[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","unapmhkr4n9n382hbysycqo5a","revision",2,"title","Garrett Motion公布截至2026年9月30日的第三季度及前九个月业绩：净销售额9.30亿美元、净利润9,700万美元","originalTitle","Garrett Motion Inc. (0001735707) (Filer)","summary","Garrett Motion披露，截至2026年9月30日的第三季度净销售额为9.30亿美元，净利润为9,700万美元，摊薄每股收益0.51美元；上年同期净销售额为9.02亿美元、净利润为7,700万美元、摊薄每股收益为0.38美元。","reason","节选披露了Garrett Motion第三季度及前九个月的业绩、现金流、债务和回购情况，并列示了公司说明的经营与财务风险。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-29T11:12:37.000Z","discoveredAt","2026-10-29T11:24:12.542Z","timelineAt","category","ai-products","tags",[84,85],"stockSymbols",[83],"score",63,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":72},"hasTranslation","bodyLanguage","zh","factId","f4lT7necZpZE",{"_73":74,"_16":75},"reportCount","additionalSourceCount",1,"developmentCount",0,"publicId","94fc5819-d83e-42f5-9c4b-25f1ca67570d","Garrett Motion公布三季度业绩及股票回购计划",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

________________________________________________

10-Q 表

________________________________________________

（勾选一项）


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期间：从 ______ 至 ______

委员会档案编号： 001-38636

________________________________________________

Garrett Motion Inc.

（注册人章程中规定的确切名称）

________________________________________________


特拉华州	82-4873189
（州或其他注册成立或组织的司法管辖区）	（美国国税局雇主识别号）

47548 Halyard Drive, Plymouth, MI 48170
和
La Pièce 16, 1180 Rolle, Switzerland
（主要行政办公地址）（邮政编码）


+1 734 392 5500
和
+41 21 695 30 00

（注册人的电话号码，包括区号）

根据该法第 12(b) 条登记的证券：


各类证券名称	交易代码	上市交易所名称
普通股，每股面值 $0.001	GTX	纳斯达克股票市场有限责任公司

请勾选说明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，以及 (2) 在过去 90 天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选说明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 法规第 405 条（本章第 232.405 条）要求提交的每一份交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长型公司

☐

如果注册人为新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第 13(a) 条规定的、适用于遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

请勾选说明注册人是否已提交法院确认的计划项下证券分配之后，根据《1934 年证券交易法》第 12、13 或 15(d) 条要求提交的所有文件和报告。是 ☒ 否 ☐

截至 2026 年 10 月 23 日，注册人有 184,605,654 股普通股已发行在外，每股面值 $0.001。


		页码
第一部分。	财务信息	2
第 1 项。	财务报表（未经审计）	2
	合并中期经营报表（未经审计）	2
	合并中期综合收益表（未经审计）	3
	合并中期资产负债表（未经审计）	4
	合并中期现金流量表（未经审计）	5
	合并中期权益（亏损）表（未经审计）	6
	合并中期财务报表附注（未经审计）	8
第 2 项。	管理层对财务状况和经营业绩的讨论与分析	26
第 3 项。	有关市场风险的定量和定性披露	36
第 4 项。	控制和程序	37
第二部分。	其他信息	38
第 1 项。	法律诉讼	38
第 1A 项。	风险因素	38
第 2 项。	未注册股权证券的出售及所得款项用途	38
第 3 项。	优先证券违约	38
第 4 项。	矿山安全披露	38
第 5 项。	其他信息	39
第 6 项。	附件	39
签名	40

第一部分—财务信息

第 1 项。财务报表

GARRETT MOTION INC.

合并中期经营报表

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
	（金额单位：百万美元，每股金额除外）
净销售额（附注 3）	$	930			$	902		$	2,891	$	2,693
销售成本	724			716			2,277		2,147
毛利	206			186			614		546
销售、一般及管理费用	58			57			179		175
其他费用，净额	1			1			3		9
利息费用	27			29			78		83


非经营费用（收入）	1			(3)			(9)		(10)
税前收入	119			102			363		289
税项费用（附注 5）	22			25			70		63
净利润	$	97			$	77		$	293	$	226

每股普通股收益（附注 19）
基本	$	0.52			$	0.39		$	1.56	$	1.12
摊薄	0.51			0.38			1.53		1.10

加权平均已发行普通股数
基本	185,269,660			198,668,143			187,242,180		202,127,953
摊薄	189,054,351			202,194,334			191,281,264		205,130,616

合并中期财务报表附注是本报表不可分割的一部分。

GARRETT MOTION INC.

合并中期综合收益表

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
	（金额单位：百万美元）
净利润	$	97			$	77		$	293	$	226
外币折算调整	8			3			46		(85)

有效现金流量套期公允价值变动，扣除税项后（附注 17）	11			5			24		24
净投资套期保值公允价值变动，扣除税项后（附注 17）	8			5			41		(158)
其他综合收益（亏损）总额，扣除税项后	27			13			111		(219)
综合收益	$	124			$	90		$	404	$	7

合并中期财务报表附注是本报表不可分割的组成部分。

GARRETT MOTION INC.

合并中期资产负债表

（未经审计）


	2026年9月30日		2025年12月31日
	（单位：百万美元）
资产
流动资产：
现金及现金等价物	$	211			$	177
受限现金	2			2
应收账款、票据及其他应收款——净额（附注 6）	801			703
存货——净额（附注 8）	386			339
其他流动资产（附注 9）	128			98
流动资产总额	1,528			1,319
投资及长期应收款	8			11
不动产、厂房及设备——净额	422			462
商誉	193			193
递延所得税	200			210
其他资产（附注 10）	181			172
资产总额	$	2,532			$	2,367
负债
流动负债：
应付账款	$	1,107			$	1,061
长期债务的流动部分（附注 15）	7			7
应计负债（附注 12）	356			295
流动负债总额	1,470			1,363
长期债务（附注 15）	1,359			1,411
递延所得税	37			32
其他负债（附注 13）	284			363
负债总额	$	3,150			$	3,169
承诺和或有事项（附注 20）
权益（亏绌）
普通股，面值 $0.001；授权股数分别为 1,000,000,000 和 1,000,000,000 股，已发行股数分别为 245,583,176 和 242,549,685 股，截至 2026年9月30日和 2025年12月31日的流通股数分别为 185,360,730 和 190,556,297 股	—			—
额外实收资本	1,261			1,240
留存亏损	(1,138)			(1,384)
累计其他综合亏损（附注 18）	(27)			(138)
库存股，按成本计；截至 2026年9月30日和 2025年12月31日的股数分别为 60,222,446 和 51,993,388 股（附注 16）	(714)			(520)
亏绌总额	(618)			(802)
负债和亏绌总额	$	2,532			$	2,367

合并中期财务报表附注是本报表不可分割的组成部分。

GARRETT MOTION INC.

合并中期现金流量表

（未经审计）


	截至9月30日的九个月
	2026		2025
	（单位：百万美元）
经营活动产生的现金流量：
净利润	$	293			$	226
将净利润调节为经营活动提供的现金净额的调整项目

折旧	73			70






股票薪酬费用	21			19



其他	5			17
资产和负债变动：
应收账款、票据及其他应收款	(103)			4
存货	(60)			(17)
其他资产	18			(14)
应付账款	74			(2)
应计负债	64			(10)
其他负债	(7)			21
经营活动提供的现金净额	$	378			$	314
投资活动产生的现金流量：
不动产、厂房及设备支出	(61)			(51)
交叉货币互换合约所得款项	11		21
出售股权投资所得款项	4		3
投资活动使用的现金净额	$	(46)			$	(27)
融资活动产生的现金流量：
回购普通股	(172)			(136)
偿还长期债务	(111)			(87)
发行长期债务所得款项，扣除债务融资成本	56			80
股息支付	(46)			(36)
股票计划发行股份的预扣款项	(21)			(4)





其他	(2)			(4)
融资活动所用现金净额	$	(296)			$	(187)
汇率变动对现金、现金等价物及受限现金的影响	(2)			6
现金、现金等价物及受限现金净增加额	34			106
期初现金、现金等价物及受限现金	179			126
期末现金、现金等价物及受限现金	$	213			$	232
现金流量补充披露：
已支付所得税（扣除退款）	$	39			$	50
已支付利息	56			57
非现金投资活动补充披露：
应计资本支出的变动	$	(21)			$	(14)

合并中期财务报表附注是本报表不可分割的组成部分

GARRETT MOTION INC.

合并中期权益（亏损）报表

（未经审计）


	普通股	库存股	额外实缴资本		留存亏损	累计其他综合（亏损）/收益		亏损总额
		股数 (1)	金额		股数	金额
		（百万）
截至2025年12月31日的余额		243		$	—		52			$	(520)		$	1,240	$	(1,384)		$	(138)	$	(802)
净利润		—		—		—			—			—		95	—		95
股份回购		—		—		4			(87)			—		—	—		(87)
股份回购消费税		—		—		—			(1)			—		—	—		(1)
根据股票计划发行的股份，扣除为缴纳员工税款而预扣的股份		2		—		1			(17)			—		—	—		(17)
其他综合收益，扣除税款		—		—		—			—			—		—	40		40
股息		—		—		—			—			—		(16)	—		(16)
股票薪酬		—		—		—			—			7		—	—		7
截至2026年3月31日的余额		245		$	—		57			$	(625)		$	1,247	$	(1,305)		$	(98)	$	(781)
净利润		—		—		—			—			—		101	—		101
股份回购		—		—		1			(28)			—		—	—		(28)
股份回购消费税		—		—		—			1			—		—	—		1
根据股票计划发行的股份，扣除为缴纳员工税款而预扣的股份		—		—		—			(3)			—		—	—		(3)
其他综合收益，扣除税款		—		—		—			—			—		—	44		44
股息		—		—		—			—			—		(16)	—		(16)
股票薪酬		—		—		—			—			7		—	—		7
截至2026年6月30日的余额		245		$	—		58			$	(655)		$	1,254	$	(1,220)		$	(54)	$	(675)
净利润		—		—		—			—			—		97	—		97
股份回购		—		—		2			(57)			—		—	—		(57)
股份回购消费税		—		—		—			(1)			—		—	—		(1)
根据股票计划发行的股份，扣除为缴纳员工税款而预扣的股份		—		—		—			(1)			—		—	—		(1)
其他综合收益，扣除税款		—		—		—			—			—		—	27		27
股息		—		—		—			—			—		(15)	—		(15)
股票薪酬		—		—		—			—			7		—	—		7
截至2026年9月30日的余额		245		$	—		60			$	(714)		$	1,261	$	(1,138)		$	(27)	$	(618)


