Ford Motor Company (F) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 22, 2026.

Consensus is $0.41 EPS for Sep 2026 across 7 estimates, ranging $0.35 to $0.52.

F Jun 2026

Reported Jul 28, 2026

: 27.27%
: +2.14%

: $0.33
: $0.42
: —
: —

Highlights

Underlying earnings: Adjusted EPS was $0.42, ahead of the $0.33 consensus by 27.3%; adjusted EBIT rose $0.4 billion year over year to $2.5 billion, with margin expanding to 5.2% from 4.3%.
Guidance raised: Full-year adjusted EBIT guidance increased to $10.0 billion-$11.0 billion from $8.5 billion-$10.5 billion, while adjusted free cash flow guidance rose to $6.0 billion-$7.0 billion from $5.0 billion-$6.0 billion.
GAAP distortion: Ford posted a $1.3 billion net loss, or a diluted loss of $0.33 per share, versus a $36 million loss and $0.01 loss per share a year ago; results included $4.2 billion of pre-tax special-item charges, including a $3.6 billion BOSK disposition charge.
Revenue and cash flow: Revenue fell 4% year over year to $48.3 billion, while operating cash flow declined to $4.3 billion from $6.3 billion and adjusted free cash flow declined to $2.1 billion from $2.8 billion.
Ford Blue: EBIT increased $474 million to $1.1 billion on 1% higher revenue of $26.1 billion, despite an 8% decline in wholesales; margin improved to 4.4% from 2.6% on mix, pricing and exchange.
Ford Pro: EBIT fell $600 million to $1.7 billion on 5% lower revenue of $17.8 billion, as aluminum-supply disruption costs and lower volume reduced margin to 9.7% from 12.3%.
Model e retrenchment: Model e's EBIT loss narrowed $410 million year over year to $919 million, but revenue dropped 56% to $1.0 billion and wholesales fell 53% to 28,000 units.
Ford Credit: Earnings before taxes increased $112 million to $757 million, helped by financing margins and mix, although the U.S. loss-to-receivables ratio rose to 52 basis points from 48 basis points.
Balance sheet: Ford ended June with $22.3 billion of company cash and $43.4 billion of liquidity, down from $28.7 billion and $49.8 billion at year-end 2025, and declared a regular third-quarter dividend of $0.15 per share.

Analysis

Ford's second quarter was an underlying earnings beat and a guidance-raising print, but the headline GAAP result was overwhelmed by the planned BlueOval SK disposition. Adjusted EPS of $0.42 exceeded the $0.33 consensus, while adjusted EBIT rose 17% year over year to $2.5 billion and adjusted EBIT margin expanded 90 basis points to 5.2%. Revenue declined 4% to $48.3 billion, and adjusted free cash flow was $2.1 billion versus $2.8 billion a year ago. Sequentially, revenue increased from $43.3 billion in the first quarter, but reported net income swung from a $2.55 billion profit to a $1.3 billion loss, and operating income fell from $2.33 billion to $638 million.

The print was defined by a stronger Ford Blue, pressure in Ford Pro from aluminum shortages, and continued EV rationalization. Blue EBIT rose $474 million to $1.1 billion despite 8% lower wholesales, while Pro EBIT fell $600 million to $1.7 billion. Model e reduced its loss to $919 million, but revenue fell 56% and volume fell 53%. The $1.3 billion net loss included $4.2 billion of pre-tax special items, principally the $3.6 billion BOSK charge and $0.5 billion of EV cancellation costs. Ford raised its full-year adjusted EBIT and free cash flow targets, partly reflecting expected Novelis-related recovery and about $500 million of IEEPA reimbursement cash.

Underlying earnings and outlook

Ford's operating result improved even as volume declined. Adjusted EBIT rose to $2.5 billion from $2.1 billion a year ago, and adjusted EPS increased to $0.42 from $0.37. The 5.2% adjusted EBIT margin was 90 basis points higher, reflecting better mix, pricing and cost execution in parts of the portfolio. First-half adjusted EBIT reached $6.0 billion, versus $3.2 billion a year ago, and adjusted ROIC improved to 13.2% from 10.1%.

Raised targets: Ford now expects full-year adjusted EBIT of $10.0 billion-$11.0 billion and adjusted free cash flow of $6.0 billion-$7.0 billion, increases of $1.5 billion and $1.0 billion at the midpoint, respectively.
Key assumptions: The outlook includes a $1.0 billion net EBIT benefit from Novelis recovery, about $1.0 billion of material and warranty reductions, more than $2.0 billion of commodity headwinds, and roughly $1.0 billion of incremental Model e and Ford Energy investment.
Segment outlook: Ford expects Blue EBIT of $5.0 billion-$5.5 billion, Pro EBIT of $7.0 billion-$7.5 billion, a Model e loss of about $4.0 billion, and Ford Credit earnings before taxes above $2.5 billion.

