Ford Motor Co. (NYSE:F)

The composition of liabilities and stockholders’ equity at the company experienced notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased over the period, while the proportion of total equity decreased. A detailed examination of specific line items reveals several key trends.

Current Liabilities

Current liabilities as a percentage of total liabilities and equity remained relatively stable, fluctuating between 35.30% and 39.73% over the five-year period. However, a slight upward trend is observable in the most recent year, 2025. Within current liabilities, ‘Dealer and dealers’ customer allowances and claims’ exhibited a consistent increase, rising from 1.91% in 2021 to 4.20% in 2025, suggesting a growing reliance on dealer financing or increased promotional activity. ‘Current other liabilities and deferred revenue’ also increased significantly, from 7.27% to 10.99% over the same period. ‘Debt payable within one year’ remained relatively constant, hovering around 19-20%.

Non-Current Liabilities

Non-current liabilities demonstrated a modest increase as a percentage of the total, moving from 45.79% in 2021 to 47.82% in 2025. ‘Ford Credit’ consistently represented the largest portion of non-current liabilities, ranging from 27.20% to 31.01%. ‘Long-term debt payable after one year’ also remained a substantial component, holding steady around 34-36%. ‘Non-current operating lease liabilities’ showed a gradual increase, from 0.41% to 0.63%.

Equity

Total equity decreased significantly as a percentage of total liabilities and equity, declining from 18.92% in 2021 to 12.44% in 2025. This decline was primarily driven by a reduction in ‘Retained earnings’, which fell from 13.92% to 7.78%. ‘Treasury stock’ remained a negative value, increasing in magnitude, further contributing to the overall decrease in equity. ‘Capital in excess of par value of stock’ remained relatively stable. ‘Accumulated other comprehensive loss’ also remained negative and decreased in magnitude over the period.

Specific Liability Accounts

‘Payables’ remained relatively stable, fluctuating between 8.69% and 10.01%. ‘Deferred revenue’ showed a gradual increase, from 0.91% to 1.55%, potentially indicating increased customer prepayments or subscription services. ‘Employee benefit plans’ (both current and non-current) exhibited a slight upward trend, suggesting increasing obligations related to employee benefits. ‘OPEB’ and ‘Pension’ obligations decreased as a percentage of the total, though remained relatively small.

The increasing proportion of liabilities, coupled with the decreasing proportion of equity, suggests a growing reliance on debt financing and potentially reduced profitability or increased dividend payouts. The trends within specific liability accounts provide further insight into the company’s financial strategies and obligations.