Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q2 2026 Earnings Presentation
34 slides from Ford Mtr Co Del's earnings presentation, Jul 28, 2026
Slide 1: Q2 2026 Earnings
#1 in Initial Quality among Q2 2026 Earnings Mass Market Brands - JD Power Secre For JD Power 2026 U.S. Initial Quality Study award information, visit jdpower.com/awards. t Awards based on 2026 model year. Newer models may be shown.
Slide 2: Contents
Contents Delivering Ford+ Page 4 - 5 Q2 Results Page 6 Year-to-Date Results Page 7 Financials Page 9 - 17 2026 Guidance Page 19 - 20 Appendix Page 22 - 33 Ford Energy gigafactory in Glendale, Kentucky Secre 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: Ford's Reporting Segments Reflect And Reinforce Our Ford+ Plan
Ford’s Reporting Segments Reflect And Reinforce Our Ford+ Plan: Advance Core Auto, Grow Auto Services, Expand Adjacent Businesses… Ford Ford Ford Ford Ford Ford Pro Model e Blue Pro Model e Credit Gas & Hybrid Vehicles Asset-Light, Commercial Electric Vehicles, Including Automotive Financial Vehicle
Slide 5: Q2 2026 Highlights: Profitable Growth, Capital Efficiency And Durability
Q2 2026 Highlights: Profitable Growth, Capital Efficiency And Durability Higher Growth Higher Margin More Efficient More Durable + Global paid software + Company adjusted EBIT of + On track to deliver full year + Named top mainstream brand subscriptions of 1.6 million, up $2.5B, up 17%, despite lowe
Slide 6: Q2 Financial Results
Q2 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $48.3B $2.5B 5.2% $2.1B $0.42 4% ▲ 17% ▲ 0.9 ppts $0.7B ▲ $0.05 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $1.1B 4.4% $(0.9)B (89.6)% $1.7B 9.7% 6
Slide 7: First Half Financial Results
First Half Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $91.5B $6.0B 6.5% $0.2B $1.08 ▲ 1% ▲ 90% ▲ 3.1 ppts $1.1B ▲ $0.57 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $3.1B 6.2% $(1.7)B (75.1)% $3.4B 10.5% 7
Slide 8: Financials
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Slide 9: Q2 Cash Flow, Cash Balance & Liquidity ($B)
Q2 Cash Flow, Cash Balance & Liquidity ($B) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $0.5 $0.4 $0.6 $1.0 $0.9 Cash Balance Liquidity Cash Net of Debt $8.9 $12.0 $7.7 $3.3 $(0.3) * (excl. Finance Leases) * Includes assumption of Department
Slide 10: Q2 2026 Results ($B)
Q2 2026 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) Q2 2025 $0.5 $0.4 $(0.6) $0.1 $(0.0) $0.4 $(0.1) $(2.9) $1.3 available to invest in
Slide 11: Q2 2026 Adjusted EBIT ($B)
Q2 2026 Adjusted EBIT ($B) VOLUME / MIX Favorable product mix, offset by lower volume, primarily due to product Ford discontinuation and Ford Ford Ford Ford Corporate Total Novelis-related aluminum Blue Model e Pro Credit Other Company supply constraints on F-Series Q2 2025 $ 0.7 $ (1.3) $ 2.3 $ 0.6
Slide 12: Ford Blue
Revenue ($B) 1,223 Ford Wholesale Units (000) Blue ■ Volume down, driven by product discontinuation and Middle East conflict, partially offset by higher utility wholesales ■ Revenue up, reflecting favorable Memo: JV product mix, exchange, and Wholesales* 97 90 97 78 82 160 higher net pricing ■ EBIT
Slide 13: Model e
Revenue ($B) Ford Wholesale Units (000) Model e 62 ■ Volume and revenue down, driven by right-sizing of Mach-E production to customer demand and discontinuation of F-150 Lightning ■ EBIT loss of $(0.9)B, improved by $0.4B: + Loss optimized on Gen-1 EBIT ($B) products EBIT Margin (%) (75.1)% 2026 For
Slide 14: Ford Pro
Revenue ($B) 688 Ford Wholesale Units (000) Pro ■ Volume down reflecting product discontinuation, and production disruptions due to Novelis; Revenue down reflecting the lower volume offset partially by Memo: favorable mix JV Wholesales* 21 23 35 17 18 36 EV Wholesales 15 14 11 9 12 21 ■ EBIT of $1.7
Slide 15: Ford Credit
Ford EBT ($B) Q2 EBT YoY ($B) Credit ■ Continued strong portfolio performance ■ EBT of $0.8B, up $0.1B: + Financing margin improvement ■ U.S. Retail Loss-to-Receivables following quarterly seasonality ■ Auction values stable YoY U.S. Retail Loss-to-Receivables (“LTR”) Auction Values* (Per Unit) Rati
