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.

Ford Motor Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Company revenues excluding Ford Credit	173,996)	172,706)	165,901)	149,079)	126,268)
Cost of sales	(174,466)	(158,434)	(150,550)	(134,397)	(114,651)
Gross profit (loss)	(470)	14,272)	15,351)	14,682)	11,617)
Ford Credit revenues	13,271)	12,286)	10,290)	8,978)	10,073)
Selling, administrative, and other expenses	(10,849)	(10,287)	(10,702)	(10,888)	(11,915)
Ford Credit interest, operating, and other expenses	(11,121)	(11,052)	(9,481)	(6,496)	(5,252)
Operating income (loss)	(9,169)	5,219)	5,458)	6,276)	4,523)
Interest expense on Company debt excluding Ford Credit	(1,254)	(1,115)	(1,302)	(1,259)	(1,803)
Net periodic pension and OPEB income (cost), excluding service cost	(633)	411)	(2,494)	1,336)	5,997)
Investment-related interest income	1,490)	1,540)	1,567)	639)	254)
Interest income (expense) on income taxes	(79)	(21)	(16)	(23)	7)
Realized and unrealized gains (losses) on cash equivalents, marketable securities, and other investments	346)	(42)	(205)	(7,518)	9,159)
Gains (losses) on changes in investments in affiliates	9)	78)	9)	(147)	368)
Losses on extinguishment of debt	—)	—)	—)	(121)	(1,702)
Royalty income	456)	503)	477)	483)	619)
Other	157)	(18)	59)	201)	31)
Other income (loss), net	1,746)	2,451)	(603)	(5,150)	14,733)
Equity in net income (loss) of affiliated companies	(3,153)	678)	414)	(2,883)	327)
Income (loss) before income taxes	(11,830)	7,233)	3,967)	(3,016)	17,780)
(Provision for) benefit from income taxes	3,668)	(1,339)	362)	864)	130)
Net income (loss)	(8,162)	5,894)	4,329)	(2,152)	17,910)
(Income) loss attributable to noncontrolling interests	(20)	(15)	18)	171)	27)
Net income (loss) attributable to Ford Motor Company	(8,182)	5,879)	4,347)	(1,981)	17,937)

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.

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Ford Motor Co. (NYSE:F)

Income Statement