Detailed financial statements for Ford Motor Company (F): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Ford Motor Company is a global automotive giant, engaged in the design, production, and servicing of a broad spectrum of vehicles. Its product line encompasses Ford trucks, commercial cars and vans, and sport utility vehicles, in addition to luxury models from its Lincoln brand. The company structures its diverse operations into distinct segments: Ford Blue, Ford Model e, Ford Pro, Ford Next, and Ford Credit.
Analysis Summary
Ford Motor Company reported revenue of $187.27B in the most recent fiscal year, growing at a 5-year CAGR of 8.1%.
Trailing-twelve-month margins: gross margin 9.2%, operating margin 1.9%, net margin -4.2%. Free cash flow grew at -7.6% CAGR over 5 years.
At $12.22 (closing price, October 30, 2026), F has negative trailing earnings (P/E not meaningful) and an ROE of -21.35%. Market capitalisation stands at $48.7B, placing it among large-cap names.
Balance sheet quality for F: current ratio of 1.1, net debt of $129.09B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, F has compounded revenue at 2.3% annually. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Income Statement (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $160.50B | $162.26B | $164.34B | $171.65B | $176.90B | $160.06B | $172.65B | $146.37B | $116.28B | $128.95B | $136.26B | $133.56B | $146.92B | $144.08B | $149.56B | $151.80B | $156.78B | $160.34B | $155.90B | $127.14B | $136.34B | $158.06B | $176.19B | $184.99B | $187.27B |
| Cost of Revenue | $128.35B | $125.03B | $129.69B | $140.92B | $144.12B | $146.96B | $144.22B | $120.66B | $99.37B | $103.70B | $111.37B | $110.02B | $121.50B | $121.10B | $119.56B | $128.72B | $132.82B | $137.58B | $136.79B | $114.43B | $111.79B | $132.96B | $151.88B | $161.59B | $164.45B |
| Gross Profit | $32.16B | $37.23B | $34.65B | $30.73B | $32.77B | $13.10B | $28.44B | $25.72B | $16.91B | $25.25B | $24.89B | $23.54B | $25.42B | $22.98B | $30.00B | $23.07B | $23.95B | $22.76B | $19.11B | $12.72B | $24.55B | $25.10B | $24.31B | $23.41B | $22.81B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $6.70B | $6.70B | $7.30B | $8.00B | $8.20B | $7.40B | $7.10B | $7.60B | $7.80B | $8.20B | $8.00B | $9.40B |
| Selling, General & Admin | $18.57B | $28.25B | $26.64B | $11.46B | $24.57B | $19.15B | $20.70B | $21.55B | $12.11B | $11.44B | $11.26B | $11.64B | $12.14B | $15.04B | $15.00B | $12.20B | $11.53B | $11.40B | $11.16B | $10.19B | $11.91B | $10.89B | $10.73B | $10.31B | $10.88B |
| Operating Expenses | $28.67B | $28.25B | $26.64B | $25.90B | $33.05B | $21.29B | $28.87B | $30.72B | $17.84B | $16.44B | $16.56B | $17.21B | $18.75B | $22.04B | $22.12B | $19.50B | $19.53B | $19.60B | $18.56B | $17.29B | $19.52B | $18.69B | $18.93B | $18.31B | $20.28B |
