Consumer Discretionary · NYSE: F
Ford: how the business works
Ford builds cars, trucks and vans and lends to the people who buy them, with revenue of $187.3 billion and a net loss of $8.2 billion in FY2025.
By Hardik Bhandare · Checked against filings:
Follow Ford
Email me when Ford's page is updated after earnings.
We'll send a confirmation email first. See our privacy policy.
Ford Motor Company · Dearborn, Michigan · Founded 1903
Last updated
- Revenue, FY2025
- $187.3B
- Net loss, FY2025
- −$8.2B
- Vehicles sold at wholesale, FY2025
- 4.395 million
- Employees, Dec 31, 2025
- About 169,000
- Votes held by Class B shares (1.8% of all shares)
- 40%
The short version
Ford in 5 points
1 · What it sells
Ford builds gas, hybrid and electric cars, trucks and vans under the Ford and Lincoln brands and lends to buyers through Ford Credit, with $187.3 billion of revenue in FY2025.
2 · Who pays it
In FY2025, dealers and retail buyers of gas and hybrid vehicles paid 54% of Ford's revenue, commercial, government and rental customers 35%, Ford Credit's borrowers 7% and buyers of electric vehicles 4%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Ford kept nothing: it had a net loss of $4.3, which includes $17.4 billion of one-off special items before tax, and an operating loss of $4.9 per $100 of revenue.
4 · Where the operating profit comes from
In FY2025, before special items, Ford Pro earned $6,843 million before interest and tax, Ford Blue $3,024 million and Ford Credit $2,557 million before tax, while Model e lost $4,806 million.
5 · The one thing to watch
Before special items, Model e lost $1,058 million in Q3 FY2026 on revenue of $1,223 million, while Ford Pro earned $1,665 million on revenue of $17,772 million.
Sources: From Ford's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Ford's money go?
Ford · FY2025
Receipt for every $100
| Cost of sales | $92.3 |
|---|---|
| Selling, admin and other | $5.7 |
| Ford Credit's interest and running costs | $5.9 |
| Interest on company debt | $0.7 |
| Part-owned companies' losses, minority partners | $1.7 |
| Income tax benefit (reduced the loss) | −$1.9 |
| Net loss (costs above money in) | −$4.3 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Of every $100 that came in during FY2025 (revenue $187,267 million + other income $1,746 million = $189,013 million). Cityfort calculation from FY2025 10-K. Cost of sales includes $10.7 billion of EV charges. Ford does not split it into materials and labor. In FY2024, a profit year, Ford kept $3.20 per $100 of revenue.
Each week: one company explained in 5 points, picked by earnings date.
Free, no tips, unsubscribe anytime.
We'll send a confirmation email. See our privacy policy.
02The business in one line
What does Ford do?
Dealers, businesses and borrowers pay Ford for vehicles, parts and financing; most of the money goes on building vehicles, and in FY2025 EV charges turned what was left into a loss.
- Ford Blue (gas and hybrid vehicles) brought in 54% of FY2025 revenue, Ford Pro (commercial customers) 35%, Ford Credit (loans and leases) 7% and Model e (electric vehicles) 4%.
- Cost of sales took $92.3 of every $100 that came in during FY2025. Ford had a net loss of $8.2 billion, against net income of $5.9 billion in FY2024.
03Who pays it
Who pays Ford?
Dealers and retail buyers of gas and hybrid vehicles (Ford Blue)
54%
of revenue
Ford sells mostly to dealerships, which sell on to drivers. Revenue was $101,019 million in FY2025.
Commercial, government and rental customers (Ford Pro)
35%
of revenue
Fleets and businesses buying trucks and vans, software, parts and repairs. Revenue was $66,286 million.
Borrowers, lessees and dealers (Ford Credit)
7%
of revenue
People and dealers paying interest and lease payments. Revenue was $13,271 million.
Dealers and retail buyers of electric vehicles (Model e)
4%
of revenue
Electric and extended-range vehicles. Revenue was $6,670 million.
- Dealers and retail buyers of gas and hybrid vehicles (Ford Blue)54%
- Commercial, government and rental customers (Ford Pro)35%
- Borrowers, lessees and dealers (Ford Credit)7%
- Dealers and retail buyers of electric vehicles (Model e)4%
How spread out the customers are
Ford reports no customer percentages. Its FY2025 10-K says it does not depend on any single customer or a few customers. These shares are its reported segments, not named customers.
04Why it makes money
Why does Ford make money?
Ford's profit comes mainly from commercial vehicles and trucks, while its electric vehicles lose money.
