 13a-14(a) Certifications | ||||||||||||||||
| (a) | Certificate of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | 31.1 | |||||||||||||||
| (b) | Certificate of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | 31.2 | |||||||||||||||
| 32 | Section 1350 Certifications | ||||||||||||||||
| (a) | Certificate of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934. | 32.1 | |||||||||||||||
| 101 | Interactive Data Files | ||||||||||||||||
| XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | 101.INS | ||||||||||||||||
| Inline XBRL Taxonomy Extension Schema Document. | 101.SCH | ||||||||||||||||
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| 104 | Cover Page Interactive Data File | ||||||||||||||||
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included as Exhibit 101). | |||||||||||||||||
*Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and similar attachments have been omitted. The registrant hereby agrees to furnish a copy of any omitted schedule or similar attachment to the SEC upon request.
The representations, warranties and covenants contained in any agreement filed as an exhibit to this Quarterly Report on Form 10-Q were made solely for purposes of the agreement and as of specific dates, were solely for the benefit of the parties to the agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to security holders. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the agreement, which subsequent information may or may not be fully reflected in the Company’s public disclosures.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| THE GOODYEAR TIRE & RUBBER COMPANY | |||||||||||
| (Registrant) | |||||||||||
| Date: | August 8, 2025 | By | /s/ MARGARET V. SNYDER | ||||||||
| Margaret V. Snyder, Vice President and Controller (Signing on behalf of the Registrant as a duly authorized officer of the Registrant and signing as the Principal Accounting Officer of the Registrant.) | |||||||||||
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FAQ
How did Goodyear鈥檚 Q2 2025 earnings compare with Q2 2024?
Q2 2025 diluted EPS rose to $0.87 from $0.28, mainly due to a $439 m gain on the Dunlop divestiture.
What were Goodyear鈥檚 Q2 2025 net sales and growth rate?
Net sales were $4.465 bn, a 2% decline versus Q2 2024鈥檚 $4.570 bn.
How much cash did Goodyear receive from recent asset sales?
The OTR business sale generated ~$905 m; the Dunlop brand sale generated $735 m; a pending Chemical sale is valued at $650 m.
What is the status of Goodyear鈥檚 Chemical business divestiture?
A definitive agreement to sell the unit for $650 m was signed on 22 May 2025; closing is expected by Nov 22 2025, subject to customary conditions.
Why did operating cash flow turn negative despite higher earnings?
Outflows stemmed from $512 m inventory build, $498 m receivable increase, and $204 m rationalization payments during H1 2025.
What restructuring actions are planned under Goodyear Forward?
Closure of commercial tire production in Danville (VA), proposed shutdown of the South Africa plant, and multiple SG&A and EMEA workforce reductions totaling ~1,800 positions in 2025.
Goodyear Tire & Rubr Co
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