Key Highlights

  • Revenue of USD 49.5 billion and adjusted EPS of USD 0.49 both topped the consensus estimates for the quarter.
  • Adjusted EBIT reached USD 2.7 billion with a 5.4% margin, while GAAP net income was USD 2.0 billion.
  • Operating cash flow was USD 5.4 billion and adjusted free cash flow USD 4.7 billion, with USD 46.4 billion liquidity.
  • Full-year adjusted EBIT guidance now spans USD 10.5 billion to USD 11.0 billion, up from a USD 10.0 billion floor.

Ford Motor Company (NYSE:F) reported third-quarter 2026 revenue of USD 49.5 billion, down 2% from USD 50.5 billion a year earlier but above a consensus estimate of USD 49.08 billion. Adjusted earnings per share were USD 0.49, compared with USD 0.45 a year ago and a consensus estimate of USD 0.41. GAAP diluted earnings per share were USD 0.50, versus USD 0.60 in the prior-year quarter, with special items netting to a small effect this time.

Adjusted EBIT was USD 2.7 billion, a margin of 5.4% against 5.1% a year earlier, and GAAP net income attributable to Ford was USD 2.0 billion. Operating cash flow was USD 5.4 billion and adjusted free cash flow was USD 4.7 billion. Cash stood at USD 25.3 billion, and the board declared a fourth-quarter regular dividend of 15 cents per share, payable on December 1 to holders of record on November 10.

Segment Results and Strategic Priorities

Ford Blue produced EBIT of USD 1.4 billion on wholesales of 657,000 vehicles, down 10%, as product discontinuations, the Middle East conflict and higher commodity costs outweighed favorable mix. Ford Pro earned USD 1.7 billion, down 16%, as higher commodities and temporary launch costs for Super Duty production at the Oakville Assembly Complex offset lower tariffs. Ford Model e lost USD 1.1 billion, an improvement of 25%, on revenue that fell 31% to USD 1.2 billion. Ford Credit's pre-tax earnings rose 27% to USD 803 million.

CEO Jim Farley described a strategy built on new North American vehicles, growth in software, services and parts, and a new Ford Energy business, with a goal of an 8% adjusted EBIT margin by 2029. He cited the Fathom, the first vehicle on the Universal Electric Vehicle platform, with a launch targeted for the fourth quarter of 2027 and a price below USD 30,000. Ford Energy is working toward 20 gigawatt hours of annual battery capacity by the end of next year, with executed contracts and late-stage talks covering more than 80% of 2028 capacity.

Guidance and Embedded Assumptions

Ford raised the low end of its adjusted EBIT guidance to USD 10.5 billion to USD 11.0 billion. Adjusted free cash flow remains guided at USD 6 billion to USD 7 billion, and capital expenditures at USD 9.5 billion to USD 10.5 billion. By segment, the company projects Ford Blue EBIT near USD 5.5 billion, Ford Pro near USD 7 billion, a Model e loss near USD 4 billion and Ford Credit pre-tax earnings near USD 2.8 billion.

The outlook assumes a U.S. seasonally adjusted annual rate of 16.5 million units, commodity headwinds approaching USD 2.5 billion, U.S. industry pricing about 100 basis points higher and USD 1 billion in material and warranty savings excluding tariffs and Novelis. It excludes the impact of a significant escalation in the Middle East conflict or a material downturn in the U.S. economy.

Reference Points for the Next Report

Four items frame the next disclosure. The first is the segment guide, including Ford Pro near USD 7 billion after USD 5.1 billion in nine-month EBIT, and a Model e loss near USD 4 billion after USD 2.8 billion through nine months. The second is the Super Duty ramp in Oakville, which carried temporary launch costs in the quarter. The third is the next-generation full-size pickup, with prototype builds scheduled for the first quarter of 2027. The fourth is cash: USD 46.4 billion of liquidity, a USD 6 billion to USD 7 billion free cash flow target and the December 1 dividend.