	普通股	库存股	额外实缴资本		留存亏损	累计其他综合收益/（亏损）		亏损总额
		股数 (1)	金额		股数	金额
		（百万）
截至2024年12月31日的余额		241		$	—		35			$	(306)		$	1,213	$	(1,653)		$	73	$	(673)
净利润		—		—		—			—			—		62	—		62
股份回购		—		—		3			(30)			—		—	—		(30)
股份回购消费税		—		—		—			—			—		—	—		—
根据股票计划发行的股份，扣除为缴纳员工税款而预扣的股份		1		—		—			(3)			—		—	—		(3)
其他综合亏损，扣除税款		—		—		—			—			—		—	(62)		(62)

股票薪酬		—		—		—			—			6		—	—		6
截至2025年3月31日的余额		242		$	—		38			$	(339)		$	1,219	$	(1,591)		$	11	$	(700)
净利润		—		—		—			—			—		87	—		87
股份回购		—		—		3			(22)			—		—	—		(22)
股份回购消费税		—		—		—			—			—		—	—		—
根据股票计划发行的股份，扣除为缴纳员工税款而预扣的股份		—		—		—			(1)			—		—	—		(1)
其他综合亏损，扣除税款		—		—		—			—			—		—	(170)		(170)
股息		—		—		—			—			—		(13)	—		(13)
股票薪酬		—		—		—			—			7		—	—		7
截至2025年6月30日的余额		242		$	—		41			$	(362)		$	1,226	$	(1,517)		$	(159)	$	(812)
净利润		—		—		—			—			—		77	—		77
普通股回购		—		—		6			(84)			—		—	—		(84)
股份回购消费税		—		—		—			(1)			—		—	—		(1)

其他综合收益，扣除税款		—		—		—			—			—		—	13		13
股息		—		—		—			—			—		(12)	—		(12)
股票薪酬		—		—		—			—			6		—	—		6
截至2025年9月30日的余额		242		$	—		47			$	(447)		$	1,232	$	(1,452)		$	(146)	$	(813)

(1) 已发行普通股减去库存股等于已发行在外普通股

合并中期财务报表附注是本报表不可分割的一部分。

GARRETT MOTION INC.

合并中期财务报表附注

（未经审计）

（金额以百万计，每股金额除外）

附注1. 背景及列报基础

背景

Garrett Motion Inc.（“公司”或“Garrett”）是技术领域的领先企业，提供具有差异化优势的减排和能效解决方案。我们为出行和工业领域的原始设备制造商（“OEM”）及独立售后市场分销商设计、制造和销售高工程技术含量的涡轮增压、空气与流体压缩以及高速电动机技术。我们在为使用汽油、柴油、天然气和氢燃料的内燃机以及零排放汽车大规模提供高工程技术含量产品方面拥有丰富专业知识。我们的产品是实现燃油经济性、能源效率、热管理以及符合温室气体和其他减排目标的关键助力。

列报基础

随附的未经审计合并中期财务报表根据美国证券交易委员会（“SEC”）适用于中期财务报表的规则和规定编制。尽管这些报表反映了管理层认为公允列报中期业绩所必需的所有正常经常性调整，但并未包含美国公认会计原则（“GAAP”）要求完整财务报表提供的所有信息和脚注。因此，未经审计的合并中期财务报表应与截至2025年12月31日年度的合并财务报表及其附注一并阅读，这些报表载于我们于2026年2月19日向SEC提交的Form 10-K年度报告（我们的“2025年Form 10-K”）。截至2026年9月30日的三个月和九个月的经营业绩，以及截至2026年9月30日的九个月现金流不一定能代表全年的情况。除股份和每股金额外，所有列报金额均以百万计。

我们依据ASC 280《分部报告》评估分部报告。根据首席经营决策者（“CODM”）——我们的首席执行官——定期获取和评估的经营业绩（用于资源分配决策和业绩评估），我们认定Garrett经营单一经营分部和单一可报告分部。CODM在合并层面评估经营业绩并作出资源分配决策，涵盖公司在各渠道和地区的所有产品。

按照 GAAP 编制财务报表，要求管理层作出估计，这些估计会影响财务报表日资产和负债的报告金额以及或有资产和负债的披露，也会影响报告期内收入和费用的报告金额。管理层根据其认为在具体情况下合理的假设作出这些估计。实际结果可能与原估计不同，因此需要在未来期间对这些余额进行调整。

附注 2. 重要会计政策摘要

本公司的会计政策载于我们 2025 年 Form 10-K 所含的截至 2025 年 12 月 31 日年度合并财务报表附注 2。

已发布但尚未采用的会计准则

2024 年 11 月，FASB 发布了 ASU 2024-03，利润表—综合收益报告—费用分类披露（子主题 220-40）：利润表费用的分类。本次更新中的修订要求披露有关特定成本和费用的指定信息。2025 年 1 月，FASB 发布了 ASU 2025-01，利润表—综合收益报告—费用分类披露（子主题 220-40）：生效日期的澄清。经 ASU 2025-01 澄清的指导意见要求自 2026 年 12 月 15 日之后开始的财政年度起前瞻性适用，并允许提前采用。本公司目前正在评估该指导意见，以确定其对披露的影响。

2025 年 9 月，FASB 发布了 ASU 2025-06，无形资产—商誉及其他—内部使用软件（子主题 350-40）：内部使用软件会计处理的针对性改进。这些修订调整了资本化

内部使用软件成本的标准，并取消了基于阶段的开发指导。该更新自 2027 年 12 月 15 日之后开始的财政年度起生效，并允许提前采用。本公司目前正在评估该指导意见，以确定其对会计政策和披露的影响。

2025 年 12 月，FASB 发布了 ASU 2025-10，政府补助（主题 832）：商业实体收到的政府补助的会计处理。本次更新中的修订确立了商业实体收到政府补助的会计处理。该指导意见自 2029 年 12 月 15 日之后开始的财政年度起生效，并允许提前采用。本公司目前正在评估该指导意见，以确定其对会计政策和披露的影响。

没有其他近期发布但尚未采用的会计公告预计会对本公司的合并中期财务报表及相关披露产生重大影响。

关税回收

公司可能会通过适用的政府退款计划和行政索赔流程，申请退还此前已缴纳的美国关税。退款申请将根据具体事实和情况进行评估，其中包括影响此类退款可得性的法律和监管进展状况。公司在很可能实现退款且退款金额能够合理估计时确认关税退款收益。关税退款收益记作销售成本的抵减。已确认但尚未收到的金额记作应收款项。如果预计部分退款将返还给公司客户（范围限于公司此前根据与客户另行签订的协议向其收取的关税补偿），则相应确认一项负债，作为净销售额的抵减。

附注3. 收入确认与客户合同

收入分类

按地区（根据发货国家/地区确定）和产品线划分的净销售额见附注22，分部和集中度。

合同余额

下表汇总了我们的合同资产和负债余额：


	2026		2025
	（百万美元）
合同资产—1月1日	$	48			$	40
合同资产—9月 30日	34			48
合同资产变动—增加/(减少)	$	(14)			$	8
合同负债—1月1日	$	(10)			$	(8)
合同负债—9月 30日	(16)			(6)
合同负债变动—减少/(增加)	$	(6)			$	2

附注4. 研究、开发与工程

Garrett开展研究、开发与工程（“RD&E”）活动，主要包括开发新产品和产品应用。RD&E成本计入销售成本。客户补偿款从RD&E总支出中扣除，因为这些款项被视为成本回收。RD&E成本在发生时计入费用，除非公司与客户签有合同保证可获得补偿，在这种情况下，相关成本予以资本化。RD&E费用总额（扣除客户补偿款后）如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025	2026		2025
	（百万美元）


研究、开发与工程成本	$	39		$	33		$	120	$	118

截至2026年9月 30日和2025年12月31日，合同约定可获补偿并已资本化的成本分别为$49 million和$52 million。这些金额记入合并中期资产负债表中的其他流动资产和其他资产。

附注5. 所得税


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（百万美元）
税费	$	22			$	25			$	70		$	63
有效税率	18.5	%		24.5	%		19.3	%		21.8	%

截至2026年9月 30日和2025年9月30日的三个月有效税率分别为18.5%和24.5%。截至2026年9月 30日和2025年9月30日的九个月有效税率分别为19.3%和21.8%。

截至2026年9月30日的三个月和九个月的有效税率较上年同期发生变化，主要与2026年美国对国际业务征收的税款减少、各年度全球收益构成变化、2025年中国递延所得税资产重估产生的一次性收益，以及2026年与员工股份薪酬相关的扣除有关。

截至2026年9月30日的三个月有效税率低于21%的美国联邦法定税率，主要是因为全球收益构成、研发费用相关优惠、所得税审计事项的解决以及审计准备金的转回。

截至2026年9月30日的九个月有效税率低于21%的美国联邦法定税率，主要是因为全球收益构成、研发费用相关优惠、与员工股份薪酬相关的扣除、所得税审计事项的解决以及审计准备金的转回。

附注6：应收账款、应收票据及其他应收款净额


	2026年9月30日		2025年12月31日
	（百万美元）
贸易应收款	$	650			$	533
应收票据	88			113
其他应收款	72			66
	810			712
减：预期信用损失准备	(9)			(9)
	$	801			$	703

