Slides
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Q4 & Full Year 2025 Earnings 2025 Ford Maverick
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Contents Delivering Ford+ Page 4 - 5 Q4 Results Page 6 Full Year Results Page 7 Financials Page 9 - 17 2026 Guidance Page 19 - 20 Appendix Page 23 - 36 2026 Ford Kuga
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Safe Harbor Statement And Disclosures This presentation includes financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) and non-GAAP financial measures. The non-GAAP financial measures are intended to be considered supplemental information to their comparable GAAP financial measures. The non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in the Appendix to this presentation. This presentation includes forward-looking statements. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated. For a discussion of these risks, uncertainties, and other factors, please see the “Cautionary Note on Forward-Looking Statements” in this presentation and “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the United States Securities and Exchange Commission. Forward-Looking Statements GAAP & Non-GAAP Financial Measures Calculated results may not sum due to rounding. N/M denotes “Not Meaningful.” All variances are year-over-year unless otherwise noted. Visit ford.com for vehicle information. Additional Information The guidance is based on our expectations and best estimates as of February 10, 2026, and assumes no material change to our current assumptions for inflation, logistics issues, production, or macroeconomic conditions. Moreover, our guidance has not factored in any new policy changes by the administration in the United States, including future or revised tariffs or related offsets, that have not been announced or tariffs or other policy changes that may be announced by other governments after February 10, 2026. CY 2026 Guidance 3
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Customer-Focused Segments Unleash Full Potential Of Ford+ Plan Electrical Architecture & Digital Platforms Develops the electrical architecture and digital platform for all vehicles Integrated Services Creates and markets innovative technologies by integrating hardware, software and services Industrial Platform Engineering, supply chain and manufacturing expertise Three distinct but interconnected business segments meet the unique needs of customers and offer Freedom of Choice across powertrains All segments benefit from Ford’s global scale, reputation and investment in new capabilities Ford Model e Ford Pro Ford Blue Gas & Hybrid Vehicles Ford Pro Asset-Light Commercial Vehicles & Solutions Ford Model e Electric Vehicles, Including Extended Range Ford Brand & Iconic Nameplates Blue Oval halo with leading vehicle brands, such as F-150, critical to the success of each business 4
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Historically strong balance sheet with nearly $29B in cash and nearly $50B in total liquidity + Record revenue of $187.3B – 5th consecutive year of growth + ‘Power of Choice’ underpinned record global hybrid sales, up nearly 25% year-over-year + U.S. market share 13.2%, up 0.6 percentage points; best sales performance since 2019 + Ford brand leads industry in U.S. retail revenue share Higher Growth + Delivered $1.5B, excluding the impact of tariffs, in total cost reductions, overachieving initial $1B target by $0.5B, driven by material costs and warranty + Raptor and performance trims account for more than 20% of U.S. sales mix – up 2 pts. + F-Series 49th consecutive year as America’s best-selling truck, up 8.3%, outselling nearest competitor by 250K units Higher Margin + Leveraging partners to lower capital intensity and accelerate speed-to-market – e.g., Renault for European passenger EVs + Rationalized role of pure EVs in near-term product portfolio while positioning for scalable, affordable and profitable EVs starting in 2027 + Announced Ford Energy, a high-margin battery energy storage system business + Roughly 75% of total capital directed toward higher-return, larger truck and multi-energy portfolios More Efficient + Class 1-7 U.S. vehicle market share is over 42%; roughly the size of our two largest competitors combined + Ford Pro’s software and physical services now contribute 19% of Ford Pro’s EBIT (trailing twelve months) + Exceeded 1.3M total paid subscriptions (up 53% year-over-year), with software business generating gross margins in excess of 50% More Durable 5 Full Year 2025 Highlights
