Ford Motor Co

Latest Results (12.03.2026):

Ford Motor Co.'s fourth-quarter 2025 results: Q4 revenue $45.9 billion (down 5% YoY) and a GAAP net loss of $11.1 billion (full‑year 2025 net loss $8.2 billion), largely driven by significant special items. On an adjusted basis, Q4 adjusted EBIT was $1.0 billion (company adjusted EBIT for full‑year 2025 was $6.8 billion), Q4 adjusted EPS was $0.13 and full‑year adjusted EPS was $1.09. Full‑year operating cash flow was $21.3 billion and company adjusted free cash flow was $3.5 billion; year‑end cash and liquidity were nearly $29 billion and $50 billion, respectively.

Key headline results (Q4 2025)

Revenue $45.9B (-5% vs. Q4 2024); GAAP net loss $11.1B; adjusted EBIT $1.0B; GAAP diluted EPS -$2.77; adjusted diluted EPS $0.13. Wholesale units in Q4 were ~1.083M (-9%).

Full‑year 2025 summary

Record full‑year revenue $187.3B (+1% vs. 2024) with a GAAP net loss of $8.2B and company adjusted EBIT $6.8B. Full‑year operating cash flow $21.3B and adjusted free cash flow $3.5B.

Special items that drove the GAAP loss

Large pre‑tax special items (~$17.4B for full‑year 2025) included a $10.7B Model e asset impairment/program cancellations and a $3.2B BlueOval SK JV disposition; these were the primary drivers of the swing from positive adjusted results to large GAAP losses.

Segment performance (Q4 and full year)

Ford Blue Q4 revenue $26.2B with EBIT $727M (margin 2.8%); Ford Pro Q4 revenue $14.9B with EBIT $1.231B (margin 8.2%) and full‑year Pro revenue >$66B with EBIT ~$6.8B (double‑digit margin); Ford Model e Q4 revenue $1.3B with an EBIT loss of $1.218B and full‑year Model e EBIT loss ~$4.8B (but improved vs. 2024).

Cash, liquidity and capital

Q4 cash flow from operations $3.9B; adjusted free cash flow Q4 negative $2.1B. Full‑year operating cash flow $21.3B and adjusted FCF $3.5B. Year‑end cash nearly $29B and total liquidity about $50B. Full‑year capex roughly $8.8B; 2026 capex guidance $9.5–10.5B.

Outlook for 2026

Company guidance: adjusted EBIT $8.0–10.0B, adjusted free cash flow $5.0–6.0B, and capex $9.5–10.5B (including ~$1.5B to ramp Ford Energy). Segment outlook: Ford Pro EBIT $6.5–7.5B; Ford Blue EBIT $4.0–4.5B; Ford Model e loss $4.0–4.5B; Ford Credit EBT ~ $2.5B.

Other notable metrics

Company adjusted EBIT margin: Q4 2.3%, full‑year 3.6%. Adjusted ROIC (trailing four quarters) 8.8% (down from 12.9%). Ford Credit EBT grew (full‑year earnings before taxes ~$2.6B, up ~55% year over year).