Ford reported Q2 FY'26 total revenue of $48.3 billion, down 3.8% year-over-year from $50.2 billion in Q2 FY'25. Adjusted diluted EPS came in at $0.42, topping analyst consensus estimates, while net loss stood at $1.3 billion due to a non-cash special item charge. Top-line performance was driven by favorable pricing and product mix in Ford Blue and solid Ford Pro commercial results, which offset lower Model e EV wholesales and an aluminum supply disruption. Management raised full-year 2026 adjusted EBIT guidance to a range of $10.0 billion to $11.0 billion.
Note: Ford's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
Ford recorded a $3.6 billion largely non-cash special item charge in Q2 FY'26 related to the strategic disposition of its BlueOval SK joint venture interest as part of its ongoing EV capital reallocation. Despite this charge and supply chain friction, operational execution across traditional trucks and commercial fleets prompted management to raise full-year adjusted free cash flow guidance to $6.0 billion to $7.0 billion.
Below are key drivers of Ford's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Ford at the top of the page.
Ford Motor Company designs, manufactures, markets, and services a full line of Ford trucks, utility vehicles, commercial vehicles, and Lincoln luxury vehicles. The company operates through three primary automotive business segments: Ford Blue for internal combustion and hybrid vehicles, Ford Model e for electric vehicles, and Ford Pro for commercial vehicles and fleet services, alongside its financial services arm, Ford Motor Credit Company.
Ford Pro and Ford Blue represent the primary operational engines driving company valuation and cash flow generation.
Ford Pro holds a leading position in commercial vehicles across North America and Europe, supported by strong enterprise relationships, customized fleet solutions, and high-margin recurring software services.
The Ford F-Series remains the top-selling truck family in the United States, providing significant operating leverage, high average transaction prices, and substantial free cash flow to support capital return programs.
Ford Motor Credit Company provides structural financing support to dealers and retail customers, generating steady profitability and supporting sales volume across diverse macroeconomic environments.
Consumer demand in North America continues to favor hybrid powertrains over battery electric vehicles, prompting Ford to reallocate capital toward hybrids and high-margin internal combustion platforms while scaling back capital-intensive EV programs.
Ford continues to execute its Ford+ plan, prioritizing manufacturing efficiency, structural cost reductions, and disciplined capital allocation to maintain liquidity above target levels and drive sustainable free cash flow generation.