贸易应收款包括截至2026年9月30日和2025年12月31日分别为34百万美元和48百万美元的未开票客户合同资产余额。相关金额根据其所属客户合同条款开具账单。参见附注3，收入确认与客户合同。

应收票据与公司在结算应收账款时收到的无追索权、由银行担保的票据有关，主要发生在亚太地区。参见附注7，应收款保理及应收票据。

其他应收款包括截至2026年9月30日和2025年12月31日分别为40百万美元和47百万美元的增值税应收款。截至2026年9月30日的其他应收款还包括与关税追偿相关的13 百万美元。

附注7：应收款保理及应收票据

公司与金融机构订立协议，出售符合条件的贸易应收款。应收款以无追索权方式出售，公司将这些安排作为真实出售进行会计处理。公司还会在结算应收账款时收到无追索权、由银行担保的票据，主要发生在亚太地区。公司可以持有这些银行票据直至到期、将其交给供应商以结清负债，或出售给第三方金融机构换取现金。无追索权出售给第三方金融机构的银行票据同样作为真实出售进行会计处理。


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
	（百万美元）
无追索权出售的合格应收款	$	197		$	191	$	588	$	533
无追索权出售的银行担保票据	45		61		143	157

出售贸易应收款和有担保银行票据相关的费用在合并中期经营报表的其他费用净额中确认；截至2026年和2025年9月30日的三个月期间，该金额均不重大；截至2026年和2025年9月30日的九个月期间，该金额分别为3 million和2 million。September 30, 2026

截至2026年9月30日和2025年12月31日，公司没有质押作抵押品的有担保银行票据。

附注8. 存货净额


	9月30日 2026		12月31日 2025
	（百万美元）
原材料	$	313			$	268
在制品	21			20
制成品	95			93
	429			381
减：准备金	(43)			(42)
	$	386			$	339

附注9. 其他流动资产


	9月30日 2026		12月31日 2025
	（百万美元）
预付费用	$	27			$	18
应收税款	20			31
预付客户折扣，流动	13			13
客户可报销的工程费用	19			18
外汇远期合约	49			16
其他	—			2
	$	128			$	98

附注10. 其他资产


	9月30日 2026		12月31日 2025
	（百万美元）
预付客户折扣，非流动	$	27			$	31
经营租赁使用权资产（附注14）	56			49
应收所得税	21			21
养老金及其他员工相关款项	29			28
客户可报销的工程费用	30			34

指定及非指定衍生工具（附注17）	10			—
其他	8			9
	$	181			$	172

附注11. 供应商融资

公司与两家第三方金融机构签订了供应商融资安排，根据该安排，某些供应商可以将其对Garrett的应收款进行保理。公司还与银行机构安排签发银行承兑汇票，以结算应付账款，主要在亚太地区。这些银行承兑汇票或有担保银行票据的合同期限为六个月或更短；供应商可以持有至到期、转让给其供应商，或贴现给金融机构以换取现金。未偿供应商融资义务和有担保银行票据记入合并中期资产负债表的应付账款项目。

附注12. 应计负债


	9月30日 2026		12月31日 2025
	（百万美元）
客户定价准备金	$	97			$	88
薪酬、福利及其他员工相关款项	79			81
业务重组	8			6
产品保修及性能保证——短期（附注20）	13			13
所得税及其他税款	29			32

客户预付款及递延收入(1)	26			17
应计利息	27			12


短期租赁负债（附注14）	14		13
应计运费	13		9

指定及非指定衍生工具（附注17）	34		11

环境储备	1		3

其他（主要为运营费用）	15		10
	$	356		$	295

(1)客户预付款和递延收入包括截至2026年9月30日和2025年12月31日分别为1,600万美元和1,000万美元的合同负债。参见附注3“收入确认和客户合同”。

公司计提与优化产品成本和合理调整组织架构项目相关的重组成本。与重组应计项目相关的费用计入合并中期经营报表中的销售成本以及销售、一般及行政费用。

下表汇总了重组应计项目的变动情况：


	遣散费		其他成本		总计
	（百万美元）
截至2025年12月31日的余额	$	6			$	—		$	6
费用	17			—			17
使用—现金	(15)			—			(15)

截至2026年9月30日的余额	$	8			$	—		$	8


	遣散费		其他成本		总计
	（百万美元）
截至2024年12月31日的余额	$	12			$	—		$	12
费用	8			—			8
使用—现金	(10)			—			(10)

截至2025年9月30日的余额	$	10			$	—		$	10

附注13. 其他负债


	2026年9月30日		2025年12月31日
	（百万美元）
所得税	$	97			$	90

指定及非指定衍生工具 (1)（附注17）	97			185
养老金及其他员工相关项目	7			9
长期租赁负债（附注14）	44			38

产品保修和履约保证—长期（附注20）	8			8
环境修复—长期	7			11
长期应付账款	5			4
资产弃置义务	9			8
其他	10			10
	284			363

(1)已将某些以前期间金额重新分类，以符合本期列报方式。该重新分类对以前报告的其他负债总额没有影响。

附注14. 租赁

我们的经营租赁主要包括房地产、汽车、机械和设备。截至2026年9月30日，公司没有任何重大融资租赁。我们的租赁剩余期限最长为12年，其中一些包括最多延长两年的选择权，另一些包括在一年内终止租赁的选择权。

租赁费用构成如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
	（百万美元）
经营租赁成本	$	4		$	4	$	13	$	13
短期租赁成本	1		—		3	1
租赁成本总额	$	5		$	4	$	16	$	14

经营租赁相关补充现金流信息如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（百万美元）
计入租赁负债计量金额的现金支付：
经营租赁产生的经营现金流出	$	4			$	4		$	12	$	12


以租赁义务换取的使用权资产：
经营租赁	11			—			18		4

与经营租赁相关的补充资产负债表信息如下：


	2026年 9月30日		2025年12月31日
加权平均剩余租赁期限（年）	6.48		6.43
加权平均折现率	5.74	%		6.25	%

截至2026年9月30日的经营租赁负债到期情况如下：


	（百万美元）
2026	$	5
2027	17
2028	12
2029	8
2030	6
此后	22
租赁付款总额	70
减：推算利息	(12)
	$	58

附注15. 长期债务和信贷协议

优先票据

2024年5月21日，Garrett Motion Holdings Inc. 和 Garrett LX I S.à.r.l.（“发行人”）——本公司的全资子公司——完成了发行，总本金金额为$800 million的7.75%优先无担保票据，该票据将于2032年到期（“2032年优先票据”）。2032年优先票据于2032年5月31日到期。本公司发生了$12 million的债务发行成本，该成本已资本化并按直线法摊销。

2032年优先票据由本公司及本公司各全资子公司提供担保，这些子公司为信贷协议（定义见下文）项下的义务提供担保，但某些例外情况除外。出售2032年优先票据所得款项连同手头现金用于偿还约$800 million的定期贷款债务，并支付相关费用和开支。2032年优先票据的年利率为7.75%。2032年优先票据的利息每半年支付一次，于每年5月31日和11月30日支付，首次支付日为2024年11月30日。

2032年优先票据契约包含若干限制性条款，限制本公司及其受限子公司新增某些债务、设立担保债务的某些留置权、支付某些股息或进行其他受限付款、进行某些投资、进行某些资产出售以及与关联方进行某些交易的能力。根据2032年优先票据契约的规定，这些限制性条款受若干例外、限制和限定条件约束。此外，该契约还包含某些控制权变更条款，在特定条件下，本公司须提出回购全部未偿还2032年优先票据的要约，回购价格为本金总额的101%，另加应计未付利息。该契约还包含惯常违约事件条款。

信贷额度

2025年1月30日，公司签订了一份重述协议（“重述协议”），该协议修订并重述了日期为2021年4月30日的信贷协议（经不时修订，称为“现有信贷协议”；经重述协议修订和重述并经不时进一步修订，称为“信贷协议”）。协议各方包括公司、Garrett Motion Holdings Inc.、Garrett Motion Sàrl 和 Garrett LX I S.à.r.l.（作为借款人，统称“借款人”）、不时加入协议的贷款人和开证行，以及作为行政代理人的 JPMorgan Chase Bank, N.A.。根据重述协议，公司将现有信贷协议项下6.92亿美元的美元定期贷款融资（“2021年美元定期贷款融资”）全部再融资为本金总额6.92亿美元的新定期贷款（“2025年美元定期贷款融资”）。2025年美元定期贷款融资将于2032年1月30日到期。2026年5月18日，公司签订了重述协议第2号修正案（“第二修正案”），将适用利率（定义见重述协议）下调至：定期基准贷款（定义见重述协议）为调整后定期 SOFR 利率（定义见重述协议）加年利率1.75%，ABR贷款（定义见重述协议）为替代基准利率加年利率0.75%。

同样在2025年1月30日，根据重述协议，公司将现有信贷协议项下6亿美元的循环承诺替换为信贷

协议项下本金总额为6.3亿美元的新循环承诺（“新循环融资”；与2025年美元定期贷款融资合称“信贷融资”）。新循环融资的到期日为2030年1月30日。新循环融资提款后，按适用基准利率加适用利差计息，利差根据公司的杠杆率浮动。根据第二修正案，循环借款的适用利差范围为：定期基准贷款年利率1.75%至1.25%，ABR贷款年利率0.75%至0.25%。除支付新循环融资未偿借款的利息外，公司还须按季度支付承诺费，该费用根据该季度新循环融资每日未使用部分的平均值计算，并依据公司的杠杆率确定，年利率范围为0.25%至0.50%。

在签订第二修正案的同时，公司提前偿还了2025年美元定期贷款融资中的5,000万美元。提前还款导致额外摊销100万美元的债务发行成本，该金额计入合并中期经营报表的利息费用。

