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Ford Motor (F) FY2024 results: revenue $185.0 billion, up 5.0% on the year

Ford Motor Co. (F) reported revenue of $185.0 billion for fiscal 2024, the year ended 31 December 2024, up 5.0% on the year before. Net income was $5.9 billion, up 35.2%, and diluted earnings per share $1.46. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2025.

Revenue
$185.0 billion
+5.0% on the year
FY2017FY2024
Operating margin
2.8%
3.1% a year earlier
FY2017FY2024
Net income
$5.9 billion
+35.2% on the year
FY2017FY2024
Diluted EPS
$1.46
+35.2% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue184,992176,191158,057+5.0%
Cost of revenue158,434150,550134,397+5.2%
Gross profit26,55825,64123,660+3.6%
Gross margin14.4%14.6%15.0%
Research and development8,0008,2007,800-2.4%
Selling, general and administrative10,28710,70210,888-3.9%
Operating income5,2195,4586,276-4.4%
Operating margin2.8%3.1%4.0%
Interest expense1,1157,6134,593-85.4%
Pre-tax income7,2333,967-3,016+82.3%
Income tax1,339-362-864
Effective tax rate18.5%-9.1%n/a
Net income5,8794,347-1,981+35.2%
Net margin3.2%2.5%-1.3%
Diluted EPS$1.46$1.08-$0.49+35.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow15,42314,9186,853+3.4%
Capital expenditure8,6848,2366,866+5.4%
Free cash flow6,7396,682-13.0+0.9%
Free cash flow margin3.6%3.8%-0.0%
Cash from investing-24,370-17,628-4,347
Cash from financing7,4852,5842,511+189.7%
Depreciation and amortisation7,5677,6907,674-1.6%
Share-based compensation511460336+11.1%
Buybacks426335484+27.2%
Dividends paid3,1184,9952,009-37.6%
Dividend per share$0.78$1.25$0.50-37.6%
Diluted shares, weighted4,021m4,041m4,014m-0.5%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity44,83542,77343,242+4.8%
Non-controlling interest23.025.0-75.0-8.0%
Debt158,522149,231138,969+6.2%
Operating lease liabilities1,7821,3951,101+27.7%
Finance lease liabilities711n/an/a
Other liabilities79,32379,88672,647-0.7%
Total liabilities and equity285,196273,310255,884+4.3%
Fixed assets41,92840,82137,265+2.7%
Goodwill658683603-3.7%
Intangible assets69.080.086.0-13.8%
Investments15,41315,30918,936+0.7%
Cash and equivalents22,93524,86225,134-7.8%
Receivables14,72315,60115,729-5.6%
Inventory14,95115,65114,080-4.5%
Other assets174,519160,303144,051+8.9%
Total assets285,196273,310255,884+4.3%

10-K for the year ended 31 December 2024, filed 6 February 2025: the filing.