filings.toolsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Selected Cash Flow Information. The following tables provide supplemental cash flow information (in millions):
| For the period ended June 30, 2026 | |||||||||||||||||||||||
| First Half | |||||||||||||||||||||||
| Cash flows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | |||||||||||||||||||
| Net income/(loss) | $ | (521) | $ | 1,750 | $ | — | $ | 1,229 | |||||||||||||||
| Depreciation and tooling amortization | 2,328 | 1,420 | — | 3,748 | |||||||||||||||||||
| Other amortization | 31 | (922) | — | (891) | |||||||||||||||||||
| Disposition of investment in BOSK non-cash charges | 2,930 | — | — | 2,930 | |||||||||||||||||||
| Provision for credit and insurance losses | (4) | 363 | — | 359 | |||||||||||||||||||
| Pension and OPEB expense/(income) | (27) | — | — | (27) | |||||||||||||||||||
| Equity method investment (earnings)/losses and impairments in excess of dividends received | (92) | (15) | — | (107) | |||||||||||||||||||
| Foreign currency adjustments | (206) | (18) | — | (224) | |||||||||||||||||||
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | (9) | 5 | — | (4) | |||||||||||||||||||
| Stock compensation | 203 | 8 | — | 211 | |||||||||||||||||||
| Provision for/(Benefit from) deferred income taxes | (537) | (344) | — | (881) | |||||||||||||||||||
| Decrease/(Increase) in finance receivables (wholesale and other) | — | 1,217 | — | 1,217 | |||||||||||||||||||
| Decrease/(Increase) in intersegment receivables/payables | (496) | 496 | — | — | |||||||||||||||||||
| Decrease/(Increase) in accounts receivable and other assets | (1,070) | (179) | — | (1,249) | |||||||||||||||||||
| Decrease/(Increase) in inventory | (1,713) | — | — | (1,713) | |||||||||||||||||||
| Increase/(Decrease) in accounts payable and accrued and other liabilities | 678 | (101) | — | 577 | |||||||||||||||||||
| Other | 604 | (118) | — | 486 | |||||||||||||||||||
| Interest supplements and residual value support to Ford Credit | (1,822) | 1,822 | — | — | |||||||||||||||||||
| Net cash provided by/(used in) operating activities | $ | 277 | $ | 5,384 | $ | — | $ | 5,661 | |||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Capital spending | $ | (4,714) | $ | (44) | $ | — | $ | (4,758) | |||||||||||||||
| Acquisitions of finance receivables and operating leases | — | (25,196) | — | (25,196) | |||||||||||||||||||
| Collections of finance receivables and operating leases | — | 23,598 | — | 23,598 | |||||||||||||||||||
| Purchases of marketable securities and other investments | (2,974) | (160) | — | (3,134) | |||||||||||||||||||
| Sales and maturities of marketable securities and other investments | 5,287 | 145 | — | 5,432 | |||||||||||||||||||
| Settlements of derivatives | 150 | (67) | — | 83 | |||||||||||||||||||
| Other | (43) | — | — | (43) | |||||||||||||||||||
| Investing activity (to)/from other segments | 1,875 | — | (1,875) | — | |||||||||||||||||||
| Net cash provided by/(used in) investing activities | $ | (419) | $ | (1,724) | $ | (1,875) | $ | (4,018) | |||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Cash payments for dividends and dividend equivalents | $ | (1,206) | $ | — | $ | — | $ | (1,206) | |||||||||||||||
| Purchases of common stock | (311) | — | — | (311) | |||||||||||||||||||
| Net changes in short-term debt | 186 | (1,941) | — | (1,755) | |||||||||||||||||||
| Proceeds from issuance of long-term debt | 1 | 24,463 | — | 24,464 | |||||||||||||||||||
| Payments of long-term debt | (2,341) | (25,023) | — | (27,364) | |||||||||||||||||||
| Other | (138) | (60) | — | (198) | |||||||||||||||||||
| Financing activity to/(from) other segments | — | (1,875) | 1,875 | — | |||||||||||||||||||
| Net cash provided by/(used in) financing activities | $ | (3,809) | $ | (4,436) | $ | 1,875 | $ | (6,370) | |||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ | (58) | $ | (69) | $ | — | $ | (127) |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Selected Other Information.
Equity. At June 30, 2026, total equity attributable to Ford was $35.7 billion, a decrease of $0.3 billion compared with December 31, 2025. The detail for this change is shown below (in billions):
| Increase/ (Decrease) | |||||
| Net income/(loss) | $ | 1.2 | |||
| Shareholder distributions (a) | (1.5) | ||||
| Other comprehensive income/(loss), net | (0.1) | ||||
| Common stock issued (including share-based compensation impacts) | 0.1 | ||||
| Other | — | ||||
| Total | $ | (0.3) |
(a)Includes cash dividends, dividend equivalents, and anti-dilutive share repurchases.
U.S. Sales by Type. The following table shows second 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 | 9,746 | 5,623 | |||||||||
| Hybrid Vehicles | 53,163 | 46,981 | |||||||||
| Internal Combustion Vehicles | 486,291 | 467,815 | |||||||||
| Total Vehicles | 549,200 | 520,419 |
ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED
For a discussion of recent accounting standards, see Note 2 of the Notes to the Financial Statements.
Previous: Item 1. Financial Statements (Continued) · Next: Item 3. Quantitative and Qualitative Disclosures About Market Risk.