Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q2 2025 Earnings Presentation
35 slides from Ford Mtr Co Del's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Earnings
2025 Ford Ranger PHEV Delivering Ford+ Q2 2025 Earnings
Slide 2: Contents
Contents Delivering Ford+ Page 3 - 5 Q2 Results Page 6 Year-to-Date Results Page 7 Financials Page 9 - 17 2025 Guidance Page 19 - 20 Appendix Page 22 - 34 2025 Ford Capri 2
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: Q2 2025 Highlights
Q2 2025 Highlights Ford Product Strength Drives Share Gains and Record Revenue + Compelling global portfolio delivered record $50B in revenue, up 5%, outpacing wholesale growth Ford delivered a robust second quarter, achieving a record $50B in + As America’s leading automaker, grew U.S. market share
Slide 6: Q2 Financial Results
Q2 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $50.2B $2.1B 4.3% $2.8B $0.37 ▲ 5% 22% 1.5 ppts $0.4B $0.10 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $0.7B 2.6% $(1.3)B (56.4)% $2.3B 12.3% 6
Slide 7: First Half Financial Results
First Half Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $90.8B $3.2B 3.5% $1.3B $0.51 ▲ —% 43% 2.6 ppts $1.4B $0.46 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $0.8B 1.6% $(2.2)B (60.5)% $3.6B 10.7% 7
Slide 8: Financials
Financials 2025 Ford F-150 Lobo
Slide 9: Q2 Cash Flow, Cash Balance & Liquidity ($B)
Q2 Cash Flow, Cash Balance & Liquidity ($B) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $0.2 $0.2 $0.2 $0.2 $0.5 Cash Balance Liquidity Cash Net of Debt $6.9 $8.0 $8.7 $7.0 $8.9 (excl. Finance Leases) 9
Slide 10: Q2 2025 Results ($B)
Q2 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) Q2 2024 $(0.5) $(0.2) $(0.2) $0.3 $0.0 $(0.6) $(0.0) $(1.3) $0.0 available to inves
Slide 11: Q2 2025 Adjusted EBIT ($B)
Q2 2025 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Corporate Total VOLUME Blue Model e Pro Credit Other Company Strong truck and van demand, partially offset Q2 2024 $ 1.2 $ (1.1) $ 2.6 $ 0.3 $ (0.2) $ 2.8 by non-recurrence of stock build in Ford Blue YoY Change: Volume / Mix $ (0.5) $ (0.0) $ 0.7
Slide 12: Ford Blue
Revenue ($B) Ford Wholesale Units (000) Blue 1,284 ■ ■ Volume Volume and revenue down, and revenue up 3% and 8%, respectively primarily reflecting ■ non-recurrence EBIT up $0.6B: of stock build ■ +U.S. market Volume share gains and / mix Memo: JV +higher net pricing led by Commodities Wholesales* 10
Slide 13: Ford Model e
Revenue ($B) 91 Ford Wholesale Units (000) Model e ■ Volume and revenue growth, driven by European product launches and higher North American wholesales ■ Margin improvement driven by mix, primarily reflecting new products in Europe; Mustang Mach-E and F-150 Lightning also improved material cost EBI
Slide 14: Ford Pro
Revenue ($B) Ford Wholesale Units (000) 781 Pro ■ Volume up, reflecting higher daily rental and Transit family wholesales ■ Revenue growth, driven by higher volume, offset partially by Memo: JV Wholesales* 21 21 31 20 21 40 moderated fleet pricing EV Wholesales 7 10 13 8 15 23 ■ Software and physica
Slide 15: Ford Credit
Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) Credit ■ Continued strong portfolio performance ■ EBT of $0.6B, up $0.3B: + Financing margin improvement + Higher receivables * U.S. portfolio off-lease auction values at Q2 2025 mix ■ Auction values up 4% ■ U.S. Retai
Slide 16: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Second Quarter First Half Balance Sheet 2024 2025 2024 2025 2024 Dec 31 2025 Jun 30 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 2.4 $ 1.5 $ 4.9 $ 1.9 Company Cash Balance $ 28.5 $ 28.4 Capital Spending (2.1) (2.1) (4.2) (3.8) Liquidity 46.7 46.6 D
Slide 17: Special Items ($B)
