Ford's profitability remains highly volatile, evidenced by gross margins that fluctuated from a low of 3.7% in 2025Q4 to a peak of 18.4% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 189.86B | 187.27B | 184.99B | 176.19B | 158.06B | 136.34B | 127.14B | 155.9B | 160.34B | 156.78B | 151.8B | 149.56B | 144.08B | 146.92B | 133.56B | 136.26B | 128.95B | 116.28B | 146.37B | 172.65B | 160.06B | 176.9B | 171.65B | 164.34B | 162.26B | 160.5B | 170.06B | 160.66B | 143.35B | 153.63B | 146.99B |
| Revenue Growth % | 3.82% | 1.23% | 5% | 11.47% | 15.93% | 7.23% | -18.45% | -2.77% | 2.27% | 3.28% | 1.5% | 3.8% | -1.93% | 10% | -1.99% | 5.67% | 10.9% | -20.56% | -15.22% | 7.86% | -9.51% | 3.06% | 4.45% | 1.28% | 1.09% | -5.62% | 5.85% | 12.07% | -6.69% | 4.51% | 7.19% |
| Cost of Goods Sold | 172.44B | 164.45B | 161.59B | 151.88B | 132.96B | 111.79B | 114.43B | 136.79B | 137.58B | 132.82B | 128.72B | 119.56B | 121.1B | 121.5B | 110.02B | 111.37B | 103.7B | 99.37B | 120.66B | 144.22B | 146.96B | 144.12B | 140.92B | 129.69B | 125.03B | 128.35B | 131.09B | 126.66B | 112.65B | 117.71B | 118.59B |
| COGS % of Revenue | - | 87.82% | 87.35% | 86.2% | 84.12% | 82% | 90% | 87.74% | 85.81% | 84.72% | 84.8% | 79.94% | 84.05% | 82.7% | 82.38% | 81.73% | 80.42% | 85.46% | 82.43% | 83.53% | 91.81% | 81.47% | 82.1% | 78.91% | 77.05% | 79.97% | 77.08% | 78.84% | 78.59% | 76.62% | 80.68% |
| Gross Profit | 17.42B | 22.81B | 23.41B | 24.31B | 25.1B | 24.55B | 12.72B | 19.11B | 22.76B | 23.95B | 23.07B | 30B | 22.98B | 25.42B | 23.54B | 24.89B | 25.25B | 16.91B | 25.72B | 28.44B | 13.1B | 32.77B | 30.73B | 34.65B | 37.23B | 32.16B | 38.97B | 33.99B | 30.7B | 35.92B | 28.41B |
| Gross Margin % | 9.18% | 12.18% | 12.65% | 13.8% | 15.88% | 18% | 10% | 12.26% | 14.19% | 15.28% | 15.2% | 20.06% | 15.95% | 17.3% | 17.62% | 18.27% | 19.58% | 14.54% | 17.57% | 16.47% | 8.19% | 18.53% | 17.9% | 21.09% | 22.95% | 20.03% | 22.92% | 21.16% | 21.41% | 23.38% | 19.32% |
| Gross Profit Growth % | - | -2.53% | -3.72% | -3.14% | 2.24% | 93.05% | -33.46% | -16.02% | -4.99% | 3.8% | -23.09% | 30.59% | -9.6% | 7.99% | -5.46% | -1.43% | 49.33% | -34.24% | -9.57% | 117.03% | -60.02% | 6.66% | -11.33% | -6.92% | 15.78% | -17.49% | 14.65% | 10.74% | -14.54% | 26.46% | 7.02% |
| Operating Expenses | 13.92B | 20.28B | 18.31B | 18.93B | 18.69B | 19.52B | 17.29B | 18.56B | 19.6B | 19.53B | 19.5B | 22.12B | 22.04B | 18.75B | 17.21B | 16.56B | 16.44B | 17.84B | 30.72B | 28.87B | 21.29B | 33.05B | 25.9B | 26.64B | 28.25B | 28.67B | 21.25B | 18.13B | 16.42B | 15.64B | 13.5B |
| OpEx % of Revenue | - | 10.83% | 9.9% | 10.75% | 11.82% | 14.31% | 13.6% | 11.91% | 12.23% | 12.46% | 12.84% | 14.79% | 15.3% | 12.76% | 12.89% | 12.15% | 12.75% | 15.34% | 20.99% | 16.72% | 13.3% | 18.69% | 15.09% | 16.21% | 17.41% | 17.86% | 12.5% | 11.28% | 11.46% | 10.18% | 9.18% |
| Selling, General & Admin | 11.12B | 10.88B | 10.31B | 10.73B | 10.89B | 11.91B | 10.19B | 11.16B | 11.4B | 11.53B | 12.2B | 15B | 15.04B | 12.14B | 11.64B | 11.26B | 11.44B | 12.11B | 21.55B | 20.7B | 19.15B | 24.57B | 11.46B | 26.64B | 28.25B | 18.57B | 11.85B | 8.87B | 7.83B | 8B | 6.63B |
