Stock Analysis on Net
Stock Analysis on Net

Ford Motor Co. (NYSE:F)

$24.99

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Ford Motor Co., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Company revenues excluding Ford Credit
Cost of sales
Gross profit (loss)
Ford Credit revenues
Selling, administrative, and other expenses
Ford Credit interest, operating, and other expenses
Operating income (loss)
Interest expense on Company debt excluding Ford Credit
Net periodic pension and OPEB income (cost), excluding service cost
Investment-related interest income
Interest income (expense) on income taxes
Realized and unrealized gains (losses) on cash equivalents, marketable securities, and other investments
Gains (losses) on changes in investments in affiliates
Losses on extinguishment of debt
Royalty income
Other
Other income (loss), net
Equity in net income (loss) of affiliated companies
Income (loss) before income taxes
(Provision for) benefit from income taxes
Net income (loss)
(Income) loss attributable to noncontrolling interests
Net income (loss) attributable to Ford Motor Company

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The financial performance presented demonstrates significant volatility over the five-year period. Revenue growth initially occurred, followed by a substantial decline in profitability towards the end of the period. A detailed examination of key income statement items reveals the drivers behind these fluctuations.

Revenue and Gross Profit
Company revenues excluding Ford Credit exhibited consistent growth from 2021 to 2023, increasing from US$126.268 billion to US$165.901 billion. Growth slowed in 2024, reaching US$172.706 billion, and remained relatively flat in 2025 at US$173.996 billion. However, the cost of sales increased at a faster rate, resulting in a peak in gross profit in 2022 at US$14.682 billion, followed by a decline to US$14.272 billion in 2024, and a significant loss of US$0.470 billion in 2025. This indicates increasing pressure on production costs or pricing.
Operating Performance
Operating income mirrored the trend in gross profit, peaking at US$6.276 billion in 2022 before declining to US$5.219 billion in 2024 and plummeting to a loss of US$9.169 billion in 2025. Selling, administrative, and other expenses remained relatively stable throughout the period, suggesting that changes in operating income were primarily driven by gross profit and Ford Credit related expenses. Ford Credit interest, operating, and other expenses increased consistently throughout the period, contributing to the decline in overall operating income.
Non-Operating Items and Net Income
Other income (loss), net, experienced substantial fluctuations. A significant gain of US$14.733 billion was recorded in 2021, followed by a substantial loss of US$5.150 billion in 2022. This volatility continued, with a loss in 2023, a gain in 2024, and a gain in 2025, though lower than the 2021 level. Net periodic pension and OPEB income (cost) also exhibited variability, moving from a significant income in 2021 and 2022 to a cost in 2023, 2024, and 2025. These non-operating items significantly impacted the bottom line. Net income attributable to Ford Motor Company followed a similar pattern, peaking at US$17.937 billion in 2021, declining to a loss of US$1.981 billion in 2022, recovering to US$5.879 billion in 2024, and then falling to a substantial loss of US$8.182 billion in 2025.
Tax Impact
The provision for (benefit from) income taxes varied considerably. A benefit was recorded in 2021, a provision in 2022 and 2023, a significant benefit in 2024, and a large provision in 2025. This suggests changes in tax rates or the utilization of tax loss carryforwards, and the impact on net income is substantial.

In summary, while initial revenue growth was observed, the period concluded with a significant decline in profitability, driven by increasing costs, fluctuating non-operating items, and substantial changes in the tax provision. The volatility in several key income statement items suggests a challenging and dynamic operating environment.