Stock Analysis on Net
Stock Analysis on Net

Ford Motor Co. (NYSE:F)

$24.99

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Dec 31, 2025 Sep 30, 2025 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
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
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-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 presented exhibits considerable volatility over the analyzed period, spanning from March 2021 to December 2025. Revenues demonstrate an initial increase, followed by fluctuations, and a notable decline towards the end of the period. Profitability metrics show even more pronounced swings, with periods of substantial net income contrasted by significant net losses.

Revenue Trends
Company revenues excluding Ford Credit initially rose from $33.565 billion in March 2021 to $41.745 billion in December 2021. Subsequently, revenues experienced a decrease to $37.422 billion in March 2025, and a final increase to $46.943 billion in June 2025, before falling to $42.446 billion in December 2025. Ford Credit revenues remained relatively stable, ranging between $2.187 billion and $3.444 billion throughout the period.
Profitability Analysis
Gross profit mirrored the revenue trends, peaking at $4.956 billion in June 2023, and declining sharply to a loss of -$9.176 billion in December 2025. Operating income displayed similar volatility, with a high of $2.868 billion in June 2022, and a substantial loss of -$11.557 billion in December 2025. Net income attributable to Ford Motor Company reached a peak of $12.282 billion in December 2021, but experienced a significant downturn, culminating in a loss of -$11.064 billion in December 2025. The substantial loss in December 2025 is driven by a large cost of sales and a significant loss in gross profit.
Expense Management
Cost of sales generally tracked revenue, increasing during periods of higher revenue and decreasing when revenue declined. Selling, administrative, and other expenses remained relatively consistent, fluctuating between approximately $2.456 billion and $3.277 billion. Ford Credit interest, operating, and other expenses showed an increasing trend, rising from $1.372 billion in June 2022 to $2.902 billion in December 2022, and continuing to increase to $2.853 billion in December 2025.
Other Financial Items
Other income (loss), net, exhibited significant fluctuations, including a substantial gain of $10.850 billion in December 2021, and a loss of -$1.401 billion in March 2023. Equity in net income (loss) of affiliated companies also varied considerably, with a large loss of -$3.018 billion in December 2025. Interest expense on Company debt excluding Ford Credit remained relatively stable, ranging between $270 million and $473 million. The provision for income taxes also fluctuated, shifting from a benefit to an expense in several periods.

Overall, the financial results demonstrate a period of initial growth followed by increasing instability and a significant decline in profitability towards the end of the observed timeframe. The substantial loss in the final quarter suggests potential challenges related to cost management, revenue generation, or external economic factors. Further investigation would be required to determine the underlying causes of these trends.