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Revenue $45.9B 5% Adj. EBIT $1.0B 52% Adj. EBIT Margin 2.3% 2.2 ppts Adj. FCF $(2.1)B $2.9B Adj. EPS $0.13 $0.26 Q4 Financial Results $0.7B EBIT 2.8% EBIT Margin $(1.2)B EBIT (94.6)% EBIT Margin $1.2B EBIT 8.2% EBIT Margin Ford Blue Ford Model e Ford Pro 6
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Revenue $187.3B ▲ 1% Adj. EBIT $6.8B 34% Adj. EBIT Margin 3.6% 1.9 ppts Adj. FCF $3.5B $3.2B Adj. EPS $1.09 $0.75 Full Year Financial Results $3.0B EBIT 3.0% EBIT Margin $(4.8)B EBIT (72.1)% EBIT Margin $6.8B EBIT 10.3% EBIT Margin Ford Blue Ford Model e Ford Pro 7
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Financials 2027 Ford Bronco RTR
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Q4 Cash Flow, Cash Balance & Liquidity ($B) Adjusted Free Cash Flow Cash Balance Liquidity Cash Net of Debt (excl. Finance Leases) $8.7 $8.9$7.0 $7.7$12.0 Ford Credit Distributions incl. Above $0.2 $0.5$0.2 $0.6$0.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 9
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Q4 2025 Results ($B) available to invest in growth$(0.4) Ford ProFord Blue Net Income / (Loss) Company Adj. EBIT Corporate Other Interest On Debt Special Items Taxes / Noncontrolling Interests Ford Model e Ford Credit B / (W) Q4 2024 $(0.8) $(1.1)$(0.3) $(0.1) $(16.0) $(12.9)$0.2 $0.3 $4.2 10 $(15.5) $(11.1)
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Q4 2025 Adjusted EBIT ($B) Q4 2024 $ 1.6 $ (1.4) $ 1.6 $ 0.4 $ (0.1) $ 2.1 YoY Change: Volume / Mix $ (0.9) $ 0.2 $ (0.7) $ — $ — $ (1.4) Net Pricing 0.5 (0.1) (0.0) — 0.0 0.4 Cost (0.7) 0.1 0.1 — (0.1) (0.6) Exchange 0.0 0.0 0.1 — (0.0) 0.1 Other 0.2 (0.0) 0.1 0.3 (0.2) 0.4 Total Change $ (0.8) $ 0.2 $ (0.4) $ 0.3 $ (0.3) $ (1.1) Q4 2025 $ 0.7 $ (1.2) $ 1.2 $ 0.7 $ (0.4) $ 1.0 Ford VOLUME Aluminum supply constraints, primarily on F-Series, partially offset by improved EV product mix NET PRICING Strong pricing partially offset by industry-wide pricing pressure on EVs COST Sixth consecutive quarter of year-over-year improvement, primarily material cost and warranty, excluding the impact of tariffs Ford Blue Ford Model e Ford Pro Ford Credit Corporate Other Total Company 11
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* Includes Ford and Lincoln brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates EBIT($B) EBIT Margin (%) Revenue ($B) Wholesale Units (000) Memo: JV Wholesales* 130 91 97 90 97 438 375 Ford Everest XLT Ford ■ Volume down 5% full year on lower dealer stocks and Novelis fires impact; revenue about flat ■ Full year EBIT of $3.0B, down $2.2B: – Volume – Tariffs – Exchange + Pricing + Warranty 2025 Ford F-150 Tremor Blue 12 $101.0
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EBIT($B) EBIT Margin (%) Revenue ($B) Wholesale Units (000) Ford F-150 Lightning Model e Ford ■ Revenue and volume growth, driven by full year of European products ■ Full year EBIT loss of $(4.8)B, $0.3B better: + Volume and mix + Material cost – Investment in next-gen products 2025 Ford Mustang Mach-E 13 $6.7 $(4.8)
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* Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye Revenue ($B) Wholesale Units (000) EBIT($B) EBIT Margin (%) Ford Super Duty Super Cab Memo: JV Wholesales* 31 20 21 23 35 91 98 EV Wholesales 13 8 15 14 11 35 49 Pro Ford ■ Full year volume and revenue about flat, despite the impact of the Novelis fires ■ Full year EBIT of $6.8B, down $2.2B: – Market factors (including industry pricing normalization) – Tariffs + Material cost and warranty + Software and physical services growth ■ Software and physical services grew 10%; contributed 19% of segment EBIT (trailing twelve months) Ford F-350 Super Duty 14 $6.8
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EBT($B) FY EBT YoY ($B) Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) * U.S. 36-month off-lease auction values at Q4 2025 mix Credit Ford ■ Full year EBT of $2.6B, up $0.9B: + Financing margin improvement + Higher receivables – Higher credit losses ■ Average full year auction values up 3% YoY; expect auction values to decline in 2026 ■ Distributions of $1.7B in 2025 2025 Lincoln Aviator 15 $2.6
