Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

RECENT DEVELOPMENTS

Trade Policy and Tariffs

As of March 31, 2026, we expect to receive about $2.8 billion related to tariff reimbursements from the federal government and suppliers and offsets to Company payment obligations to suppliers. Included in this amount is about $1.3 billion related to the International Emergency Economic Powers Act (“IEEPA”) and tariff rulings from the United States Supreme Court and the Court of International Trade in the first quarter of 2026.

Although we have started to receive reimbursements from the federal government (excluding those related to IEEPA), the timing for our receipt of these reimbursements is uncertain and is subject to changes in trade policy.

For additional information regarding the impact and potential impact of trade policy and tariffs on our business, see the Outlook section on page 53 of this 10-Q Report (including the EBIT impact) as well as Item 1A. Risk Factors and “Key Trends and Economic Factors Affecting Ford and the Automotive Industry” in Item 7 in our 2025 Form 10-K Report.

Production and Supply Chain

As previously disclosed, in September 2025 and November 2025, fires at a Novelis Inc. plant in New York disrupted operations at the facility. Novelis is a major aluminum supplier to Ford, and since the initial fire occurred, we have been working closely with Novelis to address the situation and exploring potential alternative sources of aluminum. We have also sought mitigating actions to minimize potential disruptions to our operations. We experienced lower production subsequent to the Novelis fires in September and November 2025, and although the ultimate impact on Ford depends on a number of factors, in the second half of 2026, we expect to partially recover the production lost to date.

For more information regarding the impact and potential impact of the Novelis fires on our business, see the Outlook section on page 53 of this 10-Q Report.

See Item 1A. Risk Factors in our 2025 Form 10-K Report for additional discussion of the risks related to disruptions to Ford’s and Ford’s suppliers’ production and operations.

Electric Vehicle Market

In December 2025, we announced our decision to rationalize our EV manufacturing capacity and product roadmap, including cancelling three previously planned EVs and ending production of the current generation F-150 Lightning EV. Related to the foregoing, in the first quarter of 2026, we recorded $103 million of charges to be paid in cash, primarily related to contractual commitments related to those programs. As previously disclosed, we may incur additional expenses and cash expenditures of up to about $4 billion (on a pre-tax basis) related to these actions and will recognize those charges in the quarter they are incurred as a special item.

In addition, in December 2025, Ford, SK On Co., Ltd., and SK Battery America, Inc., and BlueOval SK, LLC (“BOSK”) entered into a Joint Venture Disposition Agreement (“JVDA”), pursuant to which our membership interest in BOSK will be redeemed, and a Ford subsidiary will receive BOSK’s two Kentucky plants and related assets, and will assume the related liabilities. Upon closing of the transactions contemplated by the JVDA (expected in the second quarter of 2026), we now expect to recognize pre-tax special item charges of about $3.5 billion, which includes about $500 million of cash expenditures. For additional information about BOSK and the JVDA, see Note 16 of the Notes to the Financial Statements.

The regulatory and market dynamics we have observed in the EV market may continue to occur, which could have a substantial adverse impact on our results of operations and/or business, including our investments in supply, production capacity, and equity method investments.

Further, as previously reported, we have entered into agreements to purchase regulatory compliance credits for current and future model years in various regions, as, in some cases, we plan to utilize credits purchased from third parties to demonstrate regulatory compliance. Our obligations under these agreements generally are dependent on the continued existence of an underlying regulatory compliance requirement in the applicable jurisdiction, and we have terminated or renegotiated some of these agreements in response to regulatory changes, as authorized by those agreements. As a result of these terminations, in addition to the delivery of credits to us under purchase agreements that

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

remain in place and accruals we recorded for credits we are obligated to receive, our future purchase obligations under our compliance credit purchase agreements as of March 31, 2026 totaled about $40 million, down from about $1.6 billion at December 31, 2025. In addition, we have written off, and may in the future write off, compliance credit assets that we are no longer able to use as a result of legal and policy changes. Write-offs to date for such credit assets have been immaterial.

For additional discussion of the impact of changes in the EV market to our business, and the risks related thereto, see the “Governmental Standards” discussion in “Item 1. Business” and “Item 1A. Risk Factors” in our 2025 Form 10-K Report.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

RESULTS OF OPERATIONS

In the first quarter of 2026, the net income attributable to Ford Motor Company was $2,548 million, and Company adjusted EBIT was $3,488 million.

Net income/(loss) includes certain items (“special items”) that are excluded from Company adjusted EBIT. These items are discussed in more detail under “Non-GAAP Financial Measures That Supplement GAAP Measures” on page 56 and in Note 18 of the Notes to the Financial Statements. We report special items separately to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when analyzing ongoing operating results. Our pre-tax and tax special items were as follows (in millions):

			First Quarter
			2025						2026
Restructuring (by Geography)
Europe			$	(32)					$	(351)
Subtotal Restructuring			$	(32)					$	(351)
Other Items
EV program cancellations announced in December 2025			$	—					$	(103)
All-electric three-row SUV program cancellation and resulting actions			(64)						53
Subtotal Other Items			$	(64)					$	(50)
Pension and OPEB Gain/(Loss)
Pension and OPEB remeasurement			$	10					$	243
Pension settlements, curtailments, and separations costs			(24)						(68)
Subtotal Pension and OPEB Gain/(Loss)			$	(14)					$	175
Total EBIT Special Items			$	(110)					$	(226)
Provision for/(Benefit from) tax special items (a)			$	(29)					$	(76)

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(a)Includes related tax effect on special items and tax special items.

We recorded $226 million of pre-tax special item charges in the first quarter of 2026, primarily reflecting ongoing restructuring actions in Europe and continued charges related to the EV program cancellations previously announced in December 2025, offset partially by the impact of pension and OPEB remeasurement.

In Note 18 of the Notes to the Financial Statements, special items are reflected as a separate reconciling item, as opposed to being allocated among our segments. This reflects the fact that management excludes these items from its review of operating segment results for purposes of measuring segment profitability and allocating resources.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

COMPANY KEY METRICS

The table below shows our first quarter 2026 key metrics for the Company, compared to a year ago.

			First Quarter
			2025						2026						H / (L)
GAAP Financial Measures
Cash Flows from Operating Activities ($B)			$	3.7					$	1.3					$	(2.4)
Revenue ($M)			40,659						43,253						6		%
Net Income/(Loss) ($M)			471						2,548						$	2,077
Net Income/(Loss) Margin (%)			1.2		%				5.9		%				4.7 ppts
EPS (Diluted)			$	0.12					$	0.63					$	0.51
Non-GAAP Financial Measures (a)
Company Adj. Free Cash Flow ($B)			$	(1.5)					$	(1.9)					$	(0.4)
Company Adj. EBIT ($M)			1,019						3,488						2,469
Company Adj. EBIT Margin (%)			2.5		%				8.1		%				5.6 ppts
Adjusted EPS (Diluted)			$	0.14					$	0.66					$	0.52
Adjusted ROIC (Trailing Four Quarters)			10.9		%				12.6		%				1.8 ppts

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(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.

In the first quarter of 2026, our diluted earnings per share of Common and Class B Stock was $0.63, and our diluted adjusted earnings per share was $0.66.

Net income/(loss) margin was 5.9% in the first quarter of 2026, up 4.7 percentage points from a year ago. Company adjusted EBIT margin was 8.1% in the first quarter of 2026, up 5.6 percentage points from a year ago.

The table below shows the details of our first quarter 2026 net income/(loss) attributable to Ford and Company adjusted EBIT (in millions).

			First Quarter
			2025						2026						H / (L)
Ford Blue			$	96					$	1,942					$	1,846
Ford Model e			(849)						(777)						72
Ford Pro			1,309						1,685						376
Ford Credit			580						783						203
Corporate Other			(117)						(145)						(28)
Company Adjusted EBIT (a)			1,019						3,488						2,469
Interest on Debt			(288)						(350)						(62)
Special Items			(110)						(226)						(116)
Taxes / Noncontrolling Interests			(150)						(364)						(214)
Net Income/(Loss)			$	471					$	2,548					$	2,077

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(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.

