Ford Motor Company (F)

Ford reported third-quarter 2026 revenue of $49.5 billion and net income of $2 billion on 28 October 2026 1. Adjusted EBIT, the company's own measure of operating profit before interest and taxes, was $2.7 billion 1.

Revenue fell 2 percent from a year earlier, and wholesales, the vehicles sold to dealers, fell 9 percent to 1,049 thousand 1. Ford Blue, the gasoline and hybrid unit, earned $1.4 billion before interest and taxes, down 10 percent 1. Ford said the fall came mainly from discontinued products, the Middle East conflict and higher commodity costs 1.

Ford Model e, the electric vehicle unit, lost $1.1 billion, 25 percent less than a year earlier 1. Ford Pro, the commercial vehicle unit, earned $1.7 billion, down 16 percent 1.

Ford raised the low end of its full-year adjusted EBIT guidance to $10.5 billion, keeping the top at $11 billion 1. It left adjusted free cash flow guidance at $6 billion to $7 billion 1.

Chief executive Jim Farley said the company is entering a defining phase with its Universal Electric Vehicle platform, Ford Energy and an all-new F-150 1. Ford's own outlook counts commodity headwinds approaching $2.5 billion this year 1.

Ford Motor Company was incorporated in Delaware in 1919 3. It took over a Michigan company of the same name, incorporated in 1903 to produce and sell cars designed and engineered by Henry Ford 3.

In 1908 Ford introduced the mass-produced Model T, which sold in the millions over nearly 20 years 6. The first moving assembly line followed in 1913 at the Highland Park factory, a method that helped make cars affordable to middle class buyers 6.

The company went public in 1956, but the Ford family kept 40 percent of the votes through special Class B shares 6. Ford's annual report gives the split: common stock holds 60 percent of general voting power and Class B holds the rest 3.

In the 2008 to 2010 industry crisis Ford struggled financially but did not need rescue by the federal government, unlike the other two major U.S. automakers 6. It sold Jaguar and Land Rover to Tata Motors in March 2008 and owned Volvo from 1999 to 2010 6. It discontinued the Mercury brand in the third quarter of 2010 6.

Jim Farley became president and chief executive in October 2020 3. Total revenue then rose from $176.2 billion to $185.0 billion and then to $187.3 billion over the three years in the annual report 3.

In 2024 Ford announced the cancellation of an all-electric three-row SUV program, and by the end of 2025 it had spent $2.4 billion on those actions, all reported as special items 3. Special items are one-off charges the company leaves out of adjusted EBIT 3.

Also in 2024 Ford entered a consent order with the safety regulator NHTSA, under which an independent third party assesses its adherence to the order and to the Safety Act 3. The company later named warranty cost reduction as one of its full-year objectives 1.

In 2025 tariffs cost Ford about $3 billion gross and about $2 billion net of offsets in EBIT 3. Fires in September and November 2025 at a Novelis aluminum plant in New York disrupted supply, and Ford Blue reported lower F-150 wholesales as a result 23.

In December 2025 Ford said it would rationalize its EV manufacturing capacity and product roadmap, cancelling three planned EVs and ending production of the current-generation F-150 Lightning 3. It booked an $8.4 billion non-cash impairment for Model e assets, $1.1 billion of write-downs and $1.2 billion of charges to be paid in cash 3.

Special items totaled $17,356 million before tax in 2025, and Ford reported a net loss of $8,182 million, against net income of $5,879 million in 2024 3. Adjusted EBIT, which leaves special items out, was $6,780 million 3.

Ford Blue: gasoline and hybrid vehicles

Ford Blue sells Ford and Lincoln gasoline and hybrid vehicles, parts, accessories and digital services, and it also builds vehicles for Ford Pro and sometimes Ford Model e 3. In 2025 it had 2,728 thousand wholesales and $101,019 million of revenue 3. Its EBIT was $3,024 million, a 3.0 percent margin 3.

In the third quarter of 2026 Ford Blue wholesales fell 10 percent, mainly because the Escape and Corsair ended in North America and the Focus ended in Europe 2. The Middle East conflict also weighed on sales in that region 2.

Ford Pro: trucks and vans for businesses

Ford Pro sells vehicles, parts and services to commercial, government and rental customers, including Super Duty trucks and the Transit van range, plus telematics and EV charging for fleets 3. In 2025 it had 1,488 thousand wholesales and $66,286 million of revenue 3. Its EBIT was $6,843 million, a 10.3 percent margin 3.

