Ford Mtr Co Del · NYSE:F
Ford Mtr Co Del — Ford Motor Company — Q1 2025 Earnings Presentation
32 slides from Ford Mtr Co Del's earnings presentation, May 5, 2025
Slide 1: Q1 2025 Earnings
Bronco Off-Roadeo: Cliffhanger Edition Project Vehicle Delivering Ford+ Secret Q1 2025 Earnings
Slide 2: Contents
Contents Delivering Ford+ Page 4 -6 Q1 Results Page 7 Financials Page 9 - 17 2025 Guidance Page 19 - 20 Appendix Page 22 - 31 2025 Lincoln Navigator Black Label 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. Forward- This presentation includes financial measures calculated in looking statements are based on expectations, forecasts, and accordance with
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: America's #1 Auto Manufacturer
America’s #1 Auto Manufacturer U.S. vehicles # assembled • $50B invested in U.S. vehicle production since 2020 • $35B spending on U.S. supplier base U.S. hourly in 2024 autoworkers • 24 plants in America employed • ~80% of parts used in U.S. vehicle production are U.S.-Mexico-Canada Agreement (USMCA
Slide 6: Q1 2025 Highlights
Q1 2025 Highlights + “Freedom of choice” global product portfolio drove $41B Continued Improvement through Ford+ is Driving of revenue – ICE, Hybrids and EVs More Resiliency + U.S. electrified vehicles (including electric, hybrid and Growth plug-in hybrid) are off to a record start with sales up 26%
Slide 7: Q1 Financial Results
Q1 Financial Results Revenue Adj. EBIT Adj. EBIT Margin Adj. FCF Adj. EPS $40.7B $1.0B 2.5% $(1.5)B $0.14 5% 63% 4.0 ppts $1.0B $0.35 Ford Blue Ford Model e Ford Pro EBIT EBIT Margin EBIT EBIT Margin EBIT EBIT Margin $0.1B 0.5% $(0.8)B (68.4)% $1.3B 8.6% 7
Slide 8: Financials
Financials 2026 Ford Ranger Super Duty Will go on sale in 2026 across Australia, New Zealand and Thailand
Slide 9: Q1 Cash Flow, Cash Balance & Liquidity ($B)
Q1 Cash Flow, Cash Balance & Liquidity ($B) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Adjusted Free Cash Flow Ford Credit Distributions incl. Above $— $0.2 $0.2 $0.2 $0.2 Cash Balance Liquidity Cash Net of Debt $5.6 $6.9 $8.0 $8.7 $7.0 (excl. Finance Leases) 9
Slide 10: Q1 2025 Results ($B)
Q1 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) Q1 2024 $(0.8) $0.5 $(1.7) $0.3 $0.0 $(1.7) $(0.0) $0.8 to invest available $0.1in
Slide 11: Q1 2025 Adjusted EBIT ($B)
Q1 2025 Adjusted EBIT ($B) Ford Ford Ford Ford Ford Corporate Total VOLUME Blue Model e Pro Credit Other Company Planned production downtime and targeted Q1 2024 $ 0.9 $ (1.3) $ 3.0 $ 0.3 $ (0.1) $ 2.8 inventory reductions YoY Change: Volume / Mix $ (0.6) $ 0.1 $ (1.1) $ — $ — $ (1.7) NET PRICING Ne
Slide 12: Ford Blue
Revenue ($B) Ford Wholesale Units (000) Blue ■ ■ Volume Volume and revenue down, and revenue up 3% and 8%, respectively reflecting planned production ■ downtime and targeted EBIT up $0.6B: +inventory Volume reductions / mix Memo: JV ■ +EBIT Commodities down $0.8B: Wholesales* 101 105 101 130 91 – Hi
Slide 13: Model e
Revenue ($B) Ford Wholesale Units (000) Model e ■ Volume up, driven by European product launches ■ Revenue up, due to higher volume and non-recurrence of Q1 2024 EV price adjustment on dealer stock ■ EBIT loss improved by $0.5B: + Net pricing EBIT ($B) EBIT Margin (%) + Material cost N/M 2025 Ford F
Slide 14: Pro
Revenue ($B) Ford Wholesale Units (000) Pro ■ Volume down, reflecting planned production downtime ■ Revenue down, due to lower Memo: volume and moderated fleet JV Wholesales* EV Wholesales 18 4 21 7 21 10 31 13 20 8 pricing, including daily rental ■ EBIT down $1.7B: – Volume and mix EBIT ($B) EBIT M
Slide 15: Credit
Ford Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) Credit ■ EBT of $0.6B, up $0.3B: + Financing margin improvement + Higher volume and mix + Favorable derivative market valuation * U.S. portfolio off-lease auction values at Q1 2025 mix – Higher credit losses ■ Auction
