Goodyear’s Forward Transformation Plan delivers significant cost savings, operational efficiencies, and strategic growth opportunities within the global tire industry. As the company strengthens its position through innovation, restructuring, and sustainability-focused initiatives, its market influence continues to expand.

This analysis explores the key benefits of Goodyear’s transformation strategy, financial impacts, and how the broader tire industry adapts to new technologies, evolving consumer demands, and circular economy trends.

“As a result of the consistent and strong execution of our Goodyear Forward transformation plan, we successfully achieved four consecutive quarters of segment operating margin expansion. These tangible results are not only a testament to the talent of our team but also to the strong foundation of Goodyear,” said Chief Executive Officer and President Mark Stewart. “Throughout the company, we are delivering solid results. Due to the strong momentum, we are increasing our target for gross run-rate gains from Goodyear Forward to $1.5 billion by the end of 2025. This increase will enable us to realize significant year-over-year earnings benefits from the program in both 2024 and 2025,” continued Stewart. “We have raised our guidance for 2024 Goodyear Forward gross benefits to $450 million and expect an additional $750 million of year-over-year gross benefits in 2025. We remain confident we will achieve our 10% SOI margin and 2.0x – 2.5x leverage targets in the fourth quarter of next year. The Goodyear Forward transformation plan was announced in November 2023 to create a more profitable enterprise and drive shareholder value creation. Run rate cost reduction and top-line benefits have been increased by $200 million above the original $1.3 billion target. The company expects to realize gross proceeds over $2 billion from portfolio optimization and reaffirms its commitment to net leverage of 2.0x – 2.5x by the end of 2025.”