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Cash Flow And Balance Sheet ($B) a. Includes differences between accrual-based EBIT and associated cash flows (e.g., marketing incentive and warranty payments to dealers, JV equity income, compensation payments, and pension and OPEB income or expense) Balance Sheet 2024 2024 Dec. 31 2025 Dec. 31 Company Adj. EBIT excl. Ford Credit $ 1.7 $ 0.3 $ 8.6 $ 4.2 Capital Spending $ (2.5) $ (2.8) $ (8.6) $ (8.7) Depreciation and Tooling Amortization 1.3 1.4 5.0 5.2 Net Spending $ (1.2) $ (1.4) $ (3.6) $ (3.5) Receivables $ (0.3) $ 0.8 $ (0.3) $ (1.3) Inventory 2.4 1.2 0.1 0.5 Trade Payables (3.1) (3.7) (1.3) 0.0 Changes in Working Capital $ (1.0) $ (1.7) $ (1.5) $ (0.8) Ford Credit Distributions $ 0.2 $ 0.6 $ 0.5 $ 1.7 Interest on Debt and Cash Taxes (0.4) (0.4) (2.1) (1.7) All Other and Timing Difference (a) 1.5 0.4 4.7 3.6 Company Adjusted FCF $ 0.7 $ (2.1) $ 6.7 $ 3.5 Restructuring $ (0.1) $ (0.2) $ (0.8) $ (0.1) Changes in Debt Excl. Finance Lease Payments 0.2 0.1 0.6 0.9 Finance Lease Payments (0.0) (0.0) (0.1) (0.1) Funded Pension Contributions (0.1) (0.0) (1.1) (0.7) Shareholder Distributions (0.7) (0.6) (3.5) (3.0) All Other 0.7 (1.2) (2.0) (0.3) Change in Cash $ 0.7 $ (4.1) $ (0.3) $ 0.2 Company Excl. Ford Credit Company Cash Balance $ 28.5 $ 28.7 Liquidity 46.7 49.8 Debt Excluding Finance Leases (19.9) (21.0) Cash Net of Debt Excluding Finance Leases 8.7 7.7 Pension Funded Status Funded Plans $ 3.4 $ 3.7 Unfunded Plans (3.9) (3.9) Total Global Pension $ (0.5) $ (0.2) Total Funded Status OPEB $ (4.4) $ (4.4) 2025 2024 2025 Fourth Quarter Full Year 16
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Special Items ($B) 2024 2025 Restructuring (by Geography) Europe $ (0.0) $ (0.4) $ (0.7) $ (0.7) North America Hourly Buyouts — — (0.3) — China (0.0) — (0.0) — Subtotal Restructuring $ (0.1) $ (0.4) $ (1.0) $ (0.7) Other Items Model e Asset Impairment and EV Program Cancellations $ — $ (10.7) $ — $ (10.7) BlueOval SK JV Disposition — (3.2) — (3.2) All-electric Three-row SUV Program Cancellation and Resulting Actions (0.2) (0.8) (1.2) (1.2) Fuel Injector Field Service Action — 0.1 — (0.5) Ford Share of Equity Method Investment's Asset Impairment / Other — (0.0) — (0.3) Ford Share of BlueOval SK's Asset Write Down / Other — (0.0) — (0.2) Legal Matter — (0.1) — (0.1) Gain on Investment in Equity Security — 0.3 — 0.3 Extended Oakville Assembly Plant Changeover 0.1 — (0.2) — Other 0.0 — 0.0 — Subtotal Other Items $ (0.1) $ (14.4) $ (1.3) $ (15.9) Pension and OPEB Gain / (Loss) Pension and OPEB Remeasurement $ 0.7 $ (0.6) $ 0.7 $ (0.6) Pension Settlements, Curtailments, and Separations Costs 0.0 (0.1) (0.2) (0.1) Subtotal Pension and OPEB Gain / (Loss) $ 0.7 $ (0.7) $ 0.5 $ (0.7) Total EBIT Special Items $ 0.5 $ (15.5) $ (1.9) $ (17.4) Full Year 2024 2025 Fourth Quarter 17
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Secret 2026 Guidance Ford Returns to Formula 1 Racing in 2026
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YoY Change: Novelis + Market Factors + Services Growth + Cost = Other = Total + NOVELIS + Higher volume, enabled by capacity actions – Cost due to temporary alternative aluminum sources MARKET FACTORS + Product mix + Regulatory related mix optimization (series / powertrain mix) SERVICES GROWTH + Growth in high-margin software and physical services COST + Material and warranty cost reductions + Tariff improvement – Commodity cost – Incremental investment (including Universal EV platform, Ford Energy, accretive cycle plan actions) OTHER + Fewer compliance credit purchases in the U.S. – Adverse exchange – All other Note: “+” is a tailwind; “–” is a headwind; and “=“ is neutral Adjusted EBIT $8.0B - $10.0B $6.8B Adjusted FCF $5.0B - $6.0B $3.5B Capital Spending $9.5B - $10.5B $8.7B Ford Blue EBIT $4.0B - $4.5B $3.0B Model e EBIT $(4.0)B - $(4.5)B $(4.8)B Ford Pro EBIT $6.5B - $7.5B $6.8B Ford Credit EBT ~ $2.5B $2.6B 2026 Outlook 2025 Actuals Total Company 2026 Outlook Industry Assumptions: • U.S. industry sales at 16.0M to 16.5M • Flat U.S. industry pricing Special charges of ~$7.0B expected in 2026 and 2027 related to updated EV strategy and expected disposition of BOSK investment 19 2026 Guidance