Before special items, Ford Pro earned a 10.3% margin in FY2025 and Ford Blue 3.0%, while Model e's margin was (72.1)%. Ford's 10-K says a high share of its costs is relatively fixed, so small volume changes can significantly affect profit. It also says it depends on larger, more profitable vehicles, mainly in the US.
Operating income per $100 of revenue
$3.3−$4.9
FY2021 to FY2025
- Ford builds vehicles in plants with relatively fixed costs.
- Dealers and commercial customers buy them, and Ford books revenue as they ship.
- Larger trucks and commercial vehicles bring in more profit per vehicle.
- Ford Credit lends to buyers and dealers and earns its own profit.
- Profit pays for new models, EV losses, dividends and interest.
- When volumes or prices fall, fixed costs stay and margins shrink.
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Ford?
Ford Blue
54%Gas and hybrid Ford and Lincoln vehicles for retail buyers. FY2025 EBIT (profit before interest, tax and special items) was $3,024 million, a 3.0% margin. The chart starts at FY2023. FY2021 and FY2022 use an older basis with a separate Ford Next line, so they are not joined to it. On that older basis Ford Blue's revenue was $80,377 million and $94,762 million.
Revenue $101.0B · Operating profit $3.0B
Ford Pro
35%Trucks, vans and services for commercial, government and rental customers. FY2025 EBIT before special items was $6,843 million, a 10.3% margin. On the older basis, revenue was $42,649 million in FY2021 and $48,939 million in FY2022.
Revenue $66.3B · Operating profit $6.8B
Ford Credit
7%Loans and leases to vehicle buyers and dealers. Ford Credit reports profit before tax instead of EBIT: $2,557 million in FY2025. Corporate revenue of $21 million is left out of these four cards.
Revenue $13.3B
Ford Model e
4%Electric and extended-range vehicles for retail buyers. FY2025 EBIT before special items was a loss of $4,806 million, a (72.1)% margin. On the older basis, revenue was $3,098 million in FY2021 and $5,253 million in FY2022.
Revenue $6.7B · Operating profit −$4.8B
How the mix changed
- Ford Blue
- Ford Pro
- Ford Credit
- Ford Model e
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Ford done?
Revenue
$187.3BFY2025
Revenue rose every year, from $136.3 billion in FY2021 to $187.3 billion in FY2025, of which Ford Credit was $13.3 billion.
US$
See the numbers
Net profit
−$8.2BFY2025
Net income fell from $17.9 billion in FY2021, with a $9.1 billion Rivian gain, to a loss of $8.2 billion in FY2025, after $17.4 billion of special items.
US$
See the numbers
Profit kept per $100 of revenue
−$4.4FY2025
Ford lost $4.40 per $100 of revenue in FY2025 after keeping $3.20 in FY2024; EBITDA is blank on this page because Ford Credit's interest and lease depreciation would distort it.
$ of profit per $100 of revenue (net margin)
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on December 31 (the calendar year)). Net profit is the share belonging to the company's owners.
What revenue is made of · FY2025
Financing, leasing and insurance income comes almost entirely from Ford Credit, whose revenue was $13,271 million. Ford Credit's costs and cash also sit inside Ford's totals. Its interest counts as an operating cost, and its cash swings sit in operating cash flow. So this page leaves EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. and free cash flow blank. Ford's own cash measure is in the section on its own measures.
Revenue by type
Learn: Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Ford, and did they deliver?
James D. Farley Jr.
President and Chief Executive Officer · since 2020
CEO since October 2020. His 2025 total pay was $27,519,557, or 295 times the median employee's $93,397.
William Clay Ford Jr.
Executive Chair · since 2006
A trustee of the voting trust that holds 99.90% of Class B stock.
Sherry House
Chief Financial Officer · since 2025
CFO since February 2025.
John Lawler
Vice Chair
What they said, and what happened
3 delivered · 1 partly delivered · 1 missed · 2 too early to tell
Said on Feb 7, 2024
FY2024 adjusted EBIT of $10 billion to $12 billion and adjusted free cash flowCash from operations minus spending on buildings and equipment. Learn more of $6 billion to $7 billion (Ford's own measures).
DeliveredWhat happened
Adjusted EBIT was $10,208 million and adjusted free cash flow $6,672 million. GAAP net income was $5,879 million.
Said on Feb 7, 2024
FY2024 Model e loss of $5 billion to $5.5 billion.
DeliveredWhat happened
The loss before special items was $5,105 million on the recast basis.
Said on Feb 5, 2025
FY2025 adjusted EBIT of $7.0 billion to $8.5 billion and adjusted free cash flow of $3.5 billion to $4.5 billion.
