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Ford Reports Second-Quarter 2026 Financial Results; Raises Full-Year Guidance
- Second-quarter revenue of $48.3 billion, down $1.9 billion year-over-year; net loss of $1.3 billion, down $1.3 billion year-over-year, adjusted EBIT of $2.5 billion, up $0.4 billion year-over-year. As expected, the net loss includes a $3.6 billion largely non-cash special item charge tied to the previously announced disposition of the BlueOval SK (BOSK) joint venture
- Operating cashflow of $4.3 billion; adjusted free cashflow of $2.1 billion
- Company declares a third-quarter regular dividend of 15 cents per share
- Company raises full-year adjusted EBIT guidance to $10 billion to $11 billion (from $8.5 billion to $10.5 billion) and adjusted free cashflow to $6.0 billion to $7.0 billion (from $5.0 billion to $6.0 billion)
DEARBORN, Mich., July 28, 2026 - Ford Motor Company (NYSE: F) today announced its second-quarter 2026 financial results.
“We delivered another strong quarter and raised our full-year guidance, but the more important story is the growing evidence that Ford is becoming a more profitable, more disciplined and genuinely different company,” said Ford President and CEO Jim Farley. “Our iconic trucks, off-roaders and hybrids are commanding real pricing power; our quality is now industry-leading in the U.S.; and profitable new adjacencies, such as Ford Energy, are opening fresh sources of growth.”
“Ford delivered another solid quarter, reflecting a resilient underlying business and disciplined execution,” said CFO Sherry House. “Our team is improving the way we operate - sharpening our industrial system, fundamentally reducing costs, and partnering in global markets for speed and efficiency. We are not just executing to plan; we are building a company able to perform through a wide range of uncertainties, and that gives us confidence in the earnings power we’re creating.”
Total Company Highlights
| Second Quarter | First Half |
| 2025 | 2026 | Change | 2025 | 2026 | Change |
| Wholesale Units (000) | 1,185 | 1,039 | (12) % | 2,155 | 1,973 | (8) % |
| GAAP Financial Measures |
| Cash Flows from Op. Activities ($B) | $ 6.3 | $ 4.3 | $ (2.0) | $ 10.0 | $ 5.7 | $ (4.3) |
| Revenue ($B) | 50.2 | 48.3 | (4) % | 90.8 | 91.5 | 1 % |
| Net Income / (Loss) ($B) | (0.0) | (1.3) | $ (1.3) | 0.4 | 1.2 | $ 0.8 |
| Net Income / (Loss) Margin (%) | (0.1) % | (2.7) % | (2.7) ppts | 0.5 % | 1.3 % | 0.9 ppts |
| EPS (Diluted) | $ (0.01) | $ (0.33) | $ (0.32) | $ 0.11 | $ 0.30 | $ 0.19 |
| Non-GAAP Financial Measures |
| Company Adj. Free Cash Flow ($B) | $ 2.8 | $ 2.1 | $ (0.7) | $ 1.3 | $ 0.2 | $ (1.1) |
| Company Adj. EBIT ($B) | 2.1 | 2.5 | 0.4 | 3.2 | 6.0 | 2.8 |
| Company Adj. EBIT Margin (%) | 4.3 % | 5.2 % | 0.9 ppts | 3.5 % | 6.5 % | 3.1 ppts |
| Adjusted EPS (Diluted) | $ 0.37 | $ 0.42 | $ 0.05 | $ 0.51 | $ 1.08 | $ 0.57 |
| Adjusted ROIC (Trailing Four Quarters) | 10.1 % | 13.2 % | 3.1 ppts |
The company posted second-quarter revenue of $48.3 billion, down $1.9 billion year-over-year, reflecting lower wholesale volumes, including the discontinuation of products, aluminum supply constraints and the right-sizing of Gen-1 electric vehicle volumes to customer demand, partially offset by favorable mix.
Ford reported a net loss of $1.3 billion, down $1.3 billion year-over-year. The net loss includes $4.2 billion of pre-tax special item charges (including a $3.6 billion largely non-cash charge related to the previously announced disposition of the BlueOval SK (BOSK) joint venture and $0.5 billion of charges tied to the EV program cancellations announced in December 2025). Adjusted earnings before interest and taxes (EBIT) was $2.5 billion, an increase of $0.4 billion year-over-year. Operating cashflow was $4.3 billion in the quarter, and adjusted free cashflow was $2.1 billion. At the end of the quarter, Ford had $22.3 billion in cash and $43.4 billion in liquidity.
On July 28, the company also declared a third-quarter regular dividend of 15 cents per share, payable on Sept. 1 to shareholders of record on Aug. 11.
Business Segment Highlights
| Second Quarter | First Half |
| Ford Blue Segment |
| Wholesales (000) | 696 | 639 | (8) % | 1,284 | 1,223 | (5) % |
| Revenue ($B) | $ 25.8 | $ 26.1 | 1 % | $ 46.8 | $ 49.9 | 7 % |
| EBIT ($M) | 661 | 1,135 | $ 474 | 757 | 3,077 | $ 2,320 |
| EBIT Margin (%) | 2.6 % | 4.4 % | 1.8 ppts | 1.6 % | 6.2 % | 4.5 ppts |
| Ford Model e Segment |
| Wholesales (000) | 60 | 28 | (53) % | 91 | 62 | (32) % |
| Revenue ($B) | $ 2.4 | $ 1.0 | (56) % | $ 3.6 | $ 2.3 | (37) % |
| EBIT ($M) | (1,329) | (919) | $ 410 | (2,178) | (1,696) | $ 482 |
| EBIT Margin (%) | (56.4) % | (89.6) % | (33.2) ppts | (60.5) % | (75.1) % | (14.6) ppts |
| Ford Pro Segment |
| Wholesales (000) | 429 | 372 | (13) % | 781 | 688 | (12) % |
| Revenue ($B) | $ 18.8 | $ 17.8 | (5) % | $ 34.0 | $ 32.5 | (4) % |
| EBIT ($M) | 2,318 | 1,718 | $ (600) | 3,627 | 3,403 | $ (224) |
| EBIT Margin (%) | 12.3 % | 9.7 % | (2.7) ppts | 10.7 % | 10.5 % | (0.2) ppts |
Ford Pro generated $1.7 billion of EBIT on $17.8 billion of revenue, at a 9.7% EBIT margin. EBIT was down $0.6 billion year-over-year as it continues to recover from temporary Novelis-related aluminum supply constraints.