信贷协议包含此类融资通常包含的若干肯定义务和否定义务。信贷协议还包含若干惯常违约事件。若在任何财政季度最后一日，新循环融资项下未偿还贷款和信用证的总额（不包括有备用支持或以现金作抵押的信用证，以及面值总额不超过$30 million的其他信用证）超过该日生效的承诺总额的35%，则新循环融资须遵守一项财务契约，要求在每个财政季度末维持不高于4.7比1.00的合并总杠杆率。信贷融资以第一优先权作担保，担保物包括：(i) 信贷融资项下各担保人的每家直接重要子公司的股权的完善担保权益，以及(ii) 信贷融资项下各担保人几乎所有有形和无形个人财产及重要不动产的完善担保权益和抵押，但均受若干例外和限制约束，包括约定的担保和抵押原则。

截至September 30, 2026，公司遵守2032年高级票据契约和信贷协议项下的所有契约。

截至September 30, 2026和December 31, 2025，我们长期债务的未偿本金金额和账面金额如下：


	到期	利率	September 30, 2026		December 31, 2025

2025年美元定期贷款融资	1/30/2032	SOFR加175个基点	$	581			$	637
2032年高级票据	5/31/2032	7.75%	800			800
其他			3			2
未偿本金总额			1,384			1,439
减：未摊销递延融资成本			(18)			(21)
减：长期债务的流动部分			(7)			(7)
长期债务总额			$	1,359			$	1,411

除新循环融资外，公司还设有双边信用证融资；截至September 30, 2026和December 31, 2025，未偿信用证金额分别为$9 million和$10 million。这些信用证通常为我们当地关联公司的海关安排和其他义务提供支持。

截至September 30, 2026，长期债务的最低计划本金偿还额如下：


	September 30, 2026
	（百万美元）
2026	$	1
2027	7
2028	10
2029	7
2030	7
此后	1,352
债务付款总额	$	1,384

附注16. 股东权益

普通股

截至September 30, 2026和2025的三个月和九个月期间，向普通股股东支付的现金股息如下（单位：百万美元，每股金额除外）：


	季度股息
	2026		2025
	每股		总额		每股		总额
第一季度	$	0.08			$	16		$	0.06	$	12
第二季度	0.08			15			0.06		13
第三季度	0.08			15			0.06		11

库存股

库存股是指公司已发行、随后由公司回购或为满足股权奖励归属相关的预扣税义务而扣留，且尚未注销或取消的普通股。公司采用成本法核算库存股，并将库存股作为合并中期资产负债表中权益（赤字）的组成部分。公司采用平均成本法核算库存股的重新发行。截至2026年9月30日止的三个月和九个月内，公司未重新发行或注销任何库存股。

股票回购计划

2025年12月3日，董事会批准了一项金额为$250 million的股票回购计划，有效期为2026年1月1日至2026年12月31日。公司可不时通过该计划回购股票，方式包括公开市场交易、大宗交易、私下协商交易等。回购的时间以及回购股票的数量和价值将取决于多种因素。公司没有义务根据回购计划购买任何股票，且该计划可随时暂停、修改或终止，恕不另行通知。截至2026年9月30日止的九个月内，公司回购了$172 million的普通股，截至该日，股票回购计划尚余$78 million。这些回购包括以$50 million向当时属于关联方的Oaktree Capital Management, L.P.关联基金回购的总计2,500,000股股票。回购的股票作为库存股持有。

附注17. 金融工具和公允价值计量

我们的信用、市场和外汇风险管理政策载于2025年Form 10-K所含截至2025年12月31日止年度合并财务报表的附注17，金融工具和公允价值计量。截至2026年9月30日和2025年12月31日，我们分别签有总名义金额为$2,467 million和$1,374 million的合约，用于对冲外币风险，主要涉及美元、瑞士法郎、英镑、欧元、人民币、日元、墨西哥比索、新罗马尼亚列伊、捷克克朗、澳元和韩元。

金融工具的公允价值

FASB会计准则将公允价值定义为在计量日市场参与者之间的有序交易中出售资产可收取或转移负债需支付的价格（退出价格）。金融和非金融资产及负债整体上依据对公允价值计量具有重要意义的最低层级输入值进行分类。下表列示了截至2026年9月30日和2025年12月31日，公司按经常性基础以公允价值核算的金融资产和负债：


					公允价值
	名义金额		资产		负债
	9月30日， 2026		2025年12月 31日		9月30日， 2026		2025年12月 31日	9月30日， 2026		2025年12月 31日
指定工具：
指定的远期外汇合约	$	1,231			$	637		$	28			$	15	(a)	$	15	$	8	(d)
指定的交叉货币互换	1,775			1,775			—		—		(b)	109		169		(f)
指定的利率互换	560			625			8		—		(b)	—		16		(f)
指定工具总额	3,566			3,037			36		15			124		193
未指定工具：

未指定的远期外汇合约	1,236			737			23		2		(c)	7		3		(e)
未指定工具总额	1,236			737			23		2			7		3
指定和未指定工具总额	$	4,802			$	3,774		$	59			$	17		$	131	$	196

(a) 计入其他流动资产和其他资产

(b) 计入其他资产

(d) 计入应计负债和其他负债

(e) 计入应计负债

(f) 计入其他负债

现金流量套期

截至2025年12月31日，公司持有名义本金总额为$625 million、到期日分别为2028年1月、2029年1月、2030年1月和2031年1月的浮动利率转固定利率互换合约，其中一份名义本金为$65 million的利率互换合约于2026年提前结算。利率互换合约公允价值的变动计入累计其他综合收益（“AOCI”），并将在到期时于合并中期经营报表中重新分类至利息支出。与提前结算该利率互换合约相关的已确认金额并不重大。

公司还持有未到期的远期外汇合约，到期日最长为18个月，截至2026年9月30日和2025年12月31日的名义本金总额分别为$1,231 million和$637 million。这些远期外汇合约被指定为现金流量套期，以降低主要与库存采购和制造成本相关的外汇风险。远期外汇合约的收益和损失计入AOCI，并在相关交易确认为收益时于合并中期经营报表中重新分类至销售成本。

为降低其2032年优先票据的外汇风险，公司签订了固定利率转固定利率交叉货币互换合约，名义本金总额为€507 million ($550 million)，名义本金分别于2027年5月、2028年5月、2029年5月和2030年5月交换。交叉货币互换合约公允价值的变动计入AOCI，并根据相关债务即期汇率重新计量的变动，在合并中期经营报表中重新分类至营业外费用（收入）。交叉货币互换合约的净利息结算计入合并中期经营报表中的利息支出。

公司所有现金流量套期均被评估为高度有效。

净投资套期

公司已将名义金额总计为€1,157 million（$1,225 million）的交叉货币互换指定为其欧元计价业务的净投资套期。净投资套期的公允价值变动计入 AOCI，直至该净投资被清算或出售。截至 September 30, 2026 和 December 31, 2025，净投资套期的公允价值分别为净负债 $83 million 和 $124 million。净投资套期未记录任何无效部分。

非指定衍生工具

公司未到期的远期货币兑换合约期限通常最长为 3 个月，截至 September 30, 2026 和 December 31, 2025，名义金额分别为 $1,236 million 和 $737 million。远期货币兑换合约的公允价值变动计入合并中期经营报表的非经营性（收入）费用。

公司持有的浮动利率转固定利率互换合约已于 2025 年提前结算。未指定利率互换合约的公允价值变动计入合并中期经营报表的利息费用。

衍生工具对经营报表及综合收益（亏损）表的影响

下表列示了指定为现金流量套期及净投资套期的衍生工具公允价值变动对 OCI、AOCI 和收益的税前影响：


	截至 September 30 的三个月		截至 September 30 的九个月
	2026		2025		2026		2025
	（金额单位：百万美元）
现金流量套期
从 AOCI 重新分类至收入的收益（亏损）：
销售成本	$	5			$	(1)		$	13	$	(1)
利息费用	—			—			—		(4)
非经营性收入（费用）	2			1			19		65
在其他综合收益（亏损）中确认的收益（亏损）	12			6			30		(3)

净投资套期
在其他综合收益（亏损）中确认的收益（亏损）	10			6			52		(171)

未来十二个月内，预计有 $15 million 的现金流量套期税前收益将从 AOCI 重新分类至收入。

下表汇总了未指定为套期工具的衍生工具公允价值变动对收益产生的税前收益（亏损）：


		截至 September 30 的三个月		截至 September 30 的九个月
		2026		2025		2026		2025
合约类型	列报项目	（金额单位：百万美元）
利率互换	利息费用 (1)	$	—			$	—		$	—	$	—
远期货币兑换合约	非经营性收入	10			(1)			38		(27)

(1) 包括截至 September 30, 2025 的九个月期间的利息收入 $6 million，该收入部分被按市值计量的重新计量亏损 $6 million 抵销。2026 年期间没有未到期的未指定利率互换。

公允价值计量

外币兑换、利率互换和交叉货币互换合约采用市场可观察输入值进行估值。因此，这些衍生工具归类为第 2 级。计量交叉货币互换公允价值所用的假设被视为第 2 级输入值，基于市场可观察的利率曲线、交叉货币基差曲线、信用违约互换曲线和外汇汇率。

合并中期资产负债表中的现金、现金等价物及受限现金、应收账款以及票据和其他应收款的账面价值近似于公允价值。

下表列示了公司未按公允价值计量的金融资产和负债：


	2026年9月30日		2025年12月31日
	账面价值		公允价值		账面价值		公允价值
	（百万美元）
定期贷款融资	$	572			$	578		$	626	$	639
2032年优先票据	791			809			790		850

公司利用类似负债在上市市场上的交易确定其定期贷款融资及相关当期到期部分的公允价值。因此，定期贷款融资及相关当期到期部分的公允价值被视为第 2 级。2032年优先票据的公允价值根据交易所市场的报价确定，归类为第 1 级计量。

附注18. 累计其他综合收益

按组成部分列示的 AOCI 变动如下：


	截至9月30日止三个月		截至9月30日止九个月
（百万）	2026		2025		2026		2025
外币折算调整
期初余额	$	(72)			$	(115)		$	(110)	$	(27)
重分类前其他综合（损失）收益	8			3			46		(85)

税务影响	—			—			—		—
期末余额	(64)			(112)			(64)		(112)

现金流量套期有效部分公允价值变动 (1)
期初余额	7			9			(6)		(10)
重分类前其他综合（损失）收益	19			5			62		51
将远期外币兑换合约的（收益）损失重分类至销货成本	(5)			1			(13)		1
将交叉货币和利率互换的（收益）损失重分类至利息费用	—			—			—		4
将交叉货币互换的（收益）损失重分类至非经营性（收益）费用	(2)			(1)			(19)		(65)
税务影响	(1)			—			(6)		33
期末余额	18			14			18		14

净投资套期公允价值变动
期初余额	27			(38)			(6)		125
重分类前其他综合（损失）收益	10			6			52		(171)

税务影响	(2)			(1)			(11)		13
期末余额	35			(33)			35		(33)

养老金调整




期初和期末余额	(16)			(15)			(16)		(15)

AOCI 期末余额合计	$	(27)			$	(146)		$	(27)	$	(146)

(1)Certain prior period amounts have been reclassified to conform to current period presentation. This reclassification had no effect on previously reported changes in AOCI.

