Ford Motor Company
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ITEM 1. Business.
Ford Motor Company was incorporated in Delaware in 1919. We acquired the business of a Michigan company, also known as Ford Motor Company, which had been incorporated in 1903 to produce and sell automobiles designed and engineered by Henry Ford. We are a global company based in Dearborn, Michigan. With about 169,000 employees worldwide, the Company is committed to helping build a better world, where every person is free to move and pursue their dreams. The Company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security. The Company offers freedom of choice through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles (“EVs”), including extended range electric vehicles (“EREVs”), along with embedded software that defines always-on digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, the Company provides financial services through Ford Motor Credit Company LLC (“Ford Credit”).
In addition to the information about Ford and our subsidiaries contained in this Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K Report” or “Report”), extensive information about our Company can be found at https://corporate.ford.com, including information about our management team, brands, products, services, and corporate governance principles.
The corporate governance information on our website includes our Corporate Governance Principles, Code of Ethics for Senior Financial Personnel, Code of Ethics for the Board of Directors, Code of Corporate Conduct for all employees, and the Charters for each of the Committees of our Board of Directors. In addition, any amendments to our Code of Ethics or waivers granted to our directors and executive officers will be posted on our corporate website. All of these documents may be accessed by going to our corporate website, or may be obtained free of charge by writing to our Shareholder Relations Department, Ford Motor Company, One American Road, P.O. Box 1899, Dearborn, Michigan 48126-1899.
Our recent periodic reports filed with the Securities and Exchange Commission (“SEC”) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge at https://shareholder.ford.com. This includes recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as well as any amendments to those reports, and our Section 16 filings. We post each of these documents on our website as soon as reasonably practicable after it is electronically filed with the SEC. Our reports filed with the SEC also may be found on the SEC’s website at www.sec.gov.
Our Integrated Sustainability and Financial Report, which details our performance and progress toward our sustainability and corporate responsibility goals, is available at https://sustainability.ford.com.
The foregoing information regarding our websites and their content is for convenience only and not deemed to be incorporated by reference into this Report nor filed with the SEC.
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Item 1. Business (Continued)
OVERVIEW
Below is a description of our reportable segments and other activities as of December 31, 2025.
FORD BLUE SEGMENT
Ford Blue primarily includes the sale of Ford and Lincoln internal combustion engine (“ICE”) and hybrid (excluding EREVs) vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing Ford and Lincoln ICE and hybrid vehicles. Additionally, this segment provides hardware engineering and manufacturing capabilities to Ford Model e and manufactures vehicles on behalf of Ford Pro and, in certain cases, Ford Model e. Ford Blue also includes:
•All sales for markets not presently in scope for Ford Model e or Ford Pro (as further described below)
•In markets outside of the United States and Canada, sales to commercial, government, and rental customers of ICE and hybrid vehicles not considered core to Ford Pro
•Sales of EVs, including EREVs, by our unconsolidated affiliates in China
•All sales of vehicles manufactured and sold to other OEMs
FORD MODEL E SEGMENT
Ford Model e primarily includes the sale of our EVs (including EREVs), service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing EV and digital vehicle technologies, as well as software development. Additionally, Ford Model e provides software and connected vehicle technologies on behalf of the enterprise, and manufactures certain EVs, including for Ford Pro. Ford Model e operates in North America, Europe, and China. Ford Model e also includes EV and related sales not considered core to Ford Pro to commercial, government, and rental customers in Europe, China, and Mexico.
FORD PRO SEGMENT
Ford Pro primarily includes the sale of Ford and Lincoln vehicles, service parts, accessories, and services for commercial, government, and rental customers. Included in this segment are sales of all core Ford Pro vehicles, such as Super Duty and the Transit range of vans in North America and Europe and all sales of Ranger in Europe. In the United States and Canada, Ford Pro also includes all vehicle sales to commercial, government, and rental customers. This segment focuses on selling ICE, hybrid, and electric vehicles, and providing digital and physical services to optimize and maintain fleets, including telematics and EV charging solutions. This segment reflects external sales of vehicles produced by Ford Blue and Ford Model e and the costs (including intersegment markup) associated with acquiring vehicles for sale and providing services. Ford Pro operates in North America and Europe.