Partly deliveredWhat happened
Ford suspended this guidance on May 5, 2025, citing tariffs, and later gave new ranges. Adjusted EBIT was $6,780 million, below the first range; adjusted free cash flow was $3,513 million, inside it. The GAAP result was a net loss of $8,182 million.
Said on Feb 6, 2025
FY2025 Ford Pro EBIT of $7.5 billion to $8.0 billion.
MissedWhat happened
Ford Pro's EBIT before special items was $6,843 million in FY2025.
Said on Feb 6, 2025
FY2025 Model e loss of $5.0 billion to $5.5 billion.
DeliveredWhat happened
The loss before special items was $4,806 million, smaller than the range.
Said on Dec 15, 2025
Model e expected to reach profitability by 2029.
Too early to tellWhat happened
Before special items, Model e lost $2,754 million in the first nine months of FY2026.
Said on Oct 28, 2026
FY2026 adjusted EBIT of $10.5 billion to $11.0 billion and adjusted free cash flow of $6.0 billion to $7.0 billion.
Too early to tellWhat happened
First nine months: adjusted EBIT of $8,649 million. GAAP net income was $3,270 million.
08What could go wrong
What could go wrong for Ford?
- Governance
Ford family's 40% of the votes
Class B stock is 1.8% of all shares but carries 40% of the votes, and a voting trust holds 99.90% of it. Common shareholders have 60%. A one-vote-per-share proposal was rejected in May 2026.
Watch Class B votes per share and any recapitalization proposal in the next proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more.
- Execution
Electric-vehicle losses
Before special items, Model e lost $1,058 million in Q3 FY2026 on revenue of $1,223 million; Ford Pro earned $1,665 million on revenue of $17,772 million. Ford said in December 2025 that its EV changes bring about $19.5 billion of special items.
Watch Model e's quarterly EBIT against Ford's statement that it expects about a $4.0 billion loss in FY2026 (Oct 28, 2026).
- Debt
Ford Credit's funding and credit ratings
Ford Credit had $139.4 billion of debt on Sep 30, 2026. Ford's 10-K says downgrades or market disruption could affect access to funding. Moody's rates Ford Ba1, below its Baa3 investment-grade minimum, and S&P's BBB- has a Negative outlook.
Watch Rating changes and Ford Credit's loss-to-receivables ratio, 67 basis points in Q3 FY2026.
- Execution
Recalls and warranty costs
Ford's warranty and field service accrual was $17,699 million on Sep 30, 2026, after $4,580 million of payments in nine months. Ford says costs could exceed the accrual by up to about $1.8 billion.
Watch The warranty accrual in each 10-Q and new NHTSA actions.
- Regulation
Tariffs and trade rules
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.
Watch Tariff costs and reimbursements in each earnings release.
- Concentration
Reliance on larger vehicles in the US
The US was 65.5% of FY2025 revenue. Ford's 10-K says it depends on larger, more profitable vehicles, mainly in the US, and names price competition and excess capacity as risks.
Watch US market share (13.2% in FY2025) and quarterly wholesale volume.
- Raw-material prices
Supplier and raw-material dependence
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.
Watch Supplier-related costs in Ford Pro and Ford Blue margins.
- Legal
Court cases and tax disputes
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.
Watch Legal proceedings section of each 10-Q.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose every year, from $136.3 billion in FY2021 to $187.3 billion in FY2025.
- Ford Pro earned $6,843 million before special items, a 10.3% margin, in FY2025.
- Ford's US share rose from 12.4% in FY2023 to 13.2% in FY2025, on its own industry estimates.
- Hybrid sales in the US rose from 187,426 in FY2024 to 228,072 in FY2025.
- Ford Credit earned $2,557 million before tax in FY2025 and distributed $1,650 million to Ford.
What critics point to
- Ford had net losses in FY2022 and FY2025, the latest $8.2 billion.
- Before special items, Model e lost $14,689 million over FY2023 to FY2025.
- Total debt was $163.1 billion on Sep 30, 2026, and Moody's Ba1 rating is below its investment-grade minimum.
- Class B stock, 1.8% of shares, carries 40% of the votes, and a one-vote-per-share proposal was rejected in May 2026.
- The warranty and field service accrual was $17,699 million on Sep 30, 2026.
10What to watch next
What should you watch next at Ford?
Next event
Q4 FY2026 results
Date not announced yet.
Model e's losses
Before special items, Model e lost $1,058 million in Q3 FY2026. Ford said on Oct 28, 2026 that it expects about a $4.0 billion loss for FY2026.
