7 unchanged sentences
Results of Operations
−Removed: Our results for the first quarter of 2026 include an 11.6% decrease in tire unit shipments compared to 2025 driven by weakness in the replacement industry and consumer trends, increased competitiveness globally and planned rationalization of lower-tier product offerings.
−Removed: In the first quarter of 2026, we also experienced approximately $50 million of inflationary cost pressures.
−Removed: Net sales in the first three months of 2026 were $3,881 million, compared to $4,253 million in the first three months of 2025.
−Removed: Net sales decreased in 2026 primarily due to lower global tire volume and the impacts of our divestitures.
−Removed: These decreases were partially offset by the impact of changes in foreign exchange rates globally and favorable price and product mix.
−Removed: In the first three months of 2026, Goodyear net loss was $249 million, or $0.86 per share, compared to Goodyear net income of $115 million, or $0.40 per share, in the first three months of 2025.
−Removed: The change in Goodyear net income (loss) was primarily due to a gain on the sale of our off-the-road ("OTR") tire business in 2025, lower segment operating income and higher U.S.
+Added: Our results for the second quarter of 2026 include a 4.0% decrease in tire unit shipments compared to 2025 driven by planned rationalization of lower-tier product offerings, weakness in the replacement industry and increased competitiveness.
+Added: In the second quarter of 2026, we also experienced approximately $53 million of inflationary cost pressures.
+Added: Net sales in the second quarter of 2026 were $4,250 million, compared to $4,465 million in the second quarter of 2025.
+Added: Net sales decreased in 2026 primarily due to lower tire volume and the impacts of our divestitures.
+Added: These decreases were partially offset by favorable price and product mix and the positive impact of changes in foreign exchange rates.
+Added: In the second quarter of 2026, Goodyear net loss was $204 million, or $0.71 per share, compared to Goodyear net income of $254 million, or $0.87 per share, in the second quarter of 2025.
+Added: The change in Goodyear net income (loss) was primarily due to a gain on the sale of the Dunlop brand in 2025, lower segment operating income and higher U.S.
+Added: and Foreign tax expense, partially offset by lower rationalization charges.
+Added: Total segment operating income for the second quarter of 2026 was $36 million, compared to $159 million in the second quarter of 2025.
+Added: The $123 million decrease was primarily due to increased conversion costs of $165 million, driven by the effect of lower tire production on fixed cost absorption and inflation, the impact of our divestitures, including $32 million related to the sale of the chemical business and $17 million related to the sale of the Dunlop brand, excluding the favorable impact of the Dunlop offtake supply agreement of $5 million, lower tire volume of $34 million, higher tariff costs of $32 million and higher Selling, Administrative and General Expense ("SAG") of $28 million.
+Added: These decreases were partially offset by benefits from our Goodyear Forward transformation plan ("Goodyear Forward") of $95 million and lower raw material costs of $91 million.
+Added: Refer to "Results of Operations — Segment Information" for additional information.
+Added: Net sales in the first six months of 2026 were $8,131 million, compared to $8,718 million in the first six months of 2025.
+Added: Net sales decreased in 2026 primarily due to lower tire volume and the impacts of our divestitures.
+Added: These decreases were partially offset by the positive impact of changes in foreign exchange rates and favorable price and product mix.
+Added: In the first six months of 2026, Goodyear net loss was $453 million, or $1.57 per share, compared to Goodyear net income of $369 million, or $1.27 per share, in the first six months of 2025.
+Added: The change in Goodyear net income (loss) was primarily due to a gain on the sale of the Dunlop brand and off-the-road ("OTR") tire business in 2025, lower segment operating income and higher U.S.
and Foreign tax expense, partially offset by lower interest expense.
−Removed: Total segment operating income for the first three months of 2026 was $95 million, compared to $195 million in the first three months of 2025.
−Removed: The $100 million decrease was primarily due to increased conversion costs of $155 million, driven by the effect of lower tire production on fixed cost absorption and inflation, lower tire volume of $87 million, higher tariff costs of $58 million, offset by an estimated tariff refund of $46 million, the impact of divestitures, including $30 million related to the sale of the Chemical business and $13 million related to the sale of the Dunlop brand, excluding the favorable impact of the Dunlop offtake supply agreement of $6 million, higher Selling, Administrative and General expenses (“SAG”) of $17 million, and increased costs related to other-tire related businesses of $9 million.
−Removed: These decreases were partially offset by benefits from our Goodyear Forward transformation plan ("Goodyear Forward") of $107 million, lower raw material costs of $88 million and favorable price and product mix of $15 million.
+Added: Total segment operating income for the first six months of 2026 was $131 million, compared to $354 million in the first six months of 2025.
+Added: The $223 million decrease was primarily due to increased conversion costs of $320 million, driven by the effect of lower tire production on fixed cost absorption and inflation, lower tire volume of $121 million, the impact of our divestitures, including $62 million related to the sale of the chemical business and $30 million related to the sale of the Dunlop brand, excluding the favorable impact of the Dunlop offtake supply agreement of $11 million, higher SAG of $45 million and higher tariff costs of $90 million, offset by an estimated tariff refund of $46 million.
+Added: These decreases were partially offset by benefits from the Goodyear Forward plan of $202 million and lower raw material costs of $179 million.
Refer to "Results of Operations —Segment Information" for additional information.
−Removed: At March 31, 2026 we had $723 million in cash and cash equivalents as well as $2,975 million of unused availability under our various credit agreements, compared to $801 million and $4,421 million, respectively, at December 31, 2025.
−Removed: For the three months ended March 31, 2026, net cash used for operating activities was $718 million, reflecting the Company's cash used for working capital of $650 million and rationalization payments of $83 million.
+Added: On July 16, 2026, we reached an agreement with the United Steelworkers and approved a plan to permanently close our Fayetteville, North Carolina tire manufacturing facility to reduce our production capacity and production cost per tire in Americas.
+Added: The plan includes approximately 1,750 job reductions.
+Added: We expect to substantially complete this rationalization plan by the end of 2027 and estimate the total pre-tax charges associated with this action to be between $535 million and $565 million, of which $190 million to $210 million are expected to be cash charges primarily for associate-related and other exit costs, and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation and other asset-related charges ($290 million to $310 million) and pension special termination benefits ($40 million to $50 million).
+Added: We expect to record approximately $205 million to $225 million of pre-tax charges in the third quarter of 2026 and approximately $65 million to $85 million of pre-tax charges during the remainder of 2026.
+Added: On July 30, 2026, we reached a tentative agreement with the United Steelworkers ("USW") on a new master labor contract that will remain in effect through April 28, 2029, covering nearly 2,400 workers at three plants in the United States.
+Added: The tentative agreement is subject to a ratification vote by USW members at the plants covered by the contract.
+Added: On June 4, 2026, we issued $1,050 million in aggregate principal amount of 8.875% senior notes due 2032.
+Added: We intend to use the net proceeds from this offering to repay, redeem or repurchase our 4.875% senior notes due 2027 and our 7.625% senior notes due 2027 at or prior to their respective maturity.
+Added: Pending such repayment, redemption or repurchase, we temporarily applied the proceeds to repay outstanding balances under certain revolving credit facilities.
+Added: At June 30, 2026, we had $861 million in cash and cash equivalents as well as $3,891 million of unused availability under our various credit agreements, compared to $801 million and $4,421 million, respectively, at December 31, 2025.
+Added: For the six months ended June 30, 2026, net cash used for operating activities was $620 million, reflecting our cash used for working capital of $620 million.
Net cash used for investing activities was $339 million, primarily representing capital expenditures of $342 million.
−Removed: Net cash provided by financing activities was $820 million, primarily due to net borrowings of $807 million.
+Added: Net cash provided by financing activities was $1,020 million, primarily due to net borrowings of $1,029 million, including the issuance of $1,050 million of new senior notes.
Refer to "Liquidity and Capital Resources" for additional information.
−Removed: A combination of macroeconomic, regulatory and geopolitical uncertainties provides limited visibility to global tire unit volumes for the remainder of 2026.
−Removed: Given our production levels in the first quarter of 2026, we expect unabsorbed overhead to be approximately $90 million in the second quarter of 2026.
−Removed: We expect our Goodyear Forward plan to deliver approximately $325 million of incremental savings in 2026.
−Removed: Based on current spot prices, we expect raw material costs to provide a benefit of approximately $100 million in the second quarter of 2026 compared to the second quarter of 2025.
−Removed: In the second half of 2026, we expect raw material costs to be a headwind of approximately $200 million compared to the second half of 2025.
+Added: Despite macroeconomic, regulatory and geopolitical uncertainties, we expect global unit volumes in the third quarter of 2026 to be roughly flat versus the third quarter of 2025 due to new assortment wins, stabilization of the consumer replacement market in Americas and normalization of channel inventories.
+Added: Given our production levels in the second quarter of 2026, we expect unabsorbed overhead to be approximately $70 million in the third quarter of 2026.
+Added: We expect our Goodyear Forward plan to deliver approximately $70 million of incremental savings in the third quarter of 2026 compared to the third quarter of 2025.
+Added: Based on current spot prices, we expect raw material costs to be unfavorable by approximately $20 million in the third quarter of 2026 compared to the third quarter of 2025.
Natural and synthetic rubber prices and other commodity prices historically have been volatile, and our raw material costs could change based on future price fluctuations and changes in foreign exchange rates.
