Free cash flow generation is inconsistent, swinging from a $709M deficit in 2024Q1 to a $5.3B surplus in 2025Q3, largely driven by unpredictable working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 18.92B | 21.28B | 15.42B | 14.92B | 6.85B | 15.79B | 24.27B | 17.64B | 15.02B | 18.1B | 19.79B | 16.17B | 14.51B | 10.44B | 9.04B | 9.78B | 11.48B | 16.04B | -179M | 17.1B | 9.61B | 21.68B | 24.51B | 20.2B | 18.63B | 22.76B | 33.76B | 29.81B | 23.1B | 27.63B | 19.26B |
| Operating CF Margin % | - | 11.36% | 8.34% | 8.47% | 4.34% | 11.58% | 19.09% | 11.31% | 9.37% | 11.54% | 13.04% | 10.81% | 10.07% | 7.11% | 6.77% | 7.18% | 8.9% | 13.8% | -0.12% | 9.9% | 6% | 12.26% | 14.28% | 12.29% | 11.48% | 14.18% | 19.85% | 18.56% | 16.11% | 17.99% | 13.1% |
| Operating CF Growth % | 13.26% | 37.99% | 3.39% | 117.69% | -56.59% | -34.95% | 37.59% | 17.42% | -16.99% | -8.57% | 22.4% | 11.46% | 38.9% | 15.47% | -7.55% | -14.75% | -28.46% | 9062.01% | -101.05% | 77.92% | -55.67% | -11.56% | 21.39% | 8.38% | -18.15% | -32.58% | 13.26% | 29.05% | -16.41% | 43.5% | -9.04% |
| Net Income | -6.11B | -8.16B | 5.89B | 4.35B | -2.15B | 17.91B | -1.28B | 84M | 3.69B | 7.63B | 4.61B | 7.37B | 3.19B | 7.16B | 5.67B | 20.21B | 6.56B | 2.72B | -14.67B | -2.72B | -12.61B | 2.23B | 3.63B | 921M | 284M | -5.45B | 5.41B | 7.24B | 22.07B | 6.92B | 4.45B |
| Depreciation & Amortization | 13.11B | 7.83B | 5.87B | 6.52B | 6.49B | 5.96B | 7.46B | 8.49B | 8.31B | 8.45B | 8.72B | 7.97B | 7.42B | 6.46B | 5.2B | 4.26B | 5.58B | 6.93B | 12.93B | 0 | 16.52B | 6.72B | 13.05B | 14.3B | 15.18B | 19.75B | 14.85B | 15.19B | 14.33B | 13.58B | 12.79B |
| Stock-Based Compensation | 365M | 510M | 511M | 460M | 336M | 305M | 199M | 228M | 191M | 246M | 210M | 199M | 180M | 159M | 140M | 171M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -4.42B | -4.54B | 350M | -1.65B | -1.91B | -563M | -269M | -1.37B | -197M | -232M | 1.48B | 2.12B | 1.06B | -861M | 1.99B | -450M | 0 | 0 | 0 | 0 | 0 | 787M | 4.28B | 2.06B | -782M | -1.72B | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.52B | 12.41B | 1.15B | 4.07B | 11.14B | -12.53B | -840M | 4B | 1.72B | 4M | 3.3B | 564M | 2.9B | 671M | -1.42B | -1.36B | 140M | 4.42B | 11.53B | 19.82B | 6.9B | 6.85B | 7.62B | 1.81B | 117M | 49M | 12.13B | 6.49B | -17.63B | 2.09B | -3.1B |
| Working Capital Changes | 7.42B | 13.22B | 1.66B | 1.16B | -7.05B | 4.7B | 19B | 6.2B | 1.31B | 1.99B | 1.49B | -2.05B | -246M | -3.14B | -2.54B | -13.04B | -808M | 1.97B | -9.96B | 0 | -1.19B | -1.64B | -5.42B | -1.58B | 6.07B | 5.83B | 1.38B | 890M | 4.33B | 5.04B | 5.12B |
| Change in Receivables | 2.32B | 4.99B | -2.5B | -7.45B | -11.74B | 6.51B | 12.04B | 738M | -4.65B | -3.13B | -4.3B | -8.65B | -5.11B | -1.97B | -1.62B | 0 | 765M | 2.24B | 1.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.2B | -1.44B | -162M | 77M | -2.18B |
| Change in Inventory | 1.85B | 539M | 27M | -1.22B | -2.58B | -1.78B | 148M | 206M | -828M | -970M | -803M | -1.16B | -875M | -572M | -1.4B | -367M | -903M | 2.33B | -358M | 0 | -695M | -76M | -112M | -505M | -650M | 1.12B | -1.37B | 893M | -254M | 1.23B | 553M |
| Change in Payables | -1.21B | 0 | 8.43B | 9.83B | 0 | -36M | 6.81B | 5.26B | 6.78B | 0 | 0 | 0 | 5.73B | 0 | 0 | 0 | 0 | -1.8B | -12.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -19.03B | -18.05B | -24.37B | -17.63B | -4.35B | 2.75B | -18.61B | -13.72B | -16.26B | -19.39B | -25.35B | -26.16B | -21.12B | -19.73B | -14.29B | -3.04B | 6.91B | 6.47B | -3.14B | -6.48B | -24.86B | 7.46B | -14.85B | -6.33B | -3.62B | -17.17B | -36.15B | -40.28B | -32.3B | -36.08B | -31.81B |
| Capital Expenditures | -7B | 0 | -8.68B | -8.24B | -6.87B | -6.23B | -5.74B | -7.63B | -7.79B | -7.05B | -6.99B | -7.2B | -7.46B | -6.6B | -5.49B | -4.29B | -4.09B | -4.56B | -6.7B | -6.02B | -6.85B | -7.52B | -9.24B | -7.75B | -7.28B | -8.42B | -10.46B | -8.54B | -10.41B | -9.68B | -10.41B |