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First Half Second Half Key Drivers First Half – Temporary alternative aluminum sources cost (Novelis) – Commodity costs + Market factors Second Half + Volume stabilization + Additional truck capacity + Normalizing aluminum supply cost 20 2026 EBIT Calendarization
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Cautionary Note On Forward-Looking Statements Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: • Ford’s long-term success depends on delivering the Ford+ plan, including improving cost competitiveness; • Ford’s products have been and could continue to be affected by defects that result in recall campaigns, increased warranty costs, or delays in new model launches, and the time it takes to improve the quality of our products and services and reduce the costs associated therewith could continue to have an adverse effect on our business; • Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule and specifications, and a shortage of or inability to timely acquire key components or raw materials has previously disrupted and may, in the future, disrupt Ford’s operations; • Ford’s production, as well as Ford’s suppliers’ production, and/or the ability to deliver products to consumers could be disrupted by labor issues, public health issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors; • Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, commercial relationships, or business strategies or the benefits may take longer than expected to materialize; • Ford may not realize the anticipated benefits of restructuring actions and such actions may cause Ford to incur significant charges, disrupt our operations, or harm our reputation; • Failure to develop and deploy secure digital services that appeal to customers, retain existing subscribers, and grow our subscription rates could have a negative impact on Ford’s business; • Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints; • Ford’s ability to attract, develop, grow, support, and reward talent is critical to its success and competitiveness; • Operational information systems, security systems, products, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford, Ford Credit, their suppliers, and dealers; • To facilitate access to the raw materials and other components necessary for the manufacture of electrified products, Ford has entered into and may, in the future, enter into multi-year commitments to raw material and other suppliers that subject Ford to risks associated with lower future demand for such items as well as costs that fluctuate and are difficult to accurately forecast; • With a global footprint and supply chain, Ford’s results and operations have been and could continue to be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events; • Ford’s new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and Ford’s reputation may be harmed based on positions it takes or if it is unable to achieve the initiatives it has announced; • Ford may face increased price competition for its products and services, including pricing pressure resulting from industry excess capacity, currency fluctuations, competitive actions, legal and policy changes, or economic or other factors, particularly for electrified vehicles; • Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable securities, can have a significant effect on results; • Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States; • Industry sales volume can be volatile and could decline if there is a financial crisis, recession, public health emergency, or significant geopolitical event; • The impact of government incentives on Ford’s business has been and could continue to be significant, and Ford’s receipt of government incentives could be subject to reduction, termination, or clawback; • Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, asset portfolios, or other factors; • Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; • Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; • Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition; • Ford and Ford Credit