Common-Size Income Statement
Quarterly Data
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Ford Motor Co. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Ford Motor Co., common-size consolidated income statement (quarterly data)
Based on: 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 financial performance over the analyzed period is characterized by significant volatility in margins and a heavy reliance on non-operating items to drive net results. While core operational efficiency showed some improvement in expense management, the bottom line remained susceptible to extreme fluctuations, most notably in the fourth quarter of 2021 and the fourth quarter of 2025.
- Gross Profitability and Cost of Sales
- Gross profit margins typically fluctuated between 5% and 13% for the majority of the period. A critical anomaly is observed in the quarter ending December 31, 2025, where the cost of sales spiked to 121.62% of revenues, leading to a gross loss of 21.62%. Aside from this outlier, there is a visible trend of margin compression beginning in late 2023, with gross profits frequently falling below 9% through early 2025.
- Operating Income and Expense Management
- Operating margins exhibit instability, ranging from a peak of 7.56% in June 2022 to a severe low of -27.23% in December 2025. A positive trend is noted in selling, administrative, and other expenses, which decreased from a high of 11.91% in June 2021 to a more stabilized range of approximately 5.7% to 6.5% throughout 2023 and 2024, suggesting improved operational leaness in non-manufacturing overhead.
- Non-Operating Impact and Net Income
- Net income is highly volatile and frequently decoupled from operating performance due to non-operating swings. A significant outlier occurred in December 2021, where net income surged to 34.76%, primarily driven by "Other income (loss), net" contributing 30.73%. Conversely, the net loss of 26.04% in December 2025 reflects the combined impact of the gross profit collapse and affiliated company losses. Interest expenses on company debt remained relatively stable and low, generally staying under 1% of revenues from 2022 onward.
- Ford Credit Contribution
- Revenues attributed to Ford Credit remained relatively consistent as a percentage of company revenues excluding Ford Credit, generally oscillating between 5.4% and 8.6%. This segment provided a steady revenue stream that did not exhibit the same degree of volatility seen in the core automotive gross margins.