Slides
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Secre t Q3 2026 Earnings 2027 Ford Mustang Dark Horse SC
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Secre t Secre t Contents Delivering Ford+ Page 4 - 5 Q3 Results Page 6 Year-to-Date Results Page 7 Financials Page 9 - 17 2026 Guidance Page 19 - 20 Appendix Page 22 - 33 2027 Ford Ranger
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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 Annual Report on Form 10-K for the year ended December 31, 2025, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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 CY 2026 Guidance 3 The guidance is based on our expectations and best estimates as of October 28, 2026, and assumes no material change to our current assumptions for inflation, logistics issues, production, or macroeconomic conditions. Our guidance does not include potential impacts of a significant escalation in the Middle East or a material downturn in the U.S. economy, either or both of which could have a substantial impact on industry demand. 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 October 28, 2026.
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Ford Brand & Iconic Nameplates Blue Oval halo with leading vehicle brands, such as F-150, critical to the success of each business Ford’s Reporting Segments Reflect And Reinforce Our Ford+ Plan: Advance Core Auto, Grow Auto Services, Expand Adjacent Businesses… Electrical Architecture & Digital Platforms Develops the electrical architecture and digital platform for all vehicles Industrial System Engineering, supply chain and manufacturing expertise 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 4 …Drives Profitable Growth, Capital Efficiency And Durability Ford Credit Automotive Financial Products & ServicesSoftware Services And Parts Creates and markets innovative technologies by integrating hardware, software, and services
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Secre t Q3 2026 Highlights: Profitable Growth, Capital Efficiency And Durability 5 Sharp Operational Execution; Raising Bottom End of Full Year Total Company Adj. EBIT Guidance Range To $10.5B - $11.0B + Explorer and Expedition combined made Ford the No. 1 brand in large three-row SUVs in the U.S. + Record sales for Maverick Hybrid, up nearly 60%, remaining America’s No. 1 hybrid truck Higher Growth + Off-road performance vehicles account for nearly 25% of U.S. sales mix + F-Series captured highest retail share among full-line truck brands, extending its lead as America’s best-selling truck Higher Margin + On track to deliver full year material and warranty cost reductions of $1B, excluding tariffs and Novelis + Oakville Assembly launch exceeding planned daily volume and job-per-hour rates More Efficient + Company adjusted EBIT of $2.7B, up 3%, despite lower revenue + Record revenue for software services and parts businesses + Strong balance sheet with $25.3 billion in cash and $46.4 billion in liquidity More Durable