Note 19. Earnings Per Share

Basic earnings per share (\"EPS\") is computed using the two-class method. The deferred stock units (\"DSUs\") related to our stock-based compensation plan contain non-forfeitable rights to dividends and are considered as participating securities. The two-class method requires an allocation of earnings to all securities that participate in dividends with common shares to the extent that each such security may share in the Company's earnings. Basic EPS is then calculated by dividing undistributed earnings allocated to common stock by the weighted average number of common shares outstanding for the period. Under the two-class method, the impact of these participating securities was immaterial for the three and nine months ended September 30, 2026 and 2025.

Diluted EPS is calculated by applying the two-class method for participating securities and then incorporating the dilutive effect of other potential common shares, determined using methods such as the treasury stock method, to arrive at the most dilutive EPS.

The details of the EPS calculations for the three and nine months ended September 30, 2026 and 2025 are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions except per share)
Basic earnings per share:
Net income	$	97			$	77		$	293	$	226
Weighted average common shares outstanding – Basic	185,269,660			198,668,143			187,242,180		202,127,953
EPS – Basic	$	0.52			$	0.39		$	1.56	$	1.12

Diluted earnings per share:
Weighted average common shares outstanding – Basic	185,269,660			198,668,143			187,242,180		202,127,953
Dilutive effect of unvested RSUs and other contingently issuable shares	3,784,691			3,526,191			4,039,084		3,002,663
Weighted average common shares outstanding – Diluted	189,054,351			202,194,334			191,281,264		205,130,616
EPS – Diluted	$	0.51			$	0.38		$	1.53	$	1.10

Note 20. Commitments and Contingencies

We are involved in various lawsuits, claims, and proceedings incident to the operation of our businesses, including those pertaining to product liability, product safety, environmental, health and safety, intellectual property, employment, commercial and contractual matters and various other matters. We regularly assess the likelihood of adverse judgments or outcomes in these matters, as well as potential ranges of possible losses based on a careful analysis of each matter. We identify below the individual proceedings where we believe a material loss is reasonably possible or probable, and we accrue for matters when we believe that losses are probable and the amount of the potential loss is reasonably estimable. It is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of any potential loss. Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our financial position, results of operations or cash flows.

Brazilian Tax Matter

In September 2020, the Brazilian tax authorities issued an infraction notice against Garrett Motion Industria Automotiva Brasil Ltda, challenging the use of certain tax credits between January 2017 and February 2020. The estimated total amount of the loss contingency arising from this matter as of September 30, 2026 was $29 million, including penalties and interest. The Company believes, based on management’s assessment and the advice of external legal counsel, that it has meritorious arguments in connection with the infraction notice and any liability for the infraction notice is currently not probable. Accordingly, no accrual is required at this time.

Warranties and Guarantees

In the normal course of business, we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time of sale to the customer. Adjustments to initial obligations for warranties and guarantees are made as changes to the obligations become reasonably estimable. Product warranties and product performance guarantees are included in Accrued liabilities and Other liabilities in the Consolidated Interim Balance Sheet. The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Warranty and product performance guarantees at beginning of period	$	21			$	23		$	21	$	23
Accruals for warranties/guarantees issued during the period	5			5			12		11
Settlement of warranty/guarantee claims	(5)			(7)			(12)		(15)
Foreign currency translation	—			—			—		2
Warranty and product performance guarantees at end of period	$	21			$	21		$	21	$	21

Other Commitments and Contingencies

We are subject to other lawsuits, investigations, and disputes arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employment and employee benefit plans, intellectual property, and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurring and reasonably estimable. We regularly assess the likelihood of adverse judgments or outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.

Note 21. Pension Benefits

We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Significant plans outside the U.S. are in Switzerland and Ireland. Other pension plans outside the U.S. are not material to the Company, either individually or in the aggregate.

Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 2026. We expect to make contributions of cash and/or marketable securities of approximately $7 million to our non-U.S. pension plans to satisfy regulatory funding standards in 2026, of which $5 million has been contributed as of September 30, 2026.

Net periodic benefit costs for our significant defined benefit plans include the following components:


	Three Months Ended September 30,		Nine Months Ended September 30,
	U.S. Plans		Non-U.S. Plan		U.S. Plans		Non-U.S. Plan
	2026		2025		2026		2025	2026		2025	2026		2025
	(Dollars in millions)
Service cost	$	—			$	—		$	1		$	2			$	—		$	—	$	5	$	5
Interest cost	2			2			1		1		6			6			3		3
Expected return on plan assets	(2)			(2)			(2)		(2)		(7)			(6)			(6)		(5)
Amortization of prior service (credit)	—			—			—		—		—			—			(1)		(1)
Total	$	—			$	—		$	—		$	1			$	(1)		$	—	$	1	$	2

For both our U.S. and non-U.S. defined benefit pension plans, we estimate the service and interest cost components of net periodic benefit (income) cost by utilizing a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows. This approach provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates.

Note 22. Segments and Concentrations

The Company has identified our CODM as the Chief Executive Officer. The CODM reviews consolidated net income when assessing the Company's performance, allocating resources, and establishing management's compensation. In

addition to consolidated net income, the CODM receives discrete information for net sales by product and by geographical location. Consolidated net income is used to monitor budget versus actual results.

The accounting policies of our operating segment are the same as those described in the Company's summary of significant accounting policies.

The Company derives revenues from customers through sales of turbocharging, air and fluid compression, and high-speed electric motor technologies for OEMs and independent aftermarket distributors in the mobility and industrial fields.

Sales concentration - Net sales by region (determined based on country of shipment) and product line are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
United States	$	175			$	170		$	528	$	524
Europe
Germany	112			96			321		271

Rest of Europe	344			338			1,147		1,049
Asia
China	149			167			475		471
Rest of Asia	111			97			323		300
Other International	39			34			97		78
	$	930			$	902		$	2,891	$	2,693


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Diesel	$	212			$	201		$	679	$	626
Gas	385			405			1,244		1,206
Commercial Vehicles / Industrial	202			164			571		489
Aftermarket	122			116			355		325
Other	9			16			42		47
	$	930			$	902		$	2,891	$	2,693

The table below provides segment information about the Company:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Net sales	$	930			$	902		$	2,891	$	2,693
Less:
Material costs	519			500			1,634		1,514
Variable manufacturing costs (1)	105			121			330		342
Fixed manufacturing costs (2)	61			62			193		173
RD&E costs	39			33			120		118
Selling, general and administrative costs	58			57			179		175
Interest expense	27			29			78		83
Income tax expense	22			25			70		63
Other segment items (3)	2			(2)			(6)		(1)
Consolidated net income	$	97			$	77		$	293	$	226

(1) Variable manufacturing costs include freight, duties and tariffs, direct and indirect labor costs, repairs and maintenance, and variable overhead costs.

(2) Fixed manufacturing costs include depreciation and amortization, rent, overhead labor costs, repositioning costs, utilities, and other fixed costs.

(3) Other segment items consist of non-service components of net periodic pension expense, interest income, equity income and other non-operating expense (income) items (if any).

The measure of segment assets is reported on the Consolidated Interim Balance Sheet as total consolidated assets. The Company had capital expenditures of $15 million and $10 million for the three months ended September 30, 2026 and 2025, respectively, and $61 million and $51 million for the nine months ended September 30, 2026 and 2025, respectively.

Note 23. Subsequent Events

On October 21, 2026, the Company made a voluntary early debt repayment of $50 million on its 2025 Dollar Term Facility.

On October 28, 2026, the Board of Directors authorized a $250 million share repurchase program valid from January 1, 2027 until December 31, 2027. The share repurchase program does not obligate the Company to acquire any specific number of shares and may be modified, suspended, or terminated at any time.

On October 29, 2026, the Board of Directors declared a cash dividend of $0.08 per share of Common Stock, payable on December 15, 2026, to shareholders of record as of December 1, 2026.

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

The following discussion and analysis of our financial condition and results of operations, which we refer to as our “MD&A,” should be read in conjunction with our Consolidated Interim Financial Statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q as well as the audited annual Consolidated Financial Statements for the year ended December 31, 2025, included in our 2025 Form 10-K. Some of the information contained in this MD&A or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve various risks and uncertainties. Please refer to the \"Special Note Regarding Forward-Looking Statements\" below.

The following MD&A is intended to help you understand the results of operations and financial condition of Garrett Motion Inc. for the three and nine months ended September 30, 2026.

Executive Summary

During the third quarter of 2026, we outperformed the light vehicle industry and saw growth especially in commercial vehicles and industrial sales. This was primarily driven by demand growth in light commercial diesel applications in Europe, as well as continued expansion in commercial vehicle and industrial. Demand for aftermarket off-highway and industrial replacement parts further contributed to a favorable product mix. We delivered strong operating performance year-over-year, resulting in Net income for the quarter of $97 million and Adjusted EBIT(1) of $152 million. As the broader macroeconomic and geopolitical conditions evolve, we continue to actively monitor developments and their potential impacts on the industry and our operations.

