Goodyear (GT) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$17,588	$4,908	(0.2%)	$17,989	2.3%
Adj. EBITDA	$1,322	$331	(38.6%)	$1,045	(20.9%)
Free Cash Flow	$90	($3)	(100.2%)	($230)	(355.9%)
Net Debt, end of period	$6,557	$6,560		$6,787	3.5%
Net Debt / Adj. EBITDA	5.0x	5.9x		6.5x	+1.5x
Total Liquidity, end of period	$3,234	$3,231		$3,004	(7.1%)

The credit over the next year

Goodyear's next year turns on whether replacement tire volume stops falling and the Americas plants run fuller: lower production pushed conversion costs up $458mm year over year in the first nine months of 2026 and cut segment operating income to $305mm from $641mm. Raw materials flip from a $150mm nine-month tailwind to a guided $170mm fourth-quarter headwind as oil-linked inputs reprice, so price and mix (revenue per tire up about 3% a year) has to carry margin. The offsets are the last Goodyear Forward savings (about $110mm guided for Q4 2026) and the Fayetteville plant closure ($90mm of Americas profit in 2027 and $270mm a year from 2028), which matter because $700mm of 2027 notes come due against $812mm of cash.

Leverage rises from 5.0x to 6.5x over the next four quarters on the starting case.
The company burns $230mm of cash over the next year on the starting case, on top of $818mm of debt due, so liquidity has to fund it.
Net debt grows from $6.56bn to $6.79bn; maturing debt is assumed refinanced unless changed in the model.
Liquidity a year out is $3.00bn, against $3.23bn today.

Due inside a year: 4.875% Senior Notes due 2027 ($700mm); 7.625% Senior Notes due 2027 (assumed from Cooper Tire) ($118mm).

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$812.0
EUR 800mm European Revolving Credit Facility due 2028	619.0	100.0%	3.93%	0.5x	Neutral
$2.75bn First Lien Revolving Credit Facility due 2030	57.0	100.0%	5.15%	0.5x	Neutral
Pan-European accounts receivable securitization facility	228.0	100.0%	4.45%	0.7x	Neutral
Finance lease obligations	255.0	100.0%	N/a	0.9x	Neutral
4.875% Senior Notes due 2027	700.0	99.8%*	5.23%	1.4x	Neutral
7.625% Senior Notes due 2027 (assumed from Cooper Tire)	118.0	100.0%	7.62%	1.5x	Neutral
2.75% Euro Senior Notes due 2028 (EUR 400mm)	455.0	100.0%	2.75%	1.8x	Neutral
7% Notes due 2028	150.0	100.0%	7.00%	2.0x	Neutral
Mexican revolving credit facility ($200mm, undrawn)	0.0	100.0%	N/a	2.0x	Neutral
5% Senior Notes due 2029	850.0	95.5%*	6.67%	2.6x	Neutral
6.625% Senior Notes due 2030	500.0	96.7%*	7.60%	3.0x	Neutral
5.25% Senior Notes due July 2031	600.0	89.8%*	7.76%	3.4x	Bearish
5.25% Senior Notes due April 2031	550.0	89.8%*	8.01%	3.8x	Bearish
8.875% Senior Notes due 2032	1,050.0	102.0%*	8.45%	4.6x	Bearish
5.625% Senior Notes due 2033	450.0	86.9%*	8.28%	5.0x	Bearish
Notes payable and overdrafts (short term)	349.0	100.0%	N/a	5.2x	Bearish
Other foreign and domestic debt	316.0	100.0%	N/a	5.5x	Bearish
Chinese credit facilities (long term portion)	156.0	100.0%	N/a	5.6x	Bearish
Total Debt	$7,369.0			5.6x
Net Debt	$6,557.0			5.0x

Last Twelve Months

Revenue	$17,588
Implied Costs	(16,266)
Adj. EBITDA	$1,322
(-) Interest Expense	(415)
(-) Capex	(658)
Memo: FCF	$90
Total Liquidity	$3,234.0

Next 12 months, starting case▲ Revenue $17.59bn → $17.99bn▼ Adj. EBITDA $1.32bn → $1.05bn▼ Free cash flow $90mm → -$230mm▲ Net leverage 5.0x → 6.5x▼ Liquidity $3.23bn → $3.00bn

Goodyear

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$812.0
Undrawn Revolver ($2,750mm facility)			2,422.0
Total Liquidity			$3,234.0

