Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q4 2025 Earnings Presentation
37 slides from Ford Mtr Co Del's earnings presentation, Feb 10, 2026
Slide 1: Q4 & Full Year 2025 Earnings
2025 Ford Maverick Q4 & Full Year 2025 Earnings
Slide 2: Contents
Contents Delivering Ford+ Page 4 - 5 Q4 Results Page 6 Full Year Results Page 7 Financials Page 9 - 17 2026 Guidance Page 19 - 20 Appendix Page 23 - 36 2026 Ford Kuga
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 Electric Vehicles, Including Gas & Hybrid Veh
Slide 5: Full Year 2025 Highlights
Full Year 2025 Highlights Higher Growth Higher Margin More Efficient More Durable + Record revenue of $187.3B – + Delivered $1.5B, excluding the + Leveraging partners to lower + Class 1-7 U.S. vehicle market 5th consecutive year of impact of tariffs, in total cost capital intensity and share is over
Slide 6: Q4 Financial Results
Q4 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $45.9B $1.0B 2.3% $(2.1)B $0.13 5% 52% 2.2 ppts $2.9B $0.26 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $0.7B 2.8% $(1.2)B (94.6)% $1.2B 8.2% 6
Slide 7: Full Year Financial Results
Full Year Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $187.3B $6.8B 3.6% $3.5B $1.09 ▲ 1% 34% 1.9 ppts $3.2B $0.75 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $3.0B 3.0% $(4.8)B (72.1)% $6.8B 10.3% 7
Slide 8: Financials
Financials 2027 Ford Bronco RTR
Slide 9: Q4 Cash Flow, Cash Balance & Liquidity ($B)
Q4 Cash Flow, Cash Balance & Liquidity ($B) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $0.2 $0.2 $0.5 $0.4 $0.6 Cash Balance Liquidity Cash Net of Debt (excl. Finance Leases) $8.7 $7.0 $8.9 $12.0 $7.7 9
Slide 10: Q4 2025 Results ($B)
Q4 2025 Results ($B) $(15.5) $(11.1) Taxes / Net Ford Corporate Company Interest Special Noncontrolling Income / Ford Blue Ford Model e Ford Pro Credit Other Adj. EBIT On Debt Items Interests (Loss) B / (W) Q4 2024 $(0.8) $0.2 $(0.4) $0.3 $(0.3) $(1.1) $(0.1) $(16.0) $4.2 available to invest in grow
Slide 11: Q4 2025 Adjusted EBIT ($B)
Q4 2025 Adjusted EBIT ($B) VOLUME Aluminum supply Ford constraints, primarily Ford Ford Ford Ford Corporate Total on F-Series, partially offset by improved EV Blue Model e Pro Credit Other Company product mix Q4 2024 $ 1.6 $ (1.4) $ 1.6 $ 0.4 $ (0.1) $ 2.1 YoY Change: NET PRICING Strong pricing part
Slide 12: Blue
Revenue ($B) Ford Wholesale Units (000) Blue $101.0 ■ Volume down 5% full year on lower dealer stocks and Novelis fires impact; revenue about flat ■ Full year EBIT of $3.0B, down Memo: $2.2B: JV Wholesales* 130 91 97 90 97 438 375 – Volume – Tariffs – Exchange EBIT ($B) + Pricing EBIT Margin (%) + W
Slide 13: Model e
Revenue ($B) Ford Wholesale Units (000) Model e $6.7 ■ Revenue and volume growth, driven by full year of European products ■ Full year EBIT loss of $(4.8)B, $0.3B better: + Volume and mix + Material cost – Investment in next-gen EBIT ($B) products EBIT Margin (%) $(4.8) 2025 Ford FordMustang F-150 L
Slide 14: Pro
Revenue ($B) Ford Wholesale Units (000) Pro ■ Full year volume and revenue about flat, despite the impact of the Novelis fires ■ Full year EBIT of $6.8B, down Memo: $2.2B: JV Wholesales* 31 20 21 23 35 91 98 EV Wholesales 13 8 15 14 11 35 49 – Market factors (including industry pricing normalization
Slide 15: Credit
Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) Credit ■ Full year EBT of $2.6B, up $0.9B: + Financing margin improvement + Higher receivables – Higher credit losses ■ Average full year auction values * U.S. 36-month off-lease auction values at Q4 2025 mix up 3% YoY
Slide 16: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) Fourth Quarter Full Year Balance Sheet 2024 2025 2024 2025 2024 Dec. 31 2025 Dec. 31 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 1.7 $ 0.3 $ 8.6 $ 4.2 Company Cash Balance $ 28.5 $ 28.7 Capital Spending $ (2.5) $ (2.8) $ (8.6) $ (8.7) Liquidity 46
Slide 17: Special Items ($B)
Special Items ($B) Fourth Quarter Full Year 2024 2025 2024 2025 Restructuring (by Geography) Europe $ (0.0) $ (0.4) $ (0.7) $ (0.7) North America Hourly Buyouts — — (0.3) — China (0.0) — (0.0) — Subtotal Restructuring $ (0.1) $ (0.4) $ (1.0) $ (0.7) Other Items Model e Asset Impairment and EV Progra
Slide 18: 2026 Guidance
2026 Guidance Ford Returns to Formula 1 Racing in 2026 Secret
Slide 19: 2026 Guidance
