Ford Motor Company 6.20% Notes
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsFord Motor Co. is a global automaker focused on trucks, off-road vehicles, and hybrids, with financial services via Ford Credit.
What they do
Ford designs, manufactures, and sells vehicles across three segments: Ford Blue (gas and hybrid), Ford Model e (electric vehicles), and Ford Pro (commercial vehicles and services). It also operates Ford Credit, which provides retail financing, wholesale financing, and leasing. The company is also developing adjacencies like Ford Energy.
Revenue drivers
- Ford Blue — Gas and hybrid vehicles; Q2 2026 revenue $26.1B, up 1% YoY, with 4.4% EBIT margin; key models include trucks and off-roaders.
- Ford Pro — Commercial vehicles and services; Q2 2026 revenue $17.8B, down 5% YoY, with 9.7% EBIT margin; impacted by Novelis aluminum supply constraints.
- Ford Model e — Electric vehicles; Q2 2026 revenue $1.0B, down 56% YoY, with negative EBIT margin of -89.6%; volumes right-sized to customer demand.
- Ford Credit — Financing and leasing arm; revenue not separately disclosed in provided excerpts; leverages asset-backed facilities and securitizations, with $137.3B debt and 9.4:1 leverage at June 30, 2026.
Recent performance
Q2 2026 revenue was $48.3B, down $1.9B YoY, with a net loss of $1.3B, including $4.2B pre-tax special items (largely a $3.6B non-cash charge for BlueOval SK disposition). Adjusted EBIT rose to $2.5B (up $0.4B) and adjusted free cash flow was $2.1B. For H1 2026, net income was $1.2B on revenue of $91.5B. Total liquidity at quarter-end was $43.4B.
Strategy
Management emphasizes disciplined execution, cost reduction, and quality improvements. They are right-sizing Gen-1 EV volumes, partnering globally for speed, and building adjacencies like Ford Energy. The company is also re-evaluating supply base to mitigate tariff and supply chain risks.
Risks
- Tariff exposure — Uncertainty around tariffs could significantly impact supply chain and production.
- Novelis aluminum supply constraints — Fires at a Novelis plant in 2025 disrupted aluminum supply, lowering Q4 2025 production and impacting Ford Pro EBIT in Q2 2026.
- EV adoption slowdown — Lower-than-anticipated industrywide EV adoption and reduced incentives could slow Ford Model e growth.
- Regulatory divergence — Evolving emissions standards (e.g., Euro 7, China Stage VII) increase compliance costs and complexity.
Outlook
Ford raised full-year 2026 adjusted EBIT guidance to $10B-$11B (from $8.5B-$10.5B) and adjusted free cash flow to $6.0B-$7.0B. Management expects to partially recover lost production from Novelis in 2026. Dividend declared for Q3 at 15 cents per share.