Ford Motor Company (F) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $187.3B for 2025, marking the fifth consecutive year of growth, with U.S. market share rising to 13.2%—the highest in six years—and global hybrid sales up nearly 25% year-over-year.

• Adjusted EBIT for 2025 was $6.8B despite $2B in tariff headwinds and Novelis supply disruptions, with adjusted EBIT margin at 3.6%.

• Net loss for 2025 was $8.2B, primarily due to $17.4B in special items, including asset impairments and program cancellations.

• Significant progress in cost reduction, quality improvement, and modernization of operations and talent, with $1.5B in cost reductions (excluding tariffs).

• Ford Plus strategy focused on high-volume, affordable EVs, commercial business growth, and product innovation.

Financial highlights

• Full-year revenue grew 1% year-over-year to $187.3B; adjusted EBIT was $6.8B, and adjusted free cash flow reached $3.5B.

• Ended 2025 with nearly $29B in cash and $50B in liquidity.

• Ford Pro delivered over $66B in revenue and $6.8B in EBIT with double-digit margins; software and services contributed 19% of segment EBIT.

• Model E revenue and volume grew 73% and 69% respectively, with EBIT losses improving to $4.8B.

• Ford Blue EBIT was $3B, supported by cost improvements and strong product mix.

• Ford Credit EBT was $2.6B, up 55% year-over-year.

Outlook and guidance

• 2026 adjusted EBIT expected at $8–$10B; adjusted free cash flow of $5–$6B; capital expenditures projected at $9.5–$10.5B.

• Ford Pro EBIT guidance: $6.5–$7.5B; Model E losses expected to improve to $4–$4.5B.

• Ford Blue EBIT forecasted at $4–$4.5B; Ford Credit EBT at $2.5B.

• $7B in charges expected in 2026–2027 for EV strategy updates and asset dispositions.

• U.S. SAAR assumed at 16–16.5M for 2026, with flat industry pricing.