NYSE: DAN
DANA IncCIK 0000026780 · Motor Vehicle Parts & Accessories
Dana Incorporated (Dana), with history dating back to 1904, is headquartered in Maumee, Ohio. We are a world leader in providing power-conveyance and energy-management solutions for on-highway vehicles. The company's portfolio improves the efficiency, performance, and sustainability of light and… About this business →
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About DANA Inc
Source: Item 1 (Business) from the 10-K filed February 27, 2026. Description as filed by the company with the SEC.
Item 1. Business
General
Dana Incorporated (Dana), with history dating back to 1904, is headquartered in Maumee, Ohio. We are a world leader in providing power-conveyance and energy-management solutions for on-highway vehicles. The company's portfolio improves the efficiency, performance, and sustainability of light and commercial vehicles. From axles, driveshafts, transmissions, sealing and thermal products to electrification products including motors, inverters, controllers, e-sealing, e-thermal and digital solutions, we enable the propulsion of internal combustion engine (ICE), hybrid and electric powered vehicles by supplying nearly every major on-highway vehicle manufacturer in the world. As of December 31, 2025 excluding the Off-Highway business which is presented as a discontinued operation, we employed approximately 26,900 people and operated in 24 countries.
The terms “Dana,” “we,” “our” and “us” are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise.
Recent Strategic Actions
Cost reduction initiatives — During the fourth quarter of 2024, we announced further actions to support sustained long-term profitability and enhanced cash flow generation. This includes substantial reduction in selling, general and administrative costs and aligning engineering expenses to match current industry dynamics,
including the ongoing delay in the adoption of electric vehicles. We expect to deliver annualized savings of $325 through 2026. Approximately $260 of annualized savings was realized through 2025 with an additional $65 to be realized in 2026. See Summary of Consolidated Results and Segment Results of Operations in Item 7 and Note 4 of our consolidated financial statements in Item 8 for additional information.
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Segment realignment — Through December 2024, we managed our operations globally through four operating segments. Our Light Vehicle and Power Technologies segments primarily supported light vehicle original equipment manufacturers (OEMs) with products for light trucks, SUVs, CUVs, vans and passenger cars. Our Commercial Vehicle segment supported the OEMs of on-highway commercial vehicles (primarily trucks and buses), while our Off-Highway segment supported OEMs of off-highway vehicles (primarily wheeled vehicles used in construction, mining and agricultural applications). In the first quarter of 2025, our Power Technologies segment was integrated into our Light Vehicle and Commercial Vehicle segments, streamlining the business, enhancing our go-to-market approach and serving our customers more efficiently. The OEM-facing business was integrated into our Light Vehicle segment while the aftermarket business was integrated into our Commercial Vehicle segment. See Note 20 of our consolidated financial statements in Item 8 for additional information.
Divestiture of Off-Highway Business — Dana has embarked on a strategic plan to focus on our core on-highway markets, creating a more focused and nimble Dana through the divestiture of our Off-Highway business. In June 2025, we entered into a definitive agreement to sell our Off-Highway business to Allison Transmission Holdings, Inc. We analyzed the quantitative and qualitative factors relevant to the pending divestiture of our Off-Highway business and determined that the conditions for discontinued operations presentation have been met. As such, the financial position, results of operations and cash flows of that business are reported as discontinued operations in the accompanying consolidated financial statements. Prior period amounts have been recast to reflect discontinued operations presentation. See Note 1 and Note 2 of our consolidated financial statements in Item 8 for additional information. The transaction closed on January 1, 2026, with Dana receiving initial cash proceeds of $2,664. The sale price is subject to adjustment based on net working capital and net indebtedness balances as of the closing date.