Credit ratings
S&P's BBB- has a Negative outlook, and Moody's Ba1 is below its investment-grade minimum. Ratings affect the cost of Ford Credit's funding, Ford's 10-K says.
Tariff reimbursements
Ford said it expects about $2.2 billion of reimbursements and offsets, with about $500 million received in Q3 FY2026.
11Key facts
Key facts about Ford
- What does Ford do?
- Ford Motor Company builds and sells Ford and Lincoln cars, trucks and vans, and lends to buyers and dealers through Ford Credit. Ford had FY2025 revenue of $187,267 million, sold about 4,395,000 vehicles at wholesale and had about 169,000 employees on Dec 31, 2025.
- How does Ford make money, and what is its business model?
- Ford's business model is building vehicles, selling them mostly to dealerships, and financing buyers and dealers through Ford Credit. In FY2025, vehicles, parts and accessories brought in $167,310 million of Ford's $187,267 million revenue; financing and leasing brought in $13,354 million.
- Is Ford profitable?
- Ford had a net loss of $8,182 million in FY2025 after $17,356 million of special items, mostly EV and battery-venture charges, and an operating loss of $9,169 million. Ford had net income of $5,879 million in FY2024 and $2,049 million in Q3 FY2026.
- What is Ford's revenue by segment?
- Ford's FY2025 revenue by segment was Ford Blue $101,019 million, Ford Pro $66,286 million, Ford Credit $13,271 million and Ford Model e $6,670 million. These are external revenues, which leave out vehicles Ford Blue builds for other segments.
- Who owns Ford?
- Ford's common stock was 98.2% of its shares on Oct 26, 2026 and carries 60% of the votes. Class B stock was 1.8% and carries 40%; a Ford family voting trust held 99.90% of Class B on Feb 1, 2026. Vanguard Capital Management reported 7.47% of common on Mar 31, 2026.
- Who are Ford's customers?
- Ford sells mostly to dealerships: it had 8,226 at Dec 31, 2025, most independently owned. Ford Pro's commercial, government and rental customers were 35% of FY2025 revenue. Ford's FY2025 10-K says it does not depend on any single customer or a few customers.
- What is Ford Blue?
- Ford Blue is Ford's segment for gas and hybrid Ford and Lincoln vehicles sold to retail buyers. Ford Blue had FY2025 revenue of $101,019 million, EBIT (profit before interest, tax and special items) of $3,024 million and 2,728,000 wholesale units.
- What is Ford Model e?
- Ford Model e is Ford's segment for electric and extended-range vehicles sold to retail buyers. Ford Model e had FY2025 revenue of $6,670 million, an EBIT loss before special items of $4,806 million and 178,000 wholesale units.
- What is Ford Pro?
- Ford Pro is Ford's segment for commercial, government and rental customers, including Super Duty trucks and Transit vans. Ford Pro had FY2025 revenue of $66,286 million, EBIT before special items of $6,843 million and 1,488,000 wholesale units.
- What is Ford Credit, and why is Ford's debt so large?
- Ford Credit is Ford's lending arm, with $146.3 billion of net receivables at Dec 31, 2025 and FY2025 profit before tax of $2,557 million. Ford Credit held $139,393 million of Ford's $163,082 million total debt on Sep 30, 2026, because it borrows to fund its loans and leases.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Ford sell?
Gas and hybrid vehicles (Ford Blue)
Ford and Lincoln vehicles for retail buyers, including Bronco and Ranger. Ford Blue accounted for 2,728,000 of the 4,395,000 vehicles sold at wholesale in FY2025.
Commercial vehicles and services (Ford Pro)
Trucks and vans for businesses, governments and rental companies, including Super Duty and Transit. Ford Pro also sells software subscriptions, parts and repairs. Ford Blue builds many of its vehicles.
Electric vehicles (Model e)
Electric and extended-range vehicles for retail buyers. Wholesale units were 178,000 in FY2025. The all-electric F-150 Lightning has since been discontinued.
Loans and leases (Ford Credit)
Ford Credit finances buyers through car loans and leases, and funds dealers' inventory. It earned $13,271 million of revenue in FY2025, 7.1% of Ford's total.
Battery storage (Ford Energy)
A new business. Management said in December 2025 that it expects shipments from 2027, with 20 GWh of yearly capacity. It has no revenue line in the filings yet.
Think of it like this
Ford Credit works a bit like a car-loan bank attached to the factory: it borrows money, then lends it to people and dealers buying Fords.
What it does
- Does: Builds its own vehicles in 42 manufacturing and assembly plants.
- Does: Sells mostly to dealerships, and books revenue for most of those sales when vehicles ship.
