Ford vs. Rivian: how they make money

• Dealers and retail buyers of gas and hybrid vehicles (Ford Blue) · 53.9% of revenueFord sells mostly to dealerships, which sell on to drivers. Revenue was $101,019 million in FY2025.
• Commercial, government and rental customers (Ford Pro) · 35.4% of revenueFleets and businesses buying trucks and vans, software, parts and repairs. Revenue was $66,286 million.
• Borrowers, lessees and dealers (Ford Credit) · 7.1% of revenuePeople and dealers paying interest and lease payments. Revenue was $13,271 million.
• Dealers and retail buyers of electric vehicles (Model e) · 3.6% of revenueElectric and extended-range vehicles. Revenue was $6,670 million.

• Chase Bank, buying vehicles that drivers then lease · 36.0% of revenueAbout 36% of FY2025 revenue, as the 10-K states. Chase is a lender, not the driver. Its share fell below 10% in 2026, after federal lease credits ended on Sep 30, 2025.
• Amazon · 16.7% of revenue$900 million in FY2025, or 16.7% (Cityfort calculation from the FY2025 10-K). The share was 31.2% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q), as Chase's fell.
• Volkswagen joint venture · 15.5% of revenue$836 million in FY2025, or 15.5% (Cityfort calculation from the FY2025 10-K). The share was 18.2% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q).
• Everyone else · 32.0% of revenueDrivers who pay for their vehicles, regulatory credit buyers and service customers. About 32% is what is left after the three named payers (Cityfort calculation from the FY2025 10-K); the filing gives no such figure.

FY2025

FY2025

Debt

$163.1B

Cash and investments

$34.1B

On Sep 30, 2026.

On Sep 30, 2026, Ford Credit held $139.4 billion of Ford's $163.1 billion total debt, or 85.5%. It borrows mostly to fund car loans and leases.

Debt

$4.4B

Cash and investments

$5.5B

On Sep 30, 2026.

At Sep 30, 2026 Rivian held $5,502 million of cash and short-term investments against $4,446 million of long-term debt. Free cash flow was an outflow of $1,124 million in Q3 FY2026.

• 2 classes of shares (votes per share: Common stock 1, Class B stock 37.075).
• Officers and directors as a group: 0.6% of shares (as of Feb 1, 2026).
• Voting trust, Class B stock: 99.9% (as of Feb 1, 2026).
• William Clay Ford Jr., Class B stock: 27.6% (as of Feb 1, 2026).
• David P. Larsen, as trustee, Class B stock: 14.5% (as of Feb 1, 2026).
• 6 more holders on the Ford page.

• 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 10).
• Officers and directors as a group: 1.5% of shares, 4.1% of votes (as of Apr 23, 2026).
• Volkswagen (Volkswagen AG and Volkswagen US-Holding): 15.9% (as of Apr 30, 2026).
• Amazon: 12.9% of its class, 12.5% of votes (as of Apr 23, 2026).
• Global Oryx Company Ltd: 9.0% of its class, 8.7% of votes (as of Apr 23, 2026).
• 2 more holders on the Rivian page.

• Tariffs and trade rules (regulation)Ford said tariffs cost it a net $2 billion in FY2025. In Q1 FY2026 it booked a one-time $1.3 billion tariff benefit. It said in October 2026 that it expects about $2.2 billion of reimbursements and offsets, with about $500 million received in Q3.
• Supplier and raw-material dependence (commodity costs)Ford's 10-K says many components come from a single or limited number of suppliers, and calls Novelis a major aluminum supplier. Ford said Novelis fires cost $2 billion in FY2025, and it reported temporary Novelis costs in Q3 FY2026. It also has multi-year raw-material commitments for EVs.
• Court cases and tax disputes (legal cases)Ford faces a new trial on trade-secret damages in Versata v. Ford and a pending damages decision in a transmission class action in Australia. Brazilian tax assessments are under appeal, and collateral could exceed $1 billion if required. Ford reports reasonably possible losses above accruals of about $0.6 billion for indirect tax and regulatory matters.

• Losses are paid for with outside money (liquidity)The accumulated deficit, all past net losses added up, was $29,113 million at Sep 30, 2026. The company says it will require additional financing. Shares outstanding rose from 1,240 million to 1,460 million in nine months.
• Federal EV credits ended, and regulatory credits are uncertain (demand)The 30D and 45W federal credits ended for vehicles acquired after Sep 30, 2025. Rivian says that partly explains an 18% fall in FY2025 automotive deliveries. It calls future regulatory credit sales uncertain.
• Autonomy milestones decide Uber's money (technology)Uber's plan for up to 50,000 robotaxis and up to $950 million of further share purchases depend on milestones. Rivian said on Mar 19, 2026 that it expects higher research spending to speed up autonomy, and it lists driver assistance technology among its risks.