Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Ford Motor Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The common-size income statement analysis reveals a period of significant volatility in profit margins and operational efficiency, characterized by sharp fluctuations in cost of sales and substantial non-operating swings. While the company maintains a baseline of operational profitability for the majority of the observed quarters, there are distinct anomalies that suggest periodic external shocks or significant accounting adjustments.
- Gross Profitability and Cost of Sales
- Cost of sales typically fluctuates between 87% and 95% of revenues excluding Ford Credit. Gross profit margins generally oscillate between 5% and 13%, indicating a tight margin for error in production costs. A severe anomaly is observed in the quarter ending December 31, 2025, where cost of sales surged to 121.62% of revenue, resulting in a gross loss of 21.62%.
- Operating Expense Trends
- Selling, administrative, and other expenses demonstrate a general downward trend in relative terms. These expenses peaked at 11.91% in June 2021 and gradually compressed to a range between 5.7% and 6.5% throughout 2023 and 2024, suggesting improvements in operational leaness or a reduction in overhead relative to revenue growth.
- Operating Income Performance
- Operating income is highly inconsistent, reflecting the sensitivity of the business model to cost fluctuations. Positive peaks occurred in June 2022 (7.56%) and March 2026 (5.85%). Conversely, a significant operating loss of 27.23% was recorded in December 2025, aligning with the spike in cost of sales.
- Ford Credit Contribution
- Revenues from Ford Credit remain relatively stable as a percentage of the primary company revenues, generally ranging between 5.4% and 8.6%. This suggests a consistent proportional relationship between the financing arm and the core automotive sales volume.
- Non-Operating Items and Net Income
- Net income is heavily influenced by "Other income (loss), net" and "Equity in net income (loss) of affiliated companies." A massive positive spike in other income (30.73%) in December 2021 drove net income to a peak of 34.79% for that quarter. Conversely, significant losses from affiliated companies occurred in September 2022 (-7.06%), December 2025 (-7.11%), and June 2026 (-6.15%), contributing to bottom-line volatility.
Overall, the financial trajectory is marked by a successful reduction in administrative overhead, which is offset by extreme volatility in cost of sales and non-operating results. The recurring deep losses in specific quarters, particularly the December 2025 period, indicate susceptibility to significant one-time charges or cyclical downturns.