have experienced and could continue to experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; • Ford may need to substantially modify its product plans and facilities to respond to shifting consumer sentiment and competitive dynamics as a result of policy changes affecting, or otherwise to comply with, safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations; • Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, data protection, data access, and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and • Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations. We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake, and expressly disclaim to the extent permitted by law, any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the United States Securities and Exchange Commission. 21
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2025 Ford Ranger PHEV MS-RT Special Edition Appendix
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Key Metrics EBIT ($B) Revenue ($B) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Ford Blue $ 1.6 $ 1.6 $ 0.1 $ 0.7 $ 1.5 $ 0.7 $ 26.2 $ 27.3 $ 21.0 $ 25.8 $ 28.0 $ 26.2 Ford Model e (1.2) (1.4) (0.8) (1.3) (1.4) (1.2) 1.2 1.4 1.2 2.4 1.8 1.3 Ford Pro 1.8 1.6 1.3 2.3 2.0 1.2 15.7 16.2 15.2 18.8 17.4 14.9 Ford Credit* 0.5 0.4 0.6 0.6 0.6 0.7 3.1 3.3 3.2 3.2 3.3 3.4 Corporate Other (0.2) (0.1) (0.1) (0.2) (0.2) (0.4) 0.0 0.0 0.0 0.0 0.0 0.0 Total Company (Adjusted) $ 2.6 $ 2.1 $ 1.0 $ 2.1 $ 2.6 $ 1.0 $ 46.2 $ 48.2 $ 40.7 $ 50.2 $ 50.5 $ 45.9 EBIT Margin (%) Wholesales (000) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Ford Blue 6.2 % 5.8 % 0.5 % 2.6 % 5.5 % 2.8 % 721 774 588 696 733 712 Ford Model e (104.8) (98.6) (68.4) (56.4) (79.1) (94.6) 32 37 31 60 50 37 Ford Pro 11.6 10.0 8.6 12.3 11.4 8.2 342 378 352 429 373 334 Total Company 5.5 % 4.4 % 2.5 % 4.3 % 5.1 % 2.3 % 1,095 1,188 971 1,185 1,156 1,083 * Ford Credit EBT 46 57 49 89 75 68 Memo: EV Wholesales 23
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Key Metrics EBIT ($B) Revenue ($B) Q4 2024 Q4 2025 2025 B / (W) 2024 2024 FY 2025 FY 2025 B / (W) 2024 Q4 2024 Q4 2025 2025 B / (W) 2024 2024 FY 2025 FY 2025 B / (W) 2024 Ford Blue $ 1.6 $ 0.7 $ (0.8) $ 5.3 $ 3.0 $ (2.2) $ 27.3 $ 26.2 $ (1.1) $ 101.9 $ 101.0 $ (0.9) Ford Model e (1.4) (1.2) 0.2 (5.1) (4.8) 0.3 1.4 1.3 (0.1) 3.9 6.7 2.8 Ford Pro 1.6 1.2 (0.4) 9.0 6.8 (2.2) 16.2 14.9 (1.3) 66.9 66.3 (0.6) Ford Credit* 0.4 0.7 0.3 1.7 2.6 0.9 3.3 3.4 0.2 12.3 13.3 1.0 Corporate Other (0.1) (0.4) (0.3) (0.6) (0.8) (0.2) 0.0 0.0 0.0 0.0 0.0 0.0 Total Company (Adjusted) $ 2.1 $ 1.0 $ (1.1) $ 10.2 $ 6.8 $ (3.4) $ 48.2 $ 45.9 $ (2.3) $ 185.0 $ 187.3 $ 2.3 EBIT Margin (%) Wholesale Units (000) Q4 2024 Q4 2025 2025 B / (W) 2024 2024 FY 2025 FY 2025 B / (W) 2024 Q4 2024 Q4 2025 2025 B / (W) 2024 2024 FY 2025 FY 2025 B / (W) 2024 Ford Blue 5.8 % 2.8 % (3.0) ppts 5.2 % 3.0 % (2.2) ppts 774 712 (62) 2,862 2,728 (133) Ford Model e (98.6) (94.6) 4.0 (132.3) (72.1) 60.3 37 37 0 105 178 73 Ford Pro 10.0 8.2 (1.8) 13.5 10.3 (3.1) 378 334 (43) 1,503 1,488 (14) Total Company 4.4 % 2.3 % (2.2) ppts 5.5 % 3.6 % (1.9) ppts 1,188 1,083 (105) 4,470 4,395 (75) * Ford Credit EBT 57 68 11 158 280 122Memo: EV Wholesales 24
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Q4 Results ($M) Fourth Quarter Full Year 2024 2025 2025 B / (W) 2024 2024 2025 2025 B / (W) 2024 Ford Blue $ 1,577 $ 727 $ (850) $ 5,269 3,024 $ (2,245) Ford Model e (1,397) (1,218) 179 (5,105) (4,806) 299 Ford Pro 1,626 1,231 (395) 9,007 6,843 (2,164) Ford Credit 441 701 260 1,654 2,557 903 Corporate Other (109) (406) (297) (617) (838) (221) Adjusted EBIT $ 2,138 $ 1,035 $ (1,103) $ 10,208 $ 6,780 $ (3,428) Interest on Debt (295) (348) (53) (1,115) (1,254) (139) Special Items (excl. tax) 471 (15,497) (15,968) (1,860) (17,356) (15,496) Taxes (483) 3,756 4,240 (1,339) 3,668 5,007 Less: Noncontrolling Interests 7 10 3 15 20 5 Net Income / (Loss) Attributable to Ford $ 1,824 $ (11,064) $ (12,888) $ 5,879 $ (8,182) $ (14,061) Company Adjusted Free Cash Flow ($B) $ 0.7 $ (2.1) $ (2.9) $ 6.7 $ 3.5 $ (3.2) Revenue ($B) 48.2 45.9 (2.3) 185.0 187.3 2.3 Company Adjusted EBIT Margin (%) 4.4 % 2.3 % (2.2) ppts 5.5 % 3.6 % (1.9) ppts Net Income / (Loss) Margin (%) 3.8 (24.1) (27.9) 3.2 (4.4) (7.6) Adjusted ROIC (Trailing Four Quarters) (%) 12.9 8.8 (4.2) Adjusted EPS $ 0.39 $ 0.13 $ (0.26) $ 1.84 $ 1.09 $ (0.75) EPS (GAAP) 0.45 (2.77) (3.22) 1.46 (2.06) (3.52) 25
