Ford Motor Co. (F) Q3 2025 Financial Results Summary
DEARBORN, Mich., Oct. 23, 2025 – Ford Motor Co. (NYSE: F) today announced its third-quarter 2025 financial results.
Key Highlights
- Record Revenue: Ford achieved revenue of $50.5 billion, a 9% increase compared to $46.2 billion in Q3 2024.
- Net Income: Reported net income reached $2.4 billion, up from $0.9 billion a year earlier, representing a $1.5 billion increase or 167% growth.
- Adjusted EBIT: Adjusted EBIT remained steady at $2.6 billion, unchanged year-over-year despite facing $0.7 billion in adverse net tariff-related impacts.
- Operating Cash Flow: Cash flows from operations were $7.4 billion, a notable increase from $5.5 billion in Q3 2024, showing 34% growth.
- Adjusted Free Cash Flow: Reached $4.3 billion, rising from $3.2 billion the previous year, which translates to a 34% increase.
- Quarterly Dividend: Ford declared a regular dividend of 15 cents per share, payable on December 1, 2025.
- Liquidity: Ford ended the quarter with nearly $33 billion in cash and approximately $54 billion in liquidity.
Business Segments Performance
Ford Blue Segment
- Wholesale Units: Increased to 733,000, a 2% growth from 721,000 units last year.
- Revenue: Reported revenue of $28.0 billion, up 7% compared to $26.2 billion in Q3 2024.
- EBIT: Declined to $1.54 billion, down $84 million from $1.62 billion a year ago.
- EBIT Margin: Margins dropped to 5.5%, a decrease of 0.7 percentage points year-over-year.
Ford Model e Segment
- Wholesale Units: Grew substantially to 50,000, a 57% increase from 32,000 units in the prior year.
- Revenue: Jumped to $1.8 billion, a 52% growth compared to $1.2 billion in Q3 2024.
- EBIT Loss: Loss expanded to $1.4 billion, from a loss of $1.231 billion in Q3 2024.
Ford Pro Segment
- Wholesale Units: Increased to 373,000, showing a 9% growth from 342,000.
- Revenue: Rose to $17.4 billion, an 11% increase compared to $15.7 billion last year.
- EBIT: Grew to $1.98 billion, a 7% increase from $1.81 billion in Q3 2024.
- EBIT Margin: Slightly decreased to 11.4%, down 0.2 percentage points from the previous year.
Ford Credit
- Earnings Before Taxes (EBT): Reached $631 million, a 16% increase compared to $544 million a year ago.
Full-Year 2025 Guidance
- Adjusted EBIT Expectation: Ford anticipates adjusted EBIT of $6.0 to $6.5 billion, reflecting a headwind of $1.5 to $2 billion from the Novelis fire.
- Adjusted Free Cash Flow Forecast: Expected to be in the range of $2.0 to $3.0 billion.
- Capital Spending: Estimated at about $9 billion for the year.
Notable Challenges
- Tariff Impacts: Year-over-year adjusted EBIT improved by $0.7 billion, adjusting for tariff-related costs.
- Supply Chain Issues: Anticipated adjustments due to a $1.0 billion headwind related to Novelis.
Operational Strategy
- Ford aims to enhance efficiency and growth, while navigating the challenges presented by tariffs and operational disruptions. The company is working intensively to restore production capacities affected by the Novelis fire.
Conclusion
Ford’s third-quarter 2025 results demonstrate significant growth in revenue and net income while managing external challenges. The declaration of a dividend reflects confidence in ongoing financial stability, and Ford’s strategic initiatives are positioned to promote future growth despite operational headwinds.
FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in millions, except per share amounts)
| 2024 | 2025 | 2024 | 2025 | |
|---|---|---|---|---|
| Third Quarter | Third Quarter | First Nine Months | First Nine Months | |
| Revenues | ||||
| Company excluding Ford Credit | $ 43,069 | $ 47,185 | $ 127,770 | $ 131,550 |
| Ford Credit | 3,127 | 3,349 | 9,011 | 9,827 |
| Total revenues | 46,196 | 50,534 | 136,781 | 141,377 |
| Costs and expenses | ||||
| Cost of sales | 40,168 | 43,411 | 117,133 | 122,844 |
| Selling, administrative, and other expenses | 2,456 | 2,740 | 7,510 | 7,877 |
| Ford Credit interest, operating, and other expenses | 2,692 | 2,825 | 8,150 | 8,268 |
| Total costs and expenses | 45,316 | 48,976 | 132,793 | 138,989 |
| Operating income/(loss) | 880 | 1,558 | 3,988 | 2,388 |
| Interest expense on Company debt excluding Ford Credit | 272 | 321 | 820 | 906 |
| Other income/(loss), net | 114 | 560 | 1,240 | 1,633 |
| Equity in net income/(loss) of affiliated companies | 147 | 21 | 511 | (135) |
| Income/(Loss) before income taxes | 869 | 1,818 | 4,919 | 2,980 |
| Provision for/(Benefit from) income taxes | (27) | (630) | 856 | 88 |
| Net income/(loss) | 896 | 2,448 | 4,063 | 2,892 |
| Less: Income/(Loss) attributable to noncontrolling interests | 4 | 1 | 8 | 10 |
| Net income/(loss) attributable to Ford Motor Company | $ 892 | $ 2,447 | $ 4,055 | $ 2,882 |
| EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK | ||||
| Basic income/(loss) | $ 0.22 | $ 0.61 | $ 1.02 | $ 0.72 |
| Diluted income/(loss) | 0.22 | 0.60 | 1.01 | 0.72 |
| Weighted-average shares used in computation of earnings/(loss) per share | ||||
| Basic shares | 3,976 | 3,983 | 3,980 | 3,977 |
| Diluted shares | 4,018 | 4,048 | 4,020 | 4,026 |
FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions)
| December 31, 2024 | September 30, 2025 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $ 22,935 | $ 26,788 |
| Marketable securities | 15,413 | 15,400 |
| Ford Credit finance receivables, net of allowance for credit losses of $247 and $259 | 51,850 | 48,214 |
| Trade and other receivables, less allowances of $84 and $103 | 14,723 | 19,199 |
| Inventories | 14,951 | 16,509 |
| Other assets | 4,602 | 4,610 |
| Total current assets | 124,474 | 130,720 |
| Ford Credit finance receivables, net of allowance for credit losses of $617 and $638 | 59,786 | 60,147 |
| Net investment in operating leases | 22,947 | 27,045 |
| Net property | 41,928 | 44,735 |
| Equity in net assets of affiliated companies | 6,821 | 5,359 |
| Deferred income taxes | 16,375 | 18,196 |
| Other assets | 12,865 | 14,788 |
| Total assets | $ 285,196 | $ 300,990 |
| LIABILITIES | ||
| Payables | $ 24,128 | $ 27,868 |
| Other liabilities and deferred revenue | 27,782 | 31,152 |
| Debt payable within one year Company excluding Ford Credit | 1,756 | 3,918 |
| Ford Credit | 53,193 | 53,710 |
| Total current liabilities | 106,859 | 116,648 |
| Other liabilities and deferred revenue | 28,832 | 30,961 |
| Long-term debt Company excluding Ford Credit | 18,898 | 17,857 |
| Ford Credit | 84,675 | 86,455 |
| Deferred income taxes | 1,074 | 1,652 |
| Total liabilities | 240,338 | 253,573 |
| EQUITY | ||
| Common Stock, par value $0.01 per share (4,132 million shares issued of 6 billion authorized) | 41 | 41 |
| Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized) | 1 | 1 |
| Capital in excess of par value of stock | 23,502 | 23,847 |
| Retained earnings | 33,740 | 34,186 |
| Accumulated other comprehensive income/(loss) | (9,639) | (7,873) |
| Treasury stock | (2,810) | (2,810) |
| Total equity attributable to Ford Motor Company | 44,835 | 47,392 |
| Equity attributable to noncontrolling interests | 23 | 25 |
| Total equity | 44,858 | 47,417 |
| Total liabilities and equity | $ 285,196 | $ 300,990 |
