Dorman Products, Inc. Reports Fourth Quarter and Full Year 2025 Results; Issues 2026 Guidance

Rhea-AI Summary

Dorman Products (NASDAQ: DORM) reported Q4 2025 net sales of $537.9M (+0.8%) and diluted EPS of $0.38 (down 79%) reflecting a $51.1M non‑cash goodwill impairment in the Heavy Duty segment. Full‑year 2025 net sales were $2.13B (+6.0%) and diluted EPS was $6.64 (+8%). Adjusted diluted EPS was $8.87 (+24%). The company generated $113.6M of operating cash flow in 2025 and issued 2026 guidance of $7.57–$7.97 diluted EPS and $8.10–$8.50 adjusted diluted EPS, with sales growth guidance of 7%–9%.

Positive

• Adjusted diluted EPS +24% YoY to $8.87
• Gross margin improved 200 bps to 42.1% for FY 2025
• Light Duty segment margin +230 bps YoY to 20.5%

Negative

• $51.1M goodwill impairment hit Q4 results and lowered GAAP EPS
• Operating cash flow fell 51% to $113.6M (2025 vs 2024)
• Inventories increased ~35% to $959.0M, tying up working capital
• 2026 adjusted diluted EPS guidance implies a 4%–9% decline vs 2025

Key Figures

Q4 2025 net sales: $537.9M, up 0.8% Q4 diluted EPS: $0.38, down 79% Q4 adjusted diluted EPS: $2.17, down 1% +5 more

8 metrics

Q4 2025 net sales $537.9M, up 0.8% Fourth quarter 2025 vs Q4 2024

Q4 diluted EPS $0.38, down 79% Fourth quarter 2025, impacted by goodwill impairment

Q4 adjusted diluted EPS $2.17, down 1% Fourth quarter 2025 vs prior-year adjusted EPS

FY 2025 net sales $2.13B, up 6.0% Full year 2025 vs full year 2024

FY 2025 diluted EPS $6.64, up 8% Full year 2025 vs full year 2024

FY 2025 adjusted diluted EPS $8.87, up 24% Full year 2025 vs full year 2024 adjusted EPS

2026 net sales growth 7%–9% Full-year 2026 guidance vs 2025

2026 diluted EPS guidance $7.57–$7.97 (14%–20% growth) Full-year 2026 EPS outlook vs 2025

Market Reality Check

Price: $114.50 Vol: Volume 122,358 is at 0.71...

normal vol

$114.50 Last Close

Volume Volume 122,358 is at 0.71x the 20-day average of 172,906 shares. normal

Technical Shares at 126.429 are trading below the 200-day MA of 134.75 and 24.24% under the 52-week high.

Peers on Argus

DORM was down 0.86% ahead of results while key auto parts peers were mixed: LEA ...

1 Down

DORM was down 0.86% ahead of results while key auto parts peers were mixed: LEA +0.74%, ATMU +1.89%, GNTX +0.72%, VC +2.14%, AAP -1.18%. This points to stock-specific factors rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Oct 27 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 27	Q3 2025 earnings	Positive	-2.7%	Q3 2025 sales and EPS grew strongly with margin expansion and guidance reaffirmed.
Aug 04	Q2 2025 earnings	Positive	+6.9%	Q2 2025 delivered strong growth, margin improvement and a raise to full-year guidance.
May 05	Q1 2025 earnings	Positive	+7.0%	Q1 2025 reported solid sales and EPS growth plus healthy operating cash flow and debt paydown.
Feb 26	FY 2024 earnings	Positive	+3.2%	Q4 and FY 2024 showed revenue and EPS growth, strong cash flow and significant buybacks.
Oct 31	Q3 2024 earnings	Positive	+12.1%	Q3 2024 delivered EPS growth, higher margins and a boost to full-year guidance.

Pattern Detected

Earnings releases have generally been received positively, with four of the last five tagged earnings reports followed by positive price reactions and one notable divergence on strong Q3 2025 results.

