Aptiv PLC (APTV): Business Model Canvas [Dec-2025 Updated]

You're digging into Aptiv PLC's business model right now, and I get it-the planned spin-off of the Electrical Distribution Systems (EDS) unit makes things look different than they did last year. As a long-time observer, here's the quick math: the core focus is now on high-growth, high-margin Intelligent Systems, even as the whole company projects $20.3 billion in net sales for 2025. We're seeing a clear split where the future value lies in enabling the software-defined vehicle, backed by key resources like Wind River's IP, while non-automotive Physical AI revenue is set to approach $3 billion. Check out the full breakdown below to see precisely how their key activities and customer relationships are being rewired to capture this new value.

Aptiv PLC (APTV) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Aptiv PLC relies on to deliver its technology, and the numbers here show deep integration across the mobility and digital infrastructure sectors.

Top 10 global Automotive OEMs for core EDS and IS/EC content

Aptiv PLC's Electrical Distribution Systems (EDS) segment has significant reach into the largest vehicle programs globally. For the 2025E fiscal year, EDS content is present on 21 of the top 25 global vehicle programs. Furthermore, roughly 75% of EDS revenues stem from programs where Aptiv PLC holds substantial responsibility for the vehicle architecture design. The company's Advanced Driver-Assistance Systems (ADAS) portfolio is deployed on more than 70 million vehicles currently on the roads.

Metric	Value	Context
Top Global Vehicle Programs with EDS Content (2025E)	21 out of 25	Represents core content penetration in high-volume platforms.
EDS Revenue from Architecture Design Responsibility	75%	Percentage of EDS revenue tied to strategic design partnership.
Total Vehicles with Deployed ADAS Products	Over 70 million	Installed base demonstrating scale of Intelligent Systems.

Robust.AI for co-development of AI-powered collaborative robots

The collaboration with Robust.AI focuses on integrating Aptiv PLC's Wind River platforms and machine learning technologies with Robust.AI's robotics platform to scale AI-powered solutions.

• Aptiv PULSE™ Sensor integration.
• Integration of Aptiv Radar ML and Behavior ML.
• Utilizing Aptiv's Wind River compute platforms, including VxWorks real-time operating system and Helix Hypervisor.

ServiceNow for leveraging AI/data in enterprise operations

Aptiv PLC selected ServiceNow as a strategic platform to scale enterprise intelligence. This internal adoption is substantial.

• Roughly 50% of Aptiv PLC's global team requests services and support through ServiceNow today.
• The partnership has resulted in over 450 workflows and integrations.
• The supply chain digital twin enhancement is planned to have the entire global supply chain fully mapped by the end of 2025.

Strategic technology partners for 5G virtual RAN and Open RAN deployments

Aptiv PLC's Wind River software is foundational to next-generation network infrastructure deployments.

• Wind River software enables six-nines reliability in leading 5G virtual RAN and Open RAN deployments.
• Aptiv PLC technology is deployed in the infrastructure of each of the 5 telecom operators in the U.S. and Europe today.

Key suppliers for semiconductors and raw materials like copper

Supply chain resiliency remains a focus, particularly regarding material choices and component availability as of Q3 2025.

• Aptiv PLC's systems integration approach involves making tradeoffs, such as choosing between aluminum versus copper conductors for power distribution.
• Core segments tied to AI infrastructure, including memory and power-related passives, experienced growing constraints in Q3 2025.
• Procurement teams are entering Q4 hedging against risks that could trigger broader shortages through the end of the year (2025).

Aptiv PLC (APTV) - Canvas Business Model: Key Activities

Designing and optimizing vehicle electrical architectures (EDS).

The Electrical Distribution Systems (EDS) business, slated for spin-off, generated $8.3 billion in annual sales in 2024. For the three months ended September 30, 2025, the EDS segment saw revenue growth of 11%. The company is targeting market parity in China by the end of 2025.

Developing and integrating advanced driver-assistance systems (ADAS) software/hardware.

