BorgWarner Inc. (BWA): Business Model Canvas [Dec-2025 Updated]

You're looking at BorgWarner Inc. (BWA) right now, trying to map out how a legacy supplier manages the massive shift to electric vehicles, and honestly, it's a fascinating case study in industrial transformation. As a former head analyst, I can tell you their strategy hinges on a dual-track approach: milking high-efficiency combustion components while aggressively scaling eMobility, targeting roughly $4 billion in eProduct sales against their full-year 2025 net sales guidance of $14.1 billion to $14.3 billion. What really matters is that they are funding this pivot while projecting between $850 million to $950 million in free cash flow for 2025, which shows some real operational discipline, defintely. Dive below to see the full nine building blocks of their Business Model Canvas, from their key partnerships with OEMs to the specific value they deliver in an Integrated Drive Module (iDM).

BorgWarner Inc. (BWA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships BorgWarner Inc. relies on to drive its electrification pivot, which is key to its future valuation. These aren't just handshake deals; they are multi-year commitments locking in significant revenue streams.

Strategic Supply Agreements with Major Global OEMs

BorgWarner Inc. has solidified several high-value supply agreements with major global Original Equipment Manufacturers (OEMs) across different geographies, focusing heavily on hybrid vehicle components. These deals secure business well into the next decade.

For instance, the company secured contracts with two major, global OEMs to supply High-Voltage Coolant Heater (HVCH) technology for Plug-in Hybrid Electric Vehicle (PHEV) platforms, with production slated to begin in 2028. One of these is a 400V system, and the other is an 800V system with a different global OEM. Also, a partnership with a major East Asian OEM involves supplying turbochargers for their 1.6L engine used in Hybrid Electric Vehicle (HEV) SUV applications in Korea, building on an 18-year partnership, with production starting in 2027.

The focus on e-propulsion is clear with the 400V SW130 S-wind eMotor contract with a major North American OEM for hybrid full-sized trucks and SUVs, with production beginning in Q2 2028. Furthermore, BorgWarner expanded collaboration with Chery to supply Advanced AWD Products. The company also announced a contract for battery systems with HOLON, marking its first autonomous vehicle supply agreement in North America.

Technology Collaboration with Battery Specialists like FinDreams Battery for LFP Systems

BorgWarner Inc. entered a significant strategic relationship with FinDreams Battery, a subsidiary of BYD Company Limited, to localize Lithium Iron Phosphate (LFP) battery packs for the commercial vehicle market. This is a crucial step for the company's battery segment.

Under the agreement, BorgWarner will be the sole non-OEM localized manufacturer with rights to localize LFP battery packs utilizing FinDreams' blade cells across the Americas, Europe, and select regions of Asia Pacific. This partnership has a defined duration of 8 years. To support this, BorgWarner also received a license from FinDreams Battery to use its intellectual property related to its battery pack design and manufacturing process.

The rationale centers on the cost competitiveness of LFP chemistry, with CEO Frédéric Lissalde noting the increased customer demand for packs with LFP cells.

Joint Development Programs with OEMs for Next-Gen E-Propulsion Systems

The partnership with the major North American OEM for the SW130 eMotor involved more than just a supply order; it was a development effort. BorgWarner was closely collaborating with this OEM, providing continuous, valuable feedback to tailor the S-wind eMotor solution to specific application requirements. This joint effort covered everything from writing specifications for design with packaging constraints to manufacturing and final implementation.

The technology itself, the S-wind eMotor, is a next-generation component, serving as an alternator replacement in high-voltage architecture, featuring a continuous, rectangular formed winding design. This design reduces welding points by over 90% compared to hairpin motors, enabling better material utilization and lower costs.

Long-Term Contracts Securing Foundational and EProduct Business Through 2028 and Beyond

These strategic wins directly feed into BorgWarner Inc.'s long-term financial targets, which are built on the back of these secured orders. The company's outlook projects revenue of $16.0 billion and earnings of $1.0 billion by 2028.

This 2028 projection reflects a 4.4% annual revenue growth rate and a $780 million earnings increase from the current $220.0 million earnings base. The electrification segment, which these partnerships bolster, was previously forecasted to grow from $2.0-$2.1 billion in 2023 to more than $10 billion by the end of 2027.