| SG&A % of Revenue | - | 5.81% | 5.57% | 6.09% | 6.89% | 8.74% | 8.02% | 7.16% | 7.11% | 7.35% | 8.03% | 10.03% | 10.44% | 8.26% | 8.71% | 8.26% | 8.87% | 10.41% | 14.72% | 11.99% | 11.96% | 13.89% | 6.67% | 16.21% | 17.41% | 11.57% | 6.97% | 5.52% | 5.46% | 5.2% | 4.51% |
| Research & Development | 0 | 9.4B | 8B | 8.2B | 7.8B | 7.6B | 7.1B | 7.4B | 8.2B | 8B | 7.3B | 6.7B | 6.7B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.02% | 4.32% | 4.65% | 4.93% | 5.57% | 5.58% | 4.75% | 5.11% | 5.1% | 4.81% | 4.48% | 4.65% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 208M | 77M | -36M | -216M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.1B | 9.41B | 9.25B | 8.59B | 7.64B | 6.88B |
| Operating Income | 3.5B | 2.53B | 5.09B | 5.38B | 6.41B | 5.03B | -4.58B | 549M | 3.15B | 4.42B | 3.58B | 7.89B | 935M | 6.67B | 6.32B | 8.34B | 8.81B | -929M | -5.01B | -431M | -8.19B | -279M | 4.83B | 8.01B | 8.98B | 3.49B | 17.72B | 15.87B | 14.28B | 20.28B | 14.9B |
| Operating Margin % | 1.84% | 1.35% | 2.75% | 3.05% | 4.05% | 3.69% | -3.6% | 0.35% | 1.97% | 2.82% | 2.36% | 5.27% | 0.65% | 4.54% | 4.73% | 6.12% | 6.83% | -0.8% | -3.42% | -0.25% | -5.12% | -0.16% | 2.81% | 4.87% | 5.54% | 2.17% | 10.42% | 9.88% | 9.96% | 13.2% | 10.14% |
| Operating Income Growth % | - | -50.3% | -5.26% | -16.09% | 27.34% | 209.96% | -933.7% | -82.59% | -28.75% | 23.64% | -54.62% | 743.42% | -85.98% | 5.51% | -24.18% | -5.43% | 1048.76% | 81.45% | -1061.95% | 94.74% | -2835.48% | -105.78% | -39.7% | -10.81% | 157.51% | -80.31% | 11.67% | 11.15% | -29.61% | 36.07% | 6.48% |
| EBITDA | 9.99B | 8.53B | 10.96B | 11.9B | 12.9B | 10.99B | 2.88B | 9.04B | 11.46B | 12.88B | 12.3B | 15.85B | 8.36B | 13.18B | 11.82B | 13.72B | 14.81B | 6.82B | 7.92B | 12.73B | 8.33B | 13.79B | 17.88B | 22.28B | 24.06B | 22.78B | 33.67B | 30.41B | 28.18B | 34.06B | 27.7B |
| EBITDA Margin % | 5.26% | 4.55% | 5.93% | 6.75% | 8.16% | 8.06% | 2.27% | 5.8% | 7.15% | 8.21% | 8.1% | 10.6% | 5.8% | 8.97% | 8.85% | 10.07% | 11.49% | 5.87% | 5.41% | 7.37% | 5.2% | 7.79% | 10.42% | 13.56% | 14.83% | 14.19% | 19.8% | 18.93% | 19.66% | 22.17% | 18.84% |
| EBITDA Growth % | 2.54% | -22.21% | -7.89% | -7.76% | 17.37% | 281.7% | -68.14% | -21.13% | -11% | 4.73% | -22.43% | 89.66% | -36.6% | 11.57% | -13.9% | -7.35% | 117.04% | -13.81% | -37.79% | 52.8% | -39.59% | -22.9% | -19.72% | -7.42% | 5.63% | -32.34% | 10.72% | 7.91% | -17.28% | 23% | 7.7% |
| D&A (Non-Cash Add-back) | 6.49B | 6B | 5.87B | 6.52B | 6.49B | 5.96B | 7.46B | 8.49B | 8.31B | 8.45B | 8.72B | 7.97B | 7.42B | 6.51B | 5.5B | 5.39B | 6B | 7.75B | 12.93B | 13.16B | 16.52B | 14.07B | 13.05B | 14.27B | 15.08B | 19.29B | 15.95B | 14.54B | 13.9B | 13.78B | 12.79B |
| EBIT | 3.5B | 2.53B | 5.09B | 5.38B | 6.41B | 5.03B | -4.58B | 549M | 3.15B | 4.42B | 3.58B | 7.89B | 935M | 6.67B | 6.32B | 8.34B | 8.81B | -929M | -5.01B | -431M | -8.19B | 2.3B | 5.82B | 8.01B | 8.98B | 3.49B | 17.72B | 11.2B | 25.07B | 11.73B | 7.49B |
| Net Interest Income | -2.63B | 236M | 425M | 265M | -620M | -1.55B | -1.2B | -211M | -571M | -948M | -970M | -834M | -857M | -616M | -371M | -562M | -1.46B | -1.35B | -1.05B | -2.25B | -7.3B | -1.22B | -233M | 0 | 0 | 0 | 105M | 71M | 530M | 328M | 146M |
| Interest Income | 1.14B | 1.49B | 1.54B | 1.57B | 639M | 254M | 452M | 809M | 667M | 459M | 291M | 309M | 244M | 213M | 342M | 472M | 350M | 287M | 951M | 0 | 1.48B | 0 | 988M | 0 | 0 | 0 | 1.49B | 1.42B | 1.32B | 1.12B | 841M |
| Interest Expense | 3.77B | 1.25B | 1.11B | 1.3B | 1.26B | 1.8B | 1.65B | 1.02B | 1.24B | 1.41B | 1.26B | 1.14B | 1.1B | 829M | 713M | 1.03B | 1.81B | 1.64B | 2B | 2.25B | 8.78B | 1.22B | 1.22B | 0 | 0 | 0 | 1.38B | 1.35B | 795M | 788M | 695M |
| Other Income/Expense | -13.04B | -14.36B | 2.14B | -1.41B | -9.43B | 12.75B | 3.46B | -1.19B | 1.19B | 3.73B | 3.22B | 2.37B | 299M | 333M | 1.4B | 346M | -1.67B | 3.53B | -9.4B | -3.31B | -6.88B | 1.36B | -233M | -6.67B | -7.92B | -10.91B | -9.6B | -6.01B | 10.01B | -9.34B | -8.11B |
| Pretax Income | -9.54B | -11.83B | 7.23B | 3.97B | -3.02B | 17.78B | -1.12B | -640M | 4.34B | 8.16B | 6.8B | 10.25B | 1.23B | 7B | 7.72B | 8.68B | 7.15B | 2.6B | -14.4B | -3.75B | -15.07B | 1.08B | 4.6B | 1.34B | 1.06B | -7.42B | 8.12B | 9.85B | 24.28B | 10.94B | 6.79B |
| Pretax Margin % | -5.02% | -6.32% | 3.91% | 2.25% | -1.91% | 13.04% | -0.88% | -0.41% | 2.71% | 5.2% | 4.48% | 6.85% | 0.86% | 4.77% | 5.78% | 6.37% | 5.54% | 2.24% | -9.84% | -2.17% | -9.42% | 0.61% | 2.68% | 0.81% | 0.66% | -4.62% | 4.77% | 6.13% | 16.94% | 7.12% | 4.62% |
| Income Tax | -3.46B | -3.67B | 1.34B | -362M | -864M | -130M | 160M | -724M | 650M | 402M | 2.19B | 2.88B | 4M | -147M | 2.06B | -11.54B | 592M | -113M | 63M | -1.29B | -2.65B | -845M | 937M | 123M | 342M | -2.1B | 2.71B | 3.25B | 2.76B | 3.74B | 2.17B |
| Effective Tax Rate % | 36.22% | 31.01% | 18.51% | -9.13% | 28.65% | -0.73% | -14.34% | 113.13% | 14.96% | 4.93% | 32.21% | 28.1% | 0.32% | -2.1% | 26.63% | -132.95% | 8.28% | -4.35% | -0.44% | 34.54% | 17.61% | -78.31% | 20.38% | 9.19% | 32.14% | 28.25% | 33.33% | 32.96% | 11.37% | 34.2% | 31.89% |
| Net Income | -6.11B | -8.18B | 5.88B | 4.35B | -1.98B | 17.94B | -1.28B | 47M | 3.68B | 7.73B | 4.6B | 7.37B | 1.23B | 7.16B | 5.67B | 20.21B | 6.56B | 2.72B | -14.67B | -2.72B | -12.61B | 1.69B | 3.63B | 495M | -980M | -5.45B | 3.47B | 7.24B | 22.07B | 6.92B | 4.45B |
| Net Margin % | -3.22% | -4.37% | 3.18% | 2.47% | -1.25% | 13.16% | -1.01% | 0.03% | 2.29% | 4.93% | 3.03% | 4.93% | 0.85% | 4.87% | 4.24% | 14.83% | 5.09% | 2.34% | -10.02% | -1.58% | -7.88% | 0.96% | 2.12% | 0.3% | -0.6% | -3.4% | 2.04% | 4.5% | 15.4% | 4.5% | 3.02% |
| Net Income Growth % | -221.66% | -239.17% | 35.24% | 319.43% | -111.04% | 1502.42% | -2821.28% | -98.72% | -52.44% | 68.21% | -37.66% | 498.94% | -82.8% | 26.3% | -71.97% | 208.08% | 141.48% | 118.52% | -438.82% | 78.41% | -845.89% | -53.47% | 634.14% | 150.51% | 82.03% | -257.28% | -52.09% | -67.21% | 218.95% | 55.65% | 7.42% |
| Net Income (Continuing) | -6.08B | -8.16B | 5.89B | 4.33B | -2.15B | 17.91B | -1.28B | 84M | 3.69B | 7.76B | 4.61B | 7.37B | 1.23B | 7.15B | 5.66B | 20.22B | 6.56B | 2.71B | -14.47B | -2.45B | -12.42B | 1.92B | 3.66B | 902M | 355M | -5.35B | 5.41B | 6.61B | 21.52B | 7.2B | 4.63B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 9M | 41M | 16M | 47M | 0 | -143M | -333M | -106M | -1.94B | 735M | 703M | 0 | 0 |
| Minority Interest | 31M | 28M | 23M | 25M | -75M | 103M | 121M | 45M | 134M | 126M | 113M | 109M | 369M | 364M | 364M | 43M | 31M | 1.3B | 1.2B | 1.42B | 1.16B | 1.12B | 877M | 659M | 5.67B | 672M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.50 | -2.06 | 1.46 | 1.08 | -0.49 | 4.45 | -0.32 | 0.01 | 0.92 | 1.90 | 1.15 | 1.84 | 0.31 | 2.94 | 1.41 | 4.94 | 1.66 | 0.86 | -6.50 | -1.38 | -6.71 | 0.77 | 1.52 | 0.26 | 0.47 | -3.00 | 2.30 | 5.86 | 17.76 | 3.58 | 2.32 |
| EPS Growth % | -223.93% | -241.1% | 35.19% | 320.41% | -111.01% | 1490.63% | -3300% | -98.91% | -51.58% | 65.22% | -37.5% | 493.55% | -89.46% | 108.51% | -71.46% | 197.59% | 93.02% | 113.23% | -371.01% | 79.43% | -971.43% | -49.34% | 484.62% | -44.68% | 115.67% | -230.43% | -60.75% | -67% | 396.09% | 54.31% | 9.43% |
| EPS (Basic) | - | -2.06 | 1.48 | 1.09 | -0.49 | 4.49 | -0.32 | 0.01 | 0.93 | 1.91 | 1.16 | 1.86 | 0.31 | 3.04 | 1.47 | 5.33 | 1.90 | 0.91 | -6.50 | -1.38 | -6.71 | 0.78 | 1.66 | 0.27 | 0.47 | -3.00 | 2.34 | 5.99 | 18.17 | 3.66 | 2.37 |
| Diluted Shares Outstanding | 4.07B | 3.98B | 4.02B | 4.04B | 4.01B | 4.03B | 3.97B | 4B | 4B | 4B | 4B | 4B | 3.96B | 4.09B | 4.01B | 4.11B | 4.18B | 3.31B | 2.27B | 1.98B | 1.88B | 1.87B | 1.9B | 1.89B | 1.82B | 1.82B | 1.5B | 1.24B | 1.24B | 1.93B | 1.89B |
| Basic Shares Outstanding | 3.99B | 3.98B | 3.98B | 4B | 4.01B | 3.99B | 3.97B | 3.97B | 3.95B | 3.98B | 3.97B | 3.97B | 3.91B | 3.94B | 3.81B | 3.79B | 3.45B | 2.99B | 2.27B | 1.98B | 1.88B | 1.85B | 1.74B | 1.83B | 1.82B | 1.82B | 1.48B | 1.21B | 1.21B | 1.88B | 1.85B |
| Dividend Payout Ratio | - | - | 53.04% | 114.91% | - | 2.25% | - | 5082.98% | 79% | 33.42% | 73.46% | 32.28% | 158.57% | 22% | 13.47% | - | - | - | - | - | - | 43.64% | 20.17% | 148.08% | - | - | 79.35% | 31.64% | 24.23% | 29.19% | 40.49% |
High warranty and recall costs
According to the provided financial data, Ford's quarterly revenue growth has fluctuated significantly, ranging from a 4.8% contraction in 2025Q4 to a 9.4% expansion in 2025Q3, suggesting that top-line performance remains highly sensitive to cyclical demand shifts and the ongoing transition within the Model e segment.
The inconsistent revenue trajectory appears to reflect the volatility inherent in balancing legacy ICE vehicle demand with the scaling of electric vehicle initiatives. Investors should monitor whether the recent revenue contraction in late 2025 signals a broader softening in consumer appetite or merely temporary inventory adjustments.
As reported in recent income statements, Ford's gross margins have exhibited extreme volatility, collapsing to 3.7% in 2025Q4 from a peak of 18.4% in 2026Q1, which highlights the company's struggle to maintain pricing power amidst rising production costs and the heavy burden of EV-related investments.
The wide variance in gross margins suggests that Ford's cost structure is highly susceptible to external shocks and internal operational inefficiencies. This margin instability warrants further investigation into whether the company can achieve sustainable profitability without relying on aggressive pricing strategies that may alienate core customers.
Based on the reported figures, Ford's operating income has frequently failed to scale with revenue, evidenced by the 2025Q4 period where a $45.9B revenue base resulted in a $907M operating loss, indicating that fixed costs and operational drag continue to overwhelm potential efficiency gains.
The inability to consistently translate revenue into operating income suggests that the company's high fixed-cost base, exacerbated by recall expenses and EV development, is currently limiting operating leverage. This trend implies that significant structural cost reductions are necessary before the company can achieve meaningful margin expansion.
Financial statements reveal that Ford's net income is subject to massive swings, such as the $11.1B loss in 2025Q4 followed by a $2.5B profit in 2026Q1, suggesting that non-operating items and significant one-time charges are distorting the underlying profitability of the core automotive manufacturing business.
The extreme fluctuations in net income appear to be driven by factors beyond core operational performance, including potential asset impairments or large-scale restructuring costs. Investors should exercise caution when evaluating EPS, as these non-recurring items may mask the true earnings power of the Ford Blue and Pro segments.
Data from the last ten quarters suggests that Ford's persistent warranty and recall expenses, which frequently pressure operating margins, represent a significant risk that could undermine the long-term viability of the Ford+ strategy if management fails to improve manufacturing quality and reduce these recurring financial drains.
While the Ford Pro segment shows promise, the recurring nature of these quality-related costs suggests a deeper operational issue that may not be easily resolved by strategic pivots alone. This ongoing drag on cash flow warrants skepticism regarding the company's ability to fund its EV transition without further balance sheet strain.
Quick answers to the most common questions about buying F stock.
For fiscal year 2025, Ford Motor Company (F) reported total revenue of $187.27B. This represents a 27.4% increase compared to $146.99B in 1996.
Ford Motor Company (F) reported a net loss of $8.18B for the fiscal year ending 2025.
Ford Motor Company (F) reported an operating income of $2.53B, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ford Motor Company (F) generated $22.81B in gross profit for the year, representing a gross profit margin of 12.2%. This demonstrates the company's core pricing power and production efficiency.