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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 June 30, 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 $0.01 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 July 24, 2026, Ford Motor Company had outstanding 3,916,743,591 shares of Common Stock and 70,852,076 shares of Class B Stock.
Exhibit Index begins on page 68
FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 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 | 35 | |||||||||
| Recent Developments | 35 | ||||||||||
| Results of Operations | 36 | ||||||||||
| Ford Blue Segment | 38 | ||||||||||
| Ford Model e Segment | 39 | ||||||||||
| Ford Pro Segment | 39 | ||||||||||
| Ford Credit Segment | 41 | ||||||||||
| Corporate Other | 44 | ||||||||||
| Interest on Debt | 44 | ||||||||||
| Taxes | 44 | ||||||||||
| Liquidity and Capital Resources | 45 | ||||||||||
| Credit Ratings | 54 | ||||||||||
| Outlook | 55 | ||||||||||
| Cautionary Note on Forward-Looking Statements | 56 | ||||||||||
| Non-GAAP Financial Measures That Supplement GAAP Measures | 58 | ||||||||||
| Non-GAAP Financial Measure Reconciliations | 60 | ||||||||||
| Supplemental Information | 62 | ||||||||||
| Accounting Standards Issued But Not Yet Adopted | 65 | ||||||||||
| Item 3 | Quantitative and Qualitative Disclosures About Market Risk | 66 | |||||||||
| Item 4 | Controls and Procedures | 66 | |||||||||
| Part II - Other Information | |||||||||||
| Item 1 | Legal Proceedings | 67 | |||||||||
| Item 5 | Other Information | 67 | |||||||||
| Item 6 | Exhibits | 68 | |||||||||
| Signature | 69 |
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 June 30, | |||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Second Quarter | First Half | ||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Company excluding Ford Credit | $ | 46,943 | $ | 44,891 | $ | 84,365 | $ | 84,710 | |||||||||||||||
| Ford Credit | 3,241 | 3,405 | 6,478 | 6,839 | |||||||||||||||||||
| Total revenues (Note 3) | 50,184 | 48,296 | 90,843 | 91,549 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Cost of sales | 44,245 | 42,216 | 79,433 | 77,527 | |||||||||||||||||||
| Selling, administrative, and other expenses | 2,706 | 2,684 | 5,137 | 5,491 | |||||||||||||||||||
| Ford Credit interest, operating, and other expenses | 2,722 | 2,758 | 5,443 | 5,564 | |||||||||||||||||||
| Total costs and expenses | 49,673 | 47,658 | 90,013 | 88,582 | |||||||||||||||||||
| Operating income/(loss) | 511 | 638 | 830 | 2,967 | |||||||||||||||||||
| Interest expense on Company debt excluding Ford Credit | 297 | 357 | 585 | 707 | |||||||||||||||||||
| Other income/(loss), net (Note 4) | 577 | 449 | 1,073 | 1,222 | |||||||||||||||||||
| Equity in net income/(loss) of affiliated companies | (250) | (2,763) | (156) | (2,603) | |||||||||||||||||||
| Income/(Loss) before income taxes | 541 | (2,033) | 1,162 | 879 | |||||||||||||||||||
| Provision for/(Benefit from) income taxes | 570 | (711) | 718 | (350) | |||||||||||||||||||
| Net income/(loss) | (29) | (1,322) | 444 | 1,229 | |||||||||||||||||||
| Less: Income/(Loss) attributable to noncontrolling interests | 7 | 5 | 9 | 8 | |||||||||||||||||||
| Net income/(loss) attributable to Ford Motor Company | $ | (36) | $ | (1,327) | $ | 435 | $ | 1,221 | |||||||||||||||
| EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) | |||||||||||||||||||||||
| Basic income/(loss) | $ | (0.01) | $ | (0.33) | $ | 0.11 | $ | 0.31 | |||||||||||||||
| Diluted income/(loss) | (0.01) | (0.33) | 0.11 | 0.30 | |||||||||||||||||||
| Weighted-average shares used in computation of earnings/(loss) per share | |||||||||||||||||||||||