The year-over-year increase in both net income and Company adjusted EBIT was primarily driven by higher Ford Blue and Ford Pro EBIT and higher Ford Credit EBT, with higher taxes and special item charges a partial offset to net income.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

The tables below and on the following pages provide first quarter 2026 key metrics and the change in first quarter 2026 EBIT compared with first quarter 2025 by causal factor for each of our Ford Blue, Ford Model e, and Ford Pro segments. For a description of these causal factors, see Definitions and Information Regarding Ford Blue, Ford Model e, and Ford Pro Causal Factors.

Ford Blue Segment

			First Quarter
Key Metrics			2025						2026						H / (L)
Wholesale Units (000) (a)			588						584						(4)
Revenue ($M)			$	20,997					$	23,858					$	2,861
EBIT ($M)			96						1,942						1,846
EBIT Margin (%)			0.5		%				8.1		%				7.7		ppts

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(a)Includes Ford and Lincoln brand and JMC brand vehicles produced and sold in China by our unconsolidated affiliates (about 91,000 units in Q1 2025 and 78,000 units in Q1 2026).

Change in EBIT by Causal Factor (in millions)
First Quarter 2025 EBIT						$	96
Volume / Mix						908
Net Pricing						347
Cost						46
Exchange						(4)
Other						549
First Quarter 2026 EBIT						$	1,942

In the first quarter of 2026, Ford Blue’s wholesales were about flat compared to a year ago. The end of production of the Escape in North America and Focus in Europe were largely offset by higher utility wholesales, including Explorer, Bronco, and Expedition. First quarter 2026 revenue increased 14%, primarily driven by favorable mix, exchange, and net pricing.

Ford Blue’s first quarter 2026 EBIT was $1,942 million, an increase of $1,846 million from a year ago, with an EBIT margin of 8.1%. The higher EBIT primarily reflects favorable market factors, higher parts and accessories profit, and lower regulatory compliance expenses. Costs were about flat year over year with the one-time IEEPA tariff benefit of about $700 million recognized in the first quarter of 2026 being offset by higher sourcing costs, including tariffs, associated with the disruption in aluminum supply and higher commodity prices.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Ford Model e Segment

			First Quarter
Key Metrics			2025						2026						H / (L)
Wholesale Units (000)			31						34						3
Revenue ($M)			$	1,242					$	1,232					$	(10)
EBIT ($M)			(849)						(777)						72
EBIT Margin (%)			(68.4)		%				(63.1)		%				5.3		ppts

Change in EBIT by Causal Factor (in millions)
First Quarter 2025 EBIT						$	(849)
Volume / Mix						34
Net Pricing						(2)
Cost						32
Exchange						(10)
Other						18
First Quarter 2026 EBIT						$	(777)

In the first quarter of 2026, Ford Model e’s wholesales increased 10% from a year ago, primarily reflecting a full quarter of production of the Puma Gen-E and higher Explorer and Capri wholesales in Europe, offset partially by the discontinuation of the F-150 Lightning in North America. First quarter 2026 revenue was flat compared to a year ago.

Ford Model e’s first quarter 2026 EBIT loss was $777 million, a $72 million improvement from a year ago, with an EBIT margin of negative 63.1%. The improved EBIT was driven by about $200 million of lower losses on Gen-1 products (including lower warranty costs and higher volume), offset partially by higher investment in future Gen-2 products.

Ford Pro Segment

			First Quarter
Key Metrics			2025						2026						H / (L)
Wholesale Units (000) (a)			352						316						(36)
Revenue ($M)			$	15,181					$	14,723					$	(458)
EBIT ($M)			1,309						1,685						376
EBIT Margin (%)			8.6		%				11.4		%				2.8		ppts

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(a)Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye (about 20,000 units in Q1 2025 and 17,000 units in Q1 2026).

Change in EBIT by Causal Factor (in millions)
First Quarter 2025 EBIT						$	1,309
Volume / Mix						(451)
Net Pricing						(23)
Cost						532
Exchange						76
Other						242
First Quarter 2026 EBIT						$	1,685

In the first quarter of 2026, Ford Pro’s wholesales decreased 10% from a year ago, driven by lower Super Duty wholesales as a result of the aluminum supply disruption and the end of production of the Escape in North America for fleet customers (including daily rentals), offset partially by the non-recurrence of 2025 planned downtime at the Kentucky Truck and Kansas City Assembly plants. First quarter 2026 revenue decreased 3%, reflecting lower wholesales, offset partially by favorable exchange and mix.

Ford Pro’s first quarter 2026 EBIT was $1,685 million, an increase of $376 million from a year ago, with an EBIT margin of 11.4%. The improved EBIT was primarily driven by lower cost, higher parts and accessories profit, favorable exchange, and lower regulatory compliance expenses, offset partially by unfavorable market factors. The lower costs reflect the one-time IEEPA tariff benefit of about $500 million recognized in the first quarter of 2026 and lower warranty and material costs, offset partially by higher commodity prices.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Definitions and Information Regarding Ford Blue, Ford Model e, and Ford Pro Causal Factors

In general, we measure year-over-year change in Ford Blue, Ford Model e, and Ford Pro segment EBIT using the causal factors listed below, with net pricing and cost variances calculated at present-period volume and mix and exchange:

*•*Market Factors (exclude the impact of unconsolidated affiliate wholesale units):

*◦*Volume and Mix – primarily measures EBIT variance from changes in wholesale unit volumes (at prior-year average contribution margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the EBIT variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line

*◦*Net Pricing – primarily measures EBIT variance driven by changes in wholesale unit prices to dealers and marketing incentive programs such as rebate programs, low-rate financing offers, special lease offers, and stock adjustments on dealer inventory

• Cost:

*◦*Contribution Costs – primarily measures EBIT variance driven by per-unit changes in cost categories that typically vary with volume, such as material costs (including commodity and component costs), warranty expense, and freight and duty (including tariff) costs

*◦*Structural Costs – primarily measures EBIT variance driven by absolute change in cost categories that typically do not have a directly proportionate relationship to production volume. Structural costs include the following cost categories:

*▪*Manufacturing, Including Volume-Related – consists primarily of costs for hourly and salaried manufacturing personnel, plant overhead (such as utilities and taxes), and new product launch expense. These costs could be affected by volume for operating pattern actions such as overtime, line-speed, and shift schedules

*▪*Engineering and Connectivity – consists primarily of costs for vehicle and software engineering personnel, prototype materials, testing, and outside engineering and software services

*▪*Spending-Related – consists primarily of depreciation and amortization of our manufacturing and engineering assets, but also includes asset retirements and operating leases

*▪*Advertising and Sales Promotions – includes costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and auto shows

*▪*Administrative, Information Technology, and Selling – includes primarily costs for salaried personnel and purchased services related to our staff activities, information technology, and selling functions

*•*Exchange – primarily measures EBIT variance driven by one or more of the following: (i) transactions denominated in currencies other than the functional currencies of the relevant entities, (ii) effects of converting functional currency income to U.S. dollars, (iii) effects of remeasuring monetary assets and liabilities of the relevant entities in currencies other than their functional currency, or (iv) results of our foreign currency hedging

*•*Other – includes a variety of items, such as parts and services earnings, royalties, government incentives, compensation-related changes, and regulatory compliance expenses

In addition, definitions and calculations used in this report include:

*•*Wholesales and Revenue – wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, and local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. (“JMC”), that are sold to dealerships or others. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford badged vehicles produced and distributed by our unconsolidated affiliates, as well as JMC brand vehicles) are not included in our revenue. Excludes transactions between Ford Blue, Ford Model e, and Ford Pro segments

*•*Industry Volume and Market Share – based, in part, on estimated vehicle registrations; includes medium and heavy duty trucks

• SAAR – seasonally adjusted annual rate

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Ford Credit Segment

Ford Credit files periodic reports with the SEC that contain additional information regarding Ford Credit. The reports are available through Ford Credit’s website located at www.ford.com/finance/investor-center and can also be found on the SEC’s website located at www.sec.gov. The foregoing information regarding Ford Credit’s website and its content is for convenience only and not deemed to be incorporated by reference into this Report nor filed with the SEC.

