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FORD MOTOR CO 8-K Report, Financial Results (Feb 10, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 10, 2026
Period End
February 10, 2026
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 · Oct ’17Oct ’17
  2. Impairment8-K · Oct ’19Oct ’19
  3. Restructuring8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 10, 2026. Cited figures are marked; the original filing is the authoritative source.

Ford Motor Company reported fourth-quarter and full-year 2025 results that were mixed: revenue reached a record $187.3 billiona for the full year (the fifth consecutive year of annual revenue growth), but the company posted a GAAP net loss of $8.2 billion for 2025 and $11.1 billion in Q4, driven largely by special items.

Those special items were dominated by a roughly $10.7 billionb Model e asset impairment and EV program cancellations and a $3.2 billion BlueOval SK joint venture disposition. Excluding special items, full-year adjusted EBIT was $6.8 billion (a 3.6% margin, down from $10.2 billion and 5.5% in 2024), and adjusted EPS fell to $1.09 from $1.84. Q4 adjusted EBIT was only $1.0 billion on $45.9 billion of revenue, down 5% year over year.

Cash generation was stronger than earnings suggest. Full-year operating cash flow was $21.3 billionc and adjusted free cash flow was $3.5 billion, versus $6.7 billion in 2024, which investors should weigh against the decline in profitability. Ford ended the year with nearly $29 billion in cash and $50 billion in liquidity.

Ford Pro remained the profit engine with $6.8 billiond of EBIT at a 10.3% margin, while Ford Blue EBIT fell to $3.0 billion and Model e lost $4.8 billion, although that loss narrowed by $0.3 billion. Looking ahead, management guided 2026 adjusted EBIT to $8.0-10.0 billion, adjusted free cash flow to $5.0-6.0 billion, and capital spending to $9.5-10.5 billion, including about $1.5 billion to begin ramping Ford Energy. Segment guidance calls for Ford Pro EBIT of $6.5-7.5 billion, Ford Blue of $4.0-4.5 billion, and a Model e loss of $4.0-4.5 billion.

Management reiterated its target of an 8% adjusted EBIT margin by 2029. The guidance implies a meaningful improvement from 2025's adjusted EBIT, but with Model e still losing money and Ford Blue well below its 2024 level, the outlook depends heavily on cost reduction and quality improvement.

02—Key points

Key Highlights

  1. Record full-year revenue of $187.3 billion, up 1% and the fifth straight year of annual revenue growth; Q4 revenue fell 5% to $45.9 billion.
  2. GAAP net loss of $8.2 billion for FY2025 (EPS of -$2.06) versus net income of $5.9 billion in 2024, driven by roughly $17.4 billion of pre-tax special items including $10.7 billion of Model e impairments and EV program cancellations.
  3. Adjusted EBIT of $6.8 billion for FY2025 (3.6% margin), down from $10.2 billion (5.5%); Q4 adjusted EBIT was $1.0 billion versus $2.1 billion a year earlier.
  4. Operating cash flow of $21.3 billion and adjusted free cash flow of $3.5 billion for FY2025, though Q4 adjusted FCF was negative $2.1 billion.
  5. Segment performance: Ford Pro EBIT of $6.8 billion (10.3% margin), Ford Blue EBIT of $3.0 billion, Model e loss of $4.8 billion, and Ford Credit EBT up 55% to $2.6 billion.
  6. 2026 guidance: adjusted EBIT of $8.0-10.0 billion, adjusted FCF of $5.0-6.0 billion, and capex of $9.5-10.5 billion, with an 8% adjusted EBIT margin target by 2029.
  7. Adjusted ROIC declined to 8.8% from 12.9%, and total equity fell to $36.0 billion from $44.9 billion, reflecting the large 2025 write-downs and net loss.

03—Questions

Frequently Asked Questions

  1. Why did Ford report a net loss of $8.2 billion for 2025 despite record revenue?

    The GAAP net loss was driven by special items totaling about $17.4 billion pre-tax. The largest were a $10.7 billion Model e asset impairment and EV program cancellation charge and a $3.2 billion loss tied to the disposition of its BlueOval SK joint venture, plus smaller restructuring and pension-related items. Excluding these, Ford's adjusted EBIT was still a positive $6.8 billion.

  2. How did Ford's underlying profitability change in 2025?

    Adjusted EBIT fell to $6.8 billion from $10.2 billion, and the adjusted EBIT margin dropped to 3.6% from 5.5%. Ford Blue's EBIT fell by $2.2 billion to $3.0 billion, and Ford Pro's EBIT fell by $2.2 billion to $6.8 billion. Model e's loss narrowed slightly to $4.8 billion.

  3. What does Ford's 2026 guidance imply for investors?

    Guidance calls for adjusted EBIT of $8.0-10.0 billion, which would be a meaningful increase from 2025's $6.8 billion. Ford Pro is expected at $6.5-7.5 billion, Ford Blue at $4.0-4.5 billion, and Model e is expected to lose $4.0-4.5 billion. Adjusted FCF is guided to $5.0-6.0 billion, and capex is expected to rise to $9.5-10.5 billion, including roughly $1.5 billion to start ramping Ford Energy.

  4. Is Ford's cash position and liquidity sufficient despite the losses?

    Ford ended 2025 with nearly $29 billion in cash and $50 billion in total liquidity. Operating cash flow of $21.3 billion was well above the net loss, largely because the non-cash EV write-downs and working capital changes, including higher payables and accrued liabilities, were added back. Company-excluding-Ford Credit debt declined to $16.4 billion long-term, though current debt rose to $5.6 billion.

  5. When will Ford report its next quarterly results?

    Ford plans to report first-quarter 2026 financial results after the close of market on April 28, 2026.

04—Continue

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