0000037996-26-000156
SEC filing福特二季度净亏13.27亿美元，主因BOSK处置等特殊项目，但调整后EBIT同比增长至25.03亿美元。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $48.296B | $50.184B | -4% |
| Gross Profit | $6.08B | $5.939B | +2.4% |
| Gross Margin | 12.6% | 11.8% | +80 bps |
| Operating Income | $0.638B | $0.511B | +24.9% |
| Operating Margin | 1.3% | 1.0% | +30 bps |
| Net Income | -$1.327B | -$0.036B | -$1.291B |
| Diluted EPS | -$0.33 | -$0.01 | -$0.32 |
| Company Adjusted EBIT | $2.503B | $2.140B | +$0.363B |
| Company Adjusted EBIT Margin | 5.2% | 4.3% | +90 bps |
| Operating Cash Flow | $4.345B | $6.317B | -$1.972B |
| Company Adjusted Free Cash Flow | $2.094B | $2.826B | -$0.732B |
福特二季度营收同比下滑4%至482.96亿美元，主要受Ford Pro和Ford Model e销量下滑拖累，但Ford Blue营收微增1%。毛利率同比提升80个基点至12.6%，主要得益于产品组合改善和净定价提升，部分被铝供应中断导致的临时采购成本抵消。
公司调整后EBIT同比增长3.63亿美元至25.03亿美元，调整后EBIT利润率提升90个基点至5.2%。增长主要来自Ford Blue和Ford Model e的EBIT改善，以及Ford Credit的EBT增长，但被Ford Pro的EBIT下滑部分抵消。GAAP净亏损13.27亿美元，主要受BOSK处置相关36.12亿美元特殊项目费用影响。
盈利质量方面，经营现金流同比下滑19.72亿美元至43.45亿美元，主要因净亏损和Ford Credit经营现金流下降。公司调整后自由现金流同比下滑7.32亿美元至20.94亿美元，主要受不利的时点差异和更高的净支出及税费利息支付影响。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Ford Blue | $26.068B | +1% | $1.135B | 4.4% | 产品组合、汇率和净定价改善，部分被销量下滑抵消 |
| Ford Model e | $1.026B | -56% | -$0.919B | -89.6% | 销量下滑53%，但Gen-1产品减亏及一次性供应协议调整改善EBIT |
| Ford Pro | $17.790B | -5% | $1.718B | 9.7% | 铝供应中断和销量下滑拖累EBIT |
| Ford Credit | $3.405B | +5% | $0.757B | 22.2% | 融资利差改善和销量提升推动EBT增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $31.6B | -$0.9B |
| Total Debt (Company excl. Ford Credit) | $23.6B | +$1.7B |
| Total Debt (Ford Credit) | $137.3B | -$0.1B |
| Inventory | $16.946B | +$1.661B |
| Operating Cash Flow | $5.661B | -$4.335B |
| Capex | $4.758B | +$0.852B |
| Company Adjusted Free Cash Flow | $0.220B | -$1.128B |
资本配置：二季度回购普通股3.11亿美元，支付股息12.06亿美元（每股0.15美元）。公司债务（不含Ford Credit）环比增加17亿美元，主要因承担BOSK的DOE贷款。
2026年指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Adjusted EBIT | $10.0-$11.0 billion | reported |
| FY26 | Adjusted Free Cash Flow | $6.0-$7.0 billion | reported |
| FY26 | Ford Pro EBIT | $7.0-$7.5 billion | reported |
| FY26 | Ford Blue EBIT | $5.0-$5.5 billion | reported |
| FY26 | Ford Model e EBIT | approximately -$4.0 billion | reported |
| FY26 | Ford Credit EBT | above $2.5 billion | reported |
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