Aptiv PLC maintains a top three market share position in advanced driver assistance systems (ADAS). The company anticipated robust growth in active safety revenues, projecting an increase of high single digits for 2025. Aptiv PLC is launching Gen 6 ADAS platforms.

Manufacturing high-voltage power distribution and interconnect solutions.

The Engineered Components Group (ECG) segment, which remains with Aptiv PLC post-spin, experienced revenue growth of 6% in the third quarter of 2025. For the estimated 2025 profile of the remaining company (ECG and ASUX), 76% of revenues are from the light vehicle automotive market, with 24% from nonautomotive end markets like commercial vehicle, industrial, aerospace & defense (A&D), and telecom.

R&D on electrification, software-defined vehicles, and connected services.

Aptiv PLC reported Research and Development Expenses of $1.632 billion for the trailing twelve months ending September 30, 2025. The company anticipates electrified platform revenues to grow by low double digits in 2025. The company also noted mid-teens revenue growth in its Wind River business is expected in 2025.

Executing the strategic spin-off of the EDS business (SpinCo).

The strategic separation of the Electrical Distribution Systems (EDS) business is expected to be completed by the first quarter of 2026. This move is projected to reduce Aptiv PLC's scale to about $12 billion in revenue from about $20 billion pre-spin. The remaining company is expected to see its EBITDA margins improve to about 20% from mid-teens percent prior to the spin. The company reiterated confidence in achieving over $31 billion in new business awards for 2025.

Here's a quick look at the financial profile shift:

Metric	Pre-Spin Profile (2024 Estimate)	Post-Spin Profile (Estimated 2025)
Revenue	Approximately $20.051 billion (2023 Annual) or $20.152 billion (TTM Sep 2025)	RemainCo: About $12 billion
EDS Business Revenue (2024)	$8.3 billion	Spun-off Entity
Remaining Business Revenue (2024)	$12.2 billion (ECG/ASUX)	RemainCo
EBITDA Margin	Mid-teens percent	About 20%
Geographic Revenue Mix (RemainCo Est. 2025)	N/A	EMEA: 38%, North America: 34%, Asia Pacific: 27%

The company reported total revenue for the nine months ended September 30, 2025, of $15.2 billion, a 3% increase year-over-year. For the third quarter of 2025, revenue was $5.2 billion, up 7% from the prior year period.

The full-year 2025 revenue guidance, as of February 2025, was set between $19.6 billion and $20.4 billion. The updated 2025 revenue outlook, as of October 2025, was raised to $20.3 billion.

Key operational metrics for the most recent reported quarter include:

• Q3 2025 U.S. GAAP Revenue: $5.2 billion
• Q3 2025 Adjusted EPS: $2.17
• Q3 2025 Operating Income: $654 million
• Nine Months Ended Sep 30, 2025 Cash Flow from Operations: $1,367 million
• Estimated FY 2025 Adjusted EPS (Analyst Consensus): $7.2

The company's focus areas for new business wins are detailed below:

• Total New Business Bookings Target for 2025: Roughly $31 billion
• Q3 2025 Bookings: $8.4 billion
• Electrified Platform Revenue Growth Anticipated for 2025: Low double digits

Finance: draft 13-week cash view by Friday.

Aptiv PLC (APTV) - Canvas Business Model: Key Resources

Aptiv PLC maintains a resource base centered on proprietary software, global operational scale, and deep engineering capabilities, essential for its role in the software-defined vehicle ecosystem.

The physical infrastructure supporting Aptiv PLC's operations is extensive, providing global reach for production and delivery.

Resource Metric	Data Point
Global Manufacturing Facilities	140
Countries of Operation	49

The acquisition of Wind River brought significant intellectual property, particularly in real-time operating systems and edge computing software, which is now integrated into Aptiv PLC's core offerings.

