Ford Stock Earnings Reports

Key points for investors: Ford reported Q1 2026 revenue of $43.3 billion and adjusted EBIT of $3.5 billion (or $2.2 billion excluding a $1.3 billion IEEPA tariff benefit). Management raised full-year company adjusted EBIT guidance to $8.5–$10.5 billion and reiterated adjusted free cash flow guidance of $5–$6 billion and capex of $9.5–$10.5 billion (including ~$1.5 billion for Ford Energy). Strengths: Ford Pro delivered robust margins (EBIT $1.7B) with paid software subscribers up 30% YoY to 879k; Ford Blue posted $1.9B EBIT driven by F-Series share and higher pricing; Ford Model e loss narrowed (Q1 loss $777M) with Gen 1 losses improving ~35%. Strategic moves: management reorganized to unify advanced technology, software and industrialization to accelerate software-defined vehicles and plans broad portfolio refresh (80% North America by 2029) and a universal UEV platform launching in 2027. Near-term headwinds: a ~$2B commodity cost pressure (not including Novelis-related costs) and $1.5–$2.0B of temporary Novelis-related costs to source alternative aluminum until the Novelis mill returns to full throughput (hot mill expected to restart in May). Cash and balance sheet: $22B cash, $43B+ liquidity, investment-grade focus, convertible repaid, share repurchase program completed, quarterly dividend maintained. Free cash flow was a $1.9B use in Q1 driven by seasonality, working capital timing, higher net spending (investments in UEV, BESS/Oakville) and compensation; management expects working capital/timing to be favorable over the full year. Overall message: management says Ford is becoming a more modern, software-forward, industrially fit company focused on execution, quality, higher‑margin services and electrification while navigating commodity and temporary supply disruptions.