| Basic shares | 3,980 | 3,987 | 3,974 | 3,989 | |||||||||||||||||||
| Diluted shares | 3,980 | 3,987 | 4,018 | 4,069 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
| For the periods ended June 30, | |||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Second Quarter | First Half | ||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Net income/(loss) | $ | (29) | $ | (1,322) | $ | 444 | $ | 1,229 | |||||||||||||||
| Other comprehensive income/(loss), net of tax (Note 15) | |||||||||||||||||||||||
| Foreign currency translation | 1,272 | 122 | 1,793 | (135) | |||||||||||||||||||
| Marketable securities | 36 | (39) | 103 | (108) | |||||||||||||||||||
| Derivative instruments | (410) | 1 | (539) | 132 | |||||||||||||||||||
| Pension and other postretirement benefits | 17 | 24 | 39 | 49 | |||||||||||||||||||
| Total other comprehensive income/(loss), net of tax | 915 | 108 | 1,396 | (62) | |||||||||||||||||||
| Comprehensive income/(loss) | 886 | (1,214) | 1,840 | 1,167 | |||||||||||||||||||
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 6 | 5 | 8 | 8 | |||||||||||||||||||
| Comprehensive income/(loss) attributable to Ford Motor Company | $ | 880 | $ | (1,219) | $ | 1,832 | $ | 1,159 |
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 | June 30, 2026 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents (Note 7) | $ | 23,356 | $ | 18,603 | |||||||
| Marketable securities (Note 7) | 15,131 | 12,731 | |||||||||
| Ford Credit finance receivables, net of allowance for credit losses of $261 and $286 (Note 8) | 49,130 | 45,451 | |||||||||
| Trade and other receivables, less allowances of $108 and $99 | 15,398 | 17,880 | |||||||||
| Inventories (Note 9) | 15,285 | 16,946 | |||||||||
| Other assets | 5,187 | 5,880 | |||||||||
| Total current assets | 123,487 | 117,491 | |||||||||
| Ford Credit finance receivables, net of allowance for credit losses of $650 and $682 (Note 8) | 61,449 | 59,418 | |||||||||
| Net investment in operating leases | 28,540 | 29,283 | |||||||||
| Net property | 37,288 | 39,958 | |||||||||
| Equity in net assets of affiliated companies | 2,753 | 2,758 | |||||||||
| Deferred income taxes | 21,953 | 23,107 | |||||||||
| Other assets | 13,690 | 13,516 | |||||||||
| Total assets | $ | 289,160 | $ | 285,531 | |||||||
| LIABILITIES | |||||||||||
| Payables | $ | 25,809 | $ | 27,012 | |||||||
| Other liabilities and deferred revenue (Note 10 and Note 17) | 31,779 | 29,584 | |||||||||
| Debt payable within one year (Note 12) | |||||||||||
| Company excluding Ford Credit | 5,550 | 4,381 | |||||||||
| Ford Credit | 51,752 | 46,956 | |||||||||
| Total current liabilities | 114,890 | 107,933 | |||||||||
| Other liabilities and deferred revenue (Note 10 and Note 17) | 30,902 | 30,565 | |||||||||
| Long-term debt (Note 12) | |||||||||||
| Company excluding Ford Credit | 16,369 | 19,238 | |||||||||
| Ford Credit | 89,665 | 90,392 | |||||||||
| Deferred income taxes | 1,354 | 1,648 | |||||||||
| Total liabilities | 253,180 | 249,776 | |||||||||
| EQUITY | |||||||||||
| Common Stock, par value $0.01 per share (4,157 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 | 23,979 | |||||||||
| Retained earnings | 22,508 | 22,508 | |||||||||
| Accumulated other comprehensive income/(loss) (Note 15) | (7,710) | (7,772) | |||||||||
| Treasury stock | (2,810) | (3,039) | |||||||||
| Total equity attributable to Ford Motor Company | 35,952 | 35,719 | |||||||||
| Equity attributable to noncontrolling interests | 28 | 36 | |||||||||
| Total equity | 35,980 | 35,755 | |||||||||