Ford Blue reported $1.1 billion of EBIT on $26.1 billion of revenue - EBIT up $0.5 billion year-over-year and revenue up 1%. Ford reported the highest share of revenue in the U.S. truck segment, and off-road trims accounted for nearly a quarter of Ford U.S. sales.
Ford Model e reported a second-quarter EBIT loss of $919 million on $1.0 billion of revenue - the third consecutive quarter of year-over-year EBIT improvement.
Ford Credit reported second-quarter earnings before taxes of $757 million, up $112 million compared to a year ago. These results reflect strong financing margin, a high-quality portfolio, and a disciplined approach to capital and risk management.
Full-Year 2026 Outlook
Building on strong first-half results, the company is raising full-year 2026 guidance. Ford now expects the following for full-year 2026:
- Adjusted EBIT of $10.0 billion to $11.0 billion (from $8.5 billion to $10.5 billion)
- Adjusted free cashflow of $6.0 billion to $7.0 billion (from $5.0 billion to $6.0 billion), which now includes expected 2026 cash recovery of approximately $500 million of the $1.3 billion IEEPA reimbursement recorded in the first quarter
- Capital expenditures of $9.5 billion to $10.5 billion, unchanged from prior guidance
By segment, Ford now expects:
- Ford Blue EBIT of $5.0 billion to $5.5 billion (from $4.5 billion to $5.0 billion)
- Ford Pro EBIT of $7.0 billion to $7.5 billion (from $6.5 billion to $7.5 billion)
- Ford Model e loss of approximately $4.0 billion (from loss of $4.0 billion to $4.5 billion); this includes about $1 billion in incremental investment for the Universal Electric Vehicle (UEV) platform and Ford Energy, mostly weighted toward the second half of the year
- Ford Credit earnings before taxes above $2.5 billion (from about $2.5 billion)
Key assumptions:
- U.S. seasonally adjusted annual selling rate (SAAR) of 16.0 million to 16.5 million units
- Full-year U.S. industry net pricing up about 0.5%
- On track to deliver approximately $1 billion in material and warranty cost reductions, offset by approximately $1 billion of investment in Universal EV and Ford Energy
- Novelis year-over-year impact of about $1 billion - a net EBIT tailwind heavily weighted to the second half
Conference Call Details
At 5 p.m. ET today, Ford and Ford Credit management will hold a conference call to discuss these financial results. The webcast will be available for replay for approximately one week following the call. Analysts will be able to ask questions on the call. Registration beforehand is strongly recommended to expedite access to the call.
# # #
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security. The company offers freedom of choice through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles (“EVs”) along with embedded software that defines always-on digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, the company provides financial services through Ford Motor Credit Company. Ford employs about 169,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.
| Media | David Tovar | 1.773.682.7954 | dtovar9@ford.com |
| Equity Investment | Maria Ricciardone | 1.248.510.9092 | mariar@ford.com |
| Fixed Income Investment | Sean Moore | 1.313.248.1587 | smoor192@ford.com |
| Shareholder Inquiries | 1.800.555.5259 or 1.313.845.8540 | fordir@ford.com |
The following applies to the information throughout this release:
- See tables later in this release for the nature and amount of special items, and reconciliations of the non-GAAP financial measures designated as “adjusted” to the most comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
- Wholesale unit and production volumes include Ford and Lincoln brand vehicles produced and sold by Ford or our unconsolidated affiliates and Jiangling Motors Corporation (“JMC”) brand vehicles produced and sold in China by our unconsolidated affiliate. Revenue does not include vehicles produced and sold by our unconsolidated affiliates. Wholesales and revenue exclude transactions between the Ford Blue, Ford Model e and Ford Pro business segments.
- Reported “cash” includes cash, cash equivalents, marketable securities and restricted cash (including cash held for sale), excluding Ford Credit’s cash, cash equivalents, marketable securities and restricted cash.
- The guidance is based on our expectations and best estimates as of July 28, 2026, and assumes no material change to our current assumptions for inflation, logistics issues, production, or macroeconomic conditions. Our guidance does not include potential impacts of a significant escalation in the Middle East or a material downturn in the U.S. economy, which could have a substantial impact on industry demand. Moreover, our guidance has not factored in any new policy changes by the administration in the United States, including future or revised tariffs or related offsets, that have not been announced or tariffs or other policy changes that may be announced by other governments after the date hereof.