The tables below provide first quarter 2026 key metrics and the change in first quarter 2026 EBT compared with first quarter 2025 by causal factor for the Ford Credit segment. For a description of these causal factors, see Definitions and Information Regarding Ford Credit Causal Factors.

			First Quarter
Key Metrics			2025						2026						H / (L)
Total Net Receivables ($B)			$	141.6					$	144.1					$	2.5
Loss-to-Receivables (bps) (a)			63						72						9
Auction Values (b)			$	31,390					$	31,655					1		%
EBT ($M)			580						783						$	203
ROE (%)			12.3		%				18.2		%				5.9 ppts
Other Balance Sheet Metrics
Debt ($B)			$	134.3					$	137.5					$	3.2
Net Liquidity ($B)			29.5						29.8						0.3
Financial Statement Leverage (to 1)			9.5						9.5						—

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(a)U.S. retail financing only.

(b)U.S. portfolio off-lease first quarter auction values at Q1 2026 mix.

Change in EBT by Causal Factor (in millions)
First Quarter 2025 EBT						$	580
Volume / Mix						15
Financing Margin						88
Credit Loss						(24)
Lease Residual						16
Exchange						20
Other						88
First Quarter 2026 EBT						$	783

Ford Credit’s total net receivables of $144.1 billion were 2% higher than a year ago, explained primarily by a larger operating lease portfolio and exchange, offset partially by lower non-consumer financing. The first quarter 2026 U.S. loss-to-receivables ratio of 72 basis points increased from a year ago, primarily reflecting higher repossessions. U.S. auction values increased 1% year over year, reflecting strong customer demand.

Ford Credit’s first quarter 2026 EBT of $783 million was $203 million higher than a year ago, explained primarily by higher financing margin, favorable derivative market valuation adjustments (included in Other), and exchange, offset partially by higher credit losses.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Definitions and Information Regarding Ford Credit Causal Factors

In general, we measure year-over-year changes in Ford Credit’s EBT using the causal factors listed below:

*•*Volume and Mix:

◦Volume primarily measures changes in net financing margin driven by changes in average net receivables excluding the allowance for credit losses at prior period financing margin yield (defined below in financing margin) at prior period exchange rates. Volume changes are primarily driven by the volume of new and used vehicles sold and leased, the extent to which Ford Credit purchases retail financing and operating lease contracts, the extent to which Ford Credit provides wholesale financing, the sales price of the vehicles financed, the level of dealer inventories, Ford-sponsored special financing programs available exclusively through Ford Credit, and the availability of cost-effective funding

◦Mix primarily measures changes in net financing margin driven by period-over-period changes in the composition of Ford Credit’s average net receivables excluding the allowance for credit losses by product within each region

*•*Financing Margin:

◦Financing margin variance is the period-over-period change in financing margin yield multiplied by the present period average net receivables excluding the allowance for credit losses at prior period exchange rates. This calculation is performed at the product and country level and then aggregated. Financing margin yield equals revenue, less interest expense and scheduled depreciation for the period, divided by average net receivables excluding the allowance for credit losses for the same period

◦Financing margin changes are driven by changes in revenue and interest expense. Changes in revenue are primarily driven by the level of market interest rates, cost assumptions in pricing, mix of business, and competitive environment. Changes in interest expense are primarily driven by the level of market interest rates, borrowing spreads, and asset-liability management

*•*Credit Loss:

◦Credit loss is the change in the provision for credit losses at prior period exchange rates. For analysis purposes, management splits the provision for credit losses into net charge-offs and the change in the allowance for credit losses

◦Net charge-off changes are primarily driven by the number of repossessions, severity per repossession, and recoveries. Changes in the allowance for credit losses are primarily driven by changes in historical trends in credit losses and recoveries, changes in the composition and size of Ford Credit’s present portfolio, changes in trends in historical used vehicle values, and changes in forward looking macroeconomic conditions. For additional information, refer to the “Critical Accounting Estimates - Allowance for Credit Losses” section of Item 7 of Part II of our 2025 Form 10-K Report

*•*Lease Residual:

◦Lease residual measures changes to residual performance at prior period exchange rates. For analysis purposes, management splits residual performance primarily into residual gains and losses, and the change in accumulated supplemental depreciation

◦Residual gain and loss changes are primarily driven by the number of vehicles returned to Ford Credit and sold, and the difference between the auction value and the depreciated value (which includes both base and accumulated supplemental depreciation) of the vehicles sold. Changes in accumulated supplemental depreciation are primarily driven by changes in Ford Credit’s estimate of the expected auction value at the end of the lease term, and changes in Ford Credit’s estimate of the number of vehicles that will be returned to it and sold. Depreciation on vehicles subject to operating leases includes early termination losses on operating leases due to customer default events. For additional information, refer to the “Critical Accounting Estimates - Accumulated Depreciation on Vehicles Subject to Operating Leases” section of Item 7 of Part II of our 2025 Form 10-K Report

• Exchange:

◦Reflects changes in EBT driven by the effects of converting functional currency income to U.S. dollars

*•*Other:

◦Primarily includes operating expenses, other revenue, insurance expenses, and other income/(loss) at prior period exchange rates

◦Changes in operating expenses are primarily driven by salaried personnel costs, facilities costs, and costs associated with the origination and servicing of customer contracts

◦In general, other income/(loss) changes are primarily driven by changes in earnings related to market valuation adjustments to derivatives (primarily related to movements in interest rates) and other miscellaneous items

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

In addition, the following definitions and calculations apply to Ford Credit when used in this Report:

• Cash (as shown in the Funding Structure and Liquidity tables) – Cash, cash equivalents, marketable securities, and restricted cash, excluding amounts related to insurance activities

• Debt (as shown in the Key Metrics and Leverage tables) – Debt on Ford Credit’s balance sheets. Includes debt issued in securitizations and payable only out of collections on the underlying securitized assets and related enhancements. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions

• Earnings Before Taxes (“EBT”) – Reflects Ford Credit’s income before income taxes

• Loss-to-Receivables (“LTR”) Ratio – LTR ratio is calculated using net charge-offs divided by average finance receivables, excluding unearned interest supplements and the allowance for credit losses

• Return on Equity (“ROE”) (as shown in the Key Metrics table) – Reflects return on equity calculated by annualizing net income for the period and dividing by monthly average equity for the period

• Securitization and Restricted Cash (as shown in the Liquidity table) – Securitization cash is held for the benefit of the securitization investors (for example, a reserve fund). Restricted cash primarily includes cash held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements

• Securitizations (as shown in the Public Term Funding Plan table) – Public securitization transactions, Rule 144A offerings sponsored by Ford Credit, and widely distributed offerings by Ford Credit Canada

• Term Asset-Backed Securities (as shown in the Funding Structure table) – Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements

• Total Net Receivables (as shown in the Key Metrics table) – Includes finance receivables (retail financing and wholesale) sold for legal purposes and net investment in operating leases included in securitization transactions that do not satisfy the requirements for accounting sale treatment. These receivables and operating leases are reported on Ford Credit’s balance sheets and are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations of Ford Credit or the claims of Ford Credit’s other creditors

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Corporate Other

Corporate Other primarily includes corporate governance expenses, past service pension and OPEB income and expense, interest income (excluding Ford Credit interest income and interest earned on our extended service contract portfolio) and realized and unrealized gains and losses on our cash, cash equivalents, and marketable securities, and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. In the first quarter of 2026, Corporate Other had a $145 million EBIT loss, compared to a $117 million EBIT loss a year ago.

Interest on Debt

Interest on Debt, which consists of interest expense on Company debt excluding Ford Credit, was $350 million in the first quarter of 2026, $62 million higher than a year ago.

Taxes

Our Provision for/(Benefit from) income taxes for the first quarter of 2026 was a provision of $361 million, resulting in an effective tax rate of 12.4%, partially driven by a benefit resulting from a tax law change in the United Kingdom during the period.

