Visteon Corporation 2Q26 Misses on Margins; 2H Implied Guide Slightly Ahead on EBITDA; ASR and GoM Acceleration in 2027 Should Support Relative Revisions and Multiple; See Mixed Day for Stock

研报英文原文证据摘录

Visteon Corporation 2Q26 Misses on Margins; 2H Implied Guide Slightly Ahead on EBITDA; ASR and GoM Acceleration in 2027 Should Support Relative Revisions and Multiple; See Mixed Day for Stock

J P M O R G A N North America Equity Research

23 July 2026

Visteon Corporation

2Q26 Misses on Margins; 2H Implied Guide Slightly Overweight

Ahead on EBITDA; ASR and GoM Acceleration in 2027 VC, VC US

Should Support Relative Revisions and Multiple; See Price (22 Jul 26):$103.16

Mixed Day for Stock

Autos & Auto Parts

Quick take: A beat on revenue, though light on margins driven by engineering Rajat Gupta AC

investments. 2H26 implied guide (full year guide from June investor day was (1-212) 622-6382

reiterated) is ahead of JPMe/consensus on revenue/EBITDA, with VC rajat.gupta@jpmorgan.com

explicitly highlighting a $200 mn ASR (to be completed by early 4Q) as part Yash Beswala

of the recently announced share rep authorization (prior JPMe $250 mn from (1-212) 622-0028

3Q25-2Q26). Key other news was a new HPC win and ~$2 bn in overall yash.beswala@jpmchase.com

awards, keeping the company on track for ~$6 bn in 2026. We would be buyers Jash Patwa

on any pullback today on the back of the margin miss, given high visibility on (1-212) 622-5472

jash.patwa@jpmchase.com

2027 GoM/organic growth acceleration (and well above peer average, Table J.P. Morgan Securities LLC

32Q26OrganicGrowth%y/yTrackervs.Pers), combined with ASR and more deliberate future capital return likely to

drive relative EPS revisions and support relative multiple expansion.

Quick 2Q26 results summary (Table 1VC2Q26Detailsvs.JPMe/ConsensusEstimates): Revenue came in at $960 mn, ahead of

JPMe/consensus of $947 mn/$954 mn, while EBITDA of $116 mn was below both

JPMe/consensus of $121 mn, with EBITDA margin of 12.1% vs.