Ford Motor
F · NYSEMotor Vehicles & Passenger Car Bodies · Fiscal year ends Dec 31
Ford Motor reported revenue of $187B in the fiscal year ended Dec 2025, up 1.2% from the year before. Operating income was −$9.2B, an operating margin of −4.9%, and net income was −$8.2B. Operating cash flow of $21.3B less capital expenditure of $8.8B left free cash flow of $12.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $136B | $158B | $176B | $185B | $187B |
| Cost of revenue | $115B | $134B | $151B | $158B | $174B |
| Gross profit | $21.7B | $23.7B | $25.6B | $26.6B | $12.8B |
| Research & development | $7.6B | $7.8B | $8.2B | $8B | $9.4B |
| Selling, general & admin | $11.9B | $10.9B | $10.7B | $10.3B | $10.8B |
| Operating income | $4.5B | $6.3B | $5.5B | $5.2B | −$9.2B |
| Interest expense | $4.6B | $4.6B | $7.6B | $1.1B | $1.3B |
| Pre-tax income | $17.8B | −$3B | $4B | $7.2B | −$11.8B |
| Income tax | −$130M | −$864M | −$362M | $1.3B | −$3.7B |
| Net income | $17.9B | −$2B | $4.3B | $5.9B | −$8.2B |
| Diluted EPS | 4.45 | −0.49 | 1.08 | 1.46 | −2.06 |
| Diluted shares | 4,034M | 4,014M | 4,041M | 4,021M | 3,979M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $20.5B | $25.1B | $24.9B | $22.9B | $23.4B |
| Receivables | $11.4B | $15.7B | $15.6B | $14.7B | $15.4B |
| Inventory | $12.1B | $14.1B | $15.7B | $15B | $15.3B |
| Current assets | $109B | $116B | $121B | $124B | $123B |
| Net PP&E | $37.1B | $37.3B | $40.8B | $41.9B | – |
| Goodwill | $619M | $603M | $683M | $658M | $483M |
| Total assets | $257B | $256B | $273B | $285B | $289B |
| Deferred revenue | $2.3B | $2.4B | $2.5B | $3.3B | $4.5B |
| Current liabilities | $90.7B | $96.9B | $102B | $107B | $115B |
| Total liabilities | $208B | $213B | $231B | $240B | $253B |
| Shareholders' equity | $48.5B | $43.2B | $42.8B | $44.8B | $36B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $15.8B | $6.9B | $14.9B | $15.4B | $21.3B |
| Capital expenditure | $6.2B | $6.9B | $8.2B | $8.7B | $8.8B |
| Free cash flow | $9.6B | −$13M | $6.7B | $6.7B | $12.5B |
| Depreciation & amortisation | $7.3B | $7.7B | $7.7B | $7.6B | $16B |
| Stock-based compensation | $305M | $336M | $460M | $511M | $510M |
| Share buybacks | $0 | $484M | $335M | $426M | $0 |
| Dividends paid | $403M | $2B | $5B | $3.1B | $3B |
| Dividend per share | 0.10 | 0.50 | 1.25 | 0.78 | 0.75 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.9% | 11.5% | 5.0% | 1.2% |
| Operating income growth (YoY) | – | 38.8% | −13.0% | −4.4% | −275.7% |
| EPS growth (YoY) | – | −111.0% | – | 35.2% | −241.1% |
| Gross margin | 15.9% | 15.0% | 14.6% | 14.4% | 6.8% |
| Operating margin | 3.3% | 4.0% | 3.1% | 2.8% | −4.9% |
| Net margin | 13.2% | −1.3% | 2.5% | 3.2% | −4.4% |
| Return on equityBlank when equity is negative | 37.0% | −4.6% | 10.2% | 13.1% | −22.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.7% | 3.9% | 3.2% | 2.9% | −5.3% |
| Free cash flow margin | 7.0% | −0.0% | 3.8% | 3.6% | 6.7% |
| Cash conversion (CFO ÷ net income) | 0.88x | −3.46x | 3.43x | 2.62x | −2.61x |
| Receivable days | 30 | 36 | 32 | 29 | 30 |
| Inventory days | 38 | 38 | 38 | 34 | 32 |
| Interest cover | 0.98x | 1.37x | 0.72x | 4.68x | −7.31x |
| Current ratio | 1.20x | 1.20x | 1.20x | 1.16x | 1.07x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.