Ford Motor Co. (NYSE:F)

The financial data reveals several notable trends across the periods presented. Overall, there is an upward trajectory in core revenues and gross profit, although certain fluctuations in profitability and expense categories are evident.

Revenues and Cost of Sales

Company revenues excluding Ford Credit have grown consistently from approximately $116 billion in 2020 to nearly $173 billion in 2024. This steady increase suggests expanding operations or improved sales performance. Correspondingly, the cost of sales has also increased each year, rising from about $113 billion in 2020 to $158 billion in 2024, reflecting higher production or acquisition costs associated with revenue growth.

Gross Profit

Gross profit demonstrates significant improvement from a modest $3.2 billion in 2020 to a peak of $15.4 billion in 2023, before slightly declining to $14.3 billion in 2024. This pattern is consistent with revenues and cost of sales movements, showing enhanced margin generation up to 2023 with a minor contraction in the last period.

Ford Credit Segment

The Ford Credit revenue stream shows a declining trend from $11.2 billion in 2020 to $9 billion in 2022, followed by recovery to $12.3 billion in 2024. The associated expenses first decreased significantly from $8.6 billion in 2020 to $5.3 billion in 2021, but thereafter increased steadily to $11.1 billion in 2024. This volatility suggests fluctuating operational or financing costs within this segment.

Operating Income (Loss)

Operating income improved markedly from a loss of $4.4 billion in 2020 to positive income levels from 2021 onward, peaking at $6.3 billion in 2022. A slight decline in operating income occurred in the last two years, with figures of roughly $5.5 billion and $5.2 billion in 2023 and 2024 respectively. The recovery and stabilization after 2020 indicate stronger core operational performance but some pressure on operating margins recently.

Interest and Pension-Related Items

Interest expense on company debt has decreased gradually from $1.6 billion in 2020 to $1.1 billion in 2024, highlighting effective debt management or favorable interest rate conditions. Net periodic pension and OPEB income was notably positive in 2021 but turned negative in 2023 before recovering slightly in 2024, reflecting fluctuations in pension obligations or actuarial assumptions. Investment-related interest income has generally increased, suggesting enhanced returns on investments.

Gains, Losses, and Other Income

Realized and unrealized gains/losses on investments show considerable volatility, with significant gains in 2021 followed by substantial losses in 2022 and relatively minor changes subsequently. Gains on changes in investments in affiliates have decreased overall, moving from gains of $3.4 billion in 2020 to minimal impacts in recent years. Other income or losses net has fluctuated widely, peaking in 2021 and then turning negative in 2022 and 2023 before recovering to a positive $2.5 billion in 2024.

Income Before Taxes and Net Income

Income before income taxes increased sharply to $17.8 billion in 2021 but subsequently dropped to a loss of $3 billion in 2022. Afterward, it recovered to positive figures of $4 billion in 2023 and $7.2 billion in 2024, indicative of cyclical challenges but improving profitability. The company experienced a net loss in 2020 and 2022 but achieved substantial net income in the other years, peaking at over $17.9 billion in 2021. Net income attributable to the company follows a similar pattern, emphasizing volatility but an overall positive trend in recent periods.