Research Reports

Prepared Highlights

Full-year 2025 revenue grew to $187 billion (CEO); adjusted EBIT of $6.8 billion, including $2 billion headwind from Novelis fires and $2 billion net tariff impact (CEO). Excluding a late-year tariff credit change, EBIT would have been $7.7 billion (CEO).
Ford Pro: FY2025 revenue >$66 billion, EBIT $6.8 billion with double-digit margin (CFO); U.S. class 1–7 market share >42%, Europe #1 commercial brand 11th straight year (CEO). Software & physical services grew 10% to 19% of Pro’s EBIT (CEO).
Ford Model e: FY2025 revenue and volume growth of 73% and 69% driven by Europe new products; EBIT loss improved to -$4.8 billion (CFO); Gen 1 product losses reduced, offset by Gen 2 investment for UEV platform launch in 2027 (CFO).
Ford Blue: FY2025 revenue roughly flat as higher net pricing offset 5% wholesale decline; EBIT $3 billion, with lower warranty and cost improvements partially offset by lost production and adverse exchange (CFO). U.S. hybrid truck sales, Bronco record, Explorer #1 three-row SUV (CFO).
Ford Credit: FY2025 EBT $2.6 billion, up 55% year-over-year, distributions $1.7 billion; U.S. retail/lease FICO >750 (CFO).
Capital discipline: FY2025 free cash flow $3.5 billion; year-end cash ~$29 billion, liquidity ~$50 billion; U.S. gross stocks cut 16%, retail days supply 56 days (low end of target) (CFO).
FY2026 guidance (CFO):
- Adjusted EBIT: $8 billion – $10 billion
- Adjusted free cash flow: $5 billion – $6 billion
- Capital expenditures: $9.5 billion – $10.5 billion (includes ~$1.5 billion for Ford Energy)
- U.S. industry SAAR assumption: 16.0 – 16.5 million, flat pricing
- Lower tariff costs ~$1 billion; commodity inflation ~$1 billion; Novelis improvement ~$1 billion (back-half weighted)
Segment guidance for 2026 (CFO):
- Ford Pro EBIT: $6.5 – $7.5 billion
- Ford Model e EBIT loss: $(4.0) – $(4.5) billion (including ~$400 million Ford Energy startup costs; Gen 1 improvement ~$1.6 billion, Gen 2 costs +$600 million)
- Ford Blue EBIT: $4.0 – $4.5 billion
- Ford Credit EBT: ~$2.5 billion
One-time charges: ~$7 billion in 2026-2027 related to EV portfolio rebalancing and expected BOSC investment disposition; cash outlays up to ~$5.5 billion, mostly in 2026 (CFO).
Dividend: First-quarter regular dividend declared at $0.15 per share (CFO).
RPO/backlog: Not explicitly stated.

Prepared Metrics

Metric	Value	Speaker/Context
Full-year revenue	$187 billion	CEO (prepared)
Full-year adjusted EBIT	$6.8 billion	CEO (prepared)
Full-year adjusted free cash flow	$3.5 billion	CFO (prepared)
Year-end cash	~$29 billion	CFO (prepared)
Year-end liquidity	~$50 billion	CFO (prepared)
U.S. retail days supply	56 days (low end of target)	CFO (prepared)
Ford Pro EBIT (FY2025)	$6.8 billion	CFO (prepared)
Ford Model e EBIT loss (FY2025)	$(4.8) billion	CFO (prepared)
Ford Blue EBIT (FY2025)	$3.0 billion	CFO (prepared)
Ford Credit EBT (FY2025)	$2.6 billion (+55% YoY)	CFO (prepared)
Ford Pro paid software subscriptions growth (2025)	+30%	CFO (prepared)
U.S. market share (2025)	13.2% (best in six years)	CEO (prepared)
FY2026 adjusted EBIT guidance	$8B – $10B	CFO (prepared)
FY2026 adjusted FCF guidance	$5B – $6B	CFO (prepared)
FY2026 CapEx guidance	$9.5B – $10.5B	CFO (prepared)
FY2026 Ford Pro EBIT guidance	$6.5B – $7.5B	CFO (prepared)
FY2026 Ford Model e EBIT loss guidance	$(4.0B) – $(4.5B)	CFO (prepared)
FY2026 Ford Blue EBIT guidance	$4.0B – $4.5B	CFO (prepared)
FY2026 Ford Credit EBT guidance	~$2.5B	CFO (prepared)
U.S. industry SAAR assumption (2026)	16.0 – 16.5 million	CFO (prepared)

Mgmt Quotes

"We executed very well last year. We managed through numerous challenges... and delivered good results in all areas within our control at Ford." — CEO
"The earnings power of our business is accelerating. And our Ford Plus strategy distinguishes us from the competition in clear ways." — CEO
"Ford Pro once again demonstrated its importance and persistence as a key profit pillar for Ford by delivering more than $66 billion of revenue and EBIT of $6.8 billion with a double-digit margin." — CFO
"We continue to prioritize our balance sheet, a significant competitive advantage, that provides flexibility to accelerate investments into accretive opportunities like Ford Energy." — CFO
"Our underlying business is strong, and we are relentlessly working to strengthen it further as we continue to focus on improving both quality and cost as well as returns and cash flow." — CFO

Q&A Batch (6-7 of 7)

Q6 — Andrew Percoco

Topic: 能源储能资本配置与自主驾驶策略
Key points:
- 能源储能：2027年实现20GWh产能，与CATL合作并取得LFP技术许可，对比竞争对手具备本地制造与关税优势。
- 自主驾驶：Level 3系统内部开发以实现每车节省数千美元硬件/软件成本，计划应用于3万至3.5万美元车型（如UEV）；Level 4策略不同，暂不披露。
- 客户反馈：已与大型电网供应商、能源公司深度接洽，客户对福特进入该业务表示兴奋。
Mgmt stance: 能源储能与自主驾驶均持乐观立场——认为能源储能市场增长快、技术壁垒高；自主驾驶内部开发可降本且控制安全体验。

Q7 — Mark Delaney / Colin Langan

Topic: 成本削减进展、库存管理、Novelis铝供应及2026年自由现金流指引
Key points:
- 成本：2025年实现15亿美元成本削减（主要来自材料与保修），2026年目标再降10亿美元；管理层认为正快速缩小与同行的成本差距。
- 库存：2025年底总供应天数约66天（零售基准55-65天低端）；2026年预期维持目标区间，F-150上半年库存偏低，下半年补库。
- Novelis铝供应：2025年损失约10万辆产能，2026年计划恢复5-6万辆；第二次火灾后成本高于最初预期，影响EBIT指引500亿至100亿美元（原为100亿美元）。
- 自由现金流：2026年指引中点55亿美元（较2025年35亿美元提升），驱动因素包括汽车EBIT增加、美国政府应收款10亿美元（关税相关），但资本支出增加超10亿美元。
Mgmt stance: 成本削减乐观；库存管理中性（维持目标范围）；Novelis恢复谨慎（成本超预期）；自由现金流指引中性（受一次性应收款及更高资本支出影响）。