Our first quarter 2026 adjusted effective tax rate, which excludes special items, was 13.9%.

During the second quarter of 2026, we anticipate recognizing a tax benefit of up to $350 million arising from U.S Qualified Opportunity Zone tax incentives. The benefit is expected to be treated as a special item.

We regularly review our organizational structure and income tax elections for affiliates in non-U.S. and U.S. tax jurisdictions, which may result in changes in affiliates that are included in or excluded from our U.S. tax return. Any future changes to our structure, as well as any changes in income tax laws in the countries that we operate, could cause increases or decreases to our deferred tax balances and related valuation allowances.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2026, total cash, cash equivalents, marketable securities, and restricted cash, including Ford Credit and entities held for sale, was $30.8 billion.

We consider our key balance sheet metrics to be: (i) Company cash, which includes cash equivalents, marketable securities, and restricted cash (including cash held for sale), excluding Ford Credit’s cash, cash equivalents, marketable securities, and restricted cash; and (ii) Company liquidity, which includes Company cash, less restricted cash, and total available committed credit lines, excluding Ford Credit’s total available committed credit lines.

Company excluding Ford Credit

			December 31, 2025						March 31, 2026
Balance Sheets ($B)
Company Cash			$	28.7					$	22.0
Liquidity			49.8						43.1
Debt (excluding finance leases)			(21.0)						(18.7)
Cash Net of Debt (excluding finance leases)			7.7						3.3
Pension Funded Status ($B) (a)
Funded Plans			$	3.7					$	4.1
Unfunded Plans			(3.9)						(3.8)
Total Global Pension			$	(0.2)					$	0.3
Total Funded Status OPEB			$	(4.4)					$	(4.3)

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(a)Balances at March 31, 2026 reflect net funded status at December 31, 2025, updated for: service and interest cost; expected return on assets; curtailments, settlements, and associated interim remeasurement (where applicable); separation expense; actual benefit payments; and cash contributions. For plans without interim remeasurement, the discount rate and rate of expected return assumptions are unchanged from year-end 2025.

Liquidity. Our key priority is to maintain a strong balance sheet to withstand potential stress scenarios, while having resources available to invest in and grow our business. At March 31, 2026, we had Company cash of $22.0 billion (after the repayment of our 0.00% Convertible Senior Notes, which was not refinanced, and share repurchases under our anti-dilutive share repurchase program), and liquidity of $43.1 billion. At March 31, 2026, about 82% of Company cash was held by consolidated entities domiciled in the United States.

To be prepared for an economic downturn and other stress scenarios, we target an ongoing Company cash balance at or above $20 billion plus significant additional liquidity above our Company cash target. We expect to have periods when we will be above or below this amount due to: (i) future cash flow expectations, such as for investments in future opportunities, capital investments, debt maturities, pension contributions, or restructuring requirements, (ii) short-term timing differences, and (iii) changes in the global economic or operating environment.

Our Company cash investments primarily include U.S. Department of Treasury obligations, federal agency securities, bank time deposits with investment-grade institutions, investment-grade corporate securities, investment-grade commercial paper, and debt obligations of a select group of non-U.S. governments, non-U.S. governmental agencies, and supranational institutions. The average maturity of these investments is approximately one year and adjusted based on market conditions and liquidity needs. We monitor our Company cash levels and average maturity on a daily basis.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Material Cash Requirements. Our material cash requirements may include:

• Capital expenditures (for additional information, see the “Changes in Company Cash” section below) and other payments for engineering, software, product development, and implementation of our plans for electrified products

• Purchase of raw materials and components to support the manufacturing and sale of vehicles (including electrified vehicles), parts, accessories, and payment of tariffs (for additional information, see the description of our “purchase obligations” in the “Liquidity and Capital Resources - Company Excluding Ford Credit” section in Item 7 of our 2025 Form 10-K Report)

• Marketing incentive payments to dealers

• Payments for warranty and field service actions (for additional information, see Note 17 of the Notes to the Financial Statements herein)

• Debt repayments including finance lease payments (for additional information, see Note 18 of the Notes to the Financial Statements in our 2025 Form 10-K Report)

• Discretionary and mandatory payments to our global pension plans (for additional information, see the “Liquidity and Capital Resources - Total Company” section in Item 7 of our 2025 Form 10-K Report, the “Changes in Company Cash” section below, and Note 11 of the Notes to the Financial Statements herein)

• Employee wages, benefits, and incentives

• Operating lease payments (for additional information, see Note 17 of the Notes to the Financial Statements in our 2025 Form 10-K Report)

• Cash effects related to the restructuring of our business

• Strategic acquisitions and investments to grow our business, including electrification

Subject to approval by our Board of Directors, shareholder distributions in the form of dividend payments and/or a share repurchase program (including share repurchases to offset the anti-dilutive effect of increased share-based compensation) may require the expenditure of a material amount of cash. We generally target shareholder distributions of 40% to 50% of adjusted free cash flow. Moreover, we may be subject to additional material cash requirements that are contingent upon the occurrence of certain events, e.g., legal contingencies, uncertain tax positions, and other matters.

We plan to utilize our liquidity (as described above) and our cash flows from business operations to fund our material cash requirements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Changes in Company Cash. In managing our business, we classify changes in Company cash into operating and non-operating items. Operating items include: Company adjusted EBIT excluding Ford Credit EBT; capital spending; depreciation and tooling amortization; changes in working capital; Ford Credit distributions; interest on debt; cash taxes; and all other and timing differences (including timing differences between accrual-based EBIT and associated cash flows). Non-operating items include: restructuring costs; changes in Company debt excluding Ford Credit and finance lease payments; finance lease payments; contributions to funded pension plans; shareholder distributions; and other items (including gains and losses on investments in equity securities, acquisitions and divestitures, equity investments, and other transactions with Ford Credit).

With respect to “Changes in working capital,” in general, the Company excluding Ford Credit carries relatively low trade receivables compared with our trade payables because the majority of our wholesales are financed (primarily by Ford Credit) immediately upon the sale of vehicles to dealers, which generally occurs shortly after being produced. In contrast, our trade payables are based primarily on industry-standard production supplier payment terms of about 45 days. As a result, our cash flow deteriorates if wholesale volumes (and the corresponding revenue) decrease while trade payables continue to become due. Conversely, our cash flow improves if wholesale volumes (and the corresponding revenue) increase while new trade payables are generally not due for about 45 days. For example, the suspension of production at most of our assembly plants and lower industry volumes due to COVID-19 in early 2020 resulted in an initial deterioration of our cash flow, while the subsequent resumption of manufacturing operations and return to pre-COVID-19 production levels at most of our assembly plants resulted in a subsequent improvement of our cash flow. Disruptions to our production due to supplier shortages or otherwise may have similar cash flow timing impacts. Even in normal economic conditions, however, these working capital balances generally are subject to seasonal changes that can impact cash flow. For example, we typically experience cash flow timing differences associated with inventories and payables due to our annual shutdown periods when production, and therefore inventories and wholesale volumes, are usually at their lowest levels, while payables continue to come due and be paid. The net impact of this typically results in cash outflows from changes in our working capital balances during these shutdown periods.

In response to, or in anticipation of, supplier disruptions, we may stockpile certain components or raw materials to help prevent disruption in our production operations. Such actions could have a short-term adverse impact on our cash and increase our inventory. Moreover, in order to secure critical materials to manufacture electrified products, we have entered into and we may, in the future, enter into offtake agreements with raw material suppliers and make investments in certain raw material and battery suppliers. Such investments could have an additional adverse impact on our cash in the near-term.