General
Our vehicle brands are Ford and Lincoln. In 2025, we sold approximately 4,395,000 vehicles at wholesale throughout the world. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“Item 7”) for a discussion of our calculation of wholesale unit volumes.
Substantially all of our vehicles, parts, and accessories are sold through distributors and dealers (collectively, “dealerships”), the substantial majority of which are independently owned. At December 31, the approximate number of dealerships worldwide distributing our vehicle brands was as follows:
| Brand | 2024 | 2025 | ||||||||
| Ford | 8,212 | 7,479 | ||||||||
| Ford-Lincoln (combined) | 451 | 408 | ||||||||
| Lincoln | 343 | 339 | ||||||||
| Total | 9,006 | 8,226 | ||||||||
We do not depend on any single customer or a few customers to the extent that the loss of such customers would have a material adverse effect on our business.
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Item 1. Business (Continued)
In addition to the products we sell to our dealerships for retail sale, we also sell vehicles to our dealerships for sale to fleet customers, including commercial fleet customers, daily rental car companies, and governments. We also sell parts and accessories, primarily to our dealerships (which, in turn, sell these products to retail customers) and to authorized parts distributors (which, in turn, primarily sell these products to retailers). We also offer extended service contracts.
The worldwide automotive industry is affected significantly by general economic and political conditions over which we have little control. Vehicles are durable goods, and consumers and businesses have latitude in determining whether and when to replace an existing vehicle. The decision whether to purchase a vehicle may be affected significantly by slowing economic growth, geopolitical events, and other factors (including the cost of purchasing and operating cars, trucks, and utility vehicles, the availability and cost of financing, cost of fuel, and EV charging availability and cost). As a result, the number of cars, trucks, and utility vehicles sold may vary substantially from year to year. Further, the automotive industry is a highly competitive business that has a wide and growing variety of product and service offerings from a growing number of manufacturers.
Our wholesale unit volumes vary with the level of total industry demand and our share of that industry demand. Our wholesale unit volumes also are influenced by the level of dealer inventory, and our ability to maintain sufficient production levels to support desired dealer inventory in the event of supplier disruptions or other types of disruptions affecting our production. Our share is influenced by how our products are perceived by customers in comparison to those offered by other manufacturers based on many factors, including price, quality, styling, reliability, safety, fuel efficiency, functionality, sustainability, and reputation. Our share also is affected by the timing and frequency of new model introductions. Our ability to satisfy changing consumer and business preferences with respect to type or size of vehicle, as well as design and performance characteristics and the services our vehicles offer, affects our sales and earnings significantly.
As with other manufacturers, the profitability of our business is affected by many factors, including:
•Wholesale unit volumes
•Margin of profit on each vehicle sold - which, in turn, is affected by many factors, such as:
◦Market factors - volume and mix of vehicles and options sold, and net pricing (reflecting, among other factors, incentive programs)
◦Costs of components and raw materials necessary for production of vehicles
◦Costs for customer warranty claims and additional service actions
◦Costs for safety, emissions, and fuel economy technology and equipment
•A high proportion of relatively fixed structural costs, so that small changes in wholesale unit volumes can significantly affect overall profitability
Although supply disruptions have resulted in a higher level of new vehicle prices, our industry has historically had a very competitive pricing environment, driven in part by excess capacity. For the past several decades, manufacturers typically have offered price discounts and other marketing incentives to provide value for customers and maintain market share and production levels, and we saw some of these actions resume as industry production and inventories increased in recent quarters, especially with waning policy support for EVs leading to excess supply in that market segment. The decline in value of foreign currencies can also contribute significantly to competitive pressures in many of our markets.
Competitive Position. The worldwide automotive industry consists of many producers, with no single dominant producer. Certain manufacturers, however, account for the major percentage of total sales within particular countries, especially their countries of origin.