EUR 800mm European Revolving Credit Facility due 2028	3.93%	1/14/2028	619.0	100.0%	3.93%	N/a	N/a	Neutral
$2.75bn First Lien Revolving Credit Facility due 2030	5.15%	5/19/2030	57.0	100.0%	5.15%	N/a	N/a	Neutral
Pan-European accounts receivable securitization facility	4.45%	10/18/2032	228.0	100.0%	4.45%	N/a	N/a	Neutral
Finance lease obligations	N/a	N/a	255.0	100.0%	N/a	N/a	N/a	Neutral
Total Secured Debt			$1,159.0						0.6x	0.6x	0.7x	0.6x	0.5x	0.9x	1.1x	1.0x
Net Secured Debt			$347.0						0.2x	0.2x	0.2x	0.2x	0.2x	0.3x	0.3x	0.3x

4.875% Senior Notes due 2027	4.875%	3/15/2027	700.0	99.8%*	5.23%	12/15/2026 @ 100	5.23%	Neutral
7.625% Senior Notes due 2027 (assumed from Cooper Tire)	7.625%	3/15/2027	118.0	100.0%	7.62%	N/a	N/a	Neutral
2.75% Euro Senior Notes due 2028 (EUR 400mm)	2.75%	8/15/2028	455.0	100.0%	2.75%	8/15/2026 @ 100	2.75%	Neutral
7% Notes due 2028	7.00%	3/15/2028	150.0	100.0%	7.00%	N/a	N/a	Neutral
Mexican revolving credit facility ($200mm, undrawn)	variable; margin...	11/22/2028	0.0	100.0%	N/a	N/a	N/a	Neutral
5% Senior Notes due 2029	5.00%	7/15/2029	850.0	95.5%*	6.67%	4/15/2029 @ 100	6.98%	Neutral
6.625% Senior Notes due 2030	6.625%	7/15/2030	500.0	96.7%*	7.60%	7/15/2027 @ 103.313	13.46%	Neutral
5.25% Senior Notes due July 2031	5.25%	7/15/2031	600.0	89.8%*	7.76%	4/15/2031 @ 100	8.01%	Bearish
5.25% Senior Notes due April 2031	5.25%	4/30/2031	550.0	89.8%*	8.01%	1/30/2031 @ 100	8.01%	Bearish
8.875% Senior Notes due 2032	8.875%	7/15/2032	1,050.0	102.0%*	8.45%	7/15/2029 @ 104.438	9.41%	Bearish
5.625% Senior Notes due 2033	5.625%	4/30/2033	450.0	86.9%*	8.28%	1/30/2033 @ 100	8.28%	Bearish
Notes payable and overdrafts (short term)	8.45%	N/a	349.0	100.0%	N/a	N/a	N/a	Bearish
Other foreign and domestic debt	9.26%	N/a	316.0	100.0%	N/a	N/a	N/a	Bearish
Chinese credit facilities (long term portion)	2.35%	N/a	156.0	100.0%	N/a	N/a	N/a	Bearish
Other debt, discounts and issuance costs	N/a	N/a	(34.0)
Total Debt			$7,369.0						3.9x	3.8x	4.7x	4.1x	3.3x	5.6x	7.1x	6.6x
Net Debt			$6,557.0						3.4x	3.4x	4.2x	3.6x	2.9x	5.0x	6.5x	6.2x
						Adj. EBITDA			$1,912	$1,957	$1,563	$1,810	$2,248	$1,322	$1,045	$1,113