Cautionary Note on Forward-Looking Statements
Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:
- Ford’s long-term success depends on delivering the Ford+ plan, including improving cost competitiveness;
- Ford’s products have been and could continue to be affected by defects that result in recall campaigns, increased warranty costs, or delays in new model launches, and the time it takes to improve the quality of our products and services and reduce the costs associated therewith could continue to have an adverse effect on our business;
- Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule and specifications, and a shortage of or inability to timely acquire key components or raw materials has previously disrupted and may, in the future, disrupt Ford’s operations;
- Ford’s production, as well as Ford’s suppliers’ production, and/or the ability to deliver products to consumers could be disrupted by labor issues, public health issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors;
- Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, commercial relationships, or business strategies or the benefits may take longer than expected to materialize;
- Ford may not realize the anticipated benefits of restructuring actions and such actions may cause Ford to incur significant charges, disrupt our operations, or harm our reputation;
- Failure to develop and deploy secure digital services that appeal to customers, retain existing subscribers, and grow our subscription rates could have a negative impact on Ford’s business;
- Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints;
- Ford’s ability to attract, develop, grow, support, and reward talent is critical to its success and competitiveness;
- Operational information systems, security systems, products, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford, Ford Credit, their suppliers, and dealers;
- To facilitate access to the raw materials and other components necessary for the manufacture of electrified products, Ford has entered into and may, in the future, enter into multi-year commitments to raw material and other suppliers that subject Ford to risks associated with lower future demand for such items as well as costs that fluctuate and are difficult to accurately forecast;
- With a global footprint and supply chain, Ford’s results and operations have been and could continue to be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events;
- Ford’s new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and Ford’s reputation may be harmed based on positions it takes or if it is unable to achieve the initiatives it has announced;
- Ford may face increased price competition for its products and services, including pricing pressure resulting from industry excess capacity, currency fluctuations, competitive actions, legal and policy changes, or economic or other factors, particularly for electrified vehicles;
- Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable securities, can have a significant effect on results;
- Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;
- Industry sales volume can be volatile and could decline if there is a financial crisis, recession, public health emergency, or significant geopolitical event;
- The impact of government incentives on Ford’s business has been and could continue to be significant, and Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;
- Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, asset portfolios, or other factors;
- Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;
- Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed;
- Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition;
- Ford and Ford Credit have experienced and could continue to experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise;
- Ford may need to substantially modify its product plans and facilities to respond to shifting consumer sentiment and competitive dynamics as a result of policy changes affecting, or otherwise to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations;
- Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, data protection, data access, and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and
- Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations.
We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake, and expressly disclaim to the extent permitted by law, any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in millions, except per share amounts)
| For the periods ended June 30 | Second Quarter | First Half |
| 2025 | 2026 | 2025 | 2026 |
| (unaudited) |
| Revenues |
| Company excluding Ford Credit | $ 46,943 | $ 44,891 | $ 84,365 | $ 84,710 |
| Ford Credit | 3,241 | 3,405 | 6,478 | 6,839 |
| Total revenues | 50,184 | 48,296 | 90,843 | 91,549 |
| Costs and expenses |
| Cost of sales | 44,245 | 42,216 | 79,433 | 77,527 |
| Selling, administrative, and other expenses | 2,706 | 2,684 | 5,137 | 5,491 |
| Ford Credit interest, operating, and other expenses | 2,722 | 2,758 | 5,443 | 5,564 |
| Total costs and expenses | 49,673 | 47,658 | 90,013 | 88,582 |
| Operating income/(loss) | 511 | 638 | 830 | 2,967 |
| Interest expense on Company debt excluding Ford Credit | 297 | 357 | 585 | 707 |
| Other income/(loss), net | 577 | 449 | 1,073 | 1,222 |
| Equity in net income/(loss) of affiliated companies | (250) | (2,763) | (156) | (2,603) |
| Income/(Loss) before income taxes | 541 | (2,033) | 1,162 | 879 |
| Provision for/(Benefit from) income taxes | 570 | (711) | 718 | (350) |
| Net income/(loss) | (29) | (1,322) | 444 | 1,229 |
| Less: Income/(Loss) attributable to noncontrolling interests | 7 | 5 | 9 | 8 |
