Stock Analysis on Net
Stock Analysis on Net

Ford Motor Co. (NYSE:F)

Common-Size Income Statement 
Quarterly Data

Ford Motor Co., common-size consolidated income statement (quarterly data)

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3 months ended: Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Company revenues excluding Ford Credit 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -94.25 -94.03 -91.91 -93.26 -90.36 -91.44 -94.56 -91.19 -88.32 -88.70 -90.59 -92.34 -87.50 -90.19 -91.75 -90.40 -94.84 -87.28 -99.54 -89.91 -107.82 -97.35
Gross profit (loss) 5.75% 5.97% 8.09% 6.74% 9.64% 8.56% 5.44% 8.81% 11.68% 11.30% 9.41% 7.66% 12.50% 9.81% 8.25% 9.60% 5.16% 12.72% 0.46% 10.09% -7.82% 2.65%
Ford Credit revenues 6.90 8.65 7.29 7.26 6.69 7.24 6.36 6.38 5.96 6.11 5.40 5.88 5.95 7.08 6.72 7.32 10.78 7.93 8.19 7.99 16.47 9.46
Selling, administrative, and other expenses -5.76 -6.50 -6.18 -5.70 -5.98 -5.96 -6.42 -6.49 -6.48 -6.41 -6.09 -7.65 -7.27 -8.51 -9.20 -8.86 -11.91 -8.47 -10.62 -6.53 -11.81 -7.76
Ford Credit interest, operating, and other expenses -5.80 -7.27 -6.46 -6.25 -6.15 -6.77 -5.95 -5.96 -5.36 -5.59 -4.98 -4.53 -3.62 -4.21 -3.68 -4.02 -4.11 -4.84 -5.38 -4.78 -13.43 -9.33
Operating income (loss) 1.09% 0.85% 2.74% 2.04% 4.20% 3.07% -0.57% 2.74% 5.80% 5.41% 3.74% 1.35% 7.56% 4.17% 2.09% 4.04% -0.09% 7.34% -7.35% 6.77% -16.59% -4.97%
Interest expense on Company debt excluding Ford Credit -0.63 -0.77 -0.66 -0.63 -0.60 -0.70 -0.85 -0.79 -0.72 -0.79 -0.76 -0.86 -0.82 -0.96 -1.24 -1.32 -1.88 -1.41 -1.43 -1.43 -2.71 -0.72
Other income (loss), net 1.23 1.33 2.69 0.26 1.40 1.25 -3.24 0.77 0.60 0.57 0.49 3.54 -4.81 -15.06 30.73 2.56 4.80 5.58 -2.84 2.43 25.96 2.17
Equity in net income (loss) of affiliated companies -0.53 0.25 0.37 0.34 0.44 0.42 0.34 0.64 -0.29 0.33 -0.68 -7.06 0.15 -0.10 0.19 0.39 0.21 0.24 0.15 0.17 -0.15 -0.13
Income (loss) before income taxes 1.15% 1.66% 5.15% 2.02% 5.44% 4.04% -4.32% 3.37% 5.39% 5.52% 2.79% -3.02% 2.09% -11.95% 31.77% 5.67% 3.04% 11.74% -11.47% 7.94% 6.52% -3.66%
(Provision for) benefit from income taxes -1.21 -0.40 -1.07 0.06 -1.35 -0.70 3.11 -0.52 -0.64 -1.27 0.22 0.52 -0.40 2.26 2.99 -0.19 -0.75 -2.03 3.07 -1.05 0.20 -2.70
Net income (loss) -0.06% 1.26% 4.07% 2.08% 4.09% 3.34% -1.21% 2.85% 4.75% 4.25% 3.02% -2.50% 1.68% -9.69% 34.76% 5.48% 2.29% 9.72% -8.40% 6.88% 6.72% -6.36%
(Income) loss attributable to noncontrolling interests -0.01 -0.01 -0.02 -0.01 0.00 -0.01 -0.01 0.06 -0.23 0.24 0.07 0.28 0.08 0.03 0.03 0.03 0.03 0.00 0.01 -0.01 -0.01 0.00
Net income (loss) attributable to Ford Motor Company -0.08% 1.26% 4.06% 2.07% 4.09% 3.34% -1.22% 2.91% 4.52% 4.50% 3.09% -2.22% 1.76% -9.66% 34.79% 5.51% 2.32% 9.72% -8.39% 6.87% 6.72% -6.36%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Revenue and Cost of Sales Trends
Revenue consistently represents 100% of company revenues excluding Ford Credit across all periods. The cost of sales fluctuates notably, with values largely ranging between approximately -94% and -87%. Initial quarters of 2020 see sharp variances, including a particularly high cost exceeding revenues in mid-2020 (-107.82%). Subsequently, the cost of sales stabilizes at lower negative percentages closer to -90% toward the end of 2021 and fluctuates mildly afterward, indicating some control over direct costs relative to revenue.
Gross Profit (Loss) Trends
Gross profit as a percentage of company revenues shows notable volatility. It drops to a negative 7.82% in Q2 2020 but recovers to positive values thereafter, peaking at 12.72% in Q1 2021. Through 2022 and 2023, gross profit remains generally positive, fluctuating mainly between 5.44% and 12.5%, although with a slight decreasing trend into late 2023 and 2024. This suggests improved profitability from core operations after mid-2020 disruptions but some challenges in maintaining peak margins over the longer term.