• Wind River's technology, including the VxWorks real time operating system, is deployed in over two billion edge devices.
• The technology serves more than 1,700 customers across high-value industries.
• A non-cash goodwill impairment charge of $648 million related to Wind River was recorded in Q3 2025.

Financial strength provides the capital base for continued investment in these key resources and strategic initiatives.

• Operating cash flow for Q3 2025 totaled $584 million.
• Cash and cash equivalents stood at $1.6 billion as of September 30, 2025.
• Total available liquidity reached $4.2 billion at the end of Q3 2025.

Systems-level engineering expertise is materialized in proprietary platforms designed for the next generation of mobility.

Aptiv PLC's advanced sensor-to-cloud technology stack is a foundational resource, showcased at CES 2025, underpinning its Intelligent Systems segment.

• The Gen 6 ADAS Platform leverages this stack, integrating AI/ML capabilities.
• The platform utilizes containerized, mission-critical software from Wind River to accelerate development and support over-the-air updates.

Aptiv PLC (APTV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Original Equipment Manufacturers (OEMs) and other customers choose Aptiv PLC for their next-generation vehicle platforms. It's all about enabling that shift to electric, smart, and connected driving, backed by hard numbers from their latest reports.

Enabling the electrified, software-defined, and connected future of mobility.

Aptiv PLC is strategically positioning its portfolio around these secular trends, which is reflected in the projected structure of the business following the planned separation of the Electrical Distribution Systems (EDS) unit by March 31, 2026. The remaining entity, referred to as New Aptiv, is heavily weighted toward these growth areas.

• New Aptiv 2025E Revenue is projected at $12.4B.
• The divested Electrical Distribution Systems (EDS) business has 2025E Revenue projected at $8.6B.
• The company reported Q3 2025 U.S. GAAP revenue of $5.2 billion, a 7% increase year-over-year.
• Full Year 2025 Net sales guidance was raised to a range of $20,150 million to $20,450 million.

Optimized electrical architectures for lower OEM vehicle cost.

This value proposition is largely tied to the business being spun off, EDS, which focuses on the foundational electrical architecture. The goal here is to move away from legacy, build-to-print systems toward more standardized, optimized solutions.

Metric	Data Point	Context
Revenue from E/E architectures (2025E)	>75%	Percentage of New Aptiv revenue influenced by next-generation Electrical/Electronic (E/E) architectures.
Top Global Vehicle Platforms with EDS Content (2025E)	21 of 25	Demonstrates deep integration into major automotive programs.
Content on Top Global Automakers (2025E)	10 of 10	Represents the top global automakers using their solutions.

Best-in-class ADAS and active safety solutions (e.g., Gen 8 Radars).

The Advanced Safety and User Experience (ASUX) segment is the primary driver for this, benefiting from regulatory mandates and consumer demand for safety features. You see this reflected in segment-specific growth rates, even when overall production is soft.

• Active Safety revenue grew by 8.3% in Q1 2025.
• Active Safety revenues grew by a mid-teens percentage in Q4 2024.
• The AS&UX segment achieved an adjusted operating income margin of 11.8% in Q2 2025.
• Management highlighted strategic milestones like the launch of Gen 6 ADAS platforms.

High-margin software solutions with mid-teens revenue growth.

This speaks directly to the higher-value, less cyclical part of the business, exemplified by the Wind River software unit and the Smart Vehicle Compute offerings. The focus is clearly on decoupling revenue growth from vehicle production volumes.

Software/High-Margin Metric	Reported/Projected Growth	Period/Context
Smart Vehicle Compute and Software Revenue Growth	12.7%	Q1 2025.
Wind River Revenue Growth	14%	Q4 2024.
Wind River Expected Revenue Growth	Mid-teens	Projected for 2025.
Year-to-Date Adjusted EPS (9 Months Ended Sept 30, 2025)	$5.96	Excluding special items.

Diversification and higher growth in non-automotive Physical AI applications.

