Lear Corporation reported Q3 2025 revenue of $5.6798 billion, up 1.7% year-over-year but down 5.8% quarter-over-quarter, signaling a softer near-term demand environment amid ongoing industry cyclicality. A striking feature of the quarter is a negative gross profit of $798.3 million and a negative operating income of $565.8 million, driving an EBITDA of negative $91.1 million. Despite a positive net income of $108.2 million and diluted EPS of $2.01, the profitability profile is distorted by non-operating items and atypical accounting signals, warranting cautious interpretation of earnings quality. The balance sheet appears liquid with a current ratio of 1.92 and a cash per share balance of $18.70, yet leverage remains modest (debt ratio 0.184, debt to capitalization 0.242) and interest coverage is negative, underscoring near-term profitability challenges rather than liquidity stress.