Ford Motor (F) FY2025 results: revenue $187.3 billion, up 1.2% on the year
Ford Motor Co. (F) reported revenue of $187.3 billion for fiscal 2025, the year ended 31 December 2025, up 1.2% on the year before. Net income was -$8.2 billion, and diluted earnings per share $-2.06. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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.
- Trucks and vans posted record volume: Transit vans had record volume in the U.S. Super Duty pickups had their best volume year since 2004, rising 10%.
- Special items totaled $17.4 billion: Pre-tax special items were $15.5 billion in the fourth quarter and $17.4 billion for the year, against $1.9 billion for 2024. The largest items were Model e impairments and a JV disposition.
From this 10-K
Ford designs, builds and sells trucks, sport utility vehicles, commercial vans and cars under the Ford and Lincoln brands, sells the parts, accessories and connected services that go with them, and lends money against them through Ford Motor Credit. It sold approximately 4,395,000 vehicles at wholesale worldwide in 2025. The present company was incorporated in Delaware in 1919 and took over the business of the Michigan company incorporated in 1903 to sell cars designed by Henry Ford. It is based in Dearborn, Michigan and has about 169,000 employees. There are three automotive segments, plus Ford Credit and a corporate line.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 187,267 | 184,992 | 176,191 | +1.2% | |
| Cost of revenue | 174,466 | 158,434 | 150,550 | +10.1% | |
| Gross profit | 12,801 | 26,558 | 25,641 | -51.8% | |
| Gross margin | 6.8% | 14.4% | 14.6% | ||
| Research and development | 9,400 | 8,000 | 8,200 | +17.5% | |
| Selling, general and administrative | 10,849 | 10,287 | 10,702 | +5.5% | |
| Operating income | -9,169 | 5,219 | 5,458 | ||
| Operating margin | -4.9% | 2.8% | 3.1% | ||
| Interest expense | 1,254 | 1,115 | 7,613 | +12.5% | |
| Pre-tax income | -11,830 | 7,233 | 3,967 | ||
| Income tax | -3,668 | 1,339 | -362 | ||
| Effective tax rate | n/a | 18.5% | -9.1% | ||
| Net income | -8,182 | 5,879 | 4,347 | ||
| Net margin | -4.4% | 3.2% | 2.5% | ||
| Diluted EPS | -$2.06 | $1.46 | $1.08 |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 21,282 | 15,423 | 14,918 | +38.0% | |
| Capital expenditure | 8,815 | 8,684 | 8,236 | +1.5% | |
| Free cash flow | 12,467 | 6,739 | 6,682 | +85.0% | |
| Free cash flow margin | 6.7% | 3.6% | 3.8% | ||
| Cash from investing | -18,049 | -24,370 | -17,628 | ||
| Cash from financing | -3,205 | 7,485 | 2,584 | ||
| Depreciation and amortisation | 15,974 | 7,567 | 7,690 | +111.1% | |
| Share-based compensation | 510 | 511 | 460 | -0.2% | |
| Buybacks | 0.0 | 426 | 335 | ||
| Dividends paid | 2,989 | 3,118 | 4,995 | -4.1% | |
| Dividend per share | $0.75 | $0.78 | $1.25 | -3.8% | |
| Diluted shares, weighted | 3,979m | 4,021m | 4,041m | -1.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 35,952 | 44,835 | 42,773 | -19.8% | |
| Non-controlling interest | 28.0 | 23.0 | 25.0 | +21.7% | |
| Debt | 163,336 | 158,522 | 149,231 | +3.0% | |
| Operating lease liabilities | 1,835 | 1,782 | 1,395 | +3.0% | |
| Finance lease liabilities | 754 | 711 | n/a | +6.0% | |
| Other liabilities | 87,255 | 79,323 | 79,886 | +10.0% | |
| Total liabilities and equity | 289,160 | 285,196 | 273,310 | +1.4% | |
| Fixed assets | n/a | 41,928 | 40,821 | ||
| Goodwill | 483 | 658 | 683 | -26.6% | |
| Intangible assets | 170 | 69.0 | 80.0 | +146.4% | |
| Investments | 15,131 | 15,413 | 15,309 | -1.8% | |
| Cash and equivalents | 23,356 | 22,935 | 24,862 | +1.8% | |
| Receivables | 15,398 | 14,723 | 15,601 | +4.6% | |
| Inventory | 15,285 | 14,951 | 15,651 | +2.2% | |
| Other assets | 219,337 | 174,519 | 160,303 | +25.7% | |
| Total assets | 289,160 | 285,196 | 273,310 | +1.4% |
10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.