Aptiv PLC is actively pursuing growth outside of traditional automotive builds, often framed under the umbrella of Physical AI, which covers areas like robotics and industrial automation. This diversification is a key part of the long-term investment thesis.

• Aptiv is targeting 40% non-automotive growth by 2028.
• In Q4 2024, non-automotive markets within Signal and Power Solutions showed 5% growth.
• The company has entered a strategic partnership with Robust.AI to develop AI-powered collaborative robots.

Finance: finalize the Q3 2025 segment revenue breakdown by next Tuesday.

Aptiv PLC (APTV) - Canvas Business Model: Customer Relationships

You're looking at how Aptiv PLC locks in its future revenue, and honestly, it all comes down to embedding itself deep within the OEM's product development cycle. This isn't just selling parts; it's a partnership that starts years before a vehicle hits the road.

Deep technical co-development with OEMs on vehicle architecture design

Aptiv PLC's relationship model is built on co-creation, especially as vehicles become software-defined. They work on the foundational electrical architecture, which is mission-critical. For instance, they demonstrate how their open, modular platforms are deeply integrated with sensing and compute solutions to support continuous updates throughout the entire vehicle lifecycle. This integration expertise, backed by over 25 years of experience in systems integration, test, and validation, makes them a sticky partner. They offer scalable, modular solutions built on deep customer insights, which is key for OEMs needing flexibility. For example, an Advanced Driver Assistance Systems (ADAS) platform they develop scales from Level 0 up to Level 2+ applications, using AI across the sensor stack to enhance performance and drive out cost for the OEM customer. This deep technical involvement ensures Aptiv PLC is designing the future electrical architecture alongside the customer.

Dedicated account management for the top 10 global OEM customers

The focus is clearly on the largest players, which is standard for this tier of supplier. While specific numbers for the top 10 aren't public, the commitment to key accounts is evident in their stated engagement model. They prioritize account-based customer engagement and winning with the winners. To give you a sense of the scale of program commitment, Aptiv PLC's Electrical Distribution Systems (EDS) segment, prior to its planned separation, had content on 21 of the top 25 global vehicle programs, based on 2025E estimates. This level of penetration across major platforms implies dedicated, high-touch account management for those top-tier relationships. For context, Aptiv PLC's Year-to-Date revenue as of Q3 2025 reached $15.2 billion, showing the sheer volume flowing through these key customer channels.

Long-term program-based contracts for major vehicle platforms

The business is secured through long-term program-based contracts, which provide revenue visibility. The reliance on these major platforms is a core feature of the relationship structure. As noted, 2025E estimates show a significant portion of revenue is tied to these large vehicle programs, with EDS content on 21 of the top 25 global programs. This structure locks in content for years, insulating them somewhat from short-term production volatility, though they still see impacts; for example, Q1 2025 revenue was $4.8 billion, down 2% year-over-year on a GAAP basis, reflecting regional production softness. Still, the company's overall 2024 Total Net Sales were $19,713 million, demonstrating the scale of the long-term business base.

Strategic engagement to accelerate life cycle management via data/AI

Aptiv PLC is actively shifting the relationship post-sale by using data and AI to manage the vehicle's life cycle. They are demonstrating how leveraging real-time data analytics through a digital feedback loop, powered by their Wind River technology, provides deep insights into system behavior and consumer preferences. This allows for seamless, targeted, over-the-air software updates to unlock monetization opportunities after the point of sale. This focus on continuous engagement is quantified internally: Aptiv PLC runs over 450 AI-powered workflows across its global organization to streamline issue resolution and improve customer experience. This data-driven approach helps them respond faster to customer needs, a critical factor when you consider that adjacent markets were already contributing almost 20 percent of revenue as of early 2025, showing success in expanding value beyond traditional automotive sales.

