# Ford (F) Q2 2026 earnings

Results filed 2026-07-28 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/f/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/37996/000003799626000155/0000037996-26-000155-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $48.3 billion | down $1.9 billion year-over-year | GAAP |
| Net loss | $1.3 billion | down $1.3 billion year-over-year | GAAP |
| Adjusted diluted EPS | 0.42 |  | non-GAAP |
| Operating income | 638 |  | GAAP |
| Operating cash flow | $4.3 billion |  | GAAP |
| Adjusted free cash flow | $2.1 billion |  | non-GAAP |
| Adjusted EBIT | $2.5 billion | up $0.4 billion year-over-year | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

1. **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).
2. **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.
3. **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%.
4. **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.
5. **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.

## 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.