| Net income/(loss) attributable to Ford Motor Company | $ (36) | $ (1,327) | $ 435 | $ 1,221 |
| EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLA SSB STOCK |
| Basic income/(loss) | $ (0.01) | $ (0.33) | $ 0.11 | $ 0.31 |
| Diluted income/(loss) | (0.01) | (0.33) | 0.11 | 0.30 |
| Weighted-average shares used in computation of earnings/(loss) per share |
| Basic shares | 3,980 | 3,987 | 3,974 | 3,989 |
| Diluted shares | 3,980 | 3,987 | 4,018 | 4,069 |
FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions)
| December 31, 2025 | June 30, 2026 (unaudited) |
| ASSETS |
| Cash and cash equivalents | $ 23,356 | $ 18,603 |
| Marketable securities | 15,131 | 12,731 |
| Ford Credit finance receivables, net of allowance for credit losses of $261 and $286 | 49,130 | 45,451 |
| Trade and other receivables, less allowances of $108 and $99 | 15,398 | 17,880 |
| Inventories | 15,285 | 16,946 |
| Other assets | 5,187 | 5,880 |
| Total current assets | 123,487 | 117,491 |
| Ford Credit finance receivables, net of allowance for credit losses of $650 and $682 | 61,449 | 59,418 |
| Net investment in operating leases | 28,540 | 29,283 |
| Net property | 37,288 | 39,958 |
| Equity in net assets of affiliated companies | 2,753 | 2,758 |
| Deferred income taxes | 21,953 | 23,107 |
| Other assets | 13,690 | 13,516 |
| Total assets | $ 289,160 | $ 285,531 |
| LIABILITIES |
| Payables | $ 25,809 | $ 27,012 |
| Other liabilities and deferred revenue | 31,779 | 29,584 |
| Debt payable within one year |
| Company excluding Ford Credit | 5,550 | 4,381 |
| Ford Credit | 51,752 | 46,956 |
| Total current liabilities | 114,890 | 107,933 |
| Other liabilities and deferred revenue | 30,902 | 30,565 |
| Long-term debt |
| Company excluding Ford Credit | 16,369 | 19,238 |
| Ford Credit | 89,665 | 90,392 |
| Deferred income taxes | 1,354 | 1,648 |
| Total liabilities | 253,180 | 249,776 |
| EQUITY |
| Common Stock, par value $0.01 per share (4,157 million shares issued of 6 billion authorized) | 41 | 42 |
| Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized) | 1 | 1 |
| Capital in excess of par value of stock | 23,922 | 23,979 |
| Retained earnings | 22,508 | 22,508 |
| Accumulated other comprehensive income/(loss) | (7,710) | (7,772) |
| Treasury stock | (2,810) | (3,039) |
| Total equity attributable to Ford Motor Company | 35,952 | 35,719 |
| Equity attributable to noncontrolling interests | 28 | 36 |
| Total equity | 35,980 | 35,755 |
| Total liabilities and equity | $ 289,160 | $ 285,531 |
FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
| For the periods ended June 30 | 2025 | 2026 |
| First Half (unaudited) |
| Cashflows from operating activities |
| Net income/(loss) | $ 444 | $ 1,229 |
| Depreciation and tooling amortization | 3,747 | 3,748 |
| Other amortization | (929) | (891) |
| Disposition of investment in BOSK non-cash charges | - | 2,930 |
| Provision for credit and insurance losses | 323 | 359 |
| Pension and other postretirement employee benefits (“OPEB”) expense/(income) | 187 | (27) |
| Equity method investment (earnings)/losses and impairments in excess of dividends received | 261 | (107) |
| Foreign currency adjustments | 62 | (224) |
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | (43) | (4) |
| Stock compensation | 275 | 211 |
| Provision for/(Benefit from) deferred income taxes | 212 | (881) |
| Decrease/(Increase) in finance receivables (wholesale and other) | 2,927 | 1,217 |
| Decrease/(Increase) in accounts receivable and other assets | (3,500) | (1,249) |
| Decrease/(Increase) in inventory | (1,476) | (1,713) |
| Increase/(Decrease) in accounts payable and accrued and other liabilities | 7,293 | 577 |
| Other | 213 | 486 |
| Net cash provided by/(used in) operating activities | 9,996 | 5,661 |
| Cashflows from investing activities |
| Capital spending | (3,906) | (4,758) |
| Acquisitions of finance receivables and operating leases | (24,438) | (25,196) |
| Collections of finance receivables and operating leases | 22,542 | 23,598 |
| Purchases of marketable securities and other investments | (4,440) | (3,134) |
| Sales and maturities of marketable securities and other investments | 5,593 | 5,432 |
| Settlements of derivatives | (104) | 83 |
| Returns of capital from equity method investments | 1,700 | - |
| Other | 42 | (43) |
| Net cash provided by/(used in) investing activities | (3,011) | (4,018) |
| Cashflows from financing activities |
| Cash payments for dividends and dividend equivalents | (1,793) | (1,206) |
| Purchases of common stock | - | (311) |
| Net changes in short-term debt | (1,110) | (1,755) |
| Proceeds from issuance of long-term debt | 20,469 | 24,464 |
| Payments of long-term debt | (24,828) | (27,364) |
| Other | (146) | (198) |
| Net cash provided by/(used in) financing activities | (7,408) | (6,370) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 483 | (127) |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ 60 | $ (4,854) |
| Cash, cash equivalents, and restricted cash at beginning of period | $ 23,190 | $ 23,750 |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | 60 | (4,854) |
| Cash, cash equivalents, and restricted cash at end of period | $ 23,250 | $ 18,896 |
SUPPLEMENTAL INFORMATION
The tables below provide supplemental consolidating financial information. Company excluding Ford Credit includes our Ford Blue, Ford Model e, and Ford Pro reportable segments, Corporate Other, Interest on Debt, and Special Items. Eliminations, where presented, primarily represent eliminations of intersegment transactions and deferred tax netting.