We continue to have success across our differentiated technologies by winning business in both turbo and zero emission offerings. We secured light vehicle turbo, commercial vehicle and industrial awards across multiple regions, including turbo technology for data centers. Development and testing is on track for start of production for both our high-speed Powertrain and our E-Cooling oil free compressor. During the quarter we secured an additional award for our Industrial E-Cooling oil-free compressor technology and continue to broaden and advance our engagement with multiple HVAC customers. We completed multiple proof of concept tests for our high-speed E-Powertrain, advancing our discussions with customers.

For the three months ended September 30, 2026, we repurchased $57 million of Common Stock under our share repurchase program. As of September 30, 2026, we had $78 million of the authorized amount remaining under our share repurchase program. The repurchased shares are held as treasury stock.

(1) Adjusted EBIT is a non-GAAP measure. Refer to \"Non-GAAP Measures\" below for a definition of Adjusted EBIT and a reconciliation of Adjusted EBIT to Net income, the most directly comparable GAAP financial measure.

Disaggregated Revenue

The following tables show our revenues by geographic region and product line for the three and nine months ended September 30, 2026 and 2025, respectively.

By Region


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
United States	$	175			19%		$	170		19%	$	528		18%	$	524	19%
Europe	456			49%		434			48%	1,468		51%	1,320		49%
Asia	260			28%		264			29%	798		28%	771		29%
Other	39			4%		34			4%	97		3%	78		3%
Total	$	930					$	902			$	2,891			$	2,693

By Product Line


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Diesel	$	212			23%		$	201		22%	$	679		24%	$	626	23%
Gas	385			41%		405			45%	1,244		43%	1,206		45%
Commercial Vehicles / Industrial	202			22%		164			18%	571		20%	489		18%
Aftermarket	122			13%		116			13%	355		12%	325		12%
Other	9			1%		16			2%	42		1%	47		2%
Total	$	930					$	902			$	2,891			$	2,693

Results of Operations for the Three and Nine Months Ended September 30, 2026

Net Sales


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025
	(Dollars in millions)
Net sales	$	930		$	902		$	2,891	$	2,693
% change compared with prior period	3.1	%			7.4	%

Net Sales for the Three Months Ended September 30, 2026

$\"Q3$

For the three months ended September 30, 2026, net sales compared to the prior period increased by $28 million or 3% (including an unfavorable impact of $3 million or 0.3% due to foreign currency fluctuation). The increase was primarily related to strong demand in commercial vehicles, industrial and aftermarket, favorable price net of inflation pass-through, partially offset by lower import tariffs and post summary corrections.

Gasoline product sales decreased by $20 million or 5% (including an unfavorable impact of $1 million due to foreign currency translation), primarily driven by demand softness in China, partially offset by program ramp-ups in Europe, Japan, Korea, and India.

Diesel product sales increased by $11 million or 5% (including an unfavorable impact of $2 million or 1% due to foreign currency translation), primarily driven by strong demand for light commercial vehicles and pickup trucks in Europe, North and South America, and India.

Commercial vehicle and Industrials sales increased by $38 million or 23% (with no significant impact due to foreign currency translation), primarily driven by strong demand in North America and China for industrial and off-highway applications combined with higher on-highway demand in Japan, Korea and India.

Aftermarket sales increased by $6 million or 5% (with no significant impact due to foreign currency translation), primarily driven by higher demand for replacement parts in North America off-highway and industrial and stronger demand for passenger vehicles replacement parts in Europe.

Net Sales for the Nine Months Ended September 30, 2026

$\"Q3$

For the nine months ended September 30, 2026, net sales compared to the prior period increased by $198 million or 7% (including a favorable impact of $70 million or 2% due to foreign currency translation). The increase was primarily related to higher demand across all verticals, favorable foreign currency impacts and price net of inflation pass-through, partially offset by lower import tariffs and post summary corrections.

Gasoline product sales increased by $38 million or 3% (including a favorable impact of $34 million or 3% due to foreign currency translation), primarily driven by new application launches and program ramp-ups in Europe, India and South America, partially offset by demand softness in China.

Diesel product sales increased by $53 million or 8% (including a favorable impact of $22 million or 3% due to foreign currency translation), primarily driven by strong demand for light commercial vehicles and pickup trucks in Europe, North and South America and India.

Commercial vehicle and Industrials sales increased by $82 million or 17% (including a favorable impact of $6 million or 1% due to foreign currency translation), primarily driven by strong demand in North America and China for industrial and off-highway applications combined with higher on-highway demand in Japan and Korea.

Aftermarket sales increased by $30 million or 9% (including a favorable impact of $7 million or 2% due to foreign currency translation), primarily driven by stronger demand for passenger vehicle replacement parts in Europe and stronger demand for off-highway and industrial applications in North America, China, Japan and Korea.

Cost of Goods Sold and Gross Profit


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Cost of goods sold	$	724			$	716			$	2,277		$	2,147
% change compared with prior period	1.1	%				6.1	%
Gross profit as a percentage of sales	22.2	%		20.6	%		21.2	%		20.3	%

Cost of Goods Sold and Gross Profit for the Three Months Ended September 30, 2026


	Cost of Goods Sold		Gross Profit
	(Dollars in millions)
Cost of Goods Sold / Gross Profit for the three months ended September 30, 2025	$	716			$	186
Increase/(decrease) due to:
Volume	(17)			(8)
Product mix	39			21
Price, net of inflation pass-through	—			18
Commodity, transportation & energy inflation	18			(18)
Productivity, net	(24)			20
Import tariffs	(19)			1
Research, development & engineering	6			(6)
Foreign exchange rate impacts	5			(8)
Cost of Goods Sold / Gross Profit for the three months ended September 30, 2026	$	724			$	206

For the three months ended September 30, 2026, cost of goods sold increased by $8 million, primarily driven by $39 million related to product mix, $18 million of commodity, transportation, and energy inflation, $6 million of higher RD&E costs and $5 million from foreign currency impacts. These increases were partially offset by $24 million of higher productivity net of labor inflation and repositioning costs, $19 million of lower import tariffs primarily driven by tariff recoveries that we expect to be subsequently reimbursed to our customers, and $17 million from lower sales volumes.

For the three months ended September 30, 2026, gross profit increased by $20 million, primarily driven by $21 million of favorable product mix, $20 million of higher productivity net of labor inflation and repositioning costs, $18 million of price net of inflation pass-through, and $1 million of import tariffs. These increases were partially offset by $18 million of commodity, transportation, and energy inflation, $8 million from lower sales volumes, $8 million from foreign currency impacts, and $6 million of higher RD&E costs.

Cost of Goods Sold and Gross Profit for the Nine Months Ended September 30, 2026


	Cost of Goods Sold		Gross Profit
	(Dollars in millions)
Cost of Goods Sold / Gross Profit for the nine months ended September 30, 2025	$	2,147			$	546
Increase/(decrease) due to:
Volume	60			27
Product mix	61			28
Price, net of inflation pass-through	—			15
Commodity, transportation & energy inflation	24			(24)
Productivity, net	(41)			7
Import tariffs	(29)			—
Research, development & engineering	(5)			5
Foreign exchange rate impacts	60			10
Cost of Goods Sold / Gross Profit for the nine months ended September 30, 2026	$	2,277			$	614

For the nine months ended September 30, 2026, cost of goods sold increased by $130 million, primarily driven by $61 million related to product mix, $60 million from higher sales volumes, $60 million of foreign currency impacts, and $24 million of commodity, transportation, and energy inflation. These increases were partially offset by $41 million of productivity net of labor inflation and repositioning costs, $29 million of lower import tariffs, and $5 million of lower RD&E costs.

For the nine months ended September 30, 2026, gross profit increased by $68 million, primarily driven by $28 million of favorable product mix, $27 million from higher sales volumes, $15 million of price net of inflation pass-through, $10 million from favorable foreign currency impacts, $7 million of productivity net of labor inflation and repositioning costs, and $5 million of lower RD&E costs. These increases were partially offset by $24 million of commodity, transportation, and energy inflation.

Selling, General and Administrative Expenses


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Selling, general and administrative expense	$	58			$	57			$	179		$	175
% of sales	6.2	%		6.3	%		6.2	%		6.5	%

Selling, general and administrative (“SG&A”) expenses for the three months ended September 30, 2026 increased by $1 million compared with the prior period, primarily driven by $3 million of higher personnel cost, partially offset by $2 million of lower professional services and patent costs.

SG&A expenses for the nine months ended September 30, 2026 increased by $4 million compared with the prior period, primarily driven by $6 million of unfavorable foreign currency impacts and $6 million of higher personnel costs, partially offset by $3 million of lower bad debt expense and $6 million of acquisition and divestiture expenses incurred in the previous year.

Other Expense, Net


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025
				(Dollars in millions)
Other expense, net	$	1		$	1		$	3	$	9

Other expense, net for the three months ended September 30, 2026 was consistent with the prior period.

Other expense, net for the nine months ended September 30, 2026 decreased by $6 million compared to the prior period, primarily driven by professional fees incurred in the prior year related to our Restatement Agreement.

Interest Expense


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025
	(Dollars in millions)
Interest expense	$	27		$	29		$	78	$	83

For the three months ended September 30, 2026, interest expense decreased by $2 million compared to the prior period. This decrease was primarily from lower interest expense due to a lower notional amount of debt outstanding during the period.

For the nine months ended September 30, 2026, interest expense decreased by $5 million compared to the prior period. This decrease was primarily due to a lower notional amount of debt outstanding during the period and the repricing of our Credit Agreement at a lower interest rate.

