Ford Motor Co (F) Q4 2025 Earnings Call Highlights: Strong Revenue Growth Amid Challenges

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Wed, February 11, 2026 at 2:01 PM GMT+9 4 min read

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**Revenue:** $187 billion for the full year.

**Adjusted EBIT:** $6.8 billion, with a $2 billion headwind from Novelis fires and tariffs.

**Free Cash Flow:** $3.5 billion generated.

**Cash and Liquidity:** Ended the year with nearly $29 billion in cash and $50 billion in liquidity.

**Ford Pro Revenue:** Over $66 billion with EBIT of $6.8 billion and a double-digit margin.

**Ford Model E Revenue Growth:** 73% increase.

**Ford Model E Volume Growth:** 69% increase.

**Ford Credit EBT:** $2.6 billion, up 55% for the year.

**2026 Adjusted EBIT Outlook:** $8 billion to $10 billion.

**2026 Adjusted Free Cash Flow Outlook:** $5 billion to $6 billion.

**2026 Capital Expenditures:** $9.5 billion to $10.5 billion.

**US Market Share:** Increased to 13.2%.

**Ford Pro US Market Share:** Over 42% in class one through seven market.

**Paid Software Subscriptions Growth:** 30% increase.

**Dividend:** First quarter regular dividend of $0.15 per share declared.

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Release Date: February 10, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Ford Motor Co (NYSE:F) reported a revenue growth to $187 billion, marking the fifth consecutive year of revenue increase.

The company achieved a US market share of 13.2%, the best performance in six years.

Ford Pro delivered more than $66 billion in revenue with a double-digit margin, demonstrating its importance as a key profit pillar.

Ford Motor Co (NYSE:F) generated $3.5 billion of free cash flow and ended the year with nearly $50 billion in liquidity.

The company made significant progress in cost and quality, including lowering material and warranty costs.

Negative Points

Ford Motor Co (NYSE:F) faced a $2 billion headwind due to Novelis fires and a net tariff impact, which was $1 billion higher than previously communicated.

The company expects losses of $4 billion to $4.5 billion for Ford Model E, reflecting ongoing challenges in the EV segment.

Temporary costs related to Novelis are expected to be $1.5 billion to $2 billion, impacting the company's financials.

Ford Motor Co (NYSE:F) anticipates a tougher regulatory climate in Europe, which could dampen results for Ford Pro.

The company is facing higher commodity prices driven by inflation and pressure on DRAM, impacting cost structures.

Q & A Highlights

Q: Can you help unpack the market factors driving the year-over-year increase in 2026, including the impact of Novelis and tariffs? A: Sherry House, Ford’s CFO, explained that the Novelis improvement is expected to be $1 billion year-over-year, with $2.5 billion to $3 billion reflecting nonrecurrence of 2025 losses. Temporary costs of $1.5 billion to $2 billion are anticipated to ensure supply continuity. Positive market factors include the sunset of low-margin nameplates and benefits from changes in the US regulatory environment. Tariff costs are expected to be lower by $1 billion year-over-year.

Story Continues  

Q: How is Ford ensuring capital-efficient investments in EV and AV, given past inefficiencies in the industry? A: CEO Jim Farley emphasized that Ford’s strategy is informed by customer preferences, focusing on profitable EV segments like UEV in the US. Ford is also investing in hybrids and EREV for large trucks. Overseas, Ford is leveraging partnerships for capital-efficient solutions. The strategy includes a mix of partnerships, efficient electrification investments, and targeting core EV markets with less competition.

Q: Can you clarify the impact of Novelis on 2026 EBIT and the expected recovery in volume? A: Sherry House confirmed that the nonrecurrence of the $2 billion loss from 2025 will improve 2026 results. Temporary costs of $1.5 billion to $2 billion are expected, but the net positive impact is projected to be $1 billion for the year. Kumar Galhotra added that contingency plans are in place to secure aluminum supply, with the Novelis mill expected to restart between May and September.

Q: What are Ford’s assumptions for market factors in North American trucks and European LCVs, given competitive pressures? A: Andrew Frick, President of Ford Blue, stated that Ford is prepared for competition in the full-size pickup segment, having grown its leadership position. Ford’s approach includes disciplined market strategies and optimizing product mix based on customer demand. Alicia Davis, President of Ford Pro, noted strong demand and competitive products in Europe, with continued investment in services for fleet customers.

Q: How is Ford approaching capital allocation for energy storage, and what customer feedback has been received? A: Jim Farley highlighted the growing demand for battery storage in data centers and grid stability. Ford is engaging with customers for its 20-gigawatt hour capacity planned for 2027. The company has a technological advantage with LNP technology and aims to provide end-to-end solutions for customers, leveraging its manufacturing expertise and trusted brand reputation.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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