Allison Transmission Holdings (ALSN) Company Report

Allison Transmission Holdings, Inc. completed its acquisition of Dana Incorporated’s Off-Highway Drive & Motion Systems business for approximately $2.7 billion on January 2, 2026.
The combined company is projected to form a $5.5 billion revenue global enterprise with operations spanning 29 countries.
Craig M. Price was appointed President and Business Unit Leader of the new Allison Off-Highway Drive and Motion Systems, effective January 1, 2026.
To finance the acquisition, Allison Transmission, Inc. incurred $1.2 billion in new term loans and made available a $1.0 billion revolving credit facility.

Jan 2, 2026, 1:54 PM

8-K

Allison Transmission Completes Acquisition of Dana's Off-Highway Drive & Motion Systems Business

ALSN

M&A

New Projects/Investments

Allison Transmission Holdings, Inc. completed its acquisition of the Off-Highway Drive & Motion Systems business of Dana Incorporated for approximately $2.7 billion on January 2, 2026.
The acquisition creates a combined company with an estimated $5.5 billion in revenue and operations spanning 29 countries.
The combined entity will be headquartered in Indianapolis, Indiana, and led by David Graziosi, Allison's Chair, President, and CEO.
The company will operate under the Allison name, structured into two business units: Allison Transmission and Allison Off-Highway Drive & Motion Systems.

Jan 2, 2026, 1:45 PM

Press Release

Allison Transmission Accelerates Growth and Investment in India

ALSN

New Projects/Investments

Revenue Acceleration/Inflection

Allison Transmission is significantly expanding its footprint and investment in India, driven by strategic initiatives across the defense, mining, energy, and export sectors.
Key developments include a Memorandum of Understanding with Armoured Vehicles Nigam Limited to establish a Maintenance, Repair and Overhaul center in India, and an order for an additional 100 XCMG wide-body dump trucks equipped with Allison 4800 fully automatic transmissions for the mining sector.
The company's capital investment in the region includes a facility expansion in Chennai, with initial production expected in Q1 2026 and full capacity in 2027.

Dec 9, 2025, 2:00 PM

Press Release

Allison Transmission and Dana Receive Regulatory Approvals for Off-Highway Business Transaction

ALSN

M&A

New Projects/Investments

All required regulatory approvals for the sale of Dana's Off-Highway business to Allison Transmission Holdings, Inc. have been received.
The transaction is intended to close at or near the end of 2025.
Allison Transmission views the acquisition as a way to strengthen its position in the global off-highway market and align with its long-term growth strategy.
Dana anticipates the transaction will facilitate a return of $600 million to shareholders in 2025 and a debt reduction of approximately $2 billion in 2026.

Nov 19, 2025, 11:50 AM

Press Release

Allison Transmission Prices Debt Offering to Fund Dana Business Acquisition

ALSN

Debt Issuance

M&A

New Projects/Investments

Allison Transmission's subsidiary priced an offering of $500 million in 5.875% Senior Notes due 2033 and a $1,200 million senior secured incremental term loan facility with an interest rate of Term SOFR plus 1.75%.
The net proceeds from these financings, along with cash on hand, are intended to fund the acquisition of Dana Incorporated's off-highway business.
The Notes Offering is expected to close on or about November 21, 2025, with the term loan facility closing concurrently with the acquisition; if the acquisition does not close, the Notes will be subject to a special mandatory redemption at par.

Nov 6, 2025, 10:24 PM

Press Release

Allison Transmission Holdings Inc. Announces Financing for Dana Business Acquisition

ALSN

M&A

Debt Issuance

New Projects/Investments

Allison Transmission, Inc. (ATI) commenced an offering of approximately $500 million in senior notes and is seeking a $1.2 billion incremental term loan facility.
The proceeds from these financing activities, along with cash on hand, are intended to fund the previously announced acquisition of the off-highway business of Dana Incorporated.
Preliminary operating results for the Dana Business for the three months ended September 30, 2025, anticipate revenue between $570 million and $690 million and EBITDA between $85 million and $105 million.

