It has been about a month since the last earnings report for Aptiv PLC (APTV Quick QuoteAPTV - Free Report) . Shares have lost about 4.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is APTIV PLC due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Aptiv PLC before we dive into how investors and analysts have reacted as of late.

Aptiv Q2 Earnings Beat Estimates

Aptiv PLC reported mixed second-quarter 2026 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.

APTV’s adjusted earnings of $1.63 per share topped the Zacks Consensus Estimate of $1.42 by 14.8% and increased 24.4% from the year-ago quarter, aided by stronger operating profitability, lower interest expense and a reduced share count.

Revenues of $3.27 billion missed the consensus mark of $3.32 billion by 1.4% but rose 2.3% year over year. Adjusted revenue growth was 2%, while non-automotive revenues increased 12%.

The company reported results excluding its Electrical Distribution (EDS) segment, which completed its spin-off into a new publicly traded company, Versigent, on April 1, 2026.

APTV’s Regional Growth Mix

North American adjusted revenues advanced 10% despite flat regional vehicle production. Asia-Pacific revenues grew 6%, including a 5% increase in China, even as Chinese vehicle production declined 3%.

Europe remained a headwind, with adjusted revenues falling 8% against a 1% production decline. Revenues in South America, Aptiv’s smallest region, decreased 4%. The regional results reflected strength in North America and Asia-Pacific, partly offset by weak European demand.

Aptiv’s Engineered Components Leads Growth

Engineered Components revenues increased 4.8% year over year to $1.80 billion. Adjusted revenue growth was 3%, with automotive revenues flat and non-automotive revenues up 11%. North American demand was the primary growth driver.

The segment’s adjusted EBITDA rose 17.5% to $403 million. Its adjusted EBITDA margin expanded to 22.4% from 21.4%, benefiting from higher volumes, operating execution and favorable timing of customer recoveries, despite stranded costs following the Electrical Distribution Systems spin-off.

APTV’s Intelligent Systems Stays Flat

Intelligent Systems revenues were $1.50 billion, compared with $1.51 billion in the prior-year quarter. Adjusted revenues were flat as a 12% increase in non-automotive business and 10% growth in Software and Services were offset by a 3% decline in automotive revenues.

Adjusted EBITDA decreased 8.3% to $210 million, while the segment margin contracted to 14% from 15.2%. Increased engineering investments and stranded costs more than offset performance initiatives during the quarter.

Aptiv’s Margins Expand

Adjusted EBITDA increased 12.1% to $613 million. The adjusted EBITDA margin expanded 160 basis points to 18.7% on a continuing operations basis, supported by higher volumes and favorable foreign-currency effects, partly offset by increased commodity costs.

Adjusted operating income rose 15.4% to $473 million, and the corresponding margin improved to 14.4% from 12.8%. GAAP operating income increased to $367 million from $325 million. Interest expense declined to $62 million from $92 million, while tax expense increased to $52 million from $16 million.

APTV’s Product Expansion Gains Pace

Aptiv secured about $5 billion in new commercial awards, comprising $2.4 billion in Intelligent Systems and $2.5 billion in Engineered Components. The company won its first commercial Gen 8 Radar award and expanded into robotics through a perception-systems award.

Non-automotive progress included robotics, drones, energy storage and commercial vehicles. Aptiv also reported a commercial drone win in July and continued collaborating with NVIDIA on production-ready edge Artificial Intelligence platforms. Software and Services growth further supported the company’s diversification beyond automotive markets.

Aptiv’s Cash Flow & Capital Moves

Cash provided by continuing operations totaled $137 million, down from $326 million a year ago. Free cash flow was $12 million compared with $219 million, reflecting capital expenditures and costs associated with separating the EDS business.

Aptiv ended June with $761 million in cash and cash equivalents and $5.33 billion in long-term debt. The company repurchased 4.1 million shares for $250 million during the quarter, bringing first-half repurchases to $325 million. About $1.8 billion remained under its authorization.

APTV Trims Its Q3 & 2026 Outlook

For the third quarter, Aptiv expects revenues to be in the range of $3.12-$3.22 billion.

APTV’s adjusted earnings are projected to be between $1.25 and $1.35 per share. Its adjusted EBITDA is projected between $545 million and $575 million, with a margin of 17.7%.

For 2026, revenues are forecast at $12.6-$12.8 billion, below the prior range of $12.8-$13.2 billion.

Adjusted earnings are expected between $5.60 and $5.80 per share compared with the previous outlook of $5.70-$6.10.

Customer-mix pressures, particularly in China, production changes, launch delays and software timing prompted the revised forecast.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -16.2% due to these changes.

VGM Scores

Currently, APTIV PLC has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise APTIV PLC has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry Player

APTIV PLC is part of the Zacks Technology Services industry. Over the past month, SLB (SLB Quick QuoteSLB - Free Report) , a stock from the same industry, has gained 16.5%. The company reported its results for the quarter ended June 2026 more than a month ago.

SLB reported revenues of $8.97 billion in the last reported quarter, representing a year-over-year change of +5%. EPS of $0.55 for the same period compares with $0.74 a year ago.

For the current quarter, SLB is expected to post earnings of $0.62 per share, indicating a change of -10.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.3% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for SLB. Also, the stock has a VGM Score of C.