Metric/Focus Area	Data Point (Late 2025 Context)	Source Context/Period
YTD Revenue (GAAP)	$15.2 billion	Year-to-Date through Q3 2025
Q3 2025 Revenue (GAAP)	$5.2 billion	Q3 2025
Internal AI Workflows Managed	Over 450	Customer Success Story Context (May 2025)
Top Global Vehicle Programs with EDS Content (Estimate)	21 out of Top 25	2025E Estimate
Revenue from Adjacent Markets (Approximate)	Almost 20 percent	Early 2025 Report Context
2024 Total Net Sales (Baseline)	$19,713 million	2024 Form 10-K

The relationship strategy is clearly moving toward being a software and data partner, not just a hardware provider. You see this in their focus on delivering flexibility and performance at a lower cost, which is a constant theme in their executive commentary.

• Deep integration into vehicle architecture design.
• Focus on account-based engagement with top-tier OEMs.
• Securing business via long-term program commitments.
• Accelerating life cycle value via real-time data analytics.

Finance: draft 13-week cash view by Friday.

Aptiv PLC (APTV) - Canvas Business Model: Channels

You're looking at how Aptiv PLC gets its technology into the hands of customers, which is a mix of direct engagement and a highly structured global footprint. This is critical because the automotive sector demands deep, direct relationships, but the software side, thanks to Wind River, is much broader.

The scale of the core business, which is heavily reliant on the direct OEM channel, is substantial. For the nine months ended September 30, 2025, Aptiv PLC reported U.S. GAAP revenue of $15.2 billion. The guidance midpoint for the full year 2025 revenue was set between $20.0 billion and $20.3 billion.

Direct sales force to global Original Equipment Manufacturers (OEMs).

The primary channel involves a direct sales force negotiating with global OEMs for electrical architecture and component products, as well as advanced safety and user experience technologies. This relationship is foundational to Aptiv PLC's revenue base. The company's focus on in-region, for-region content delivery is supported by its global manufacturing footprint, which includes plans to open two new factories in China in the latter half of 2025.

Here's a look at the scale of the business that flows through these channels, based on recent historical and forward-looking data:

Metric	Value/Period	Source Year/Period
Trailing 12-Month Revenue (TTM)	$20.2B	As of 30-Sep-2025
Full Year 2025 Revenue Guidance Midpoint	$20.0B - $20.3B	2025 Guidance
Revenue from Electrified Vehicle Platforms	$6.2B	2024

Direct sales to non-automotive industrial, aerospace, and telecom customers.

This segment is primarily channeled through the acquired Wind River business, which serves mission-critical intelligent systems outside of the core automotive OEM channel. Wind River's software portfolio, anchored by Wind River Studio, is deployed across a massive installed base.

• Software deployed on more than 2 billion edge devices worldwide.
• Serves more than 1,700 global customers.
• Expected mid-teens revenue growth for Wind River in 2025.

The revenue mix from Wind River in 2021, which informs the current non-automotive channel focus, was distributed as follows:

Non-Automotive Vertical	Revenue Percentage (2021)
Aerospace and Defense	45%
Industrial and Medical	30%
Telecom	15%

Global supply chain network for in-region, for-region delivery.

Aptiv PLC uses a global supply chain network designed to ensure supply stability and reduce environmental impact by sourcing suppliers local to the customer where possible, maintaining separate supply chain networks supporting every region in which it does business. This is managed using a digital twin technology that maps the supplier network from the point of origin to the end customer, creating part-level risk profiles.

Software licensing and service agreements for Wind River products.

The channel for the software segment relies on licensing and service agreements for the intelligent edge software platform, Wind River Studio. This model supports the full product lifecycle management for edge-to-cloud use cases across the non-automotive verticals mentioned. The initial acquisition of Wind River was a $4.3 billion cash deal.

The channel structure supports Aptiv PLC's overall operational scale:

• Total employees as of October 2025: approximately 33K across 6 continents.
• Total employees reported as of September 2025: 141,000.

