Inside a revamped Detroit tire shop, the scent of rubber and oil still hangs heavy in the air, but the atmosphere is different. With a fresh black facade and polished logos, the Motor City Garage represents CEO Mark Stewart’s vision for Goodyear Forward, a comprehensive turnaround plan designed to scrub the grime off a legacy business and make it appealing again to both consumers and investors. While the aesthetic upgrades suggest a company on the rise, the financial reality tells a more complicated story of a giant struggling to find its footing.

For all its efforts to modernize, Goodyear is currently burning through cash almost as fast as its products burn rubber on the road. The company is grappling with a mountain of debt exceeding seven billion dollars and staggering capital expenditures that reached roughly two billion dollars across 2024 and 2025. Despite cutting about one point five billion dollars in annualized costs, the firm posted a net loss of four hundred fifty three million dollars through the first half of this year. Stewart has aimed for double digit operating margins, yet those goals remain elusive as share prices have plummeted more than fifty percent since he took the helm.

The struggle isn’t just internal; Goodyear is fighting an uphill battle against global economic pressures. From volatile raw material costs fueled by conflicts in the Middle East to an influx of cheap imports from Asian manufacturers, the company finds itself squeezed between high production costs and aggressive foreign competition. Stewart has been clear that Goodyear will not engage in a race to the bottom against low cost converts, opting instead to pivot toward the premium tire segment where profit margins are healthier. This shift includes shedding certain assets like the Dunlop brand and launching over sixteen hundred new high end products this year.

While domestic operations continue to drag on the balance sheet, there are glimmers of hope coming from abroad. The Asia Pacific region has emerged as a bright spot, delivering strong operating income and healthy margins that prove the brand still carries weight globally. For now, Stewart continues to push forward with his restructured version of the recovery plan, treating it less like a timed project and more like an ongoing evolution. As he navigates geopolitical headwinds and shifting consumer demands, the goal remains simple but daunting: returning Goodyear to its status as an iconic industry leader without running out of fuel along the way.