Nov 4, 2025, 10:23 PM

8-K

Allison Transmission Reports Q3 2025 Results and Updates Full-Year Guidance

ALSN

Earnings

Guidance Update

Demand Weakening

Allison Transmission reported Q3 2025 net sales of $693 million, a 16% decrease year-over-year, primarily driven by lower demand in the North America on-highway market, despite a 47% increase in defense end market net sales.
For Q3 2025, the company achieved an Adjusted EBITDA margin of 37% and generated $184 million in adjusted free cash flow, maintaining a strong balance sheet with $902 million of cash on hand and a net leverage ratio of 1.33 times.
Allison updated its full-year 2025 guidance, projecting net sales between $2,975 million and $3,025 million, net income of $620 million to $650 million, and adjusted free cash flow of $600 million to $620 million.
The company continues to manage through a challenging operating environment, particularly in the North America on-highway market, which is experiencing reduced demand due to global macroeconomic factors, but views this as a deferral of purchases.
Allison is diligently working to close its acquisition of Dana's off-highway business, which is expected to enhance its global footprint and access to new markets and customers.

Oct 29, 2025, 9:00 PM

Transcript

Allison Transmission Reports Q3 2025 Results and Updates Full-Year Guidance

ALSN

Earnings

Guidance Update

Demand Weakening

Allison Transmission reported Q3 2025 net sales of $693 million, a 16% decrease year-over-year, primarily driven by lower demand in the North American on-highway market, with net income at $137 million.
Despite the revenue decline, the company maintained an adjusted EBITDA margin of 37% and generated $184 million in adjusted free cash flow during Q3 2025.
For the full year 2025, Allison updated its guidance, expecting net sales between $2,975 million and $3,025 million and adjusted free cash flow between $600 million and $620 million.
The North America on-highway end market continues to face negative impacts from macroeconomic factors, leading to reduced demand, which the company views as a deferral of purchases rather than a permanent market shift.
Allison is progressing with the acquisition of Dana's off-highway business and announced new product adoptions and partnerships in international on-highway and defense markets.

Oct 29, 2025, 9:00 PM

Transcript

Allison Transmission Reports Q3 2025 Results and Updates Full-Year Guidance

ALSN

Earnings

Guidance Update

Demand Weakening

Allison Transmission reported Q3 2025 net sales of $693 million, a 16% decrease year-over-year, primarily driven by reduced demand in the North American on-highway market. Despite this, the company achieved an adjusted EBITDA margin of 37% and generated $184 million in adjusted free cash flow.
The company revised its full-year 2025 guidance, projecting net sales between $2,975 million and $3,025 million and adjusted EBITDA between $1,090 million and $1,125 million.
Allison maintains a strong financial position with over $900 million of cash on hand and a net leverage ratio of 1.33 times.
Strategic initiatives include diligently working to close the acquisition of Dana's off-highway business and continued growth in the defense end market, which saw sales increase 47% year-over-year in Q3 2025.

Oct 29, 2025, 9:00 PM

Transcript

Allison Transmission Announces Q3 2025 Results and Updates 2025 Guidance

ALSN

Earnings

Guidance Update

Demand Weakening

Net Sales for Q3 2025 were $693 million, marking a 16% decrease from Q3 2024, primarily driven by lower demand in the North America On-Highway, Global Off-Highway, Service Parts, Support Equipment & Other, and Outside North America On-Highway end markets, partially offset by higher net sales in the Defense end market.
Net Income for Q3 2025 was $137 million, a 32% decrease year-over-year, mainly due to lower gross profit and acquisition-related expenses.
Adjusted EBITDA for Q3 2025 decreased 16% to $256 million, principally driven by lower gross profit.
Diluted Earnings Per Share for Q3 2025 was $1.63, a 28% decrease compared to Q3 2024.
Allison Transmission revised its full-year 2025 guidance for Net Sales to a range of $2,975 - $3,025 million, Net Income to $620 - $650 million, and Adjusted EBITDA to $1,090 - $1,125 million, based on Q3 results and current end market conditions.