Ford Motor Co. in Dearborn reports increased revenue in 2025 to $187.3 billion, compared to $185 billion in 2024, but a net loss of $8.2 billion versus a $5.9 billion gain a year ago. The company’s overall 2025 adjusted Earnings Before Interest and Taxes (EBIT) was $6.8 billion.
For the year, the automaker’s cash flow from operations was $21.3 billion and adjusted free cash flow was $3.5 billion. At year end, Ford had nearly $29 billion in cash and $50 billion in liquidity.
“Ford delivered a strong 2025 in a dynamic and often volatile environment,” says Jim Farley, president and CEO of Ford. “We improved our core business and execution, made significant progress in the areas of the business we control – lowering material and warranty costs and making real progress on quality – and made difficult but critical strategic decisions that set us up for a stronger future.
“Moving forward, we’ll continue building on our strong foundation to achieve our target of 8 percent adjusted EBIT margin by 2029.”
The company reported fourth-quarter revenue of $45.9 billion, a 5 percent decrease from the same period a year ago. The company also stated a net loss of $11.1 billion in the quarter; EBIT was $1.0 billion. Cash flow from operations in the fourth quarter was $3.9 billion and adjusted free cash flow was negative $2.1 billion.
“Improvements in our industrial system, a robust product roadmap that leverages our core strengths, and a disciplined approach to capital efficiency will drive even stronger results in 2026 and beyond,” says Sherry House, CFO at Ford. “We remain relentlessly focused on three key levers to improve margins: improvements in EVs, highly accretive anti-cyclical businesses that grow and change our risk profile and next generation core products.”
In 2025, Ford Pro generated more than $66 billion of revenue, with EBIT of $6.8 billion and a double-digit margin. In the U.S., Transit vans had record volume and Super Duty pickups had the best volume year since 2004, up 10 percent. Ford Pro paid software subscriptions grew by 30 percent in 2025.
Ford Model e reported a full-year EBIT loss of $4.8 billion, a $0.3 billion improvement compared to 2024.
Ford Blue delivered $3.0 billion in EBIT for the year, with full-year revenue flat at $101 billion as higher pricing and a strong product lineup offset a 5 percent decline in wholesales. In the U.S., F-150 and Maverick were the two best-selling hybrid pickup trucks, Bronco had record sales, and Explorer was the best-selling three-row SUV.
Ford Credit delivered full-year earnings before taxes (EBT) of $2.6 billion, a 55 percent increase for the year.
For full-year 2026, Ford says it anticipates company adjusted EBIT of $8 billion to $10 billion; adjusted free cash flow of $5 billion to $6 billion; and capital expenditures of $9.5 billion to $10.5 billion, including around $1.5 billion to begin ramping Ford Energy.
At the segment level, the EBIT outlook for Ford Pro is $6.5 billion to $7.5 billion; Ford Blue is $4.0 billion to $4.5 billion; and a loss of $4.0 billion to $4.5 billion for Ford Model e. Ford Credit EBT is expected to be about $2.5 billion.
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