Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q3 2025 Earnings Presentation
35 slides from Ford Mtr Co Del's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Earnings
Delivering Ford+ 2025 Ford F-350 Super Duty Q3 2025 Earnings
Slide 2: Contents
Contents Delivering Ford+ Page 4 - 5 Q3 Results Page 6 Year-to-Date Results Page 7 Financials Page 9 - 17 2025 Guidance Page 19 - 20 Appendix Page 22 - 34 Secre 2025 Ford Bronco Badlands t
Slide 3: Safe Harbor Statement And Disclosures
Safe Harbor Statement And Disclosures Forward-Looking Statements GAAP & Non-GAAP Financial Measures This presentation includes forward-looking statements. This presentation includes financial measures calculated in Forward-looking statements are based on expectations, forecasts, accordance with Gene
Slide 4: Customer-Focused Segments Unleash Full Potential Of Ford+ Plan
Customer-Focused Segments Unleash Full Potential Of Ford+ Plan Three distinct but Ford Ford Ford Ford Ford interconnected business Pro Model e segments meet the unique needs of customers and Blue Pro Model e offer Freedom of Choice Asset-Light Commercial Gas & Hybrid Vehicles Electric Vehicles acros
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights Ford Flywheel Fuels Growth and Recognition Ford delivered a robust third quarter with over $50B in revenue, and our + Customer-focused portfolio delivered $50B+ of revenue, U.S. sales grew twice as fast as the industry. Lineup strength was evident: up 9%, outpacing wholesale grow
Slide 6: Q3 Financial Results
Q3 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $50.5B $2.6B 5.1% $4.3B $0.45 ▲ 9% —% 0.4 ppts ▲ $1.1B $0.04 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $1.5B 5.5% $(1.4)B (79.1)% $2.0B 11.4% 6
Slide 7: Year-To-Date Financial Results
Year-To-Date Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $141.4B $5.7B 4.1% $5.7B $0.96 ▲ 3% 29% 1.8 ppts $0.3B $0.50 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $2.3B 3.1% $(3.6)B (66.7)% $5.6B 10.9% 7
Slide 8: Financials
Financials 2026 Ford Mustang RTR
Slide 9: Q3 Cash Flow, Cash Balance & Liquidity ($B)
Q3 Cash Flow, Cash Balance & Liquidity ($B) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $0.2 $0.2 $0.2 $0.5 $0.4 Cash Balance Liquidity Cash Net of Debt $8.0 $8.7 $7.0 $8.9 $12.0 (excl. Finance Leases) 9
Slide 10: Q3 2025 Results ($B)
Q3 2025 Results ($B) Interest Taxes / Net Ford Blue Ford Model e Ford Corporate Company Special Noncontrolling Income / Ford Pro On Debt Strong cash Credit Other Adj. EBIT Items and liquidity Interests (Loss) B / (W) Q3 2024 $(0.1) $(0.2) $0.2 $0.1 $0.0 $0.0 $(0.0) $1.0 to invest available $0.6in gr
Slide 11: Q3 2025 Adjusted EBIT ($B)
Q3 2025 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Corporate Total VOLUME Blue Model e Pro Credit Other Company Strong customer demand across all segments Q3 2024 $ 1.6 $ (1.2) $ 1.8 $ 0.5 $ (0.2) $ 2.6 YoY Change: NET PRICING Volume / Mix $ 0.3 $ 0.1 $ 0.5 $ — $ — $ 0.9 Strong product pricing, Net
Slide 12: Ford Blue
Revenue ($B) Ford Wholesale Units (000) 2,016 Blue ■ ■ Volume Revenueandup,revenue uphigher reflecting 3% and 8%, respectively volume and pricing led by ■ portfolio strength EBIT up $0.6B: + Volume / mix ■ EBIT down $0.1B: Memo: JV + – Commodities Tariffs Wholesales* 101 130 91 97 90 278 –– Higher E
Slide 13: Ford Model e
Revenue ($B) Ford 141 Wholesale Units (000) Model e ■ Revenue and volume growth, driven by European product introductions ■ EBIT down $0.2B: – Pricing – Louisville Assembly Plant changeover (Universal EV equipment) EBIT ($B) EBIT Margin (%) – Tariffs + Volume (66.7)% 2025 FordFord F-150 Explorer Lig
Slide 14: Ford Pro
Revenue ($B) Ford Wholesale Units (000) 1,154 Pro ■ Revenue outpaced volume growth, driven by strong sales performance in Super Duty and Transit ■ EBIT up $0.2B: Memo: JV Wholesales* 21 31 20 21 23 64 + Volume EV Wholesales 10 13 8 15 14 37 + Warranty – Pricing EBIT ($B) – Tariffs EBIT Margin (%) ■
Slide 15: Ford Credit
Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Credit Ratio (%) ■ Continued strong portfolio performance ■ EBT up $0.1B: + Financing margin improvement + Higher receivables * U.S. portfolio off-lease auction values at Q3 2025 mix ■ Auction values up 3% ■ U.S. Retail Loss-to-
Slide 16: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Third Quarter Year-To-Date Balance Sheet 2024 2025 2024 2025 2024 Dec 31 2025 Sep 30 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 2.0 $ 2.0 $ 6.9 $ 3.9 Company Cash Balance $ 28.5 $ 32.9 Capital Spending (2.0) (2.1) (6.1) (5.9) Liquidity 46.7 54.0
