Commercial Vehicle Group, Inc. (CVGI) reported fourth‑quarter 2025 results on March 10 2026, showing revenue of $154.8 million, a GAAP diluted earnings per share of –$0.19 and an adjusted EPS of –$0.18. Adjusted EBITDA rose to $2.3 million, a turnaround from the $0.9 million adjusted EBITDA recorded in the fourth quarter of 2024.
Gross margin expanded by 190 basis points, while selling, general and administrative expenses fell by $4.8 million for the year. The company generated $8.8 million in free cash flow for the quarter, an increase of $7.9 million from the $0.8 million free cash flow reported in Q4 2024, underscoring the effectiveness of its cost‑control program.
Segment performance highlighted a 12.7% year‑over‑year growth in the Global Electrical Systems division, driven by new business wins such as the Zoox autonomous‑vehicle platform. The Global Seating and Trim Systems and Components segments faced headwinds from softer demand in the construction and agriculture markets, offsetting gains in the electrical segment.
Management guided for 2026 sales of $660 million to $700 million and adjusted EBITDA of $24 million to $30 million, while reaffirming its focus on maintaining positive free cash flow and reducing debt. The guidance reflects confidence in a rebound of the North American Class 8 truck market and continued expansion in the electrical systems business.
James Ray, President and CEO, said, “We are encouraged by the resilience and consistency seen in our fourth‑quarter results. The actions we took to drive operational efficiencies and right‑size our footprint continued to pay off, highlighted by the year‑over‑year gross margin improvement of 190 basis points seen last quarter. Our focus on our cost structure also drove a full‑year decline of $4.8 million in SG&A expenses in 2025. We expect to see continued operating leverage into 2026 as we ramp new business wins and our end markets stabilize and start to recover.” Andy Cheung, Chief Financial Officer, added, “CVG delivered results consistent with our adjusted full‑year guidance. We continue to see margin benefits from the strategic actions we’ve taken. Furthermore, our focus on working capital and capital expenditure reductions supported strong free cash flow, both in the fourth quarter and for the full year. Looking to 2026, we expect to see revenue and EBITDA growth for the company, prioritizing free cash flow for debt paydown.”
Investors responded positively to the results, citing the revenue beat, significant margin expansion, robust free‑cash‑flow generation, and optimistic 2026 outlook. The company’s partnership with Zoox as a strategic supplier for low‑voltage wire harnesses was highlighted as a key growth driver, reinforcing confidence in its transition toward higher‑margin autonomous‑vehicle components.
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