- Does: Lends through Ford Credit, which mostly finances Ford vehicles and supports Ford dealers.
- Does: Pays a regular dividend, $0.15 a share per quarter in 2026.
What it does not do
- Does not: Does not own most of its dealers: most of the 8,226 dealerships are independently owned.
- Does not: Does not report revenue by model, or split its cost of sales into materials and labor.
- Does not: Does not hold most of its debt in the car business: Ford Credit held 85.5% of total debt on Sep 30, 2026.
13How the money flows
13How the money flows · FY2025
How does money flow through Ford?
Money in
- Vehicles, parts and services (Ford excluding Ford Credit)$174.0B
- Ford Credit: loans and leases$13.3B
- Other income, net$1.7B
The company
Ford
$189.0B came in
Money out
- Cost of sales: building and delivering vehicles$174.5B
- Selling, admin and other$10.8B
- Ford Credit's interest and running costs$11.1B
- Interest on company debt$1.3B
- Losses at part-owned companies, and minority partners$3.2B
- Income tax benefit (reduced the loss)−$3.7B
- Net loss for Ford's shareholders−$8.2B
- In FY2025 customers paid Ford $174.0 billion for vehicles, parts and services, and Ford Credit earned $13.3 billion from loans and leases.
- Cost of sales took $174.5 billion. That includes $10.7 billion of EV charges and most of the $9.4 billion spent on engineering and research.
- Selling and admin took $10.8 billion. Ford Credit's interest and running costs took $11.1 billion.
- Interest on company debt and losses at part-owned companies took $4.4 billion. Other income added $1.7 billion.
- A $3.7 billion tax benefit reduced the result, which ended as a net loss of $8.2 billion.
14What it needs to run
14What it needs to run
What does Ford need to run?
Plants
42 manufacturing and assembly plants, a high share of relatively fixed costs.
People
About 169,000 employees at Dec 31, 2025, including about 56,300 US hourly workers represented by the UAW union.
Aluminum, batteries and rare earths
Many components come from a single or limited number of suppliers, Ford's 10-K says. It calls Novelis a major aluminum supplier. Ford said Novelis fires cost it $2 billion in FY2025.
Engineering and research
$9.4 billion in FY2025, up from $8.0 billion in FY2024. Most of it sits inside cost of sales.
Borrowed money for Ford Credit
Ford Credit's debt was $141,417 million at Dec 31, 2025: $65,982 million unsecured, $57,572 million asset-backed and $18,350 million short-term, before $487 million of discounts and fair-value adjustments.
Dealers
8,226 dealerships at Dec 31, 2025, down from 9,006 a year earlier. Most are independently owned.
15Where it sells
15Where it sells · FY2025
Where does Ford sell?
- United States66%
- Canada8%
- United Kingdom7%
- Mexico1%
- Other countries19%
16Competitors and what protects it
16Competitors and what protects it
Who does Ford compete with?
General Motors (NYSE: GM)
Ford's October 2026 sales release compares F-Series with Chevrolet Silverado, a GM truck. GM's FY2025 10-K reports revenue of $185,019 million, net income of $2,697 million and a 17.2% US share.
Tesla (Nasdaq: TSLA)
Sells only electric vehicles, the market Model e is in. Tesla's FY2025 10-K reports revenue of $94,827 million, net income of $3,794 million and about 1.64 million consumer vehicles delivered.
Toyota
Named with Chevrolet in Ford's October 2026 sales release as a rival in large three-row SUVs. Toyota reports in yen; no figures are shown here.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Truck franchise4 of 5
F-Series sold 561,508 trucks through September 2026. Ford says that is more than 140,000 ahead of Chevrolet Silverado, and calls F-Series America's best-selling truck (Ford's own claim).
- Commercial customers4 of 5
Ford Pro earned a 10.3% margin on $66,286 million of FY2025 revenue. Ford's own analysis gives it 41% of US Class 1-7 commercial trucks and vans through July 2026.
- In-house financing3 of 5
Ford Credit had $146.3 billion of net receivables at Dec 31, 2025 and earned $2,557 million before tax in FY2025. Its funding depends on credit markets and ratings.
- US market share3 of 5
Ford's US share was 13.2% in FY2025, up from 12.4% in FY2023. Industry volumes are Ford's own estimate.
- Dealer network3 of 5
Ford had 8,226 dealerships at Dec 31, 2025, down from 9,006 a year earlier. Most are independently owned.
Weak spot
Electric vehicles
Before special items, Model e lost $14,689 million over FY2023 to FY2025 (Cityfort calculation from FY2025 10-K) and $4,806 million on $6,670 million of revenue in FY2025. Ford took $10.7 billion of EV charges in FY2025.