Non-Operating Expense (Income)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
	(Dollars in millions)
Non-operating expense (income)	$	1			$	(3)	$	(9)	$	(10)

For the three months ended September 30, 2026, we had non-operating expense of $1 million compared to non-operating income of $3 million in the prior period. The change in non-operating expense from the prior period was primarily driven by the finalization of a tax indemnification obligation.

For the nine months ended September 30, 2026, we had non-operating income of $9 million versus $10 million in the prior period. The decrease in non-operating income was primarily driven by a decrease in interest income and foreign exchange transactional gains, and the finalization of a tax indemnification obligation, partially offset by the resolution of certain environmental liabilities and an increase in the non-service cost components of net periodic pension benefits.

Tax Expense


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Tax expense	$	22			$	25			$	70		$	63
Effective tax rate	18.5	%		24.5	%		19.3	%		21.8	%

The effective tax rates for the three months ended September 30, 2026 and 2025 were 18.5% and 24.5%, respectively. The effective tax rates for the nine months ended September 30, 2026 and 2025 were 19.3% and 21.8%, respectively.

The change in the effective tax rate for the three and nine months ended September 30, 2026 compared to the prior period is primarily related to a decrease in U.S. taxes on international operations during 2026, the global mix of earnings from year-to-year, a one-time benefit related to the revaluation of deferred tax assets in China during 2025, and deductions related to employee share-based compensation during 2026.

The effective tax rate can vary from quarter to quarter due to changes in the Company’s global mix of earnings, the resolution of income tax audits, changes in tax laws (including updated guidance on U.S. tax reform), deductions related to employee share-based compensation, internal restructurings, and pension mark-to-market adjustments.

Net Income


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Net income	$	97			$	77			$	293		$	226
Net income margin	10.4	%		8.5	%		10.1	%		8.4	%

Net income for the three months ended September 30, 2026 increased by $20 million compared with the prior period, due to $20 million of higher gross profit, $3 million of lower tax expense and $2 million of lower interest expense, partially offset by $4 million of increased non-operating expense and $1 million of higher SG&A expense.

Net income for the nine months ended September 30, 2026 increased by $67 million compared with the prior period, due to $68 million of higher gross profit, $6 million of lower other expense, net and $5 million of lower interest expense, partially offset by $7 million of higher tax expense, $4 million of higher SG&A expense and $1 million of lower non-operating income.

Non-GAAP Measures

It is management’s intent to provide non-GAAP financial information to supplement the understanding of our business operations and performance, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the most directly comparable GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to other similarly titled measures used by other companies. Additionally, the non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, an analysis of the Company’s operating results as reported under GAAP.

EBIT and Adjusted EBIT

We define “EBIT” as our Net income calculated in accordance with GAAP, plus the sum of (i) interest expense net of interest income and (ii) tax expense. We define “Adjusted EBIT” as EBIT, plus the sum of (i) repositioning costs, (ii) foreign exchange (gain) loss on debt net of related hedging (gains) losses, (iii) discounting costs on factoring, (iv) gain on sale of equity investment, (v) acquisition and divestiture expenses, (vi) other non-operating income, and (vii) debt refinancing and redemption costs, if any.

We believe that EBIT and Adjusted EBIT are important indicators of operating performance and provide useful information for investors and management because EBIT and Adjusted EBIT exclude the effects of income taxes, as well as the effects of financing activities by eliminating the effects of interest. Certain adjustment items, while periodically affecting our results, may also vary significantly from period to period and have disproportionate effect in a given period, which affects the comparability of our results.

The following table reconciles Net income under GAAP to EBIT and Adjusted EBIT:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in millions)
Net income	$	97			$	77		$	293	$	226
Interest expense, net of interest income (1)	26			28			77		80
Tax expense	22			25			70		63
EBIT	145			130			440		369
Repositioning costs (2)	4			3			17		8


Factoring and notes receivables discount fees	1			—			3		2

Other non-operating expense (income) (3)	2			(1)			(6)		(4)


Debt refinancing and redemption costs (4)	—			1			1		7

Acquisition and divestiture expenses	—			—			—		6
Adjusted EBIT	$	152			$	133		$	455	$	388

(1)Reflects interest income of $1 million for each of the three months ended September 30, 2026 and 2025, and $1 million and $3 million for the nine months ended September 30, 2026 and 2025, respectively.

(2)Repositioning costs includes severance costs related to restructuring projects.

(3)Reflects the non-service component of net periodic pension income and, for the three and nine months ended September 30, 2026, includes $4 million payable to the Company's former parent pursuant to an indemnity agreement established in connection with the Company's spin-off. For the nine months ended September 30, 2026, the amount also includes a $5 million gain related to the resolution of certain environmental liabilities not directly related to the Company's operations.

(4)Reflects third-party costs directly attributable to the refinancing of our credit facilities and any amendments thereto.

Adjusted EBIT for the Three Months Ended September 30, 2026

$\"Q3$

For the three months ended September 30, 2026, net income increased by $20 million versus the prior period as discussed above within Results of Operations for Three and Nine Months Ended September 30, 2026.

For the three months ended September 30, 2026, Adjusted EBIT increased by $19 million compared to the prior period, driven by $21 million of favorable product mix impact, $19 million of pricing net of inflation pass-through and $18 million of favorable productivity, SG&A net. This increase was partially offset by $18 million of commodity, transportation and energy inflation, $8 million of lower volume, $7 million of unfavorable foreign currency impact and $6 million of higher RD&E costs.

During the three months ended September 30, 2026, we saw strong demand in commercial vehicle, industrial, aftermarket, and diesel, partially offset by lower demand in gasoline. The decrease in gasoline was primarily driven by demand softness in China, partially offset by program ramp-ups in Europe and Asia. The increase in Diesel was primarily driven by strong demand for light commercial vehicles and pickup trucks in Europe, North and South America and India. The growth in commercial vehicle and industrials were primarily driven by strong demand in North America and China for industrial and off-highway applications combined with higher on-highway demand in Japan, Korea and India. The increase in aftermarket was primarily driven by higher demand for replacement parts in North America off-highway and industrial and stronger demand for passenger vehicles replacement parts in Europe.

The strong operational productivity from our ability to flex our variable cost structure while driving sustained fixed cost productivity was partially offset by year-over-year labor inflation.

Losses in foreign currency for the three months ended September 30, 2026 were primarily driven by a strong Chinese Yuan and Japanese Yen.

Adjusted EBIT for the Nine Months Ended September 30, 2026

$\"Q3$

For the nine months ended September 30, 2026, net income increased by $67 million versus the prior period as discussed above within Results of Operations for Three and Nine Months Ended September 30, 2026.

For the nine months ended September 30, 2026, Adjusted EBIT increased by $67 million compared to the prior period, driven by a $28 million favorable product mix impact, $27 million of higher volumes, $16 million pricing net of inflation pass-through, $14 million of favorable productivity, SG&A net, $5 million of lower RD&E costs and a $1 million

benefit from foreign currency impact. This increase was partially offset by $24 million of commodity, transportation and energy inflation.

During the nine months ended September 30, 2026, we saw volume growth across all verticals. Gasoline growth was driven by new application launches and program ramp-ups in Europe, India, and South America, partially offset by demand softness in China. Diesel growth was due to strong demand for light commercial vehicles and pickup trucks in Europe, North and South America, and India. Commercial vehicle volume growth was driven by strong demand in North America and China for industrial and off-highway applications combined with higher on-highway demand in Japan and Korea. Aftermarket growth was driven by stronger demand for passenger vehicles replacement parts in Europe and stronger demand for off-highway and industrial in North America and Asia.

The increased productivity from our ability to flex our variable cost structure while driving sustained fixed cost productivity was offset by year-over-year labor inflation.

Gains in foreign currency from translational, transactional, and hedging effects in the nine months ended September 30, 2026 accounted for a $1 million increase in Adjusted EBIT.

Liquidity and Capital Resources

Overview


	September 30, 2026		December 31, 2025
	(Dollars in millions)
Cash and cash equivalents	$	211			$	177
Restricted cash	2			2
Revolving Facility - available borrowing capacity	630			630
Revolving Facility - borrowings or letters of credit outstanding	—			—
Term Loan Facilities - principal outstanding	581			637
2032 Senior Notes - principal outstanding	800			800
Bilateral letter of credit facility - utilized capacity	9			10

On May 18, 2026, we entered into the Second Amendment to the Restatement Agreement, which reduced the Applicable Rate to the Adjusted Term SOFR Rate plus 1.75% per annum in the case of Term Benchmark Loans and the Alternate Base Rate plus 0.75% per annum in the case of ABR Loans. Additionally, the Second Amendment reduced the applicable margin for revolving borrowings to a range of 1.75% to 1.25% per annum in the case of Term Benchmark Loans and 0.75% to 0.25% per annum in the case of ABR loans. In connection with the Second Amendment, we also made an early debt repayment of $50 million on our 2025 Dollar Term Facility on May 18, 2026.

During the nine months ended September 30, 2026, we paid cash dividends of $46 million. On October 29, 2026, we declared a cash dividend of $0.08 per share of Common Stock, payable on December 15, 2026, to shareholders of record as of December 1, 2026.

We employ several means to manage our liquidity, and our sources of financing include cash flows from operations, cash and cash equivalents on hand, the 2032 Senior Notes, and our Credit Agreement, including our 2025 Dollar Term Facility and our New Revolving Facility. We expect to continue investing in our facilities as we expand our manufacturing capacity for new product launches and invest in new technologies and strategic growth opportunities, in particular in connection with our zero-emission technologies. We believe the combination of expected cash flows, the 2025 Dollar Term Facility, the 2032 Senior Notes, and the New Revolving Facility, will provide us with adequate liquidity to support the Company's operations and investments in strategic growth opportunities through at least the next 12 months. From time-to-time, we may opportunistically access the debt or equity capital markets, or otherwise pursue financing transactions, to supplement our sources of liquidity.

