F-PDNYSEMotor Vehicles & Passenger Car BodiesUS GAAP · USD

Ford Motor Company

Ford Motor Co. designs, manufactures, markets, and services Ford and Lincoln vehicles, while also operating Ford Credit to finance vehicle purchases and leases. The company is increasingly balancing its traditional internal-combustion and truck business with electrified vehicles, software-enabled services, and battery-related initiatives.

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Revenue187.3bn USD
+1.2 %y/y
Operating profit (EBIT)-9,169m USD
−275.7 %y/y
EBIT margin-4.9%
−7.7 ppy/y
Net income-8,162m USD
−238.8 %y/y
Free cash flow21.3bn USD
+38.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100150200bn USD2020: 127.1 bn USD2020: EBIT -4.4 bn USD20202021: 136.3 bn USD2021: EBIT 4.5 bn USD20212022: 158.1 bn USD2022: EBIT 6.3 bn USD20222023: 176.2 bn USD2023: EBIT 5.5 bn USD20232024: 185.0 bn USD2024: EBIT 5.2 bn USD20242025: 187.3 bn USD2025: EBIT -9.2 bn USD2025187.3-9.2
RevenueOperating profit (EBIT)

Business

Share of revenue
Automotive vehicles78 %

Ford and Lincoln passenger vehicles, trucks, SUVs, and commercial vans sold through dealers and fleet channels.

Ford Credit14 %

Retail and wholesale financing, leasing, and related financial services for vehicle buyers and dealers.

Software and connected services4 %

Digital services, subscriptions, and connected-vehicle features that extend the vehicle relationship beyond the sale.

Electrification and battery initiatives4 %

EV-related products, battery sourcing commitments, and emerging battery energy storage activities.

Products

Reported · share of revenue
89.4%FY2025100 %
  • Vehicles Parts and Accessories89.4 %
  • Financingincome4.4 %
  • Leasingincome2.7 %
  • Service and Other Revenue1.9 %
  • Sale of Used Vehicles1.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Ford sells primarily to retail consumers, commercial and fleet buyers, and dealers that finance inventory and customer purchases through Ford Credit. Demand is strongest for larger, more profitable vehicles in the United States, while electrified vehicles and digital services target customers seeking lower-emission or more connected mobility options.

Retail vehicle buyers

Households buying Ford and Lincoln cars, SUVs, and trucks for personal use, often valuing size, utility, and brand familiarity.

Commercial and fleet customers

Businesses and government buyers purchasing vans, pickups, and specialty vehicles for work, logistics, and service operations.

Dealers and wholesale finance customers

Franchise dealers and related counterparties that use Ford Credit for inventory financing and working capital support.

Lease and financing customers

Consumers and businesses that use Ford Credit to finance purchases or lease vehicles rather than pay cash.

Digital services subscribers

Owners who pay for connected features, software-enabled services, and other recurring vehicle-related offerings.

Strategy

Ford is trying to preserve its profitable truck and larger-vehicle franchise while keeping manufacturing flexible enough to respond to uneven EV adoption. At the same time, it is investing in software, digital services, battery supply chains, and new business models such as battery energy storage to broaden its earnings base.

Maintain freedom of choice across powertrainsShort term

Ford wants to serve ICE, hybrid, and EV customers while avoiding overcommitting to demand that may shift more slowly than expected.

Grow software and digital servicesMedium term

Recurring services can deepen customer relationships and create higher-margin revenue beyond the vehicle sale.

Secure electrification inputsMedium term

Battery and raw-material access is critical to EV production and can reduce supply disruptions and cost volatility.

Expand manufacturing and distribution flexibilityMedium term

Flexible capacity helps Ford respond to demand swings, tariffs, and regional regulatory changes without excessive fixed-cost drag.

Geography

Ford is a global automaker with a particularly important U.S. base, where demand for larger vehicles is a key profit driver. Europe and Canada are important regulatory and operating markets, especially as emissions, battery, and sustainability rules become more demanding, while China adds competitive pressure through rapid EV development and local producers.

Risks

Ford faces cyclical auto demand, intense price competition, and heavy exposure to regulation, tariffs, and supply-chain disruption. The company also has execution risk in EVs, software, and strategic alliances, where slower-than-expected adoption or integration problems could pressure margins and require write-downs or restructuring charges.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Lower-than-expected EV demand1Tariffs and protectionist trade policy2China competitive and geopolitical pressure3Strategic alliance and restructuring execution4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Lower-than-expected EV demandImpact: HighLikelihood: High

    Ford has committed capital and supply contracts to electrification, but slower adoption can reduce utilization and force program changes.

    ExposureEV plantsBattery sourcingLaunch schedules
  2. Tariffs and protectionist trade policyImpact: HighLikelihood: High

    Ford relies on a global supply chain and imports materials and components that can become more expensive or harder to source.

    ExposureSteelAluminumBatteriesCross-border sourcing
  3. China competitive and geopolitical pressureImpact: HighLikelihood: High

    Chinese EV makers are expanding internationally while U.S.-China tensions complicate sourcing and market access.

    ExposureEV competitionRare earthsSupply chain components
  4. Strategic alliance and restructuring executionImpact: MediumLikelihood: High

    Joint ventures, divestitures, and restructuring can fail to deliver expected benefits and may trigger charges.

    Exposure: New businesses and organizational changes

  5. Ford Credit residual value and credit lossesImpact: Medium

    Leasing and financing depend on used-vehicle values and borrower performance, both of which can weaken in downturns.

    Exposure: Lease portfolio and retail finance book

  6. Cybersecurity and systems disruptionImpact: Medium

    Connected vehicles, dealer systems, and internal operations increase the attack surface for ransomware and outages.

    ExposureDigital servicesManufacturingFord Credit

Accounting

Judgemental items
Ford Credit credit losses and residual values

Financing and leasing require judgment on borrower defaults and used-vehicle values, which directly affect earnings.

Impact: Can materially change finance income and provision expense

Pension and OPEB assumptions

Discount rates, asset returns, and demographic assumptions drive large long-duration liabilities.

Impact: Affects operating expense, OCI, and liquidity

Restructuring and asset impairment charges

Plant changes, program cancellations, and capacity reductions can require write-downs and severance costs.

Impact: Can create volatile non-recurring charges

Revenue recognition for software and connected services

Subscriptions and bundled vehicle-service arrangements may be recognized over time rather than upfront.

Impact: Affects deferred revenue and reported growth timing

Supplier commitments and purchase obligations

Long-term raw-material and battery contracts can become onerous if EV demand or input prices change.

Impact: May require accruals or contract-related charges

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Last updated: 24/09/2026

Ford Motor Company (F-PD) Revenue, Earnings & Financials 2025 – Clarifo