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% 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.

• Delivered $1.5B in cost reductions (excluding tariffs), surpassing the $1B target, and maintained a strong balance sheet with nearly $29B in cash and $50B in liquidity.

• Ford Pro and Ford Blue segments delivered strong results, with Ford Pro revenue at $66B and double-digit margins, while Model E segment improved losses through cost reductions and higher European volumes.

Financial highlights

• Full-year revenue grew 1% year-over-year to $187.3B; adjusted EBIT was $6.8B, and adjusted EBIT margin was 3.6%.

• Adjusted free cash flow was $3.5B, and adjusted EPS was $1.09; GAAP EPS was $(2.06).

• Year-end cash was nearly $29B, with total liquidity of $50B.

• Ford Pro EBIT reached $6.8B; Ford Blue EBIT was $3B; Ford Credit EBT was $2.6B, up 55% year-over-year.

• Model E losses improved to $4.8B, reflecting cost savings and product mix shifts.

Outlook and guidance

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

• Ford Pro EBIT guidance: $6.5–$7.5B; Ford Blue: $4–$4.5B; Model E losses: $4–$4.5B; Ford Credit EBT: ~$2.5B.

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

• $1B in further cost reductions targeted; high-margin software/services profit to grow 6.5%.

• U.S. SAAR assumed at 16–16.5M for 2026; industry pricing expected to be flat.