| CapEx % of Revenue | 3.69% | 4.71% | 4.69% | 4.67% | 4.34% | 4.57% | 4.52% | 4.9% | 4.86% | 4.5% | 4.61% | 4.81% | 5.18% | 4.49% | 4.11% | 3.15% | 3.17% | 3.92% | 4.57% | 3.49% | 4.28% | 4.25% | 5.38% | 4.72% | 4.49% | 5.25% | 6.15% | 5.31% | 7.26% | 6.3% | 7.08% |
| Acquisitions | -864M | 0 | -858M | -2.73B | -289M | 145M | 1.34B | 7.63B | 7.79B | 7.05B | 6.99B | 7.2B | -477M | 9M | 257M | -35.6B | -27.92B | -26.01B | -37.72B | -54.47B | -59.74B | -2.03B | -30M | 281M | -83.94B | -2.73B | -2.77B | -8.22B | -344M | -40M | -166M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -12.49B | -17.14B | -14.61B | -10.63B | 1.05B | 3.36B | -6.66B | -13.06B | -20.01B | -21.82B | -24.1B | -25.78B | -15.04B | -11.18B | -6.94B | 34.78B | 37.99B | 39.51B | 41.45B | 46.77B | 46.94B | 17.13B | -5.53B | 1.83B | 87.73B | -7.32B | -22.46B | -22.46B | -21.55B | -26.78B | -23.07B |
| Cash from Financing | -3.26B | -3.21B | 7.49B | 2.58B | 2.51B | -23.5B | 2.31B | -3.13B | -122M | 3.39B | 7.46B | 14.32B | 3.42B | 8.13B | 3.71B | -4.24B | -24.42B | -22.96B | -9.1B | -5.24B | 15.27B | -20.65B | -9.87B | -5.13B | -10.33B | -2.98B | 3.77B | 12.21B | 6.01B | 9.2B | 11.58B |
| Debt Issued (Net) | 4.85B | 39M | 11.36B | 8.15B | 5.28B | -22.99B | 3.1B | -277M | 3.14B | 6.26B | 11.03B | 17.15B | 7.31B | 9.66B | 4.43B | -4.33B | -18.56B | -21.71B | -9.26B | -5.4B | 15.83B | -20.23B | -8.86B | -4.39B | 4.93B | 634M | 14.48B | 15.95B | 13.94B | 10.92B | 12.2B |
| Equity Issued (Net) | -311M | 0 | -426M | -335M | -484M | 0 | 0 | -237M | -164M | -131M | -145M | -129M | -1.96B | -213M | -125M | 0 | 1.34B | 2.45B | 756M | 219M | 248M | 325M | -151M | 9M | 5.01B | -1.39B | -1.23B | -433M | -935M | 748M | 2.09B |
| Dividends Paid | -2.4B | -2.99B | -3.12B | -5B | -2.01B | -403M | -596M | -2.39B | -2.9B | -2.58B | -3.38B | -2.38B | -1.95B | -1.57B | -763M | 0 | 0 | 0 | 0 | 0 | -468M | -738M | -732M | -733M | -743M | -1.93B | -2.75B | -2.29B | -5.35B | -2.02B | -1.8B |
| Share Repurchases | -311M | 0 | -426M | -335M | -484M | 0 | 0 | -237M | -164M | -131M | -145M | -129M | -1.96B | -213M | -125M | 0 | 0 | 0 | 0 | -31M | -183M | 0 | -151M | 0 | -177M | -1.84B | -1.82B | -707M | -1.09B | -15M | 0 |
| Other Financing | -5.39B | -255M | -327M | -241M | -271M | -105M | -184M | -226M | -192M | -151M | -49M | -317M | 25M | 257M | 159M | 92M | -7.2B | -3.7B | -604M | -62M | -339M | -4M | -4.48B | -82M | -19.53B | 77M | -6.73B | -1.37B | -1.42B | -448M | -907M |
| Net Change in Cash | -3.14B | 560M | -1.92B | -230M | 4.6B | -5.2B | 8.19B | 834M | -1.73B | 2.59B | 1.63B | 3.52B | -3.71B | -1.19B | -1.49B | 2.34B | -6.09B | -608M | -13.23B | 6.39B | 484M | 7.99B | 303M | 9.55B | 5.05B | 2.37B | 470M | 1.39B | -3.1B | 667M | -1.17B |
| Free Cash Flow | 11.92B | 12.47B | 6.74B | 6.68B | -13M | 9.56B | 18.53B | 10.01B | 7.24B | 11.05B | 12.8B | 8.97B | 7.04B | 3.85B | 3.56B | 5.49B | 7.38B | 11.42B | -6.88B | 6.51B | 2.77B | 11.95B | 15.85B | 12.45B | 11.36B | 14.34B | 23.31B | 21.28B | 12.69B | 17.96B | 8.85B |
| FCF Margin % | 6.28% | 6.66% | 3.64% | 3.79% | -0.01% | 7.01% | 14.57% | 6.42% | 4.51% | 7.05% | 8.43% | 6% | 4.89% | 2.62% | 2.66% | 4.03% | 5.73% | 9.82% | -4.7% | 3.77% | 1.73% | 6.75% | 9.23% | 7.57% | 7% | 8.94% | 13.71% | 13.24% | 8.85% | 11.69% | 6.02% |
| FCF Growth % | 28.07% | 85% | 0.85% | 51500% | -100.14% | -48.4% | 85.14% | 38.28% | -34.49% | -13.7% | 42.63% | 27.4% | 83.1% | 8.15% | -35.22% | -25.65% | -35.32% | 266.08% | -205.56% | 134.79% | -76.78% | -24.61% | 27.32% | 9.61% | -20.84% | -38.46% | 9.56% | 67.62% | -29.32% | 103% | -17.43% |
| FCF per Share | 2.93 | 3.13 | 1.68 | 1.65 | -0.00 | 2.37 | 4.66 | 2.50 | 1.81 | 2.76 | 3.20 | 2.24 | 1.78 | 0.94 | 0.89 | 1.34 | 1.77 | 3.45 | -3.02 | 3.29 | 1.48 | 6.39 | 8.35 | 6.57 | 6.24 | 7.88 | 15.53 | 17.19 | 10.25 | 9.28 | 4.68 |
| FCF Conversion (FCF/Net Income) | -1.95x | -2.60x | 2.62x | 3.43x | -3.46x | 0.88x | -18.97x | 375.30x | 4.09x | 2.34x | 4.31x | 2.19x | 11.78x | 1.46x | 1.60x | 0.48x | 1.75x | 5.90x | 0.01x | -6.28x | -0.76x | 12.82x | 6.75x | 40.80x | -19.01x | -4.17x | 9.74x | 4.12x | 1.05x | 3.99x | 4.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.5B | 3.7B | 4.37B | 5.35B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 538M | 344M | 268M | 73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High warranty and recall costs
As reported in recent financial statements, Ford's operating cash flow frequently decouples from net income, evidenced by the 2025Q2 period where the company generated $6.3B in operating cash despite a $36M net loss, suggesting significant non-cash charges or working capital swings are distorting core profitability metrics.
The wide variance between net income and operating cash flow suggests that investors should exercise caution when using bottom-line earnings as a proxy for cash generation. This divergence often indicates that heavy depreciation or non-cash adjustments are masking the underlying cash-burn characteristics of the Model e segment.
Based on quarterly cash flow data, Ford's free cash flow trajectory remains highly erratic, swinging from a $709M deficit in 2024Q1 to a $5.3B surplus in 2025Q3, which highlights the company's vulnerability to cyclical production shifts and the high costs associated with its ongoing EV transition.
The inconsistency in free cash flow generation suggests that Ford's ability to self-fund its strategic initiatives is highly sensitive to quarterly operational performance. Investors should monitor whether the company can maintain positive FCF margins consistently, as the current trend appears heavily reliant on favorable working capital timing rather than structural margin expansion.
According to recent SEC filings, Ford's capital expenditures have remained substantial, peaking at $2.8B in 2025Q4, which reflects the ongoing, capital-intensive retooling of manufacturing facilities to accommodate both legacy ICE production and the scaling of the Model e electric vehicle platform.
The persistent level of capital intensity, often exceeding 4-6% of revenue, suggests that Ford is locked into a high-cost investment cycle that limits its near-term financial flexibility. This spending profile warrants further investigation into whether these investments are yielding the expected returns or merely maintaining existing market share.
Data from the last ten quarters indicates that Ford's operating cash flow is heavily influenced by working capital fluctuations, such as the $4.1B outflow in 2026Q1, suggesting that inventory management and dealer financing terms are primary drivers of short-term liquidity rather than pure operational efficiency.
The significant swings in working capital suggest that Ford's cash position is highly sensitive to supply chain disruptions and dealer inventory levels. This reliance on working capital management to smooth out cash flow volatility may indicate underlying challenges in matching production output with actual consumer demand.
Quick answers to the most common questions about buying F stock.
Ford Motor Company (F) generated $21.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ford Motor Company (F) generated $12.47B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ford Motor Company (F) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ford Motor Company (F) returned $2.99B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.