Capital Structure Initiatives — Net cash proceeds from the Off-Highway business divestiture will be used to pay down debt, strengthening Dana’s financial position, and provide capital returns to shareholders. On January 7, 2026, we purchased, via a net proceeds tender offer, $138 of our November 2027 Notes, $142 of our June 2028 Notes, €141 of our July 2029 Notes ($164 as of January 7, 2026), $173 of our September 2030 Notes, €9 of our 2031 Notes ($10 as of January 7, 2026) and $152 of our February 2032 Notes at prices equal to 100.00% plus accrued and unpaid interest. On January 8, 2026, we redeemed the remaining $262 of our November 2027 Notes and the remaining $258 of our June 2028 Notes at prices equal to 100.00% plus accrued and unpaid interest. In addition, on January 2, 2026, we repaid the $225 outstanding balance on the Term A Facility. See Note 13 of our consolidated financial statements in Item 8 for additional information. On June 8, 2025, Dana’s board of directors approved a program to provide up to a $1,000 return of capital to shareholders through common stock share repurchases and/or special dividends through the end of 2027. On February 11, 2026, Dana's board of directors increased and extended the share repurchase program to a total of $2,000 through the end of 2030. Through January 31, 2026, we have spent $750 to repurchase 37,943,413 shares under the approved stock repurchase program. See Note 8 of our consolidated financial statements in Item 8 for additional information.
Overview of our Business
We have aligned our organization around two operating segments: Light Vehicle Drive Systems (Light Vehicle) and Commercial Vehicle Drive and Motion Systems (Commercial Vehicle). These operating segments have global responsibility and accountability for business commercial activities and financial performance.
External sales by operating segment for the years ended December 31, 2025, 2024 and 2023 were as follows:
2025
2024
2023
Dollars
% of Total
Dollars
% of Total
Dollars
% of Total
Light Vehicle
$
5,217
70.0
%
$
5,250
67.9
%
$
4,989
65.5
%
Commercial Vehicle
2,283
30.0
%
2,484
32.1
%
2,624
34.5
%
Total
$
7,500
$
7,734
$
7,613
Refer to Segment Results of Operations in Item 7 and Note 20 to our consolidated financial statements in Item 8 for further financial information about our operating segments.
Our business is diversified across end-markets, products and customers. The following table summarizes the markets, products and largest customers of each of our operating segments as of December 31, 2025:
Segment
Markets
Products
Largest
Customers
Light Vehicle
Light vehicle market:
Axles
Ford Motor Company
Light trucks (full frame)
Driveshafts
Stellantis N.V.*
Sport utility vehicles
ICE, hybrid and e-transmissions
Toyota Motor Corporation
Crossover utility vehicles
e-Axle systems
Renault-Nissan-Mitsubishi
Utility vans
e-Transmission systems
Alliance
Sports cars
Inverters
Tata Motors Ltd (including
Super sports cars
Electric motors
Jaguar Land Rover)
Controllers
General Motors Company
ICE sealing and thermal
Volkswagen AG
e-Sealing
Benteler Group
e-Thermal cooling systems
Suzuki Motor Corporation
Battery cooling
Mercedes-Benz Group AG
Electronics cooling
Hydrogen fuel cell cooling
New power industrial cooling
Commercial Vehicle
Commercial vehicle market:
Axles
PACCAR Inc
Medium duty trucks
Driveshafts
Traton SE
Heavy duty trucks
Hybrid and e-transmissions
AB Volvo
Buses
e-Axle systems
Daimler Truck AB
Specialty vehicles
e-Transmission systems
Ford Motor Company
Inverters
CNH Industrial N.V.
Electric motors
Stellantis N.V.
Controllers
Hinduja Group
ICE sealing and thermal
Toyota Motor Corporation
e-Sealing
Oshkosh Corporation
e-Thermal cooling systems
Battery cooling
Electronics cooling
Hydrogen fuel cell cooling
New power industrial cooling
* Via a directed supply relationship
Geographic Operations
We maintain administrative and operational organizations in North America, Europe, South America and Asia Pacific to support our operating segments, assist with the management of affiliate relations and facilitate financial and statutory reporting and tax compliance on a worldwide basis. Our operations are located in the following countries:
North America
Europe
South America
Asia Pacific
Canada
France
Spain
Argentina
Australia
México
Germany
Sweden
Brazil
China
United States
Hungary
Switzerland
Colombia
India
Ireland
United Kingdom
Japan
Italy
Singapore
Lithuania
South Korea
South Africa
Thailand
Our non-U.S. subsidiaries and affiliates manufacture and sell products similar to those we produce in the United States. Operations outside the U.S. may be subject to a greater risk of changing political, economic and social environments, changing governmental laws and regulations, currency revaluations and market fluctuations than our domestic operations. See the discussion of risk factors in