The presence of long-term contracts is stated to minimize the likelihood of customers defecting to competitors, which provides BorgWarner Inc. with stable demand.

• Secured revenue stream through production start dates in 2027 and 2028.
• The FinDreams Battery agreement is set for an 8-year duration.
• The 2028 outlook targets $16.0 billion in revenue.
• The EV segment CAGR was expected to be about 50% through 2027 from a 2023 base.

BorgWarner Inc. (BWA) - Canvas Business Model: Key Activities

You're looking at the core engine driving BorgWarner Inc. right now, late in 2025. It's all about execution across a shifting product mix, balancing legacy strength with aggressive e-mobility investment while actively shedding non-core assets. Here's the quick math on what they are actively doing to keep the ship moving forward.

Manufacturing high-precision Foundational components (turbochargers, timing systems).

BorgWarner Inc. continues to manufacture core components that keep the existing vehicle fleet running, even as the market shifts. The company secured a new business award in late October 2025 to supply Stellantis with a Variable Turbine Geometry Turbocharger for their new Hurricane 4 Turbo Engine. This shows continued activity in the foundational combustion space. The company's PowerDrive Systems (PDS) segment, which includes some of these foundational drivetrain components, saw organic growth of 12% year-over-year in Q3 2025, led by China. Overall, BorgWarner expects full-year 2025 net sales to land between $14.1 billion and $14.3 billion.

Research and development (R&D) of eMobility solutions (eMotors, inverters, iDMs).

The R&D focus is clearly on electrification, securing major design wins to fuel future revenue. BorgWarner Inc. secured several new business awards in the six months leading up to late 2025, which management expects to contribute meaningfully to revenue growth starting in 2027. Specific e-product wins include:

• Battery System to power the HOLON autonomous shuttle.
• Dual Inverter project expansion with Great Wall Motor.
• Supply of a 7-in-1 Integrated Drive Module (iDM) to a leading Chinese OEM.

The momentum in this area is strong; light vehicle eProducts sales surged by 31% year-over-year in Q2 2025. The company projects that electric vehicles will represent approximately 13-17% of the global market in 2025, which is the market they are actively targeting with these new technologies.

Executing the strategic restructuring plan, including exiting the Charging business.

A major activity has been the deliberate pruning of the portfolio to focus on profitable growth areas. BorgWarner Inc. exited its Charging business during the second quarter of 2025. This move was made because the business was deemed unlikely to create shareholder value. The financial benefit from this exit is projected to improve adjusted operating income by approximately $15 million in 2025. Furthermore, the company is consolidating its North American Battery Systems operations, closing facilities in Hazel Park and Warren, Michigan, which is projected to generate annual run-rate cost savings of approximately $20 million by 2026. The Q3 2025 results included a Restructuring Charge of $80 million.

Global supply chain management across 65 manufacturing sites.

Managing a vast global footprint is a constant key activity, especially with recent market volatility. While the outline mentions 65 sites, a late October 2025 announcement regarding an expansion in Henderson County, North Carolina, noted that this new facility will add to the company's portfolio of 84 manufacturing and technical center locations worldwide. The company is managing through headwinds, such as a cyber-related shutdown at a European customer and semiconductor shortages, which management noted would create a 60 basis point combined headwind against the full-year 2025 sales outlook. Tariff costs, however, are expected to be fully covered by customers, with tariff recoveries shifting to a $25 million quarterly benefit in Q4 2025.

Here's a look at the recent operational performance that underpins these activities:

The company returned $136 million to shareholders in Q3 2025, which was over 50% of that quarter's free cash flow, comprised of $100 million in share repurchases and $36 million in dividends.

Finance: draft 13-week cash view by Friday.

BorgWarner Inc. (BWA) - Canvas Business Model: Key Resources

You're looking at the core assets BorgWarner Inc. (BWA) relies on to execute its dual-track strategy, balancing its foundational business with aggressive electrification plays. These aren't just line items; they are the physical and intellectual foundations supporting their financial targets.

The sheer scale of their global footprint is a massive resource, allowing them to serve major original equipment manufacturers (OEMs) across key regions. As of mid-2025, this physical network is detailed as:

• Global network of 65 manufacturing sites.
• 19 R&D centers globally.