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Revenue $49.5B 2% Adj. EBIT $2.7B ▲ 3% Adj. EBIT Margin 5.4% ▲ 0.3 ppts Adj. FCF $4.7B ▲ $0.4B Adj. EPS $0.49 ▲ $0.04 Q3 Financial Results $1.4B EBIT 5.1% EBIT Margin $(1.1)B EBIT (86.5)% EBIT Margin $1.7B EBIT 9.4% EBIT Margin Ford Blue Ford Model e Ford Pro 6
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Revenue $141.1B —% Adj. EBIT $8.6B ▲ 51% Adj. EBIT Margin 6.1% ▲ 2.1 ppts Adj. FCF $4.9B $0.8B Adj. EPS $1.57 ▲ $0.61 Year-To-Date Financial Results $4.5B EBIT 5.8% EBIT Margin $(2.8)B EBIT (79.1)% EBIT Margin $5.1B EBIT 10.1% EBIT Margin Ford Blue Ford Model e Ford Pro 7
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Secre t Secre t Financials 2027 Ford F-150 Carhartt Edition
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Q3 Cash Flow, Cash Balance & Liquidity ($B) Adjusted Free Cash Flow Cash Balance Liquidity Cash Net of Debt (excl. Finance Leases) $12.0 $3.3$7.7 $2.9$(0.3) Ford Credit Distributions incl. Above $0.4 $1.0$0.6 $0.8$0.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 9 * * Department of Energy loan was assumed from BOSK in Q2
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Q3 2026 Results ($B) available to invest in growth$(0.3) Strong cash and liquidity 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) Q3 2025 $(0.1) $0.1$0.0 $(0.1) $0.3 $(0.4)$0.4 $0.2 $(0.7) 10
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Q3 2026 Adjusted EBIT ($B) 11 Q3 2025 $ 1.5 $ (1.4) $ 2.0 $ 0.6 $ (0.2) $ 2.6 YoY Change: Volume / Mix $ (0.1) $ 0.2 $ 0.1 $ — $ — $ 0.2 Net Pricing (0.1) 0.2 (0.0) — 0.0 0.1 Cost (0.2) (0.1) (0.5) — 0.1 (0.7) Exchange 0.1 (0.0) (0.1) — 0.0 (0.0) Other 0.1 0.1 0.1 0.2 (0.1) 0.4 Total Change $ (0.1) $ 0.4 $ (0.3) $ 0.2 $ 0.0 $ 0.1 Q3 2026 $ 1.4 $ (1.1) $ 1.7 $ 0.8 $ (0.1) $ 2.7 Ford VOLUME / MIX Favorable product mix, offset by lower volume, primarily due to product discontinuation NET PRICING Primarily higher net pricing in Model e primarily driven by lower incentive spend COST Primarily higher commodity costs, Universal EV platform and Ford Energy investments, Super Duty Oakville launch costs and temporary alternative aluminum sourcing offset partially by lower tariffs (non-Novelis related) OTHER Primarily lower regulatory compliance expenses and higher software services Ford Blue Ford Model e Ford Pro Ford Credit Corporate Other Total Company
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12 * 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* 90 97 78 82 70 230 Blue Ford ■ Volume and revenue down, driven by product discontinuation and impact of the Middle East conflict within the region ■ EBIT of $1.4B, down $0.1B: – Volume – Cost (Primarily commodities) + Product mix + Exchange 2026 Ford Expedition Tremor 1,880 5.8%
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EBIT($B) EBIT Margin (%) Revenue ($B) Wholesale Units (000) 13 Model e Ford ■ Volume and revenue down, driven by discontinuation of F- 150 Lightning and right-sizing of Mustang Mach-E production to customer demand ■ EBIT loss of $(1.1)B, improved by $0.4B: + Loss optimized on Gen-1 products – Higher investment cost on next generation products and Ford Energy 2026 Ford Mustang Mach-E California Special 97 (79.1)%