Seasonality. We manage our vehicle production schedule based on a number of factors, including retail sales (i.e., units sold by our dealerships to their customers at retail) and dealer stock levels (i.e., the number of units held in inventory by our dealerships for sale to their customers). Historically, we have experienced some seasonal fluctuation in the business, with production in many markets tending to be higher in the first half of the year to meet demand in the spring and summer (typically the strongest sales months of the year); however, that may not be the case in a particular year depending on the circumstances, e.g., if we have a higher number of vehicle launches (particularly for our higher volume vehicles) in the first half of the year, we would expect production in the second half of the year to be higher.
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Item 1. Business (Continued)
Raw Materials.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
RECENT DEVELOPMENTS
Trade Policy and Tariffs
As of June 30, 2026, we expect to receive about $3 billion related to tariff reimbursements from the federal government and suppliers and as offsets to Company payment obligations to suppliers. As previously disclosed, included in this amount is about $1.3 billion related to the International Emergency Economic Powers Act (“IEEPA”) and tariff rulings from the United States Supreme Court and the Court of International Trade in the first quarter of 2026.
Although we have started to receive reimbursements from the federal government (excluding IEEPA), the timing for our receipt of these reimbursements is uncertain and is subject to changes in trade policy. Despite this uncertainty, we currently expect to receive about $500 million of reimbursements related to IEEPA in the second half of 2026.
For additional information regarding the impact and potential impact of trade policy and tariffs on our business, see Item 1A. Risk Factors and “Key Trends and Economic Factors Affecting Ford and the Automotive Industry” in Item 7 in our 2025 Form 10-K Report.
Production and Supply Chain
As previously disclosed, in September 2025 and November 2025, fires at a Novelis Inc. plant in New York disrupted operations at the facility. Novelis is a major aluminum supplier to Ford, and since the initial fire occurred, we have been working closely with Novelis to address the situation and have temporarily sourced an alternative supply of aluminum. We have also sought mitigating actions to minimize potential disruptions to our operations. We experienced lower production subsequent to the Novelis fires in September and November 2025, and although the ultimate impact on Ford depends on a number of factors, in the second half of 2026, we expect to partially recover the production lost to date.
For more information regarding the impact and potential impact of the Novelis fires on our business, see the Outlook section on page 55 of this 10-Q Report.
See Item 1A. Risk Factors in our 2025 Form 10-K Report for additional discussion of the risks related to disruptions to Ford’s and Ford’s suppliers’ production and operations.
Electric Vehicle Market
In December 2025, we announced our decision to rationalize our EV manufacturing capacity and product roadmap, including cancelling three previously planned EVs and ending production of the current generation F-150 Lightning EV. Related to the foregoing, in the second quarter of 2026, we recorded $481 million of charges to be paid in cash, primarily related to contractual commitments related to those programs. As previously disclosed, we may incur additional expenses and cash expenditures related to these actions, which we now expect to be up to $2 billion (on a pre-tax basis). We will recognize those charges in the quarter they are incurred as a special item.
Also as previously disclosed, in May 2026, Ford, SK On Co., Ltd., and SK Battery America, Inc., and BlueOval SK, LLC (“BOSK”) closed on the transactions contemplated by the Joint Venture Disposition Agreement (“JVDA”) the parties entered into in December 2025. In conjunction with the closing, our membership interest in BOSK was redeemed, we acquired from BOSK all of BOSK’s interests in two battery plants located in Kentucky, and we entered into a Loan Arrangement and Reimbursement Agreement with U.S. Department of Energy (the “Ford DOE Loan Agreement”), pursuant to which we assumed from BOSK all of its obligations under its U.S. Department of Energy loan related to the single Kentucky plant for which advances were made.
Upon closing of the transactions, we recognized pre-tax special item charges of $3.6 billion, which includes about $500 million of cash expenditures. For additional information about BOSK, the JVDA, and the Ford DOE Loan Agreement, see Notes 12 and 16 of the Notes to the Financial Statements.
