Ford Motor (F) Q4 FY2025 earnings: revenue $45.9 billion, down 4.8% on the year

Ford Motor Co. (F) reported revenue of $45.9 billion for Q4 FY2025, the quarter ended 31 December 2025, down 4.8% on the same quarter a year earlier. Net income was -$11.1 billion, and diluted earnings per share $-2.77. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue

$45.9 billion

-4.8% on the year · -9.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-25.2%

2.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$11.1 billion

Q1 FY2024Q4 FY2025

Diluted EPS

-$2.77

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 7 new.

Full-year revenue hit a record: Full-year 2025 revenue rose to a record $187.3 billion, the fifth consecutive year of full-year revenue growth. Fourth-quarter revenue was $45.9 billion, down 5% from a year earlier.
Net loss reflected special items: The company reported a fourth-quarter net loss of $11.1 billion, with diluted EPS of $(2.77), and a full-year net loss of $8.2 billion, with diluted EPS of $(2.06).
Ford Pro margin narrowed: Ford Pro's full-year EBIT margin was 10.3%, down from 13.5% in 2024. Fourth-quarter Ford Pro EBIT margin was 8.2%, down from 10.0%, on revenue of $14.9 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	45,890	50,534	48,211	-9.2%	-4.8%
Cost of revenue	51,622	43,411	41,301	+18.9%	+25.0%
Gross profit	-5,732	7,123	6,910
Gross margin	-12.5%	14.1%	14.3%
Selling, general and administrative	2,972	2,740	2,777	+8.5%	+7.0%
Operating income	-11,557	1,558	1,231
Operating margin	-25.2%	3.1%	2.6%
Interest expense	348	321	n/a	+8.4%
Pre-tax income	-14,810	1,818	2,314
Income tax	-3,756	-630	483
Effective tax rate	n/a	-34.7%	20.9%
Net income	-11,064	2,447	1,824
Net margin	-24.1%	4.8%	3.8%
Diluted EPS	-$2.77	$0.60	$0.45

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,884	7,402	3,028	-47.5%	+28.3%
Capital expenditure	2,784	2,125	2,498	+31.0%	+11.4%
Free cash flow	1,100	5,277	530	-79.2%	+107.5%
Free cash flow margin	2.4%	10.4%	1.1%
Cash from investing	-7,661	-7,377	-6,861
Cash from financing	353	3,850	3,790	-90.8%	-90.7%
Depreciation and amortisation	10,252	1,975	1,931	+419.1%	+430.9%
Share-based compensation	101	134	107	-24.6%	-5.6%
Buybacks	0.0	0.0	150
Dividends paid	599	597	596	+0.3%	+0.5%
Dividend per share	n/a	$0.15	n/a
Diluted shares, weighted	3,979m	4,048m	4,021m	-1.7%	-1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	35,952	47,392	44,835	-24.1%	-19.8%
Non-controlling interest	28.0	25.0	23.0	+12.0%	+21.7%
Debt	163,336	161,940	158,522	+0.9%	+3.0%
Operating lease liabilities	1,835	1,864	1,782	-1.6%	+3.0%
Finance lease liabilities	754	n/a	711		+6.0%
Other liabilities	87,255	89,769	79,323	-2.8%	+10.0%
Total liabilities and equity	289,160	300,990	285,196	-3.9%	+1.4%
Fixed assets	n/a	44,735	41,928
Goodwill	483	n/a	658		-26.6%
Intangible assets	170	n/a	69.0		+146.4%
Investments	15,131	15,400	15,413	-1.7%	-1.8%
Cash and equivalents	23,356	26,788	22,935	-12.8%	+1.8%
Receivables	15,398	19,199	14,723	-19.8%	+4.6%
Inventory	15,285	16,509	14,951	-7.4%	+2.2%
Other assets	219,337	178,359	174,519	+23.0%	+25.7%
Total assets	289,160	300,990	285,196	-3.9%	+1.4%

Questions

What was Ford Motor's revenue in Q4 FY2025?

