Ford
F NYSE Automobile Manufacturers Financials FY2016–FY2025
Ford's revenue rose 1.2% to $187.3 billion in fiscal 2025. Its operating margin was −4.9%, down from 2.8% a year earlier. Free cash flow was $12.5 billion, up 85.0%. It paid out $3.0 billion in dividends and buybacks, 24% of free cash flow. The diluted share count fell 1.0%.
About these figures. Ford's filings tag debt separately for Ford Credit and the rest of the company, with no company-wide total in the SEC's structured data, so debt and debt-based ratios are left blank.
What Ford does
Ford makes and sells trucks, sport utility vehicles, commercial vans and cars under the Ford brand, and luxury vehicles under the Lincoln brand. It also sells parts, accessories, extended service contracts and connected services such as BlueCruise, its hands-free highway driving system. Almost all of its vehicles reach buyers through dealerships, most of them independently owned; it had about 8,226 dealerships worldwide at the end of 2025.
Ford runs its car business in three segments. Ford Blue sells gas-powered and hybrid vehicles to retail buyers. Ford Model e sells electric vehicles and develops the software used across the company. Ford Pro sells vehicles such as the Super Duty pickup and Transit vans, plus fleet services, to businesses, governments and rental companies. A fourth segment, Ford Credit, makes car loans and leases to customers and lends to dealers to finance their inventory. Ford says no single carmaker dominates the global industry, which has many producers.
In 2025 Ford sold about 4,395,000 vehicles to dealers and others worldwide, and it had about 169,000 employees. It says new or revised tariffs cost it about $3 billion in 2025 before offsets. In December 2025 it announced an updated electric vehicle strategy, including plans to dispose of its stake in BlueOval SK, a battery joint venture.
- Legal name
- Ford Motor Co
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0000037996-26-000015
0000037996
Revenue and margins
Ford had $187.3B of revenue in fiscal 2025, up 1.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $12.5B in fiscal 2025, 6.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Ford returned $3.0B to shareholders in fiscal 2025, 24% of free cash flow. The diluted share count fell 1.0%.
Value Ford yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 3,979.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Ford can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $49.6B | $44.1B | $40.2B | $38.3B | $38.5B |
| Interest coverage | 1.0x | 1.4x | 0.7x | 4.7x | −7.3x |
| Current ratio | 1.2x | 1.2x | 1.2x | 1.2x | 1.1x |
| Quick ratio | 1.1x | 1.1x | 1.0x | 1.0x | 0.9x |
| Total assets | $257.0B | $255.9B | $273.3B | $285.2B | $289.2B |
| Total liabilities | $208.4B | $212.7B | $230.5B | $240.3B | $253.2B |
| Shareholders' equity | $48.5B | $43.2B | $42.8B | $44.8B | $36.0B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.2M
2 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −4.0% | −3.4% | −10.3% |
| Altman Z'' | 1.18 | 1.11 | 0.38 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Ford F | $47.2B | 1.2% | −4.9% | 6.7% | — | — | — | |
| General Motors GM | $67.3B | −1.3% | 1.6% | 9.5% | 1.5% | 16.5x | 6 | Compare → |
| Tesla TSLA | $1.32T | −2.9% | 4.6% | 6.6% | 7.2% | — | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $151.8B | $156.8B | $160.3B | $155.9B | $127.1B | $136.3B | $158.1B | $176.2B | $185.0B | $187.3B |
| Gross profit | $25.6B | $25.5B | $24.1B | $21.2B | $14.4B | $21.7B | $23.7B | $25.6B | $26.6B | $12.8B |
| Research and development | $7.3B | $8.0B | $8.2B | $7.4B | $7.1B | $7.6B | $7.8B | $8.2B | $8.0B | $9.4B |
| Operating income | — | $4.9B | $3.2B | $574M | −$4.4B | $4.5B | $6.3B | $5.5B | $5.2B | −$9.2B |
| Interest expense | $894M | $4.4B | $5.2B | $5.4B | $5.1B | $4.6B | $4.6B | $7.6B | $1.1B | $1.3B |
| Pretax income | $6.8B | $8.2B | $4.3B | −$640M | −$1.1B | $17.8B | −$3.0B | $4.0B | $7.2B | −$11.8B |
| Income tax | $2.2B | $402M | $650M | −$724M | $160M | −$130M | −$864M | −$362M | $1.3B | −$3.7B |
| Net income | $4.6B | $7.8B | $3.7B | $84.0M | −$1.3B | $17.9B | −$2.0B | $4.3B | $5.9B | −$8.2B |
| Diluted EPS | $1.15 | $1.93 | $0.92 | $0.01 | −$0.32 | $4.45 | −$0.49 | $1.08 | $1.46 | −$2.06 |