We continue to focus on price and product mix, to substitute lower cost materials where possible, to work to identify additional substitution opportunities, and to reduce the amount of material required in each tire to minimize the impact of higher raw material costs.
−Removed: We expect inflation, tariffs and other costs will increase approximately $420 million in 2026, net of expected IEEPA tariff refunds.
+Added: We expect inflation and other costs will increase approximately $95 million in the third quarter of 2026 compared to the third quarter of 2025.
Refer also to “Liquidity and Capital Resources” for commentary regarding our outlook on 2026 cash flow;
3 unchanged sentences
RESULTS OF OPERATIONS
−Removed: Three Months Ended March 31, 2026 and 2025
−Removed: Net sales in the first three months of 2026 were $3,881 million, a decrease of $372 million, or 8.7%, from $4,253 million in the first three months of 2025.
−Removed: Goodyear net loss was $249 million, or $0.86 per share, in the first three months of 2026, compared to Goodyear net income of $115 million, or $0.40 per share, in the first three months of 2025.
−Removed: Net sales decreased in the first three months of 2026 primarily due to lower global tire volume of $408 million and the impacts of our divestitures, including $125 million related to the sale of the Chemical business and $94 million related to the sale of the Dunlop brand, excluding the favorable impact of the Dunlop offtake supply agreement of $42 million.
−Removed: These decreases were partially offset by the impact of changes in foreign exchange rates globally of $165 million and favorable price and product mix of $37 million.
−Removed: Worldwide tire unit sales in the first three months of 2026 were 34.0 million units, decreasing 4.5 million units, or 11.6%, from 38.5 million units in the first three months of 2025 due to weakness in the replacement industry and consumer trends, increased competitiveness globally and planned rationalization of lower-tier product offerings.
+Added: Three Months Ended June 30, 2026 and 2025
+Added: Net sales in the second quarter of 2026 were $4,250 million, decreasing $215 million, or 4.8%, from $4,465 million in the second quarter of 2025.
+Added: Goodyear net loss was $204 million, or $0.71 per share, in the second quarter of 2026, compared to Goodyear net income of $254 million, or $0.87 per share, in the second quarter of 2025.
+Added: Net sales decreased in the second quarter of 2026 primarily due to lower tire volume of $177 million and the impacts of our divestitures, including $119 million related to the sale of the chemical business and $87 million related to the sale of the Dunlop brand, excluding the favorable impact of the Dunlop offtake supply agreement of $53 million.
+Added: These decreases were partially offset by favorable price and product mix of $70 million and the positive impact of changes in foreign exchange rates of $57 million.
+Added: Worldwide tire unit sales in the second quarter of 2026 were 36.5 million units, decreasing 1.4 million units, or 4.0%, from 37.9 million units in the second quarter of 2025 due to planned rationalization of lower-tier product offerings, weakness in the replacement industry and increased competitiveness.
Replacement tire volume decreased globally by 2.3 million units, or 8.6%.
OE tire volume increased by 0.9 million units, or 7.0%, driven by Americas and EMEA.
−Removed: Cost of Goods Sold ("CGS") in the first three months of 2026 was $3,188 million, decreasing $325 million, or 9.3%, from $3,513 million in the first three months of 2025.
−Removed: CGS decreased primarily due to lower tire volume of $321 million, savings related to the Goodyear Forward plan of $95 million, impacts related to divestitures, including $89 million related to the sale of the Chemical business and $81 million related to the sale of the Dunlop brand, excluding increased offtake supply agreement costs of $36 million, lower raw material costs of $88 million and a decrease in asset write-offs, accelerated depreciation and accelerated lease charges of $27 million.
−Removed: These decreases were partially offset by higher conversion costs of $155 million, foreign currency translation of $134 million, higher tariff costs of $58 million, offset by an estimated tariff refund of $46 million, and a charge related to an expected settlement of a prior year tax matter in one of our foreign locations of $8 million ($8 million after-tax and minority).
−Removed: CGS in the first three months of 2026 and 2025 included pension expense of $3 million and $2 million, respectively.
−Removed: CGS in the first three months of 2026 included $2 million of incremental savings from rationalization plans.
−Removed: CGS was 82.1% of sales in the first three months of 2026, compared to 82.6% in the first three months of 2025.
−Removed: SAG in the first three months of 2026 was $668 million, increasing $18 million, or 2.8%, from $650 million in the first three months of 2025.
−Removed: SAG increased primarily due to foreign currency translation of $28 million, increases in inflation of $9 million and higher advertising costs of $4 million.
−Removed: These increases were partially offset by savings related to the Goodyear Forward plan of $9 million, benefits related to divestitures of $6 million, primarily due to the sale of the Chemical business, a decrease in corporate information technology costs of $4 million, and a decrease in asset write-offs, accelerated depreciation and accelerated lease charges of $3 million.
−Removed: SAG in the first three months of 2025 also included costs related to the Goodyear Forward plan of $2 million ($2 million after-tax and minority).
−Removed: SAG in the first three months of 2026 and 2025 included pension expense of $2 million and $3 million, respectively.
−Removed: SAG in the first three months of 2026 included $3 million of incremental savings from rationalization plans.
−Removed: SAG was 17.2% of sales in the first three months of 2026, compared to 15.3% in the first three months of 2025.
−Removed: We recorded net rationalization charges of $104 million ($95 million after-tax and minority) in the first three months of 2026 and $81 million ($64 million after-tax and minority) in the first three months of 2025.
−Removed: Net rationalization charges in the first three months of 2026 primarily related to a plan in EMEA to improve its cost structure, the closures of our Fulda and Fürstenwalde, Germany tire manufacturing facilities ("Fulda and Fürstenwalde") and a global SAG plan.
−Removed: Net rationalization charges in the first three months of 2025 primarily related to the elimination of commercial tire production at our Danville, Virginia tire manufacturing facility ("Danville"), the closures of Fulda and Fürstenwalde, and a plan to reduce SAG headcount in Americas and Corporate.
+Added: Cost of Goods Sold ("CGS") in the second quarter of 2026 was $3,569 million, decreasing $136 million, or 3.7%, from $3,705 million in the second quarter of 2025.
+Added: CGS decreased primarily due to lower tire volume of $143 million, impacts related to divestitures, including $82 million related to the sale of the chemical business and $70 million related to the sale of the Dunlop
+Added: brand, excluding increased offtake supply agreement costs of $48 million, lower raw material costs of $91 million, savings related to the Goodyear Forward plan of $81 million, and a decrease in asset write-offs, accelerated depreciation and accelerated lease charges of $40 million.
+Added: These decreases were partially offset by higher conversion costs of $165 million, an increase in other costs of $48 million, primarily related to inflation, foreign currency translation of $43 million, unfavorable product mix of $38 million, higher tariff costs of $32 million and the negative impacts of a national strike in Colombia of $7 million ($7 million after-tax and minority).
+Added: CGS in the second quarter of 2026 and 2025 included pension expense of $3 million and $4 million, respectively.
+Added: CGS was 84.0% of sales in the second quarter of 2026, compared to 83.0% in the second quarter of 2025.
+Added: SAG in the second quarter of 2026 was $703 million, increasing $11 million, or 1.6%, from $692 million in the second quarter of 2025.
+Added: SAG increased primarily due to increased advertising expenses of $13 million, foreign currency translation of $10 million, and an increase in other costs of $10 million, primarily related to inflation.
+Added: These increases were partially offset by savings related to the Goodyear Forward plan of $14 million and impacts related to divestitures, including $5 million related to the sale of the chemical business.
+Added: SAG in the second quarter of 2025 also included costs related to the Goodyear Forward plan of $3 million ($2 million after-tax and minority) and asset write-offs, accelerated depreciation and accelerated lease charges of $1 million ($1 million after-tax and minority).
+Added: SAG in the second quarter of 2026 and 2025 included pension expense of $2 million for each period.
+Added: SAG was 16.5% of sales in the second quarter of 2026, compared to 15.5% in the second quarter of 2025.
+Added: We recorded net rationalization charges of $29 million ($29 million after-tax and minority) in the second quarter of 2026 and $59 million ($55 million after-tax and minority) in the second quarter of 2025.
+Added: Net rationalization charges in the second quarter of 2026 primarily related to a plan to reduce headcount globally and the closures of our Fulda and Fürstenwalde, Germany tire manufacturing facilities ("Fulda and Fürstenwalde").
+Added: Net rationalization charges in the second quarter of 2025 primarily related to the plan to close our manufacturing facility in Kariega, South Africa ("Kariega") in EMEA, the elimination of commercial tire production at our Danville, Virginia tire manufacturing facility ("Danville"), the closures of Fulda and Fürstenwalde, and the plan to reduce SAG headcount in Americas and Corporate.
For further information, refer to Note to the Consolidated Financial Statements No.
3, Costs Associated with Rationalization Programs.
−Removed: CGS and SAG in the first three months of 2026 included $16 million ($16 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily related to the closures of Fulda and Fürstenwalde and the announced closure of the Tall Timbers mold plant in Americas.
−Removed: CGS and SAG in the first three months of 2025 included $46
−Removed: million ($39 million after-tax and minority) of asset write offs, accelerated depreciation and accelerated lease charges, primarily related to Fulda, Fürstenwalde and Danville.
−Removed: Interest expense in the first three months of 2026 was $95 million, decreasing $20 million, or 17.4%, from $115 million in the first three months of 2025.