| Total liabilities and equity | $ | 289,160 | $ | 285,531 |
| 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 | June 30, 2026 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 2,523 | $ | 2,510 | |||||||
| Ford Credit finance receivables, net | 55,773 | 54,358 | |||||||||
| Net investment in operating leases | 13,572 | 12,818 | |||||||||
| Other assets | 21 | 42 | |||||||||
| LIABILITIES | |||||||||||
| Other liabilities and deferred revenue | $ | 40 | $ | 20 | |||||||
| Debt | 52,054 | 49,319 |
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 June 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| First Half | |||||||||||
| (unaudited) | |||||||||||
| Cash flows from operating activities | |||||||||||
| Net income/(loss) | $ | 444 | $ | 1,229 | |||||||
| Depreciation and tooling amortization | 3,747 | 3,748 | |||||||||
| Other amortization | (929) | (891) | |||||||||
| Disposition of investment in BOSK non-cash charges (Note 16) | — | 2,930 | |||||||||
| Provision for credit and insurance losses | 323 | 359 | |||||||||
| Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 11) | 187 | (27) | |||||||||
| Equity method investment (earnings)/losses and impairments in excess of dividends received | 261 | (107) | |||||||||
| Foreign currency adjustments | 62 | (224) | |||||||||
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4) | (43) | (4) | |||||||||
| Stock compensation | 275 | 211 | |||||||||
| Provision for/(Benefit from) deferred income taxes | 212 | (881) | |||||||||
| Decrease/(Increase) in finance receivables (wholesale and other) | 2,927 | 1,217 | |||||||||
| Decrease/(Increase) in accounts receivable and other assets | (3,500) | (1,249) | |||||||||
| Decrease/(Increase) in inventory | (1,476) | (1,713) | |||||||||
| Increase/(Decrease) in accounts payable and accrued and other liabilities | 7,293 | 577 | |||||||||
| Other | 213 | 486 | |||||||||
| Net cash provided by/(used in) operating activities | 9,996 | 5,661 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital spending | (3,906) | (4,758) | |||||||||
| Acquisitions of finance receivables and operating leases | (24,438) | (25,196) | |||||||||
| Collections of finance receivables and operating leases | 22,542 | 23,598 | |||||||||
| Purchases of marketable securities and other investments | (4,440) | (3,134) | |||||||||
| Sales and maturities of marketable securities and other investments | 5,593 | 5,432 | |||||||||
| Settlements of derivatives | (104) | 83 | |||||||||
| Returns of capital from equity method investments (Note 16) | 1,700 | — | |||||||||
| Other | 42 | (43) | |||||||||
| Net cash provided by/(used in) investing activities | (3,011) | (4,018) | |||||||||
| Cash flows from financing activities | |||||||||||
| Cash payments for dividends and dividend equivalents | (1,793) | (1,206) | |||||||||
| Purchases of common stock | — | (311) | |||||||||
| Net changes in short-term debt | (1,110) | (1,755) | |||||||||
| Proceeds from issuance of long-term debt | 20,469 | 24,464 | |||||||||
| Payments of long-term debt | (24,828) | (27,364) | |||||||||
| Other | (146) | (198) | |||||||||
| Net cash provided by/(used in) financing activities | (7,408) | (6,370) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 483 | (127) | |||||||||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | 60 | $ | (4,854) | |||||||
| 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 | 60 | (4,854) | |||||||||
| Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | 23,250 | $ | 18,896 |
The accompanying notes are part of the consolidated financial statements.
Next: Item 1. Financial Statements (Continued)