Ford Motor Company 6.500% Notes Stock Earnings Reports

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 one‑time IEEPA tariff benefit). Management raised full‑year 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). Key operational themes: continued execution of the Ford+ strategy (organizational realignment to unify product, software and industrialization), aggressive product refresh (80% of North America portfolio refreshed by 2029), scaling the UEV platform (launch in 2027), growth in high‑margin software and physical services (>$15 billion in revenue growing ~8% CAGR to 2030), and discipline in go‑to‑market (improving mix, low incentives). Segment highlights: Ford Pro EBIT strong ($1.7B) with paid software subscribers up 30% YoY to 879k; Ford Blue EBIT $1.9B with healthy F‑Series demand; Model e loss narrowed to $777M and is benefiting from portfolio simplification and supply/demand matching; Ford Credit EBT $783M. Headwinds and risks: ~$2 billion of commodity headwinds (aluminum/steel) noted, $1.5–$2.0 billion of temporary Novelis‑related costs to secure alternate aluminum supply until full throughput resumes (restart expected May with ramp through the year), and geopolitical uncertainty in the Middle East could affect outlook. Liquidity remains strong ($22B cash, $43B+ total liquidity); dividend of $0.15 declared. Management emphasized industrial fitness, quality gains (J.D. Power #4 CS Index), and investments in EV/platform/energy initiatives while maintaining capital discipline.