−Removed: The average interest rate was 5.76% in the first three months of 2026 compared to 5.82% in the first three months of 2025.
−Removed: The average debt balance was $6,592 million in the first three months of 2026 compared to $7,910 million in the first three months of 2025.
−Removed: The first three months of 2026 include net gains on asset sales of $3 million ($3 million after-tax and minority), compared to net gains on asset and other sales of $262 million ($237 million after-tax and minority) in the first three months of 2025, primarily due to the gain of $260 million on the sale of the OTR tire business.
−Removed: Other (Income) Expense in the first three months of 2026 was $9 million of expense, compared to $25 million of expense in the first three months of 2025.
−Removed: The decrease in Other (Income) Expense was primarily due to an increase in royalty and other income of $10 million.
−Removed: The first three months of 2025 also included transaction and other costs of $5 million ($3 million after-tax and minority) related to the sale of the Dunlop brand and a pension settlement charge of $4 million ($3 million after-tax and minority).
−Removed: For the first three months of 2026, we recorded income tax expense of $66 million on a loss before income taxes of $180 million.
−Removed: Income tax expense for the three months ended March 31, 2026 includes net discrete tax expense of $21 million ($21 million after minority interest), primarily related to an expected settlement of a prior year tax matter in one of our foreign locations.
−Removed: In the first three months of 2025, we recorded income tax expense of $13 million on income before income taxes of $131 million.
+Added: CGS and SAG in the second quarter of 2025 included $41 million ($37 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily related to the closures of Fulda and Fürstenwalde and the elimination of commercial tire production at Danville.
+Added: Interest expense in the second quarter of 2026 was $105 million, decreasing $7 million, or 6.3%, from $112 million in the second quarter of 2025.
+Added: The average interest rate was 5.93% in the second quarter of 2026 compared to 5.65% in the second quarter of 2025.
+Added: The average debt balance was $7,088 million in the second quarter of 2026 compared to $7,936 million in the second quarter of 2025.
+Added: The second quarter of 2026 included net gains on asset sales of $17 million ($14 million after-tax and minority), compared to net gains on asset sales of $439 ($393 million after-tax and minority) in the second quarter of 2025, primarily due to the gain of $385 million ($367 million after-tax and minority) on the sale of the Dunlop brand and other asset sales of $54 million ($26 million after-tax and minority).
+Added: Other (Income) Expense in the second quarter of 2026 was $22 million of expense, compared to $31 million of expense in the second quarter of 2025.
+Added: The decrease in Other (Income) Expense was primarily due to an increase in royalty and other income of $4 million, a decrease in non-service related pension and other postretirement benefits cost of $4 million, a decrease in net foreign currency exchange losses of $3 million and a decrease in financing fees and financial instruments expense of $2 million.
+Added: These decreases were partially offset by an increase in general and product liability expense from discontinued products of $6 million.
+Added: The second quarter of 2025 included transaction costs of $2 million ($1 million after-tax and minority), primarily related to the sale of the chemical business.
+Added: In the second quarter of 2026, we recorded income tax expense of $46 million on a loss before income taxes of $161 million.
+Added: Income tax expense for the three months ended June 30, 2026 included net discrete tax expense of $5 million ($5 million after minority interest).
+Added: In the second quarter of 2025, we recorded income tax expense of $24 million on income before income taxes of $305 million.
+Added: Income tax expense for the three months ended June 30, 2025 included a net discrete tax benefit of $4 million ($4 million after minority interest).
We record taxes based on overall estimated annual effective tax rates.
The difference between our effective tax rate and the U.S.
−Removed: statutory rate of 21% for the three months ended March 31, 2026 primarily related to losses in U.S.
−Removed: and foreign jurisdictions in which no tax benefits were recorded and the discrete item noted above.
+Added: statutory rate of 21% for the three months ended June 30, 2026 primarily relates to losses in the U.S.
+Added: and foreign jurisdictions in which no tax benefits are recorded and the discrete item noted above.
The difference between our effective tax rate and the U.S.
−Removed: statutory rate of 21% for the three months ended March 31, 2025 was favorably impacted by gains recognized as a result of the sale of the OTR tire business in foreign jurisdictions where no taxes are recorded, net of losses in foreign jurisdictions in which no tax benefits are recorded.
−Removed: At March 31, 2026 and December 31, 2025, we had approximately $1.5 billion and $1.4 billion, respectively, of U.S.
+Added: statutory rate of 21% for the three months ended June 30, 2025 was favorably impacted by gains recognized as a result of the sale of the Dunlop brand, which included certain associated intellectual property and other intangible assets, in jurisdictions where no taxes are recorded, net of losses in foreign jurisdictions in which no tax benefits are recorded, and the discrete item noted above.
+Added: For further information regarding income taxes and the realizability of our deferred tax assets, refer to Note to the Consolidated Financial Statements No.
+Added: 5, Income Taxes.
+Added: There was $3 million of minority shareholders’ net loss in the second quarter of 2026, compared to $27 million of net income in the second quarter of 2025, primarily related to the sale of property in Asia Pacific.
+Added: Six Months Ended June 30, 2026 and 2025
+Added: Net sales in the first six months of 2026 were $8,131 million, a decrease of $587 million, or 6.7%, from $8,718 million in the first six months of 2025.
+Added: Goodyear net loss was $453 million, or $1.57 per share, in the first six months of 2026, compared to Goodyear net income of $369 million, or $1.27 per share, in the first six months of 2025.
+Added: Net sales decreased in the first six months of 2026 primarily due to lower tire volume of $585 million and the impacts of our divestitures, including $244 million related to the sale of the chemical business and $181 million related to the sale of the Dunlop brand, excluding the favorable impact of the Dunlop offtake supply agreement of $95 million.
+Added: These decreases were partially offset by the positive impact of changes in foreign exchange rates of $222 million and favorable price and product mix of $114 million.
+Added: Worldwide tire unit sales in the first six months of 2026 were 70.5 million units, decreasing 5.9 million units, or 7.8%, from 76.4 million units in the first six months of 2025 due to weakness in the replacement industry, increased competitiveness and planned rationalization of lower-tier product offerings.
+Added: Replacement tire volume decreased globally by 7.1 million units, or 13.3%.
+Added: OE tire volume increased by 1.2 million units, or 5.2%, driven by Americas and EMEA.
+Added: CGS in the first six months of 2026 was $6,757 million, decreasing $461 million, or 6.4%, from $7,218 million in the first six months of 2025.
+Added: CGS decreased primarily due to lower tire volume of $464 million, impacts related to divestitures, including $171 million related to the sale of the chemical business and $151 million related to the sale of the Dunlop brand, excluding increased offtake supply agreement costs of $84 million, lower raw material costs of $179 million, savings related to the Goodyear Forward plan of $176 million and a decrease in asset write-offs, accelerated depreciation and accelerated lease charges of $68 million.
+Added: These decreases were partially offset by higher conversion costs of $320 million, foreign currency translation of $177 million, unfavorable product mix of $67 million, higher tariff costs of $90 million, offset by an estimated tariff refund of $46 million, a charge related to an expected settlement of a prior year tax matter in one of our foreign locations of $8 million ($8 million after-tax and minority) and the negative impacts of a national strike in Colombia of $7 million ($7 million after-tax and minority).
+Added: CGS in the first six months of 2026 and 2025 included pension expense of $6 million for each period.
+Added: CGS was 83.1% of sales in the first six months of 2026, compared to 82.8% in the first six months of 2025.
+Added: SAG in the first six months of 2026 was $1,371 million, increasing $29 million, or 2.2%, from $1,342 million in the first six months of 2025.
+Added: SAG increased primarily due to foreign currency translation of $38 million, an increase in other costs of $30 million, primarily related to inflation, and higher advertising costs of $3 million.
+Added: These increases were partially offset by savings related to the Goodyear Forward plan of $23 million, impacts related to divestitures, including $11 million related to the sale of the chemical business, and a decrease in asset write-offs, accelerated depreciation and accelerated lease charges of $3 million.
+Added: SAG in the first six months of 2025 also included costs related to the Goodyear Forward plan of $5 million ($4 million after-tax and minority).
+Added: SAG in the first six months of 2026 and 2025 included pension expense of $4 million and $5 million, respectively.
+Added: SAG was 16.9% of sales in the first six months of 2026, compared to 15.4% in the first six months of 2025.
+Added: We recorded net rationalization charges of $133 million ($124 million after-tax and minority) in the first six months of 2026 and $140 million ($119 million after-tax and minority) in the first six months of 2025.
+Added: Net rationalization charges in the first six months of 2026 primarily related to a plan in EMEA to improve its cost structure, a plan to reduce headcount globally, the closure of the Tall Timbers mold plant in Findlay, Ohio ("Tall Timbers"), a global SAG plan and the closures of Fulda and Fürstenwalde.
+Added: Net rationalization charges in the first six months of 2025 primarily related to the closure of Kariega, the elimination of commercial tire production at Danville, the closures of Fulda and Fürstenwalde, and the plan to reduce SAG headcount in Americas and Corporate.
+Added: For further information, refer to Note to the Consolidated Financial Statements No.
+Added: 3, Costs Associated with Rationalization Programs.
+Added: CGS and SAG in the first six months of 2026 included $16 million ($16 million after-tax and minority) of asset write-offs, accelerated depreciation and accelerated lease charges, primarily related to the closures of Fulda, Fürstenwalde and Tall Timbers.