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$17,478	$20,805	$20,066	$18,878	$18,280	$17,588	$17,989	$18,099
Y/Y Growth		19.0%	(3.6%)	(5.9%)	(3.2%)		2.3%	0.6%
(-) Cost of Revenue	(13,692)	(16,955)	(16,582)	(15,192)	(14,909)	(14,464)	(15,152)	(15,195)
Gross Profit	$3,786	$3,850	$3,484	$3,686	$3,371	$3,124	$2,837	$2,905
Gross Margin	21.7%	18.5%	17.4%	19.5%	18.4%	17.8%	15.8%	16.0%
(-) SG&A	(2,699)	(2,798)	(2,814)	(2,782)	(2,719)	(2,737)	(2,727)	(2,727)
(+/-) Other Operating Costs, net of D&A	696	762	142	797	705	603	918	918
EBITDA	$1,783	$1,814	$812	$1,701	$1,357	$990	$1,027	$1,095
(+) Add-backs: stock comp, restructuring, impairments	129	143	751	109	891	332	18	18
Adj. EBITDA	$1,912	$1,957	$1,563	$1,810	$2,248	$1,322	$1,045	$1,113
Margin	10.9%	9.4%	7.8%	9.6%	12.3%	7.5%	5.8%	6.1%
(-) Restructuring and other cash add-backs	(93)	(129)	(502)	(86)	(194)	(314)	--	--
Cash EBITDA	$1,819	$1,828	$1,061	$1,724	$2,054	$1,008	$1,045	$1,113
(-) Interest Expense (Cash Only)	(316)	(437)	(514)	(515)	(414)	(415)	(396)	(396)
(-) Cash Taxes	(201)	(174)	(200)	(170)	(160)	(206)	(206)	(206)
(-) Capex	(981)	(1,061)	(1,050)	(1,188)	(826)	(658)	(673)	(677)
(+/-) Working Capital and Other	(240)	(696)	685	(341)	(684)	361	--	--
Memo: FCF	$81	($540)	($18)	($490)	($30)	$90	($230)	($167)
% of Debt	1.1%	(7.3%)	(0.2%)	(6.6%)	(0.4%)	1.2%	(3.1%)	(2.3%)

Liquidity

Unrestricted Cash	$812.0
Undrawn Revolver	2,422.0
Total Liquidity	$3,234.0
(-) Debt due through 2028	(2,042.0)
(+/-) Free cash flow, last twelve months	90.0
Liquidity after maturities and a year of cash flow	$1,282.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

