filings.toolsFord Motor 10-Q 2026-03-31
Filed 2026-04-30. 7 sections, 277K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2026
or
☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission file number 1-3950
Ford Motor Company
(Exact name of Registrant as specified in its charter)
| Delaware | 38-0549190 | ||||||||||
| (State of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
| One American Road | |||||||||||
| Dearborn, | Michigan | 48126 | |||||||||
| (Address of principal executive offices) | (Zip code) |
313-322-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
| Common Stock, par value $.01 per share | F | New York Stock Exchange | ||||||||||||
| 6.200% Notes due June 1, 2059 | FPRB | New York Stock Exchange | ||||||||||||
| 6.000% Notes due December 1, 2059 | FPRC | New York Stock Exchange | ||||||||||||
| 6.500% Notes due August 15, 2062 | FPRD | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of April 27, 2026, Ford Motor Company had outstanding 3,913,840,554 shares of Common Stock and 70,852,076 shares of Class B Stock.
Exhibit Index begins on page 66
FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2026
| Table of Contents | Page | ||||||||||
| Part I - Financial Information | |||||||||||
| Item 1 | Financial Statements | 3 | |||||||||
| Consolidated Income Statements | 3 | ||||||||||
| Consolidated Statements of Comprehensive Income | 3 | ||||||||||
| Consolidated Balance Sheets | 4 | ||||||||||
| Consolidated Statements of Cash Flows | 5 | ||||||||||
| Consolidated Statements of Equity | 6 | ||||||||||
| Notes to the Financial Statements | 7 | ||||||||||
| Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 32 | |||||||||
| Recent Developments | 32 | ||||||||||
| Results of Operations | 34 | ||||||||||
| Ford Blue Segment | 36 | ||||||||||
| Ford Model e Segment | 37 | ||||||||||
| Ford Pro Segment | 37 | ||||||||||
| Ford Credit Segment | 39 | ||||||||||
| Corporate Other | 42 | ||||||||||
| Interest on Debt | 42 | ||||||||||
| Taxes | 42 | ||||||||||
| Liquidity and Capital Resources | 43 | ||||||||||
| Credit Ratings | 52 | ||||||||||
| Outlook | 53 | ||||||||||
| Cautionary Note on Forward-Looking Statements | 54 | ||||||||||
| Non-GAAP Financial Measures That Supplement GAAP Measures | 56 | ||||||||||
| Non-GAAP Financial Measure Reconciliations | 58 | ||||||||||
| Supplemental Information | 60 | ||||||||||
| Accounting Standards Issued But Not Yet Adopted | 63 | ||||||||||
| Item 3 | Quantitative and Qualitative Disclosures About Market Risk | 64 | |||||||||
| Item 4 | Controls and Procedures | 64 | |||||||||
| Part II - Other Information | |||||||||||
| Item 1 | Legal Proceedings | 65 | |||||||||
| Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 65 | |||||||||
| Item 5 | Other Information | 65 | |||||||||
| Item 6 | Exhibits | 66 | |||||||||
| Signature | 67 |
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
| For the periods ended March 31, | |||||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||||
| First Quarter | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Company excluding Ford Credit | $ | 37,422 | $ | 39,819 | |||||||||||||||||||
| Ford Credit | 3,237 | 3,434 | |||||||||||||||||||||
| Total revenues (Note 3) | 40,659 | 43,253 | |||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Cost of sales | 35,188 | 35,311 | |||||||||||||||||||||
| Selling, administrative, and other expenses | 2,431 | 2,807 | |||||||||||||||||||||
| Ford Credit interest, operating, and other expenses | 2,721 | 2,806 | |||||||||||||||||||||
| Total costs and expenses | 40,340 | 40,924 | |||||||||||||||||||||
| Operating income/(loss) | 319 | 2,329 | |||||||||||||||||||||
| Interest expense on Company debt excluding Ford Credit | 288 | 350 | |||||||||||||||||||||
| Other income/(loss), net (Note 4) | 496 | 773 | |||||||||||||||||||||
| Equity in net income/(loss) of affiliated companies | 94 | 160 | |||||||||||||||||||||
| Income/(Loss) before income taxes | 621 | 2,912 | |||||||||||||||||||||
| Provision for/(Benefit from) income taxes | 148 | 361 | |||||||||||||||||||||
