10-Q · July 28, 2026
Ford's Q2 consolidated revenue was $48.296 billion, down from $50.2 billion a year earlier but above Q1 2026 revenue of $43.25 billion. Profitability improved on an adjusted basis—adjusted EBIT reached $2.503 billion…
Earnings analysis · 10-Q
F earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Ford delivered a strong third quarter on estimates, with $49.526 billion of revenue, $0.50 of GAAP diluted EPS, $2.658 billion of adjusted EBIT, and $4.667 billion of adjusted free cash flow. Profitability and cash…
Read full summary
Ford delivered a strong third quarter on estimates, with $49.526 billion of revenue, $0.50 of GAAP diluted EPS, $2.658 billion of adjusted EBIT, and $4.667 billion of adjusted free cash flow. Profitability and cash generation improved sequentially, while adjusted EBIT and free cash flow increased year over year, although revenue and GAAP EPS were below Q3 2025 levels. The balance sheet maintains $22.275 billion of cash but carries $163.082 billion of debt, and litigation, foreign-exchange, commodity, and interest-rate sensitivities remain material.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.5
- Operating margin
- 2.9%
What stood out
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Revenue beat estimates but declined year over year
Third-quarter revenue was $49.526 billion, up from $48.3 billion in Q2 2026 but down from $50.5 billion in Q3 2025. Revenue exceeded the provided consensus estimate of $45.779 billion by approximately 8.2%.
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GAAP EPS rebounded sequentially
GAAP diluted EPS was $0.50, compared with $(0.33) in Q2 2026 and $0.60 in Q3 2025. Adjusted diluted EPS was $0.49 versus $0.50 a year earlier.
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Adjusted profitability improved year over year
Consolidated operating income was $1.454 billion on $49.526 billion of revenue, implying an operating margin of approximately 2.9%, versus 1.3% in Q2 2026 and 3.1% in Q3 2025. Adjusted EBIT was $2.658 billion, with a 5.4% adjusted EBIT margin versus 5.1% in Q3 2025.
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Strong quarterly free cash flow
Company adjusted free cash flow was $4.667 billion in Q3, compared with $4.309 billion in Q3 2025. Consolidated operating cash flow was $5.427 billion in the quarter, while company-excluding-Ford-Credit capital spending was $2.259 billion.
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Ford Credit remained a material contributor
Ford Credit generated $3.444 billion of revenue and $599 million of operating income, while the businesses excluding Ford Credit generated $46.082 billion of revenue and $855 million of operating income.
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Liquidity remains substantial but leverage is high
At September 30, 2026, Ford reported $22.275 billion of cash and cash equivalents, $16.232 billion of inventory, and $163.082 billion of total debt, consisting of $53.313 billion due within one year and $109.769 billion of long-term debt.
What to watch
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Versata litigation exposure
The Versata litigation exposure increased materially from the prior quarter: the Federal Circuit reinstated $82 million of breach-of-contract damages and remanded the trade-secret damages issue for further proceedings. The plaintiff may also claim interest on a final award.
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Foreign-exchange sensitivity
The company’s quantified foreign-exchange sensitivity remains significant: a 10% change in underlying exchange rates could change fair value by $2.7 billion, compared with $3.0 billion at December 31, 2025. FX forward contracts were a $16 million liability at September 30, 2026 versus a $1 million asset at year-end.
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Commodity price volatility
Commodity exposure increased on the filing’s sensitivity measure: a 10% change in commodity prices implied a $211 million potential fair-value change versus $192 million at December 31, 2025. Commodity forward contracts remained an asset, but declined to $75 million from $177 million.
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Ford Credit rate sensitivity
Ford Credit’s interest-rate sensitivity worsened: a hypothetical 1-percentage-point decrease in rates would reduce estimated pre-tax cash flow by $49 million over the next 12 months, versus $38 million at December 31, 2025.
Management's outlook
The 10-Q does not provide explicit numeric revenue or EPS guidance. Quantitative full-year guidance was provided in the October 28, 2026 earnings release rather than the filing.
Earlier filings 4
10-Q · April 29, 2026
Ford Motor Company posted strong Q1 2026 financial results, achieving revenue of $39.82 billion and EPS of $0.66, both exceeding analyst expectations. The company reported an increase in net income attributable to Ford…
10-K · February 11, 2026
Ford emphasizes managing regulatory compliance and product transition risks (including emissions and ZEV requirements) through credit purchases and continued investment in innovation and intellectual property. U.S.…
10-Q · October 24, 2025
Ford reported third-quarter 2025 revenue of $50,534 million, up 9% year‑over‑year, with diluted EPS of $0.60 (adjusted EPS $0.45) and Company adjusted EBIT of $2,586 million (up $36 million). Cash generation was strong…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.