F-PDMEDIUM SIGNALFINANCIAL10-K

Ford reported improved profitability and cash generation while experiencing a substantial increase in interest expense and decline in stockholder equity.

The combination of higher net income and strong operating cash flow growth suggests Ford's core operations performed well, but the meaningful rise in interest expense indicates increased borrowing costs or debt levels. The decline in stockholder equity alongside rising interest expense may signal increased financial leverage or capital allocation changes that warrant monitoring.

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

Ford's financial performance showed mixed signals with net income growing meaningfully to $5.9B and operating cash flow expanding notably to $21.3B, indicating strong operational execution. However, interest expense rose substantially to $7.6B while stockholders equity declined to $36.0B, suggesting the company may be operating with higher financial leverage. The overall picture reflects solid operational performance tempered by increased financial costs and reduced equity cushion.

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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