F
Updated: 24/09/2026, 23:53:05
Ford Motor Company is a global automotive giant, engaged in the design, production, and servicing of a broad spectrum of vehicles. Its product line encompasses Ford trucks, commercial cars and vans, and sport utility vehicles, in addition to luxury models from its Lincoln brand. The company structures its diverse operations into distinct segments: Ford Blue, Ford Model e, Ford Pro, Ford Next, and Ford Credit. Ford distributes its vehicles, service components, and accessories through a worldwide network of distributors and dealerships. It also supplies directly to large organizational clients, including commercial fleet operators, daily rental companies, and government entities, often facilitated by its established dealerships. Beyond manufacturing and sales, Ford provides substantial financial services. This includes offering retail installment contracts for both new and used vehicles, as well as direct financing leases for new vehicles to a wide range of customers – from individual consumers to commercial enterprises such as leasing companies, government agencies, and fleet providers. Furthermore, the company extends wholesale loans to dealers to facilitate inventory purchases. It also offers capital to dealers for operational expenses, facility enhancements, real estate acquisitions, and other business initiatives. Founded in 1903, Ford Motor Company is headquartered in Dearborn, Michigan.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$187.3B
FY 2025 · Reported
Net income
$-8.2B
FY 2025 · Reported
Gross margin
6.8%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
5.0%
FY 2025 · Calculated
Share repurchases
$0.4B
FY 2024 · Reported
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Distribution and product/service offering
Sells vehicles to dealerships for retail and fleet customers (commercial, daily rental, governments), plus parts and accessories, and extended service contracts.
“we also sell vehicles to our dealerships for sale to fleet customers, including commercial fleet customers, daily rental car companies, and governments. We also sell parts and accessories”
Warranty, field service actions, and software updates
Ford provides warranties, field service actions (safety/emission recalls), customer satisfaction actions, and increasingly performs software updates including over-the-air.
“Software updates are increasingly a component of vehicle service and may be performed during warranty coverage repairs, through field service actions, or through over-the-air updates.”
Reportable segments
Ford Blue, Ford Model e, Ford Pro, Ford Credit; Ford Next folded into segments/Corporate Other from Jan 1, 2025
“we analyze the results of our business through the following segments: Ford Blue, Ford Model e, Ford Pro, and Ford Credit.”
Ford Pro segment scope
Ford Pro: vehicles/services for commercial, government, rental customers incl. Super Duty, Transit, telematics, EV charging; North America and Europe
“This segment focuses on selling ICE, hybrid, and electric vehicles, and providing digital and physical services to optimize and maintain fleets, including telematics and EV charging solutions.”
Ford Blue segment scope
Ford Blue: Ford/Lincoln ICE and hybrid (excl. EREVs) retail sales; contract manufacturing for Model e and Pro; China EV affiliate sales; OEM sales
“Ford Blue primarily includes the sale of Ford and Lincoln internal combustion engine ("ICE") and hybrid (excluding extended range electric vehicles ("EREVs")) vehicles, service parts, accessories, and digital services for retail customers”
Ford Model e segment scope
Ford Model e: EVs (incl. EREVs), software/connected vehicle technologies; operates in North America, Europe, China
“Ford Model e operates in North America, Europe, and China.”
Ford Credit segment
Ford Credit: primarily vehicle-related financing and leasing activities
“The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities.”
Ford Pro customer channels
Commercial, government, and rental customers (Ford Pro; also non-core ICE/hybrid sales outside US/Canada under Ford Blue)
“Ford Pro primarily includes the sale of Ford and Lincoln vehicles, service parts, accessories, and services for commercial, government, and rental customers.”
Customer base: dealers and distributors
Customers are generally dealers and distributors; most wholesale sales are financed by Ford Credit; repurchaseable rental sales treated as operating leases.
“Revenue is recorded when control is transferred to our customers (generally, our dealers and distributors).”
US-China trade and China EV competition exposure
US-China relations strain poses unique risks; Chinese EV makers are exporting to key Ford markets, and China restricts rare earth/component exports.
“the rapid development of the Chinese EV industry, with Chinese electrified vehicle manufacturers exporting their products to some key markets in which we operate.”
Revenue generation by segment
Company excluding Ford Credit revenue comes primarily from Ford Blue, Ford Model e, and Ford Pro vehicle/parts/services sales; Ford Credit revenue comes primarily from finance receivable interest and operating leases.