In the third quarter of 2026 Ford Pro earned $1.7 billion before interest and taxes, with a 9.4 percent margin 2. Costs rose with the launch of Super Duty production at the Oakville Assembly Complex and with temporary aluminum sourcing 21.

Ford Model e: electric vehicles and software

Ford Model e sells EVs, including extended-range electric vehicles (EREVs), and develops the software and connected technology Ford uses across the company 3. In 2025 it had 178 thousand wholesales and $6,670 million of revenue 3. Its EBIT loss was $4,806 million 3.

In the third quarter of 2026 the segment lost $1,058 million, $352 million less than a year earlier, as losses on first-generation products fell while spending on next-generation products and Ford Energy rose 2. FleetOwner reported on 16 December 2025 that production of the current F-150 Lightning had ended 5.

Ford Credit: the finance arm

Ford Credit lends to buyers and dealers, mainly to finance Ford vehicles, and earns money from retail installment contracts, leases and dealer loans 3. It had revenue of $13,271 million in 2025 and earnings before taxes of $2.6 billion 3. Third-quarter 2026 earnings before taxes were $803 million, up 27 percent 1.

Plants, people and workforce

Ford sold about 4,395,000 vehicles at wholesale in 2025 under two brands, Ford and Lincoln 3. It used 42 manufacturing and assembly plants and over 409 operations facilities in 27 countries 3. About 56,300 hourly employees in the United States were represented by the United Auto Workers at the end of 2025 3.

Ford says it employs about 170,000 people worldwide 1. William Clay Ford, Jr. is Executive Chair, Jim Farley is President and Chief Executive, and Sherry House has been Chief Financial Officer since February 2025 3. Alicia Boler Davis has led Ford Pro since September 2025 3.

Named plants include Louisville Assembly, due to build the first Universal EV Platform pickup from 2027, and the Rouge Electric Vehicle Center, set to assemble the next F-150 Lightning 5. The Oakville Assembly Complex has begun Super Duty production 1.

Rivals and problems

Based on 2022 vehicle production, Wikipedia ranks Ford the second-largest American-based automaker, behind General Motors, and the sixth-largest in the world 6. Ford's annual report says domestic Chinese producers are exporting to some key markets in which it operates 3.

Ford's annual report says about 3.5 million Ford vehicles carry Takata inflators in a safety study by NHTSA, and 2.5 million are in a group of ARC and Delphi inflators NHTSA is considering action on 3. The Hetsler case against Ford, a $103 million verdict over a Mustang fire, ended when the final appeal was denied on 30 September 2026 and the judgment was satisfied 2.

The umbrella, in words

Ford sells under two brands: Ford, for trucks, SUVs, vans and cars, and Lincoln, for luxury vehicles 3. Ford Motor Credit Company LLC is its finance subsidiary 34.

The subsidiaries list filed with the annual report names Ford-Werke GmbH in Germany, Ford Motor Company of Canada, Limited and FCE Bank plc in England, among others 4. It also counts 107 other U.S. subsidiaries and 122 other non-U.S. subsidiaries not shown by name 4.

Ford owns 41 percent of Ford Otosan in Turkiye, the sole supplier of the Transit family and the Puma for Europe, and 32 percent of JMC in China 3. It owns 50 percent of Changan Ford in China, and 50 percent of AutoAlliance (Thailand) with Mazda 3. It owns 75 percent of Ford Vietnam, a consolidated joint venture 3.

In May 2026 Ford closed the BlueOval SK disposition, exiting the 50/50 battery venture with SK On and taking two Kentucky plants 2. It assumed a $3.8 billion note owed to the U.S. Department of Energy 2. Those plants are subject to liens held by the Department of Energy 2.

Control sits partly with the Ford family: Class B stock carries 40 percent of general voting power, and 4 holders of record held it on 6 February 2026 3. Ford had 70,852,076 Class B shares outstanding on 26 October 2026 2.

Ford expects full-year adjusted EBIT of $10.5 billion to $11 billion and adjusted free cash flow of $6 billion to $7 billion 1. It expects capital spending of $9.5 billion to $10.5 billion 1.

By segment, Ford expects Ford Blue EBIT of about $5.5 billion, Ford Pro of about $7 billion, Model e losses of about $4 billion and Ford Credit earnings before taxes of about $2.8 billion 1. The guidance assumes a U.S. sales rate of 16.5 million units and $1 billion in material and warranty cost reductions 1.