2026 Guidance NOVELIS + Higher volume, enabled by capacity actions 2026 2025 – Cost due to temporary alternative aluminum sources Outlook Actuals MARKET FACTORS Adjusted EBIT $8.0B - $10.0B $6.8B Total + Product mix Adjusted FCF $5.0B - $6.0B $3.5B Company + Regulatory related mix optimization (seri
Slide 20: 2026 EBIT Calendarization
2026 EBIT Calendarization Key Drivers First Half – Temporary alternative aluminum sources cost (Novelis) – Commodity costs + Market factors Second Half + Volume stabilization First Half Second Half + Additional truck capacity + Normalizing aluminum supply cost 20
Slide 21: Cautionary Note On Forward-Looking Statements
Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptio
Slide 22: Appendix
Appendix 2025 Ford Ranger PHEV MS-RT Special Edition
Slide 23: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Ford Blue $ 1.6 $ 1.6 $ 0.1 $ 0.7 $ 1.5 $ 0.7 $ 26.2 $ 27.3 $ 21.0 $ 25.8 $ 28.0 $ 26.2 Ford Model e (1.2) (1.4) (0.8) (1.3) (1.4) (1.2) 1.2 1.4 1.2 2.4 1.8 1.3 Ford Pro
Slide 24: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q4 2024 Q4 2025 2025 2024 FY 2025 FY 2025 Q4 2024 Q4 2025 2025 2024 FY 2025 FY 2025 B / (W) 2024 B / (W) 2024 B / (W) 2024 B / (W) 2024 Ford Blue $ 1.6 $ 0.7 $ (0.8) $ 5.3 $ 3.0 $ (2.2) $ 27.3 $ 26.2 $ (1.1) $ 101.9 $ 101.0 $ (0.9) Ford Model e (1.4) (1.2) 0.2 (5.1
Slide 25: Q4 Results ($M)
Q4 Results ($M) Fourth Quarter Full Year 2025 2025 2024 2025 2024 2025 B / (W) 2024 B / (W) 2024 Ford Blue $ 1,577 $ 727 $ (850) $ 5,269 3,024 $ (2,245) Ford Model e (1,397) (1,218) 179 (5,105) (4,806) 299 Ford Pro 1,626 1,231 (395) 9,007 6,843 (2,164) Ford Credit 441 701 260 1,654 2,557 903 Corpora
Slide 26: Full Year 2025 Adjusted EBIT ($B)
Full Year 2025 Adjusted EBIT ($B) Ford Ford Ford Ford Corporate Total Blue Model e Pro Credit Other Company Full Year 2024 $ 5.3 $ (5.1) $ 9.0 $ 1.7 $ (0.6) $ 10.2 YoY Change: Volume / Mix $ (1.7) $ 0.3 $ (0.7) $ — $ — $ (2.0) Net Pricing 1.5 (0.0) (1.0) — 0.0 0.5 Cost (1.1) 0.1 (0.5) — (0.1) (1.6)
Slide 27: Quarterly Results ($M)
Quarterly Results ($M) 2024 2025 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Ford Blue $ 901 $ 1,167 $ 1,624 $ 1,577 $ 5,269 $ 96 $ 661 $ 1,540 $ 727 $ 3,024 Ford Model e (1,327) (1,150) (1,231) (1,397) (5,105) (849) (1,329) (1,410) (1,218) (4,806) Ford Pro 3,006 2,562 1,813 1,626 9,007 1,309 2,318
Slide 28: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Fourth Quarter Full Year 2024 2025 2024 2025 Net Income / (Loss) Attributable to Ford (GAAP) $ 1,824 $ (11,064) $ 5,879 $ (8,182) Income / (Loss) Attributable to Noncontrolling Interests 7 10 15 20 Net Income / (Loss) $ 1,831 $ (11,054) $ 5,89
Slide 29: 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 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 $ 3,884 $15,423 $21,282 Less: I
Slide 30: Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings Per Share
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Fourth Quarter Full Year 2024 2025 2024 2025 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 1,824 $ (11,064) $ 5,879 $ (8,182) Less: Impact of Pre-Tax and Tax Special Items 261 (11,592) (1,537) (12,
Slide 31: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate 2025 Memo: Q4 Full Year Full Year 2024 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ (14,810) $ (11,830) $ 7,233 Less: Impact of Special Items (15,497) (17,356) (1,860) Adjusted Earnings Before Taxes (Non-GAAP) $ 68
Slide 32: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q4 2024 Ending Q4 2025 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 5.9 $ (8.2) Add: Noncontrolling Interest 0.0 0.0 Less: Income Tax (1.3) 3.7 Add: Cash Tax (1.2) (0.6) Less: Interest on Debt (
Slide 33: Nameplate Segment Mix In 2025
Nameplate Segment Mix In 2025 North America Ford Blue Ford Model e Ford Pro Europe Ford Blue Ford Model e Ford Pro Core Pro Vehicles Core Pro Vehicles Super Duty — — 100% Transit Family (ICE and EV) — — 100% Transit Family (ICE and EV) — — 100% Ranger — — 100% E-Series — — 100% Heavy Truck — — 100%
Slide 34: 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 35: 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 36: 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 37: Q4 & Full Year 2025 Earnings
2026 Ford Mustang Dark Horse SC Q4 & Full Year 2025 Earnings