Ford Reports Q3 2026 Results, Raises Lower End of FY Adjusted EBIT Guidance

Executive Summary

On October 28, 2026, Ford Motor Company filed a Form 8-K under Item 2.02 detailing its third-quarter 2026 financial results and updating its full-year 2026 guidance. Ford reported total revenue of $49.5 billion, net income of $2.0 billion ($0.50 diluted EPS), and company adjusted EBIT of $2.7 billion. In addition, the company raised the low end of its full-year 2026 adjusted EBIT outlook to a range of $10.5 billion to $11.0 billion.

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Financial & Operating Highlights (Q3 2026 vs. Q3 2025)

• Revenues: $49.5 billion vs. $50.5 billion (-2% YoY).
• Net Income: $2.0 billion ($0.50 per diluted share) vs. $2.4 billion ($0.60 per diluted share).
• Company Adjusted EBIT: $2.66 billion (5.4% margin) vs. $2.59 billion (5.1% margin).
• Adjusted EPS: $0.49 vs. $0.45 (+9% YoY).
• Cash Flow: Cash from operating activities was $5.4 billion; Adjusted Free Cash Flow reached $4.7 billion.
• Balance Sheet & Liquidity: Closed the quarter with $25.3 billion in cash and $46.4 billion in total liquidity.
• Dividend: Declared a regular fourth-quarter dividend of $0.15 per share, payable on December 1, 2026, to shareholders of record as of November 10, 2026.

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Segment Performance

1. Ford Blue (Gas & Hybrid):

   • Wholesales: 657,000 units (-10% YoY).
   • Revenue: $27.1 billion (-3% YoY).
   • EBIT: $1.39 billion (-10% YoY), impacted by lower volume due to product discontinuations, Middle East conflict exposure, and commodity headwinds, partially offset by favorable mix.

2. Ford Model e (Electric Vehicles):

   • Wholesales: 34,000 units (-31% YoY).
   • Revenue: $1.2 billion (-31% YoY).
   • EBIT: Loss of $(1.06) billion, improving 25% from $(1.41) billion in Q3 2025 as the company worked through cost optimizations on first-generation vehicles while advancing its Universal Electric Vehicle (UEV) platform and Ford Energy.

3. Ford Pro (Commercial Vehicles & Services):

   • Wholesales: 358,000 units (-4% YoY).
   • Revenue: $17.8 billion (+2% YoY).
   • EBIT: $1.67 billion (-16% YoY; 9.4% margin), reflecting commodity headwinds and temporary Super Duty launch costs at the Oakville Assembly Complex.

4. Ford Credit:

   • EBT: $803 million, up 27% YoY, driven by positive derivative mark-to-market valuations, solid financing margins, and resilient used vehicle pricing.

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Full-Year 2026 Outlook

• Adjusted EBIT: Narrowed upward to $10.5 billion – $11.0 billion (from the prior $10.0 billion – $11.0 billion).
• Adjusted Free Cash Flow: Maintained at $6.0 billion – $7.0 billion.
• Capital Expenditures: Projected at $9.5 billion – $10.5 billion.
• Segment Expectations:
  • Ford Blue EBIT: ~$5.5 billion
  • Ford Pro EBIT: ~$7.0 billion
  • Ford Model e EBIT: ~$(4.0) billion loss
  • Ford Credit EBT: ~$2.8 billion