“Company excluding Ford Credit revenue is generated primarily by sales of vehicles, parts, accessories, and services from our Ford Blue, Ford Model e, and Ford Pro segments.”
Raw materials used in vehicle production
Purchases steel, aluminum, palladium, natural gas, polypropylene, lithium, cobalt, nickel, and rare earths (neodymium, dysprosium) from numerous suppliers worldwide.
“These materials include base metals (e.g., steel and aluminum), precious metals (e.g., palladium), energy (e.g., natural gas), plastics/resins (e.g., polypropylene), battery raw materials (e.g., lithium, cobalt, nickel), and rare earth minerals (e.g., magnets, neodymium, dysprosium).”
Novelis aluminum supply disruption
Fires at Novelis Inc.'s New York plant (Sep and Nov 2025) disrupted operations at a major aluminum supplier to Ford, causing lower Q4 2025 production, expected to partially recover in 2026.
“Novelis is a major aluminum supplier to Ford, and since the initial fire occurred, we have been working closely with Novelis to address the situation and exploring potential alternative sources of aluminum.”
Raw material commitments for electrified products
Multi-year raw material/component supply commitments for electrified products create demand and cost-fluctuation risk
“Ford has entered into and may, in the future, enter into multi-year commitments to raw material and other suppliers that subject Ford to risks associated with lower future demand for such items as well as costs that fluctuate and are difficult to accurately forecast;”
Lower-than-anticipated EV adoption
Lower-than-anticipated industrywide EV adoption has led Ford to adjust investments and production and to incur charges (EV supplier payments, inventory adjustments, impairments); battery costs remain high, hurting EV pricing parity.
“To date, we have observed lower-than-anticipated industrywide EV adoption rates due to changes in consumer sentiment, competitive dynamics, legal and policy changes, and significant developments in vehicle pricing dynamics”
EV adoption below expectations and excess EV supply
EV adoption has been lower than anticipated industrywide; waning EV policy support has led to excess supply and renewed competitive pricing.
“especially with waning policy support for EVs leading to excess supply in that market segment”
Ford+ plan
Ford+ plan targets higher growth, higher margin, more capital efficient company; cost competitiveness is a key pillar.
“Ford+ is our plan to thrive at the intersection of great vehicles, iconic brands, and innovative software and service, building Ford into a higher growth, higher margin, more capital efficient, and more durable company.”
EV strategy update and BlueOval SK disposition (December 2025)
In December 2025 Ford announced an updated EV strategy, expected disposition of its BlueOval SK investment and related charges; new battery energy storage business announced Q4 2025.
“in December 2025, we announced our updated EV strategy, the expected disposition of our investment in BlueOval SK, LLC, and the charges we expected to record related to those items.”
Cost trend framework
Costs analyzed as Contribution Costs (volume-variable) vs Structural Costs (discretionary); tariffs included in freight and duty
“Contribution Costs – these costs typically vary with production volume. These costs include material (including commodity and component), warranty, and freight and duty (including tariff) costs.”
Largest cost categories
FY2025 cost of sales + SA&G = $185.3 billion; material/commodity costs largest, then structural costs
“Cost of sales and Selling, administrative, and other expenses for full year 2025 were $185.3 billion. Company excluding Ford Credit’s total material and commodity costs make up the largest portion of these costs and expenses”
Profitability cost drivers
Costs of components/raw materials, warranty/service actions, safety-emissions-fuel economy compliance, and high fixed structural costs drive profitability.
“A high proportion of relatively fixed structural costs, so that small changes in wholesale unit volumes can significantly affect overall profitability”
Inflation, commodity/energy prices, and interest rates
Inflation has driven higher material, freight, and warranty costs; suppliers submitted reimbursement claims; elevated interest rates raise Ford's cost of capital and may compress Ford Credit's financing margin.
“due to inflationary pressure, some of our suppliers have submitted claims to us for reimbursement of costs beyond our original agreed terms”
2025 tariff costs
In 2025, Ford's gross tariff costs were about $3 billion; net EBIT impact about $2 billion after offsets; $974 million receivable for tariffs paid pending refunds as of Dec 31, 2025.
“In 2025, Ford's gross costs related to tariffs implemented or revised in 2025 was about $3 billion, including the impact of tariff relief, and the net EBIT impact was about $2 billion after offsets.”
Emissions regulation cost pressure
ZEV mandates and low emission zones may raise vehicle costs by more than perceived benefit to consumers, dampening margins.