Selected Income Statement Information. The following table provides supplemental income statement information (in millions):
| For the period ended June 30, 2026 | Second Quarter |
| Company excluding Ford Credit | Ford Credit | Consolidated |
| Revenues | $ 44,891 | $ 3,405 | $ 48,296 |
| Total costs and expenses | 44,900 | 2,758 | 47,658 |
| Operating income/(loss) | (9) | 647 | 638 |
| Interest expense on Company debt excluding Ford Credit | 357 | - | 357 |
| Other income/(loss), net | 353 | 96 | 449 |
| Equity in net income/(loss) of affiliated companies | (2,777) | 14 | (2,763) |
| Income/(Loss) before income taxes | (2,790) | 757 | (2,033) |
| Provision for/(Benefit from) income taxes | (393) | (318) | (711) |
| Net income/(loss) | (2,397) | 1,075 | (1,322) |
| Less: Income/(Loss) attributable to noncontrolling interests | 5 | - | 5 |
| Net income/(loss) attributable to Ford Motor Company | $ (2,402) | $ 1,075 | $ (1,327) |
| For the period ended June 30, 2026 | First Half |
| Revenues | $ 84,710 | $ 6,839 | $ 91,549 |
| Total costs and expenses | 83,018 | 5,564 | 88,582 |
| Operating income/(loss) | 1,692 | 1,275 | 2,967 |
| Interest expense on Company debt excluding Ford Credit | 707 | - | 707 |
| Other income/(loss), net | 984 | 238 | 1,222 |
| Equity in net income/(loss) of affiliated companies | (2,630) | 27 | (2,603) |
| Income/(Loss) before income taxes | (661) | 1,540 | 879 |
| Provision for/(Benefit from) income taxes | (140) | (210) | (350) |
| Net income/(loss) | (521) | 1,750 | 1,229 |
| Less: Income/(Loss) attributable to noncontrolling interests | 8 | - | 8 |
| Net income/(loss) attributable to Ford Motor Company | $ (529) | $ 1,750 | $ 1,221 |
Selected Balance Sheet Information. The following tables provide supplemental balance sheet information (in millions):
| June 30, 2026 |
| Assets | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated |
| Cash and cash equivalents | $ 10,177 | $ 8,426 | $ - | $ 18,603 |
| Marketable securities | 11,943 | 788 | - | 12,731 |
| Ford Credit finance receivables, net | - | 45,451 | - | 45,451 |
| Trade and other receivables, net | 8,617 | 9,263 | - | 17,880 |
| Inventories | 16,946 | - | - | 16,946 |
| Other assets | 4,558 | 1,322 | - | 5,880 |
| Receivable from other segments | 1,063 | 1,930 | (2,993) | - |
| Total current assets | 53,304 | 67,180 | (2,993) | 117,491 |
| Ford Credit finance receivables, net | - | 59,418 | - | 59,418 |
| Net investment in operating leases | 1,646 | 27,637 | - | 29,283 |
| Net property | 39,614 | 344 | - | 39,958 |
| Equity in net assets of affiliated companies | 2,615 | 143 | - | 2,758 |
| Deferred income taxes | 22,073 | 1,034 | - | 23,107 |
| Other assets | 11,619 | 1,897 | - | 13,516 |
| Receivable from other segments | 51 | - | (51) | - |
| Total assets | $ 130,922 | $ 157,653 | $ (3,044) | $ 285,531 |
| Liabilities |
| Payables | $ 26,074 | $ 938 | $ - | $ 27,012 |
| Other liabilities and deferred revenue | 27,022 | 2,562 | - | 29,584 |
| Debt payable within one year | 4,381 | 46,956 | - | 51,337 |
| Payable to other segments | 2,946 | 47 | (2,993) | - |
| Total current liabilities | 60,423 | 50,503 | (2,993) | 107,933 |
| Other liabilities and deferred revenue | 29,273 | 1,292 | - | 30,565 |
| Long-term debt | 19,238 | 90,392 | - | 109,630 |
| Deferred income taxes | 827 | 821 | - | 1,648 |
| Payable to other segments | - | 51 | (51) | - |
| Total liabilities | $ 109,761 | $ 143,059 | $ (3,044) | $ 249,776 |
Selected Cash Flow Information. The following tables provide supplemental cashflow information (in millions):
| For the period ended June 30, 2026 | First Half |
| Cashflows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated |
| Net income/(loss) | $ (521) | $ 1,750 | $ - | $ 1,229 |
| Depreciation and tooling amortization | 2,328 | 1,420 | - | 3,748 |
| Other amortization | 31 | (922) | - | (891) |
| Disposition of investment in BOSK non-cash charges | 2,930 | - | - | 2,930 |
| Provision for credit and insurance losses | (4) | 363 | - | 359 |
| Pension and OPEB expense/(income) | (27) | - | - | (27) |
| Equity method investment (earnings)/losses and impairments in excess of dividends received | (92) | (15) | - | (107) |
| Foreign currency adjustments | (206) | (18) | - | (224) |
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | (9) | 5 | - | (4) |
| Stock compensation | 203 | 8 | - | 211 |
| Provision for/(Benefit from) deferred income taxes | (537) | (344) | - | (881) |
| Decrease/(Increase) in finance receivables (wholesale and other) | - | 1,217 | - | 1,217 |
| Decrease/(Increase) in intersegment receivables/payables | (496) | 496 | - | - |
| Decrease/(Increase) in accounts receivable and other assets | (1,070) | (179) | - | (1,249) |
| Decrease/(Increase) in inventory | (1,713) | - | - | (1,713) |
| Increase/(Decrease) in accounts payable and accrued and other liabilities | 678 | (101) | - | 577 |
| Other | 604 | (118) | - | 486 |
| Interest supplements and residual value support to Ford Credit | (1,822) | 1,822 | - | - |
| Net cash provided by/(used in) operating activities | $ 277 | $ 5,384 | $ - | $ 5,661 |
| Cashflows from investing activities |
| Capital spending | $ (4,714) | $ (44) | $ - | $ (4,758) |
| Acquisitions of finance receivables and operating leases | - | (25,196) | - | (25,196) |
| Collections of finance receivables and operating leases | - | 23,598 | - | 23,598 |
| Purchases of marketable securities and other investments | (2,974) | (160) | - | (3,134) |
| Sales and maturities of marketable securities and other investments | 5,287 | 145 | - | 5,432 |
| Settlements of derivatives | 150 | (67) | - | 83 |
| Other | (43) | - | - | (43) |
| Investing activity (to)/from other segments | 1,875 | - | (1,875) | - |
| Net cash provided by/(used in) investing activities | $ (419) | $ (1,724) | $ (1,875) | $ (4,018) |
| Cashflows from financing activities |
| Cash payments for dividends and dividend equivalents | $ (1,206) | $ - | $ - | $ (1,206) |
| Purchases of common stock | (311) | - | - | (311) |
| Net changes in short-term debt | 186 | (1,941) | - | (1,755) |
| Proceeds from issuance of long-term debt | 1 | 24,463 | - | 24,464 |
| Payments of long-term debt | (2,341) | (25,023) | - | (27,364) |
| Other | (138) | (60) | - | (198) |
| Financing activity to/(from) other segments | - | (1,875) | 1,875 | - |
| Net cash provided by/(used in) financing activities | $ (3,809) | $ (4,436) | $ 1,875 | $ (6,370) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ (58) | $ (69) | $ - | $ (127) |
Non-GAAP Financial Measures That Supplement GAAP Measures
We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over- period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted.
