Ford Motor Company (F) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $50.5 billion, up 9% year-over-year, with net income of $2.45 billion and adjusted EBIT of $2.6 billion, despite $0.7 billion in adverse net tariff impacts.

• U.S. sales grew for the seventh consecutive month, with F-Series on track as America’s best-selling truck for the 49th year and strong demand for commercial vehicles.

• Ford Pro software subscriptions rose 8% sequentially to 818K, with higher average revenue per unit and attach rate.

• Operating cash flow reached $7.4 billion and adjusted free cash flow was $4.3 billion for the quarter.

• Declared a fourth-quarter regular dividend of $0.15 per share.

Financial highlights

• Adjusted EBIT was $2.6 billion (flat year-over-year), with an adjusted EBIT margin of 5.1%; adjusted EPS was $0.45.

• Net income margin improved to 4.8% from 1.9% year-over-year; diluted EPS rose to $0.60 from $0.22.

• Adjusted free cash flow for Q3 was $4.3 billion, up $1.1 billion year-over-year.

• Ended Q3 with nearly $33 billion in cash and $54 billion in liquidity.

• Adjusted ROIC (trailing four quarters) was 10.1%.

Outlook and guidance

• 2025 adjusted EBIT guidance: $6.0–$6.5 billion; adjusted free cash flow guidance: $2.0–$3.0 billion; capital spending expected at about $9 billion.

• Novelis fire expected to be a $1.5–$2.0 billion EBIT headwind in Q4 2025, with at least $1 billion recovery in 2026.

• Tariffs now expected to be a $1 billion net headwind for 2025, down from $2 billion.

• Full-year U.S. industry pricing expected up 0.5%; U.S. SAAR of 16.8 million.

• Net cost reduction of $1 billion for FY 2025, excluding tariffs.