| Net income/(loss) | 473 | 2,551 | |||||||||||||||||||||
| Less: Income/(Loss) attributable to noncontrolling interests | 2 | 3 | |||||||||||||||||||||
| Net income/(loss) attributable to Ford Motor Company | $ | 471 | $ | 2,548 | |||||||||||||||||||
| EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) | |||||||||||||||||||||||
| Basic income/(loss) | $ | 0.12 | $ | 0.64 | |||||||||||||||||||
| Diluted income/(loss) | 0.12 | 0.63 | |||||||||||||||||||||
| Weighted-average shares used in computation of earnings/(loss) per share | |||||||||||||||||||||||
| Basic shares | 3,968 | 3,991 | |||||||||||||||||||||
| Diluted shares | 4,011 | 4,071 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
| For the periods ended March 31, | |||||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||||
| First Quarter | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Net income/(loss) | $ | 473 | $ | 2,551 | |||||||||||||||||||
| Other comprehensive income/(loss), net of tax (Note 15) | |||||||||||||||||||||||
| Foreign currency translation | 521 | (257) | |||||||||||||||||||||
| Marketable securities | 67 | (69) | |||||||||||||||||||||
| Derivative instruments | (129) | 131 | |||||||||||||||||||||
| Pension and other postretirement benefits | 22 | 25 | |||||||||||||||||||||
| Total other comprehensive income/(loss), net of tax | 481 | (170) | |||||||||||||||||||||
| Comprehensive income/(loss) | 954 | 2,381 | |||||||||||||||||||||
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 2 | 3 | |||||||||||||||||||||
| Comprehensive income/(loss) attributable to Ford Motor Company | $ | 952 | $ | 2,378 |
The accompanying notes are part of the consolidated financial statements.
Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
| December 31, 2025 | March 31, 2026 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents (Note 7) | $ | 23,356 | $ | 17,649 | |||||||
| Marketable securities (Note 7) | 15,131 | 12,839 | |||||||||
| Ford Credit finance receivables, net of allowance for credit losses of $261 and $270 (Note 8) | 49,130 | 46,185 | |||||||||
| Trade and other receivables, less allowances of $108 and $100 | 15,398 | 17,227 | |||||||||
| Inventories (Note 9) | 15,285 | 16,537 | |||||||||
| Other assets | 5,187 | 5,892 | |||||||||
| Total current assets | 123,487 | 116,329 | |||||||||
| Ford Credit finance receivables, net of allowance for credit losses of $650 and $667 (Note 8) | 61,449 | 60,322 | |||||||||
| Net investment in operating leases | 28,540 | 28,983 | |||||||||
| Net property | 37,288 | 38,091 | |||||||||
| Equity in net assets of affiliated companies | 2,753 | 2,737 | |||||||||
| Deferred income taxes | 21,953 | 22,273 | |||||||||
| Other assets | 13,690 | 13,699 | |||||||||
| Total assets | $ | 289,160 | $ | 282,434 | |||||||
| LIABILITIES | |||||||||||
| Payables | $ | 25,809 | $ | 26,039 | |||||||
| Other liabilities and deferred revenue (Note 10 and Note 17) | 31,779 | 29,849 | |||||||||
| Debt payable within one year (Note 12) | |||||||||||
| Company excluding Ford Credit | 5,550 | 3,268 | |||||||||
| Ford Credit | 51,752 | 47,523 | |||||||||
| Total current liabilities | 114,890 | 106,679 | |||||||||
| Other liabilities and deferred revenue (Note 10 and Note 17) | 30,902 | 30,161 | |||||||||
| Long-term debt (Note 12) | |||||||||||
| Company excluding Ford Credit | 16,369 | 16,327 | |||||||||
| Ford Credit | 89,665 | 90,008 | |||||||||
| Deferred income taxes | 1,354 | 1,775 | |||||||||
| Total liabilities | 253,180 | 244,950 | |||||||||
| EQUITY | |||||||||||
| Common Stock, par value $0.01 per share (4,154 million shares issued of 6 billion authorized) | 41 | 42 | |||||||||
| Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized) | 1 | 1 | |||||||||
| Capital in excess of par value of stock | 23,922 | 23,884 | |||||||||
| Retained earnings | 22,508 | 24,445 | |||||||||
| Accumulated other comprehensive income/(loss) (Note 15) | (7,710) | (7,880) | |||||||||
| Treasury stock | (2,810) | (3,039) | |||||||||