We expect that the regulatory and market dynamics we have observed in the EV market will continue to occur, which may have a substantial adverse impact on our results of operations and/or business, including our investments in supply, production capacity, and equity method investments.
For additional discussion of the impact of changes in the EV market to our business, and the risks related thereto, see the “Governmental Standards” discussion in “Item 1. Business” and “Item 1A. Risk Factors” in our 2025 Form 10-K Report.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
RESULTS OF OPERATIONS
In the second quarter of 2026, the net loss attributable to Ford Motor Company was $1,327 million, and Company adjusted EBIT was $2,503 million.
Net income/(loss) includes certain items (“special items”) that are excluded from Company adjusted EBIT. These items are discussed in more detail under “Non-GAAP Financial Measures That Supplement GAAP Measures” on page 58 and in Note 18 of the Notes to the Financial Statements. We report special items separately to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when analyzing ongoing operating results. Our pre-tax and tax special items were as follows (in millions):
| Second Quarter | First Half | |||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||
| Restructuring (by Geography) | ||||||||||||||||||||||
| Europe | $ | (18) | $ | (9) | $ | (50) | $ | (360) | ||||||||||||||
| Subtotal Restructuring | $ | (18) | $ | (9) | $ | (50) | $ | (360) | ||||||||||||||
| Other Items | ||||||||||||||||||||||
| EV program cancellations announced in December 2025 | $ | — | $ | (481) | $ | — | $ | (584) | ||||||||||||||
| BOSK JV disposition | — | (3,612) | — | (3,612) | ||||||||||||||||||
| All-electric three-row SUV program cancellation and resulting actions | (308) | (9) | (372) | 44 | ||||||||||||||||||
| Fuel injector field service action | (571) | — | (571) | — | ||||||||||||||||||
| Ford share of equity method investment’s asset impairment / other | (201) | — | (201) | — | ||||||||||||||||||
| Ford share of BOSK’s asset write-down / other | (193) | — | (193) | — | ||||||||||||||||||
| Subtotal Other Items | $ | (1,273) | $ | (4,102) | $ | (1,337) | $ | (4,152) | ||||||||||||||
| Pension and OPEB Gain/(Loss) | ||||||||||||||||||||||
| Pension and OPEB remeasurement | $ | — | $ | (54) | $ | 10 | $ | 189 | ||||||||||||||
| Pension settlements, curtailments, and separations costs | (11) | (14) | (35) | (82) | ||||||||||||||||||
| Subtotal Pension and OPEB Gain/(Loss) | $ | (11) | $ | (68) | $ | (25) | $ | 107 | ||||||||||||||
| Total EBIT Special Items | $ | (1,302) | $ | (4,179) | $ | (1,412) | $ | (4,405) | ||||||||||||||
| Provision for/(Benefit from) tax special items (a) | $ | 233 | $ | (1,152) | $ | 204 | $ | (1,228) | ||||||||||||||
__________
(a)Includes related tax effect on special items and tax special items.
We recorded $4,179 million of pre-tax special item charges in the second quarter of 2026, primarily reflecting charges we recognized upon the closing of the transactions contemplated by the BOSK JVDA and charges related to the EV program cancellations previously announced in December 2025.
We recorded a $1,152 million benefit from tax special items in the second quarter of 2026, primarily reflecting the tax effect of pre-tax special item charges and a $273 million benefit from the recognition of a U.S. Qualified Opportunity Zone tax incentive.
In Note 18 of the Notes to the Financial Statements, special items are reflected as a separate reconciling item, as opposed to being allocated among our segments. This reflects the fact that management excludes these items from its review of operating segment results for purpose of measuring segment profitability and allocating resources.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
COMPANY KEY METRICS
The table below shows our second quarter and first half 2026 key metrics for the Company, compared to a year ago.