| Diluted shares | 4.00B | 4.00B | 4.00B | 4.00B | 3.97B | 4.03B | 4.01B | 4.04B | 4.02B | 3.98B |
| Cash flow | ||||||||||
| Cash from operations | $19.9B | $18.1B | $15.0B | $17.6B | $24.3B | $15.8B | $6.9B | $14.9B | $15.4B | $21.3B |
| Capital expenditure | $7.0B | $7.0B | $7.8B | $7.6B | $5.7B | $6.2B | $6.9B | $8.2B | $8.7B | $8.8B |
| Free cash flow | $12.9B | $11.0B | $7.2B | $10.0B | $18.5B | $9.6B | −$13.0M | $6.7B | $6.7B | $12.5B |
| Depreciation and amortization | $2.1B | $9.2B | $9.4B | $10.5B | $8.8B | $7.3B | $7.7B | $7.7B | $7.6B | $16.0B |
| Stock-based compensation | $210M | $246M | $191M | $228M | $199M | $305M | $336M | $460M | $511M | $510M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $145M | $131M | $164M | $237M | $0.0M | $0.0M | $484M | $335M | $426M | $0.0M |
| Dividends paid | $3.4B | $2.6B | $2.9B | $2.4B | $596M | $403M | $2.0B | $5.0B | $3.1B | $3.0B |
| Dividends and buybacks | $3.5B | $2.7B | $3.1B | $2.6B | $596M | $403M | $2.5B | $5.3B | $3.5B | $3.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $38.8B | $38.9B | $34.0B | $34.7B | $50.0B | $49.6B | $44.1B | $40.2B | $38.3B | $38.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $177M | $414M | $565M | $574M | $638M | $805M | $890M |
| Current assets | $108.5B | $116.8B | $114.6B | $114.0B | $116.7B | $109.0B | $116.5B | $121.5B | $124.5B | $123.5B |
| Current liabilities | $90.3B | $94.6B | $95.6B | $98.1B | $97.2B | $90.7B | $96.9B | $101.5B | $106.9B | $114.9B |
| Inventory | $8.9B | $11.2B | $11.2B | $10.8B | $10.8B | $12.1B | $14.1B | $15.7B | $15.0B | $15.3B |
| Property and equipment, net | $32.1B | $35.3B | $36.2B | $36.5B | $37.1B | $37.1B | $37.3B | $40.8B | $41.9B | $37.3B |
| Total assets | $238.5B | $258.5B | $256.5B | $258.5B | $267.3B | $257.0B | $255.9B | $273.3B | $285.2B | $289.2B |
| Total liabilities | $208.7B | $222.8B | $220.5B | $225.3B | $236.5B | $208.4B | $212.7B | $230.5B | $240.3B | $253.2B |
| Shareholders' equity | $29.2B | $35.6B | $35.9B | $33.2B | $30.7B | $48.5B | $43.2B | $42.8B | $44.8B | $36.0B |
| Margins | ||||||||||
| Gross margin | 16.9% | 16.2% | 15.0% | 13.6% | 11.3% | 15.9% | 15.0% | 14.6% | 14.4% | 6.8% |
| Operating margin | — | 3.1% | 2.0% | 0.4% | −3.5% | 3.3% | 4.0% | 3.1% | 2.8% | −4.9% |
| EBITDA margin | 6.5% | 9.0% | 7.9% | 7.1% | 3.4% | 8.7% | 8.8% | 7.5% | 6.9% | 3.6% |
| Net margin | 3.0% | 5.0% | 2.3% | 0.1% | −1.0% | 13.2% | −1.3% | 2.5% | 3.2% | −4.4% |
| FCF margin | 8.5% | 7.1% | 4.5% | 6.4% | 14.6% | 7.0% | −0.0% | 3.8% | 3.6% | 6.7% |
| Returns | ||||||||||
| Return on capital employed | 5.3% | 3.1% | 2.0% | 0.4% | −2.7% | 2.7% | 3.9% | 3.3% | 3.0% | −5.2% |
| Return on equity | 15.9% | 24.0% | 10.3% | 0.2% | −4.0% | 45.3% | −4.3% | 10.1% | 13.4% | −20.2% |
| Return on assets | 2.0% | 3.1% | 1.4% | 0.0% | −0.5% | 6.8% | −0.8% | 1.6% | 2.1% | −2.8% |
| Growth | ||||||||||
| Revenue growth | 1.5% | 3.3% | 2.3% | −2.8% | −18.5% | 7.2% | 15.9% | 11.5% | 5.0% | 1.2% |
| Net income growth | −37.6% | 68.6% | −52.4% | −97.7% | −1,619.1% | — | −111.0% | — | 35.2% | −238.8% |
| EPS growth | −37.5% | 67.8% | −52.3% | −98.9% | −3,300.0% | — | −111.0% | — | 35.2% | −241.1% |
| FCF growth | 42.4% | −14.1% | −34.5% | 38.3% | 85.1% | −48.4% | −100.1% | — | 0.9% | 85.0% |
| Share count change | −0.1% | −0.0% | 0.0% | 0.2% | −0.8% | 1.5% | −0.5% | 0.7% | −0.5% | −1.0% |
| Financial health | ||||||||||
| Interest coverage | 8.6x | 1.1x | 0.6x | 0.1x | −0.9x | 1.0x | 1.4x | 0.7x | 4.7x | −7.3x |
| Current ratio | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x | 1.1x |
| Quick ratio | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x | 1.1x | 1.0x | 1.0x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.6% | 4.5% | 4.9% | 4.9% | 4.5% | 4.6% | 4.3% | 4.7% | 4.7% | 4.7% |
| Stock comp / revenue | 0.1% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% |
| Payouts / FCF | 27.4% | 24.6% | 42.4% | 26.2% | 3.2% | 4.2% | — | 79.8% | 52.6% | 24.0% |
| Quality scores | ||||||||||
| Altman Z'' | 1.1 | 1.1 | 1.0 | 0.8 | 0.7 | 1.3 | 1.3 | 1.2 | 1.1 | 0.4 |
| Accruals ratio | −6.6% | −4.2% | −4.4% | −6.8% | −9.7% | 0.8% | −3.4% | −4.0% | −3.4% | −10.3% |
Source: SEC EDGAR XBRL filings (CIK 0000037996). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.