This physical presence is paired with critical, proprietary intellectual property, especially in the high-growth power electronics space. This IP is what allows BorgWarner Inc. to command premium content per vehicle in the electric space. Here's a look at the technology underpinning their competitive edge:

The ability to produce these complex, high-voltage components at scale is a direct result of their investment in advanced manufacturing. While I don't have a specific automation percentage for late 2025, the context of securing major EV component awards-like the 800V SiC inverter program starting production this year-demands highly automated, efficient lines to manage costs and quality. It's the necessary infrastructure to support the shift in their product mix.

Finally, the strength of the balance sheet is a key resource because it underwrites the company's ability to invest and return capital, signaling stability to partners. This financial health is directly reflected in their near-term projections:

• 2025 Free Cash Flow Guidance: $850 million to $950 million.
• This guidance represents an increase of $150 million from prior guidance as of Q3 2025.

Finance: draft 13-week cash view by Friday.

BorgWarner Inc. (BWA) - Canvas Business Model: Value Propositions

You're looking at how BorgWarner Inc. delivers value by straddling both the established and emerging automotive propulsion systems. The core value is in their dual-track strategy, which means they are not betting on one technology but are providing high-efficiency components for both traditional combustion platforms and the rapidly growing electric vehicle (EV) architectures. This balance is key to navigating the current industry transition.

The financial performance in 2025 reflects this strategy. For instance, in the third quarter of 2025, BorgWarner reported net sales of US$3.59 billion, marking a 4.1% increase year-over-year, driven by robust demand in their foundational products like turbochargers and efficient powertrains. The full-year 2025 revenue guidance, as revised after Q3, sits in the range of US$14.1-14.3 billion.

The electrification side is showing significant momentum. Light vehicle eProduct sales increased by 47% year-over-year in the first quarter of 2025, and were still up 31% year-over-year in the second quarter of 2025. This is supported by specific EV component wins.

The value proposition around electrification is clearly quantified by the potential increase in content per vehicle (CPV). BorgWarner Inc. positions itself to capture substantially more revenue from an EV than from a traditional vehicle.

This nearly 5x potential increase in CPV is a major draw for OEMs looking to maximize value from their EV platforms, and it shows where BorgWarner Inc. is focusing its future growth efforts. For context, their eProduct sales reached $2.3 billion in 2024, up from $1.5 billion in 2022.

For Battery Electric Vehicles, BorgWarner Inc. offers integrated solutions, which simplifies the supply chain for customers. A prime example of this is the recent announcement in late October 2025 that BorgWarner will supply a Chinese Original Equipment Manufacturer (OEM) with a 7-in-1 Integrated Drive Module (iDM). This module combines multiple functions into one unit, which is a high-value proposition for EV architecture.

The company maintains its market leadership in foundational products, which provides a stable revenue base while the EV business scales. You can see this through recent business awards:

• Secured two significant turbocharger awards with a major global OEM for next-generation compact and light commercial combustion and hybrid vehicles, with production starting in August 2027 and September 2028.
• Extended four turbocharger programs with a major North American OEM for I4 and V6 platforms, set to launch in 2026.
• Won an award to supply Variable Cam Timing (VCT) systems to a major East Asian OEM, launching in the first quarter of 2026.

The regional data on foundational products also highlights an opportunity for continued growth in core areas; for instance, North American turbocharger penetration is reported at only 51% compared to 93% in Europe. Finance: draft 13-week cash view by Friday.

BorgWarner Inc. (BWA) - Canvas Business Model: Customer Relationships

You're looking at how BorgWarner Inc. locks in its revenue stream, and honestly, it's all about deep, embedded B2B partnerships. This isn't about selling off-the-shelf parts; it's about becoming indispensable to the world's biggest automakers.

Dedicated, long-term B2B relationships with global Original Equipment Manufacturers (OEMs).

BorgWarner Inc. maintains relationships that span decades, which is the bedrock of their business. They aren't just a supplier; they are a foundational technology partner. This is evident in the continuous stream of multi-year supply agreements they secure. For instance, they extended contracts on several wastegate turbocharger programs with a major North American OEM for midsized and large SUVs and truck platforms, with production scheduled to continue through 2028 and beyond. This long-term commitment is crucial, especially as the company projects full-year 2025 net sales to be in the range of $14.1 billion to $14.3 billion.

The relationship focus is clearly shifting with the market, but the core remains. In 2025, BorgWarner Inc. generated 87% of its revenue from electric vehicle and emissions-reducing hybrid and combustion products. This means their most critical relationships are now centered on next-generation propulsion systems.