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14 * Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye Revenue ($B) Wholesale Units (000) EBIT($B) EBIT Margin (%) 2027 Ford Super Duty Carhartt Package Pro Ford ■ Volume down reflecting product discontinuation and lower Ranger and Transit family, offset partially by higher truck production as we began to recover losses from Novelis fires; Revenue up reflecting favorable product mix ■ EBIT of $1.7B, down $0.3B: – Commodities – Super Duty Oakville launch costs – Novelis temporary cost + Tariffs (non-Novelis related) + Product mix Memo: JV Wholesales* 23 35 17 18 13 49 EV Wholesales 14 11 9 12 15 35 1,046 10.1%
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EBT($B) Q3 EBT YoY ($B) Auction Values* (Per Unit) U.S. Retail Loss-to-Receivables (“LTR”) Ratio (%) 15 * U.S. portfolio off-lease auction values at Q3 2026 mix Credit Ford ■ Continued strong portfolio performance ■ EBT of $0.8B, up $0.2B: + Favorable derivative market valuation + Higher receivables and mix ■ U.S. Retail Loss-to-Receivables higher, reflecting higher severities ■ Auction values decreased 3% YoY, consistent with an increase in used vehicle supply 2027 Ford Explorer Tremor
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Cash Flow And Balance Sheet ($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 16 2025 Dec 31 2026 Sep 30 Company Adj. EBIT excl. Ford Credit $ 2.0 $ 1.9 $ 3.9 $ 6.3 Capital Spending (2.1) (2.3) (5.9) (7.0) Depreciation and Tooling Amortization 1.3 1.2 3.8 3.6 Net Spending $ (0.8) $ (1.0) $ (2.1) $ (3.4) Receivables $ 0.1 $ 0.1 $ (2.1) $ (0.9) Inventory 0.7 0.6 (0.7) (1.1) Trade Payables 0.4 0.6 3.7 2.9 Changes in Working Capital $ 1.2 $ 1.3 $ 0.9 $ 1.0 Ford Credit Distributions $ 0.4 $ 0.8 $ 1.1 $ 2.6 Interest on Debt and Cash Taxes (0.4) (0.6) (1.3) (1.6) All Other and Timing Differences (a) 2.0 2.4 3.2 0.0 Company Adjusted FCF $ 4.3 $ 4.7 $ 5.7 $ 4.9 Restructuring $ (0.0) $ (0.1) $ 0.1 $ (1.0) Changes in Debt Excl. Finance Lease Payments 1.5 (0.2) 0.8 (2.3) Finance Lease Payments (0.0) (0.0) (0.1) (0.1) Funded Pension Contributions (0.2) (0.2) (0.7) (0.5) Shareholder Distributions (0.6) (0.6) (2.4) (2.1) All Other (0.5) (0.6) 1.0 (2.4) Change in Cash $ 4.4 $ 3.0 $ 4.3 $ (3.4) Company Excl. Ford Credit Company Cash Balance $ 28.7 $ 25.3 Liquidity 49.8 46.4 Debt Excluding Finance Leases (21.0) (22.4) Cash Net of Debt Excluding Finance Leases 7.7 2.9 Pension Funded Status Funded Plans $ 3.7 $ 4.7 Unfunded Plans (3.9) (3.6) Total Global Pension $ (0.2) $ 1.1 Total Funded Status OPEB $ (4.4) $ (4.2) Third Quarter 2025 2026 Year-To-Date 2025 2026
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Special Items ($B) 17 2025 2026 Restructuring (by Geography) Europe $ (0.3) $ (0.1) $ (0.4) $ (0.4) Other Items EV program cancellations announced in December 2025 $ — $ (0.2) $ — $ (0.8) BOSK JV disposition — (0.0) — (3.6) All-electric three-row SUV program cancellation and resulting actions (0.0) (0.0) (0.4) 0.0 Fuel injector field service action (0.0) — (0.6) — Ford share of equity method investment’s asset impairment / other (0.1) — (0.3) — Ford share of BOSK’s asset write-down / other (0.0) — (0.2) — Legal Matter(s) — (0.2) — (0.2) Subtotal Other Items $ (0.1) $ (0.3) $ (1.4) $ (4.5) Pension and OPEB Gain/(Loss) Pension and OPEB remeasurement $ — $ 0.3 $ 0.0 $ 0.5 Pension settlements, curtailments, and separations costs (0.0) (0.0) (0.0) (0.1) Subtotal Pension and OPEB Gain / (Loss) $ (0.0) $ 0.3 $ (0.0) $ 0.4 Third Quarter Total EBIT Special Items $ (0.4) $ (0.1) $ (1.9) $ (4.5) 2025 2026 Year-To-Date