Slide 16: Cash Flow And Balance Sheet ($B)
Cash Flow And Balance Sheet ($B) First Quarter Balance Sheet 2024 2025 2024 Dec 31 2025 Mar 31 Company Excl. Ford Credit Company Adj. EBIT excl. Ford Credit $ 2.4 $ 0.4 Company Cash Balance $ 28.5 $ 27.1 Capital Spending (2.1) (1.8) Liquidity 46.7 45.3 Depreciation and Tooling Amortization 1.3 1.2 D
Slide 17: Special Items ($B)
Special Items ($B) First Quarter 2024 2025 Restructuring (by Geography) Europe $ (0.3) $ (0.0) North America Hourly Buyouts (0.3) — Subtotal Restructuring $ (0.6) $ (0.0) Other Items EV Program Cancellation $ — $ (0.1) Extended Oakville Assembly Plant Changeover (0.3) — Other 0.0 — Subtotal Other It
Slide 18: 2025 Guidance
2025 Guidance 2025 Ford F-150
Slide 19: CY 2025 Guidance
CY 2025 Guidance • Underlying Business Strong – tracking within our previous FY adjusted EBIT guidance range of $7B to $8.5B, excluding new tariff-related impacts – Estimated FY gross cost of tariffs ~$2.5B – Estimated FY net adjusted EBIT impact of tariffs ~$(1.5)B • Suspending All FY Guidance – gi
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 Ford and Churchill Downs Racetrack Vehicles Shown (L to R): 2025 F-250 Super Duty and 2025 Expedition Tremor
Slide 22: Key Metrics
Key Metrics EBIT ($B) Revenue ($B) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Ford Blue $ 0.9 $ 1.2 $ 1.6 $ 1.6 $ 0.1 $ 21.8 $ 26.7 $ 26.2 $ 27.3 $ 21.0 Ford Model e (1.3) (1.2) (1.2) (1.4) (0.8) 0.1 1.2 1.2 1.4 1.2 Ford Pro 3.0 2.6 1.8 1.6 1.3 18.0 17.0 15.7 16.
Slide 23: Quarterly Results ($M)
Quarterly Results ($M) 2024 2025 Q1 Q2 Q3 Q4 Full Year Q1 Ford Blue $ 901 $ 1,167 $ 1,624 $ 1,577 $ 5,269 $ 96 Ford Model e (1,327) (1,150) (1,231) (1,397) (5,105) (849) Ford Pro 3,006 2,562 1,813 1,626 9,007 1,309 Ford Credit 326 343 544 441 1,654 580 Corporate Other (143) (165) (200) (109) (617) (
Slide 24: Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) First Quarter 2024 2025 Net Income / (Loss) Attributable to Ford (GAAP) $ 1,332 $ 471 Income / (Loss) Attributable to Noncontrolling Interests 2 2 Net Income / (Loss) $ 1,334 $ 473 Less: (Provision For) / Benefit From Income Taxes (278) (148)
Slide 25: Net Cash From Operating Activities Reconciliation To Company Adjusted FCF
Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted FCF ($M) 2024 2025 Q1 Q2 Q3 Q4 Q1 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 1,385 $ 5,508 $ 5,502 $ 3,028 $ 3,679 Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit Ope
Slide 26: Earnings Per Share Reconciliation To Adjusted Earnings Per Share
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share First Quarter 2024 2025 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 1,332 $ 471 Less: Impact of Pre-Tax and Tax Special Items (653) (81) Adjusted Net Income / (Loss) – Diluted (Non-GAAP) $ 1,985
Slide 27: Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q1 2025 Full Year 2024 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 621 $ 7,233 Less: Impact of Special Items (110) (1,860) Adjusted Earnings Before Taxes (Non-GAAP) $ 731 $ 9,093 Taxes ($M) (Provision For) / Benef
Slide 28: Adjusted ROIC ($B)
Adjusted ROIC ($B) Four Quarters Four Quarters Ending Q1 2024 Ending Q1 2025 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 3.9 $ 5.0 Add: Noncontrolling Interest 0.1 0.0 Less: Income Tax 0.6 (1.2) Add: Cash Tax (1.2) (0.9) Less: Interest on Debt (1.
Slide 29: 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 30: 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 31: 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 32: Q1 2025 Earnings
Raptor T1+ at the 2025 Dakar Rally Delivering Ford+ Q1 2025 Earnings