| Second Quarter | First Half | |||||||||||||||||||||||||||||||||
| 2025 | 2026 | H / (L) | 2025 | 2026 | H / (L) | |||||||||||||||||||||||||||||
| GAAP Financial Measures | ||||||||||||||||||||||||||||||||||
| Cash Flows from Operating Activities ($B) | $ | 6.3 | $ | 4.3 | $ | (2.0) | $ | 10.0 | $ | 5.7 | $ | (4.3) | ||||||||||||||||||||||
| Revenue ($M) | 50,184 | 48,296 | (4)% | 90,843 | 91,549 | 1% | ||||||||||||||||||||||||||||
| Net Income/(Loss) ($M) | (36) | (1,327) | $ | (1,291) | 435 | 1,221 | $ | 786 | ||||||||||||||||||||||||||
| Net Income/(Loss) Margin (%) | (0.1) | % | (2.7) | % | (2.7) ppts | 0.5 | % | 1.3 | % | 0.9 | ppts | |||||||||||||||||||||||
| EPS (Diluted) | $ | (0.01) | $ | (0.33) | $ | (0.32) | $ | 0.11 | $ | 0.30 | $ | 0.19 | ||||||||||||||||||||||
Non-GAAP Financial Measures (a) | ||||||||||||||||||||||||||||||||||
| Company Adj. Free Cash Flow ($B) | $ | 2.8 | $ | 2.1 | $ | (0.7) | $ | 1.3 | $ | 0.2 | $ | (1.1) | ||||||||||||||||||||||
| Company Adj. EBIT ($M) | 2,140 | 2,503 | 363 | 3,159 | 5,991 | 2,832 | ||||||||||||||||||||||||||||
| Company Adj. EBIT Margin (%) | 4.3 | % | 5.2 | % | 0.9 | ppts | 3.5 | % | 6.5 | % | 3.1 | ppts | ||||||||||||||||||||||
| Adjusted EPS (Diluted) | $ | 0.37 | $ | 0.42 | $ | 0.05 | $ | 0.51 | $ | 1.08 | $ | 0.57 | ||||||||||||||||||||||
| Adjusted ROIC (Trailing Four Quarters) | 10.1 | % | 13.2 | % | 3.1 | ppts | ||||||||||||||||||||||||||||
__________
(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.
In the second quarter of 2026, our diluted earnings/(loss) per share of Common and Class B Stock was a loss of $0.33, and our diluted adjusted earnings per share was $0.42.
Net income/(loss) margin was negative 2.7% in the second quarter of 2026, down 2.7 percentage points from a year ago. Company adjusted EBIT margin was 5.2% in the second quarter of 2026, up 0.9 percentage points from a year ago.
The table below shows the details of our second quarter and first half 2026 net income/(loss) attributable to Ford and Company adjusted EBIT (in millions).
| Second Quarter | First Half | |||||||||||||||||||||||||||||||||
| 2025 | 2026 | H / (L) | 2025 | 2026 | H / (L) | |||||||||||||||||||||||||||||
| Ford Blue | $ | 661 | $ | 1,135 | $ | 474 | $ | 757 | $ | 3,077 | $ | 2,320 | ||||||||||||||||||||||
| Ford Model e | (1,329) | (919) | 410 | (2,178) | (1,696) | 482 | ||||||||||||||||||||||||||||
| Ford Pro | 2,318 | 1,718 | (600) | 3,627 | 3,403 | (224) | ||||||||||||||||||||||||||||
| Ford Credit | 645 | 757 | 112 | 1,225 | 1,540 | 315 | ||||||||||||||||||||||||||||
| Corporate Other | (155) | (188) | (33) | (272) | (333) | (61) | ||||||||||||||||||||||||||||
| Company Adjusted EBIT (a) | 2,140 | 2,503 | 363 | 3,159 | 5,991 | 2,832 | ||||||||||||||||||||||||||||
| Interest on Debt | (297) | (357) | (60) | (585) | (707) | (122) | ||||||||||||||||||||||||||||
| Special Items | (1,302) | (4,179) | (2,877) | (1,412) | (4,405) | (2,993) | ||||||||||||||||||||||||||||
| Taxes / Noncontrolling Interests | (577) | 706 | 1,283 | (727) | 342 | 1,069 | ||||||||||||||||||||||||||||
| Net Income/(Loss) | $ | (36) | $ | (1,327) | $ | (1,291) | $ | 435 | $ | 1,221 | $ | 786 | ||||||||||||||||||||||
__________
(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.