+Added: CGS and SAG in the first six months of 2025 included $87 million ($77 million after-tax and minority) of asset write offs, accelerated depreciation and accelerated lease charges, primarily related to Fulda, Fürstenwalde and Danville.
+Added: Interest expense in the first six months of 2026 was $200 million, decreasing $27 million, or 11.9%, from $227 million in the first six months of 2025.
+Added: The average interest rate was 5.85% in the first six months of 2026 compared to 5.73% in the first six months of 2025.
+Added: The average debt balance was $6,840 million in the first six months of 2026 compared to $7,923 million in the first six months of 2025.
+Added: The first six months of 2026 include net gains on asset and other sales of $20 million ($17 million after-tax and minority), compared to net gains on asset and other sales of $701 million ($630 million after-tax and minority) in the first six months of 2025, primarily due to the gain of $385 million ($367 million after-tax and minority) on the sale of Dunlop brand, the gain of $260 million ($236 million after-tax and minority) on the sale of the OTR tire business and other asset sales of $56 million ($27 million after-tax and minority).
+Added: Other (Income) Expense in the first six months of 2026 was $31 million of expense, compared to $56 million of expense in the first six months of 2025.
+Added: The decrease in Other (Income) Expense was primarily due to an increase in royalty and other income of $14 million and a decrease in non-service related pension and other postretirement benefits cost of $11 million, including a pension settlement charge of $4 million ($3 million after-tax and minority) in the first six months of 2025.
+Added: These decreases were partially offset by an increase in general and product liability expense from discontinued products of $5 million.
+Added: The first six months of 2025 included transaction costs of $6 million ($4 million after-tax and minority), primarily related to the sale of the chemical business.
+Added: For the first six months of 2026, we recorded income tax expense of $112 million on a loss before income taxes of $341 million.
+Added: Income tax expense for the six months ended June 30, 2026 included net discrete tax expense of $25 million ($25 million after minority interest), primarily related to an expected settlement of a prior year tax matter in one of our foreign locations.
+Added: In the first six months of 2025, we recorded income tax expense of $37 million on income before income taxes of $436 million.
+Added: Income tax expense for the six months ended June 30, 2025 included a net discrete tax benefit of $5 million ($5 million after minority interest).
+Added: We record taxes based on overall estimated annual effective tax rates.
+Added: The difference between our effective tax rate and the U.S.
+Added: statutory rate of 21% for the six months ended June 30, 2026 primarily relates to losses in the U.S.
+Added: and foreign jurisdictions in which no tax benefits are recorded and the discrete item noted above.
+Added: The difference between our effective tax rate and the U.S.
+Added: statutory rate of 21% for the six months ended June 30, 2025 was favorably impacted by gains recognized as a result of the sales of the OTR tire business and the Dunlop brand, which included certain associated intellectual property and other intangible assets, in jurisdictions where no taxes are recorded, net of losses in foreign jurisdictions in which no tax benefits are recorded, and the discrete item noted above.
+Added: At June 30, 2026 and December 31, 2025, we had approximately $1.6 billion and $1.4 billion, respectively, of U.S.
federal, state and local net deferred tax assets and related valuation allowances totaling $1.6 billion and $1.4 billion, respectively.
−Removed: At both March 31, 2026 and December 31, 2025, we also had foreign net deferred tax assets of approximately $1.5 billion and related valuation allowances of approximately $1.3 billion.
+Added: At June 30, 2026 and December 31, 2025, we also had foreign net deferred tax assets of approximately $1.6 billion and $1.5 billion, respectively, and related valuation allowances of approximately $1.3 billion.
Our foreign valuation allowances include a $1.1 billion full valuation allowance on our net deferred tax assets in Luxembourg.
11 unchanged sentences
5, Income Taxes.
−Removed: Minority shareholders’ net income was $3 million in both the first three months of 2026 and 2025.
+Added: Minority shareholders’ net income was zero in the first six months of 2026, compared to $30 million in the first six months of 2025, primarily related to the sale of property in Asia Pacific.
SEGMENT INFORMATION
7 unchanged sentences
Segment operating income does not include net rationalization charges, asset sales, goodwill and other impairment charges, and certain other items.
−Removed: Total segment operating income for the first quarter of 2026 was $95 million, a decrease of $100 million, or 51.3%, from $195 million in the first quarter of 2025.
−Removed: Total segment operating margin in the first quarter of 2026 was 2.4%, compared to 4.6% in the first quarter of 2025.
+Added: Total segment operating income for the second quarter of 2026 was $36 million, a decrease of $123 million, or 77.4%, from $159 million in the second quarter of 2025.
+Added: Total segment operating margin in the second quarter of 2026 was 0.8%, compared to 3.6% in the second quarter of 2025.
+Added: Total segment operating income for the first six months of 2026 was $131 million, a decrease of $223 million, or 63.0%, from $354 million in the first six months of 2025.
+Added: Total segment operating margin in the first six months of 2026 was 1.6%, compared to 4.1% in the first six months of 2025.
Management believes that total segment operating income is useful because it represents the aggregate value of income created by our SBUs and excludes items not directly related to the SBUs for performance evaluation purposes.
2 unchanged sentences
7, Business Segments, for further information and for a reconciliation of total segment operating income to Income (Loss) before Income Taxes.
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 Change Percent
+Added: Change 2026 2025 Change Percent
Tire Units 17.4 19.1 (1.7) (8.7) % 32.7 37.5 (4.8) (12.8) %
Net Sales $ 2,382 $ 2,662 $ (280) (10.5) % $ 4,445 $ 5,164 $ (719) (13.9) %
−Removed: Operating Income 37 155 (118) (76.1) %
+Added: Operating Income (Loss) (10) 141 (151) (107.1) % 27 296 (269) (90.9) %
Operating Margin (0.4 %) 5.3 % 0.6 % 5.7%
−Removed: Three Months Ended March 31, 2026 and 2025
−Removed: Americas unit sales in the first three months of 2026 decreased 3.1 million units, or 17.0%, to 15.3 million units.
−Removed: Replacement tire volume decreased 3.4 million units, or 23.2%, primarily due to weakness in the replacement industry and consumer trends, as well as increased competitiveness and planned rationalization of lower-tier product offerings.
+Added: Three Months Ended June 30, 2026 and 2025
+Added: Americas unit sales in the second quarter of 2026 decreased 1.7 million units, or 8.7%, to 17.4 million units.
+Added: Replacement tire volume decreased 2.1 million units, or 13.0%, primarily due to planned rationalization of lower-tier product offerings, weakness in the replacement industry and increased competitiveness.
+Added: OE tire volume increased 0.4 million units, or 8.7%, primarily in the U.S., Brazil and Canada.
+Added: Net sales in the second quarter of 2026 were $2,382 million, decreasing $280 million, or 10.5%, from $2,662 million in the second quarter of 2025.
+Added: The decrease in net sales was primarily due to lower tire volume of $186 million and the impact of the sale of the chemical business of $119 million.
+Added: These decreases were partially offset by the positive impact of changes in foreign exchange rates of $32 million, primarily related to the strengthening of the Brazilian real and Mexican peso.
+Added: Operating loss in the second quarter of 2026 was $10 million, decreasing $151 million, or 107.1%, from operating income of $141 million in the second quarter of 2025.
+Added: The decrease in operating income was due to higher conversion costs of $110 million, driven by the effect of lower tire production on fixed cost absorption and inflation, lower tire volume of $37 million, the impact of the sale of the chemical business of $33 million, higher tariff costs of $32 million, unfavorable price and product mix of $26 million, and higher SAG of $12 million.
+Added: These decreases were partially offset by lower raw material costs of $60 million and a $54 million benefit related to the Goodyear Forward plan.
+Added: Operating loss in the second quarter of 2026 excluded net gains on asset sales of $14 million and net rationalization charges of $3 million.
+Added: Operating income in the second quarter of 2025 excluded asset write-offs, accelerated depreciation and accelerated lease costs of $14 million and net rationalization charges of $10 million.
+Added: Six Months Ended June 30, 2026 and 2025
+Added: Americas unit sales in the first six months of 2026 decreased 4.8 million units, or 12.8%, to 32.7 million units.
+Added: Replacement tire volume decreased 5.5 million units, or 18.0%, primarily due to weakness in the replacement industry, increased competitiveness and planned rationalization of lower-tier product offerings.
OE tire volume increased 0.7 million units, or 8.5%, primarily in the U.S.
−Removed: Net sales in the first three months of 2026 were $2,063 million, decreasing $439 million, or 17.5%, from $2,502 million in the first three months of 2025.
+Added: Net sales in the first six months of 2026 were $4,445 million, decreasing $719 million, or 13.9%, from $5,164 million in the first six months of 2025.
The decrease in net sales was primarily due to lower tire volume of $527 million and the impact of the sale of the chemical business of $244 million.
These decreases were partially offset by the positive impact of changes in foreign exchange rates of $72 million, primarily related to the strengthening of the Brazilian real and Mexican peso.
−Removed: Operating income in the first three months of 2026 was $37 million, decreasing $118 million, or 76.1%, from $155 million in the first three months of 2025.
−Removed: The decrease in operating income was due to higher conversion costs of $101 million, driven by the effect of lower tire production on fixed cost absorption and inflation, lower tire volume of $75 million, higher tariff costs of $58 million, offset by an estimated tariff refund of $46 million, the impact of the sale of the Chemical business of $31 million, unfavorable price and product mix of $25 million, and higher SAG of $18 million, primarily driven by higher advertising costs.