17Where growth could come from
17Where growth could come from
Where could Ford's growth come from?
Ford said in its Q3 FY2026 earnings release (Oct 28, 2026) that it expects FY2026 adjusted EBIT of $10.5 billion to $11.0 billion. It also expects adjusted free cash flow of $6.0 billion to $7.0 billion. Both are Ford's own measures. It gave capital spending of $9.5 billion to $10.5 billion.
Ford Pro and its services
MixedEBIT before special items: $6,843 million in FY2025, $9,007 million in FY2024
Ford said on Feb 10, 2026 that software and physical services were 19% of Ford Pro's EBIT, against a 20% target. On Apr 29, 2026 it said their revenue was over $15 billion in 2025.
Status: Mixed, partly on track.
Paid software subscriptions
WorkingAbove 1.7 million through September 2026
Ford said this was up more than 40% from a year earlier. It is Ford's own count, and its definitions have changed between quarters.
Status: Working, on track against what the company said.
Hybrids in the US
Working228,072 sold in FY2025, up from 187,426
Ford said on Dec 15, 2025 it expects about 50% of global volume to be hybrids, extended-range and EVs by 2030, against 17% in 2025.
Status: Working, on track against what the company said.
A cheaper EV platform
EarlyLaunch in 2027 at Louisville Assembly, Ford said
Ford said on Apr 29, 2026 that its Universal EV Platform launches in 2027. It said on Dec 15, 2025 that it expects Model e to reach profitability by 2029. Before special items, Model e lost $2,754 million in the first nine months of FY2026.
Status: Early, too early to judge.
Battery storage (Ford Energy)
New20 GWh of yearly capacity planned
Ford said on Jul 28, 2026 that it expects that capacity by late next year. It had said in December 2025 that shipments begin in 2027.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025
What do Ford's own measures show?
Official (GAAP): Net income (loss) attributable to Ford
−$8.2B
Company's own measure: Adjusted EBIT
$6.8B
Net income before interest on company debt, taxes, minority holders and special items. FY2025 special items were $17,356 million before tax.
Official (GAAP): Net margin
−4.4%
Company's own measure: Adjusted EBIT margin
3.6%
Adjusted EBIT as a share of revenue, as Ford reports it. Net margin is net loss as a share of revenue.
Official (GAAP): Diluted EPS
−$2.06
Company's own measure: Adjusted EPS
$1.09
Leaves out special items. It uses 4,035 million diluted shares; GAAP EPS uses 3,979 million because FY2025 was a loss.
Official (GAAP): Net cash from operating activities (consolidated)
$21.3B
Company's own measure: Company adjusted free cash flow
$3.5B
Removes Ford Credit's $12,931 million of operating cash flows and deducts $8,694 million of company capital spending. It adds $1,650 million of Ford Credit distributions and leaves out pension contributions and restructuring. FY2022 shows the gap: $6,853 million of operating cash against $6,866 million of capital spending, while this measure was $9,081 million.
Official (GAAP): Company debt on the balance sheet, Sep 30, 2026
$23.7B
Company's own measure: Company cash net of debt, Sep 30, 2026
$2.9B
Ford's company cash ($25.3 billion) minus its company debt excluding finance leases ($22.4 billion), both leaving out Ford Credit. It was $7.7 billion at Dec 31, 2025.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Wholesale units
4,395 thousand vehicles
Mostly vehicles sold to dealerships, including medium and heavy trucks and Ford-badged units built by companies Ford does not consolidate. Nearest official figure: vehicles, parts and accessories revenue of $167,310 million.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Paid software subscriptions, through September 2026
1.7 million, more than
Ford's own count of active paid subscriptions. It is not a single series: earlier quarters used other definitions. Ford does not report software revenue on its own line in the audited statements.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Form 10-K, fiscal year 2023 (ended Dec 31, 2023); Form 10-Q, third quarter 2026 (ended Sep 30, 2026) and 1 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Sep 30, 2026
How much debt does Ford have?
- Total debt$163.1B
- Cash and investments$34.1B
- Net debt (debt minus cash)$129.0B
- Net worth (shareholders' money)$36.9B
- The split as filed on Sep 30, 2026: Company excluding Ford Credit $23,689 million ($4,154 million due within one year + $19,535 million long-term); Ford Credit $139,393 million ($49,159 million + $90,234 million). Net debt is a Cityfort calculation from Q3 FY2026 10-Q.