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Full Year 2025 Adjusted EBIT ($B) Full Year 2024 $ 5.3 $ (5.1) $ 9.0 $ 1.7 $ (0.6) $ 10.2 YoY Change: Volume / Mix $ (1.7) $ 0.3 $ (0.7) $ — $ — $ (2.0) Net Pricing 1.5 (0.0) (1.0) — 0.0 0.5 Cost (1.1) 0.1 (0.5) — (0.1) (1.6) Exchange (0.8) (0.0) 0.1 — (0.0) (0.7) Other (0.2) (0.1) (0.1) 0.9 (0.1) 0.4 Total Change $ (2.2) $ 0.3 $ (2.2) $ 0.9 $ (0.2) $ (3.4) Full Year 2025 $ 3.0 $ (4.8) $ 6.8 $ 2.6 $ (0.8) $ 6.8 Ford Blue Ford Pro Ford Credit Corporate Other Total Company Ford Model e 26
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Quarterly Results ($M) 2024 2025 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Ford Blue $ 901 $ 1,167 $ 1,624 $ 1,577 $ 5,269 $ 96 $ 661 $ 1,540 $ 727 $ 3,024 Ford Model e (1,327) (1,150) (1,231) (1,397) (5,105) (849) (1,329) (1,410) (1,218) (4,806) Ford Pro 3,006 2,562 1,813 1,626 9,007 1,309 2,318 1,985 1,231 6,843 Ford Credit 326 343 544 441 1,654 580 645 631 701 2,557 Corporate Other (143) (165) (200) (109) (617) (117) (155) (160) (406) (838) Adjusted EBIT $ 2,763 $ 2,757 $ 2,550 $ 2,138 $ 10,208 $ 1,019 $ 2,140 $ 2,586 $ 1,035 $ 6,780 Interest on Debt (278) (270) (272) (295) (1,115) (288) (297) (321) (348) (1,254) Special Items (excl. tax) (873) (49) (1,409) 471 (1,860) (110) (1,302) (447) (15,497) (17,356) Taxes (278) (605) 27 (483) (1,339) (148) (570) 630 3,756 3,668 Less: Noncontrolling Interests 2 2 4 7 15 2 7 1 10 20 Net Income / (Loss) Attributable to Ford $ 1,332 $ 1,831 $ 892 $ 1,824 $ 5,879 $ 471 $ (36) $ 2,447 $ (11,064) $ (8,182) Company Adjusted Free Cash Flow ($B) $ (0.5) $ 3.2 $ 3.2 $ 0.7 $ 6.7 $ (1.5) $ 2.8 $ 4.3 $ (2.1) $ 3.5 Revenue ($B) 42.8 47.8 46.2 48.2 185.0 40.7 50.2 50.5 45.9 187.3 Company Adjusted EBIT Margin (%) 6.5 % 5.8 % 5.5 % 4.4 % 5.5 % 2.5 % 4.3 % 5.1 % 2.3 % 3.6 % Net Income / (Loss) Margin (%) 3.1 3.8 1.9 3.8 3.2 1.2 (0.1) 4.8 (24.1) (4.4) Adjusted ROIC (Trailing Four Quarters) (%) 12.7 11.1 11.4 12.9 12.9 10.9 10.1 10.1 8.8 8.8 Adjusted EPS $ 0.49 $ 0.47 $ 0.49 $ 0.39 $ 1.84 $ 0.14 $ 0.37 $ 0.45 $ 0.13 $ 1.09 EPS (GAAP) 0.33 0.46 0.22 0.45 1.46 0.12 (0.01) 0.60 (2.77) (2.06) 27
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Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Full Year 2024 Net Income / (Loss) Attributable to Ford (GAAP) $ 1,824 $ (11,064) $ 5,879 $ (8,182) Income / (Loss) Attributable to Noncontrolling Interests 7 10 15 20 Net Income / (Loss) $ 1,831 $ (11,054) $ 5,894 $ (8,162) Less: (Provision For) / Benefit From Income Taxes (483) 3,756 (1,339) 3,668 Income / (Loss) Before Income Taxes $ 2,314 $ (14,810) $ 7,233 $ (11,830) Less: Special Items Pre-Tax 471 (15,497) (1,860) (17,356) Income / (Loss) Before Special Items Pre-Tax $ 1,843 $ 687 $ 9,093 $ 5,526 Less: Interest on Debt (295) (348) (1,115) (1,254) Adjusted EBIT (Non-GAAP) $ 2,138 $ 1,035 $ 10,208 $ 6,780 Memo: Revenue ($B) $ 48.2 $ 45.9 $ 185.0 $ 187.3 Net Income / (Loss) Margin (GAAP) (%) 3.8 % (24.1)% 3.2 % (4.4)% Adjusted EBIT Margin (%) (Non-GAAP) 4.4 % 2.3 % 5.5 % 3.6 % 202520242025 Fourth Quarter 28
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Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted FCF ($M) 2024 2025 Full Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 1,385 $ 5,508 $ 5,502 $ 3,028 $ 3,679 $ 6,317 $ 7,402 $ 3,884 $15,423 $21,282 Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit Operating Cash Flows 1,181 685 1,296 438 4,106 2,517 1,741 4,567 3,600 12,931 Funded Pension Contributions (550) (83) (334) (106) (234) (281) (187) (18) (1,073) (720) Restructuring (Including Separations) (a) (176) (289) (226) (108) (163) (46) (22) (205) (799) (436) Ford Credit Tax Payments / (Refunds) Under Tax Sharing Agreement (33) – – 18 – – – – (15) – Other, Net (608) (b) 4 14 (287) (141) (144) (189) (522) (877) (996) Add: Items Included in Company Adjusted Free Cash Flows Company Excluding Ford Credit Capital Spending (2,073) (2,078) (1,970) (2,469) (1,790) (2,054) (2,099) (2,751) (8,590) (8,694) Ford Credit Distributions – 150 175 175 200 500 350 600 500 1,650 Settlement of Derivatives 23 (26) 230 (52) 1 109 (1) (55) 175 54 Company Adjusted Free Cash Flow (Non-GAAP) $ (479) $ 3,237 $ 3,187 $ 727 $(1,478) $ 2,826 $ 4,309 $(2,144) $ 6,672 $ 3,513 29 a. Restructuring excludes cash flows reported in investing activities` b. Includes $365M settlement of Transit Connect matter