“government regulations in certain markets aimed at reducing emissions and increasing fuel efficiency (e.g., ZEV mandates and low emission zones) may increase the cost of vehicles by more than the perceived benefit to consumers and dampen margins”
Forward-looking risk factors
Key disclosed risks: Ford+ cost execution, recalls/warranty, supplier/raw material shortage, tariffs, EV price competition, government incentive clawback, reliance on large profitable US vehicles, Ford Credit credit losses/residual values, pension/OPEB, cybersecurity
“Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;”
Cybersecurity incidents risk
Cybersecurity threats targeting Ford, suppliers, service providers, and dealers could disrupt production and in-vehicle systems; risk rises with increased vehicle connectivity.
“we, our suppliers, service providers, and dealers have been the target of cybersecurity incidents and such threats are continuing and evolving”
China rare earth export restrictions
China's restriction on export of rare earth minerals and various components has caused production disruptions and increased costs.
“instability in the supply chain exacerbated by tariffs and other industry concerns, such as China's restriction on the export of rare earth minerals and various components, has resulted in production disruptions and increased costs”
Recall and warranty defect risk including Takata and ARC inflators
NHTSA 2024 consent order; ~3.5M Ford vehicles in Takata desiccated inflator study; 2.5M Ford vehicles in ARC/Delphi inflator population facing potential recall costs.
“approximately 3.5 million of the inflators are in our vehicles. In addition, NHTSA is considering action related to 52 million vehicles containing inflators from ARC Automotive and Delphi Automotive in the United States. Ford has 2.5 million vehicles within this population.”
US policy change and trade/tariff uncertainty
Rapid US policy change creates uncertainty; unpredictable trade policy (including tariffs) limits long-term planning and capital allocation.
“Rapid policy change in our home market, the United States, is creating uncertainty in our operations and business outlook, and may remain a source of volatility in the future.”
Supplier single-source dependency and disruption
Single/limited-source components cannot be re-sourced quickly; supplier distress narrows sourcing and raises costs; Ford has received supplier reimbursement claims and paid some.
“Many components used in our products are available only from a single or limited number of suppliers and, therefore, cannot be re-sourced quickly or inexpensively to another supplier”
Production disruption risk
Manufacturing suspension (labor, supplier, disaster, cyber) causes no revenue for Ford Blue/Model e/Pro while expenses continue, deteriorating cash flow.
“Our Ford Blue, Ford Model e, and Ford Pro operations generally do not realize revenue while our manufacturing operations are suspended, but we continue to incur operating and non-operating expenses, resulting in a deterioration of our cash flow.”
Climate-related physical risk and freight/logistics disruption
Physical climate risks (wildfires, droughts, flooding, extreme temperatures) and freight disruptions may increase costs and delay production.
“adverse physical effects of climate change, which are predicted to increase the frequency and severity of weather and other natural events, e.g., wildfires, extended droughts, flooding, and extreme temperatures”
Tariff refund receivable uncertainty
Tariff relief is subject to periodic approval by the U.S. Department of Commerce; refund timing is uncertain and delay could negatively impact cash flow.
“As of December 31, 2025, we recognized a receivable of $974 million reflecting tariffs paid but for which we had not yet received refunds.”
2025 tariffs cost Ford about $3 billion gross and about $2 billion net EBIT impact after offsets; $974 million refund receivable pending; parts tariffs threaten U.S. production.
“Tariffs implemented to date in the United States and elsewhere have caused significant disruption, increased costs (both directly and indirectly), and uncertainty in the automotive industry”
Novelis is a major aluminum supplier to Ford; fires at its New York plant in Sep/Nov 2025 caused lower Q4 2025 production, expected to partially recover in 2026.
“Novelis is a major aluminum supplier to Ford”
Lower-than-anticipated EV adoption led to charges for EV supplier payments, inventory adjustments, and impairments; US policy reduced EV incentives; battery costs remain high versus ICE pricing parity.
“Battery costs remain high, which is detrimental to EVs reaching pricing parity with ICE vehicles and further exacerbates the pricing pressures on EVs.”
China's rare earth export restrictions caused production disruptions and higher costs; Chinese EV manufacturers are exporting to key Ford markets; U.S.-China strain presents unique risks.
“China's restriction on the export of rare earth minerals and various components, has resulted in production disruptions and increased costs and heightens the risk of future production disruptions”
Ford is highly dependent on suppliers delivering components to schedule/specifications; shortages have previously disrupted operations.
“Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule and specifications, and a shortage of or inability to timely acquire key components or raw materials has previously disrupted and may, in the future, disrupt Ford’s operations;”
Ford's ability to manufacture electrified products depends on availability of lithium, cobalt, and nickel; multi-year offtake agreements shift volume and price risk to Ford.
“we have entered into and we may, in the future, enter into offtake agreements and other long-term purchase contracts”
Many components available only from single/limited suppliers with long lead times and specialized tooling; supplier distress or exit could cause shortages, price increases, and production disruption.
“cannot be re-sourced quickly or inexpensively to another supplier (due to long lead times, specialized tooling, rigorous validation requirements, and new contractual commitments”
Ford discloses dependence on sales of larger, more profitable vehicles particularly in the United States.
“Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;”
Industry overcapacity drives marketing incentives and pricing pressure, particularly for EVs; foreign competitors with weaker home currencies may have cost advantages; excess ICE truck capacity risk if EV adoption re-accelerates.
“This risk includes cost advantages foreign competitors may have because of their weaker home market currencies, which may, in turn, enable those competitors to offer their products at lower prices.”
Inflation drives higher material, freight, warranty, and labor costs; supplier reimbursement claims; elevated interest rates raise cost of capital and may compress Ford Credit's financing margin.
“At Ford Credit, rising interest rates may impact its ability to source funding and offer financing at competitive rates, which could reduce its financing margin.”
Ford Pro segment aggregates all US/Canada vehicle sales to commercial, government, and rental customers, a distinct revenue channel.
“In the United States and Canada, Ford Pro also includes all vehicle sales to commercial, government, and rental customers.”
Tariff costs are included in freight and duty within contribution costs; protectionist trade policies cited as a risk to results.
“These costs include material (including commodity and component), warranty, and freight and duty (including tariff) costs.”
Material costs (including commodity and component costs) are Ford's largest absolute cost and vary directly with production volume and mix.
“Company excluding Ford Credit’s total material and commodity costs make up the largest portion of these costs and expenses”
Annual production volumes depend on economic growth and availability/cost of consumer credit and fuel.
“Annual production volumes are heavily impacted by external economic factors, including the pace of economic growth and factors such as the availability of consumer credit and cost of fuel.”
Ford may need to substantially modify product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving, and environmental regulations.
“Ford may need to substantially modify its product plans and facilities to respond to shifting consumer sentiment and competitive dynamics as a result of policy changes affecting, or otherwise to comply with, safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations;”
Ford is subject to a 2024 NHTSA consent order with independent third-party assessment of adherence, reflecting regulatory scrutiny of safety processes and potential recall cost exposure (Takata, ARC inflators).
“as part of a consent order we entered into with NHTSA in 2024, we have retained an independent third party selected by NHTSA to assess the Company’s adherence to the consent order”
Emissions/fuel-efficiency regulations may increase vehicle costs by more than perceived consumer benefit, dampening margins.
“ZEV mandates and low emission zones), and other factors that accelerate the transition to electrified vehicles, may increase the cost of vehicles by more than the perceived benefit to consumers and dampen margins”
Ford's strategy is susceptible to US-China tensions and rapid development of the Chinese electrified vehicle industry, with Chinese producers exporting to Ford's key markets.
“our business and strategy are susceptible to tensions in U.S.-China relations and the rapid development of the Chinese electrified vehicle industry, with domestic Chinese producers exporting to some key markets in which we operate”
Ford sells vehicles to dealerships for fleet customers including commercial fleets, daily rental companies, and governments, an additional demand channel beyond retail.
“we also sell vehicles to our dealerships for sale to fleet customers, including commercial fleet customers, daily rental car companies, and governments”
Lithium is a battery raw material Ford purchases for vehicle production; supply and cost risk could impact production and margins.
“battery raw materials (e.g., lithium, cobalt, nickel)”
Failure to develop secure digital services, retain subscribers, and grow subscription rates is a disclosed business risk across segments offering digital services.
“Failure to develop and deploy secure digital services that appeal to customers, retain existing subscribers, and grow our subscription rates could have a negative impact on Ford’s business;”
Ford purchases rare earth minerals (magnets, neodymium, dysprosium) for vehicle production and technology development, with noted supply risks.
“rare earth minerals (e.g., magnets, neodymium, dysprosium)”
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