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Secre t Secre t 2026 Guidance 2027 Ford F-250 Super Duty
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CY 2026 Guidance 2026 Financial Outlook Revised (Issued 10/28/26) Prior (Issued 7/28/26) Adjusted EBIT $10.5B – $11.0B $10.0B – $11.0B Adjusted FCF $6.0B – $7.0B $6.0B – $7.0B Capital Spending $9.5B – $10.5B $9.5B – $10.5B EBIT / EBT by Segment Ford Blue ~ $5.5B $5.0B – $5.5B Model e ~ $(4.0)B ~ $(4.0)B Ford Pro ~ $7.0B $7.0B – $7.5B Ford Credit ~ $2.8B Above $2.5B Raising Bottom End of Full Year Adj. EBIT Guidance Range Primarily Reflecting Sharp Operational Execution And Continued Strength In Ford Credit, Software Services And Parts Businesses Key Outlook Assumption Updates Revised Prior U.S. SAAR of 16.5M 16.0M – 16.5M Full Year U.S. Industry pricing up ~1.0% Up ~0.5% Commodity headwinds approaching $(2.5)B Just above $(2)B Guidance does not include potential impacts of a significant escalation in the Middle East or a material downturn in the U.S. economy, either or both of which could have a substantial impact on industry demand. 19
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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 Annual Report on Form 10-K for the year ended December 31, 2025, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 20
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Secre t Secre t 2027 Ford Bronco SportAppendix
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Key Metrics EBIT ($B) Revenue ($B) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Ford Blue $ 0.7 $ 1.5 $ 0.7 $ 1.9 $ 1.1 $ 1.4 $ 25.8 $ 28.0 $ 26.2 $ 23.9 $ 26.1 $ 27.1 Ford Model e (1.3) (1.4) (1.2) (0.8) (0.9) (1.1) 2.4 1.8 1.3 1.2 1.0 1.2 Ford Pro 2.3 2.0 1.2 1.7 1.7 1.7 18.8 17.4 14.9 14.7 17.8 17.8 Ford Credit* 0.6 0.6 0.7 0.8 0.8 0.8 3.2 3.3 3.4 3.4 3.4 3.4 Corporate Other (0.2) (0.2) (0.4) (0.1) (0.2) (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 Total Company (Adjusted) $ 2.1 $ 2.6 $ 1.0 $ 3.5 $ 2.5 $ 2.7 $ 50.2 $ 50.5 $ 45.9 $ 43.3 $ 48.3 $ 49.5 EBIT Margin (%) Wholesale Units (000) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Ford Blue 2.6 % 5.5 % 2.8 % 8.1 % 4.4 % 5.1 % 696 733 712 584 639 657 Ford Model e (56.4) (79.1) (94.6) (63.1) (89.6) (86.5) 60 50 37 34 28 34 Ford Pro 12.3 11.4 8.2 11.4 9.7 9.4 429 373 334 316 372 358 Total Company 4.3 % 5.1 % 2.3 % 8.1 % 5.2 % 5.4 % 1,185 1,156 1,083 934 1,039 1,049 * Ford Credit EBT 89 75 68 55 64 73Memo: EV Wholesales 22