The terms of the offtake agreements we have entered into, and those we may enter into in the future, vary by transaction, though they generally obligate us to purchase a certain percentage or minimum amount of output produced by the counterparty over an agreed upon period of time. The purchase price mechanisms included in our offtake agreements are typically based on the market price of the material at the time of delivery. The terms may also include conditions to our obligation to purchase the materials, such as quality or minimum output. Subject to satisfaction of those conditions, we will be obligated to purchase the materials or otherwise compensate the supplier in an amount determined by the contract. As of March 31, 2026, our estimated expenditures for the maximum quantity that we are committed to purchase under these offtake agreements through 2035, subject to certain conditions, total approximately $5.9 billion based on our present forecast; however, our forecast could fluctuate from period to period based on market prices, which may result in significant increases or decreases in our estimate. The actual price paid for these materials will be recorded on our balance sheet at the time of purchase. In the event that we do not expect to consume all of the materials we are obligated to purchase pursuant to the terms of these agreements, we may sell the excess materials back to the supplier or another party. The resale price may or may not be the same as the original purchase price, depending on then-current market conditions and negotiated terms. As a result, we have recorded, and may in the future record, accruals related to either the resale when the purchase price mechanism under our agreements is higher than the expected resale price of the excess materials or when we are required to otherwise compensate the supplier. Accruals recorded to date for such items have been immaterial.

As market conditions dictate, we have entered, and may in the future enter, into additional offtake agreements with raw material suppliers or renegotiate existing agreements. For additional discussion of the risks related to our offtake agreements and other long-term purchase contracts, see Item 1A. Risk Factors in our 2025 Form 10-K Report.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Financial institutions participate in a supply chain finance (“SCF”) program that enables our suppliers, at their sole discretion, to sell their Ford receivables (i.e., our payment obligations to the suppliers) to the financial institutions on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the SCF program, and we do not provide any guarantees in connection with it. As of March 31, 2026, the outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions was $141 million. The amount settled through the SCF program during the first quarter of 2026 was $287 million.

Changes in Company cash excluding Ford Credit are summarized below (in billions):

			First Quarter
			2025						2026
Company Excluding Ford Credit
Company Adjusted EBIT excluding Ford Credit (a)			$	0.4					$	2.7
Capital spending			$	(1.8)					$	(2.4)
Depreciation and tooling amortization			1.2						1.2
Net spending			$	(0.6)					$	(1.2)
Receivables			$	(0.5)					$	(0.8)
Inventory			(2.6)						(1.3)
Trade Payables			2.5						1.2
Changes in working capital			$	(0.6)					$	(0.9)
Ford Credit distributions			$	0.2					$	1.0
Interest on debt and cash taxes			(0.4)						(0.4)
All other and timing differences			(0.6)						(3.0)
Company adjusted free cash flow (a)			$	(1.5)					$	(1.9)
Restructuring			$	(0.1)					$	(0.7)
Changes in debt excluding finance lease payments			0.1						(2.2)
Finance lease payments			—						—
Funded pension contributions			(0.2)						(0.2)
Shareholder distributions			(1.2)						(0.9)
All other			1.5						(0.8)
Change in cash			$	(1.4)					$	(6.7)

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(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.

Note: Numbers may not sum due to rounding.

Our first quarter 2026 Net cash provided by/(used in) operating activities was $1.3 billion, $2.4 billion lower than a year ago (see page 59 for additional information). The decrease primarily reflects lower accrued liabilities, lower working capital, and Ford Credit operating cash, offset partially by higher net income. Company adjusted free cash flow was negative $1.9 billion, $0.4 billion lower than a year ago, primarily driven by unfavorable timing differences, higher net spending, and lower working capital, offset partially by higher Company adjusted EBIT excluding Ford Credit and higher Ford Credit distributions.

Capital spending was $2.4 billion in the first quarter of 2026, an increase of $0.6 billion from a year ago. We continue to expect full year 2026 capital spending to be in the range of $9.5 billion to $10.5 billion.

First quarter 2026 working capital impact was negative $0.9 billion, driven by higher inventory and receivables, offset partially by higher trade payables, each compared to December 31, 2025. All other and timing differences were negative $3 billion. Timing differences include differences between accrual-based EBIT and the associated cash flows (e.g., marketing incentive and warranty payments to dealers, JV equity income, compensation payments, and pension and OPEB income or expense). Cash outflows related to our warranty accruals are expected to occur over several years.

In the first quarter of 2026, we contributed $178 million to our global funded pension plans. We continue to expect to contribute about $550 million to our global funded pension plans in 2026.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Shareholder distributions (including cash dividends and anti-dilutive share repurchases) were $0.9 billion in the first quarter of 2026.

Available Credit Lines. Total Company committed credit lines, excluding Ford Credit, at March 31, 2026 were $23.7 billion, consisting of $13.5 billion of our corporate credit facility, $2.0 billion of our supplemental revolving credit facility, $2.5 billion of our 364-day revolving credit facility, $3.0 billion of our delayed draw term loan facility, and $2.7 billion of local credit facilities. At March 31, 2026, $2.3 billion of committed Company credit lines, excluding Ford Credit, was utilized under local credit facilities for our affiliates, and the full amount under each of our corporate, supplemental, 364-day, and delayed draw term loan credit facilities was available.

Our corporate, supplemental, and 364-day revolving credit facilities were amended as of April 15, 2026 to extend the maturity dates of the commitments under each facility. Following the corporate credit facility amendment, $3.4 billion of commitments mature on April 13, 2029 and $10.1 billion of commitments mature on April 15, 2031. Following the supplemental revolving credit facility amendment, $2.0 billion of commitments mature on April 13, 2029. Following the 364-day revolving credit facility amendment, $2.5 billion of commitments mature on April 14, 2027.

Our delayed draw term loan facility was also amended as of April 15, 2026 to extend the available draw period for the $3.0 billion of commitments to December 31, 2026. Any unused commitments shall automatically terminate after December 31, 2026, and any loans drawn under the facility will mature on December 31, 2028.

The sustainability-linked targets previously included in the corporate, supplemental, and 364-day credit agreements were removed as part of the amendments described above and the applicable margin and facility fees under those facilities will no longer be adjusted based on whether Ford achieves, or fails to achieve, certain sustainability-linked targets.

The corporate credit facility is unsecured and free of material adverse change conditions to borrowing, restrictive financial covenants (for example, interest or fixed-charge coverage ratio, debt-to-equity ratio, and minimum net worth requirements), and credit rating triggers that could limit our ability to obtain funding or trigger early repayment. The corporate credit facility contains a liquidity covenant that requires us to maintain a minimum of $4 billion in aggregate of domestic cash, cash equivalents, and loaned and marketable securities and/or availability under the corporate credit facility, supplemental revolving credit facility, and 364-day revolving credit facility. If our senior, unsecured, long-term debt does not maintain at least two investment grade ratings from Fitch, Moody’s, and S&P, the guarantees of certain subsidiaries will be required. The terms and conditions of the supplemental revolving credit facility, the 364-day revolving credit facility, and the delayed draw term loan facility are consistent with our corporate credit facility. Ford Credit has been designated as a subsidiary borrower under the corporate credit facility and the 364-day revolving credit facility.

Debt. As shown in Note 12 of the Notes to the Financial Statements, at March 31, 2026, Company debt excluding Ford Credit was $19.6 billion (including $0.9 billion of finance leases). This balance is $2.3 billion lower than at December 31, 2025, reflecting the repayment of the principal amount of our 0.00% Convertible Senior Notes due March 15, 2026.

Leverage. We manage Company debt (excluding Ford Credit) levels with a leverage framework that targets investment grade credit ratings through a normal business cycle. The leverage framework includes a ratio of total Company debt (excluding Ford Credit), underfunded pension liabilities, operating leases, and other adjustments, divided by Company adjusted EBIT (excluding Ford Credit EBT), and further adjusted to exclude depreciation and tooling amortization (excluding Ford Credit).

Ford Credit’s leverage is calculated separately as described in the ”Liquidity and Capital Resources - Ford Credit Segment” section of Item 2. Ford Credit is self-funding and its debt, which is used to fund its operations, is separate from our Company debt excluding Ford Credit.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Ford Credit Segment

Ford Credit remains well capitalized with a strong balance sheet and funding diversified across platforms and markets. Ford Credit ended the first quarter of 2026 with $29.8 billion of liquidity, up $5.2 billion from year-end. Ford Credit continues to have robust access to capital markets, completing $11 billion of public term issuances through April 28, 2026.