• Secured multiple eMotors awards with three leading Chinese OEMs for plug-in hybrids.
• Awarded two all-wheel drive contracts with Chery for production starting in 2027.
• Secured a contract for a 7-in-1 integrated drive module (iDM) with a leading Chinese OEM for a hybrid SUV.

Co-development and engineering support for custom vehicle platforms.

The real value here is in the engineering collaboration, which builds significant barriers to entry for competitors. You see this in the early-stage development work they undertake. BorgWarner Inc. was closely collaborating with a major, North American-based OEM, providing continuous, valuable feedback to develop a specific 400V SW130 (S-wind) eMotor solution that met the OEM's exact application requirements. This process involves everything from writing specifications for design with packaging constraints to manufacturing implementation. This level of integration is what keeps them in the game.

This engineering depth is driving growth in their high-tech segments. For example, BorgWarner Inc.'s light vehicle eProduct sales increased 31% year-over-year in the second quarter of 2025. Their full-year 2025 adjusted operating margin guidance of 10.3% to 10.5% reflects the profitability derived from these specialized, co-developed products.

Key Account Management for major customers like Stellantis.

Specific, high-profile wins demonstrate focused Key Account Management. BorgWarner Inc. has secured significant business with Stellantis, securing a Variable Turbine Geometry (VTG) turbocharger award for the OEM's Hurricane 4, a 4-cylinder gasoline engine. This specific turbocharger is slated for the automaker's 2026 Jeep® Grand Cherokee. Furthermore, they also won an Electric Variable Cam Timing (eVCT) technology award with Stellantis for use on the Jeep Cherokee engine. These are not small, transactional orders; they are multi-year commitments tied to specific, high-volume vehicle platforms.

It's a global effort, too. They secured two turbocharger awards with a major global OEM for 1.0-liter engines (production start 2027) and a 3.0-liter gasoline hybrid application (production start 2028) across Europe and North America.

Contractual relationships with high switching costs due to deep system integration.

The nature of supplying integrated systems like eMotors, iDMs, and platform-specific engine components creates high switching costs for the OEM. When BorgWarner Inc. engineers an eMotor solution that meets specific packaging constraints for a major OEM's new hybrid truck platform, changing suppliers mid-cycle is incredibly expensive and time-consuming, effectively locking in the relationship for the life of that vehicle generation. This is why the company can project strong free cash flow guidance for 2025 between $700 million and $800 million, even while navigating market headwinds. The contracts are designed for resilience.

The long-term nature of these deals supports BorgWarner's overall financial health, allowing them to continue investing in the future. Their 2025 guidance implies an estimated outgrowth above market production of approximately 100 to 300 basis points, meaning they are winning share even as the overall market is expected to decline by 1% to 3% in 2025. That share gain comes directly from securing and maintaining these integrated, high-switching-cost customer relationships.

Finance: draft 13-week cash view by Friday.

BorgWarner Inc. (BWA) - Canvas Business Model: Channels

You're mapping out BorgWarner Inc.'s reach into the market, which is fundamentally about getting complex powertrain technology directly into the hands of vehicle builders and into the repair pipeline. The company's channel strategy leans heavily on deep, direct relationships with Original Equipment Manufacturers (OEMs) globally.

Direct sales and engineering teams serving global automotive OEMs

BorgWarner Inc. uses dedicated engineering and sales teams to secure and manage high-value, long-term business directly with global vehicle manufacturers. This channel is evidenced by recent major contract wins across different technologies and regions. For instance, the company secured multiple turbocharger awards with a major global OEM for next-generation vehicles in Europe and North America, with production starting as late as 2028. Furthermore, they won foundational awards for all-wheel drive systems with Chery and secured electric variable cam timing (eVCT) technology with Stellantis for the Jeep Cherokee engine. This direct engagement is how they integrate their technology, like the 7-in-1 integrated drive module (iDM) designed for a leading Chinese OEM's hybrid SUV, directly into the customer's product roadmap.