Ford Credit Segment Contributions
Ford Credit revenues as a percentage of company revenues excluding Ford Credit are variable but generally range from about 5.4% to 10.78%. The highest proportion occurs in mid-2020, coinciding with a period of operational challenges in the broader company. The subsequent periods show some contraction followed by stabilization around 6-8%, indicating a steady but moderate contribution from the Ford Credit segment relative to other revenues.
Operating Expenses Analysis
Selling, administrative, and other expenses decline significantly from early high negatives near -11.91% to around -5.7% to -6.5% by 2024, denoting improved expense management or efficiency gains over time. Ford Credit interest, operating, and other expenses remain negative throughout but generally show a trend of slight increase in expense ratio post-2021, fluctuating between approximately -3.5% and -7.3%, indicating growing operating costs in the finance segment.
Operating Income Trends
Operating income exhibits substantial volatility, with early losses to gains shifting from -16.59% to positive 7.34% in 2020 and 2021. Subsequently, positive operating income persists but with lower magnitude, oscillating mostly between slightly negative to modest positive margins (roughly -0.57% to 7.56%), implying variable operational efficiency and profitability pressures in recent periods.
Interest Expense and Other Income
Interest expense on company debt remains modest, generally below -1%, with a decreasing trend from -2.71% in mid-2020 to around -0.6% to -0.8% in later years, reflecting potentially reduced debt levels or lower interest rates. Other income is highly erratic, experiencing spikes such as 25.96% in Q2 2020 and 30.73% in Q4 2020, but also notable losses in some quarters, suggesting one-time events or non-recurring income components substantially influencing results.
Equity in Net Income of Affiliates and Income Before Taxes
Equity income from affiliated companies is mostly small and fluctuates between minor positive and negative values, with an extreme loss of -7.06% in Q3 2022. Income before income taxes shows large swings corresponding to other income volatility, such as a 31.77% peak in Q4 2021 and a significant negative of -11.95% in Q1 2022, indicating profit before tax is heavily affected by extraordinary items and affiliates’ results.
Net Income Performance
Net income mirrors pre-tax trends, with substantial swings from negative to strong positive margins over the analysis period. The largest positive net income margin was 34.76% in Q4 2021, contrasting with negative results like -9.69% in Q1 2022 and intermittent negative quarters elsewhere. The company's net income attributable to Ford Motor Co specifically follows these same patterns, evidencing inconsistency and sensitivity to both operational performance and external impacts.
Summary of Financial Health and Profitability
The data reflect a period marked by significant fluctuations in profitability and expense control, with recovery following difficult periods around mid-2020. Operational improvements are evidenced by better cost management and stabilized gross profits, yet volatility in other income and affiliate results creates unpredictability in net outcomes. Overall, profit margins and operating income show moderate recovery but not sustained peak levels, suggesting ongoing challenges to consistent profitability.