Recent Company History

Over the last five earnings-related announcements from Oct 2024 through Oct 2025, Dorman consistently reported year-over-year growth in net sales and diluted EPS, often expanding gross margins and raising or reaffirming guidance. Q1–Q3 2025 showed net sales above $500M with strong EPS growth and improved Light Duty margins. Full-year 2024 results included $2.0B in net sales and share repurchases. Historically, these earnings updates have often coincided with positive single-day moves, framing today’s full-year 2025 report and 2026 guidance within a pattern of steady operational execution.

Historical Comparison

+5.3% avg move · Over the past five earnings releases, DORM’s average 1-day move was about 5.29%, with mostly positiv...

earnings

+5.3%

Average Historical Move earnings

Over the past five earnings releases, DORM’s average 1-day move was about 5.29%, with mostly positive reactions to growth and guidance updates.

From Q3 2024 through Q3 2025, Dorman repeatedly posted year-over-year sales and EPS growth, expanded gross margins, and raised or reaffirmed guidance, showing a consistent earnings progression into the current FY 2025 report and 2026 outlook.

Market Pulse Summary

This announcement highlights modest Q4 revenue growth, a goodwill-driven hit to GAAP EPS, and strong...

Analysis

This announcement highlights modest Q4 revenue growth, a goodwill-driven hit to GAAP EPS, and strong full-year 2025 adjusted EPS of $8.87, up 24%. The 2026 outlook calls for 7%–9% sales growth and higher GAAP EPS but slightly lower adjusted EPS. Historically, earnings releases have often coincided with notable price moves, so investors may watch how margins, segment performance—especially Heavy Duty—and execution against guidance evolve across upcoming quarters.

Key Terms

goodwill impairment charge, adjusted diluted EPS, non-GAAP financial measures, IEEPA tariff ruling

4 terms

goodwill impairment charge financial

"reflecting a $51.1 million non-cash goodwill impairment charge related to the Heavy Duty"

Goodwill impairment charge is an accounting write-down taken when the extra value a company recorded from buying another business — things like reputation, customer relationships or brand name — is later judged to be worth less than originally paid. For investors it matters because the charge reduces reported profits and shareholder equity, often signaling that an acquisition didn’t deliver expected benefits and prompting closer scrutiny of future cash flow and management decisions.

adjusted diluted EPS financial

"Adjusted diluted EPS* of $2.17, down 1%"

Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.

non-GAAP financial measures financial

"this earnings release also contains Non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

IEEPA tariff ruling regulatory

"assumes no net change in tariff impacts following the Supreme Court’s IEEPA tariff ruling"

A IEEPA tariff ruling is a government decision that uses U.S. emergency powers under the International Emergency Economic Powers Act to impose, raise, or change duties and import controls on specific goods for national-security or foreign-policy reasons. For investors it matters because such rulings can quickly alter costs, profit margins and supply lines for affected companies—like a referee changing the rules during a match, forcing businesses and markets to adjust.

AI-generated analysis. Not financial advice.

Highlights (All comparisons are to the prior year period unless otherwise noted):

Fourth Quarter

• Net sales of $537.9 million, up 0.8%
• Diluted earnings per share (“EPS”) of $0.38, down 79%, reflecting a $51.1 million non-cash goodwill impairment charge related to the Heavy Duty segment
• Adjusted diluted EPS* of $2.17, down 1%
• Generated $41.6 million of cash from operating activities

Full Year

• Net sales of $2.13 billion, up 6.0%
• Diluted EPS of $6.64, up 8%, inclusive of a $51.1 million non-cash goodwill impairment charge related to the Heavy Duty segment
• Adjusted diluted EPS* of $8.87, up 24%
• Generated $113.6 million of cash from operating activities

COLMAR, Pa., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ: DORM), a leading supplier in the motor vehicle aftermarket industry, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Kevin Olsen, Dorman’s President and Chief Executive Officer, stated, “The fourth quarter capped an outstanding year with strong top- and bottom-line growth. During the year, we delivered record new product sales, advanced our operational and supply chain diversification initiatives, and made strategic investments in organic growth opportunities. Dorman’s 2025 performance is a testament to our Contributors’ focus, dedication, and ability to navigate market challenges with an industry-leading innovation strategy, asset-light business model, and unwavering commitment to supporting our customers and end-users.