Global manufacturing footprint ensuring local supply to regional OEM assembly plants

The physical channel relies on an extensive global manufacturing footprint designed to support localized supply chains for regional OEM assembly plants. As of mid-2025, BorgWarner Inc. operates 60 manufacturing locations and 20 technical centers worldwide, employing approximately 37,800 people. This structure allows for production close to the customer. For example, certain turbocharger solutions are manufactured at facilities in Rzeszów, Poland, and Ramos, Mexico, specifically to support localized production strategies for major global OEMs. This proximity helps manage logistics and responsiveness for their core OEM business, which generated approximately $12 billion in foundational sales in fiscal year 2024.

Here's a quick look at the operational scale supporting these channels:

Independent Aftermarket (IAM) sales network for replacement parts

BorgWarner Inc. serves the aftermarket through its role as a supplier of propulsion systems to aftermarket companies. While specific IAM revenue figures aren't explicitly broken out, the company manufactures components known for durability and long-term availability, which are key attributes for replacement parts. This channel ensures that BorgWarner's technology remains in the vehicle fleet long after the initial OEM sale. The company maintains leadership positions in its foundational products, which feed this replacement market.

Direct-to-customer sales for specific e-mobility products (e.g., commercial vehicle applications)

The e-mobility segment utilizes a channel that shows significant growth momentum, even as the company strategically exited one direct-to-customer area. Light vehicle eProduct sales increased 31% year-over-year in Q2 2025. This growth is driven by direct OEM wins for components like eMotors and integrated drive modules. However, BorgWarner Inc. announced the exit of its Charging business during the second quarter of 2025, an action expected to eliminate approximately $30 million of annualized adjusted operating losses. This suggests a channel focus shift away from standalone charging infrastructure toward integrated propulsion components sold directly to OEMs.

• Light Vehicle eProduct Sales increased 47% year-over-year in Q1 2025.
• The company was previously on track to achieve approximately $4 billion of electric vehicle revenue by 2025 (based on 2022 projections).
• The Charging business exit is expected to create a more focused portfolio.

BorgWarner Inc. (BWA) - Canvas Business Model: Customer Segments

You're looking at the core customer base for BorgWarner Inc. as of late 2025, which is clearly split between the legacy combustion engine business and the rapidly growing e-mobility sector.

Global Light Vehicle OEMs (passenger cars, SUVs) transitioning to hybrid and EV

This segment remains the largest revenue driver, though its composition is shifting quickly. BorgWarner Inc. has a stated goal to have at least 25% of its revenues from battery electric vehicles (EV) by 2025, based on earlier strategic targets. The actual performance shows strong momentum in the e-products area supporting this transition.

• Light vehicle eProduct sales increased 47% year over year in the first quarter of 2025.
• Light vehicle eProduct sales grew 31% year-over-year in the second quarter of 2025.
• In the third quarter of 2025, light vehicle e-product sales saw a 6% year-over-year increase.
• The company secured a Variable Cam Timing (VCT) systems award for next-generation hybrid and gasoline engines with a major East Asian OEM, launching in the first quarter of 2026.
• BorgWarner Inc. secured two dual inverter programs with Great Wall Motor for HEV and PHEV applications.
• The company is seeing wins in highly contested markets, including an eVCT technology award with Stellantis for the Jeep Cherokee engine.

Commercial Vehicle OEMs (trucks and buses) adopting e-axles and battery systems

While the overall weighted light and commercial vehicle markets were expected to decline between 1% to approximately flat in 2025, BorgWarner Inc. is winning specific electrification business within this segment. The company is actively managing the decline in its Battery and Charging Systems business, which was anticipated to be a 100 basis point outgrowth headwind for 2025.

• The PowerDrive Systems (PDS) segment exceeded $580 million in sales in the third quarter of 2025, showing 12% year-over-year organic growth led by China.
• BorgWarner Inc. is supplying two types of transfer cases to SAIC Maxus for use in export vehicles, with mass production expected to launch in 2026.
• The company secured an award to supply electric motors for E-Axles for a European commercial vehicle OEM's electric light commercial trucks up to 7.5 tons, with production starting in early 2023.

Aftermarket distributors and service providers for replacement parts

This customer group is served through the foundational product portfolio, which includes replacement components for the existing global vehicle fleet. Foundational products, which encompass the combustion vehicle business, contributed more than 80% to group revenue as of the 2024/early 2025 context.

