Ford Motor Co. (NYSE:F)

The financial data presents quarterly figures for various income statement items over multiple years. The patterns in revenues, costs, expenses, and income components reveal several trends and fluctuations worthy of note.

Company Revenues Excluding Ford Credit

Revenues fluctuate significantly from quarter to quarter, starting at around $31.4 billion in Q1 2020, dipping notably in Q2 2020 to $16.6 billion, reflecting a substantial short-term decline, possibly due to market disruptions. Revenues rebound strongly in subsequent quarters, hovering between $32 billion and $45 billion through 2024, with periodic peaks in Q2 and Q4 quarters, indicating some seasonality or operational cycles. However, a pronounced dip appears in Q2 2025 at $37.4 billion before rising slightly again, suggesting variability in demand or sales across quarters.

Cost of Sales

Costs broadly track revenue movements but often show a less volatile pattern. Starting at $30.5 billion in Q1 2020, costs rose marginally in early 2020 quarters, then declined sharply in Q2 2020. Despite revenues increasing in later quarters, costs remain high and increase steadily into late 2024 and 2025, peaking at $44.2 billion in Q4 2025. This trend reflects rising production or material costs, which may be pressure points on profit margins.

Gross Profit (Loss)

Gross profit exhibits substantial volatility, initially marginally positive in Q1 2020, followed by a sharp loss in Q2 2020. Thereafter, it recovers to positive territory, fluctuating between approximately $830 million to over $4.9 billion. The gross profit peaks notably in Q2 2023 ($4.96 billion) before trending downwards in 2024-2025 quarters. The variation suggests variability in cost control relative to revenues or pricing power.

Ford Credit Revenues

Ford Credit revenues decline gradually from $2.97 billion in Q1 2020 to around $2.3 billion throughout 2021 and early 2022, followed by a slow upward trend reaching approximately $3.2 billion by Q2 2025. This slow recovery may reflect changes in financing activities or credit market conditions impacting this revenue stream.

Selling, Administrative, and Other Expenses

These operating expenses increased sharply in Q4 2020 to $3.53 billion, but generally fluctuate between $2.4 billion to $3.2 billion in other quarters. Expenses exhibit a mild downward trend during 2024 and 2025, suggesting some improvement in operational efficiency or cost management.

Ford Credit Interest, Operating, and Other Expenses

Expenses within Ford Credit decreased significantly through 2020 and early 2021 from $2.9 billion to below $1 billion, followed by gradual increases toward $2.7-2.9 billion from 2022 through mid-2025. The increasing level of these expenses in recent periods may indicate elevated credit-related costs or increased operating activities.

Operating Income (Loss)

Operating income is highly volatile, with losses recorded notably in Q1 and Q2 2020 and Q4 2020, shifting to positive territory through 2021 to early 2023, peaking in Q2 2022 ($2.9 billion). However, results deteriorate in certain quarters during 2023 and 2024, with losses in Q4 2023 and Q2 2025. This inconsistency signals underlying challenges in sustaining operational profitability.

Interest Expense on Company Debt Excluding Ford Credit

The interest expense declined slightly from around $450 million in early 2020 to a lower level near $270-320 million in recent years, indicating some debt management improvement or lower interest rates.

Other Income (Loss), Net

This item shows extreme fluctuation, with large positive spikes in Q4 2021 ($10.85 billion) and significant negative amounts in Q1 2022 (-$4.85 billion) and Q2 2022 (-$1.82 billion). The volatility likely relates to non-operational income or one-time events that create substantial swings in this category.

Equity in Net Income (Loss) of Affiliated Companies

This line item varies between small positive and negative values, with a major negative anomaly in Q3 2022 (-$2.63 billion), indicating a sharp downturn or write-down in affiliated companies during that quarter, potentially impacting overall income quality.

Income Before Income Taxes

Income before taxes aligns with the operating income pattern but shows greater variability due to other income and expenses. Notably, Q4 2021 presents a large income before taxes figure ($11.2 billion), followed by sharp reversals in early 2022. These swings suggest cyclic or event-driven effects influencing top-line profitability.

Provision for Income Taxes

The tax provision oscillates widely, including negative values indicating tax benefits in some quarters, particularly Q4 2020 and Q4 2021. Variations are consistent with the volatility in pre-tax income and reflect changes in profitability and tax planning outcomes.

Net Income (Loss)

Net income mirrors the above trends, with losses early in 2020, strong profitability in most quarters of 2021, and extreme volatility thereafter. The substantial net income of $12.3 billion in Q4 2021 is a standout event, followed by significant losses in Q1 2022. In the later quarters through 2024 and 2025, net income remains positive but fluctuates markedly, indicating ongoing earnings instability.

Net Income Attributable to Ford Motor Company

This figure closely tracks net income overall, confirming that most net income is attributable to the company rather than noncontrolling interests. The large spikes and declines appear consistent with net income figures, reinforcing the assessment of earnings volatility.

In summary, the data reveals a company experiencing substantial quarterly volatility in revenues and earnings, punctuated by large one-time items especially in late 2021 and early 2022. Cost management and gross profit margins have fluctuated notably, and non-operating income components add further instability. The gradual recovery in financing revenues coupled with rising credit-related expenses may impact future profitability. Overall, earnings trends suggest sensitivity to both operational performance and external events, resulting in an uneven but generally improving financial position over the period analyzed.