Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Ford Motor Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Payables	25,809)	24,128)	25,992)	25,605)	22,349)
Dealer and dealers’ customer allowances and claims	15,293)	14,140)	12,910)	9,219)	8,300)
Deferred revenue	4,489)	3,331)	2,515)	2,404)	2,349)
Employee benefit plans	3,507)	2,457)	2,282)	2,020)	1,687)
Accrued interest	1,453)	1,346)	1,224)	935)	888)
Current operating lease liabilities	567)	558)	481)	404)	345)
OPEB	331)	335)	331)	329)	332)
Pension	228)	215)	205)	196)	202)
Other	5,911)	5,400)	5,922)	5,590)	4,583)
Current other liabilities and deferred revenue	31,779)	27,782)	25,870)	21,097)	18,686)
Company excluding Ford Credit	5,550)	1,756)	477)	730)	3,175)
Ford Credit	51,752)	53,193)	49,192)	49,434)	46,517)
Debt payable within one year	57,302)	54,949)	49,669)	50,164)	49,692)
Current liabilities	114,890)	106,859)	101,531)	96,866)	90,727)
Dealer and dealers’ customer allowances and claims	12,136)	9,836)	7,506)	6,095)	4,909)
Deferred revenue	5,360)	4,910)	5,051)	4,883)	4,683)
OPEB	4,031)	4,080)	4,365)	4,130)	5,708)
Pension	3,701)	4,470)	6,383)	5,673)	8,658)
Non-current operating lease liabilities	1,835)	1,782)	1,395)	1,101)	1,048)
Employee benefit plans	792)	806)	837)	834)	1,007)
Other	3,047)	2,948)	2,877)	2,781)	1,692)
Non-current other liabilities and deferred revenue	30,902)	28,832)	28,414)	25,497)	27,705)
Company excluding Ford Credit	16,369)	18,898)	19,467)	19,200)	17,200)
Ford Credit	89,665)	84,675)	80,095)	69,605)	71,200)
Long-term debt payable after one year	106,034)	103,573)	99,562)	88,805)	88,400)
Deferred income taxes	1,354)	1,074)	1,005)	1,549)	1,581)
Non-current liabilities	138,290)	133,479)	128,981)	115,851)	117,686)
Total liabilities	253,180)	240,338)	230,512)	212,717)	208,413)
Common Stock, par value $.01 per share	41)	41)	41)	41)	40)
Class B Stock, par value $.01 per share	1)	1)	1)	1)	1)
Capital in excess of par value of stock	23,922)	23,502)	23,128)	22,832)	22,611)
Retained earnings	22,508)	33,740)	31,029)	31,754)	35,769)
Accumulated other comprehensive loss	(7,710)	(9,639)	(9,042)	(9,339)	(8,339)
Treasury stock	(2,810)	(2,810)	(2,384)	(2,047)	(1,563)
Equity attributable to Ford Motor Company	35,952)	44,835)	42,773)	43,242)	48,519)
Equity attributable to noncontrolling interests	28)	23)	25)	(75)	103)
Total equity	35,980)	44,858)	42,798)	43,167)	48,622)
Total liabilities and equity	289,160)	285,196)	273,310)	255,884)	257,035)

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).

Overall, the liabilities of the company increased from 2021 to 2025, while total equity experienced fluctuations, ultimately decreasing over the period. This resulted in a net increase in total liabilities and equity. A more detailed examination of specific liability and equity components reveals nuanced trends.

Current Liabilities: Current liabilities demonstrated a consistent upward trend, increasing from US$90.727 billion in 2021 to US$114.890 billion in 2025. Significant contributors to this increase were Dealer and dealers’ customer allowances and claims, and Current other liabilities and deferred revenue. Payables remained relatively stable, with some fluctuation, while accrued interest also showed a moderate increase. Current operating lease liabilities also increased steadily, though from a smaller base.
Non-Current Liabilities: Non-current liabilities also generally increased from 2021 to 2025, rising from US$117.686 billion to US$138.290 billion. Long-term debt payable after one year was the primary driver of this increase, with a substantial rise throughout the period. Ford Credit’s non-current portion also contributed significantly. Deferred income taxes remained relatively stable, while OPEB and Pension obligations showed minor fluctuations.
Equity: Total equity experienced a more volatile pattern. It decreased from US$48.622 billion in 2021 to US$42.798 billion in 2023, before a slight recovery to US$44.858 billion in 2024, and then a substantial decrease to US$35.980 billion in 2025. Retained earnings experienced a significant decline, particularly between 2023 and 2025, which was a major factor in the overall equity reduction. Capital in excess of par value of stock remained relatively stable. Accumulated other comprehensive loss decreased, becoming less negative over time, but did not offset the decline in retained earnings. Treasury stock remained relatively constant.
Ford Credit vs. Company Excluding Ford Credit: Both Ford Credit and the company excluding Ford Credit experienced increases in both current and non-current liabilities. However, the magnitude of the increase was more pronounced for Ford Credit in the non-current liability category. The company excluding Ford Credit showed a decrease in equity in 2025, while Ford Credit’s equity remained relatively stable.
Deferred Revenue: Both current and non-current deferred revenue exhibited consistent growth throughout the period. This suggests a potential increase in advance payments or unearned revenue, which could indicate future revenue recognition. The growth rate appears to accelerate in later years.
Employee Benefit Plans: Employee benefit plan liabilities, encompassing both current and non-current portions, generally increased over the period. This suggests a growing obligation related to employee benefits, potentially driven by factors such as increased participation or changes in benefit terms.

In summary, the company’s balance sheet reflects increasing liabilities, particularly long-term debt and obligations related to Ford Credit, coupled with a declining equity position, primarily driven by a reduction in retained earnings. This suggests a growing reliance on debt financing and potentially reduced profitability or increased dividend payouts.

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Ford Motor Co. (NYSE:F)

Balance Sheet: Liabilities and Stockholders’ Equity