“As we look forward, our strategy remains focused and unchanged. We’ll continue leading the aftermarket with new, innovative solutions, expanding our commercial and operational excellence initiatives, and investing in strategic opportunities to drive long-term growth. For 2026, considering the timing dynamics of tariff pricing and costs, we expect net sales to increase 7% to 9% year-over-year, diluted EPS to be in the range of $7.57 to $7.97, and adjusted diluted EPS* to be in the range of $8.10 to $8.50.”

Fourth Quarter Financial Results
The Company reported fourth quarter 2025 net sales of $537.9 million, up 0.8% compared to net sales of $533.8 million in the fourth quarter of 2024.

Gross profit was $229.1 million in the fourth quarter of 2025, or 42.6% of net sales, compared to $221.7 million, or 41.5% of net sales, in the same quarter last year. Adjusted gross profit* was $229.1 million, or 42.6% of net sales, in the fourth quarter of 2025, compared to $222.5 million, or 41.7% of net sales, in the same quarter last year.

Selling, general, and administrative (“SG&A”) expenses were $141.1 million, or 26.2% of net sales, in the fourth quarter of 2025 compared to $135.0 million, or 25.3% of net sales, in the same quarter last year. Adjusted SG&A expenses* were $135.7 million, or 25.2% of net sales, in the fourth quarter of 2025, compared to $129.1 million, or 24.2% of net sales, in the same quarter last year.

Diluted EPS was $0.38 in the fourth quarter of 2025, down 79% compared to diluted EPS of $1.77 in the same quarter last year. Diluted EPS in the fourth quarter of 2025 reflected a non-cash goodwill impairment related to our Heavy Duty segment. Adjusted diluted EPS* was $2.17 in the fourth quarter of 2025, down 1% compared to adjusted diluted EPS* of $2.20 in the same quarter last year.

Segment results were as follows:

	Net Sales									Segment Profit Margin
($ in millions)	Q4 2025			Q4 2024			Change			Q4 2025			Q4 2024			Change
Light Duty	$	428.6		$	427.4		0	%		19.9	%		20.1	%		-20 bps
Heavy Duty	$	55.8		$	52.9		6	%		3.4	%		2.1	%		130 bps
Specialty Vehicle	$	53.5		$	53.5		0	%		11.4	%		12.2	%		-80 bps

Full Year Financial Results
The Company reported full year 2025 net sales of $2,130.3 million, up 6.0% compared to net sales of $2,009.2 million in the prior year.

Gross profit was $897.7 million, or 42.1% of net sales, in 2025 compared to $806.4 million, or 40.1% of net sales, in the prior year.

SG&A expenses were $541.5 million, or 25.4% of net sales, in 2025 compared to $513.4 million, or 25.6% of net sales, for the prior year. Adjusted SG&A expenses* were $518.5 million, or 24.3% of net sales, in 2025, compared to $484.2 million, or 24.1% of net sales, in the prior year.

Diluted EPS was $6.64 in 2025, up 8% compared to diluted EPS of $6.14 in the prior year. Adjusted diluted EPS* was $8.87 in 2025, up 24% compared to adjusted diluted EPS of $7.13 in the prior year. 

Segment results were as follows:

	Net Sales									Segment Profit Margin
($ in millions)	FY 2025			FY 2024			Change			FY 2025			FY 2024			Change
Light Duty	$	1,692.0		$	1,565.6		8	%		20.5	%		18.2	%		230 bps
Heavy Duty	$	232.6		$	231.5		0	%		2.2	%		2.8	%		-60 bps
Specialty Vehicle	$	205.7		$	212.1		-3	%		13.1	%		15.2	%		-210 bps

2026 Guidance
The Company issued its full-year 2026 guidance as detailed in the table below. The Company's guidance assumes no net change in tariff impacts following the Supreme Court’s IEEPA tariff ruling and the U.S. Administration’s announcement of replacement tariffs. Additionally, the Company’s guidance excludes impacts from potential IEEPA tariff refunds, tariff changes after February 25, 2026, future acquisitions and divestitures and share repurchases.

