Ford Motor Co. in Dearborn reported fourth-quarter 2024 revenue of $48.2 billion and a total of $185 billion for 2024, the highest revenue year in the company’s history.
The total includes $101.9 billion from Ford Blue (internal combustion engine products), $3.9 billion from Ford Model e (electric vehicles), and $66.9 billion from Ford Pro (commercial vehicle sales). The balance is made up from Ford Credit and other sources.
“Ford is becoming a fundamentally stronger company,” says Jim Farley, president and CEO of Ford. “We finished 2024 with a solid fourth quarter, capping the highest revenue year in Ford’s history.
“Our product portfolio offers the broadest powertrain choice. And Ford Pro, with its mid-teen margins, leading market position, and growing service and repair revenue, provides unique advantages for continued growth.”
Ford’s Q4 revenue of $48.2 billion was a $2.2 billion increase from the same period a year ago. Fourth-quarter net income was $1.8 billion; adjusted earnings before interest and taxes was $2.1 billion. For full-year 2024, revenue climbed 5 percent to $185 billion; net income was $5.9 billion, and adjusted EBIT was $10.2 billion.
Cash flow from operations in the fourth quarter was $3.0 billion, and adjusted free cash flow was $0.7 billion. For the year, cash flow from operations was $15.4 billion and adjusted free cash flow was $6.7 billion. At year end, Ford had more than $28 billion in cash and nearly $47 billion in liquidity, providing the flexibility necessary in a dynamic environment, the company says.
Ford’s board of directors also declared a first-quarter regular dividend of $0.15 per share, plus a supplemental dividend of $0.15 per share, payable on March 3 to shareholders of record on Feb. 18.
“In 2025, we expect to make significantly more progress on our two biggest areas of opportunity – quality and cost – as we enter the heart of our Ford+ transformation,” Farley says. “We control those key profit drivers, and I am confident that we are on the right path to create long-term value for all our stakeholders.”
In Related News: Ford announced key leadership changes as it continues to accelerate its Ford+ plan.
The changes include:
- Sherry House, vice president of finance since June 2024, is Ford’s new CFO.
- John Lawler, former CFO, will continue to serve as Ford’s vice chair with a focus on strategy, partnerships, alliances, and corporate development.
- Marin Gjaja, COO for Ford Model e, is chief strategy officer.
- Andrew Frick takes on additional responsibility as president of Ford Blue and Ford Model e.
- Kay Hart, who led Ford’s International Markets Group, is now general manager of Ford Model e, reporting to Frick.
- Daniel Justo, vice president of Ford Customer Service Division, will take the lead for customer experience, working with dealers to expand Ford’s leading position in remote service, pickup and delivery, while simplifying and improving overall customer service.
- Sam Wu, president and CEO of Ford China, is taking an expanded role to include leading International Markets Group.
- Jeff Marentic will report to Wu as head of Ford International Markets Group.
“We continue to build a talented, mission-driven leadership team that will consistently deliver results while transforming Ford into a higher-growth, higher-margin, more durable company in this fast-changing and competitive environment,” Farley says.