Special Items ($B) Second Quarter First Half 2024 2025 2024 2025 Restructuring (by Geography) Europe $ (0.2) $ (0.0) $ (0.5) $ (0.1) North America Hourly Buyouts — — (0.3) — Subtotal Restructuring $ (0.2) $ (0.0) $ (0.8) $ (0.1) Other Items Fuel Injector Field Service Action $ — $ (0.6) $ — $ (0.6)
Slide 18: 2025 Guidance
2025 Guidance 2026 Ford Explorer Tremor
Slide 19: CY 2025 Guidance
CY 2025 Guidance 2025 Full Year 2025 Outlook Assumptions: 2025 Outlook Revised Provided on U.S. industry sales of 16.0M - 16.5M Outlook Feb. 5, 2025 Industry pricing about flat Adjusted EBIT $6.5B to $7.5B $7.0B to $8.5B Targeting $1B net cost reduction, excluding tariffs Adjusted FCF Unchanged $3.5
Slide 20: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 21: Appendix
Appendix Super Mustang Mach-E Built to compete at Pike’s Peak International Hill Climb
Slide 22: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Ford Blue $ 0.9 $ 1.2 $ 1.6 $ 1.6 $ 0.1 $ 0.7 $ 21.8 $ 26.7 $ 26.2 $ 27.3 $ 21.0 $ 25.8 Ford Model e (1.3) (1.1) (1.2) (1.4) (0.8) (1.3) 0.1 1.2 1.2 1.4 1.2 2.4 Ford Pro
Slide 23: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q2 2024 Q2 2025 2025 B / (W) 1H 2024 1H 2025 2025 B / (W) Q2 2024 Q2 2025 2025 B / (W) 1H 2024 1H 2025 2025 B / (W) 2024 2024 2024 2024 Ford Blue $ 1.2 $ 0.7 $ (0.5) $ 2.1 $ 0.8 $ (1.3) $ 26.7 $ 25.8 $ (0.9) $ 48.4 $ 46.8 $ (1.6) Ford Model e (1.1) (1.3) (0.2) (2.5
Slide 24: Q2 Results ($M)
Q2 Results ($M) Second Quarter First Half 2025 B / (W) 2025 B / (W) 2024 2025 2024 2025 2024 2024 Ford Blue $ 1,167 $ 661 $ (506) $ 2,068 $ 757 $ (1,311) Ford Model e (1,150) (1,329) (179) (2,477) (2,178) 299 Ford Pro 2,562 2,318 (244) 5,568 3,627 (1,941) Ford Credit 343 645 302 669 1,225 556 Corpor
Slide 25: First Half 2025 Adjusted EBIT ($B)
First Half 2025 Adjusted EBIT ($B) Ford Ford Ford Ford Corporate Total Blue Model e Pro Credit Other Company First Half 2024 $ 2.1 $ (2.5) $ 5.6 $ 0.7 $ (0.3) $ 5.5 YoY Change: Volume / Mix $ (1.1) $ 0.0 $ (0.4) $ — $ — $ (1.5) Net Pricing 0.5 0.2 (0.8) — — (0.0) Cost 0.2 0.0 (0.6) — (0.0) (0.4) Exc
Slide 26: Quarterly Results ($M)
Quarterly Results ($M) 2024 2025 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Ford Blue $ 901 $ 1,167 $ 1,624 $ 1,577 $ 5,269 $ 96 $ 661 Ford Model e (1,327) (1,150) (1,231) (1,397) (5,105) (849) (1,329) Ford Pro 3,006 2,562 1,813 1,626 9,007 1,309 2,318 Ford Credit 326 343 544 441 1,654 580 645 Corporate Other (143
Slide 27: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Second Quarter First Half Memo: 2024 2025 2024 2025 FY 2024 Net Income / (Loss) Attributable to Ford (GAAP) $ 1,831 $ (36) $ 3,163 $ 435 $ 5,879 Income / (Loss) Attributable to Noncontrolling Interests 2 7 4 9 15 Net Income / (Loss) $ 1,833 $
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 First Half Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 1,385 $ 5,508 $ 5,502 $ 3,028 $ 3,679 $ 6,317 $ 6,893 $ 9,996 Less: Items Not Included in
Slide 29: Earnings Per Share Reconciliation To Adjusted Earnings Per Share
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Second Quarter First Half 2024 2025 2024 2025 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 1,831 $ (36) $ 3,163 $ 435 Less: Impact of Pre-Tax and Tax Special Items (79) (1,535) (732) (1,616) Adjus
Slide 30: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q2 2025 First Half 2025 Full Year 2024 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 541 $ 1,162 $ 7,233 Less: Impact of Special Items (1,302) (1,412) (1,860) Adjusted Earnings Before Taxes (Non-GAAP) $ 1,843 $ 2,57
Slide 31: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q2 2024 Ending Q2 2025 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 3.8 $ 3.2 Add: Noncontrolling Interest (0.0) 0.0 Less: Income Tax 0.2 (1.2) Add: Cash Tax (1.2) (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: 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: Q2 2025 Earnings
2025 Ford F-350 Super Duty Platinum Plus Delivering Ford+ Q2 2025 Earnings