Ford Motor Company (F) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $48.3B, down 4% year-over-year, with a net loss of $1.3B due to $4.2B in special charges, mainly from the BlueOval SK JV disposition and EV program cancellations.

• Adjusted EBIT rose to $2.5B, up 17% year-over-year, with margin improving to 5.2%.

• Raised full-year adjusted EBIT guidance to $10.0B–$11.0B and adjusted free cash flow guidance to $6.0B–$7.0B.

• Strong cash and liquidity positions at quarter-end: $22.3B in cash and $43.4B in liquidity.

• Declared a $0.15/share Q3 dividend.

Financial highlights

• Adjusted free cash flow was $2.1B in Q2 2026; operating cash flow reached $4.3B.

• Adjusted EPS for Q2 2026 was $0.42, up from $0.37 year-over-year.

• Adjusted ROIC improved to 13.2% from 10.1% year-over-year.

• Net loss margin was (2.7)% in Q2 2026.

• Wholesale units fell 12% year-over-year to 1,039,000 in Q2.

Outlook and guidance

• Full-year 2026 adjusted EBIT guidance raised to $10.0B–$11.0B; adjusted free cash flow guidance increased to $6.0B–$7.0B.

• Segment outlook: Ford Blue EBIT $5.0B–$5.5B, Ford Pro EBIT $7.0B–$7.5B, Model e EBIT loss ~$4.0B, Ford Credit EBT above $2.5B.

• Guidance assumes U.S. SAAR of 16.0–16.5M units, $2B+ in commodity headwinds, and $1B Novelis recovery.

• Capital expenditures forecast unchanged at $9.5B–$10.5B.

• Guidance excludes potential impacts from Middle East escalation or a major U.S. economic downturn.