Ford Motor Company (F) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBIT was $2.658B, up 3% YoY despite revenue declining 2% to $49.5B; adjusted EBIT margin rose to 5.4% from 5.1%.

• FY2026 adjusted EBIT guidance rose at the low end to $10.5B-$11B; adjusted FCF guidance remained $6B-$7B.

• Strategy targets 8% adjusted EBIT margins by 2029 through refreshed products, lower-cost operations, auto adjacencies and Ford Energy.

Financial highlights

• Q3 adjusted FCF was $4.7B versus $4.3B; operating cash flow was $5.4B versus $7.4B.

• Net income attributable to Ford was $2.049B versus $2.447B; GAAP diluted EPS was $0.50 versus $0.60, while adjusted diluted EPS rose to $0.49 from $0.45.

• First-nine-month adjusted EBIT was $8.649B versus $5.745B, adjusted EBIT margin was 6.1% versus 4.1%, and adjusted diluted EPS was $1.57 versus $0.96.

• Cash was $25.3B and total liquidity was $46.4B at quarter-end.

Outlook and guidance

• FY2026 segment outlook: Ford Blue EBIT ~$5.5B, Ford Pro EBIT ~$7B, Model e loss ~$4B and Ford Credit EBT ~$2.8B.

• Guidance retains adjusted FCF of $6B-$7B and capital spending of $9.5B-$10.5B; assumptions include U.S. SAAR of 16.5M and U.S. industry pricing up ~1% YoY.

• Commodity headwinds are expected to approach $2.5B YoY; the outlook includes a net $1B improvement from Novelis recovery and $1B in material and warranty cost reductions, excluding tariffs and Novelis.

• 2027 profitability is targeted roughly in line with 2026, with ~$2B YoY headwinds from commodities, memory and logistics; Model e remains targeted for breakeven by 2029.