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Key Metrics EBIT ($B) Revenue ($B) Q3 2025 Q3 2026 2026 B / (W) 2025 2025 YTD 2026 YTD 2026 B / (W) 2025 Q3 2025 Q3 2026 2026 B / (W) 2025 2025 YTD 2026 YTD 2026 B / (W) 2025 Ford Blue $ 1.5 $ 1.4 $ (0.1) $ 2.3 $ 4.5 $ 2.2 $ 28.0 $ 27.1 $ (0.9) $ 74.8 $ 77.0 $ 2.2 Ford Model e (1.4) (1.1) 0.4 (3.6) (2.8) 0.8 1.8 1.2 (0.6) 5.4 3.5 (1.9) Ford Pro 2.0 1.7 (0.3) 5.6 5.1 (0.5) 17.4 17.8 0.4 51.4 50.3 (1.1) Ford Credit* 0.6 0.8 0.2 1.9 2.3 0.5 3.3 3.4 0.1 9.8 10.3 0.5 Corporate Other (0.2) (0.1) 0.0 (0.4) (0.5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Company (Adjusted) $ 2.6 $ 2.7 $ 0.1 $ 5.7 $ 8.6 $ 2.9 $ 50.5 $ 49.5 $ (1.0) $ 141.4 $ 141.1 $ (0.3) EBIT Margin (%) Wholesale Units (000) Q3 2025 Q3 2026 2026 B / (W) 2025 2025 YTD 2026 YTD 2026 B / (W) 2025 Q3 2025 Q3 2026 2026 B / (W) 2025 2025 YTD 2026 YTD 2026 B / (W) 2025 Ford Blue 5.5 % 5.1 % (0.4) ppts 3.1 % 5.8 % 2.7 ppts 733 657 (76) 2,016 1,880 (137) Ford Model e (79.1) (86.5) (7.4) (66.7) (79.1) (12.4) 50 34 (16) 141 97 (44) Ford Pro 11.4 9.4 (2.1) 10.9 10.1 (0.8) 373 358 (15) 1,154 1,046 (108) Total Company 5.1 % 5.4 % 0.3 ppts 4.1 % 6.1 % 2.1 ppts 1,156 1,049 (107) 3,312 3,023 (289) * Ford Credit EBT 75 73 (2) 213 191 (22)Memo: EV Wholesales 23
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Q3 Results ($M) Third Quarter Year-To-Date 2025 2026 2026 B / (W) 2025 2025 2026 2026 B / (W) 2025 Ford Blue $ 1,540 $ 1,392 $ (148) $ 2,297 $ 4,469 $ 2,172 Ford Model e (1,410) (1,058) 352 (3,588) (2,754) 834 Ford Pro 1,985 1,665 (320) 5,612 5,068 (544) Ford Credit 631 803 172 1,856 2,343 487 Corporate Other (160) (144) 16 (432) (477) (45) Adjusted EBIT $ 2,586 $ 2,658 $ 72 $ 5,745 $ 8,649 $ 2,904 Interest on Debt (321) (385) (64) (906) (1,092) (186) Special Items (excl. tax) (447) (127) 320 (1,859) (4,532) (2,673) Taxes 630 (97) (727) (88) 253 341 Less: Noncontrolling Interests 1 — (1) 10 8 (2) Net Income / (Loss) Attributable to Ford $ 2,447 $ 2,049 $ (398) $ 2,882 $ 3,270 $ 388 Company Adjusted Free Cash Flow ($B) $ 4.3 $ 4.7 $ 0.4 $ 5.7 $ 4.9 $ (0.8) Revenue ($B) 50.5 49.5 (1.0) 141.4 141.1 (0.3) Company Adjusted EBIT Margin (%) 5.1 % 5.4 % 0.3 ppts 4.1 % 6.1 % 2.1 ppts Net Income / (Loss) Margin (%) 4.8 4.1 (0.7) 2.0 2.3 0.3 Adjusted ROIC (Trailing Four Quarters) (%) 10.1 13.3 3.2 Adjusted EPS $ 0.45 $ 0.49 $ 0.04 $ 0.96 $ 1.57 $ 0.61 EPS (GAAP) 0.60 0.50 (0.10) 0.72 0.80 0.08 24
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Year-To-Date 2026 Adjusted EBIT ($B) Year-To-Date 2025 $ 2.3 $ (3.6) $ 5.6 $ 1.9 $ (0.4) $ 5.7 YoY Change: Volume / Mix $ 1.1 $ 0.5 $ (0.9) $ — $ — $ 0.7 Net Pricing 0.5 0.2 0.0 — 0.0 0.6 Cost (0.6) 0.2 (0.1) — 0.2 (0.3) Exchange 0.3 (0.1) 0.0 — 0.0 0.2 Other 0.9 0.1 0.4 0.5 (0.3) 1.6 Total Change $ 2.2 $ 0.8 $ (0.5) $ 0.5 $ (0.0) $ 2.9 Year-To-Date 2026 $ 4.5 $ (2.8) $ 5.1 $ 2.3 $ (0.5) $ 8.6 Ford Blue Ford Pro Ford Credit Corporate Other Total Company Ford Model e 25
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Quarterly Results ($M) 2025 2026 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Ford Blue $ 96 $ 661 $ 1,540 $ 727 $ 3,024 $ 1,942 $ 1,135 $ 1,392 Ford Model e (849) (1,329) (1,410) (1,218) (4,806) (777) (919) (1,058) Ford Pro 1,309 2,318 1,985 1,231 6,843 1,685 1,718 1,665 Ford Credit 580 645 631 701 2,557 783 757 803 Corporate Other (117) (155) (160) (406) (838) (145) (188) (144) Adjusted EBIT $ 1,019 $ 2,140 $ 2,586 $ 1,035 $ 6,780 $ 3,488 $ 2,503 $ 2,658 