01—Abstract
Summary
Summary of the 10-Q filed July 31, 2025. Cited figures are marked; the original filing is the authoritative source.
Ford Motor Company reported a net loss of $36 milliona ($0.01 per diluted share) for the second quarter of 2025, a significant decline from a net income of $1,831 million ($0.46 per diluted share) in the same period last year.
This downturn was primarily driven by substantial "special items," including a significant field service action for fuel injectors, expenses related to the cancellation of an electric vehicle program, and impairments related to equity method investments. Excluding these special items, adjusted EBIT was $2,140 millionb, down from $2,757 million year-over-year, reflecting continued profitability challenges in the Ford Blue and Ford Model e segments. Despite the quarterly loss, total revenues increased by 5% year-over-year to $50.2 billion, driven by higher sales in the Ford Pro and Ford Credit segments, alongside increased EV sales in Ford Model e.
Ford Credit demonstrated a strong performance, with earnings before taxes (EBT) increasing to $645 millionc. The company maintained a robust liquidity position with $28.4 billion in Company cash and $46.6 billion in overall liquidity as of June 30, 2025. Ford reiterated its full-year 2025 guidance, expecting adjusted EBIT between $6.5 billion and $7.5 billion.
02—Key points
Key Highlights
- Net loss of $36 million ($0.01/share) for Q2 2025, a sharp decline from net income of $1,831 million ($0.46/share) in Q2 2024, primarily due to $1.3 billion in pre-tax special items.
- Total revenues increased 5% to $50.2 billion in Q2 2025, driven by higher sales volumes across segments, particularly Ford Pro and Ford Credit.
- Ford Model e segment EBIT loss widened to $1,329 million from $1,150 million in the prior year, impacted by tariff costs, volume-related manufacturing expenses, and adverse net pricing.
- Ford Credit segment EBT surged by 89% to $645 million in Q2 2025, driven by higher financing margins and receivables.
- Company maintained a strong liquidity position with $28.4 billion in Company cash and $46.6 billion in overall liquidity as of June 30, 2025.
- Full-year 2025 guidance for Adjusted EBIT was reaffirmed at $6.5 - $7.5 billion, and Adjusted Free Cash Flow at $3.5 - $4.5 billion.
- Significant year-over-year decline in Ford Blue segment EBIT to $661 million from $1,167 million, largely due to lower volume and adverse exchange rates.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q2 FY2025, Ford Motor Co lost $0.00.
- Revenue$50.18B100.0%
- Cost of revenue−$44.24B88.2%
- Gross profit$5.94B11.8%
- Operating costs−$5.43B10.8%
- Operating income$511.0M1.0%
- Interest, other & tax−$540.0M1.1%
- Net income−$29.0M0.1%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 31, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $50.18B$47.81B | +5.0% |
| Cost of Revenue | $44.24B$40.49B | +9.3% |
| Gross Profit | $5.94B$7.32B | −18.9% |
| SG&A Expenses | $2.71B$2.68B | +1.0% |
| Operating Expenses | $49.67B$45.92B | +8.2% |
| Operating Income | $511.00M$1.88B | −72.9% |
| Net Income | -$29.00M$1.83B | −101.6% |
| EPS (Basic) | $-0.01$0.46 | −102.2% |
| EPS (Diluted) | $-0.01$0.46 | −102.2% |
| Shares Outstanding (Basic) | 3.98B3.98B | −0.1% |
| Shares Outstanding (Diluted) | 3.98B4.02B | −1.0% |
05—Questions
Frequently Asked Questions
What caused Ford's net loss in the second quarter of 2025?
Ford reported a net loss of $36 million in Q2 2025 primarily due to significant 'special items' totaling $1.3 billion pre-tax. These included a substantial field service action for fuel injectors, expenses related to the cancellation of an electric vehicle program, and impairments related to equity method investments and BlueOval SK. Excluding these items, the company's adjusted EBIT was $2,140 million.
How did Ford's revenue perform in the second quarter?
Total revenues increased by 5% to $50.2 billion in Q2 2025 compared to the same period in 2024. This growth was driven by higher revenues in the Ford Pro and Ford Credit segments, alongside an increase in electric vehicle sales within the Ford Model e segment. Ford Blue segment revenue saw a slight decrease.
What is the outlook for Ford's profitability and cash flow for the remainder of 2025?
Ford reaffirmed its full-year 2025 guidance. The company expects Adjusted EBIT to be in the range of $6.5 billion to $7.5 billion and Adjusted Free Cash Flow to be between $3.5 billion and $4.5 billion. This outlook anticipates stable industry pricing, a net cost improvement target of $1.0 billion (excluding tariffs), and a net tariff headwind of approximately $2.0 billion.
How is Ford Credit performing, and what is its role in the company's overall results?
Ford Credit demonstrated strong performance in Q2 2025, with Earnings Before Taxes (EBT) increasing by 89% year-over-year to $645 million. This was driven by higher financing margins, increased receivables, and favorable derivative market valuations. Ford Credit's robust results helped to partially offset losses in other segments.
06—Continue