• Organic sales for foundational products rose 4% in the third quarter of 2025.
• BorgWarner Inc. extended four turbocharger programs with a major North American OEM for I4 and V6 engine platforms used in midsized and large SUVs as well as truck platforms, launching in 2026.
• The company secured a Variable Turbine Geometry (VTG) turbocharger award with Stellantis for the Hurricane 4 engine, featured on the 2026 Jeep Grand Cherokee.

Off-road vehicle and industrial equipment manufacturers

This segment is served through specialized drivetrain and powertrain components, often overlapping with commercial vehicle platforms but with distinct application requirements. The focus here is on securing foundational awards for durable, high-torque applications.

• Two all-wheel drive contracts were secured with Chery, one for on-demand transfer cases with mechanical lock (Mlock TOD) for pickup truck vehicles, launching in 2027.
• Another Chery contract involves a cross wheel drive (XWD) system for SUV models, also expected to begin production in 2027.

The overall financial context for BorgWarner Inc. in 2025 shows resilience despite market headwinds.

BorgWarner Inc. (BWA) - Canvas Business Model: Cost Structure

You're looking at the core expenses BorgWarner Inc. faces to keep the lights on and drive its electrification strategy. The cost structure is heavily weighted toward production, but significant capital is also being directed toward future technology.

The largest component of cost is the High cost of goods sold (COGS) due to raw materials and component manufacturing. For the twelve months ending September 30, 2025, BorgWarner's Cost of Goods Sold totaled $11.557B. This figure reflects the massive scale of producing complex powertrain components, both traditional and electrified.

To support the pivot, BorgWarner's total operating expenses for the twelve months ending September 30, 2025, reached $13.725B. While a specific R&D figure is not explicitly detailed in the latest reports to isolate it from other Selling, General, and Administrative (SG&A) costs, the company's focus on e-mobility implies a substantial portion of this expense base is dedicated to innovation. The Gross Profit for the same twelve-month period was $2.626B.

Manufacturing and labor costs across global facilities form the backbone of the COGS. As of 2023, BorgWarner maintained production facilities and sites at 92 locations in 24 countries. The company is actively managing these fixed and variable costs through targeted actions.

The company is absorbing significant Restructuring costs for consolidating operations. For the three months ended March 31, 2025, BorgWarner recorded $7 million of restructuring costs related to these specific actions. These efforts are designed to streamline the cost base, with the consolidation of North American Battery Systems operations projected to generate annual run-rate cost savings of approximately $20 million by 2026.

Further cost management involves portfolio streamlining:

• Exiting the Charging business is expected to eliminate approximately $30 million of annualized adjusted operating losses.
• The North American Battery Systems consolidation is targeting $20 million in annual cost savings by 2026.

Here's a quick look at the scale of recent financial performance impacting cost absorption:

BorgWarner Inc. (BWA) - Canvas Business Model: Revenue Streams

You're looking at the core ways BorgWarner Inc. brings in cash as of late 2025. It's a mix of supporting the existing fleet and aggressively capturing the shift to electric power. This dual focus is key to their current financial picture.

Here are the main financial targets guiding the revenue picture for the full year 2025:

Foundational Product Sales remain a massive part of the revenue base. These are the components for traditional combustion and hybrid vehicles. For perspective, BorgWarner's foundational sales were approximately $12 billion in fiscal year 2024. This segment provides the necessary scale while the company manages the transition.

The growth engine is clearly in eProduct Sales. This stream includes eMotors, inverters, and battery systems. BorgWarner Inc. has been winning significant electric business, with light vehicle eProduct sales in Q2 2025 surging 31% year-over-year. The company has set an internal goal for this segment to reach approximately $4 billion in sales for the full year 2025.

The revenue mix is supported by a few key activities:

• Foundational Product Sales for ICE and hybrid platforms.
• Strong growth in eProduct Sales, including integrated drive modules.
• New business awards across both foundational and e-products.
• Portfolio actions, like exiting the Charging business, to focus on profitable areas.

Also important is Aftermarket parts sales. This revenue stream typically offers more stable volume and higher margins compared to original equipment manufacturing (OEM) sales. It helps smooth out the cyclical nature of new vehicle production. The overall financial health is reflected in the expected profitability.

The company's focus on cost controls and strong sales conversion is expected to land the adjusted operating margin between 10.3% and 10.5% for 2025. That's an increase from prior guidance, showing operational discipline is paying off right now. Finance: draft 13-week cash view by Friday.