- Company Adjusted EBIT (Most Comparable GAAP Measure: Net income / (Loss) attributable to Ford) - Earnings Before Interest and Taxes (EBIT) excludes interest on debt (excluding Ford Credit Debt), taxes and pre-tax special items. This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results. Our management excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not generally consider to be indicative of earnings from ongoing operating activities.
- Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income / (Loss) Margin) - Company Adjusted EBIT Margin is Company Adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting.
- Adjusted Earnings / (Loss) Per Share (Most Comparable GAAP Measure: Earnings / (Loss) Per Share) - Measure of Company’s diluted net earnings / (loss) per share adjusted for impact of pre-tax special items (described above), tax special items and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of earnings from ongoing operating activities.
- Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) - Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting.
- Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) - Measure of Company’s operating cashflow excluding Ford Credit’s operating cashflows. The measure contains elements management considers operating activities, including Company excluding Ford Credit capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, restructuring actions, and other items that are considered operating cashflows under U.S. GAAP. This measure is useful to management and investors because it is consistent with management’s assessment of the Company’s operating cashflow performance.
- Adjusted ROIC - Calculated as the sum of adjusted net operating profit / (loss) after-cash tax from the last four quarters, divided by the average invested capital over the last four quarters. Adjusted Return on Invested Capital (“Adjusted ROIC”) provides management and investors with useful information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented. Adjusted net operating profit / (loss) after-cash tax measures operating results less special items, interest on debt (excluding Ford Credit Debt), and certain pension / OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excluding Ford Credit Debt), and net pension / OPEB liability.
When we provide guidance for adjusted EBIT, adjusted earnings / (loss) per share, and adjusted effective tax rate, we do not provide guidance for their respective most comparable GAAP measures as those GAAP measures will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including gains and losses on pension and OPEB remeasurement, and other items that are difficult to quantify.
When we provide guidance for Company adjusted free cashflow, we do not provide guidance for its most comparable GAAP measure (net cash provided by / (used in) operating activities) as the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cashflows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cashflows, and cashflows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by / (used in) our operating activities.
Note: Calculated results may not sum due to rounding
Net Income / (Loss) Reconciliation to Adjusted EBIT ($M)
| Second Quarter | First Half | Memo: |
| 2025 | 2026 | 2025 | 2026 | FY 2025 |
| Net income/(loss) attributable to Ford (GAAP) | $ (36) | $ (1,327) | $ 435 | $ 1,221 | $ (8,182) |
| Income/(Loss) attributable to noncontrolling interests | 7 | 5 | 9 | 8 | 20 |
| Net income/(loss) | $ (29) | $ (1,322) | $ 444 | $ 1,229 | $ (8,162) |
| Less: (Provision for)/Benefit from income taxes | (570) | 711 | (718) | 350 | 3,668 |
| Income/(Loss) before income taxes | $ 541 | $ (2,033) | $ 1,162 | $ 879 | $ (11,830) |
| Less: Special items pre-tax | (1,302) | (4,179) | (1,412) | (4,405) | (17,356) |
| Income/(Loss) before special items pre-tax | $ 1,843 | $ 2,146 | $ 2,574 | $ 5,284 | $ 5,526 |
| Less: Interest on debt | (297) | (357) | (585) | (707) | (1,254) |
| Adjusted EBIT (Non-GAAP) | $ 2,140 | $ 2,503 | $ 3,159 | $ 5,991 | $ 6,780 |
| Memo: Revenue ($B) | $ 50.2 | $ 48.3 | $ 90.8 | $ 91.5 | $ 187.3 |
| Net income/(loss) margin (GAAP) (%) | (0.1) % | (2.7) % | 0.5 % | 1.3 % | (4.4) % |
| Adjusted EBIT margin (Non-GAAP) (%) | 4.3 % | 5.2 % | 3.5 % | 6.5 % | 3.6 % |
Earnings / (Loss) Per Share Reconciliation to Adjusted Earnings / (Loss) Per Share
| Second Quarter | First Half |
| Diluted After-Tax Results ($M) |
| Diluted after-tax results (GAAP) | $ (36) | $ (1,327) | $ 435 | $ 1,221 |
| Less: Impact of pre-tax and tax special items | (1,535) | (3,027) | (1,616) | (3,177) |
| Adjusted net income/(loss) - diluted (Non-GAAP) | $ 1,499 | $ 1,700 | $ 2,051 | $ 4,398 |
| Basic and Diluted Shares (M) |
| Basic shares (average shares outstanding) | 3,980 | 3,987 | 3,974 | 3,989 |
| Net dilutive options, unvested restricted stock units, and unvested restricted stock shares | 45 | 79 | 44 | 80 |
| Diluted shares | 4,025 | 4,066 | 4,018 | 4,069 |
| Earnings/(Loss) per share - diluted (GAAP) (a) | $ (0.01) | $ (0.33) | $ 0.11 | $ 0.30 |
| Less: Net impact of adjustments | (0.38) | (0.75) | (0.40) | (0.78) |
| Adjusted earnings/(loss) per share - diluted (Non-GAAP) | $ 0.37 | $ 0.42 | $ 0.51 | $ 1.08 |
_________ (a) In the second quarter of 2025 and 2026, there were 45 million and 79 million shares, respectively, excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.