Slide 16: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Second Quarter First Half Balance Sheet 2025 2026 2025 2026 2025 Dec 31 2026 Jun 30 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 1.5 $ 1.7 $ 1.9 $ 4.5 Company Cash Balance $ 28.7 $ 22.3 Capital Spending (2.1) (2.4) (3.8) (4.7) Liquidity 49.8 43.4 D
Slide 17: Special Items ($B)
Special Items ($B) Second Quarter First Half 2025 2026 2025 2026 Restructuring (by Geography) Europe $ (0.0) $ (0.0) $ (0.1) $ (0.4) Other Items EV program cancellations announced in December 2025 $ — $ (0.5) $ — $ (0.6) BOSK JV disposition — (3.6) — (3.6) All-electric three-row SUV program cancella
Slide 18: 2026 Guidance
2026 Guidance 2026 Ford Everest Secret Secre t
Slide 19: CY 2026 Guidance
CY 2026 Guidance 2026 Financial Outlook Key Outlook Assumption Updates Revised Prior Revised Change from Prior (Issued 7/28/26) (Issued 4/28/26) Adjusted EBIT $10.0B – $11.0B $8.5B – $10.5B Full Year U.S. Industry pricing up ~0.5% Prior: about flat Adjusted FCF $6.0B – $7.0B $5.0B – $6.0B Capital Sp
Slide 20: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 21: Appendix
2027 Ford Bronco Filson Appendix Secre t
Slide 22: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Ford Blue $ 0.1 $ 0.7 $ 1.5 $ 0.7 $ 1.9 $ 1.1 $ 21.0 $ 25.8 $ 28.0 $ 26.2 $ 23.9 $ 26.1 Ford Model e (0.8) (1.3) (1.4) (1.2) (0.8) (0.9) 1.2 2.4 1.8 1.3 1.2 1.0 Ford Pro
Slide 23: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q2 2025 Q2 2026 2026 B / (W) 1H 2025 1H 2026 2026 B / (W) Q2 2025 Q2 2026 2026 B / (W) 1H 2025 1H 2026 2026 B / (W) 2025 2025 2025 2025 Ford Blue $ 0.7 $ 1.1 $ 0.5 $ 0.8 $ 3.1 $ 2.3 $ 25.8 $ 26.1 $ 0.3 $ 46.8 $ 49.9 $ 3.1 Ford Model e (1.3) (0.9) 0.4 (2.2) (1.7) 0.
Slide 24: Q2 Results ($M)
Q2 Results ($M) Second Quarter First Half 2026 B / (W) 2026 B / (W) 2025 2026 2025 2026 2025 2025 Ford Blue $ 661 $ 1,135 $ 474 $ 757 $ 3,077 $ 2,320 Ford Model e (1,329) (919) 410 (2,178) (1,696) 482 Ford Pro 2,318 1,718 (600) 3,627 3,403 (224) Ford Credit 645 757 112 1,225 1,540 315 Corporate Othe
Slide 25: First Half 2026 Adjusted EBIT ($B)
First Half 2026 Adjusted EBIT ($B) Ford Ford Ford Ford Corporate Total Blue Model e Pro Credit Other Company First Half 2025 $ 0.8 $ (2.2) $ 3.6 $ 1.2 $ (0.3) $ 3.2 YoY Change: Volume / Mix $ 1.2 $ 0.3 $ (1.0) $ — $ — $ 0.5 Net Pricing 0.5 (0.0) 0.0 — 0.0 0.5 Cost (0.3) 0.2 0.3 — 0.1 0.3 Exchange 0.
Slide 26: Quarterly Results ($M)
Quarterly Results ($M) 2025 2026 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Ford Blue $ 96 $ 661 $ 1,540 $ 727 $ 3,024 $ 1,942 $ 1,135 Ford Model e (849) (1,329) (1,410) (1,218) (4,806) (777) (919) Ford Pro 1,309 2,318 1,985 1,231 6,843 1,685 1,718 Ford Credit 580 645 631 701 2,557 783 757 Corporate Other (117) (1
Slide 27: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Second Quarter Year-To-Date Memo: 2025 2026 2025 2026 FY 2025 Net Income / (Loss) Attributable to Ford (GAAP) $ (36) $ (1,327) $ 435 $ 1,221 $ (8,182) Income / (Loss) Attributable to Noncontrolling Interests 7 5 9 8 20 Net Income / (Loss) $ (2
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) 2025 2026 Year-To-Date Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 3,679 $ 6,317 $ 7,402 $ 3,884 $ 1,316 $ 4,345 $ 9,996 $ 5,661 Less: Items Not Included i
Slide 29: Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings Per Share
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Second Quarter First Half 2025 2026 2025 2026 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ (36) $ (1,327) $ 435 $ 1,221 Less: Impact of Pre-Tax and Tax Special Items (1,535) (3,027) (1,616) (3,177
Slide 30: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q2 2026 First Half 2026 Full Year 2025 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ (2,033) $ 879 $ (11,830) Less: Impact of Special Items (4,179) (4,405) (17,356) Adjusted Earnings Before Taxes (Non-GAAP) $ 2,146
Slide 31: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q2 2025 Ending Q2 2026 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 3.2 $ (7.4) Add: Noncontrolling Interest 0.0 0.0 Less: Income Tax (1.2) 4.7 Add: Cash Tax (0.7) (0.7) Less: Interest on Debt (
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: 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 34: Q2 2026 Earnings
2027 Ford F-250 Super Duty Proud To Honor Package Secre t Q2 2026 Earnings