	2026 Guidance
Net Sales Growth vs 2025	7% – 9%
Diluted EPS	$7.57 – $7.97
Growth vs. 2025	14% – 20%
Adjusted Diluted EPS*	$8.10 – $8.50
Growth vs. 2025	(9)% – (4)%
Tax Rate Estimate	23.5%

Conference Call and Webcast
The Company will hold a conference call and webcast for investors on Thursday, February 26, 2026, beginning at 8:00 a.m. Eastern time. The conference call can be accessed by telephone at (888) 440-4182 within the U.S. or +1 (646) 960-0653 outside the U.S. When prompted, enter the conference ID number 1698878. A live audio webcast and accompanying presentation materials can be accessed on the Company’s website at Dorman Products, Inc. - Events. After the call, a replay of the session will be available on the Investor section of the Company’s website.

About Dorman Products
Dorman gives professionals, enthusiasts, and owners greater freedom to fix motor vehicles. For over 100 years, we have been driving new solutions, releasing tens of thousands of aftermarket replacement products engineered to save time and money and increase convenience and reliability.

Founded and headquartered in the United States, we are a pioneering global organization offering an always-evolving catalog of products covering cars, trucks, and specialty vehicles, from chassis to body, from underhood to undercarriage, and from hardware to complex electronics.

*Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures are included in the supplemental schedules attached.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “probably,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “views,” “estimates,” and similar expressions are used to identify these forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date such statements were made. Such forward-looking statements are based on current expectations that involve known and unknown risks, uncertainties, and other factors (many of which are outside of our control). Such risks, uncertainties and other factors relate to, among other things: competition in and the evolution of the motor vehicle aftermarket industry; changes in our relationships with, or the loss of, any customers or suppliers; our ability to develop, market and sell new and existing products; our ability to anticipate and meet customer demand; our ability to purchase necessary materials from our suppliers and the impacts of any related logistics constraints; widespread public health pandemics; political and regulatory matters, such as changes in trade policy, the imposition of tariffs and climate regulation; our ability to protect our information security systems and defend against cyberattacks; our ability to protect our intellectual property and defend against any claims of infringement; and financial and economic factors, such as our level of indebtedness, fluctuations in interest rates and inflation. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, financial outlook, including guidance, and stock price is included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company is under no obligation to, and expressly disclaims any such obligation to, update any of the information in this document, including but not limited to any situation where any forward-looking statement later turns out to be inaccurate, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Investor Relations Contact
Alex Whitelam, VP, Investor Relations
awhitelam@dormanproducts.com
(445) 448-9522

Visit our website at dormanproducts.com. The Investor Relations section of the website contains important Company information, including financial data and investor materials. Dorman encourages investors to visit its website periodically to view new and updated information.

DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per-share amounts)
	Three Months Ended					Three Months Ended
(unaudited)	12/31/25			Pct.*		12/31/24			Pct. *
Net sales	$	537,932		100.0		$	533,772		100.0
Cost of goods sold		308,843		57.4			312,063		58.5
Gross profit		229,089		42.6			221,709		41.5
Selling, general, and administrative expenses		141,141		26.2			134,961		25.3
Goodwill impairment charge		56,706		10.5			—		—
Income from operations		31,242		5.8			86,748		16.3
Interest expense, net		6,828		1.3			9,158		1.7
Other income, net		183		0.0			1,359		0.3
Income before income taxes		24,597		4.6			78,949		14.8
Provision for income taxes		13,037		2.4			24,436		4.6
Net income	$	11,560		2.1		$	54,513		10.2
Diluted earnings per share	$	0.38				$	1.77
Weighted average diluted shares outstanding		30,754					30,778

	Twelve Months Ended					Twelve Months Ended
(unaudited)	12/31/25			Pct.*		12/31/24			Pct. *
Net sales	$	2,130,319		100.0		$	2,009,197		100.0
Cost of goods sold		1,232,582		57.9			1,202,838		59.9
Gross profit		897,737		42.1			806,359		40.1
Selling, general, and administrative expenses		541,484		25.4			513,450		25.6
Goodwill impairment charge		56,706		2.7			—		—
Income from operations		299,547		14.1			292,909		14.6
Interest expense, net		28,575		1.3			39,727		2.0
Other income, net		4,473		0.2			3,070		0.2
Income before income taxes		275,445		12.9			256,252		12.8
Provision for income taxes		71,251		3.3			66,248		3.3
Net income	$	204,194		9.6		$	190,004		9.5
Diluted earnings per share	$	6.64				$	6.14
Weighted average diluted shares outstanding		30,756					30,956

* Percentage of sales. Data may not add due to rounding.

DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)	12/31/25				12/31/24
Assets
Current assets:
Cash and cash equivalents	$	49,436			$	57,137
Accounts receivable, less allowance for doubtful accounts of $1,948 and $1,619		479,252				573,787
Inventories		959,019				707,977
Prepaids and other current assets		33,819				30,859
Total current assets		1,521,526				1,369,760
Property, plant, and equipment, net		168,777				164,499
Operating lease right-of-use assets		112,805				118,499
Goodwill		387,334				442,886
Intangible assets, net		257,079				278,213
Deferred tax assets		—				5,786
Other assets		45,557				44,878
Total assets	$	2,493,078			$	2,424,521
Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$	185,125			$	231,814
Accrued compensation		30,756				44,002
Accrued customer rebates and returns		197,398				204,355
Revolving credit facility		—				13,960
Current portion of long-term debt		37,500				28,125
Other accrued liabilities		42,048				41,546
Total current liabilities		492,827				563,802
Long-term debt		402,413				439,513
Long-term operating lease liabilities		96,568				105,142
Deferred tax liabilities		3,977				3,700
Other long-term liabilities		20,218				18,894
Commitments and contingencies
Shareholders' equity:
Common stock, par value $0.01; authorized 50,000,000 shares; issued and outstanding 30,391,955 and 30,565,855 shares in 2025 and 2024, respectively		304				306
Additional paid-in capital		137,109				119,077
Retained earnings		1,344,183				1,180,862
Accumulated other comprehensive loss		(4,521	)			(6,775	)
Total shareholders' equity		1,477,075				1,293,470
Total liabilities and shareholders' equity	$	2,493,078			$	2,424,521

Selected Cash Flow Information (unaudited):
	Three Months Ended						Twelve Months Ended
(in thousands)	12/31/25			12/31/24			12/31/25			12/31/24
Cash provided by operating activities	$	41,644		$	71,425		$	113,634		$	231,047
Depreciation, amortization, and accretion	$	13,934		$	13,685		$	55,732		$	56,700
Capital expenditures	$	8,151		$	8,176		$	37,969		$	39,421

DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(in thousands, except per-share amounts)

Our financial results include certain financial measures not derived in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures should not be used as a substitute for GAAP measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows. Additionally, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. However, we have presented these non-GAAP financial measures because we believe this presentation, when reconciled to the corresponding GAAP measure, provides useful information to investors by offering additional ways of viewing our results, profitability trends, and underlying growth relative to prior and future periods and to our peers. Management uses these non-GAAP financial measures in making financial, operating, and planning decisions and in evaluating our performance. Non-GAAP financial measures may reflect adjustments for charges such as fair value adjustments, amortization, transaction costs, severance, accelerated depreciation, and other similar expenses related to acquisitions as well as other items that we believe are not related to our ongoing performance.

Adjusted Net Income:
	Three Months Ended								Twelve Months Ended
(unaudited)	12/31/25*				12/31/24*				12/31/25*				12/31/24*
Net income (GAAP)	$	11,560			$	54,513			$	204,194			$	190,004
Pretax acquisition-related intangible assets amortization [1]		5,261				5,338				21,580				22,476
Pretax acquisition-related transaction and other costs [2]		180				1,294				1,299				2,621
Pretax reduction in workforce costs [3]		—				47				147				4,973
Pretax goodwill impairment charge [4]		56,706				—				56,706				—
Discrete tax adjustment for state tax matters [5]		—				8,088				—				8,088
Tax adjustment (related to above items) [6]		(6,956	)			(1,650	)			(11,224	)			(7,465	)
Adjusted net income (Non-GAAP)	$	66,751			$	67,630			$	272,702			$	220,697
Diluted earnings per share (GAAP)	$	0.38			$	1.77			$	6.64			$	6.14
Pretax acquisition-related intangible assets amortization [1]		0.17				0.17				0.70				0.73
Pretax acquisition-related transaction and other costs [2]		0.01				0.04				0.04				0.08
Pretax reduction in workforce costs [3]		—				0.00				0.00				0.16
Pretax goodwill impairment charge [4]		1.84				—				1.84				—
Discrete tax adjustment for state tax matters [5]		—				0.26				—				0.26
Tax adjustment (related to above items) [6]		(0.23	)			(0.05	)			(0.36	)			(0.24	)
Adjusted diluted earnings per share (Non-GAAP)	$	2.17			$	2.20			$	8.87			$	7.13
Weighted average diluted shares outstanding		30,754				30,778				30,756				30,956

