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FORD MOTOR CO 8-K Report, Financial Results (Feb 5, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2025
Period End
February 5, 2025
Securities
FF-PCF-PDF-PB
In the record · 2016–202610-K1410-Q328-K283

F filed 14 annual reports (10-K), 32 quarterly reports (10-Q) and 283 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’18Feb ’18
  2. Leadership change8-K · Mar ’20Mar ’20
  3. Material agreement8-K · Jun ’22Jun ’22
  4. Material agreement8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed February 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Ford Motor Company reported fourth-quarter and full-year 2024 results on February 5, 2025.

Q4 revenue rose 5% to $48.2 billiona, GAAP net income was $1.8 billion (diluted EPS $0.45), and adjusted EBIT was $2.1 billion (4.4% margin). For full-year 2024, revenue reached a record $185.0 billion (up 5%), net income was $5.9 billion (diluted EPS $1.46), and adjusted EBIT was $10.2 billion, down from $10.4 billion in 2023, with the margin falling to 5.5%. Adjusted EPS was $1.84 versus $2.01 a year earlier.

Operating cash flow was $15.4 billionb and adjusted free cash flow was $6.7 billion, roughly flat year over year. Year-end liquidity was nearly $47 billion, including over $28 billion in cash. Segment performance was mixed.

Ford Pro was the standout, with full-year EBIT of $9.0 billionc on a 13.5% margin and revenue up 15%. Ford Blue's EBIT fell to $5.3 billion (5.2% margin) from $7.5 billion, and Ford Model e's loss widened to $5.1 billion on revenue down 35%. Ford Credit's EBT was $1.7 billion.

Ford also declared a first-quarter 2025 regular dividend of $0.15d and a supplemental dividend of $0.15 per share. For 2025, Ford guided to adjusted EBIT of $7.0 to $8.5 billion, adjusted free cash flow of $3.5 to $4.5 billion, and capital spending of $8.0 to $9.0 billion, citing market headwinds. Q1 2025 adjusted EBIT is expected to be roughly breakeven, reflecting lower wholesales and launch activity at major U.S. assembly plants.

Segment guidance calls for Ford Pro EBIT of $7.5 to $8.0 billion, Ford Blue of $3.5 to $4.0 billion, a Model e loss of $5.0 to $5.5 billion, and Ford Credit EBT of about $2.0 billion. The outlook implies lower earnings than 2024, and investors will focus on quality and cost execution under the Ford+ plan.

02—Key points

Key Highlights

  1. Q4 2024 revenue of $48.2B (+5% YoY); GAAP net income $1.8B vs. a $0.5B loss a year earlier; adjusted EBIT $2.1B, double the prior-year quarter's $1.1B
  2. Full-year 2024 revenue hit a record $185.0B, but adjusted EBIT declined to $10.2B from $10.4B and adjusted EPS fell to $1.84 from $2.01
  3. Ford Pro delivered $9.0B EBIT (13.5% margin) on 15% revenue growth, offsetting weakness elsewhere; Model e's EBIT loss widened to $5.1B
  4. Operating cash flow of $15.4B and adjusted free cash flow of $6.7B, roughly flat versus 2023's $6.8B
  5. 2025 guidance: adjusted EBIT of $7.0–8.5B, adjusted FCF of $3.5–4.5B, and capex of $8–9B, implying a meaningful earnings decline
  6. Q1 2025 adjusted EBIT guided to roughly breakeven due to lower wholesales and plant launch activity at Kentucky Truck and Michigan Assembly
  7. Declared Q1 2025 regular and supplemental dividends of $0.15 each per share (total $0.30), payable March 3, 2025

03—Questions

Frequently Asked Questions

  1. Why did Ford's full-year 2024 adjusted EBIT decline despite record revenue?

    Revenue rose 5% to $185.0B, but adjusted EBIT fell to $10.2B from $10.4B and the adjusted margin dropped to 5.5% from 5.9%. Ford Blue's EBIT fell by about $2.2B to $5.3B on flat revenue, as a 2% decline in wholesales from discontinuing low-margin products offset positive net pricing. Model e's loss also widened to $5.1B. Ford Pro's $1.8B EBIT improvement partly offset these pressures.

  2. What drove Ford Pro's strong performance in 2024?

    Ford Pro's revenue grew 15% to $66.9B and EBIT rose to $9.0B, a 13.5% margin in line with its mid-teens target. Paid software subscriptions rose 27% to nearly 650,000, and telematics grew nearly 100%. Management highlighted growing service and repair revenue as a source of durable margin.

  3. Why is Ford guiding to lower earnings for 2025 and a breakeven first quarter?

    The guidance assumes market headwinds. Management expects lower wholesales and unfavorable mix in Q1, including launch activity at major U.S. assembly plants (Kentucky Truck and Michigan Assembly). The 2025 outlook has Ford Blue EBIT of $3.5–4.0B, down from $5.3B in 2024, and a Model e loss of $5.0–5.5B. Ford Pro is expected to be $7.5–8.0B, and Ford Credit EBT is about $2.0B.

  4. How strong is Ford's liquidity and cash position?

    At year-end 2024, Ford held over $28B in cash and nearly $47B in total liquidity. Operating cash flow was $15.4B, and capital spending was $8.7B, leaving adjusted free cash flow of $6.7B. Company-level cash and marketable securities were about $38B. Shareholder returns included $3.1B in dividend payments during 2024.

  5. What dividend is Ford paying, and what is the EPS picture?

    Ford's board declared a Q1 2025 regular dividend of $0.15 per share plus a supplemental dividend of $0.15, payable March 3, 2025 to holders of record on February 18. For 2024, GAAP diluted EPS was $1.46 (up from $1.08), while adjusted diluted EPS was $1.84, down from $2.01. The gap reflects special items, mainly pension and OPEB remeasurement gains and EV program cancellation charges.

04—Continue

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