F-PBMEDIUM SIGNALFINANCIAL10-K

Ford reported substantially higher interest expenses alongside improved profitability and stronger operating cash flow generation.

The significant increase in interest expense suggests Ford has taken on considerably more debt or is facing higher borrowing costs, which could pressure future margins despite current profitability improvements. The combination of stronger cash generation and declining stockholder equity indicates potential capital allocation changes, possibly involving increased shareholder returns or debt servicing.

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

Ford's financial profile shows mixed signals with operating performance strengthening meaningfully - net income grew over one-third and operating cash flow expanded substantially to $21.3B. However, interest expenses increased dramatically, suggesting a heavier debt burden that could constrain future earnings growth. The decline in stockholder equity to $36.0B, combined with higher R&D spending, indicates Ford is investing in its transformation while managing increased financial leverage.

FINANCIAL STATEMENT CHANGES
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 $54,076,999,456.
Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security.
In 2025, we sold approximately 4,395,000 vehicles at wholesale throughout the world.
At December 31, the approximate number of dealerships worldwide distributing our vehicle brands was as follows: Brand 2024 2025 Ford 8,212 7,479 Ford-Lincoln (combined) 451 408 Lincoln 343 339 Total 9,006 8,226 We do not depend on any single customer or a few customers to the extent that the loss of such customers would have a material adverse effect on our business.
For the past several decades, manufacturers typically have offered price discounts and other marketing incentives to provide value for customers and maintain market share and production levels, and we saw some of these actions resume as industry production and inventories increased in recent quarters, especially with waning policy support for EVs leading to excess supply in that market segment.
These materials include base metals (e.g., steel and aluminum), precious metals (e.g., palladium), energy (e.g., natural gas), plastics/resins (e.g., polypropylene), battery raw materials (e.g., lithium, cobalt, nickel), and rare earth minerals (e.g., magnets, neodymium, dysprosium).
Wholesales in certain key markets during the past three years were as follows: Wholesales (a) (in thousands of units) 2023 2024 2025 United States 2,097 2,200 2,105 China (b) 467 442 379 Canada 260 269 292 United Kingdom 243 242 218 Germany 162 155 155 T rkiye 124 114 119 Italy 122 109 100 Australia 89 104 92 France 104 78 66 Other Markets 745 757 869 Total Company 4,413 4,470 4,395 __________ (a) Wholesale unit volumes include sales of medium and heavy trucks.
REMOVED
Based on the New York Stock Exchange Composite Transaction closing price of the Common Stock on that date ($ 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.
In 2024, we sold approximately 4,470,000 vehicles at wholesale throughout the world.
At December 31, the approximate number of dealerships worldwide distributing our vehicle brands was as follows: Brand 2023 2024 Ford 8,639 8,212 Ford-Lincoln (combined) 503 451 Lincoln 385 343 Total 9,527 9,006 We do not depend on any single customer or a few customers to the extent that the loss of such customers would have a material adverse effect on our business.
For the past several decades, manufacturers typically have offered price discounts and other marketing incentives to provide value for customers and maintain market share and production levels, and we saw some of these actions resume as industry production and inventories improved in recent quarters.
These materials include base metals (e.g., steel and aluminum), precious metals (e.g., palladium), energy (e.g., natural gas), and plastics/resins (e.g., polypropylene).
As we transition to a greater mix of electric vehicles, we expect to increase our reliance on lithium, cobalt, and nickel, among other materials, for batteries.
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