Aptiv PLC (APTV) - Canvas Business Model: Customer Segments

You're looking at the customer base for Aptiv PLC after the planned spin-off of the Electrical Distribution Systems business, which sharpens the focus on high-growth areas. The total revenue for Aptiv PLC over the last twelve months (TTM) is reported at $20.15 Billion USD.

Global Automotive Original Equipment Manufacturers (OEMs)

The core customer base remains the global automotive OEMs, though the remaining Engineered Components Group (ECG) and Advanced Safety & User Experience (ASUX) operations derive a significant portion of their revenue from this sector. For 2025, an estimated 76% of revenues for the ECG and ASUX business comes from the light vehicle automotive market. You see this customer base spread globally, with estimated 2025 revenue generation broken down geographically:

Region	Estimated 2025 Revenue Share
EMEA	38%
North America	34%
Asia Pacific	27%

The company maintains a modest concentration, with its top five customers accounting for a small portion of the total. In Q1 2025, new business awards across all segments in China alone reached over $1.2 billion with local Chinese OEMs.

Non-automotive Industrial Markets, Commercial Vehicle, Aerospace, and Defense Industries

Aptiv PLC is actively diversifying, with adjacent markets accounting for almost 20 percent of revenue back in 2024. For the remaining ECG and ASUX business in 2025, an estimated 24% of revenues are sourced from these non-automotive end markets. The company has a clear strategic direction here, targeting 40% non-automotive growth by 2028.

The customer base in these areas includes specific industry leaders:

• Commercial vehicle manufacturers.
• Aerospace and Defense (A&D) customers, such as Northrop Grumman.
• Industrial automation partners, like Rockwell.
• Transportation sector players, including Alstom.

The company is also pursuing growth through partnerships, like the one with Robust.AI to develop AI-powered collaborative robots, or cobots, for warehouse and industrial automation.

Telecom and Datacom Operators (e.g., 5G virtual RAN)

This customer group falls under the broader non-automotive segment, which makes up the 24% slice of the 2025 estimated revenue for the retained businesses. The company's software and compute portfolio, including its ownership of Wind River, positions it to serve this market. You should note that Wind River's revenues saw a 14% growth in Q4 2024, though full-year declines were attributed to slower 5G investment and extended sales cycles.

The customer list in this area includes telecommunications industry innovators, such as Telus and Boost Mobile. The company is focused on delivering solutions that enable the connected future across these industries.

Here's a quick look at the revenue allocation for the retained ECG and ASUX businesses as estimated for 2025:

Customer Type	Estimated 2025 Revenue Share
Light Vehicle Automotive OEMs	76%
Non-Automotive (Commercial Vehicle, Industrial, A&D, Telecom)	24%

For the nine months ended September 30, 2025, Aptiv PLC reported U.S. GAAP revenue of $15.2 billion.

Finance: draft 13-week cash view by Friday.

Aptiv PLC (APTV) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Aptiv PLC's operations as it moves toward separating its Electrical Distribution Systems (EDS) business. Honestly, understanding where the money goes is key to valuing the remaining, higher-margin entity.

R&D expenses

Research and Development is a significant, ongoing investment for Aptiv PLC, reflecting its focus on advanced vehicle technology. For the latest twelve months ending September 30, 2025, Aptiv PLC's R&D expenses were approximately $1.632 billion. This spending fuels the development of their core areas like Advanced Driver Assistance Systems (ADAS) and software platforms.

Cost of materials/commodities, especially copper and semiconductors

The cost of goods sold is heavily influenced by raw material prices. You have to watch the markets for key inputs. In the broader electronic device Bill of Materials for 2025, it is anticipated that 90% of the value is allocated to active components, which means semiconductors are a massive cost driver. Aptiv PLC has had to navigate the ongoing semiconductor supply challenges, making contract management for these critical parts essential to cost control.

Capital expenditures for growth/efficiency

Aptiv PLC plans to invest in its future through capital expenditures (CapEx) aimed at growth and efficiency improvements. For 2025, CapEx is projected to be in the range of 5.0%-5.25% of sales. Given that the revenue for the retained business post-spin-off is estimated around $12 billion for 2025, this translates to an estimated CapEx spend between $600 million and $630 million for the year, supporting software capabilities and operational improvements.