| Total equity attributable to Ford Motor Company | 35,952 | 37,453 | |||||||||
| Equity attributable to noncontrolling interests | 28 | 31 | |||||||||
| Total equity | 35,980 | 37,484 | |||||||||
| Total liabilities and equity | $ | 289,160 | $ | 282,434 |
| The following table includes assets to be used to settle liabilities of the consolidated variable interest entities (“VIEs”). These assets and liabilities are included in the consolidated balance sheets above. | |||||||||||
| December 31, 2025 | March 31, 2026 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 2,523 | $ | 2,636 | |||||||
| Ford Credit finance receivables, net | 55,773 | 55,342 | |||||||||
| Net investment in operating leases | 13,572 | 14,354 | |||||||||
| Other assets | 21 | 65 | |||||||||
| LIABILITIES | |||||||||||
| Other liabilities and deferred revenue | $ | 40 | $ | 12 | |||||||
| Debt | 52,054 | 49,199 |
The accompanying notes are part of the consolidated financial statements.
Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| For the periods ended March 31, | |||||||||||
| 2025 | 2026 | ||||||||||
| First Quarter | |||||||||||
| (unaudited) | |||||||||||
| Cash flows from operating activities | |||||||||||
| Net income/(loss) | $ | 473 | $ | 2,551 | |||||||
| Depreciation and tooling amortization | 1,848 | 1,883 | |||||||||
| Other amortization | (464) | (458) | |||||||||
| Provision for credit and insurance losses | 161 | 173 | |||||||||
| Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 11) | 94 | (136) | |||||||||
| Equity method investment (earnings)/losses and impairments in excess of dividends received | (14) | (28) | |||||||||
| Foreign currency adjustments | 38 | (104) | |||||||||
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4) | (32) | (6) | |||||||||
| Stock compensation | 121 | 110 | |||||||||
| Provision for/(Benefit from) deferred income taxes | (54) | 64 | |||||||||
| Decrease/(Increase) in finance receivables (wholesale and other) | 2,427 | 1,181 | |||||||||
| Decrease/(Increase) in accounts receivable and other assets | (1,294) | (1,542) | |||||||||
| Decrease/(Increase) in inventory | (2,677) | (1,361) | |||||||||
| Increase/(Decrease) in accounts payable and accrued and other liabilities | 3,020 | (1,207) | |||||||||
| Other | 32 | 196 | |||||||||
| Net cash provided by/(used in) operating activities | 3,679 | 1,316 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital spending | (1,818) | (2,376) | |||||||||
| Acquisitions of finance receivables and operating leases | (11,611) | (12,095) | |||||||||
| Collections of finance receivables and operating leases | 10,983 | 11,439 | |||||||||
| Purchases of marketable securities and other investments | (2,433) | (1,743) | |||||||||
| Sales and maturities of marketable securities and other investments | 3,617 | 3,982 | |||||||||
| Settlements of derivatives | (180) | 34 | |||||||||
| Returns of capital from equity method investments (Note 16) | 1,700 | — | |||||||||
| Other | (48) | (12) | |||||||||
| Net cash provided by/(used in) investing activities | 210 | (771) | |||||||||
| Cash flows from financing activities | |||||||||||
| Cash payments for dividends and dividend equivalents | (1,196) | (607) | |||||||||
| Purchases of common stock | — | (311) | |||||||||
| Net changes in short-term debt | (564) | (2,082) | |||||||||
| Proceeds from issuance of long-term debt | 11,979 | 12,565 | |||||||||
| Payments of long-term debt | (16,223) | (15,581) | |||||||||
| Other | (116) | (156) | |||||||||
| Net cash provided by/(used in) financing activities | (6,120) | (6,172) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 118 | (120) | |||||||||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | (2,113) | $ | (5,747) | |||||||
| Cash, cash equivalents, and restricted cash at beginning of period (Note 7) | $ | 23,190 | $ | 23,750 | |||||||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | (2,113) | (5,747) | |||||||||
| Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | 21,077 | $ | 18,003 |
The accompanying notes are part of the consolidated financial statements.
Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
| Equity Attributable to Ford Motor Company | |||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | Cap. in Excess of Par Value of Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) (Note 15) | Treasury Stock | Total | Equity Attributable to Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 42 | $ | 23,502 | $ | 33,740 | $ | (9,639) | $ | (2,810) | $ | 44,835 | $ | 23 | $ | 44,858 | |||||||||||||||||||||||||||||||
| Net income/(loss) | — | — | 471 | — | — | 471 | 2 | 473 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income/(loss), net | — | — | — | 481 | — | 481 | — | 481 | |||||||||||||||||||||||||||||||||||||||
| Common Stock issued (a) | — | 60 | — | — | — | 60 | — | 60 | |||||||||||||||||||||||||||||||||||||||
| Treasury stock/other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Dividends and dividend equivalents declared ($0.30 per share) (b) | — | — | (1,212) | — | — | (1,212) | — | (1,212) | |||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | 42 | $ | 23,562 | $ | 32,999 | $ | (9,158) | $ | (2,810) | $ | 44,635 | $ | 25 | $ | 44,660 | |||||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | 42 | $ | 23,922 | $ | 22,508 | $ | (7,710) | $ | (2,810) | $ | 35,952 | $ | 28 | $ | 35,980 | |||||||||||||||||||||||||||||||
| Net income/(loss) | — | — | 2,548 | — | — | 2,548 | 3 | 2,551 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income/(loss), net | — | — | — | (170) | — | (170) | — | (170) | |||||||||||||||||||||||||||||||||||||||
| Common Stock issued (a) | 1 | (7) | — | — | — | (6) | — | (6) | |||||||||||||||||||||||||||||||||||||||
| Treasury stock/other | — | (31) | — | — | (229) | (260) | — | (260) | |||||||||||||||||||||||||||||||||||||||
| Dividends and dividend equivalents declared ($0.15 per share) (b) | — | — | (611) | — | — | (611) | — | (611) | |||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2026 | $ | 43 | $ | 23,884 | $ | 24,445 | $ | (7,880) | $ | (3,039) | $ | 37,453 | $ | 31 | $ | 37,484 | |||||||||||||||||||||||||||||||
(a)Includes the effect of share-based compensation.