| Operating Income | $3.49B | $8.98B | $8.01B | $4.83B | -$279.0M | -$8.19B | -$431.0M | -$5.01B | -$929.0M | $8.81B | $8.34B | $6.32B | $6.67B | $935.0M | $7.89B | $3.58B | $4.42B | $3.15B | $549.0M | -$4.58B | $5.03B | $6.41B | $5.38B | $5.09B | $2.53B |
| EBITDA | $22.78B | $24.06B | $22.28B | $18.87B | $9.02B | $8.33B | $12.73B | $7.92B | $6.82B | $14.40B | $12.59B | $11.62B | $13.21B | $8.36B | $15.85B | $12.30B | $12.88B | $11.46B | $9.04B | $2.88B | $25.54B | $4.74B | $11.79B | $14.21B | -$4.58B |
| Interest Expense | 0 | 0 | 0 | $1.22B | $1.22B | $8.78B | $2.25B | $2.00B | $1.64B | $1.81B | $1.03B | $713.0M | $829.0M | $1.10B | $1.14B | $1.26B | $1.41B | $1.24B | $1.02B | $1.65B | $1.80B | $1.26B | $1.30B | $1.11B | $1.25B |
| Pre-tax Income | -$7.42B | $1.06B | $1.34B | $4.60B | $1.08B | -$15.07B | -$3.75B | -$14.40B | $2.60B | $7.15B | $8.68B | $7.72B | $7.00B | $1.23B | $10.25B | $6.80B | $8.16B | $4.34B | -$640.0M | -$1.12B | $17.78B | -$3.02B | $3.97B | $7.23B | -$11.83B |
| Income Tax | -$2.10B | $342.0M | $123.0M | $937.0M | -$845.0M | -$2.65B | -$1.29B | $63.0M | -$113.0M | $592.0M | -$11.54B | $2.06B | -$147.0M | $4.0M | $2.88B | $2.19B | $402.0M | $650.0M | -$724.0M | $160.0M | -$130.0M | -$864.0M | -$362.0M | $1.34B | -$3.67B |
| Net Income | -$5.45B | -$980.0M | $495.0M | $3.63B | $1.69B | -$12.61B | -$2.72B | -$14.67B | $2.72B | $6.56B | $20.21B | $5.67B | $7.16B | $1.23B | $7.37B | $4.60B | $7.73B | $3.68B | $47.0M | -$1.28B | $17.94B | -$1.98B | $4.35B | $5.88B | -$8.18B |
| EPS | $-3.00 | $-0.55 | $0.27 | $1.66 | $0.78 | $-6.71 | $-1.38 | $-6.50 | $0.91 | $1.90 | $5.33 | $1.47 | $3.04 | $0.31 | $1.86 | $1.16 | $1.91 | $0.93 | $0.01 | $-0.32 | $4.49 | $-0.49 | $1.09 | $1.48 | $-2.06 |
| EPS (Diluted) | $-3.00 | $-0.55 | $0.26 | $1.52 | $0.77 | $-6.71 | $-1.38 | $-6.50 | $0.86 | $1.66 | $4.94 | $1.41 | $2.94 | $0.31 | $1.84 | $1.15 | $1.90 | $0.92 | $0.01 | $-0.32 | $4.45 | $-0.49 | $1.08 | $1.46 | $-2.06 |
| Shares Outstanding (Diluted) | 1,820.0 M | 1,819.0 M | 1,894.1 M | 1,898.7 M | 1,870.1 M | 1,879.0 M | 1,979.0 M | 2,273.0 M | 3,312.0 M | 4,178.0 M | 4,111.0 M | 4,015.0 M | 4,087.0 M | 3,958.0 M | 4,002.0 M | 3,999.0 M | 4,001.1 M | 3,996.7 M | 4,004.0 M | 3,973.0 M | 4,034.0 M | 4,014.0 M | 4,041.0 M | 4,021.0 M | 3,979.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $45.89B | $43.25B | $48.30B | $49.53B |
| Gross Profit | $1.71B | $7.94B | $6.08B | $7.38B |
| Operating Income | -$907.0M | $2.33B | $638.0M | $1.45B |
| EBITDA | -$12.81B | $7.60B | -$236.0M | $4.12B |
| Net Income | -$11.06B | $2.55B | -$1.33B | $2.05B |
| EPS | $-2.78 | $0.64 | $-0.33 | $0.51 |