* Amounts may not add due to rounding.
See accompanying notes at the end of this supplemental schedule.

Adjusted Gross Profit:
	Three Months Ended					Three Months Ended
(unaudited)	12/31/25			Pct.**		12/31/24			Pct.**
Gross profit (GAAP)	$	229,089		42.6		$	221,709		41.5
Pretax acquisition-related transaction and other costs [2]		—		—			782		0.1
Adjusted gross profit (Non-GAAP)	$	229,089		42.6		$	222,491		41.7
Net sales	$	537,932				$	533,772

	Twelve Months Ended					Twelve Months Ended
(unaudited)	12/31/25			Pct.**		12/31/24			Pct.**
Gross profit (GAAP)	$	897,737		42.1		$	806,359		40.1
Pretax acquisition-related transaction and other costs [2]		—		—			793		0.0
Adjusted gross profit (Non-GAAP)	$	897,737		42.1		$	807,152		40.2
Net sales	$	2,130,319				$	2,009,197

Adjusted SG&A Expenses:
	Three Months Ended							Three Months Ended
(unaudited)	12/31/25				Pct.**			12/31/24				Pct.**
SG&A expenses (GAAP)	$	141,141			26.2			$	134,961			25.3
Pretax acquisition-related intangible assets amortization [1]		(5,261	)		(1.0	)			(5,338	)		(1.0	)
Pretax acquisition-related transaction and other costs [2]		(180	)		(0.0	)			(512	)		(0.1	)
Pretax reduction in workforce costs [3]		—			—				(47	)		(0.0	)
Adjusted SG&A expenses (Non-GAAP)	$	135,700			25.2			$	129,064			24.2
Net sales	$	537,932						$	533,772

	Twelve Months Ended							Twelve Months Ended
(unaudited)	12/31/25				Pct.**			12/31/24				Pct.**
SG&A expenses (GAAP)	$	541,484			25.4			$	513,450			25.6
Pretax acquisition-related intangible assets amortization [1]		(21,580	)		(1.0	)			(22,476	)		(1.1	)
Pretax acquisition-related transaction and other costs [2]		(1,299	)		(0.1	)			(1,828	)		(0.1	)
Pretax reduction in workforce costs [3]		(147	)		(0.0	)			(4,973	)		(0.2	)
Adjusted SG&A expenses (Non-GAAP)	$	518,458			24.3			$	484,173			24.1
Net sales	$	2,130,319						$	2,009,197

* *Percentage of sales. Data may not add due to rounding.

[1] – Pretax acquisition-related intangible asset amortization results from allocating the purchase price of acquisitions to the acquired tangible and intangible assets of the acquired business and recognizing the cost of the intangible asset over the period of benefit. Such costs were $5.3 million pretax (or $4.0 million after tax) and $21.6 million pretax (or $16.3 million after tax) during the three and twelve months ended December 31, 2025, respectively. Such costs were $5.3 million pretax (or $4.0 million after tax) and $22.5 million pretax (or $16.9 million after tax) during the three and twelve months ended December 31, 2024, respectively.

[2] – Pretax acquisition-related transaction and other costs include costs incurred to complete and integrate acquisitions. During the three and twelve months ended December 31, 2025, we incurred charges included in selling, general and administrative expenses to complete and integrate acquisitions of $0.2 million pretax (or $0.1 million after tax) and $1.3 million pretax (or $1.0 million after tax), respectively.

