Ford Motor Company (F) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $187.3B for 2025, with adjusted EBIT of $6.8B despite $2B in tariff headwinds and Novelis supply disruptions; U.S. market share rose to 13.2%, the highest in six years.

• Net loss for 2025 was $8.2B, primarily due to $15.9B in special charges from EV asset impairments, program cancellations, and BlueOval SK JV disposition.

• Achieved $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.

• F-Series marked its 49th year as America’s best-selling truck, up 8.3% year-over-year, and Ford Pro’s software and services contributed 19% of segment EBIT.

• Management highlighted progress in cost control, quality, and strategic decisions to strengthen future performance.

Financial highlights

• Full-year 2025 revenue reached $187.3B, up 1% year-over-year; adjusted EBIT was $6.8B (margin 3.6%), and adjusted free cash flow was $3.5B.

• Net income for 2025 was a loss of $8.2B, with adjusted EPS of $1.09 and GAAP EPS of $(2.06).

• Ford Pro delivered $66.3B in revenue and $6.8B in EBIT with a 10.3% margin; Ford Blue EBIT was $3.0B, and Ford Credit EBT was $2.6B, up 55% year-over-year.

• Model e revenue grew 73% to $6.7B, with EBIT losses improving to $4.8B.

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

Outlook and guidance

• 2026 adjusted EBIT expected at $8.0B–$10.0B; adjusted free cash flow at $5.0B–$6.0B; capital expenditures projected at $9.5B–$10.5B.

• Ford Pro EBIT guidance: $6.5B–$7.5B; Model e losses to narrow to $4.0B–$4.5B; Ford Blue EBIT expected at $4.0B–$4.5B; Ford Credit EBT at ~$2.5B.

• $7.0B in charges expected in 2026–2027 for EV strategy updates and asset dispositions.

• U.S. industry sales expected at 16.0M–16.5M units with flat pricing.

• Targeting 8% adjusted EBIT margin by 2029.