Key elements of Ford Credit’s funding strategy include:

• Maintain strong liquidity and funding diversity

• Prudently access public markets

• Continue to leverage retail deposits in Europe

• Flexibility to increase asset-backed securities mix as needed; preserving assets and committed capacity

• Target financial statement leverage of 9:1 to 10:1

• Maintain self-liquidating balance sheet

Ford Credit’s liquidity profile continues to be diverse, robust, and focused on maintaining liquidity levels that meet its business and funding requirements. Ford Credit regularly stress tests its balance sheet and liquidity to ensure that it can continue to meet its financial obligations through economic cycles.

The following table shows funding for Ford Credit’s net receivables (in billions):

			March 31, 2025						December 31, 2025						March 31, 2026
Funding Structure
Term unsecured debt			$	63.2					$	63.4					$	64.2
Term asset-backed securities			52.8						59.5						55.2
Retail Deposits / Ford Interest Advantage			18.3						18.5						18.1
Other			0.7						(0.6)						0.1
Equity			14.1						14.8						14.5
Cash			(7.5)						(9.3)						(8.0)
Total Net Receivables			$	141.6					$	146.3					$	144.1
Securitized Funding as Percent of Total Debt			39.3		%				42.0		%				40.2		%

Net receivables of $144.1 billion at March 31, 2026 were funded primarily with term unsecured debt and term asset-backed securities. Securitized funding as a percent of total debt was 40.2% as of March 31, 2026.

Public Term Funding Plan. The following table shows Ford Credit’s issuances for full year 2024 and 2025, planned issuances for full year 2026, and its global public term funding issuances through April 28, 2026, excluding short-term funding programs (in billions):

			2024 Actual						2025 Actual						2026 Forecast						Through April 28
Unsecured			$	17					$	13					$ 11 - 14						$	7
Securitizations (a)			16						13						13 - 16						4
Total public			$	33					$	26					$ 24 - 30						$	11

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(a)See Definitions and Information Regarding Ford Credit Causal Factors section.

For 2026, Ford Credit continues to project full year public term funding in the range of $24 billion to $30 billion.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Liquidity. The following table shows Ford Credit’s liquidity sources and utilization (in billions):

			March 31, 2025						December 31, 2025						March 31, 2026
Liquidity Sources (a)
Cash			$	7.5					$	9.3					$	8.0
Committed asset-backed facilities			43.0						43.6						43.2
Other unsecured credit facilities			1.7						1.5						1.5
Total liquidity sources			$	52.2					$	54.4					$	52.7
Utilization of Liquidity (a)
Securitization and restricted cash			$	(3.0)					$	(3.0)					$	(3.1)
Committed asset-backed facilities			(19.3)						(26.4)						(20.0)
Other unsecured credit facilities			(0.6)						(0.6)						(0.2)
Total utilization of liquidity			$	(22.9)					$	(30.0)					$	(23.3)
Available liquidity			$	29.3					$	24.4					$	29.4
Other adjustments			0.2						0.2						0.4
Net liquidity available for use			$	29.5					$	24.6					$	29.8

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(a)See Definitions and Information Regarding Ford Credit Causal Factors section.

Ford Credit’s net liquidity available for use will fluctuate quarterly based on factors including near-term debt maturities, receivable growth and decline, and timing of funding transactions. At March 31, 2026, Ford Credit’s net liquidity available for use was $29.8 billion, $5.2 billion higher than year-end 2025, reflecting strong access to public funding markets. At March 31, 2026, Ford Credit’s liquidity sources, including cash, committed asset-backed facilities, and committed unsecured credit facilities, totaled $52.7 billion, down $1.7 billion from year-end 2025, primarily explained by lower cash.

Material Cash Requirements. Ford Credit’s material cash requirements include: (1) the purchase of retail financing and operating lease contracts from dealers and providing wholesale financing for dealers to finance new and used vehicles; and (2) debt repayments (for additional information on debt, see the “Balance Sheet Liquidity Profile” section in the “Liquidity and Capital Resources - Ford Credit Segment” section in Item 7 of Part II and Note 18 of the Notes to the Financial Statements in our 2025 Form 10-K Report). In addition, subject to approval by Ford Credit’s Board of Directors, shareholder distributions may require the expenditure of a material amount of cash. Moreover, Ford Credit may be subject to additional material cash requirements that are contingent upon the occurrence of certain events, e.g., legal contingencies, uncertain tax positions, and other matters.

Ford Credit plans to utilize its liquidity (as described above) and its cash flows from business operations to fund its material cash requirements.

Funding and Liquidity Risks. Ford Credit’s funding plan is subject to risks and uncertainties, many of which are beyond its control, including disruption in the capital markets, that could impact both unsecured debt and asset-backed securities issuance and the effects of regulatory changes on the financial markets. Refer to the “Liquidity and Capital Resources - Ford Credit Segment - Funding and Liquidity Risks” section of Item 7 of Part II of our 2025 Form 10-K Report for more information.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Leverage. Ford Credit uses leverage, or the debt-to-equity ratio, to make various business decisions, including evaluating and establishing pricing for finance receivable and operating lease financing, and assessing its capital structure.

The table below shows the calculation of Ford Credit’s financial statement leverage (in billions):

			March 31, 2025						December 31, 2025						March 31, 2026
Leverage Calculation
Debt			$	134.3					$	141.4					$	137.5
Equity (a)			14.1						14.8						14.5
Financial statement leverage (to 1)			9.5						9.6						9.5

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(a)Total shareholder’s interest reported on Ford Credit’s balance sheets.

Ford Credit plans its leverage by considering market conditions and the risk characteristics of its business. At March 31, 2026, Ford Credit’s financial statement leverage was 9.5:1.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Total Company

Pension Plans - Funded Balances. As of March 31, 2026, our total Company pension overfunded status reported on our consolidated balance sheets was $300 million and reflects the net funded status at December 31, 2025, updated for: service and interest cost; expected return on assets; curtailments, settlements, and associated interim remeasurement (where applicable); separation expense; actual benefit payments; and cash contributions. For plans without interim remeasurement, the discount rate and rate of expected return assumptions are unchanged from year-end 2025.

Return on Invested Capital (“ROIC”). We analyze total Company performance using an adjusted ROIC financial metric based on an after-tax, rolling four-quarter average. The following table contains the calculation of our ROIC for the periods shown (in billions):

			Four Quarters Ending
			March 31, 2025						March 31, 2026
Adjusted Net Operating Profit/(Loss) After Cash Tax
Net income/(loss) attributable to Ford			$	5.0					$	(6.1)
Add: Noncontrolling interest			—						—
Less: Income tax			(1.2)						3.5
Add: Cash tax			(0.9)						(0.6)
Less: Interest on debt			(1.1)						(1.3)
Less: Total pension/OPEB income/(cost)			(0.1)						(0.8)
Add: Pension/OPEB service costs			(0.5)						(0.4)
Net operating profit/(loss) after cash tax			$	6.1					$	(8.4)
Less: Special items (excl. pension/OPEB) pre-tax			(1.6)						(16.9)
Adjusted net operating profit/(loss) after cash tax			$	7.6					$	8.5
Invested Capital
Equity			$	44.7					$	37.5
Debt (excl. Ford Credit)			20.9						19.6
Net pension and OPEB liability			4.6						4.0
Invested capital (end of period)			$	70.2					$	61.1
Average invested capital			$	70.1					$	67.3
ROIC (a)			8.6		%				(12.5		%)
Adjusted ROIC (Non-GAAP) (b)			10.9		%				12.6		%

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(a)Calculated as the sum of net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters.

(b)Calculated as the sum of adjusted net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters.

Note: Numbers may not sum due to rounding.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

CREDIT RATINGS

Our short-term and long-term debt is rated by four credit rating agencies designated as nationally recognized statistical rating organizations (“NRSROs”) by the U.S. Securities and Exchange Commission: DBRS, Fitch, Moody’s, and S&P.