May 19, 2025Amended and Restated First Lien Credit Agreement, dated May 19, 2025 (JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent) · credit agreement · $2.75bn First Lien Revolving Credit Facility due 2030
Aug 13, 2010Indenture, dated August 13, 2010, among the Company, the subsidiary guarantors and Wells Fargo Bank, N.A. (now Computershare Trust Company, N.A.) as Trustee (base indenture) · indenture · Base indenture for the 4.875% Senior Notes due 2027, 5% Senior Notes due 2029, 6.625% Senior Notes due 2030, 5.25% Senior Notes due April 2031, 5.25% Senior Notes due July 2031, 8.875% Senior Notes due 2032 and 5.625% Senior Notes due 2033
Jun 4, 2026Thirteenth Supplemental Indenture, dated June 4, 2026, to the Indenture dated August 13, 2010 · supplemental indenture · 8.875% Senior Notes due 2032
May 18, 2021Tenth Supplemental Indenture, dated May 18, 2021, to the Indenture dated August 13, 2010 · supplemental indenture · 5% Senior Notes due 2029
Mar 7, 2017Sixth Supplemental Indenture, dated March 7, 2017, to the Indenture dated August 13, 2010 · supplemental indenture · 4.875% Senior Notes due 2027
Oct 12, 2022Amended and Restated Revolving Credit Agreement, dated October 12, 2022, among the Company, Goodyear Europe B.V., Goodyear Germany GmbH, Goodyear Operations S.A., the lenders, J.P. Morgan SE as Administrative Agent and JPMorgan Chase Bank, N.A. as Collateral Agent · credit agreement · EUR 800mm European Revolving Credit Facility due 2028
May 18, 2021Eleventh Supplemental Indenture, dated May 18, 2021, to the Indenture dated August 13, 2010 · supplemental indenture · 5.25% Senior Notes due July 2031
Apr 6, 2021Eighth Supplemental Indenture, dated April 6, 2021, to the Indenture dated August 13, 2010 · supplemental indenture · 5.25% Senior Notes due April 2031
Jun 3, 2025Twelfth Supplemental Indenture, dated June 3, 2025, to the Indenture dated August 13, 2010 · supplemental indenture · 6.625% Senior Notes due 2030
Sep 28, 2021Indenture, dated September 28, 2021, among Goodyear Europe B.V. as Issuer, the Company as Parent Guarantor, the subsidiary guarantors and Deutsche Trustee Company Limited as Trustee · indenture · 2.75% Euro Senior Notes due 2028 (EUR 400mm)
Apr 6, 2021Ninth Supplemental Indenture, dated April 6, 2021, to the Indenture dated August 13, 2010 · supplemental indenture · 5.625% Senior Notes due 2033
May 19, 2025Reaffirmation Agreement, dated May 19, 2025, with the form of Amended and Restated First Lien Guarantee and Collateral Agreement attached · intercreditor or security agreement · Guarantees and collateral for the $2.75bn First Lien Revolving Credit Facility due 2030
Oct 10, 2025Amendment No. 10 to the General Master Purchase Agreement, dated October 10, 2025, with the amended and restated General Master Purchase Agreement attached (Ester Finance Technologies as Purchaser; Credit Agricole CIB as Agent) · ABL or receivables facility · Pan-European accounts receivable securitization facility
Oct 12, 2022Amendment and Restatement Agreement, dated October 12, 2022, to the Master Guarantee and Collateral Agreement · intercreditor or security agreement · Guarantees and collateral for the EUR 800mm European Revolving Credit Facility due 2028
Apr 8, 2005Master Guarantee and Collateral Agreement, dated March 31, 2003, as amended and restated February 20, 2004 and April 8, 2005 (JPMorgan Chase Bank, N.A. as Collateral Agent) · intercreditor or security agreement · Guarantees and collateral for the EUR 800mm European Revolving Credit Facility due 2028
Mar 15, 1996Indenture, dated March 15, 1996, between the Company and Chemical Bank (now Computershare Trust Company, N.A.) as Trustee, with the March 1998 supplement (officers' certificate and form of note) · indenture · 7% Notes due 2028
Mar 17, 1997Indenture, dated March 17, 1997, between Cooper Tire & Rubber Company and The Chase Manhattan Bank (now The Bank of New York Mellon) as Trustee · indenture · 7.625% Senior Notes due 2027 (assumed from Cooper Tire)
Nov 25, 2022First Supplemental Indenture, dated November 25, 2022, to the Cooper Tire Indenture dated March 17, 1997 (Goodyear becomes the issuer) · supplemental indenture · 7.625% Senior Notes due 2027 (assumed from Cooper Tire)
Mar 27, 2019Amendment and Restatement Agreement, dated March 27, 2019, to the Master Guarantee and Collateral Agreement · intercreditor or security agreement · Guarantees and collateral for the EUR 800mm European Revolving Credit Facility due 2028
May 12, 2015Amendment and Restatement Agreement, dated May 12, 2015, to the Master Guarantee and Collateral Agreement · intercreditor or security agreement · Guarantees and collateral for the EUR 800mm European Revolving Credit Facility due 2028
Apr 20, 2011Amendment and Restatement Agreement, dated April 20, 2011, to the Master Guarantee and Collateral Agreement · intercreditor or security agreement · Guarantees and collateral for the EUR 800mm European Revolving Credit Facility due 2028
Apr 20, 2007Amendment and Restatement Agreement, dated April 20, 2007, to the Master Guarantee and Collateral Agreement · intercreditor or security agreement · Guarantees and collateral for the EUR 800mm European Revolving Credit Facility due 2028
Sep 15, 2022Amended and Restated First Lien Credit Agreement, dated June 7, 2021, as amended September 15, 2022 (conformed copy; replaced by the May 19, 2025 restatement) · credit agreement · Prior version of the $2.75bn First Lien Revolving Credit Facility due 2030 · repaid
Sep 15, 2022First Amendment, dated September 15, 2022, to the Amended and Restated First Lien Credit Agreement and the First Lien Guarantee and Collateral Agreement (replaced by the May 19, 2025 restatement) · credit agreement amendment · Prior version of the $2.75bn First Lien Revolving Credit Facility due 2030 · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$17,478	$20,805	$20,066	$18,878	$18,280	$17,588	$17,989	$18,099
Y/Y Growth		19.0%	(3.6%)	(5.9%)	(3.2%)		2.3%	0.6%
(-) Cost of Revenue	(13,692)	(16,955)	(16,582)	(15,192)	(14,909)	(14,464)	(15,152)	(15,195)
Gross Profit	$3,786	$3,850	$3,484	$3,686	$3,371	$3,124	$2,837	$2,905
Gross Margin	21.7%	18.5%	17.4%	19.5%	18.4%	17.8%	15.8%	16.0%
(-) SG&A	(2,699)	(2,798)	(2,814)	(2,782)	(2,719)	(2,737)	(2,727)	(2,727)
(+/-) Other Operating Costs, net of D&A	696	762	142	797	705	603	918	918
EBITDA	$1,783	$1,814	$812	$1,701	$1,357	$990	$1,027	$1,095
(+) Add-backs: stock comp, restructuring, impairments	129	143	751	109	891	332	18	18
Adj. EBITDA	$1,912	$1,957	$1,563	$1,810	$2,248	$1,322	$1,045	$1,113
Margin	10.9%	9.4%	7.8%	9.6%	12.3%	7.5%	5.8%	6.1%
(-) Restructuring and other cash add-backs	(93)	(129)	(502)	(86)	(194)	(314)	--	--
Cash EBITDA	$1,819	$1,828	$1,061	$1,724	$2,054	$1,008	$1,045	$1,113
(-) Interest Expense (Cash Only)	(316)	(437)	(514)	(515)	(414)	(415)	(396)	(396)
(-) Cash Taxes	(201)	(174)	(200)	(170)	(160)	(206)	(206)	(206)
(-) Capex	(981)	(1,061)	(1,050)	(1,188)	(826)	(658)	(673)	(677)
(+/-) Working Capital and Other	(240)	(696)	685	(341)	(684)	361	--	--
Memo: FCF	$81	($540)	($18)	($490)	($30)	$90	($230)	($167)
% of Debt	1.1%	(7.3%)	(0.2%)	(6.6%)	(0.4%)	1.2%	(3.1%)	(2.3%)