| EPS (Diluted) | $-2.77 | $0.63 | $-0.33 | $0.50 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.90B | $18.49B | $16.72B | $17.50B | $25.24B | $20.54B | $25.13B | $24.86B | $22.93B | $23.36B |
| Short-term Investments | $22.92B | $20.43B | $17.23B | $17.15B | $24.72B | $29.05B | $18.94B | $15.31B | $15.41B | $15.13B |
| Receivables | $57.37B | $62.81B | $65.55B | $62.89B | $52.39B | $43.91B | $54.45B | $62.03B | $66.57B | $64.53B |
| Inventory | $8.90B | $10.28B | $11.22B | $10.79B | $10.81B | $12.06B | $14.08B | $15.65B | $14.95B | $15.29B |
| Total Current Assets | $108.46B | $115.90B | $114.65B | $114.05B | $116.74B | $109.00B | $116.48B | $121.48B | $124.47B | $123.49B |
| Property, Plant & Equipment | $60.90B | $63.56B | $65.30B | $65.70B | $65.03B | $63.50B | $60.04B | $62.20B | $64.88B | $65.83B |
| Goodwill | $50.0M | $75.0M | $264.0M | $278.0M | $258.0M | 0 | 0 | $683.0M | $658.0M | $483.0M |
| Intangible Assets | $198.0M | $213.0M | $178.0M | $188.0M | $144.0M | $2.09B | $2.35B | 0 | 0 | 0 |
| Total Assets | $237.95B | $257.81B | $256.54B | $258.54B | $267.26B | $257.04B | $255.88B | $273.31B | $285.20B | $289.16B |
| Accounts Payable | $21.30B | $23.28B | $21.52B | $20.67B | $22.20B | $22.35B | $25.61B | $25.99B | $24.13B | $25.81B |
| Short-term Debt | $49.67B | $51.62B | $53.49B | $53.95B | $51.34B | $49.69B | $50.16B | $49.67B | $55.51B | $57.87B |
| Total Current Liabilities | $90.28B | $94.60B | $95.57B | $98.13B | $97.19B | $90.73B | $96.87B | $101.53B | $106.86B | $114.89B |
| Long-term Debt | $93.30B | $102.67B | $100.72B | $101.36B | $110.34B | $88.40B | $88.81B | $99.56B | $103.57B | $106.92B |
| Total Liabilities | $208.67B | $222.79B | $220.47B | $225.31B | $236.45B | $208.41B | $212.72B | $230.51B | $240.34B | $253.18B |
| Retained Earnings | $15.63B | $21.22B | $22.67B | $20.32B | $18.24B | $35.77B | $31.75B | $31.03B | $33.74B | $22.51B |
| Total Equity | $29.17B | $34.89B | $35.93B | $33.19B | $30.69B | $48.52B | $43.24B | $42.77B | $44.84B | $35.95B |
| Total Debt | $142.97B | $154.29B | $154.21B | $156.72B | $163.00B | $139.49B | $140.47B | $151.11B | $160.86B | $167.57B |
| Net Debt | $104.14B | $115.36B | $120.26B | $122.07B | $113.04B | $89.89B | $96.40B | $110.94B | $122.51B | $129.09B |
| Working Capital | $18.18B | $21.30B | $19.08B | $15.91B | $19.55B | $18.27B | $19.61B | $19.95B | $17.61B | $8.60B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $23.36B | $17.65B | $18.60B | $22.27B |
| Total Assets | $289.16B | $282.43B | $285.53B | $292.48B |
| Total Liabilities | $253.18B | $244.95B | $249.78B | $255.52B |
| Total Equity | $35.95B | $37.45B | $35.72B | $36.92B |
