10-Q · April 29, 2026
Ford Motor Company posted strong Q1 2026 financial results, achieving revenue of $39.82 billion and EPS of $0.66, both exceeding analyst expectations. The company reported an increase in net income attributable to Ford…
Earnings analysis · 10-Q
F earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Ford's Q2 consolidated revenue was $48.296 billion, down from $50.2 billion a year earlier but above Q1 2026 revenue of $43.25 billion. Profitability improved on an adjusted basis—adjusted EBIT reached $2.503 billion…
Read full summary
Ford's Q2 consolidated revenue was $48.296 billion, down from $50.2 billion a year earlier but above Q1 2026 revenue of $43.25 billion. Profitability improved on an adjusted basis—adjusted EBIT reached $2.503 billion and adjusted EPS was $0.42—but GAAP results swung to a $1.327 billion loss, or $(0.33) per share, due largely to special items. Cash generation remained positive, though both operating cash flow and adjusted free cash flow declined year over year amid higher capital spending and working-capital investment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.33
- Operating margin
- 1.3%
What stood out
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Adjusted EBIT and margin improved YoY
Adjusted EBIT increased 17.0% year over year to $2.503 billion from $2.140 billion, while adjusted EBIT margin improved to 5.2% from 4.3% despite consolidated revenue declining to $48.3 billion from $50.2 billion.
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Adjusted EPS rose and beat consensus
Adjusted diluted EPS rose to $0.42 from $0.37 in the prior-year quarter. This exceeded the supplied consensus estimate of $0.34, although GAAP diluted EPS was a loss of $0.33.
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Ford Credit provided operating support
Ford Credit contributed $647 million of operating income on $3.405 billion of revenue in Q2, helping offset a $9 million operating loss at Company excluding Ford Credit.
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Positive quarterly free cash flow
Company adjusted free cash flow remained positive at $2.094 billion in Q2, supported by $4.345 billion of consolidated operating cash flow.
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Large cash and securities position
Liquidity remained substantial at June 30, with consolidated cash and cash equivalents of $18.603 billion plus $12.731 billion of marketable securities.
What to watch
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Revenue declined year over year
Consolidated revenue fell 3.8% year over year to $48.3 billion from $50.2 billion. Revenue was also below the supplied $45.257 billion consensus only if measured on the Company-excluding-Ford-Credit basis of $44.891 billion; consolidated revenue was $48.296 billion.
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GAAP earnings swung to a loss
Ford recorded a GAAP net loss attributable to Ford of $1.327 billion, or $(0.33) per diluted share, versus GAAP net income of $435 million, or $0.11 per diluted share, in the prior-year quarter. The loss includes $3.027 billion of after-tax special-item impacts.
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Cash generation softened as capex rose
Q2 company adjusted free cash flow declined to $2.094 billion from $2.826 billion a year earlier as Company-excluding-Ford-Credit capital spending increased to $2.357 billion from $2.054 billion. Capex represented about 5.3% of $44.891 billion Company-excluding-Ford-Credit revenue.
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Working-capital outflows pressured cash flow
Inventory increased cash usage by $1.713 billion in the first half, while accounts receivable and other assets used another $1.249 billion. Consolidated operating cash flow fell to $5.661 billion in the first half from $9.996 billion a year earlier.
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Legal and tax contingencies remain
The Federal Circuit reinstated $82 million of breach-of-contract damages in the Versata matter and remanded trade-secret damages for a new trial. Separately, Brazilian tax appeals could require aggregate collateral exceeding $1 billion, although Ford states its overall risk of loss is remote.
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No new Item 1A update; FX exposure remains large
The 10-Q does not present a newly revised Item 1A risk-factor section, instead referring investors to the 2025 Form 10-K and subsequent reports. Market-risk sensitivity remains material: a 10% foreign-exchange-rate change could affect derivative fair value by $2.7 billion.
Management's outlook
The filing excerpt does not provide a quantitative revenue, EPS, EBIT, or free-cash-flow outlook. Management notes that GAAP equivalents are not guided when it provides non-GAAP guidance because special items and other factors are difficult to predict.
Earlier filings 4
10-K · February 11, 2026
Ford emphasizes managing regulatory compliance and product transition risks (including emissions and ZEV requirements) through credit purchases and continued investment in innovation and intellectual property. U.S.…
10-Q · October 24, 2025
Ford reported third-quarter 2025 revenue of $50,534 million, up 9% year‑over‑year, with diluted EPS of $0.60 (adjusted EPS $0.45) and Company adjusted EBIT of $2,586 million (up $36 million). Cash generation was strong…
10-K · February 6, 2025
Ford reports modest unit growth (total wholesales 4,231k → 4,413k → 4,470k from 2022→2024) and rising U.S. retail EV sales (72,608 → 97,865 from 2023→2024) while navigating materially increased regulatory complexity and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.