(b)Dividends and di
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Selected Cash Flow Information. The following tables provide supplemental cash flow information (in millions):
| For the period ended March 31, 2026 | |||||||||||||||||||||||
| First Quarter | |||||||||||||||||||||||
| Cash flows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | |||||||||||||||||||
| Net income/(loss) | $ | 1,876 | $ | 675 | $ | — | $ | 2,551 | |||||||||||||||
| Depreciation and tooling amortization | 1,168 | 715 | — | 1,883 | |||||||||||||||||||
| Other amortization | 12 | (470) | — | (458) | |||||||||||||||||||
| Provision for credit and insurance losses | (2) | 175 | — | 173 | |||||||||||||||||||
| Pension and OPEB expense/(income) | (136) | — | — | (136) | |||||||||||||||||||
| Equity method investment (earnings)/losses and impairments in excess of dividends received | (15) | (13) | — | (28) | |||||||||||||||||||
| Foreign currency adjustments | (115) | 11 | — | (104) | |||||||||||||||||||
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | (10) | 4 | — | (6) | |||||||||||||||||||
| Stock compensation | 105 | 5 | — | 110 | |||||||||||||||||||
| Provision for/(Benefit from) deferred income taxes | 78 | (14) | — | 64 | |||||||||||||||||||
| Decrease/(Increase) in finance receivables (wholesale and other) | — | 1,181 | — | 1,181 | |||||||||||||||||||
| Decrease/(Increase) in intersegment receivables/payables | (272) | 272 | — | — | |||||||||||||||||||
| Decrease/(Increase) in accounts receivable and other assets | (1,478) | (64) | — | (1,542) | |||||||||||||||||||
| Decrease/(Increase) in inventory | (1,361) | — | — | (1,361) | |||||||||||||||||||
| Increase/(Decrease) in accounts payable and accrued and other liabilities | (1,098) | (109) | — | (1,207) | |||||||||||||||||||
| Other | 265 | (69) | — | 196 | |||||||||||||||||||
| Interest supplements and residual value support to Ford Credit | (1,038) | 1,038 | — | — | |||||||||||||||||||
| Net cash provided by/(used in) operating activities | $ | (2,021) | $ | 3,337 | $ | — | $ | 1,316 | |||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Capital spending | $ | (2,357) | $ | (19) | $ | — | $ | (2,376) | |||||||||||||||
| Acquisitions of finance receivables and operating leases | — | (12,095) | — | (12,095) | |||||||||||||||||||
| Collections of finance receivables and operating leases | — | 11,439 | — | 11,439 | |||||||||||||||||||
| Purchases of marketable securities and other investments | (1,629) | (114) | — | (1,743) | |||||||||||||||||||
| Sales and maturities of marketable securities and other investments | 3,875 | 107 | — | 3,982 | |||||||||||||||||||
| Settlements of derivatives | 134 | (100) | — | 34 | |||||||||||||||||||
| Other | (11) | (1) | — | (12) | |||||||||||||||||||
| Investing activity (to)/from other segments | 950 | — | (950) | — | |||||||||||||||||||
| Net cash provided by/(used in) investing activities | $ | 962 | $ | (783) | $ | (950) | $ | (771) | |||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Cash payments for dividends and dividend equivalents | $ | (607) | $ | — | $ | — | $ | (607) | |||||||||||||||
| Purchases of common stock | (311) | — | — | (311) | |||||||||||||||||||
| Net changes in short-term debt | 53 | (2,135) | — | (2,082) | |||||||||||||||||||
| Proceeds from issuance of long-term debt | — | 12,565 | — | 12,565 | |||||||||||||||||||
| Payments of long-term debt | (2,287) | (13,294) | — | (15,581) | |||||||||||||||||||
| Other | (120) | (36) | — | (156) | |||||||||||||||||||
| Financing activity to/(from) other segments | — | (950) | 950 | — | |||||||||||||||||||
| Net cash provided by/(used in) financing activities | $ | (3,272) | $ | (3,850) | $ | 950 | $ | (6,172) | |||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ | (76) | $ | (44) | $ | — | $ | (120) |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Selected Other Information.
Equity. At March 31, 2026, total equity attributable to Ford was $37.5 billion, an increase of $1.5 billion compared with December 31, 2025. The detail for this change is shown below (in billions):
| Increase/ (Decrease) | |||||
| Net income/(loss) | $ | 2.5 | |||
| Shareholder distributions (a) | (0.9) | ||||
| Other comprehensive income/(loss), net | (0.2) | ||||
| Common stock issued (including share-based compensation impacts) | — | ||||
| Other | 0.1 | ||||
| Total | $ | 1.5 |
(a)Includes cash dividends, dividend equivalents, and anti-dilutive share repurchases.