In several markets, locally recognized rating agencies also rate us. A credit rating reflects an assessment by the rating agency of the credit risk associated with a corporate entity or particular securities issued by that entity. Rating agencies’ ratings of us are based on information provided by us and other sources. Credit ratings are not recommendations to buy, sell, or hold securities and are subject to revision or withdrawal at any time by the assigning rating agency. Each rating agency may have different criteria for evaluating company risk and, therefore, ratings should be evaluated independently for each rating agency.

There have been no rating actions taken by these NRSROs since the filing of our 2025 Form 10-K Report.

The following table summarizes certain of the credit ratings and outlook presently assigned by these four NRSROs:

			NRSRO RATINGS
			Ford																		Ford Credit																		NRSROs
			Issuer Default / Corporate / Issuer Rating						Long-Term Senior Unsecured						Outlook / Trend						Long-Term Senior Unsecured						Short-Term Unsecured						Outlook / Trend						Minimum Long-Term Investment Grade Rating
DBRS			BBB (low)						BBB (low)						Stable						BBB (low)						R-2 (low)						Stable						BBB (low)
Fitch			BBB-						BBB-						Stable						BBB-						F3						Stable						BBB-
Moody’s			N/A						Ba1						Stable						Ba1						NP						Stable						Baa3
S&P			BBB-						BBB-						Negative						BBB-						A-3						Negative						BBB-

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

OUTLOOK

We provided 2026 Company guidance in our earnings release furnished on Form 8-K dated April 29, 2026. The guidance is based on our expectations and best estimates as of April 29, 2026, and assumes no material change to our current assumptions for inflation, logistics issues, production, or macroeconomic conditions. Our guidance does not include potential impacts of a sustained conflict in the Middle East or a significant downturn in the U.S. economy, which could have a material impact on industry demand. Moreover, our guidance has not factored in any new policy changes by the administration in the United States, including future or revised tariffs or related offsets, that have not been announced or tariffs or other policy changes that may be announced by other governments after the date hereof. Our actual results could differ materially from our guidance due to risks, uncertainties, and other factors, including those set forth in “Risk Factors” in Item 1A of our 2025 Form 10-K Report and as updated by our subsequent filings with the SEC.

						2026 Guidance
Total Company
Adjusted EBIT (a)						$8.5 - $10.5 billion
Adjusted Free Cash Flow (a)						$5.0 - $6.0 billion

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(a)When we provide guidance for Adjusted EBIT and Adjusted Free Cash Flow, we do not provide guidance for the most comparable GAAP measures because, as described in more detail below in “Non-GAAP Measures That Supplement GAAP Measures,” they include items that are difficult to predict with reasonable certainty.

For full-year 2026, we now expect adjusted EBIT of $8.5 billion to $10.5 billion and continue to expect adjusted free cash flow of $5.0 billion to $6.0 billion.

On a segment basis we expect:

• Ford Pro EBIT of $6.5 billion to $7.5 billion

• Ford Blue EBIT of $4.5 billion to $5.0 billion

• Ford Model e EBIT loss of $4.0 billion to $4.5 billion

• Ford Credit EBT of about $2.5 billion

Our outlook for 2026 assumes:

• The $1.3 billion adjusted EBIT benefit of IEEPA (with no adjusted free cash flow benefit until 2027)

• U.S. SAAR of 16.0 million to 16.5 million

• Flat U.S. industry pricing

• A net $1.0 billion improvement from the Novelis recovery, which includes $1.5 billion to $2.0 billion of temporary costs, including tariffs

• Commodity headwinds of just above $2.0 billion, about $1.0 billion higher than our previous estimate, largely due to higher aluminum pricing driven by global supply constraints. This excludes Novelis-related aluminum costs.

• Tariff impacts of about $1.0 billion, excluding the one-time IEEPA benefit of about $1.3 billion and temporary tariffs related to Novelis

• Excluding the impact of Novelis, positive market factors, including favorable mix associated with the sunset of low-margin nameplates and benefits from changes in the U.S. regulatory environment

• A $1.0 billion improvement in material costs and warranty reductions

• An incremental investment of about $1.0 billion in Model e to support the ramp of our Universal EV platform and Ford Energy

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Cautionary Note on Forward-Looking Statements

Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

• Ford’s long-term success depends on delivering the Ford+ plan, including improving cost competitiveness;

• Ford’s products have been and could continue to be affected by defects that result in recall campaigns, increased warranty costs, or delays in new model launches, and the time it takes to improve the quality of our products and services and reduce the costs associated therewith could continue to have an adverse effect on our business;

• Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule and specifications, and a shortage of or inability to timely acquire key components or raw materials has previously disrupted and may, in the future, disrupt Ford’s operations;

• Ford’s production, as well as Ford’s suppliers’ production, and/or the ability to deliver products to consumers could be disrupted by labor issues, public health issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors;

• Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, commercial relationships, or business strategies or the benefits may take longer than expected to materialize;

• Ford may not realize the anticipated benefits of restructuring actions and such actions may cause Ford to incur significant charges, disrupt our operations, or harm our reputation;

• Failure to develop and deploy secure digital services that appeal to customers, retain existing subscribers, and grow our subscription rates could have a negative impact on Ford’s business;

• Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints;

• Ford’s ability to attract, develop, grow, support, and reward talent is critical to its success and competitiveness;

• Operational information systems, security systems, products, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford, Ford Credit, their suppliers, and dealers;

• To facilitate access to the raw materials and other components necessary for the manufacture of electrified products, Ford has entered into and may, in the future, enter into multi-year commitments to raw material and other suppliers that subject Ford to risks associated with lower future demand for such items as well as costs that fluctuate and are difficult to accurately forecast;

• With a global footprint and supply chain, Ford’s results and operations have been and could continue to be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events;

• Ford’s new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and Ford’s reputation may be harmed based on positions it takes or if it is unable to achieve the initiatives it has announced;

• Ford may face increased price competition for its products and services, including pricing pressure resulting from industry excess capacity, currency fluctuations, competitive actions, legal and policy changes, or economic or other factors, particularly for electrified vehicles;

• Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable securities, can have a significant effect on results;

• Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;

• Industry sales volume can be volatile and could decline if there is a financial crisis, recession, public health emergency, or significant geopolitical event;

• The impact of government incentives on Ford’s business has been and could continue to be significant, and Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;

• Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, asset portfolios, or other factors;

• Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;

• Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed;

• Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition;

• Ford and Ford Credit have experienced and could continue to experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise;

• Ford may need to substantially modify its product plans and facilities to respond to shifting consumer sentiment and competitive dynamics as a result of policy changes affecting, or otherwise to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations;

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

• Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, data protection, data access, and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and

• Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations.

We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake, and expressly disclaim to the extent permitted by law, any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors” in our 2025 Form 10-K Report, as updated by our subsequent Quarterly Reports on Form 10‑Q and Current Reports on Form 8-K.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

NON-GAAP FINANCIAL MEASURES THAT SUPPLEMENT GAAP MEASURES

We use both generally accepted accounting principles (“GAAP”) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted.

*•*Company Adjusted EBIT (Most Comparable GAAP Measure: Net Income/(Loss) Attributable to Ford) – Earnings before interest and taxes (“EBIT”) excludes interest on debt (excluding Ford Credit Debt), taxes, and pre-tax special items. This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results. Our management excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Our categories of pre-tax special items and the applicable significance guideline for each item (which may consist of a group of items related to a single event or action) are as follows:

Pre-Tax Special Item						Significance Guideline
∘ Pension and OPEB remeasurement gains and losses						∘ No minimum
∘ Personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix						∘ Generally $100 million or more
∘ Other items that we do not generally consider to be indicative of earnings from ongoing operating activities						∘ $500 million or more for individual field service actions; generally $100 million or more for other items

*•*Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income/(Loss) Margin) – Company adjusted EBIT margin is Company adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting.

*•*Adjusted Earnings/(Loss) Per Share (Most Comparable GAAP Measure: Earnings/(Loss) Per Share) – Measure of Company’s diluted net earnings/(loss) per share adjusted for impact of pre-tax special items (described above), tax special items, and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of earnings from ongoing operating activities.

