Lear Corporation: What’s the Real Power Behind a $1.2 Billion 2026–2027 Backlog—And Can It Hold Up?

Lear Corporation’s third quarter results for 2025 presented a multifaceted financial and strategic picture. The company reported revenues of $5.7 billion, marking a 2% increase over the same period in 2024. Core operating earnings stood at $241 million, with an operating margin of 4.2%. Adjusted earnings per share came in at $2.79, and the company generated a significant operating cash flow of $444 million, highlighting robust liquidity. Yet, a significant cybersecurity incident impacting a key client, Jaguar Land Rover (JLR), affected Lear’s performance, especially noted in their E-Systems segment. In assessing the positives, Lear demonstrated resilience and operational strength despite external disruptions. The company’s ability to generate one of its strongest cash flow results suggests effective working capital management and operational efficiency. Lear continues to extend its leadership in seating, securing significant new business across key automotive markets including with BMW, Ford, and some major Chinese automakers.