During the three and twelve months ended December 31, 2024, we incurred charges included in cost of goods sold for integration costs of $0.8 million pretax (or $0.6 million after tax) and $0.8 million pretax (or $0.6 million after tax), respectively. During the three and twelve months ended December 31, 2024, we incurred charges included in selling, general and administrative expenses to complete and integrate acquisitions, accretion on contingent consideration obligations and facility consolidation and start-up expenses of $0.5 million pretax (or $0.4 million after tax) and $1.8 million pretax (or $1.4 million after tax), respectively.

[3] – Pretax reduction in workforce costs represents costs incurred in connection with our planned workforce reduction including severance and other payroll-related costs, insurance continuation costs, modifications of share-based compensation awards, and other costs directly attributable to the action. During the twelve months ended December 31, 2025, the expense was $0.1 million pretax (or $0.1 million after tax). During the three and twelve months ended December 31, 2024, the expense was $0.0 million pretax (or $0.0 million after tax) and $5.0 million pretax (or $3.7 million after tax), respectively.

[4] – Pretax goodwill impairment charge was recorded in connection with our annual goodwill impairment assessment, and totaled $56.7 million pretax (or $51.1 million after tax) during both the three and twelve months ended December 31, 2025.

[5] – Discrete tax adjustment for state tax matters represents a reserve recorded in connection with a state tax dispute, and totaled $8.1 million during both the three and twelve months ended December 31, 2024.

[6] – Tax adjustments represent the aggregate tax effect of all non-GAAP adjustments reflected in the table above, and totaled $(6.9) million and $(11.2) million during the three and twelve months ended December 31, 2025, respectively, and $(1.7) million and $(7.5) million during the three and twelve months ended December 31, 2024, respectively. Such items are estimated by applying our statutory tax rate to the pretax amount, or an actual tax amount for discrete items.

Guidance:

The Company provided the following guidance ranges related to their fiscal 2026 outlook:

	Year Ending 12/31/2026
(unaudited)	Low End				High End
Diluted earnings per share (GAAP)	$	7.57			$	7.97
Pretax acquisition-related intangible assets amortization		0.66				0.66
Pretax acquisition transaction and other costs		0.03				0.03
Tax adjustment (related to above items)		(0.16	)			(0.16	)
Adjusted diluted earnings per share (Non-GAAP)	$	8.10			$	8.50
Weighted average diluted shares outstanding		30,700				30,700

FAQ

What were Dorman (DORM) Q4 2025 sales and EPS results released on February 25, 2026?

Dorman reported Q4 2025 net sales of $537.9M and diluted EPS of $0.38. According to the company, EPS was reduced by a $51.1M non‑cash goodwill impairment in the Heavy Duty segment.

How did DORM perform for the full year 2025 in revenue and adjusted EPS?

For FY 2025 Dorman reported net sales of $2.13B and adjusted diluted EPS of $8.87. According to the company, adjusted EPS increased 24% year‑over‑year on margin expansion.

What guidance did Dorman (DORM) give for 2026 diluted and adjusted EPS on Feb 25, 2026?

Dorman guided 2026 diluted EPS to $7.57–$7.97 and adjusted diluted EPS to $8.10–$8.50. According to the company, sales are expected to grow 7%–9% vs 2025.

How did the goodwill impairment affect Dorman's Q4 2025 GAAP results for DORM?

The $51.1M non‑cash goodwill impairment materially lowered GAAP EPS and reduced Q4 operating income. According to the company, the charge related to the Heavy Duty segment.

What cash flow and working capital changes did Dorman report for 2025 vs 2024?

Dorman generated $113.6M of operating cash flow in 2025, down from $231.0M in 2024, and inventories rose to $959.0M. According to the company, inventories increased materially, tying up capital.

How did segment margins change for DORM in FY 2025, especially Light Duty and Specialty Vehicle?

Light Duty margin improved to 20.5% (+230 bps), while Specialty Vehicle margin fell to 13.1% (‑210 bps). According to the company, segment performance varied by product and channel.