Interest on Debt (288) (297) (321) (348) (1,254) (350) (357) (385) Special Items (excl. tax) (110) (1,302) (447) (15,497) (17,356) (226) (4,179) (127) Taxes (148) (570) 630 3,756 3,668 (361) 711 (97) Less: Noncontrolling Interests 2 7 1 10 20 3 5 — Net Income / (Loss) Attributable to Ford $ 471 $ (36) $ 2,447 $ (11,064) $ (8,182) $ 2,548 $ (1,327) $ 2,049 Company Adjusted Free Cash Flow ($B) $ (1.5) $ 2.8 $ 4.3 $ (2.1) $ 3.5 $ (1.9) $ 2.1 $ 4.7 Revenue ($B) 40.7 50.2 50.5 45.9 187.3 43.3 48.3 49.5 Company Adjusted EBIT Margin (%) 2.5 % 4.3 % 5.1 % 2.3 % 3.6 % 8.1 % 5.2 % 5.4 % Net Income / (Loss) Margin (%) 1.2 (0.1) 4.8 (24.1) (4.4) 5.9 (2.7) 4.1 Adjusted ROIC (Trailing Four Quarters) (%) 10.9 10.1 10.1 8.8 8.8 12.6 13.2 13.3 Adjusted EPS $ 0.14 $ 0.37 $ 0.45 $ 0.13 $ 1.09 $ 0.66 $ 0.42 $ 0.49 EPS (GAAP) 0.12 (0.01) 0.60 (2.77) (2.06) 0.63 (0.33) 0.50 26
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Net Income / (Loss) Reconciliation To Adjusted EBIT ($M) Third Quarter Year-To-Date Memo: 2025 2026 2025 2026 FY 2025 Net Income / (Loss) Attributable to Ford (GAAP) $ 2,447 $ 2,049 $ 2,882 $ 3,270 $ (8,182) Income / (Loss) Attributable to Noncontrolling Interests 1 — 10 8 20 Net Income / (Loss) $ 2,448 $ 2,049 $ 2,892 $ 3,278 $ (8,162) Less: (Provision For) / Benefit From Income Taxes 630 (97) (88) 253 3,668 Income / (Loss) Before Income Taxes $ 1,818 $ 2,146 $ 2,980 $ 3,025 $ (11,830) Less: Special Items Pre-Tax (447) (127) (1,859) (4,532) (17,356) Income / (Loss) Before Special Items Pre-Tax $ 2,265 $ 2,273 $ 4,839 $ 7,557 $ 5,526 Less: Interest on Debt (321) (385) (906) (1,092) (1,254) Adjusted EBIT (Non-GAAP) $ 2,586 $ 2,658 $ 5,745 $ 8,649 $ 6,780 Memo: Revenue ($B) $ 50.5 $ 49.5 $ 141.4 $ 141.1 $ 187.3 Net Income / (Loss) Margin (GAAP) (%) 4.8 % 4.1 % 2.0 % 2.3 % (4.4)% Adjusted EBIT Margin (Non-GAAP) (%) 5.1 % 5.4 % 4.1 % 6.1 % 3.6 % 27
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Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted FCF ($M) (a) Restructuring excludes cash flows reported in investing activities (b) First nine months of 2026 primarily reflects cash payments related to the EV program cancellations previously announced in December 2025 2025 2026 Year-To-Date Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 Net Cash Provided By / (Used In) Operating Activities (GAAP) $ 3,679 $ 6,317 $ 7,402 $ 3,884 $ 1,316 $ 4,345 $ 5,427 $17,398 $11,088 Less: Items Not Included in Company Adjusted Free Cash Flows Ford Credit Operating Cash Flows 4,106 2,517 1,741 4,567 3,337 2,047 (191) 8,364 5,193 Funded Pension Contributions (234) (281) (187) (18) (178) (148) (157) (702) (483) Restructuring (Including Separations) (a) (163) (46) (22) (205) (734) (107) (133) (231) (974) Ford Credit Tax Payments / (Refunds) Under Tax Sharing Agreement — — — — 33 — — — 33 Other, Net (b) (141) (144) (189) (522) (541) (957) (261) (474) (1,759) Add: Items Included in Company Adjusted Free Cash Flows Company Excluding Ford Credit Capital Spending (1,790) (2,054) (2,099) (2,751) (2,357) (2,357) (2,259) (5,943) (6,973) Ford Credit Distributions 200 500 350 600 950 925 750 1,050 2,625 Settlement of Derivatives 1 109 (1) (55) 134 16 7 109 157 Company Adjusted Free Cash Flow (Non-GAAP) $(1,478) $ 2,826 $ 4,309 $(2,144) $(1,874) $ 2,094 $ 4,667 $ 5,657 $ 4,887 28