U.S. Sales by Type. The following table shows first quarter 2026 U.S. sales volume and U.S. wholesales segregated by electric, hybrid, and internal combustion vehicles. U.S. sales volume represents primarily sales by dealers, sales to the government, and leases to Ford management, and is based, in part, on estimated vehicle registrations and includes medium and heavy trucks.
| U.S. Sales | U.S. Wholesales | ||||||||||
| Electric Vehicles | 6,860 | 6,249 | |||||||||
| Hybrid Vehicles | 41,159 | 33,696 | |||||||||
| Internal Combustion Vehicles | 409,296 | 406,993 | |||||||||
| Total Vehicles | 457,315 | 446,938 |
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
For a discussion of recent accounting standards, see Note 2 of the Notes to the Financial Statements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Company Excluding Ford Credit
Foreign Currency Risk. The net fair value of foreign exchange forward contracts (including adjustments for credit risk) as of March 31, 2026, was a liability of $34 million, compared with an asset of $1 million as of December 31, 2025. The potential change in the fair value from a 10% change in the underlying exchange rates, in U.S. dollar terms, would have been $3 billion at March 31, 2026, unchanged from December 31, 2025.
Commodity Price Risk. The net fair value of commodity forward contracts (including adjustments for credit risk) as of March 31, 2026, was an asset of $247 million, compared with an asset of $177 million at December 31, 2025. The potential change in the fair value from a 10% change in the underlying commodity prices would have been $215 million at March 31, 2026, compared with $192 million at December 31, 2025.
Ford Credit Segment
Interest Rate Risk. To provide a quantitative measure of the sensitivity of its pre-tax cash flow to changes in interest rates, Ford Credit uses interest rate scenarios that assume a hypothetical, instantaneous decrease or increase of one percentage point in all interest rates across all maturities (a “parallel shift”), as well as a base case that assumes that all interest rates remain constant at existing levels. Maturing assets and liabilities are also instantaneously reinvested, capturing 100% of any hypothetical change in interest rates. The differences in pre-tax cash flow between these scenarios and the base case over a 12-month period represent an estimate of the sensitivity of Ford Credit’s pre-tax cash flow. Under this model, Ford Credit estimates that at March 31, 2026, all else constant, such a decrease in interest rates would decrease its pre-tax cash flow by $66 million over the next 12 months, compared with a decrease of $38 million at December 31, 2025. In reality, new assets and liabilities may not immediately capture changes in interest rates, and interest rate changes are rarely instantaneous, parallel, or move exactly the one percentage point assumed in Ford Credit’s analysis. As a result, the actual impact to pre-tax cash flow could be higher or lower than the results detailed above.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures. James D. Farley, Jr., our Chief Executive Officer (“CEO”), and Sherry A. House, our Chief Financial Officer (“CFO”), have performed an evaluation of the Company’s disclosure controls and procedures, as that term is defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of March 31, 2026, and each has concluded that such disclosure controls and procedures are effective to ensure that information required to be disclosed in our periodic reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by SEC rules and forms, and that such information is accumulated and communicated to the CEO and CFO to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting. There were no changes in internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings.
ENVIRONMENTAL MATTERS
Any legal proceeding arising under any federal, state, or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment, in which (i) a governmental authority is a party, and (ii) we believe there is the possibility of monetary sanctions (exclusive of interest and costs) in excess of $1,000,000 is described on page 37 of our 2025 Form 10-K Report.
OTHER MATTERS
Brazilian Tax Matters (as previously reported on page 38 of our 2025 Form 10-K Report). One Brazilian state (São Paulo) and the Brazilian federal tax authority currently have outstanding substantial tax assessments against Ford Motor Company Brasil Ltda. (“Ford Brazil”) related to state and federal tax incentives Ford Brazil received for its operations in the Brazilian state of Bahia. The São Paulo assessment is part of a broader conflict among various states in Brazil. The federal legislature enacted laws designed to encourage the states to end that conflict, and in 2017 the states reached an agreement on a framework for resolution. Ford Brazil continues to pursue a resolution under the framework and expects the amount of any remaining assessments by the states to be resolved under that framework. The federal assessments are outside the scope of the legislation.