+Added: Operating income in the first six months of 2026 was $27 million, decreasing $269 million, or 90.9%, from $296 million in the first six months of 2025.
+Added: The decrease in operating income was due to higher conversion costs of $211 million, driven by the effect of lower tire production on fixed cost absorption and inflation, lower tire volume of $112 million, the impact of the sale of the chemical business of $64 million, unfavorable price and product mix of $51 million, higher tariff costs of $90 million,
+Added: offset by an estimated tariff refund of $46 million, and higher SAG of $30 million.
These decreases were partially offset by a $129 million benefit related to the Goodyear Forward plan and lower raw material costs of $123 million.
−Removed: Operating income in the first three months of 2026 excluded net rationalization charges of $11 million and asset write-offs, accelerated depreciation and accelerated lease costs of $7 million.
−Removed: Operating income in the first three months of 2025 excluded net rationalization charges of $62 million, asset write-offs, accelerated depreciation and accelerated lease costs of $28 million, and net gains on asset sales of $1 million.
+Added: Operating income in the first six months of 2026 excluded net gains on asset sales of $14 million, net rationalization charges of $14 million, and asset write-offs, accelerated depreciation and accelerated lease costs of $7 million.
+Added: Operating income in the first six months of 2025 excluded net rationalization charges of $72 million, asset write-offs, accelerated depreciation and accelerated lease costs of $42 million, and net gains on asset sales of $1 million.
Europe, Middle East and Africa
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 Change Percent
+Added: Change 2026 2025 Change Percent
Tire Units 11.2 11.3 (0.1) (2.1) % 22.4 23.6 (1.2) (5.4) %
Net Sales $ 1,372 $ 1,344 $ 28 2.1 % $ 2,735 $ 2,621 $ 114 4.3 %
−Removed: Operating Income (Loss) 1 (5) 6 N/M
+Added: Operating Income (Loss) (17) (25) 8 32.0 % (16) (30) 14 46.7 %
Operating Margin (1.2 %) (1.9%) (0.6 %) (1.1 %)
−Removed: Three Months Ended March 31, 2026 and 2025
−Removed: EMEA unit sales in the first three months of 2026 decreased 1.1 million units, or 8.5%, to 11.2 million units.
+Added: Three Months Ended June 30, 2026 and 2025
+Added: EMEA unit sales in the second quarter of 2026 decreased 0.1 million units, or 2.1%, to 11.2 million units.
Replacement tire volume decreased 0.5 million units, or 7.1%, primarily in our consumer business, reflecting market softness, increased competition and planned rationalization of lower-tier product offerings.
OE tire volume increased 0.4 million units, or 8.3%, primarily in our consumer business, reflecting share gains driven by new fitments.
−Removed: Net sales in the first three months of 2026 were $1,363 million, increasing $86 million, or 6.7%, from $1,277 million in the first three months of 2025.
−Removed: The increase in net sales was primarily driven by the positive impact of changes in foreign exchange rates of $122 million, driven by a stronger euro, British pound and Polish zloty, partially offset by a weaker Turkish lira, improvements in price and product mix of $55 million, and higher sales in the other tire-related businesses of $11 million, primarily due to growth in fleet solutions.
+Added: Net sales in the second quarter of 2026 were $1,372 million, increasing $28 million, or 2.1%, from $1,344 million in the second quarter of 2025.
+Added: The increase in net sales was primarily driven by improvements in price and product mix of $49 million and the positive impact of changes in foreign exchange rates of $30 million, driven by a stronger euro, partially offset by a weaker Turkish lira.
+Added: These increases were partially offset by the impact of the sale of the Dunlop brand of $87 million, excluding the favorable impact of the offtake supply agreement of $53 million, lower tire volume of $14 million and lower sales in the other tire-related businesses of $2 million.
+Added: Operating loss in the second quarter of 2026 was $17 million, decreasing $8 million from an operating loss of $25 million in the second quarter of 2025.
+Added: The decrease in operating loss was primarily due to favorable price and product mix of $46 million, benefits related to the Goodyear Forward plan of $35 million, and lower raw material costs of $32 million.
+Added: These increases were partially offset by higher conversion costs of $54 million, higher SAG of $19 million, an increase in other costs of $14 million, primarily related to higher transportation costs, lower earnings related to the sale of the Dunlop brand of $17 million, excluding the favorable impact of the offtake supply agreement of $5 million, lower earnings in other tire-related businesses of $4 million, and lower tire volume of $2 million.
+Added: Operating loss in the second quarter of 2026 excluded net rationalization charges of $23 million and net gains on asset sales of $2 million.
+Added: Operating loss in the second quarter of 2025 excluded net rationalization charges of $43 million, asset write-offs, accelerated depreciation and accelerated lease costs of $26 million and a net loss on asset sales of $1 million.
+Added: Six Months Ended June 30, 2026 and 2025
+Added: EMEA unit sales in the first six months of 2026 decreased 1.2 million units, or 5.4%, to 22.4 million units.
+Added: Replacement tire volume decreased 1.8 million units, or 11.4%, primarily in our consumer business, reflecting market softness, increased competition and planned rationalization of lower-tier product offerings.
+Added: OE tire volume increased 0.6 million units, or 8.2%, primarily in our consumer business, reflecting share gains driven by new fitments.
+Added: Net sales in the first six months of 2026 were $2,735 million, increasing $114 million, or 4.3%, from $2,621 million in the first six months of 2025.
+Added: The increase in net sales was driven by the positive impact of changes in foreign exchange rates of $152 million, driven by a stronger euro and British pound, partially offset by a weaker Turkish lira, and improvements in price and product mix of $112 million.
These increases were partially offset by the impact of the sale of the Dunlop brand of $180 million, excluding the favorable impact of the offtake supply agreement of $95 million, and lower tire volume of $65 million.
−Removed: Operating income in the first three months of 2026 was $1 million, increasing $6 million from an operating loss of $5 million in the first three months of 2025.
−Removed: The change in operating income (loss) was primarily due to favorable price and product mix of $36 million, benefits related to the Goodyear Forward plan of $26 million and lower raw material costs of $16 million.
−Removed: These increases were partially offset by higher conversion costs of $51 million, lower earnings related to the sale of the Dunlop brand of $13 million, excluding the favorable impact of the offtake supply agreement of $6 million, lower tire volume of $8 million, foreign currency translation of $4 million, and higher administrative and professional expenses of $2 million.
−Removed: Operating income in the first three months of 2026 excluded net rationalizations charges of $85 million, asset write-offs, accelerated depreciation and accelerated lease costs of $8 million and net gains on asset sales of $1 million.
−Removed: Operating income in the first three months of 2025 excluded asset write-offs, accelerated depreciation and accelerated lease costs of $16 million, net rationalization charges of $12 million and net gains on asset sales of $1 million.
−Removed: Three Months Ended March 31,
+Added: Operating loss in the first six months of 2026 was $16 million, decreasing $14 million from an operating loss of $30 million in the first six months of 2025.
+Added: The decrease in operating loss was primarily due to favorable price and product mix of $82 million, benefits related to the Goodyear Forward plan of $61 million, and lower raw material costs of $48 million.
+Added: These increases were partially offset by higher conversion costs of $105 million, lower earnings related to the sale of the Dunlop brand of $30 million, excluding the favorable impact of the offtake supply agreement of $11 million, higher SAG of $19 million, an increase in other costs of $19 million, primarily related to higher transportation costs, lower tire volume of $10 million, and unfavorable foreign currency translation of $5 million.
+Added: Operating loss in the first six months of 2026 excluded net rationalizations charges of $108 million, asset write-offs, accelerated depreciation and accelerated lease costs of $8 million and net gains on asset sales of $3 million.
+Added: Operating loss in the first six months of 2025 excluded net rationalization charges of $55 million and asset write-offs, accelerated depreciation and accelerated lease costs of $42 million.
+Added: Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 Change Percent
+Added: Change 2026 2025 Change Percent
Tire Units 7.9 7.5 0.4 5.3 % 15.4 15.3 0.1 0.7 %
2 unchanged sentences
Operating Margin 12.7% 9.4% 12.6% 9.4%
−Removed: Three Months Ended March 31, 2026 and 2025
−Removed: Asia Pacific unit sales in the first three months of 2026 decreased 0.3 million units, or 3.8%, to 7.5 million units.
−Removed: Replacement tire volume decreased 0.1 million units, or 2.3%, due to softness in consumer replacement.
−Removed: OE tire volume decreased 0.2 million units, or 5.1%, primarily in China.
−Removed: Net sales in the first three months of 2026 were $455 million, decreasing $19 million, or 4.0%, from $474 million in the first three months of 2025.
−Removed: The decrease in net sales was primarily due to lower tire volume of $16 million and unfavorable price and product mix of $6 million.
−Removed: These decreases were partially offset by the positive impact of changes in foreign exchange rates of $3 million.
−Removed: Operating income in the first three months of 2026 was $57 million, increasing $12 million, or 26.7%, from $45 million in the first three months of 2025.
−Removed: The increase in operating income was primarily due to lower raw material costs of $9 million, benefits related to the Goodyear Forward plan of $6 million, and favorable price and product mix of $4 million.
−Removed: These increases were partially offset by lower tire volume of $4 million and higher conversion costs of $3 million.