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Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Fourth Quarter Full Year 2024 2025 2024 2025 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 1,824 $ (11,064) $ 5,879 $ (8,182) Less: Impact of Pre-Tax and Tax Special Items 261 (11,592) (1,537) (12,581) Adjusted Net Income / (Loss) – Diluted (Non-GAAP) $ 1,563 $ 528 $ 7,416 $ 4,399 Basic and Diluted Shares (M) Basic Shares (Average Shares Outstanding) 3,970 3,988 3,978 3,979 Net Dilutive Options, Unvested Restricted Stock Units, Unvested Restricted Stock Shares, and Convertible Debt 50 81 43 56 Diluted Shares 4,020 4,069 4,021 4,035 Earnings / (Loss) Per Share – Diluted (GAAP) $ 0.45 $ (2.77) $ 1.46 $ (2.06) Less: Net Impact of Adjustments 0.06 (2.90) (0.38) (3.15) Adjusted Earnings Per Share – Diluted (Non-GAAP) $ 0.39 $ 0.13 $ 1.84 $ 1.09 30 For the Fourth Quarter and Full Year 2025, there were 81M and 56M shares, respectively, excluded from the calculation of diluted earnings / (loss) per share, due to their anti-dilutive effect* *
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Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate 2025 Memo: Q4 Full Year Full Year 2024 Pre-Tax Results($M) Income / (Loss) Before Income Taxes (GAAP) $ (14,810) $ (11,830) $ 7,233 Less: Impact of Special Items (15,497) (17,356) (1,860) Adjusted Earnings Before Taxes (Non-GAAP) $ 687 $ 5,526 $ 9,093 Taxes($M) (Provision For) / Benefit From Income Taxes (GAAP) $ 3,756 $ 3,668 $ (1,339) Less: Impact of Special Items 3,905 4,775 323 Adjusted (Provision For) / Benefit From Income Taxes (Non-GAAP) $ (149) $ (1,107) $ (1,662) Tax Rate (%) Effective Tax Rate (GAAP) 25.4 % 31.0 % 18.5 % Adjusted Effective Tax Rate (Non-GAAP) 21.7 % 20.0 % 18.3 % 31
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Adjusted ROIC ($B) a. Calculated as the sum of net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters b. Calculated as the sum of adjusted net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters Four Quarters Ending Q4 2024 Four Quarters Ending Q4 2025 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 5.9 $ (8.2) Add: Noncontrolling Interest 0.0 0.0 Less: Income Tax (1.3) 3.7 Add: Cash Tax (1.2) (0.6) Less: Interest on Debt (1.1) (1.3) Less: Total Pension / OPEB Income / (Cost) (0.1) (1.1) Add: Pension / OPEB Service Costs (0.6) (0.4) Net Operating Profit / (Loss) After Cash Tax $ 6.7 $ (10.6) Less: Special Items (excl. Pension / OPEB) Pre-Tax (2.3) (16.6) Adj. Net Operating Profit / (Loss) After Cash Tax $ 9.1 $ 6.1 Invested Capital Equity $ 44.9 $ 36.0 Debt (excl. Ford Credit) 20.7 21.9 Net Pension and OPEB Liability 5.0 4.6 Invested Capital (End of Period) $ 70.5 $ 62.5 Average Invested Capital $ 70.1 $ 69.2 ROIC (a) 9.6 % (15.3)% Adjusted ROIC (Non-GAAP) (b) 12.9 % 8.8 % 32
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33 Nameplate Segment Mix In 2025 North America Ford Blue Ford Model e Ford Pro Europe Ford Blue Ford Model e Ford Pro Core Pro Vehicles Core Pro Vehicles Super Duty — — 100% Transit Family (ICE and EV) — — 100% Transit Family (ICE and EV) — — 100% Ranger — — 100% E-Series — — 100% Heavy Truck — — 100% F-650 / 750 — — 100% Non-Core Pro Vehicles Stripped Chassis — — 100% F-150 (ICE and Hybrid) 100% — — Non-Core Pro Vehicles Kuga 100% — — F-150 (ICE and Hybrid) 80% — 20% Puma (ICE) >90% — <10% F-150 Lightning — >80% <20% Focus 100% — — Ranger >90% — <10% Fiesta 100% — — Maverick >80% — <20% Explorer 100% — — Expedition >70% — <30% Bronco 100% — — Explorer >70% — <30% Mustang 100% — — Escape 65% — 35% Mustang Mach-E — 100% — Territory 100% — — Capri BEV — 100% — Bronco >95% — <5% Explorer BEV — 100% Bronco Sport >90% — <10% Puma BEV — >95% <5% Mustang Mach-E — >95% <5% Mustang >80% — <20% Rest of World Ford Blue Ford Model e Ford Pro Navigator >85% — <15% All Models 100% — — Aviator >95% — <5% Nautilus >95% — <5% Corsair >95% — <5% Memo: Excludes company service vehicles. The information provided above will not be disclosed on an ongoing basis.