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Global tire unit volume million tires per quarter	42.3	34.0	36.5	38.6	41.6	34.0	36.5	38.6	41.6	34.0	36.5	38.6	$99.0mm on revenue	(69)
Tire revenue per unit (price and mix) $ per tire	99.86	96.88	97.97	100.93	101.44	101.37	102.46	102.78	104.35	101.37	102.46	102.78	$37.9mm on revenue	470
Raw material cost change $mm year-over-year change in segment costs (positive = higher)	10	-88	-91	29	170	170	170	70	0	0	0	0	$1.0mm on cost of revenue	580
Conversion cost change (factory absorption and inflation) $mm year-over-year change in segment costs (positive = higher)	187	155	165	138	211	40	40	50	50	50	50	50	$1.0mm on cost of revenue	341
Goodyear Forward and footprint savings $mm benefit to segment operating income versus prior year	192	107	95	90	110	23	23	23	23	45	45	45	$-1.0mm on cost of revenue	(178)

Goodyear's next year turns on whether replacement tire volume stops falling and the Americas plants run fuller: lower production pushed conversion costs up $458mm year over year in the first nine months of 2026 and cut segment operating income to $305mm from $641mm. Raw materials flip from a $150mm nine-month tailwind to a guided $170mm fourth-quarter headwind as oil-linked inputs reprice, so price and mix (revenue per tire up about 3% a year) has to carry margin. The offsets are the last Goodyear Forward savings (about $110mm guided for Q4 2026) and the Fayetteville plant closure ($90mm of Americas profit in 2027 and $270mm a year from 2028), which matter because $700mm of 2027 notes come due against $812mm of cash.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$4,917	$3,881	$4,250	$4,540	$4,908	$4,051	$4,420	$4,610	$5,018	$4,051	$4,420	$4,610
Y/Y Growth	(0.6%)	(8.7%)	(4.8%)	(2.3%)	(0.2%)	4.4%	4.0%	1.5%	2.2%	0.0%	0.0%	0.0%
Adj. EBITDA	$539	$265	$212	$306	$331	$247	$201	$266	$414	$242	$196	$261
Margin	11.0%	6.8%	5.0%	6.7%	6.7%	6.1%	4.5%	5.8%	8.2%	6.0%	4.4%	5.7%
Free Cash Flow	$1,335	($893)	($69)	($283)	($3)	($55)	($115)	($57)	$75	($60)	($120)	($62)
Cash, end of period	801	723	861	812	809	754	639	582	657	597	477	415
Total Debt, end of period	6,198	6,985	7,190	7,369	7,369	7,369	7,369	7,369	7,369	7,369	7,369	7,369
Net Debt / Adj. EBITDA	2.4x	3.3x	4.6x	5.0x	5.9x	6.0x	6.2x	6.5x	6.0x	6.0x	6.2x	6.2x

Revenue is built from Americas, Europe Middle East and Africa, Asia Pacific, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 5, 2026

Slides Webcast and audio replay Investor relations site

Segment profit fell to $174 million and free cash flow was negative $283 million; net debt rose to $6.56 billion, and four days after the call the CEO was replaced while a board strategic review continues.