Manufacturing and labor costs (higher for the EDS segment)

Manufacturing and labor represent a major portion of operating costs, but this is shifting due to the planned separation. The Electrical Distribution Systems (EDS) segment, which is being spun off, is specifically noted as being the more labor-intensive part of the business. The remaining Aptiv PLC, focusing on Engineered Components Group (ECG) and Advanced Safety & User Experience (ASUX), is retaining the higher-margin operations, which should structurally lower the labor cost component relative to revenue post-separation.

Restructuring and separation costs related to the EDS spin-off

The strategic separation of the EDS business, planned as a tax-free spin-off targeting completion by March 31, 2026, introduces specific, non-recurring costs. While specific 2025 restructuring charges aren't explicitly detailed in the latest reports, the company expects that ongoing cost reduction initiatives will help offset the restructuring and stranded costs, particularly those related to corporate overhead, as the two entities separate. This separation is a major, one-time cost event that needs to be factored into near-term financial planning.

Here's a quick look at the cost structure context:

Cost Component	Latest/Projected Figure	Context/Notes
R&D Expenses (LTM as of Q3 2025)	$1.632 billion	Investment in technology for the remaining business.
Capital Expenditures (2025 Projection)	5.0%-5.25% of revenue	To fund growth, efficiency, and software capabilities.
Estimated CapEx (Dollar Amount)	$600 million - $630 million	Based on estimated $12 billion revenue for the retained business in 2025.
Key Material Cost Driver	~90% of BOM value	Semiconductors are the largest component cost in the electronic device Bill of Materials.
Labor Intensity	Higher in spun-off EDS	The retained business is structurally less labor-intensive post-spin.
Separation Costs	Unspecified 2025 amount	Costs related to the planned tax-free spin-off of EDS, targeted for completion by March 31, 2026.

Finance: draft 13-week cash view by Friday.

Aptiv PLC (APTV) - Canvas Business Model: Revenue Streams

You're looking at how Aptiv PLC actually brings in the money, which is key for any valuation work you're doing. Honestly, it's a story of two big buckets, with some important, faster-growing areas bubbling up underneath. We need to map out these streams clearly to see where the bulk of the cash flow is coming from as we head into the end of 2025.

The core revenue picture for Aptiv PLC is built around its traditional automotive supply business, but you can't ignore the software and diversification plays. Here's the quick math on the projected full-year 2025 net sales guidance midpoint, broken down by the major product groups. This gives you the baseline for your discounted cash flow (DCF) model, I defintely think.

Revenue Segment	2025 Estimate (USD)
Electrical Distribution Systems (EDS) Products Sales	~$8.6 billion
Intelligent Systems (IS) and Engineered Components (EC) Products Sales	~$12.4 billion
Total Full-Year 2025 Net Sales Guidance Midpoint	$20.3 billion

That IS and EC segment, which includes things like advanced safety and user experience tech, is clearly the larger piece of the pie, making up the majority of the $20.3 billion expected total net sales. Still, the EDS business remains a massive, foundational revenue stream.

Beyond the core component sales, Aptiv PLC is actively growing revenue from higher-margin, future-facing areas. These streams are critical for understanding the company's long-term multiple expansion potential. You should track these separately:

• Software revenue derived from Wind River and Advanced Driver Assistance Systems (ADAS) solutions is estimated at ~$600 million for 2025E.
• Revenue generated from non-automotive markets is projected to be approaching $3 billion.

So, you have the established hardware base providing the scale, and then you have the software and non-auto diversification pushing toward a combined ~$3.6 billion in 2025 estimates. That's a significant portion of the total revenue base coming from areas that often command higher valuation multiples than traditional Tier 1 automotive supply.

Finance: draft 13-week cash view by Friday