All of the outstanding assessments have been appealed to the relevant administrative court of each jurisdiction and some appeals are now pending in the judicial court system. To proceed with an appeal within the judicial court system, an appellant may be required to post collateral. If we are required to post collateral, which could be in excess of $1 billion for all the cases in the aggregate, we expect it to be in the form of fixed assets, surety bonds, and/or letters of credit, but we may be required to post cash collateral. To date, we have received collateral waivers for most of the cases that have been appealed to the judicial court system, although we have been required to post less than $100 million of collateral. Although the ultimate resolution of these matters may take many years, we consider our overall risk of loss to be remote.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.
In the first quarter of 2026, we completed an anti-dilutive share repurchase program to offset the dilutive effect of share-based compensation granted during 2026 and the dilutive effect of settling with shares our obligations in excess of the aggregate principal amount of our 0.00% Convertible Senior Notes due March 15, 2026 that were converted. The program, announced March 13, 2026, authorized repurchases of up to 31.7 million shares of Ford Common Stock. As shown in the rightmost column of the table below, we do not intend to make any further purchases under this program because its anti-dilutive purpose was fulfilled after purchasing only 26,550,000 shares.
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
| January 1, 2026 through January 31, 2026 | — | — | — | — | ||||||||||||||||||||||
| February 1, 2026 through February 28, 2026 | — | — | — | — | ||||||||||||||||||||||
| March 1, 2026 through March 31, 2026 | 26,550,000 | $ | 11.72 | 26,550,000 | 5,150,000 (a) | |||||||||||||||||||||
| Total / Average | 26,550,000 | $ | 11.72 | 26,550,000 |
(a)The share repurchase program announced March 13, 2026 authorized repurchases of up to 31.7 million shares of Ford Common Stock. Although we have repurchased 26,550,000 shares and the program was authorized for up to 31.7 million shares, we do not intend to make any further purchases under this program because its anti-dilutive purpose has been fulfilled.
Item 5. Other Information.
During the quarter ended March 31, 2026, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits.
| Designation | Description | Method of Filing | ||||||||||||
| Exhibit 3.1 | Restated Certificate of Incorporation, dated August 2, 2000. | Filed as Exhibit 3-A to our Annual Report on Form 10-K for the year ended December 31, 2000. (a) | ||||||||||||
| Exhibit 3.1.1 | Certificate of Designations of Series A Junior Participating Preferred Stock filed on September 11, 2009. | Filed as Exhibit 3.1 to our Current Report on Form 8-K filed September 11, 2009. (a) | ||||||||||||
| Exhibit 3.2 | By-laws. | Filed as Exhibit 3 to our Current Report on Form 8-K filed on December 12, 2025. (a) | ||||||||||||
| Exhibit 10.1 | 2023 Long-Term Incentive Plan, as amended February 9, 2026. | Filed with this Report. | ||||||||||||
| Exhibit 10.2 | Annual Performance Bonus Plan Metrics for 2026. | Filed with this Report. | ||||||||||||
| Exhibit 10.3 | Performance Stock Unit Award Metrics for 2026. | Filed with this Report. | ||||||||||||
| Exhibit 31.1 | Rule 15d-14(a) Certification of CEO. | Filed with this Report. | ||||||||||||
| Exhibit 31.2 | Rule 15d-14(a) Certification of CFO. | Filed with this Report. | ||||||||||||
| Exhibit 32.1 | Section 1350 Certification of CEO. | Furnished with this Report. | ||||||||||||
| Exhibit 32.2 | Section 1350 Certification of CFO. | Furnished with this Report. | ||||||||||||
| Exhibit 101.INS | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (“Inline XBRL”). | (b) | ||||||||||||
| Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document. | (b) | ||||||||||||
| Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | (b) | ||||||||||||
| Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | (b) | ||||||||||||
| Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | (b) | ||||||||||||
| Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | (b) | ||||||||||||
| Exhibit 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). | (b) |
(a)Incorporated by reference as an exhibit to this Report (file number reference 1-3950, unless otherwise indicated).
(b)Submitted electronically with this Report in accordance with the provisions of Regulation S-T.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FORD MOTOR COMPANY
| By: | /s/ Kyle Crockett | ||||
| Kyle Crockett, Chief Accounting Officer | |||||
| (principal accounting officer) | |||||
| Date: | April 29, 2026 |