−Removed: Operating income in the first three months of 2026 excluded net rationalization charges of $1 million and asset write-offs, accelerated depreciation and accelerated lease costs of $1 million.
−Removed: Operating income in the first three months of 2025 excluded asset write-offs, accelerated depreciation and accelerated lease costs of $2 million and net rationalization charges of $1 million.
+Added: Three Months Ended June 30, 2026 and 2025
+Added: Asia Pacific unit sales in the second quarter of 2026 increased 0.4 million units, or 5.3%, to 7.9 million units.
+Added: Replacement tire volume increased 0.3 million units, or 6.4%, due to higher demand in consumer replacement.
+Added: OE tire volume increased 0.1 million units, or 4.2 %, primarily in China and Japan.
+Added: Net sales in the second quarter of 2026 were $496 million, increasing $37 million, or 8.1%, from $459 million in the second quarter of 2025.
+Added: The increase in net sales was primarily due to higher tire volume of $23 million and favorable price and product mix of $20 million.
+Added: These increases were partially offset by the negative impact of changes in foreign exchange rates of $5 million.
+Added: Operating income in the second quarter of 2026 was $63 million, increasing $20 million, or 46.5%, from $43 million in the second quarter of 2025.
+Added: The increase in operating income was primarily due to favorable price and product mix of $12 million, benefits related to the Goodyear Forward plan of $6 million and higher tire volume of $5 million.
+Added: These increases were partially offset by higher raw material costs of $1 million and higher conversion costs of $1 million.
+Added: Operating income in the second quarter of 2026 excluded net rationalization charges of $2 million.
+Added: Operating income in the second quarter of 2025 excluded net gains on asset sales of $55 million and asset write-offs, accelerated depreciation and accelerated lease costs of $1 million.
+Added: Six Months Ended June 30, 2026 and 2025
+Added: Asia Pacific unit sales in the first six months of 2026 increased 0.1 million units, or 0.7%, to 15.4 million units.
+Added: Replacement tire volume increased 0.2 million units, or 2.0%, due to higher demand in consumer replacement.
+Added: OE tire volume decreased 0.1 million units, or 1.0%.
+Added: Net sales in the first six months of 2026 were $951 million, increasing $18 million, or 1.9%, from $933 million in the first six months of 2025.
+Added: The increase in net sales was primarily due to favorable price and product mix of $14 million and higher tire volume of $7 million.
+Added: These increases were partially offset by the negative impact of changes in foreign exchange rates of $2 million.
+Added: Operating income in the first six months of 2026 was $120 million, increasing $32 million, or 36.4%, from $88 million in the first six months of 2025.
+Added: The increase in operating income was primarily due to favorable price and product mix of $16 million, benefits related to the Goodyear Forward plan of $12 million, lower raw material costs of $8 million, and higher tire volume of $1 million.
+Added: These increases were partially offset by higher conversion costs of $4 million.
+Added: Operating income in the first six months of 2026 excluded net rationalization charges of $3 million and asset write-offs, accelerated depreciation and accelerated lease costs of $1 million.
+Added: Operating income in the first six months of 2025 excluded net gains on asset sales of $55 million, asset write-offs, accelerated depreciation and accelerated lease costs of $3 million and net rationalization charges of $1 million.
LIQUIDITY AND CAPITAL RESOURCES
1 unchanged sentence
Our cash flows from operating activities are driven primarily by our operating results and changes in our working capital requirements and our cash flows from financing activities are dependent upon our ability to access credit or other capital.
−Removed: At March 31, 2026, we had $723 million in cash and cash equivalents, compared to $801 million at December 31, 2025.
−Removed: For the three months ended March 31, 2026, net cash used for operating activities was $718 million, reflecting the Company's cash used for working capital of $650 million and rationalization payments of $83 million.
+Added: On June 4, 2026, we issued $1,050 million in aggregate principal amount of 8.875% senior notes due 2032.
+Added: We intend to use the net proceeds from this offering to repay, redeem or repurchase our 4.875% senior notes due 2027 and our 7.625% senior notes due 2027 at or prior to their respective maturity.
+Added: Pending such repayment, redemption or repurchase, we temporarily applied the proceeds to repay outstanding balances under certain revolving credit facilities.
+Added: At June 30, 2026, we had $861 million in cash and cash equivalents, compared to $801 million at December 31, 2025.
+Added: For the six months ended June 30, 2026, net cash used for operating activities was $620 million, reflecting our cash used for working capital of $620 million.
Net cash used for investing activities was $339 million, primarily representing capital expenditures of $342 million.
−Removed: Net cash provided by financing activities was $820 million, primarily due to net borrowings of $807 million.
−Removed: At March 31, 2026, we had $2,975 million of unused availability under our various credit agreements, compared to $4,421 million at December 31, 2025.
+Added: Net cash provided by financing activities was $1,020 million, primarily due to net borrowings of $1,029 million, including the issuance of $1,050 million of new senior notes.
+Added: At June 30, 2026, we had $3,891 million of unused availability under our various credit agreements, compared to $4,421 million at December 31, 2025.
The table below presents unused availability under our credit facilities at those dates:
−Removed: (In millions) March 31,
+Added: (In millions) June 30,
2026 December 31,
2 unchanged sentences
Chinese credit facilities 505 531
+Added: Mexican Credit Facilities 200 —
Other foreign and domestic debt 241 201
6 unchanged sentences
Our inability to access our cash deposits or make draws on our lines of credit, or the inability of a counterparty to fulfill its contractual obligations to us, could have a material adverse effect on our liquidity, financial condition or results of operations in the period in which it occurs.
−Removed: We expect our 2026 full-year cash flow needs to include capital expenditures of approximately $725 million.
+Added: We expect our 2026 full-year cash flow to include capital expenditures of approximately $725 million.
We also expect interest expense to be approximately $425 million;
2 unchanged sentences
and cash contributions to our global pension plans to be approximately $25 million.
−Removed: We are targeting working capital to be a source of cash of approximately $100 million in 2026.
+Added: We expect working capital to be neither a significant source nor significant use of cash for the full year 2026.
We are continuing to actively monitor our liquidity and intend to operate our business in a way that allows us to address our cash flow needs with our existing cash and available credit if they cannot be funded by cash generated from operating or other financing activities.
5 unchanged sentences
Because of the inherent uncertainty of satisfactorily meeting these requirements or limitations, we do not consider the net assets of our subsidiaries, including our Chinese, South African, Serbian and Argentinian subsidiaries, which are subject to such requirements or limitations to be integral to our liquidity or our ability to service our debt and operational requirements.
−Removed: At March 31, 2026, approximately $771 million of net assets, including approximately $187 million of cash and cash equivalents, were subject to such requirements.
+Added: At June 30, 2026, approximately $765 million of net assets, including approximately $179 million of cash and cash equivalents, were subject to such requirements.
The requirements we must comply with to transfer funds out of China, South Africa, Serbia and Argentina have not adversely impacted our ability to make transfers out of those countries.
Operating Activities
−Removed: Net cash used for operating activities was $718 million in the first three months of 2026, compared to net cash used for operating activities of $538 million in the first three months of 2025.
−Removed: The $180 million increase in net cash used for operating activities was primarily due to $185 million in cash received in 2025 for deferred amounts related to the trademark license and product supply agreements associated with the sale of our OTR tire business and lower segment operating income of $100 million, partially offset by a lower use of working capital of $100 million.
−Removed: The decrease in cash used for working capital reflects a decrease in cash used for Accounts Receivable of $156 million and Inventory of $71 million, partially offset by an increase in cash used for Accounts Payable — Trade of $127 million.
+Added: Net cash used for operating activities was $620 million in the first six months of 2026, compared to net cash used for operating activities of $718 million in the first six months of 2025.
+Added: The $98 million decrease in net cash used for operating activities was
+Added: primarily due to a lower use of working capital of $449 million and decreased rationalization payments of $81 million, partially offset by $376 million in cash received in 2025 for deferred amounts related to our divestitures.
+Added: The decrease in cash used for working capital reflects a decrease in cash used for Inventory of $172 million, Accounts Receivable of $158 million and Accounts Payable — Trade of $119 million.
Investing Activities
−Removed: Net cash used for investing activities was $174 million in the first three months of 2026, compared to net cash provided by investing activities of $432 million in the first three months of 2025.
−Removed: The $606 million increase in net cash used for investing activities was primarily due to cash provided by asset dispositions of $720 million in the first three months of 2025 due to the sale of the OTR tire business, partially offset by decreased capital expenditures of $84 million.
+Added: Net cash used for investing activities was $339 million in the first six months of 2026, compared to net cash provided by investing activities of $837 million in the first six months of 2025.
+Added: The $1,176 million increase in net cash used for investing activities was primarily due to cash provided by asset dispositions of $1,328 million in the first six months of 2025 due to the sale of the OTR tire business and Dunlop brand, as well as other asset dispositions, partially offset by decreased capital expenditures of $124 million.
Financing Activities
−Removed: Net cash provided by financing activities was $820 million in the first three months of 2026, compared to net cash provided by financing activities of $211 million in the first three months of 2025.
−Removed: The $609 million increase in cash provided by financing activities was primarily related to net borrowings of $807 million in the first three months of 2026, compared to net borrowings of $198 million in the first three months of 2025.
