A maker of car seats and electrical systems that supplies nearly every major automaker, Lear builds complete seat systems plus the wiring, power distribution, and electronic controls inside modern vehicles. Founded in 1917 in Detroit as American Metal Products, it stamped steel seat frames before being absorbed by Lear Siegler in 1966 and renamed Lear Corporation in 1996. The "Lear" name comes from that old conglomerate, not from Bill Lear of Learjet fame—a mix-up the company still clears up today.
Lear Corporation amends and restates its $2.0 billion revolving credit facility, extending maturity to July 24, 2030.
JPMorgan Chase Bank, N.A. serves as administrative agent; Bank of America, N.A., BNP Paribas, Citibank, N.A., and HSBC Bank USA, National Association are syndication agents.
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On July 24, 2025, Lear Corporation entered into a second amended and restated credit agreement for its $2.0 billion unsecured revolving credit facility.
The new agreement extends the facility's maturity to July 24, 2030.
Interest rates on advances are based on Term Benchmark, Central Bank Rate, RFR, ABR, or Canadian Prime Rate, with spreads ranging from 0.925% to 1.450% for benchmark loans and 0.000% to 0.450% for ABR/Canadian Prime Rate loans as of June 28, 2025.
The facility includes customary covenants, including maximum leverage, limitations on fundamental changes, and restrictions on indebtedness and liens; the company was in compliance as of July 24, 2025.
1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits
Lear reports Q2 2025 revenue of $6.0B, net income $165M, EPS $3.06; restores full-year guidance
Second quarter 2025 revenue was $6.0 billion, flat year-over-year; net income was $165 million, down from $173 million in Q2 2024.
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Adjusted EPS was $3.47, down from $3.60 a year ago; core operating earnings were $292 million, down from $302 million.
Free cash flow was $171 million, roughly flat versus $170 million in Q2 2024; cash and liquidity at quarter end were $888 million and $2.9 billion, respectively.
Full-year 2025 guidance restored: net sales of $22,470-$23,070 million, core operating earnings of $955-$1,095 million, adjusted EBITDA of $1,570-$1,710 million, and free cash flow of $420-$520 million.
During the quarter, Lear repurchased 271,117 shares for $25 million, paid $41 million in dividends, and refinanced its $2 billion revolver to mature in July 2030.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits