Ford Motor Company

F · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$52,277	$39,345	$48,796	$46,758	$83,002	$35,127	$37,165	$30,571	$49,913	$48,474	$56,307	$60,636	$60,717	$49,404	$40,813	$57,909	$29,910	$5,205	$13,319	$14,111	$14,251	$25,452	$29,312	$16,917	$28,610	$34,762	$35,550	$39,164	$33,511	$21,949	$17,852	$16,264	$18,356	$12,033	$4,932	$4,474	$7,483	$8,976	$7,091	$5,605	$3,899
Enterprise value	$181,391	$161,882	$159,757	$143,087	$172,997	$148,285	$159,280	$150,867	$165,301	$152,634	$154,000	$125,467	$118,886	$103,258	$88,804	$112,114	$102,032	$93,671	$110,132	$131,831	$126,108	$156,798	$200,039	$154,278	$178,452	$182,351	$162,032	$146,366	$179,305	$161,207	$151,380	$133,413	$122,110	$105,365	$94,212	$93,226	$87,637	$72,363	$629	$493	$1,427
P/E (TTM) at period end	–	6.69×	11.23×	–	4.63×	–	790.75×	8.31×	6.46×	10.56×	7.64×	49.26×	5.06×	8.73×	2.01×	8.33×	10.47×	–	–	–	8.43×	7.00×	59.22×	–	–	10.03×	4.91×	1.77×	4.84×	4.94×	4.31×	3.06×	7.26×	–	–	5.20×	1.95×	1.69×	1.53×	1.71×	1.55×
P/S (TTM) at period end	0.28×	0.21×	0.28×	0.30×	0.61×	0.28×	0.24×	0.19×	0.32×	0.32×	0.38×	0.42×	0.41×	0.37×	0.30×	0.45×	0.26×	0.04×	0.08×	0.09×	0.08×	0.15×	0.18×	0.10×	0.18×	0.20×	0.22×	0.27×	0.22×	0.15×	0.13×	0.13×	0.17×	0.12×	0.06×	0.05×	0.08×	0.10×	0.10×	0.09×	0.07×
P/B at period end	1.45×	0.88×	1.14×	1.08×	1.71×	1.14×	1.12×	0.85×	1.40×	1.66×	1.97×	2.48×	2.32×	3.11×	2.76×	–	–	–	2.37×	–	1.10×	1.59×	2.52×	3.03×	3.67×	1.87×	1.29×	1.67×	1.09×	0.82×	0.73×	0.75×	1.08×	0.76×	0.21×	0.19×	0.32×	0.42×	0.38×	0.38×	0.32×
EV / EBITDA (TTM)	–	12.66×	12.15×	10.28×	14.61×	34.14×	15.52×	11.99×	11.71×	19.28×	10.28×	16.26×	5.36×	7.17×	5.60×	5.99×	15.14×	11.83×	8.65×	15.83×	19.57×	8.77×	8.98×	6.41×	7.83×	5.42×	5.33×	5.19×	5.26×	5.82×	5.89×	5.44×	7.49×	9.11×	8.01×	6.79×	4.81×	4.55×	–	–	–
EV / Sales (TTM)	0.97×	0.88×	0.91×	0.91×	1.27×	1.17×	1.02×	0.94×	1.05×	1.01×	1.03×	0.87×	0.81×	0.77×	0.65×	0.87×	0.88×	0.65×	0.65×	0.82×	0.71×	0.91×	1.22×	0.95×	1.11×	1.07×	1.01×	1.02×	1.17×	1.10×	1.10×	1.04×	1.13×	1.05×	1.07×	0.95×	0.91×	0.78×	0.01×	0.01×	0.03×
Returns
Return on equity	(22.8%)	13.1%	10.2%	(4.6%)	37.0%	(4.2%)	0.1%	10.2%	21.7%	15.7%	25.7%	5.0%	45.9%	35.6%	137.5%	–	–	–	(49.7%)	–	13.1%	22.6%	4.2%	(17.5%)	(70.0%)	18.6%	26.3%	94.3%	22.5%	16.6%	16.9%	24.5%	14.8%	(46.6%)	(9.6%)	3.6%	16.3%	24.6%	25.0%	22.1%	20.5%
Return on invested capital	(3.5%)	2.3%	3.2%	2.8%	2.7%	(2.6%)	–	1.6%	2.7%	2.5%	3.4%	0.2%	10.3%	6.2%	11.5%	13.3%	(0.9%)	(4.3%)	(0.2%)	(4.7%)	(0.2%)	2.4%	3.6%	3.8%	1.5%	6.6%	6.1%	8.4%	7.0%	5.7%	5.5%	6.4%	4.8%	4.4%	4.5%	5.8%	8.7%	10.1%	32.4%	27.0%	19.4%
Dividend yield	5.7%	7.9%	10.2%	4.3%	0.5%	1.7%	6.4%	9.5%	5.2%	7.0%	4.2%	3.2%	2.6%	1.5%	–	–	–	–	–	3.3%	5.2%	2.9%	2.5%	4.4%	6.7%	7.9%	6.4%	13.7%	6.0%	8.2%	8.7%	7.4%	5.9%	8.1%	18.8%	33.3%	24.8%	13.3%	–	–	–
Financial health
Current ratio	1.07×	1.16×	1.20×	1.20×	1.20×	1.20×	1.16×	1.20×	1.23×	1.20×	1.25×	2.42×	2.51×	2.08×	2.16×	2.23×	2.96×	2.52×	2.76×	2.28×	2.09×	3.99×	2.09×	1.94×	0.81×	0.81×	1.02×	1.02×	1.02×	0.95×	0.88×	1.03×	0.28×	1.90×	0.31×	0.33×	1.95×	2.10×	1.24×	1.18×	1.10×
Debt / equity	4.54×	3.54×	3.49×	3.21×	2.85×	1.68×	1.64×	1.51×	4.34×	6.60×	4.64×	6.48×	5.84×	9.06×	9.46×	(216.42×)	(17.02×)	(9.84×)	29.94×	(39.62×)	7.19×	6.64×	12.89×	29.02×	21.49×	8.90×	5.52×	5.65×	5.47×	5.92×	6.05×	6.05×	3.28×	6.32×	4.15×	3.97×	3.63×	3.25×	0.20×	0.23×	0.28×
Effective tax rate	31.0%	18.5%	(9.1%)	28.6%	(0.7%)	(14.3%)	113.1%	15.0%	4.9%	32.2%	28.1%	0.3%	16.9%	26.5%	(132.9%)	8.3%	(4.3%)	0.4%	39.2%	17.6%	(78.3%)	20.4%	9.2%	32.1%	28.3%	33.3%	33.0%	11.4%	34.2%	31.9%	35.5%	37.9%	33.7%	(232.3%)	14.9%	38.1%	35.5%	36.1%	37.1%	35.1%	30.5%
Share count
Diluted shares outstanding	3,979	4,021	4,041	4,014	4,034	3,973	4,004	3,998	3,998	3,999	4,002	3,958	4,087	4,015	4,111	4,178	3,312	2,272	1,979	1,879	1,870	1,899	1,894	1,819	1,820	1,501	1,237	1,239	1,934	1,891	1,811	1,587	1,549	1,527	954	935	945	980	1,039	1,084	1,133

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$187,973	$187,267	$184,992	$176,191	$158,057	$136,341	$127,144	$155,900	$160,338	$156,776	$151,800	$149,558	$144,077	$146,917	$133,559	$135,605	$128,954	$116,283	$143,584	$168,884	$160,065	$176,896	$171,652	$164,338	$162,258	$160,504	$170,058	$160,658	$143,350	$153,627	$146,991	$137,137	$128,439	$108,521	$100,132	$88,286	$97,650	$96,146	$92,446	$71,643	$62,716	$52,774
Cost of revenue	($172,560)	($174,466)	($158,434)	($150,550)	($134,397)	($114,651)	($112,752)	($134,693)	($136,269)	($131,321)	($126,195)	($124,446)	($125,025)	($120,190)	($113,039)	($113,611)	($104,451)	($98,866)	($126,620)	($141,956)	($146,961)	($144,121)	($140,924)	($129,685)	($125,027)	($128,348)	($131,085)	($126,664)	($112,652)	($117,706)	($118,586)	($110,595)	($102,910)	($91,762)	($88,804)	($70,371)	($78,004)	($72,616)	($68,233)	($58,495)	($51,866)	($44,435)
Gross profit	$15,413	$12,801	$26,558	$25,641	$23,660	$21,690	$14,392	$21,207	$24,069	$25,455	$25,605	$25,112	$19,052	$26,727	$20,520	$21,994	$24,503	$17,417	$16,964	$26,928	$13,104	$32,775	$30,728	$34,653	$37,231	$32,156	$38,973	$33,994	$30,698	$35,921	$28,405	$26,542	$25,529	$16,759	$11,328	$17,915	$19,646	$23,530	$24,212	$13,148	$10,850	$8,339
Operating expenses
Research and development	–	($9,400)	($8,000)	($8,200)	($7,800)	($7,600)	($7,100)	($7,400)	($8,200)	($8,000)	($7,300)	($6,700)	($6,700)	($6,200)	($5,500)	($5,300)	($5,000)	($4,700)	($7,100)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($11,203)	($10,849)	($10,287)	($10,702)	($10,888)	($11,915)	($10,193)	($11,161)	($11,403)	($11,527)	($10,972)	($10,763)	($11,842)	($10,850)	($11,529)	($10,884)	($11,909)	($13,029)	($21,065)	($20,823)	($19,148)	($24,571)	($11,455)	($26,642)	($28,249)	($18,572)	($11,847)	($8,874)	($7,834)	($7,995)	($6,625)	($6,044)	($5,424)	($4,856)	($4,434)	($6,153)	($5,921)	($5,321)	($8,307)	($3,780)	($3,834)	($3,216)
Total operating expenses	($22,445)	($21,970)	($21,339)	($20,183)	($17,384)	($17,167)	($18,800)	($20,633)	($20,866)	($20,574)	($19,819)	($18,131)	($18,720)	($11,058)	($11,606)	($10,848)	($11,693)	($18,346)	($21,972)	($27,359)	($21,294)	($33,054)	($25,897)	($26,642)	($28,249)	($28,668)	($21,255)	($18,128)	($16,423)	($15,640)	($13,500)	($12,544)	($10,334)	($7,920)	($6,523)	($11,931)	($9,106)	($9,550)	($10,765)	($6,947)	($6,793)	($5,609)
Total costs and expenses	($195,005)	($196,436)	($179,773)	($170,733)	($151,781)	($131,818)	($131,552)	($155,326)	($157,135)	($151,895)	($146,014)	($142,577)	($143,745)	($131,248)	($124,645)	($124,459)	($116,144)	($117,212)	($148,592)	($169,315)	($168,255)	($177,175)	($166,821)	($156,327)	($153,276)	($157,016)	($152,340)	($144,792)	($129,075)	($133,346)	($132,086)	($123,139)	($113,244)	($99,682)	($95,327)	($82,302)	($87,110)	($82,166)	($78,998)	($65,442)	($58,659)	($50,045)
Operating income	($7,032)	($9,169)	$5,219	$5,458	$6,276	$4,523	($4,408)	$574	$3,203	$4,881	$5,786	$6,981	$332	$15,669	$8,914	$11,146	$12,810	($929)	($5,008)	($431)	($8,190)	($279)	$4,831	$8,011	$8,982	$3,488	$17,718	$15,866	$14,275	$20,281	$14,905	$13,998	$15,195	$8,839	$4,805	$5,984	$10,540	$13,980	$13,448	$6,201	$4,056	$2,730
Earnings
EBITDA	$803	($1,335)	$12,786	$13,148	$13,918	$11,841	$4,343	$10,263	$12,588	$14,122	$7,916	$14,974	$7,717	$22,173	$14,400	$15,863	$18,710	$6,738	$7,917	$12,727	$8,329	$6,443	$17,883	$22,277	$24,062	$22,779	$33,667	$30,408	$28,178	$34,065	$27,696	$25,717	$24,531	$16,307	$11,560	$11,762	$13,725	$18,209	$15,905	–	–	–
Interest income	$1,380	$1,490	$1,540	$1,567	$639	$254	$452	$809	$667	$459	$291	$309	$244	$213	$342	$471	$348	$312	$951	–	$1,478	–	$988	–	–	–	$1,488	$1,418	$1,325	$1,116	$841	$800	$665	$563	$653	–	–	–	–	–	–	–
Interest expense	($1,376)	($1,254)	($1,115)	($7,613)	($4,593)	($4,593)	($46)	($5,409)	($5,157)	($4,364)	($894)	($773)	($797)	($3,689)	($3,828)	($4,431)	($6,152)	($6,790)	($9,737)	($10,989)	($8,783)	($1,220)	($1,221)	–	–	–	($1,383)	($1,347)	($795)	($788)	($695)	($622)	($721)	($807)	($860)	–	–	–	–	–	–	–
Pre-tax income	($12,113)	($11,830)	$7,233	$3,967	($3,016)	$17,780	($1,116)	($640)	$4,345	$8,159	$6,784	$10,252	$1,234	$14,371	$7,638	$8,681	$7,149	$2,599	($15,276)	($3,746)	($15,074)	$1,079	$4,598	$1,339	$1,064	($7,419)	$8,115	$9,854	$24,280	$10,939	$6,793	$6,705	$8,789	$4,003	($127)	($2,653)	$1,390	$5,947	$8,299	$7,351	$5,059	$3,618
Income tax expense	$4,736	$3,668	($1,339)	$362	$864	$130	($160)	$724	($650)	($402)	($2,184)	($2,881)	($4)	($2,425)	($2,026)	$11,541	($592)	$113	$62	$1,467	$2,655	$845	($937)	($123)	($342)	$2,096	($2,705)	($3,248)	($2,760)	($3,741)	($2,166)	($2,379)	($3,329)	($1,350)	($295)	$395	($530)	($2,112)	($2,999)	($2,726)	($1,774)	($1,103)
Net income	($7,393)	($8,182)	$5,879	$4,347	($1,981)	$17,937	($1,279)	$47	$3,677	$7,731	$4,589	$7,373	$1,231	$11,953	$5,613	$20,213	$6,561	$2,717	($14,766)	($2,795)	($12,613)	$1,691	$3,634	$495	($980)	($5,453)	$3,467	$7,237	$22,071	$6,920	$4,446	$4,139	$5,308	$2,529	($7,385)	($2,258)	$860	$3,835	$5,300	$4,625	$3,285	$2,515
Per share
Diluted EPS (GAAP)	($1.87)	($2.06)	$1.46	$1.08	($0.49)	$4.45	($0.32)	$0.01	$0.92	$1.93	$1.15	$1.84	$0.31	$2.94	$1.41	$4.94	$1.66	$0.86	($6.50)	($1.41)	($6.71)	$0.77	$1.52	$0.26	($0.55)	($3.00)	$2.30	$5.86	$17.76	$3.58	$2.32	$2.12	$2.83	$1.34	($4.97)	($2.39)	$0.92	$4.06	$5.41	$4.45	$3.03	$2.22
Basic EPS (GAAP)	($1.86)	($2.06)	$1.48	$1.09	($0.49)	$4.49	($0.32)	$0.01	$0.93	$1.94	$1.16	$1.86	$0.31	$3.04	$1.47	$5.33	$1.90	$0.91	($6.50)	($1.41)	($6.71)	$0.78	$1.66	$0.27	($0.55)	($3.00)	$2.34	$5.99	$18.17	$3.66	$2.37	$2.28	$3.16	$1.44	($4.97)	($2.39)	$0.94	$4.11	$5.48	$4.52	$3.03	$2.29
Basic shares outstanding	3,985	3,979	3,978	3,998	4,014	3,991	3,973	3,972	3,974	3,975	3,973	3,969	3,912	3,935	3,815	3,793	3,449	2,992	2,273	1,979	1,879	1,846	1,739	1,832	1,819	1,820	1,483	1,210	1,211	1,877	1,852	1,683	1,587	1,549	1,527	954	915	933	967	1,023	1,084	1,098
Margins
Gross margin	8.2%	6.8%	14.4%	14.6%	15.0%	15.9%	11.3%	13.6%	15.0%	16.2%	16.9%	16.8%	13.2%	18.2%	15.4%	16.2%	19.0%	15.0%	11.8%	15.9%	8.2%	18.5%	17.9%	21.1%	22.9%	20.0%	22.9%	21.2%	21.4%	23.4%	19.3%	19.4%	19.9%	15.4%	11.3%	20.3%	20.1%	24.5%	26.2%	18.4%	17.3%	15.8%
Operating margin	(3.7%)	(4.9%)	2.8%	3.1%	4.0%	3.3%	(3.5%)	0.4%	2.0%	3.1%	3.8%	4.7%	0.2%	10.7%	6.7%	8.2%	9.9%	(0.8%)	(3.5%)	(0.3%)	(5.1%)	(0.2%)	2.8%	4.9%	5.5%	2.2%	10.4%	9.9%	10.0%	13.2%	10.1%	10.2%	11.8%	8.1%	4.8%	6.8%	10.8%	14.5%	14.5%	8.7%	6.5%	5.2%
Net margin	(3.9%)	(4.4%)	3.2%	2.5%	(1.3%)	13.2%	(1.0%)	0.0%	2.3%	4.9%	3.0%	4.9%	0.9%	8.1%	4.2%	14.9%	5.1%	2.3%	(10.3%)	(1.7%)	(7.9%)	1.0%	2.1%	0.3%	(0.6%)	(3.4%)	2.0%	4.5%	15.4%	4.5%	3.0%	3.0%	4.1%	2.3%	(7.4%)	(2.6%)	0.9%	4.0%	5.7%	6.5%	5.2%	4.8%

Analyst consensus

Hold47 analysts

Bearish · 6 · Hold · 23 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$0.49	$0.46	Beat
Q4 2024	$0.39	$0.35	Beat
Q1 2025	$0.14	$-0.00	Beat
Q2 2025	$0.37	$0.33	Beat
Q3 2025	$0.45	$0.35	Beat
Q4 2025	$0.13	$0.18	Miss
Q1 2026	$0.66	$0.20	Beat
Q2 2026	$0.42	$0.36	Beat

Peers

Company overview

IPO dateJun 1, 1972

CEOJames Duncan Farley Jr.

Employees169,000

SectorConsumer Cyclical

IndustryAuto - Manufacturers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ford.com

Ford Motor Company is a global automotive giant, engaged in the design, production, and servicing of a broad spectrum of vehicles. Its product line encompasses Ford trucks, commercial cars and vans, and sport utility vehicles, in addition to luxury models from its Lincoln brand. The company structures its diverse operations into distinct segments: Ford Blue, Ford Model e, Ford Pro, Ford Next, and Ford Credit. Ford distributes its vehicles, service components, and accessories through a worldwide network of distributors and dealerships. It also supplies directly to large organizational clients, including commercial fleet operators, daily rental companies, and government entities, often facilitated by its established dealerships. Beyond manufacturing and sales, Ford provides substantial financial services. This includes offering retail installment contracts for both new and used vehicles, as well as direct financing leases for new vehicles to a wide range of customers – from individual consumers to commercial enterprises such as leasing companies, government agencies, and fleet providers. Furthermore, the company extends wholesale loans to dealers to facilitate inventory purchases. It also offers capital to dealers for operational expenses, facility enhancements, real estate acquisitions, and other business initiatives. Founded in 1903, Ford Motor Company is headquartered in Dearborn, Michigan.

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