- Why the debt is so large: Ford Credit borrows, then lends. At Dec 31, 2025 it had $141,417 million of debt and $146.3 billion of net receivables (loans and leases it expects to collect).
- Debt to equity and interest cover are left blank. Both would mix Ford Credit's lending debt with the car business, and Ford Credit's interest is an operating cost above operating income.
- Cash and investments here are consolidated, so they include Ford Credit's: $22,275 million of cash + $11,832 million of marketable securities. Net debt is simple subtraction on those totals. Ford's company-only figure is in the section on its own measures.
- Ford Credit's financial statement leverage was 9.6 to 1 at Dec 31, 2025. Ford may have to contribute capital if it exceeds 12.5 to 1; it has made no such contribution.
- Ratings listed in the Q3 FY2026 10-Q: S&P BBB- (Negative), Fitch BBB- (Stable), DBRS BBB (low) (Stable), Moody's Ba1 (Stable). The filing's table shows Baa3 as Moody's investment-grade minimum.
20Who owns it
20Who owns it · ownership as of Feb 1, 2026
Who owns Ford?
- Officers and directors (as a group), shares
- 0.6%
Shares vs votes by class
Ford has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Common stock: share of all votes59.9%
- Class B stock: share of all votes40.1%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Proxy statement (DEF 14A), 2026 annual meeting; Schedule 13G, Vanguard Capital Management, event Mar 31, 2026 and 1 more
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Ford do with its profit?
Dividend per share
$0.75FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2022
Purchases of common stock in FY2022
$484M
Buyback · Dec 31, 2023
Purchases of common stock in FY2023
$335M
Buyback · Dec 31, 2024
Purchases of common stock in FY2024
$426M
Buyback · Sep 30, 2026
Purchases in the first nine months of FY2026, under an anti-dilutive plan of up to 31.7 million shares
$311M
22Governance signals
22Governance signals
What do Ford's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1946
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- William Clay Ford Jr. and his descendants own a minority interest in the Detroit Lions, the partner in Ford's Ford Field naming rights. A new 10-year agreement from March 2027 averages $12.7 million a year. Dealerships part-owned by Paul Alandt, husband of Lynn F. Alandt, were charged about $192.3 million by Ford in 2025. Ford Credit gave them about $396.2 million of financing.
- Credit rating
- S&P / Fitch / DBRS / Moody's BBB- / BBB- / BBB (low) / Ba1 (Negative / Stable / Stable / Stable), Oct 29, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · May 14, 2026
Class B's 40% of the votes stays in place
A proposal to give all stock one vote per share was rejected at the May 14, 2026 meeting: 2,170,748,325 for and 2,848,002,181 against. Ford does not report votes by share class; a proposal to disclose them was also rejected.
regulatory
NHTSA consent order
Ford entered a consent order with NHTSA, the US vehicle safety regulator, in 2024. Under it, an independent third party selected by NHTSA assesses Ford's adherence and reports its progress to NHTSA.
other · Oct 29, 2026
Court cases Ford reports
Hetsler v. Ford alleged a manufacturing defect caused a fire. A final appeal of the $103 million verdict was denied on Sep 30, 2026, and the judgment has been satisfied. Versata v. Ford alleged misappropriated trade secrets and a breached license. On May 22, 2026 an appeals court reinstated $82 million of contract damages and ordered a new trial on trade-secret damages. Capic v. Ford Australia, a class action over DPS6 transmissions, awaits a damages decision after a September 2026 trial.
other · Apr 15, 2026
Senior officer departure
Ford was notified on Apr 15, 2026 that J. Doug Field, Chief EV, Digital and Design Officer, elected to leave.
disclosure
What Ford does not report
Ford gives no revenue by model, no materials and labor split of cost of sales, and no software revenue line in its audited statements.
other · Mar 27, 2026
Insiders' shares as collateral or hedged
The proxy says no director or executive officer had used Ford common stock as collateral for loans or hedged their exposure.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Ford on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Closing price of $12.25 on Oct 30, 2026, from Nasdaq's historical price table for F. Ford's shares trade on the NYSE. Market value (Cityfort calculation from the Oct 30, 2026 closing price and the Q3 FY2026 10-Q cover) = $12.25 × 3,993.217 million shares on the Q3 FY2026 10-Q cover (Oct 26, 2026). That count includes untraded Class B stock; common alone is $48,049 million. P/B = market value ÷ Ford shareholders' equity of $36,923 million on Sep 30, 2026. No P/E is shown, because the four quarters to Sep 30, 2026 add to a net loss of $7,794 million. EV/EBITDA is blank because this page leaves EBITDA blank. Dividend yield = $0.60 a year (regular $0.15 a quarter) ÷ $12.25 = 4.9%.
