Ford Motor Company (F) Q4 2024 earnings summary

Executive summary

• Achieved record global revenue of $185 billion in 2024, marking the fourth consecutive year of growth, with strong performance in pickups, vans, commercial vehicles, and both traditional and non-traditional segments.

• Adjusted EBIT reached $10.2 billion (5.5% margin), with Ford Pro delivering a 13.5% EBIT margin and significant contributions from software and services.

• Maintained a robust balance sheet with over $28 billion in cash and nearly $47 billion in liquidity, supporting ongoing investment and shareholder returns.

• Announced regular and supplemental dividends of $0.15 per share each, payable March 3, 2025.

• Continued operational improvements, including cost reductions and a focus on high-margin offerings, while adapting to dynamic EV market conditions.

Financial highlights

• Q4 2024 revenue was $48.2 billion, up 5% year-over-year; full-year revenue reached $185 billion, up 5% from 2023.

• Adjusted EBIT for 2024 was $10.2 billion (down $0.2 billion year-over-year); adjusted EBIT margin was 5.5%; adjusted free cash flow was $6.7 billion.

• Adjusted EPS for 2024 was $1.84; GAAP net income was $5.9 billion, up $1.5 billion year-over-year.

• Ford Pro segment EBIT rose to $9.0 billion (13.5% margin), while Ford Blue EBIT was $5.3 billion (5.2% margin); Model e posted a $5.1 billion loss.

• Ford Credit generated $1.7 billion in earnings before taxes, up $323 million year-over-year.

Outlook and guidance

• 2025 adjusted EBIT guidance: $7.0 billion–$8.5 billion; adjusted free cash flow: $3.5 billion–$4.5 billion; capital spending: $8 billion–$9 billion.

• Q1 2025 adjusted EBIT expected to be breakeven due to lower wholesales and unfavorable mix from major launches.

• Cost savings of $1 billion targeted for 2025, mainly from lower warranty and material costs, with most savings expected in the second half.

• Segment 2025 EBIT outlook: Ford Pro $7.5 billion–$8.0 billion; Model e loss $5.0 billion–$5.5 billion; Ford Blue $3.5 billion–$4.0 billion; Ford Credit EBT about $2.0 billion.

• U.S. industry sales for 2025 assumed at 16.0 million–16.5 million units.