Takeaways

Sales fell 2.3% to $4.54 billion, but rose 1.6% organically after stripping out the sold Chemical business and Dunlop brand. Tire units fell 3.3% on weak replacement demand.
Margins kept shrinking. Segment operating margin was 3.8%, down 2.4 points. Americas margin halved to 3.6% on poor factory utilization, inflation and tariffs. Cost savings of $90 million and price/mix only partly offset this.
Cash burn continued. Operating cash flow was negative $144 million and free cash flow was negative $283 million, $102 million worse than last year. Nine-month free cash flow was negative $1.25 billion.
Debt is rising again. Total debt was $7.37 billion and net debt $6.56 billion at September 30, up from $5.40 billion net at year end, as working capital built and losses continued.
Leadership and strategy are in flux. A new transformation office will study the operating model, footprint and business portfolio, which leaves room for further asset sales. On November 9 a director became interim CEO, the CFO role is also interim, and the company said a board special committee is still assessing options.
More plant closures add charges. Q3 carried $148 million of rationalization charges, and Goodyear is closing two chemical plants in Niagara Falls and Bayport at an expected pre-tax cost of $55 to $75 million.

Debt and capital

Total debt $7.37 billion and cash $812 million at September 30, 2026, giving net debt of $6.56 billion versus $6.33 billion at June 30.
Funded maturities: about $818 million in 2027, $1.22 billion in 2028, $850 million in 2029, $558 million in 2030 and $2.88 billion in 2031 or later.
In June 2026 Goodyear sold $1.05 billion of 8.875% senior notes due 2032, mainly to retire the $700 million 4.875% and $117 million 7.625% notes due March 2027.
Undrawn lines total about $3.1 billion, chiefly the $2.75 billion U.S. revolver, where the borrowing base was $270 million below the stated amount and $57 million was drawn.
The €800 million European revolver had about $619 million drawn, and the €300 million Pan-European securitization had $228 million used.
No buybacks or dividends were discussed. The new transformation work targets more consistent free cash flow.

Guidance

No full-year earnings or cash flow target appears in the slides. The company gave Q4 building blocks instead.
Q4 drivers: global volume down slightly, unabsorbed overhead about $45 million, price/mix about $60 million benefit, raw materials about $170 million headwind, Goodyear Forward about $110 million benefit, inflation and other costs about $110 million.
Q4 also absorbs about $44 million from the Dunlop and Chemical sales and about $56 million from non-recurring 2025 insurance proceeds.
Full-year 2026 assumptions: capex about $675 million, interest expense about $425 million, rationalization payments about $210 million, cash taxes about $175 million, D&A about $915 million, working capital about neutral.
Direction versus prior guidance is not stated in the company's own materials. Press coverage reports a wider full-year cash outflow outlook and a segment profit run well below the prior framework, so the outlook should be read as weaker.

Tone: Sober and defensive, with management calling results below expectations and pointing to a broader transformation that was soon followed by a CEO change.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and earnings slides only, plus the company's 8-K filings. Goodyear does not publish a call transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Sales fell 2.3% and segment operating income dropped to $174mm from $287mm as Americas factory costs outweighed pricing gains.

Results

Third quarter net sales were $4.54bn, down 2.3% from $4.65bn a year earlier. Excluding the divested Chemical business and Dunlop brand, sales rose 1.6%.
The company does not report adjusted EBITDA. Its preferred measure, segment operating income, was $174mm against $287mm, a margin of 3.8% against 6.2%. Excluding divestitures it fell $57mm.
Net loss was $238mm, or $0.82 per share, including $148mm of rationalization charges. Adjusted net loss was $31mm, or $0.11 per share, against adjusted income of $82mm.
Tire volume was 38.6 million units, down 3.3%.
Quarterly cash flow is not given. Nine-month cash from operations was negative $764mm against negative $716mm, and capital spending was $481mm against $649mm.

Why

Lower volume cost $77mm, inflation $69mm, and tariffs and other costs $48mm. These were partly offset by $90mm of Goodyear Forward savings and $76mm of price and mix gains over raw material costs.
Americas segment operating income fell to $96mm from $206mm on weak factory utilization and inflation. Replacement volume fell 2.2% while original equipment volume rose 8.7%.
EMEA earned $12mm against $30mm, with replacement volume down 11.3%. Excluding the Dunlop sale its income rose $5mm.
Asia Pacific earned $66mm against $51mm, a margin of 12.9%. Tires of 18 inches and above were 44% of volume, up from 39%.

