Ford Motor Company (F) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 6% year-over-year to $43.3 billion, with net income of $2.55 billion and adjusted EBIT of $3.5 billion, reflecting strong Ford Blue and Ford Pro performance, a $1.3 billion one-time IEEPA tariff benefit, and improved Ford Credit results.

• Adjusted EBIT margin improved to 8.1% from 2.5% a year ago; net income margin rose to 5.9%.

• Electrified vehicles made up 16.5% of global sales, up 2.4 percentage points year-over-year.

• Major organizational changes unified technology, digital, and design teams to accelerate product and software rollouts, and a new Product Creation and Industrialization organization was announced.

• Focus remains on electrification, quality, and customer experience, with significant investments in next-gen EVs and software-defined vehicles.

Financial highlights

• Adjusted EBIT was $3.5 billion, or $2.2 billion excluding a $1.3 billion one-time IEEPA tariff benefit; adjusted EBIT margin was 8.1%.

• Net income reached $2.55 billion, with adjusted EPS of $0.66, up $0.52 year-over-year.

• Adjusted free cash flow was a use of $1.9 billion, mainly due to timing differences, higher net spending, and working capital changes.

• Cash at quarter-end was $22.0 billion, with liquidity of $43.1 billion.

• Adjusted ROIC (trailing four quarters) rose to 12.6% from 10.9%.

Outlook and guidance

• Full-year adjusted EBIT guidance raised to $8.5–$10.5 billion; adjusted free cash flow expected at $5.0–$6.0 billion.

• CapEx forecasted at $9.5–$10.5 billion, including $1.5 billion for Ford Energy.

• Segment outlook: Ford Pro EBIT $6.5–$7.5 billion, Ford Blue EBIT $4.5–$5.0 billion, Ford Model e losses $4.0–$4.5 billion, Ford Credit EBT ~$2.5 billion.

• Guidance assumes U.S. SAAR of 16–16.5 million units and flat industry pricing.

• Guidance excludes potential impacts from sustained Middle East conflict or a significant U.S. economic downturn.