+Added: Net cash provided by financing activities was $1,020 million in the first six months of 2026, compared to net cash used for financing activities of $107 million in the first six months of 2025.
+Added: The $1,127 million increase in cash provided by financing activities was primarily related to net borrowings of $1,029 million in the first six months of 2026, including the issuance of $1,050 million of new senior notes, compared to net debt repayments of $112 million in the first six months of 2025.
Credit Sources
−Removed: In aggregate, we had total credit arrangements of $9,842 million available at March 31, 2026, of which $2,975 million were unused, compared to $10,525 million available at December 31, 2025, of which $4,421 million were unused.
−Removed: At March 31, 2026, we had long term credit arrangements totaling $9,052 million, of which $2,686 million were unused, compared to $9,707 million and $4,145 million, respectively, at December 31, 2025.
−Removed: At March 31, 2026, we had short term committed and uncommitted credit arrangements totaling $790 million, of which $289 million were unused, compared to $818 million and $276 million, respectively, at December 31, 2025.
+Added: In aggregate, we had total credit arrangements of $10,992 million available at June 30, 2026, of which $3,891 million were unused, compared to $10,525 million available at December 31, 2025, of which $4,421 million were unused.
+Added: At June 30, 2026, we had long term credit arrangements totaling $10,290 million, of which $3,565 million were unused, compared to $9,707 million and $4,145 million, respectively, at December 31, 2025.
+Added: At June 30, 2026, we had short term committed and uncommitted credit arrangements totaling $702 million, of which $326 million were unused, compared to $818 million and $276 million, respectively, at December 31, 2025.
The continued availability of the short term uncommitted arrangements is at the discretion of the relevant lenders and may be terminated at any time.
Outstanding Notes
−Removed: At March 31, 2026, we had $4,380 million of outstanding notes, compared to $4,391 million at December 31, 2025.
+Added: At June 30, 2026, we had $5,425 million of outstanding notes, compared to $4,391 million at December 31, 2025.
+Added: $1,050 million 8.875% Senior Notes due 2032
+Added: On June 4, 2026, we issued $1,050 million in aggregate principal amount of 8.875% senior notes due 2032.
+Added: These notes were sold at 100% of the principal amount and will mature on July 15, 2032.
+Added: These notes are unsecured senior obligations and are guaranteed by our U.S.
+Added: and Canadian subsidiaries that also guarantee our obligations under our U.S.
+Added: first lien revolving credit facility described below.
+Added: We have the option to redeem these notes, in whole or in part, at any time on or after July 15, 2029 at a redemption price of 104.438%, 102.219% and 100% during the 12-month periods commencing on July 15, 2029, 2030 and 2031 and thereafter, respectively, plus accrued and unpaid interest to the redemption date.
+Added: Prior to July 15, 2029, we may redeem these notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest to the redemption date.
+Added: In addition, prior to July 15, 2029, we may redeem up to 35% of the original aggregate principal amount of these notes from the net cash proceeds of certain equity offerings at a redemption price equal to 108.875% of the principal amount plus accrued and unpaid interest to the redemption date.
+Added: The terms of the indenture for these notes, among other things, limit our ability and the ability of certain of our subsidiaries to (i) incur certain liens, (ii) engage in sale and leaseback transactions, and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets.
+Added: These covenants are subject to significant exceptions and qualifications.
$2.75 billion Amended and Restated First Lien Revolving Credit Facility due 2030
8 unchanged sentences
Availability under the facility is subject to a borrowing base, which is based on (i) eligible accounts receivable and inventory of The Goodyear Tire & Rubber Company and certain of its U.S.
−Removed: and Canadian subsidiaries, (ii) the greater of 50% of the appraised value, if any, of our principal trademarks or $400 million, (iii) the value of eligible machinery and equipment, and (iv) certain cash in an amount not to exceed $275 million.
+Added: and Canadian subsidiaries, (ii) the greater of 50% of the
+Added: appraised value, if any, of our principal trademarks or $400 million, (iii) the value of eligible machinery and equipment, and (iv) certain cash in an amount not to exceed $275 million.
To the extent that our eligible accounts receivable, inventory and other components of the borrowing base decline in value, our borrowing base will decrease and the availability under the facility may decrease below $2.75 billion.
In addition, if the amount of outstanding borrowings and letters of credit under the facility exceeds the borrowing base, we would be required to prepay borrowings and/or cash collateralize letters of credit sufficient to eliminate the excess.
−Removed: As of March 31, 2026, our borrowing base, and therefore our availability under the facility, was $505 million below the facility's stated amount of $2.75 billion.
−Removed: At March 31, 2026, we had $530 million of borrowings and $1 million of letters of credit issued under the revolving credit facility.
+Added: As of June 30, 2026, our borrowing base, and therefore our availability under the facility, was $354 million below the facility's stated amount of $2.75 billion.
+Added: At June 30, 2026, we had $157 million of borrowings and $1 million of letters of credit issued under the revolving credit facility.
At December 31, 2025, we had no borrowings and $1 million of letters of credit issued under the revolving credit facility.
7 unchanged sentences
Undrawn amounts under the facility are subject to an annual commitment fee of 25 basis points.
−Removed: At March 31, 2026, there were $196 million (€170 million) of borrowings outstanding under the all-borrower tranche, $207 million (€180 million) of borrowings outstanding under the German tranche, and no letters of credit outstanding under the
−Removed: European revolving credit facility.
+Added: At June 30, 2026, there were $205 million (€180 million) of borrowings outstanding under the German tranche, no borrowings outstanding under the all-borrower tranche, and no letters of credit outstanding under the European revolving credit facility.
At December 31, 2025, we had no borrowings and no letters of credit outstanding under the European revolving credit facility.
15 unchanged sentences
This financial covenant is substantially similar to the covenant included in our European revolving credit facility.
−Removed: At March 31, 2026, the amounts available and utilized under this program totaled $173 million (€150 million).
+Added: At June 30, 2026, the amounts available and utilized under this program totaled $244 million (€214 million).
At December 31, 2025, the amounts available and utilized under this program totaled $292 million (€249 million).
1 unchanged sentence
Accounts Receivable Factoring Facilities (Off-Balance Sheet)
−Removed: We have sold certain of our trade receivables under off-balance sheet programs.
+Added: We have sold certain of our accounts receivables under off-balance sheet programs.
For these programs, we have concluded that there is generally no risk of loss to us from non-payment of the sold receivables.
−Removed: At March 31, 2026, the gross amount of receivables sold was $833 million, compared to $892 million at December 31, 2025.
+Added: At June 30, 2026, the gross amount of receivables sold was $830 million, compared to $892 million at December 31, 2025.
Letters of Credit
−Removed: At March 31, 2026, we had $203 million in letters of credit issued under bilateral letter of credit agreements and other foreign credit facilities.
+Added: At June 30, 2026, we had $216 million in letters of credit issued under bilateral letter of credit agreements and other foreign credit facilities.
The majority of these letter of credit agreements are in lieu of security deposits.
8 unchanged sentences
Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under these programs.
−Removed: The amounts available under these programs were $891 million and $876 million at March 31, 2026 and December 31, 2025, respectively.
−Removed: The amounts confirmed to the financial institutions were $514 million and $551 million at March 31, 2026 and December 31, 2025, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets.
+Added: The amounts available under these programs were $881 million and $876 million at June 30, 2026 and December 31, 2025, respectively.
+Added: The amounts confirmed to the financial institutions were $550 million and $551 million at June 30, 2026 and December 31, 2025, respectively, and are included in Accounts Payable — Trade in our Consolidated Balance Sheets.
All activity related to these obligations is presented within operating activities on the Consolidated Statements of Cash Flows.
11 unchanged sentences
If this were to occur, our ratio of EBITDA to Consolidated Interest Expense may not be less than 2.0 to 1.0 for the most recent period of four consecutive fiscal quarters.
−Removed: As of March 31, 2026, our unused availability under this facility of $1,713 million, plus our Available Cash of $113 million, totaled $1,826 million, which is in excess of $275 million.
+Added: As of June 30, 2026, our unused availability under this facility of $2,238 million, plus our Available Cash of $140 million, totaled $2,378 million, which is in excess of $275 million.
In addition, our European revolving credit facility contains non-financial covenants similar to the non-financial covenants in our first lien revolving credit facility that are described above, similar non-financial covenants specifically applicable to GEBV and its subsidiaries, and a financial covenant applicable only to GEBV and its subsidiaries.
4 unchanged sentences
This financial covenant is also included in our pan-European accounts receivable securitization facility.
−Removed: At March 31, 2026, we were in compliance with this financial covenant.
+Added: At June 30, 2026, we were in compliance with this financial covenant.
Our credit facilities also state that we may only incur additional debt or make restricted payments that are not otherwise expressly permitted if, after giving effect to the debt incurrence or the restricted payment, our ratio of EBITDA to Consolidated Interest Expense for the prior four fiscal quarters would exceed 2.0 to 1.0.
−Removed: Our credit facilities also permit the incurrence of additional debt through other provisions in those agreements without regard to our ability to satisfy the ratio-based incurrence test described above.
+Added: Our credit facilities also permit the incurrence of additional debt through other provisions in those agreements without regard to our ability to satisfy the ratio-based incurrence
+Added: test described above.
We believe that these other provisions provide us with sufficient flexibility to incur additional debt necessary to meet our operating, investing and financing needs without regard to our ability to satisfy the ratio-based incurrence test.