| Total Debt | $167.57B | $157.13B | $163.30B | $163.08B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.61B | $7.63B | $3.69B | $84.0M | -$1.28B | $17.91B | -$2.15B | $4.35B | $5.89B | -$8.16B |
| Depreciation & Amortization | $8.72B | $8.45B | $8.31B | $8.49B | $7.46B | $5.96B | $6.49B | $6.52B | $5.87B | $7.83B |
| Stock-based Compensation | $210.0M | $246.0M | $191.0M | $228.0M | $199.0M | $305.0M | $336.0M | $460.0M | $511.0M | $510.0M |
| Change in Working Capital | $1.49B | $1.99B | $1.31B | $6.20B | $19.00B | $4.70B | -$7.05B | $1.16B | $1.66B | $13.22B |
| Operating Cash Flow | $19.79B | $18.10B | $15.02B | $17.64B | $24.27B | $15.79B | $6.85B | $14.92B | $15.42B | $21.28B |
| Capital Expenditure | -$6.99B | -$7.05B | -$7.79B | -$7.63B | -$5.74B | -$6.23B | -$6.87B | -$8.24B | -$8.68B | -$8.81B |
| Acquisitions | $6.99B | $7.05B | $7.79B | $7.63B | $1.34B | $145.0M | -$289.0M | -$2.73B | -$858.0M | $530.0M |
| Stock Repurchased | -$145.0M | -$131.0M | -$164.0M | -$237.0M | 0 | 0 | -$484.0M | -$335.0M | -$426.0M | 0 |
| Dividends Paid | -$3.38B | -$2.58B | -$2.90B | -$2.39B | -$596.0M | -$403.0M | -$2.01B | -$5.00B | -$3.12B | -$2.99B |
| Free Cash Flow | $12.80B | $11.05B | $7.24B | $10.01B | $18.53B | $9.56B | -$13.0M | $6.68B | $6.74B | $12.47B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $3.88B | $1.32B | $4.34B | $5.43B |
| Capital Expenditure | -$2.78B | -$2.38B | -$2.38B | -$2.29B |
| Free Cash Flow | $1.10B | -$1.06B | $1.96B | $3.14B |
| Dividends Paid | -$599.0M | -$607.0M | -$599.0M | -$598.0M |
| Stock-based Compensation | $101.0M | $110.0M | $101.0M | $113.0M |
Growth & Margins (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.1% | +1.3% | +4.5% | +3.1% | -9.5% | +7.9% | -15.2% | -20.6% | +10.9% | +5.7% | -2.0% | +10.0% | -1.9% | +3.8% | +1.5% | +3.3% | +2.3% | -2.8% | -18.4% | +7.2% | +15.9% | +11.5% | +5.0% | +1.2% | |
| Net Income Growth (YoY) | +82.0% | +150.5% | +634.1% | -53.5% | -845.9% | +78.4% | -438.8% | +118.5% | +141.5% | +208.1% | -72.0% | +26.3% | -82.8% | +498.9% | -37.7% | +68.2% | -52.4% | -98.7% | -2,821.3% | +1,502.4% | -111.0% | +319.4% | +35.2% | -239.2% | |
| EPS Growth (YoY) | +81.7% | +149.1% | +514.8% | -53.0% | -960.3% | +79.4% | -371.0% | +114.0% | +108.8% | +180.5% | -72.4% | +106.8% | -89.8% | +500.0% | -37.6% | +64.7% | -51.3% | -98.9% | -3,300.0% | +1,503.1% | -110.9% | +322.4% | +35.8% | -239.2% | |
| Shares Change (YoY) | -0.1% | +4.1% | +0.2% | -1.5% | +0.5% | +5.3% | +14.9% | +45.7% | +26.1% | -1.6% | -2.3% | +1.8% | -3.2% | +1.1% | -0.1% | +0.1% | -0.1% | +0.2% | -0.8% | +1.5% | -0.5% | +0.7% | -0.5% | -1.0% | |
| FCF Growth (YoY) | -13.7% | -34.5% | +38.3% | +85.1% | -48.4% | -100.1% | +51,500.0% | +0.9% | +85.0% | ||||||||||||||||