Ford Motor (F) reported revenue of $45.9 billion for Q4 FY2025, the quarter ended 31 December 2025, down 4.8% on the same quarter a year earlier.

How much did Ford Motor earn in Q4 FY2025?

Net loss for Q4 FY2025 was $11.1 billion, and the diluted loss per share $2.77.

When did Ford Motor report Q4 FY2025 results?

Ford Motor filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	37,678	34,476	40,190	39,392	43,999	41,474	44,954	43,801	45,962	42,777	47,808	46,196	48,211	40,659	50,184	50,534	45,890	43,253	48,296	49,526
Cost of revenue	32,393	29,036	33,191	34,354	37,816	34,669	37,471	37,548	40,862	36,476	40,489	40,168	41,301	35,188	44,245	43,411	51,622	35,311	42,216	42,148
Gross profit	5,285	5,440	6,999	5,038	6,183	6,805	7,483	6,253	5,100	6,301	7,319	6,028	6,910	5,471	5,939	7,123	-5,732	7,942	6,080	7,378
Gross margin	14%	16%	17%	13%	14%	16%	17%	14%	11%	15%	15%	13%	14%	13%	12%	14%	-12%	18%	13%	15%
SG&A	3,248	2,740	2,759	2,847	2,542	2,506	2,750	2,671	2,775	2,376	2,678	2,456	2,777	2,431	2,706	2,740	2,972	2,807	2,684	3,079
Operating income	739	1,343	2,868	504	1,561	2,113	2,461	1,129	-245	1,225	1,883	880	1,231	319	511	1,558	-11,557	2,329	638	1,454
Operating margin	2%	4%	7%	1%	4%	5%	5%	3%	-1%	3%	4%	2%	3%	1%	1%	3%	-25%	5%	1%	3%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	288	297	321	348	350	357	385
Pre-tax income	11,218	-3,848	791	-1,125	1,166	2,159	2,288	1,387	-1,867	1,612	2,438	869	2,314	621	541	1,818	-14,810	2,912	-2,033	2,146
Tax rate	-9%	n/a	19%	n/a	-8%	23%	12%	15%	n/a	17%	25%	-3%	21%	24%	105%	-35%	n/a	12%	n/a	5%
Net income	12,282	-3,110	667	-827	1,289	1,757	1,917	1,199	-526	1,332	1,831	892	1,824	471	-36.0	2,447	-11,064	2,548	-1,327	2,049
Net margin	33%	-9%	2%	-2%	3%	4%	4%	3%	-1%	3%	4%	2%	4%	1%	-0%	5%	-24%	6%	-3%	4%
Diluted EPS	$3.05	-$0.78	$0.16	-$0.21	$0.34	$0.44	$0.47	$0.30	-$0.13	$0.33	$0.46	$0.22	$0.45	$0.12	-$0.01	$0.60	-$2.77	$0.63	-$0.33	$0.50
Operating cash flow	3,531	-1,084	2,947	3,812	1,178	2,800	5,035	4,591	2,492	1,385	5,508	5,502	3,028	3,679	6,317	7,402	3,884	1,316	4,345	5,427
Capital expenditure	1,772	1,370	1,699	1,732	2,065	1,780	1,949	2,212	2,295	2,094	2,100	1,992	2,498	1,818	2,088	2,125	2,784	2,376	2,382	2,285
Free cash flow	1,759	-2,454	1,248	2,080	-887	1,020	3,086	2,379	197	-709	3,408	3,510	530	1,861	4,229	5,277	1,100	-1,060	1,963	3,142
Buybacks	0.0	0.0	0.0	0.0	484	0.0	0.0	0.0	335	0.0	244	32.0	150	0.0	0.0	0.0	0.0	311	0.0	0.0
Dividends paid	400	405	402	603	599	3,193	601	600	601	1,326	599	597	596	1,196	597	597	599	607	599	598
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 11 February 2026: the filing.