Effective Tax Rate Reconciliation to Adjusted Effective Tax Rate
| 2026 Memo: | Q2 | First Half | FY 2025 |
| Pre-Tax Results ($M) |
| Income/(Loss) before income taxes (GAAP) | $ (2,033) | $ 879 | $ (11,830) |
| Less: Impact of special items | (4,179) | (4,405) | (17,356) |
| Adjusted earnings before taxes (Non-GAAP) | $ 2,146 | $ 5,284 | $ 5,526 |
| Taxes ($M) |
| (Provision for)/Benefit from income taxes (GAAP) | $ 711 | $ 350 | $ 3,668 |
| Less: Impact of special items | 1,152 | 1,228 | 4,775 |
| Adjusted (provision for)/benefit from income taxes (Non-GAAP) | $ (441) | $ (878) | $ (1,107) |
| Tax Rate (%) |
| Effective tax rate (GAAP) | 35.0 % | (39.8) % | 31.0 % |
| Adjusted effective tax rate (Non-GAAP) | 20.5 % | 16.6 % | 20.0 % |
Net Cash Provided by / (Used in) Operating Activities Reconciliation To Company Adjusted Free Cash Flow ($M)
| 2025 | 2026 | First Half |
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | 2025 | 2026 |
| Net cash provided by/(used in) operating activities (GAAP) | $ 3,679 | $ 6,317 | $ 7,402 | $ 3,884 | $ 1,316 | $ 4,345 | $ 9,996 | $ 5,661 |
| Less: Items not included in company adjusted free cashflows |
| Ford Credit operating cashflows | 4,106 | 2,517 | 1,741 | 4,567 | 3,337 | 2,047 | 6,623 | 5,384 |
| Funded pension contributions | (234) | (281) | (187) | (18) | (178) | (148) | (515) | (326) |
| Restructuring (including separations) (a) | (163) | (46) | (22) | (205) | (734) | (107) | (209) | (841) |
| Ford Credit tax payments/(refunds) under tax sharing agreement | - | - | - | - | 33 | - | - | 33 |
| Other, net | (141) | (144) | (189) | (522) | (541) | (957) | (285) | (1,498) |
| Add: Items included in company adjusted free cashflows |
| Company excluding Ford Credit capital spending | (1,790) | (2,054) | (2,099) | (2,751) | (2,357) | (2,357) | (3,844) | (4,714) |
| Ford Credit distributions | 200 | 500 | 350 | 600 | 950 | 925 | 700 | 1,875 |
| Settlement of derivatives | 1 | 109 | (1) | (55) | 134 | 16 | 110 | 150 |
| Company adjusted free cashflow (Non-GAAP) | $ (1,478) | $ 2,826 | $ 4,309 | $ (2,144) | $ (1,874) | $ 2,094 | $ 1,348 | $ 220 |
_________ (a) Restructuring excludes cashflows reported in investing activities
Adjusted ROIC ($B)
| Four Quarters Ending | June 30, 2025 | June 30, 2026 |
| Adjusted Net Operating Profit/(Loss) After Cash Tax |
| Net income/(loss) attributable to Ford | $ 3.2 | $ (7.4) |
| Add: Noncontrolling interest | - | - |
| Less: Income tax | (1.2) | 4.7 |
| Add: Cash tax | (0.7) | (0.7) |
| Less: Interest on debt | (1.2) | (1.4) |
| Less: Total pension/OPEB income/(cost) | (0.1) | (0.8) |
| Add: Pension/OPEB service costs | (0.5) | (0.4) |
| Net operating profit/(loss) after cash tax | $ 4.4 | $ (11.0) |
| Less: Special items (excl. pension/OPEB) pre-tax | (2.7) | (19.8) |
| Adjusted net operating profit/(loss) after cash tax | $ 7.1 | $ 8.7 |
| Invested Capital |
| Equity | $ 45.1 | $ 35.8 |
| Debt (excl. Ford Credit) | 20.3 | 23.6 |
| Net pension and OPEB liability | 4.3 | 3.8 |
| Invested capital (end of period) | $ 69.7 | $ 63.1 |
| Average invested capital | $ 70.2 | $ 65.9 |
| ROIC (a) | 6.3 % | (16.7) % |
| Adjusted ROIC (Non-GAAP) (b) | 10.1 % | 13.2 % |
__________ (a) Calculated as the sum of net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters (b) Calculated as the sum of adjusted net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters
Special Items ($B)
| Second Quarter | First Half |
| Restructuring (by Geography) |
| Europe | $ - | $ - | $ (0.1) | $ (0.4) |
| Subtotal Restructuring | $ (0.0) | $ (0.0) | $ (0.1) | $ (0.4) |
| Other Items |
| EV program cancellations announced in December 2025 | $ - | $ (0.5) | $ - | $ (0.6) |
| BO SK JV disposition | - | (3.6) | - | (3.6) |
| All-electric three-row SUV program cancellation and resulting actions | (0.3) | - | (0.4) | - |
| Fuel injector field service action | (0.6) | - | (0.6) | - |
| Ford share of equity method investment’s asset impairment / other | (0.2) | - | (0.2) | - |
| Ford share of BOSK’s asset write-down / other | (0.2) | - | (0.2) | - |
| Subtotal Other Items | $ (1.3) | $ (4.1) | $ (1.3) | $ (4.2) |
| Pension and OPEB Gain/(Loss) |
| Pension and OPEB remeasurement | $ - | $ (0.1) | $ - | $ 0.2 |
| Pension settlements, curtailments, and separations costs | - | - | - | (0.1) |
| Subtotal Pension and OPEB Gain/(Loss) | $ (0.0) | $ (0.1) | $ (0.0) | $ 0.1 |
| Total EBIT Special Items | $ (1.3) | $ (4.2) | $ (1.4) | $ (4.4) |
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in millions)
| (unaudited) |
| Financing revenue |