| Gross Margin | 20.0% | 22.9% | 21.1% | 17.9% | 18.5% | 8.2% | 16.5% | 17.6% | 14.5% | 19.6% | 18.3% | 17.6% | 17.3% | 15.9% | 20.1% | 15.2% | 15.3% | 14.2% | 12.3% | 10.0% | 18.0% | 15.9% | 13.8% | 12.7% | 12.2% |
| Operating Margin | 2.2% | 5.5% | 4.9% | 2.8% | -0.2% | -5.1% | -0.2% | -3.4% | -0.8% | 6.8% | 6.1% | 4.7% | 4.5% | 0.6% | 5.3% | 2.4% | 2.8% | 2.0% | 0.4% | -3.6% | 3.7% | 4.1% | 3.1% | 2.8% | 1.4% |
| EBITDA Margin | 14.2% | 14.8% | 13.6% | 11.0% | 5.1% | 5.2% | 7.4% | 5.4% | 5.9% | 11.2% | 9.2% | 8.7% | 9.0% | 5.8% | 10.6% | 8.1% | 8.2% | 7.1% | 5.8% | 2.3% | 18.7% | 3.0% | 6.7% | 7.7% | -2.4% |
| Net Margin | -3.4% | -0.6% | 0.3% | 2.1% | 1.0% | -7.9% | -1.6% | -10.0% | 2.3% | 5.1% | 14.8% | 4.2% | 4.9% | 0.9% | 4.9% | 3.0% | 4.9% | 2.3% | 0.0% | -1.0% | 13.2% | -1.3% | 2.5% | 3.2% | -4.4% |
| FCF Margin | 8.4% | 7.0% | 4.5% | 6.4% | 14.6% | 7.0% | -0.0% | 3.8% | 3.6% | 6.7% | |||||||||||||||
| Effective Tax Rate | 28.3% | 32.1% | 9.2% | 20.4% | -78.3% | 17.6% | 34.5% | -0.4% | -4.3% | 8.3% | -132.9% | 26.6% | -2.1% | 0.3% | 28.1% | 32.2% | 4.9% | 15.0% | 113.1% | -14.3% | -0.7% | 28.6% | -9.1% | 18.5% | 31.0% |
Per-Share Data (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.20 | $2.76 | $1.81 | $2.50 | $4.66 | $2.37 | $-0.00 | $1.65 | $1.68 | $3.13 | |||||||||||||||
| Dividends Per Share | $0.84 | $0.65 | $0.73 | $0.60 | $0.15 | $0.10 | $0.50 | $1.24 | $0.78 | $0.75 | |||||||||||||||
| Shares Outstanding (Basic) | 1,820.0 M | 1,819.0 M | 1,832.0 M | 1,738.6 M | 1,846.0 M | 1,879.0 M | 1,979.0 M | 2,273.0 M | 2,991.0 M | 3,449.0 M | 3,793.0 M | 3,815.0 M | 3,935.0 M | 3,912.0 M | 3,969.0 M | 3,973.0 M | 3,980.1 M | 3,953.8 M | 3,972.0 M | 3,973.0 M | 3,991.0 M | 4,014.0 M | 3,998.0 M | 3,978.0 M | 3,979.0 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -21.35% |
| Return on Invested Capital | 0.99% |
| Return on Assets | -2.66% |
| Gross Margin | 9.19% |
| Operating Margin | 1.88% |
| Net Margin | -4.17% |
Financial Health
| Debt / Equity | 4.42 |
| Current Ratio | 1.08 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.94 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 10.46 | 6.54 | 8.23 | 930.00 | -27.47 | 4.63 | -23.73 | 11.18 | 6.69 | -6.37 |
| P/B | 1.65 | 1.42 | 0.84 | 1.11 | 1.14 | 1.71 | 1.08 | 1.14 | 0.88 | 1.45 |
| P/S | 0.32 | 0.32 | 0.19 | 0.24 | 0.27 | 0.61 | 0.30 | 0.28 | 0.21 | 0.28 |
| Gross Margin | 15.2% | 15.3% | 14.2% | 12.3% | 10.0% | 18.0% | 15.9% | 13.8% | 12.7% | 12.2% |
| Operating Margin | 2.4% | 2.8% | 2.0% | 0.4% | -3.6% | 3.7% | 4.1% | 3.1% | 2.8% | 1.4% |
| Net Margin | 3.0% | 4.9% | 2.3% | 0.0% | -1.0% | 13.2% | -1.3% | 2.5% | 3.2% | -4.4% |
Related companies: TSLA · TM · GM · HMC · STLA
Explore sector: Consumer Cyclical · Auto - Manufacturers
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