Share Repurchase Program

On December 3, 2025, the Board of Directors authorized a $250 million share repurchase program valid from January 1, 2026, until December 31, 2026. During the nine months ended September 30, 2026, we repurchased $172 million of Common Stock, with $78 million remaining under the share repurchase program as of that date. These repurchases include

a total of 2,500,000 shares repurchased from funds affiliated with Oaktree Capital Management, L.P., a related party at the time of the transaction, for $50 million. We may repurchase shares from time to time under the program through various methods, including in open market transactions, block trades, privately negotiated transactions, and otherwise. The timing, as well as the number and value of shares repurchased under the program, will depend on a variety of factors. We are not obligated to purchase any shares under the share repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. For more information, see Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Cash Flow Summary for the Nine Months Ended September 30, 2026


	Nine Months Ended September 30,
	2026		2025
	(Dollars in millions)
Cash provided by (used for):
Operating activities	$	378		$	314
Investing activities	(46)		(27)
Financing activities	(296)		(187)
Effect of exchange rate changes on cash and restricted cash	(2)		6
Net increase in cash, cash equivalents and restricted cash	$	34		$	106

Cash provided by operating activities increased $64 million for the nine months ended September 30, 2026 compared to the prior period. The increase was primarily driven by the Company's strong operating performance with a $67 million improvement in net income from the prior year.

Cash used for investing activities increased by $19 million for the nine months ended September 30, 2026, compared to the prior period, primarily reflecting higher capital expenditures of $10 million and lower proceeds from a cross-currency swap of $10 million.

Cash used for financing activities was $296 million for the nine months ended September 30, 2026 compared with $187 million in the prior period. During the nine months ended September 30, 2026, we made payments of $172 million for the repurchase of Common Stock under our share repurchase program, debt repayments of $111 million, and dividend payments of $46 million. These payments were partially offset by $56 million of proceeds from our Credit Facilities.

In comparison, cash used for financing activities was $187 million for the nine months ended September 30, 2025, primarily driven by payments of $136 million for Common Stock repurchases, debt repayments of $87 million, and dividend payments of $36 million. These payments were partially offset by $80 million of proceeds from our Credit Facilities.

Off-Balance Sheet Arrangements

We do not engage in any off-balance sheet financial arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Critical Accounting Policies and Estimates

The preparation of our Consolidated Interim Financial Statements in accordance with GAAP is based on the selection and application of accounting policies that require us to make significant estimates and assumptions about the effects of matters that are inherently uncertain. Actual results could differ from our estimates and assumptions, and any such differences could be material to our financial statements. Our critical accounting policies and estimates are summarized in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2025 Form 10-K.

Recent Accounting Pronouncements

See Note 2, Summary of Significant Accounting Policies of the Notes to the Consolidated Interim Financial Statements for further discussion of recent accounting pronouncements.

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q and the other reports filed by us with the SEC from time to time, as well as statements incorporated by reference herein and related comments by our management, contain forward-looking statements within the meaning of the U.S. federal securities laws. All statements other than statements of historical fact, including without limitation statements regarding our future results of operations and financial position, expectations regarding the growth of the turbocharger and electric vehicle markets and other industry trends, the sufficiency of our cash and cash equivalents, anticipated sources and uses of cash, anticipated investments in our business, our business strategy, pending litigation, anticipated interest expense, and the plans and objectives of management for future operations and capital expenditures are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of these terms or other similar expressions. In making these forward-looking statements, we rely on our current expectations and projections about possible future events and financial trends that we believe may affect our business, financial condition and results of operations. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among other things, risks related to the following: (1) the ongoing evolution of the automotive industry; (2) the highly competitive markets in which we operate; (3) our reliance on sales to major customers; (4) changing industry and economic conditions; (5) the unique aspects of our aftermarket business; (6) pricing pressures from our original equipment manufacturer customers; (7) the foreign markets in which we operate; (8) climate change and increased scrutiny from customers, investors, regulators, and other stakeholders; (9) recruitment, development, and retention of qualified personnel; (10) program launch difficulties; (11) volatility in the cost of raw materials, components, energy, transportation, and other inputs; (12) supply shortages or supplier distress leading to a disruption of our operations; (13) realization of sales from awarded business; (14) economic, political, regulatory, foreign exchange, and other risks of our international operations; (15) geopolitical conditions, catastrophic events, and pandemics; (16) joint venture partnerships, joint development projects, and other strategic opportunities; (17) intellectual property rights; (18) work stoppages or other disruptions at our facilities; (19) realization of productivity and efficiency improvements and repositioning projects; (20) warranty claims, product recalls, field actions, or product liability actions; (21) litigation, government proceedings and other contingencies and uncertainties; (22) environmental matters and liabilities; (23) information technology and data privacy considerations, including cybersecurity and other security concerns; (24) our substantial indebtedness and restrictive covenants related to such indebtedness; (25) tax considerations; (26) our ability to raise capital; (27) our pension funding obligations; or (28) payment of dividends and share repurchases. For a further discussion of these and other risks, refer to Part I, Item 1A. \"Risk Factors\" of our 2025 Form 10-K.

You should read this Quarterly Report and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from those envisioned by these forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of September 30, 2026, the net fair value of all financial instruments with exposure to currency risk was $80 million. The potential loss or gain in fair value for such financial instruments from a hypothetical 10% adverse or favorable change in quoted currency exchange rates would be $305 million and $(338) million, respectively, at September 30, 2026, exchange rates. The model assumes a parallel shift in currency exchange rates; however, currency exchange rates rarely move in the same direction. The assumption that currency exchange rates change in a parallel fashion may overstate the impact of changing currency exchange rates on assets and liabilities denominated in currencies other than the U.S. dollar.

This sensitivity analysis reflects the impact on the foreign currency-sensitive financial instruments in isolation and does not include the offsetting changes in value of the underlying exposures being economically hedged. As a result, the hypothetical gains and losses presented are not indicative of the Company's actual foreign currency risk exposure or the expected impact on earnings, which would be substantially lower due to the offsetting nature of the Company's hedging program.

There have been no other material changes to the Company’s quantitative and qualitative disclosures about interest rate or commodity price risks as disclosed in Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risks, in our 2025 Form 10-K. The Company does not use financial instruments for trading or other speculative purposes.

Item 4. Controls and Procedures

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the \"Exchange Act\"). Based on management’s evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2026.

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We are involved in various lawsuits, claims, and proceedings incident to the operation of our businesses, including those pertaining to government contracts, product liability, prior acquisitions and divestitures, product safety, environmental, safety and health, intellectual property, employment and employee benefit plans, commercial and contractual matters, and various other matters. Although the outcome of any such lawsuit, claim, or proceeding cannot be predicted with certainty and some may be disposed of unfavorably to us, we do not currently believe that such lawsuits, claims, or proceedings will have a material adverse effect on our financial position, results of operations or cash flows. We accrue for potential liabilities in a manner consistent with accounting principles generally accepted in the United States. Accordingly, we accrue for a liability when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable.

For additional information regarding our legal proceedings, see the discussion under Note 20, Commitments and Contingencies of the Notes to the Consolidated Interim Financial Statements, which is incorporated by reference into this Part II, Item 1.

Item 1A. Risk Factors

There have been no material changes to the risks described under \"Risk Factors” in our 2025 Form 10-K. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under “Risk Factors” in our 2025 Form 10-K. These factors could materially adversely affect our business, financial condition, or results of operations, and could cause our actual results to differ materially from our historical results or the results contemplated by any forward-looking statements contained in this report.

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

On December 3, 2025, the Board of Directors authorized a $250 million share repurchase program valid from January 1, 2026, until December 31, 2026. The Company may repurchase shares from time to time under the program through various methods, including in open market transactions, block trades, privately negotiated transactions, and otherwise. The timing, as well as the number and value of shares repurchased under the program, will depend on a variety of factors. The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The following table summarizes our share repurchase activity for the three months ended September 30, 2026, and additional information regarding our share repurchase program:


Period	Total Number of Common Shares Purchased (1)	Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plan or Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program
July 1, 2026 - July 31, 2026	495,498		$	31.67			495,498		$	119,036,157
August 1, 2026 - August 31, 2026	726,733		28.38			726,733		98,407,924
September 1, 2026 - September 30, 2026	779,647		26.50			779,647		77,744,961
Total	2,001,878		$	28.46			2,001,878		$	77,744,961

(1) Excludes shares withheld to satisfy tax withholding obligations in connection with the vesting of equity awards.

Other than the repurchases reflected in the table above, there were no purchases of equity securities by the issuer or affiliated purchasers during the quarter ended September 30, 2026.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Trading Agreements

On August 23, 2026, Joanne Lau, Vice President, Chief Accounting Officer and Corporate Controller, adopted a \"Rule 10b5-1 trading arrangement\" as such term is defined in Item 408(a) of Regulation S-K intended to satisfy Rule 10b5-1(c), to sell up to 24,660 shares of Common Stock between November 12, 2026 and May 14, 2027.

During the three months ended September 30, 2026, no other director or Section 16 officer of the Company adopted or terminated a \"Rule 10b5-1 trading arrangement\" or \"non-Rule 10b5-1 trading arrangement,\" as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

Incorporated by Reference

Exhibit

Number

Description

Form

File No.

Exhibit

Filing

Date

Filed/ Furnished

Herewith

3.1

Third Amended and Restated Certificate of Incorporation of Garrett Motion Inc., dated May 29, 2024

10-Q

001-38636

3.1

07/25/2024

3.2

Sixth Amended and Restated By-Laws of Garrett Motion Inc., dated July 22, 2026

8-K

001-38636

3.1

07/27/2026

31.1

Section 302 Certification of the Chief Executive Officer

31.2

Section 302 Certification of the Chief Financial Officer

32.1

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101

Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.

104

Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.


*	Filed herewith.


**	Furnished herewith.

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.


	Garrett Motion Inc.

Date: October 29, 2026	By:	/s/ Olivier Rabiller
		Olivier Rabiller
		President and Chief Executive Officer

Date: October 29, 2026	By:	/s/ Sean Deason
		Sean Deason
		Senior Vice President and Chief Financial Officer

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