- Share price
- $12.25
- Market value (market cap)
- $48.9B
- P/B
- 1.3×
Source: F historical prices (closing price Oct 30, 2026: $12.25); Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Earnings release, third quarter 2026 (8-K Exhibit 99)
24How it got here
24How it got here
How did Ford get here?
1903
Milestone
Founded
A Michigan company was incorporated in 1903. Ford Motor Company, a Delaware company incorporated in 1919, acquired it.
1956
Milestone
Became a public company
Ford says its two-class share structure has been in place since it went public in 1956.
2021
Milestone
A $17.9 billion profit, helped by Rivian shares
Net income reached $17.9 billion, including a $9.1 billion gain on Ford's Rivian investment. Operating income was $4.5 billion.
2022
Crisis
Rivian and Argo AI losses
A $7.4 billion Rivian loss and $2.8 billion of self-driving charges, including Argo AI, led to a net loss of $2.0 billion.
2023
Business-model change
Reported as Blue, Model e and Pro
Ford moved to these segments on Jan 1, 2023. They split gas and hybrid, electric and commercial vehicles. Older reports used Automotive and Mobility.
2024
Business-model change
Cancelled all-electric three-row SUVs
In August 2024 Ford cancelled the vehicles, with about a $400 million write-down and up to about $1.5 billion more.
2025
Crisis
EV write-downs and a net loss
Ford announced EV charges on Dec 15, 2025. FY2025 special items were $17,356 million, and the net loss was $8.2 billion.
2026
Business-model change
BlueOval SK battery venture unwound
The deal closed May 20, 2026. Ford took two Kentucky plants and a $3.8 billion DOE note, and booked Q2 charges of $2.9 billion and $0.7 billion.
25Sources and changes
Where every number on this page comes from
Sources (35 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 7, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2023
- S6Form 10-Q, third quarter 2026 (ended Sep 30, 2026) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S7Form 10-Q, second quarter 2026 (ended Jun 30, 2026) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S8Form 10-Q, first quarter 2026 (ended Mar 31, 2026) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S9Form 10-Q, third quarter 2025 (ended Sep 30, 2025) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 24, 2025
- S10Form 10-Q, second quarter 2025 (ended Jun 30, 2025) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
- S11Form 10-Q, first quarter 2025 (ended Mar 31, 2025) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
- S12Form 10-Q, third quarter 2024 (ended Sep 30, 2024) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2024
- S13Earnings release, third quarter 2026 (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
- S15Earnings release, first quarter 2026 (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S16Earnings release, fourth quarter and full year 2025 (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
- S18Earnings release, second quarter 2025 (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2025
- S19Earnings release, first quarter 2025 (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2025
- S20Earnings release, fourth quarter and full year 2024 (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
- S21Proxy statement (DEF 14A), 2026 annual meeting · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S23News release, Dec 15, 2025: EV-related charges and strategy (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Dec 15, 2025
- S24Form 8-K, Aug 21, 2024: Item 2.06, all-electric three-row SUV write-down · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 21, 2024
- S25Form 8-K, May 21, 2026: BlueOval SK closing and DOE loan · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2026
- S26Form 8-K, May 19, 2026: annual meeting vote results · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · May 19, 2026
- S27Form 8-K, Apr 15, 2026: officer departure · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2026
- S28Form 8-K, Mar 13, 2026: anti-dilutive share repurchase program · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
- S29News release, Oct 2, 2026: third-quarter US sales (8-K Exhibit 99) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2026
- S30Q3 2026 earnings presentation · Ford Motor Company · Tier 1: company or exchange filing · Oct 28, 2026
- S32Second quarter 2026 earnings call transcript · Ford Motor Company · Tier 1: company or exchange filing · Jul 28, 2026
- S33First quarter 2026 earnings call transcript · Ford Motor Company · Tier 1: company or exchange filing · Apr 29, 2026
- S34Fourth quarter 2025 earnings call transcript · Ford Motor Company · Tier 1: company or exchange filing · Feb 10, 2026
- S36F historical prices (closing price Oct 30, 2026: $12.25) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S37Schedule 13G, Vanguard Capital Management, event Mar 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S38Schedule 13G/A, The Vanguard Group, event Mar 13, 2026 · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S39SEC XBRL company facts, CIK 0000037996 · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
- S40General Motors Co. Form 10-K, fiscal year 2025 (peer) · General Motors Co. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
- S41Tesla, Inc. Form 10-K, fiscal year 2025 (peer) · Tesla, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.