*•*Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting.

*•*Company Adjusted Free Cash Flow (Most Comparable GAAP Measure: Net Cash Provided By/(Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elements management considers operating activities, including Company excluding Ford Credit capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, restructuring actions, and other items that are considered operating cash flows under U.S. GAAP. This measure is useful to management and investors because it is consistent with management’s assessment of the Company’s operating cash flow performance.

*•*Adjusted ROIC – Calculated as the sum of adjusted net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters. Adjusted Return on Invested Capital (“Adjusted ROIC”) provides management and investors with useful information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented. Adjusted net operating profit/(loss) after cash tax measures operating results less special items, interest on debt (excluding Ford Credit Debt), and certain pension/OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excluding Ford Credit Debt), and net pension/OPEB liability.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

When we provide guidance for adjusted EBIT, adjusted earnings/(loss) per share, and adjusted effective tax rate, we do not provide guidance for their respective most comparable GAAP measures as those GAAP measures will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including gains and losses on pension and OPEB remeasurement, and other items that are difficult to quantify. When we provide guidance for Company adjusted free cash flow, we do not provide guidance for its most comparable GAAP measure (net cash provided by/(used in) operating activities) as the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company’s exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by/(used in) our operating activities.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Non-GAAP Financial Measure Reconciliations

The following tables show our Non-GAAP financial measure reconciliations.

Net Income/(Loss) Reconciliation to Adjusted EBIT ($M)

			First Quarter
2025						2026
Net income/(loss) attributable to Ford (GAAP)			$	471					$	2,548
Income/(Loss) attributable to noncontrolling interests			2						3
Net income/(loss)			$	473					$	2,551
Less: (Provision for)/Benefit from income taxes			(148)						(361)
Income/(Loss) before income taxes			$	621					$	2,912
Less: Special items pre-tax			(110)						(226)
Income/(Loss) before special items pre-tax			$	731					$	3,138
Less: Interest on debt			(288)						(350)
Adjusted EBIT (Non-GAAP)			$	1,019					$	3,488
Memo:
Revenue ($B)			$	40.7					$	43.3
Net income/(loss) margin (GAAP) (%)			1.2		%				5.9		%
Adjusted EBIT margin (Non-GAAP) (%)			2.5		%				8.1		%

Earnings/(Loss) per Share Reconciliation to Adjusted Earnings/(Loss) per Share

			First Quarter
2025						2026
Diluted After-Tax Results ($M)
Diluted after-tax results (GAAP)			$	471					$	2,548
Less: Impact of pre-tax and tax special items			(81)						(150)
Adjusted net income/(loss) – diluted (Non-GAAP)			$	552					$	2,698
Basic and Diluted Shares (M)
Basic shares (average shares outstanding)			3,968						3,991
Net dilutive options, unvested restricted stock units, and unvested restricted stock shares			43						80
Diluted shares			4,011						4,071
Earnings/(Loss) per share – diluted (GAAP)			$	0.12					$	0.63
Less: Net impact of adjustments			(0.02)						(0.03)
Adjusted earnings/(loss) per share – diluted (Non-GAAP)			$	0.14					$	0.66

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Effective Tax Rate Reconciliation to Adjusted Effective Tax Rate

			First Quarter
			2025						2026																		Memo: FY 2025
Pre-Tax Results ($M)
Income/(Loss) before income taxes (GAAP)			$	621					$	2,912																	$	(11,830)
Less: Impact of special items			(110)						(226)																		(17,356)
Adjusted earnings before taxes (Non-GAAP)			$	731					$	3,138																	$	5,526
Taxes ($M)
(Provision for)/Benefit from income taxes (GAAP)			$	(148)					$	(361)																	$	3,668
Less: Impact of special items			29						76																		4,775
Adjusted (provision for)/benefit from income taxes (Non-GAAP)			$	(177)					$	(437)																	$	(1,107)
Tax Rate (%)
Effective tax rate (GAAP)			23.8		%				12.4		%																31.0		%
Adjusted effective tax rate (Non-GAAP)			24.2		%				13.9		%																20.0		%

Net Cash Provided by/(Used in) Operating Activities Reconciliation to Company Adjusted Free Cash Flow ($M)

			First Quarter
2025						2026
Net cash provided by/(used in) operating activities (GAAP)			$	3,679					$	1,316
Less: Items not included in company adjusted free cash flows
Ford Credit operating cash flows			$	4,106					$	3,337
Funded pension contributions			(234)						(178)
Restructuring (including separations) (a)			(163)						(734)
Ford Credit tax payments/(refunds) under tax sharing agreement			—						33
Other, net			(141)						(541)
Add: Items included in company adjusted free cash flows
Company excluding Ford Credit capital spending			$	(1,790)					$	(2,357)
Ford Credit distributions			200						950
Settlement of derivatives			1						134
Company adjusted free cash flow (Non-GAAP)			$	(1,478)					$	(1,874)

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(a)Restructuring excludes cash flows reported in investing activities.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

SUPPLEMENTAL INFORMATION

The tables below provide supplemental consolidating financial information, other financial information, and U.S. sales by type. Company excluding Ford Credit includes our Ford Blue, Ford Model e, and Ford Pro reportable segments, Corporate Other, Interest on Debt, and Special Items. Eliminations, where presented, primarily represent eliminations of intersegment transactions and deferred tax netting.

Selected Income Statement Information. The following table provides supplemental income statement information (in millions):

			For the period ended March 31, 2026
			First Quarter
			Company excluding Ford Credit						Ford Credit						Consolidated
Revenues			$	39,819					$	3,434					$	43,253
Total costs and expenses			38,118						2,806						40,924
Operating income/(loss)			1,701						628						2,329
Interest expense on Company debt excluding Ford Credit			350						—						350
Other income/(loss), net			631						142						773
Equity in net income/(loss) of affiliated companies			147						13						160
Income/(Loss) before income taxes			2,129						783						2,912
Provision for/(Benefit from) income taxes			253						108						361
Net income/(loss)			1,876						675						2,551
Less: Income/(Loss) attributable to noncontrolling interests			3						—						3
Net income/(loss) attributable to Ford Motor Company			$	1,873					$	675					$	2,548

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Selected Balance Sheet Information. The following tables provide supplemental balance sheet information (in millions):

						March 31, 2026
Assets						Company excluding Ford Credit						Ford Credit						Eliminations						Consolidated
Cash and cash equivalents						$	9,725					$	7,924					$	—					$	17,649
Marketable securities						12,054						785						—						12,839
Ford Credit finance receivables, net						—						46,185						—						46,185
Trade and other receivables, net						8,375						8,852						—						17,227
Inventories						16,537						—						—						16,537
Other assets						4,591						1,301						—						5,892
Receivable from other segments						733						2,148						(2,881)						—
Total current assets						52,015						67,195						(2,881)						116,329
Ford Credit finance receivables, net						—						60,322						—						60,322
Net investment in operating leases						1,953						27,030						—						28,983
Net property						37,756						335						—						38,091
Equity in net assets of affiliated companies						2,595						142						—						2,737
Deferred income taxes						21,578						695						—						22,273
Other assets						11,791						1,908						—						13,699
Receivable from other segments						51						—						(51)						—
Total assets						$	127,739					$	157,627					$	(2,932)					$	282,434
Liabilities
Payables						$	25,052					$	987					$	—					$	26,039
Other liabilities and deferred revenue						27,312						2,537						—						29,849
Debt payable within one year						3,268						47,523						—						50,791
Payable to other segments						2,881						—						(2,881)						—
Total current liabilities						58,513						51,047						(2,881)						106,679
Other liabilities and deferred revenue						28,930						1,231						—						30,161
Long-term debt						16,327						90,008						—						106,335
Deferred income taxes						952						823						—						1,775
Payable to other segments						—						51						(51)						—
Total liabilities						$	104,722					$	143,160					$	(2,932)					$	244,950

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

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(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.