Balance sheet and guidance

Cash was $812mm at September 30, 2026, against $801mm at December 31, 2025. The release does not state liquidity or leverage.
Long-term debt and finance leases were $6.03bn, plus $990mm due within one year and $349mm of notes payable and overdrafts. At year end these were $5.33bn, $364mm and $506mm.
Accounts receivable rose to $3.08bn from $2.34bn and inventories to $3.75bn from $3.57bn since year end.

What to watch

Fourth quarter working capital release. Operating cash flow was negative $764mm through nine months and debt rose since year end, so the seasonal unwind of receivables and inventory matters.
Americas margin, which fell to 3.6% from 7.5% on factory utilization. Replacement volume fell in every region.
The $990mm of long-term debt now due within one year, and what the new transformation office proposes, including the cash cost of further rationalization after $148mm of charges this quarter.

From the company's press release filed Nov 4, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 4, 20268-K for Nov 4, 2026: Results · Press release
Aug 5, 20268-K for Aug 5, 2026: Results · Press release
May 6, 20268-K for May 6, 2026: Results · Press release
Feb 9, 20268-K for Feb 9, 2026: Results · Press release
Nov 3, 20258-K for Oct 31, 2025: Acquisition or disposal completed; Results; Regulation FD · Presentation or supplement · Press release
Aug 7, 20258-K for Aug 7, 2025: Results · Press release
May 7, 20258-K for May 7, 2025: Results; Other event · Press release · Presentation or supplement
Feb 13, 20258-K for Feb 13, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 9, 20268-K for Nov 8, 2026: Director or officer change; Regulation FD
Nov 5, 20268-K for Nov 1, 2026: Director or officer change
Oct 27, 20268-K for Oct 27, 2026: Director or officer change
Oct 1, 20268-K for Sep 25, 2026: Director or officer change
Oct 1, 20268-K for Sep 29, 2026: Restructuring
Jul 21, 20268-K for Jul 16, 2026: Restructuring
Jun 26, 20268-K for Jun 22, 2026: Director or officer change
Jun 4, 20268-K for Jun 1, 2026: Other event
Apr 15, 20268-K for Apr 13, 2026: Shareholder vote
Mar 20, 20268-K for Mar 16, 2026: Restructuring
Aug 25, 20258-K for Aug 25, 2025: Other event
Jun 5, 20258-K for Jun 2, 2025: Restructuring
Jun 3, 20258-K for May 29, 2025: Regulation FD; Other event
May 29, 20258-K for May 29, 2025: Regulation FD; Other event
May 22, 20258-K for May 22, 2025: Material agreement; Regulation FD
May 19, 20258-K for May 19, 2025: New debt
May 16, 20258-K for May 12, 2025: Director or officer change
Apr 17, 20258-K for Apr 14, 2025: Director or officer change
Apr 16, 20258-K for Apr 14, 2025: Director or officer change; Shareholder vote
Apr 7, 20258-K for Apr 4, 2025: Director or officer change

Proxy statements 3

Other filings 8

Jun 2, 2026424B2
Jun 1, 2026424B5
May 30, 2025424B2
May 29, 2025424B5
Mar 28, 2022S-4/A
Mar 17, 2022S-4
Apr 2, 2021424B3
Apr 1, 2021424B2

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 9, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Mar 15, 2027Maturity. 4.875% Senior Notes due 2027: $700mm outstanding comes due.
Mar 15, 2027Maturity. 7.625% Senior Notes due 2027 (assumed from Cooper Tire): $118mm outstanding comes due.
Jan 14, 2028Maturity. EUR 800mm European Revolving Credit Facility due 2028: $619mm outstanding comes due.
Mar 15, 2028Maturity. 7% Notes due 2028: $150mm outstanding comes due.
Aug 15, 2028Maturity. 2.75% Euro Senior Notes due 2028 (EUR 400mm): $455mm outstanding comes due.
Nov 22, 2028Maturity. Mexican revolving credit facility ($200mm, undrawn): $0mm outstanding comes due.

Recent 8-K filings

Nov 9, 2026Director or officer change; Regulation FD disclosure
Nov 5, 2026Director or officer change
Nov 4, 2026Reported results
Oct 27, 2026Director or officer change
Oct 1, 2026Director or officer change
Oct 1, 2026Restructuring or exit costs
Aug 5, 2026Reported results
Jul 21, 2026Restructuring or exit costs