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Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share Third Quarter Year-To-Date 2025 2026 2025 2026 Diluted After-Tax Results ($M) Diluted After-Tax Results (GAAP) $ 2,447 $ 2,049 $ 2,882 $ 3,270 Less: Impact of Pre-Tax and Tax Special Items 627 71 (989) (3,106) Adjusted Net Income / (Loss) – Diluted (Non-GAAP) $ 1,820 $ 1,978 $ 3,871 $ 6,376 Basic and Diluted Shares (M) Basic Shares (Average Shares Outstanding) 3,983 3,990 3,977 3,989 Net Dilutive Options, Unvested Restricted Stock Units, and Unvested Restricted Stock Shares 65 86 49 82 Diluted Shares 4,048 4,076 4,026 4,071 Earnings / (Loss) Per Share – Diluted (GAAP) $ 0.60 $ 0.50 $ 0.72 $ 0.80 Less: Net Impact of Adjustments 0.15 0.01 (0.24) (0.77) Adjusted Earnings Per Share – Diluted (Non-GAAP) $ 0.45 $ 0.49 $ 0.96 $ 1.57 29
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Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate Q3 2026 Year-To-Date 2026 Full Year 2025 Pre-Tax Results ($M) Income / (Loss) Before Income Taxes (GAAP) $ 2,146 $ 3,025 $ (11,830) Less: Impact of Special Items (127) (4,532) (17,356) Adjusted Earnings Before Taxes (Non-GAAP) $ 2,273 $ 7,557 $ 5,526 Taxes ($M) (Provision For) / Benefit From Income Taxes (GAAP) $ (97) $ 253 $ 3,668 Less: Impact of Special Items 198 1,426 4,775 Adjusted (Provision For) / Benefit From Income Taxes (Non-GAAP) $ (295) $ (1,173) $ (1,107) Tax Rate (%) Effective Tax Rate (GAAP) 4.5 % (8.4)% 31.0 % Adjusted Effective Tax Rate (Non-GAAP) 13.0 % 15.5 % 20.0 % 30
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Adjusted ROIC ($B) Four Quarters Ending Q3 2025 Four Quarters Ending Q3 2026 Adjusted Net Operating Profit / (Loss) After Cash Tax Net Income / (Loss) Attributable to Ford $ 4.7 $ (7.8) Add: Noncontrolling Interest 0.0 0.0 Less: Income Tax (0.6) 4.0 Add: Cash Tax (0.6) (0.9) Less: Interest on Debt (1.2) (1.4) Less: Total Pension / OPEB Income / (Cost) 0.3 (0.5) Add: Pension / OPEB Service Costs (0.5) (0.4) Net Operating Profit / (Loss) After Cash Tax $ 5.2 $ (11.1) Less: Special Items (excl. Pension / OPEB) Pre-Tax (2.0) (19.7) Adj. Net Operating Profit / (Loss) After Cash Tax $ 7.2 $ 8.6 Invested Capital Equity $ 47.4 $ 37.0 Debt (excl. Ford Credit) 21.8 23.7 Net Pension and OPEB Liability 4.0 3.1 Invested Capital (End of Period) $ 73.2 $ 63.8 Average Invested Capital $ 70.9 $ 64.7 ROIC (a) 7.3 % (17.2)% Adjusted ROIC (Non-GAAP) (b) 10.1 % 13.3 % 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 31
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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. + 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 U.S. 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. 32
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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); excludes 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 33
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Secre t Secre t Q3 2026 Earnings 2027 Ford Bronco Desert Rising Package