Ford (F) · Automotive
Ford Q2 2026 earnings: summary, key numbers & outlook
Results filed 28 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Ford reported 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.
Ford's second-quarter revenue fell to $48.3 billion, down $1.9 billion from a year ago. Lower wholesale volumes, discontinued products, aluminum supply constraints and fewer electric vehicles weighed on sales. Ford posted a net loss of $1.3 billion because of a $3.6 billion largely non-cash charge tied to the BlueOval SK joint venture disposition. Excluding special items, adjusted EBIT rose $0.4 billion to $2.5 billion, and operating cash flow was $4.3 billion.
Ford raised full-year guidance. It now expects adjusted EBIT of $10 billion to $11 billion and adjusted free cash flow of $6.0 billion to $7.0 billion. Capital spending guidance is unchanged. The main tension is that Ford Pro profit fell on aluminum supply problems from Novelis, and Ford Model e still lost $919 million. Guidance excludes a major Middle East escalation, a U.S. downturn and new tariff or policy changes.
Key numbers
- Revenue · GAAP
- $48.3 billion
- Net loss · GAAP
- $1.3 billion
- Adjusted diluted EPS · non-GAAP
- 0.42
- Operating income · GAAP
- $638.0M
- Operating cash flow · GAAP
- $4.3 billion
- Adjusted free cash flow · non-GAAP
- $2.1 billion
- Adjusted EBIT · non-GAAP
- $2.5 billion
down $1.9 billion year-over-year
down $1.3 billion year-over-year
up $0.4 billion year-over-year
| Segment or metric | Value | Change |
|---|---|---|
| Ford Blue EBIT | $1.1 billion | up $0.5 billion year-over-year |
| Ford Pro EBIT | $1.7 billion | down $0.6 billion year-over-year |
| Ford Model e EBIT loss | $919 million | |
| Ford Credit earnings before taxes | $757 million | up $112 million compared to a year ago |
Where each number comes from
- Revenue: “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.”
- Net loss: “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.”
- Adjusted diluted EPS: “Adjusted EPS (Diluted) $ 0.37 $ 0.42 $ 0.05 $ 0.51 $ 1.08 $ 0.57 Adjusted ROIC (Trailing Four Quarters) 10.1 %”
- Operating income: “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”
- Operating cash flow: “Operating cash flow of $4.3 billion; adjusted free cash flow of $2.1 billion”
- Adjusted free cash flow: “Operating cash flow of $4.3 billion; adjusted free cash flow of $2.1 billion”
- Adjusted EBIT: “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.”
- Ford Blue EBIT: “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 Pro EBIT: “Ford Pro generated $1.7 billion of EBIT on $17.8 billion of revenue, at a 9.7% EBIT margin.”
- Ford Model e EBIT loss: “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 earnings before taxes: “Ford Credit reported second-quarter earnings before taxes of $757 million, up $112 million compared to a year ago.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $48.3B | −3.8% | +11.7% |
| Operating income | $638.0M | +24.9% | −72.6% |
| Net income | -$1.3B | −3572.2% | — |
| Diluted EPS | -$0.33 | −3200.0% | — |
| Free cash flow | $2.0B | −53.6% | — |
| Operating margin | 1.3% | +0.3 pts | −4.1 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted EBIT | full-year 2026 | $10 billion to $11 billion |
| Adjusted free cash flow | full-year 2026 | $6.0 billion to $7.0 billion |
| Capital expenditures | full-year 2026 | $9.5 billion to $10.5 billion |
| Ford Blue EBIT | full-year 2026 | $5.0 billion to $5.5 billion |
| Ford Pro EBIT | full-year 2026 | $7.0 billion to $7.5 billion |
| Ford Model e loss | full-year 2026 | approximately $4.0 billion |
| Ford Credit earnings before taxes | full-year 2026 | above $2.5 billion |
| U.S. SAAR | full-year 2026 | 16.0 million to 16.5 million units |
Key takeaways
Ford raised full-year profit and cash guidance
Adjusted EBIT guidance is now $10 billion to $11 billion (from $8.5 billion to $10.5 billion). Adjusted free cash flow guidance is $6.0 billion to $7.0 billion (from $5.0 billion to $6.0 billion).
BOSK charge drove the GAAP net loss
The net loss of $1.3 billion includes a $3.6 billion largely non-cash special item charge tied to the BlueOval SK (BOSK) joint venture disposition.
Adjusted EBIT rose despite lower revenue
Revenue was $48.3 billion, down $1.9 billion, yet adjusted EBIT rose $0.4 billion to $2.5 billion, with adjusted EBIT margin at 5.2%.
Ford Pro profit fell on aluminum constraints
Ford Pro EBIT was $1.7 billion, down $0.6 billion year-over-year, as it continues to recover from temporary Novelis-related aluminum supply constraints.
Model e losses narrowed but remain large
Ford Model e lost $919 million on $1.0 billion of revenue, its third consecutive quarter of year-over-year EBIT improvement. Full-year Model e loss is guided to approximately $4.0 billion.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $48.2B * |
| Q1 2025 | $40.7B |
| Q2 2025 | $50.2B |
| Q3 2025 | $50.5B |
| Q4 2025 | $45.9B * |
| Q1 2026 | $43.3B |
| Q2 2026 | $48.3B |
| Q3 2026 | $49.5B |
Data
| Q1 2025 | $0.12 |
| Q2 2025 | -$0.01 |
| Q3 2025 | $0.60 |
| Q1 2026 | $0.63 |
| Q2 2026 | -$0.33 |
| Q3 2026 | $0.50 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 2.6% |
| Q1 2025 | 0.8% |
| Q2 2025 | 1.0% |
| Q3 2025 | 3.1% |
| Q4 2025 | -25.2% |
| Q1 2026 | 5.4% |
| Q2 2026 | 1.3% |
| Q3 2026 | 2.9% |
Data
| Q4 2024 | $530.0M |
| Q1 2025 | $1.9B |
| Q2 2025 | $4.2B |
| Q3 2025 | $5.3B |
| Q4 2025 | $1.1B |
| Q1 2026 | -$1.1B |
| Q2 2026 | $2.0B |
| Q3 2026 | $3.1B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Ford's Q2 2026 headline results?
Revenue was $48.3 billion, down $1.9 billion year-over-year, with a net loss of $1.3 billion. Adjusted EBIT was $2.5 billion, up $0.4 billion.
Why did Ford post a net loss?
The loss includes $4.2 billion of pre-tax special item charges, mainly a $3.6 billion largely non-cash charge tied to the BlueOval SK joint venture disposition.
What is Ford's updated 2026 guidance?
Ford expects adjusted EBIT of $10 billion to $11 billion and adjusted free cash flow of $6.0 billion to $7.0 billion. Capital expenditures remain $9.5 billion to $10.5 billion.
How did Ford's segments perform?
Ford Blue earned $1.1 billion of EBIT and Ford Pro earned $1.7 billion, down $0.6 billion. Ford Model e lost $919 million, and Ford Credit earned $757 million before taxes.
What is Ford's cash and dividend position?
Ford ended the quarter with $22.3 billion in cash and $43.4 billion in liquidity. It declared a third-quarter regular dividend of 15 cents per share.
Documents
SEC filing