The year-over-year decrease of $1,291 million in net income is primarily explained by higher special item charges, as described on page 36, offset partially by lower taxes. The year-over-year increase of $363 million in Company adjusted EBIT in the second quarter of 2026 primarily reflects higher Ford Blue and Model e EBIT and improved Ford Credit EBT, offset partially by lower Ford Pro EBIT.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
The tables below and on the following pages provide second quarter and first half 2026 key metrics and the change in second quarter 2026 EBIT compared with second quarter 2025 by causal factor for each of our Ford Blue, Ford Model e, and Ford Pro segments. For a description of these causal factors, see Definitions and Information Regarding Ford Blue, Ford Model e, and Ford Pro Causal Factors.
Ford Blue Segment
| Second Quarter | First Half | |||||||||||||||||||||||||||||||||
| Key Metrics | 2025 | 2026 | H / (L) | 2025 | 2026 | H / (L) | ||||||||||||||||||||||||||||
| Wholesale Units (000) (a) | 696 | 639 | (57) | 1,284 | 1,223 | (61) | ||||||||||||||||||||||||||||
| Revenue ($M) | $ | 25,784 | $ | 26,068 | $ | 284 | $ | 46,781 | $ | 49,926 | $ | 3,145 | ||||||||||||||||||||||
| EBIT ($M) | 661 | 1,135 | 474 | 757 | 3,077 | 2,320 | ||||||||||||||||||||||||||||
| EBIT Margin (%) | 2.6 | % | 4.4 | % | 1.8 | ppts | 1.6 | % | 6.2 | % | 4.5 | ppts | ||||||||||||||||||||||
__________
(a)Includes Ford and Lincoln brand and JMC brand vehicles produced and sold in China by our unconsolidated affiliates (about 97,000 units in Q2 2025 and 82,000 units in Q2 2026).
| Change in EBIT by Causal Factor (in millions) | ||||||
Second Quarter 2025 EBIT | $ | 661 | ||||
| Volume / Mix | 269 | |||||
| Net Pricing | 162 | |||||
| Cost | (390) | |||||
| Exchange | 209 | |||||
| Other | 224 | |||||
Second Quarter 2026 EBIT | $ | 1,135 | ||||
In the second quarter of 2026, Ford Blue’s wholesales decreased 8% from a year ago, primarily reflecting the end of production of the Escape in North America and Focus in Europe and the impact of the Middle East conflict, offset partially by higher utility wholesales, including Expedition, Explorer, and Bronco. Second quarter 2026 revenue increased 1%, driven by favorable mix, exchange, and net pricing, offset partially by lower wholesales.
Ford Blue’s second quarter 2026 EBIT was $1,135 million, an increase of $474 million from a year ago, with an EBIT margin of 4.4%. The higher EBIT primarily reflects improved market factors, favorable exchange, lower regulatory compliance expense, and higher parts and accessories profit, offset partially by higher cost. The improved market factors reflect favorable product mix and higher net pricing, offset partially by lower volume. The higher cost primarily reflects higher commodity prices and temporary sourcing costs associated with the disruption in aluminum supply, offset partially by lower tariffs (excluding temporary Novelis-related).