Covenants could change based upon a refinancing or amendment of an existing facility, or additional covenants may be added in connection with the incurrence of new debt.
−Removed: At March 31, 2026, we were in compliance with the currently applicable material covenants imposed by our principal credit facilities and indentures.
+Added: At June 30, 2026, we were in compliance with the currently applicable material covenants imposed by our principal credit facilities and indentures.
The terms “Available Cash,” “EBITDA,” “Consolidated Interest Expense,” “Consolidated Net GEBV Indebtedness” and “Consolidated GEBV EBITDA” have the meanings given them in the respective credit facilities.
10 unchanged sentences
We may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards.
−Removed: During the first three months of 2026, we did not repurchase any shares from employees.
+Added: During the first six months of 2026, we did not repurchase any shares from employees.
The restrictions imposed by our credit facilities are not expected to significantly affect our ability to pay dividends or repurchase our capital stock in the future.
5 unchanged sentences
Supplemental Guarantor Financial Information
−Removed: Certain of our subsidiaries, which are listed on Exhibit 22.1 to this Quarterly Report on Form 10-Q and are generally holding or operating companies, have guaranteed our obligations under the $700 million outstanding principal amount of 4.875% senior notes due 2027, the $850 million outstanding principal amount of 5% senior notes due 2029, the $500 million outstanding principal amount of 6.625% senior notes due 2030, the $550 million outstanding principal amount of 5.25% senior notes due April 2031, the $600 million outstanding principal amount of 5.25% senior notes due July 2031 and the $450 million outstanding principal amount of 5.625% senior notes due 2033 (collectively, the “Notes”).
+Added: Certain of our subsidiaries, which are listed on Exhibit 22.1 to this Quarterly Report on Form 10-Q and are generally holding or operating companies, have guaranteed our obligations under the $700 million outstanding principal amount of 4.875% senior notes due 2027, the $850 million outstanding principal amount of 5% senior notes due 2029, the $500 million outstanding principal amount of 6.625% senior notes due 2030, the $550 million outstanding principal amount of 5.25% senior notes due April 2031, the $600 million outstanding principal amount of 5.25% senior notes due July 2031, the $1,050 million outstanding principal amount of 8.875% senior notes due 2032 and the $450 million outstanding principal amount of 5.625% senior notes due 2033 (collectively, the “Notes”).
The Notes have been issued by The Goodyear Tire & Rubber Company (the “Parent Company”) and are its senior unsecured obligations.
33 unchanged sentences
Summarized Balance Sheets
−Removed: (In millions) March 31,
+Added: (In millions) June 30,
2026 December 31, 2025
4 unchanged sentences
Total Non-Current Liabilities 7,117 6,929
−Removed: (1) Includes receivables due from Non-Guarantor Subsidiaries of $1,459 million and $1,574 million as of March 31, 2026 and December 31, 2025, respectively.
+Added: (1) Includes receivables due from Non-Guarantor Subsidiaries of $1,687 million and $1,574 million as of June 30, 2026 and December 31, 2025, respectively.
Summarized Statements of Operations
−Removed: (In millions) Three Months Ended March 31, 2026 Year Ended
+Added: (In millions) Six Months Ended June 30, 2026 Year Ended
December 31, 2025
13 unchanged sentences
$ (333) $ (1,851)
−Removed: (2) Includes income from intercompany transactions with Non-Guarantor Subsidiaries of $112 million for the three months ended March 31, 2026, primarily from royalties, intercompany product sales, dividends and interest, and $557 million for the year ended December 31, 2025, primarily from royalties, dividends, interest and intercompany product sales.
+Added: (2) Includes income from intercompany transactions with Non-Guarantor Subsidiaries of $225 million for the six months ended June 30, 2026, primarily from royalties, intercompany product sales, dividends and interest, and $557 million for the year ended December 31, 2025, primarily from royalties, dividends, interest and intercompany product sales.
CRITICAL ACCOUNTING POLICIES
3 unchanged sentences
Goodwill and intangible assets are written down to fair value if considered impaired.
−Removed: Goodwill and Intangible Assets totaled $43 million and $658 million, respectively, at March 31, 2026, compared to $42 million and $663 million, respectively, at December 31, 2025.
−Removed: All goodwill was associated with the reporting unit in our Asia Pacific segment at March 31, 2026 and December 31, 2025.
−Removed: Goodwill and intangible assets with indefinite useful lives are not amortized but are assessed for impairment annually on October 31 with the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of the reporting unit or indefinite-lived intangible asset to its carrying value.
+Added: Goodwill and Intangible Assets totaled $44 million and $651 million, respectively, at June 30, 2026, compared to $42 million and $663 million, respectively, at December 31, 2025.
+Added: All goodwill was associated with the reporting unit in our Asia Pacific segment at June 30, 2026 and December 31, 2025.
+Added: Goodwill and intangible assets with indefinite useful lives are not amortized but are assessed for impairment annually on October 31 with the option to perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of the reporting unit or indefinite-lived intangible asset to its
+Added: carrying value.
In addition to the annual assessment, impairment evaluation is considered during interim periods when events occur or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value.
11 unchanged sentences
As part of our annual impairment analysis as of October 31, 2025, we completed a qualitative impairment analysis of our Asia Pacific reporting unit.
−Removed: After considering the results of our most recent quantitative annual testing, the capital markets
−Removed: environment, macroeconomic conditions, tire industry competition and trends, our results of operations, and other factors, we concluded that it was not more likely than not that the fair value of our Asia Pacific reporting unit was less than the carrying value and, therefore, did not perform a quantitative analysis.
−Removed: As part of our annual impairment analysis as of October 31, 2025, we completed a quantitative impairment analysis of our indefinite-lived intangible assets to determine if their fair values were less than their carrying amounts.
−Removed: Based on the results of the quantitative impairment assessments, the Company determined that no impairment was required as the estimated fair values of our indefinite-lived intangible assets exceeded or approximated their respective carrying values.
−Removed: We identified $435 million of indefinite-lived intangible assets related to the Cooper Tire acquisition for which the estimated fair values approximated their respective carrying values.
+Added: After considering the results of our most recent quantitative annual testing, the capital markets environment, macroeconomic conditions, tire industry competition and trends, our results of operations, and other factors, we concluded that it was not more likely than not that the fair value of our Asia Pacific reporting unit was less than the carrying value and, therefore, did not perform a quantitative analysis.
+Added: At June 30, 2026, after evaluating macroeconomic conditions and our current and future results of operations, we concluded that there were no triggering events and it was not more likely than not that the fair value of goodwill of our reporting unit within our Asia Pacific segment was less than its carrying value and, therefore, did not have any impairment.
+Added: Future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill, including discount rates and cash flow projections, could result in significantly different estimates of the fair values.
+Added: A significant reduction in the estimated fair values could result in non-cash impairment charges that could adversely affect our results of operations in a future period.
+Added: In the second quarter of 2026, we experienced continued volume declines, primarily in Americas and EMEA.
+Added: We viewed this event as a triggering event and performed a quantitative analysis of the fair value of $425 million of our indefinite-lived intangible assets related to the acquisition of Cooper Tire as of June 30, 2026.
+Added: Based on the results of the quantitative impairment assessments, the fair value of the indefinite-lived intangible assets approximated their respective carrying values.
We determined the fair value of the indefinite-lived intangible assets using the relief-from-royalty method, which calculates the cost savings associated with owning rather than licensing the assets.
The most critical assumptions used in the calculation of the fair value are projected revenue, discount rate and royalty rate.
−Removed: In the first quarter of 2026, macroeconomic factors and geopolitical events adversely impacted our results and contributed to a decline in our volume.
−Removed: We considered the impact on the fair value of our goodwill reporting unit and indefinite-lived intangible assets.
−Removed: During this review, we considered the nature and extent of current market conditions, forecasts for reporting units and individual brands, as well as the quantitative analysis performed during our annual 2025 impairment test.
−Removed: Based on our review of external and internal factors compared to our latest quantitative assessment, we determined it was not more likely than not that the fair value of our goodwill or indefinite-lived intangible assets is less than the respective carrying value, and thus, a triggering event had not occurred which would require an interim impairment test to be performed.
−Removed: We will continue to monitor our results and market conditions to determine if a future analysis would be required.
The fair value of the indefinite-lived intangible assets is sensitive to differences between estimated and actual revenue, including changes in the discount rate and royalty rate used to evaluate the fair value of these assets.
−Removed: Although we believe our estimate of fair value is reasonable, the indefinite-lived intangible asset performance is dependent on our ability to execute our business plan.
−Removed: If our future financial performance falls below our expectations, which may include a continued and sustained decline in volumes, or there are adverse revisions to significant assumptions, including projected revenues, discount rates or royalty rates, this could be indicative that the fair values of these indefinite-lived intangible assets have declined below their carrying values, and therefore we may need to record a material, non-cash impairment charge in a future period.
+Added: Although we believe our estimate of fair value is reasonable, the performance of these indefinite-lived intangible assets is dependent on our ability to execute our business plan.
+Added: If our future financial performance falls below our expectations or there are adverse revisions to significant assumptions, including projected revenues, discount rates or royalty rates, this could be indicative that the fair values of these indefinite-lived intangible assets have declined below their carrying values, and therefore we may need to record a material, non-cash impairment charge in a future period.
FORWARD-LOOKING INFORMATION — SAFE HARBOR STATEMENT
35 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.