| Operating leases | $ 1,176 | $ 1,374 | $ 2,307 | $ 2,720 |
| Retail financing | 1,539 | 1,562 | 3,049 | 3,146 |
| Dealer financing | 661 | 538 | 1,330 | 1,078 |
| Other financing | 45 | 44 | 83 | 85 |
| Total financing revenue | 3,421 | 3,518 | 6,769 | 7,029 |
| Depreciation on vehicles subject to operating leases | (603) | (689) | (1,208) | (1,385) |
| Interest expense | (1,759) | (1,693) | (3,549) | (3,412) |
| Net financing margin | 1,059 | 1,136 | 2,012 | 2,232 |
| Other revenue |
| Insurance premiums earned | 42 | 39 | 90 | 82 |
| Fee based revenue and other | 23 | 21 | 47 | 52 |
| Total financing margin and other revenue | 1,124 | 1,196 | 2,149 | 2,366 |
| Expenses |
| Operating expenses | 443 | 361 | 796 | 729 |
| Provision for credit losses | 114 | 150 | 254 | 322 |
| Insurance expenses | 47 | 38 | 64 | 41 |
| Total expenses | 604 | 549 | 1,114 | 1,092 |
| Other income/(loss), net | 125 | 110 | 190 | 266 |
| Income before income taxes | 645 | 757 | 1,225 | 1,540 |
| Provision for/(Benefit from) income taxes | 102 | (318) | 258 | (210) |
| Net income | $ 543 | $ 1,075 | $ 967 | $ 1,750 |
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions)
| December 31, 2025 | June 30, 2026 (unaudited) |
| ASSETS |
| Cash and cash equivalents | $ 9,270 | $ 8,426 |
| Marketable securities | 784 | 788 |
| Finance receivables, net |
| Retail installment contracts, dealer financing, and other financing | 111,039 | 107,184 |
| Finance leases | 8,757 | 8,344 |
| Total finance receivables, net of allowance for credit losses of $911 and $968 | 119,796 | 115,528 |
| Net investment in operating leases | 26,502 | 27,637 |
| Notes and accounts receivable from affiliated companies | 984 | 723 |
| Derivative financial instruments | 1,528 | 1,072 |
| Other assets | 3,589 | 4,334 |
| Total assets | $ 162,453 | $ 158,508 |
| LIABILITIES |
| Accounts payable (including to affiliated companies of $481 and $822) | $ 1,445 | $ 1,759 |
| Debt | 141,417 | 137,348 |
| Deferred income taxes | 660 | 821 |
| Derivative financial instruments | 947 | 853 |
| Other liabilities and deferred revenue | 3,180 | 3,132 |
| Total liabilities | 147,649 | 143,913 |
| SHAREHOLDER’S INTEREST |
| Shareholder’s interest | 5,166 | 5,166 |
| Accumulated other comprehensive income/(loss) | (695) | (779) |
| Retained earnings | 10,333 | 10,208 |
| Total shareholder’s interest | 14,804 | 14,595 |
| Total liabilities and shareholder’s interest | $ 162,453 | $ 158,508 |
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
| First Half (unaudited) |
| Cashflows from operating activities |
| Net income | $ 967 | $ 1,750 |
| Provision for credit losses | 254 | 322 |
| Depreciation and amortization | 1,541 | 1,754 |
| Amortization of upfront interest supplements | (1,287) | (1,282) |
| Net change in deferred income taxes | 195 | (344) |
| Net change in other assets | (56) | (240) |
| Net change in other liabilities | 379 | 298 |
| All other operating activities | 13 | (52) |
| Net cash provided by/(used in) operating activities | 2,006 | 2,206 |
| Cashflows from investing activities |
| Purchases of finance receivables | (17,705) | (17,724) |
| Principal collections of finance receivables | 20,025 | 20,746 |
| Purchases of operating lease vehicles | (5,793) | (6,517) |
| Proceeds from termination of operating lease vehicles | 3,193 | 3,721 |
| Net change in wholesale receivables and other short-duration receivables | 3,001 | 1,354 |
| Purchases of marketable securities and other investments | (202) | (160) |
| Proceeds from sales and maturities of marketable securities and other investments | 176 | 145 |
| Settlements of derivatives | (214) | (67) |
| All other investing activities | (62) | (44) |
| Net cash provided by/(used in) investing activities | 2,419 | 1,454 |
| Cashflows from financing activities |
| Proceeds from issuances of long-term debt | 20,468 | 24,463 |
| Payments of long-term debt | (23,902) | (25,023) |
| Net change in short-term debt | (1,302) | (1,941) |
| Cash distributions to parent | (700) | (1,875) |
| All other financing activities | (52) | (60) |
| Net cash provided by/(used in) financing activities | (5,488) | (4,436) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 271 | (69) |
| Net increase/(decrease) in cash, cash equivalents and restricted cash | $ (792) | $ (845) |
| Cash, cash equivalents, and restricted cash at beginning of period | $ 9,360 | $ 9,377 |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | (792) | (845) |
| Cash, cash equivalents, and restricted cash at end of period | $ 8,568 | $ 8,532 |