F-PBHIGH SIGNALFINANCIAL10-K

Ford experienced a massive $14.4B swing from positive to negative operating income (-275.7%) despite reporting higher net income, signaling severe operational challenges masked by non-operating gains.

The dramatic deterioration in operating performance while net income improved suggests Ford's core automotive business is struggling significantly, with operational losses potentially offset by financial engineering or one-time gains. The substantial increase in interest expense (+65.8%) and declining stockholders' equity (-19.8%) indicate mounting financial pressure and potential liquidity concerns.

Comparing 2026-02-11 vs 2025-02-06View on EDGAR →
FINANCIAL ANALYSIS

Ford's financial profile shows alarming operational deterioration with operating income collapsing from $5.2B profit to $9.2B loss, while paradoxically reporting higher net income ($4.3B to $5.9B), suggesting reliance on non-operating gains to mask core business struggles. The company increased R&D spending (+17.5%) and generated stronger operating cash flow (+38%), but this is offset by surging interest expense (+65.8%) and eroding stockholders' equity (-19.8%). This mixed picture of operational crisis alongside some positive cash generation and continued investment suggests a company in transition facing significant near-term challenges while attempting to invest for future competitiveness.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-275.7%
$5.2B→-$9.2B

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Interest Expense
P&L
+65.8%
$4.6B→$7.6B

Interest expense surged 65.8% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
+38%
$15.4B→$21.3B

Operating cash flow surged 38% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+35.2%
$4.3B→$5.9B

Net income grew 35.2% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
-19.8%
$44.8B→$36.0B

Equity decreased 19.8% — buybacks or losses reducing book value, monitor solvency ratios.

R&D Expense
P&L
+17.5%
$8.0B→$9.4B

R&D investment increased 17.5% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-06
ADDED
Based on the New York Stock Exchange Composite Transaction closing price of the Common Stock on that date ($10.85 per share), the aggregate market value of such Common Stock was $ 42,411,872,532 .
The shares of Common Stock and Class B Stock outstanding at June 30, 2025 included shares owned by persons who may be deemed to be affiliates of Ford.
As of February 6, 2026, Ford had outstanding 3,918,623,149 shares of Common Stock and 70,852,076 shares of Class B Stock.
Based on the New York Stock Exchange Composite Transaction closing price of the Common Stock on that date ($13.80 per share), the aggregate market value of such Common Stock was $54,076,999,456.
Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security.
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REMOVED
Based on the New York Stock Exchange Composite Transaction closing price of the Common Stock on that date ($ 12.54 per share), the aggregate market value of such Common Stock was $ 48,960,272,506 .
The shares of Common Stock and Class B Stock outstanding at June 28, 2024 included shares owned by persons who may be deemed to be affiliates of Ford.
As of February 3, 2025, Ford had outstanding 3,892,595,628 shares of Common Stock and 70,852,076 shares of Class B Stock.
Based on the New York Stock Exchange Composite Transaction closing price of the Common Stock on that date ($ 9.89 per share), the aggregate market value of such Common Stock was $ 38,497,770,761 .
Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles, along with connected services.
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