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Ford Model e Segment
| Second Quarter | First Half | |||||||||||||||||||||||||||||||||
| Key Metrics | 2025 | 2026 | H / (L) | 2025 | 2026 | H / (L) | ||||||||||||||||||||||||||||
| Wholesale Units (000) | 60 | 28 | (32) | 91 | 62 | (29) | ||||||||||||||||||||||||||||
| Revenue ($M) | $ | 2,357 | $ | 1,026 | $ | (1,331) | $ | 3,599 | $ | 2,258 | $ | (1,341) | ||||||||||||||||||||||
| EBIT ($M) | (1,329) | (919) | 410 | (2,178) | (1,696) | 482 | ||||||||||||||||||||||||||||
| EBIT Margin (%) | (56.4) | % | (89.6) | % | (33.2) | ppts | (60.5) | % | (75.1) | % | (14.6) | ppts | ||||||||||||||||||||||
| Change in EBIT by Causal Factor (in millions) | ||||||
Second Quarter 2025 EBIT | $ | (1,329) | ||||
| Volume / Mix | 263 | |||||
| Net Pricing | (13) | |||||
| Cost | 184 | |||||
| Exchange | (12) | |||||
| Other | (12) | |||||
Second Quarter 2026 EBIT | $ | (919) | ||||
In the second quarter of 2026, Ford Model e’s wholesales decreased 53% from a year ago, primarily reflecting the right-sizing of Mustang Mach-E production to market demand and discontinuation of the F-150 Lightning. Second quarter 2026 revenue decreased 56%, driven by lower wholesales.
Ford Model e’s second quarter 2026 EBIT loss was $919 million, a $410 million improvement from a year ago, with an EBIT margin of negative 89.6%. The improved EBIT primarily reflects lower losses on Gen-1 products, including lower volume and a favorable one-time adjustment related to a multi-year supply agreement, offset partially by higher warranty expenses.
Ford Pro Segment
| Second Quarter | First Half | |||||||||||||||||||||||||||||||||
| Key Metrics | 2025 | 2026 | H / (L) | 2025 | 2026 | H / (L) | ||||||||||||||||||||||||||||
| Wholesale Units (000) (a) | 429 | 372 | (57) | 781 | 688 | (93) | ||||||||||||||||||||||||||||
| Revenue ($M) | $ | 18,797 | $ | 17,790 | $ | (1,007) | $ | 33,978 | $ | 32,513 | $ | (1,465) | ||||||||||||||||||||||
| EBIT ($M) | 2,318 | 1,718 | (600) | 3,627 | 3,403 | (224) | ||||||||||||||||||||||||||||
| EBIT Margin (%) | 12.3 | % | 9.7 | % | (2.7) | ppts | 10.7 | % | 10.5 | % | (0.2) | ppts | ||||||||||||||||||||||
__________
(a)Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye (about 21,000 units in Q2 2025 and 18,000 units in Q2 2026).
| Change in EBIT by Causal Factor (in millions) | ||||||
Second Quarter 2025 EBIT | $ | 2,318 | ||||
| Volume / Mix | (507) | |||||
| Net Pricing | 52 | |||||
| Cost | (194) | |||||
| Exchange | (12) | |||||
| Other | 61 | |||||
Second Quarter 2026 EBIT | $ | |||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-06-23 | THORNTON JOHN L | Director | Buy | +10,600 | $14.05 | $148,880 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-10-22 10-Q expected by 2026-11-03 (in 84 days)
- ~2027-02-10 10-K expected by 2027-03-02 (in 195 days)
- ~2027-04-28 10-Q expected by 2027-05-10 (in 272 days)
- ~2027-07-27 10-Q expected by 2027-08-08 (in 362 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-07-29 10-Q Quarterly Report
- 2026-07-28 8-K Earnings Release; Financial Statements and Exhibits
- 2026-07-02 8-K Other Events; Financial Statements and Exhibits
- 2026-05-21 8-K Material Agreement Entered; Material Financial Obligation; Other Events; Financial Statements and Exhibits
- 2026-04-30 10-Q Quarterly Report
- 2026-04-29 8-K Earnings Release; Financial Statements and Exhibits
- 2026-04-15 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-15 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-04-02 8-K Other Events; Financial Statements and Exhibits
- 2026-03-13 8-K Other Events
- 2026-02-11 10-K Annual Report
- 2026-02-10 8-K Earnings Release; Financial Statements and Exhibits
- 2026-01-06 8-K Other Events; Financial Statements and Exhibits
- 2025-12-12 8-K Officer/Director Change; Bylaws/Articles Amended; Financial Statements and Exhibits
- 2025-10-24 10-Q Quarterly Report