Ford says its guidance leaves out a significant escalation of the Middle East conflict or a material downturn in the U.S. economy 1. Farley said cost actions and software services are moving Ford toward an 8 percent adjusted EBIT margin by 2029 1.

Ford declared a fourth-quarter dividend of 15 cents per share, payable on 1 December to shareholders of record on 10 November 1.

FleetOwner reported on 16 December 2025 that the first vehicle on the Universal EV Platform, a midsize pickup, is scheduled to start production at the Louisville Assembly Plant in 2027 5. Ford targets profitability for Model e by 2029 5.

The next-generation F-150 Lightning is planned as an extended-range model with an estimated range of over 700 miles, to be assembled at the Rouge Electric Vehicle Center 5. Ford expects about 50 percent of its global volume to be hybrids, extended-range EVs and EVs by 2030, up from 17 percent in 2025 5.

The Tennessee Electric Vehicle Center is to become the Tennessee Truck Plant, making all-new gas-powered trucks from 2029 5. The Ohio Assembly Plant is to become a hub for Ford Pro commercial vans 5. Ford expects to begin shipping battery energy storage systems in 2027, aiming for at least 20 GWh annually by late 2027 5.

Ford's annual report says the December 2025 EV actions may bring additional expenses and cash expenditures of up to about $4 billion, which it will record as special items when incurred 3.

Past

Ford's revenue grew from $152 billion in fiscal 2016 to $187 billion in fiscal 2025, up 2.4% a year, rising in 7 of 9 years with a deepest fall of 21% from fiscal 2018 to fiscal 2020. Net income was positive in 7 of 10 of those years. Over the three fiscal years to 2025, the diluted share count shrank about 0.3% a year, and dividends and buybacks returned about 23% of operating cash flow. Dividends declared per share moved from $0.85 in fiscal 2016 to $0.75 in fiscal 2025. The grade's past tense reads 6.1 of 10. 123

Present

For the fiscal year ended 2025-12-31, Ford reported revenue of $187 billion and a loss of $8.2 billion. The company files quarterly reports due by 2026-11-09 for the quarter ending 2026-09-30 and its annual report is due by 2027-03-01 for the fiscal year ending 2026-12-31. 34

Ford lost about 23 cents for every dollar of shareholders' money, its products earned about 4 cents per dollar of everything the company owns, it owed about 88 cents per dollar of assets, and its share count was unchanged over the year. Ford's revenue of $187 billion ranks in the top 3% by size among its industry family, its net margin of -4.4% ranks in the top 43%, and revenue growth of 5.8% a year over the last three filed years ranks in the bottom 33%. Chief executive Farley, Jr James D has held that title since 2021-03-04, 5.6 years; the 27 officers and directors filing in the last fifteen months have been on the record a median of 5.4 years; 11 officer or director changes were reported on Form 8-K since 2023-10-21, against the 27 people in charge now. The grade's present tense reads 5.0 of 10. 13

Future

A quarterly report for the quarter ending 2026-09-30 is due by 2026-11-09 under the SEC's rules; an annual report for the fiscal year ending 2026-12-31 is due by 2027-03-01. Ford's room to grow from the newest filed statements leaves cash of $23 billion against no long-term debt tagged at 8.1% of its assets as net cash, cash from operations less capital spending at 6.7% of revenue, a gross margin of 6.8%, and research spending of 5% of revenue. Revenue grew 5.8% a year over the last three filed years against 2.4% over all 10, speeding up; the newest year grew 1.2%; research spending grew 6.4% a year; capital spending grew 8.7% a year. The grade's future tense reads 5.3 of 10. 413

How the company operates

Ford's revenue in fiscal 2025 came from Company Excluding Ford Credit at 93% and Ford Credit at 7%; by geography, the United States accounted for 66%, All Other 19%, Canada 8%, United Kingdom 7%, and Mexico 1%. The company reported four lines of business in fiscal 2025: Ford Blue at $101 billion, Ford Pro at $66 billion, Company Excluding Ford Credit at $174 billion, Ford Model E at $7 billion, and Ford Credit at $13 billion. Both lines of business grew against the year before. 351

New moves

On 2026-05-21, Ford signed a major agreement and took on new debt or an obligation. On 2025-12-15, Ford wrote down assets. On 2026-04-15, an officer or director change was reported. 4

On 2026-10-16, The Guardian reported that Ford batteries were linked to destructive deforestation of indigenous lands. On 2026-10-02, CNBC reported that Ford fended off Hyundai to retain its No. 3 U. S. sales position in the third quarter. 6