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Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid inv estors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with G AAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. + Company Adjusted EBIT (Most Comparable GAAP Measure: Net income / (Loss) attributable to Ford) – Earnings Before Interest and Taxes (EBIT) excludes interest on debt (excluding Ford Credit Debt), taxes and pre-tax special items. This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results. Our management excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not generally consider to be indicative of earnings from ongoing operating activities. + Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income / (Loss) Margin) – Company Adjusted EBIT Margin is Company Adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. + Adjusted Earnings / (Loss) Per Share (Most Comparable GAAP Measure: Earnings / (Loss) Per Share) – Measure of Company’s diluted net earnings / (loss) per share adjusted for impact of pre-tax special items (described above), tax special items and restructuring impacts in noncontrolling interests. The measur e provides investors with useful information to evaluate performance of our business excluding items not indicative of earnings from ongoing operating activities. + Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting. 34
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Non-GAAP Financial Measures That Supplement GAAP Measures + Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elements management considers operating activities, including Company excluding Ford Credit capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, restructuring actions, and other items that are considered operating cash flows under GAAP. This measure is useful to management and investors because it is consistent with management’s assessment of the Company’s operating cash flow performance. + Adjusted ROIC – Calculated as the sum of adjusted net operating profit / (loss) after-cash tax from the last four quarters, divided by the average invested capital over the last four quarters. Adjusted Return on Invested Capital (“Adjusted ROIC”) provides management and investors with useful information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented. Adjusted net operating profit / (loss) after-cash tax measures operating results less special items, interest on debt (excluding Ford Credit Debt), and certain pension / OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excluding Ford Credit Debt), and net pension / OPEB liability. When we provide guidance for adjusted EBIT, adjusted earnings / (loss) per share, and adjusted effective tax rate, we do not provide guidance for their respective most comparable GAAP measures as those GAAP measures will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including gains and losses on pension and OPEB remeasurement, and other items that are difficult to quantify. When we provide guidance for Company adjusted free cash flow, we do not provide guidance for its most comparable GAAP measure (net cash provided by / (used in) operating activities) as the GAAP measure wil l include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individuall y or in the aggregate could have a significant impact to our net cash provided by / (used in) our operating activities. 35
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Definitions And Calculations Wholesale Units and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships or others, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, and local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. (“JMC”), that are sold to dealerships or others. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford badged vehicles produced and distributed by our unconsolidated affiliates, as well as JMC br and vehicles) are not included in our revenue. Excludes transactions between Ford Blue, Ford Model e, and Ford Pro segments Industry Volume and Market Share • Industry volume and market share are based, in part, on estimated vehicle registrations; includes medium and heavy duty truck s SAAR • SAAR means seasonally adjusted annual rate Company Cash • Company cash includes cash, cash equivalents, marketable securities, and restricted cash (including cash held for sale); excl udes Ford Credit’s cash, cash equivalents, marketable securities, and restricted cash Market Factors • Volume and Mix – primarily measures EBIT variance from changes in wholesale unit volumes (at prior-year average contribution margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the EBIT variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line • Net Pricing – primarily measures EBIT variance driven by changes in wholesale unit prices to dealers and marketing incentive programs such as rebate programs, low -rate financing offers, special lease offers, and stock adjustments on dealer inventory • Market Factors exclude the impact of unconsolidated affiliate wholesale units Earnings Before Taxes (EBT) • Reflects income before income taxes Software and Physical Services • Includes software, extended service contracts, parts and accessories, and other services 36
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2026 Ford Mustang Dark Horse SC Q4 & Full Year 2025 Earnings