Slide 17: Special Items ($B)
Special Items ($B) Third Quarter Year-To-Date 2024 2025 2024 2025 Restructuring (by Geography) Europe $ (0.1) $ (0.3) $ (0.7) $ (0.4) North America Hourly Buyouts — — (0.3) — Subtotal Restructuring $ (0.1) $ (0.3) $ (0.9) $ (0.4) Other Items Fuel Injector Field Service Action $ — $ (0.0) $ — $ (0.6)
Slide 18: 2025 Guidance
2025 Guidance 2025 Ford Expedition Tremor Secret
Slide 19: CY 2025 Guidance
CY 2025 Guidance Underlying Business Strong – Excluding Novelis 2025 2025 Outlook • Tracking at higher end of February 2025 FY adjusted EBIT Revised Provided on Outlook guidance range while absorbing $1B in net tariff impact Feb. 5, 2025 • Adjusted FCF also trending better than previous guidance Adj
Slide 20: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 21: Appendix
Appendix 60 Year Anniversary of the Ford Transit Secre t
Slide 22: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Ford Blue $ 1.2 $ 1.6 $ 1.6 $ 0.1 $ 0.7 $ 1.5 $ 26.7 $ 26.2 $ 27.3 $ 21.0 $ 25.8 $ 28.0 Ford Model e (1.1) (1.2) (1.4) (0.8) (1.3) (1.4) 1.2 1.2 1.4 1.2 2.4 1.8 Ford Pro
Slide 23: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q3 2024 Q3 2025 2025 B / (W) 2024 YTD 2025 YTD 2025 B / (W) Q3 2024 Q3 2025 2025 B / (W) 2024 YTD 2025 YTD 2025 B / (W) 2024 2024 2024 2024 Ford Blue $ 1.6 $ 1.5 $ (0.1) $ 3.7 $ 2.3 $ (1.4) $ 26.2 $ 28.0 $ 1.8 $ 74.7 $ 74.8 $ 0.1 Ford Model e (1.2) (1.4) (0.2) (3.7
Slide 24: Q3 Results ($M)
Q3 Results ($M) Third Quarter Year-To-Date 2024 2025 2025 B / (W) 2024 2025 2025 B / (W) 2024 2024 Ford Blue $ 1,624 $ 1,540 $ (84) $ 3,692 $ 2,297 $ (1,395) Ford Model e (1,231) (1,410) (179) (3,708) (3,588) 120 Ford Pro 1,813 1,985 172 7,381 5,612 (1,769) Ford Credit 544 631 87 1,213 1,856 643 Cor
Slide 25: Year-To-Date 2025 Adjusted EBIT ($B)
Year-To-Date 2025 Adjusted EBIT ($B) Ford Ford Ford Ford Corporate Total Blue Model e Pro Credit Other Company Year-To-Date 2024 $ 3.7 $ (3.7) $ 7.4 $ 1.2 $ (0.5) $ 8.1 YoY Change: Volume / Mix $ (0.8) $ 0.1 $ 0.1 $ — $ — $ (0.6) Net Pricing 1.0 0.1 (1.0) — 0.0 0.0 Cost (0.4) 0.1 (0.6) — (0.0) (1.0)
Slide 26: Quarterly Results ($M)
Quarterly Results ($M) 2024 2025 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Ford Blue $ 901 $ 1,167 $ 1,624 $ 1,577 $ 5,269 $ 96 $ 661 $ 1,540 Ford Model e (1,327) (1,150) (1,231) (1,397) (5,105) (849) (1,329) (1,410) Ford Pro 3,006 2,562 1,813 1,626 9,007 1,309 2,318 1,985 Ford Credit 326 343 544 441 1,654 580
Slide 27: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Third Quarter Year-To-Date Memo: 2024 2025 2024 2025 FY 2024 Net Income / (Loss) Attributable to Ford (GAAP) $ 892 $ 2,447 $ 4,055 $ 2,882 $ 5,879 Income / (Loss) Attributable to Noncontrolling Interests 4 1 8 10 15 Net Income / (Loss) $ 896 $
Slide 28: Net Cash Provided By Operating Activities Reconciliation To Company Adjusted FCF
Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted FCF ($M) 2024 2025 Year-To-Date Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 1,385 $ 5,508 $ 5,502 $ 3,028 $ 3,679 $ 6,317 $ 7,402 $12,395 $17,398 Less: Items Not
Slide 29: Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings Per Share
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Third Quarter Year-To-Date 2024 2025 2024 2025 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 892 $ 2,447 $ 4,055 $ 2,882 Less: Impact of Pre-Tax and Tax Special Items (1,066) 627 (1,798) (989) Adju
Slide 30: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q3 2025 Year-To-Date 2025 Full Year 2024 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 1,818 $ 2,980 $ 7,233 Less: Impact of Special Items (447) (1,859) (1,860) Adjusted Earnings Before Taxes (Non-GAAP) $ 2,265 $ 4,
Slide 31: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q3 2024 Ending Q3 2025 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 3.5 $ 4.7 Add: Noncontrolling Interest 0.0 0.0 Less: Income Tax 0.5 (0.6) Add: Cash Tax (1.3) (0.6) Less: Interest on Debt (1.
Slide 32: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental
Slide 33: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures + Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elemen
Slide 34: Definitions And Calculations
Definitions And Calculations Wholesale Units and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units dist
Slide 35: Q3 2025 Earnings
Delivering Ford+ Q3 2025 Earnings 2025 Ford F-150 Detroit Lions Edition