Ford Blue and Ford Pro

The profitable combustion, hybrid and commercial businesses remained the core of the quarter, but their trajectories diverged. Ford Blue benefited from favorable product mix, pricing, exchange and lower regulatory-compliance expense. Ford Pro remained profitable at a high level, but lower volume and temporary aluminum-related costs weighed heavily on year-over-year earnings.

Ford Blue: Revenue rose 1% to $26.1 billion and EBIT increased to $1.1 billion from $661 million. Wholesales fell 8% to 639,000 units, but the EBIT margin improved to 4.4% from 2.6%.
Ford Blue drivers: Mix and pricing contributed $431 million to the year-over-year EBIT change, while exchange and other factors contributed a further $433 million; higher costs were a $390 million offset.
Ford Pro: Revenue declined 5% to $17.8 billion and EBIT fell to $1.7 billion from $2.3 billion. Wholesales decreased 13% to 372,000 units, and margin declined to 9.7% from 12.3%.
Ford Pro pressures: Volume and mix reduced EBIT by $507 million, while cost reduced it by $194 million; favorable pricing and other factors partly offset the decline.

Model e retrenchment

Ford continued to resize its EV business around customer demand and the revised product roadmap. Model e's year-over-year loss improvement came alongside a sharp reduction in volume and revenue, rather than growth in the current-generation EV portfolio.

Lower scale: Model e wholesales fell 53% to 28,000 units and revenue fell 56% to $1.0 billion, primarily due to right-sizing Mustang Mach-E production and ending F-150 Lightning production.
Narrower loss: EBIT loss improved to $919 million from $1.3 billion, with the loss margin improving to negative 89.6% from negative 56.4% only because revenue contracted faster than the loss.
Future investment: Ford maintained its roughly $4.0 billion full-year Model e loss outlook, including about $1.0 billion of incremental investment in the Universal EV platform and Ford Energy, weighted toward the second half.
Program charges: Ford recorded $481 million of second-quarter cash charges related to previously announced EV cancellations and said total additional pre-tax cash expenditures could reach $2.0 billion.

BOSK charge and GAAP loss

The GAAP loss was principally a transaction and portfolio-reset event rather than a reflection of the quarter's adjusted operating result. Following the May closing of the BlueOval SK disposition, Ford redeemed its joint-venture interest, acquired two Kentucky battery plants and assumed a $3.8 billion Department of Energy loan.

Special items: Ford recorded $4.2 billion of pre-tax special-item charges, including $3.6 billion related to BOSK and $0.5 billion related to EV program cancellations.
Accounting impact: The BOSK transaction produced a $2.9 billion charge in equity income from affiliates because liabilities assumed exceeded the value of assets acquired; Ford also recorded $0.7 billion of costs tied to pre-existing claims and fixed-asset write-downs.
Reported result: Net loss attributable to Ford was $1.3 billion, or $0.33 per diluted share, compared with a $36 million loss, or $0.01 per share, in the year-ago quarter.
Tax offset: Ford recognized a $711 million tax benefit in the quarter, including a $273 million U.S. Qualified Opportunity Zone benefit; the adjusted effective tax rate was 20.5%.

Cash, liquidity and capital

Cash generation remained positive but weaker than a year ago, while the balance sheet absorbed the BOSK-related debt assumption and continued investment. Ford's company cash net of debt moved from positive $7.7 billion at year-end to negative $0.3 billion at June 30, partly because the assumed DOE loan increased company debt.

Cash flow: Operating cash flow was $4.3 billion, down $2.0 billion year over year. Adjusted free cash flow was $2.1 billion, down $0.7 billion, while capital spending increased $0.3 billion to $2.4 billion.
Liquidity: Company cash was $22.3 billion and liquidity was $43.4 billion, compared with $28.7 billion and $49.8 billion at December 31, 2025.
Debt: Company debt excluding Ford Credit was $23.6 billion at quarter-end, up $1.7 billion from year-end, primarily because of the $3.8 billion DOE loan assumed from BOSK.
Shareholder returns: Ford paid $0.6 billion of regular dividends in the quarter and declared another regular dividend of $0.15 per share, payable September 1.

Ford Credit performance

Ford Credit provided a larger contribution to the quarter, supported by financing margin and favorable mix, although consumer credit metrics moved modestly against the company. The financing arm also retained substantial funding flexibility with leverage unchanged from a year ago.

Earnings: Ford Credit EBT rose to $757 million from $645 million, while first-half EBT increased to $1.5 billion from $1.2 billion.
Portfolio: Total net receivables were $143.2 billion, down 0.3% year over year, with a larger operating-lease portfolio partly offsetting lower consumer and non-consumer financing.
Credit quality: The U.S. loss-to-receivables ratio rose to 52 basis points from 48 basis points, reflecting higher repossessions and severities; U.S. auction values remained broadly stable.
Funding: Ford Credit ended the quarter with $27.4 billion of net liquidity available for use, financial-statement leverage of 9.4:1 and $19 billion of public term issuances completed through July 27.

Ford Motor Company

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