Aptiv PLC APTV

Aptiv PLC reshaped itself this quarter. In an 8-K filed on May 5, 2026, the company reported that its Electrical Distribution Systems business had completed its spin-off into a new publicly traded company, Versigent, and made supplemental investor information about the separation available at ir.aptiv.com. The same day, Aptiv issued a press release reporting financial results for the quarter ended March 31, 2026, putting $5.09B of net sales on the board.

Aptiv supplies the electrical architecture and software that runs through modern vehicles: connectors, harnesses, control units, and the systems that tie sensing to action. Its filings name three reporting segments, Electrical Distribution Systems, Intelligent Systems, and Engineered Components. Revenue is heavily concentrated: the 10-Q for the three months ended March 31, 2026 states the ten largest customers accounted for roughly 55 % of total net sales, including about 11 % from a single global OEM, the same concentration the company reported a year earlier.

The filed figures, all from the 10-Q for the period ending March 31, 2026 unless noted, are mixed. Revenue was $5.09B, operating income $378.0M, and net income attributable to the parent $189.0M, with diluted earnings per share of $0.88 across 213.8M weighted average diluted shares. The balance sheet showed $25.20B of assets, $15.68B of liabilities, $9.23B of equity attributable to the parent, and $3.17B of cash. Net cash used in operating activities was $143.0M for the quarter, inventory stood at $2.75B and rose by $185.0M, and research and development expense was $1.13B per the 10-K for the period ending December 31, 2025.

The source rail here is SEC EDGAR, not a price chart, so this file rests on filings rather than candles. The submissions and companyfacts JSON endpoints and the EDGAR browse index for CIK 1521332 carry the same record. The market mechanism worth holding in mind is structural: a parts maker that ships against fixed carmaker production schedules will see cash and inventory swing quarter to quarter even when reported profit is positive, which is exactly what the $189.0M of net income against $143.0M of operating cash use illustrates.

What changed is the corporate shape: a segment that the 10-Q still shows selling to all ten of the largest customers has been separated into Versigent. What is not yet proven on this rail is how the remaining business looks on a standalone basis. The evidence does not supply forward guidance, segment-level margins, dividend or buyback figures, or post-spin pro forma accounts. The recent Form 4 ownership changes on June 4 and June 16 and the Form 144 sale-intention notices on June 2, June 3, and June 15 show insider activity, but a Form 144 is an intention to sell restricted stock, not confirmation a sale occurred. A future 10-Q or earnings release parsing the post-separation segments would deepen the file most.