Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Ford Motor Co., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss)	(8,162)	5,894)	4,329)	(2,152)	17,910)
Depreciation and tooling amortization	7,834)	7,567)	7,690)	7,642)	7,318)
Other amortization	(1,839)	(1,700)	(1,167)	(1,149)	(1,358)
EV asset impairment/program cancellation asset write-downs, including depreciation	9,435)	—)	—)	—)	—)
Provision for (benefit from) credit and insurance losses	616)	575)	438)	46)	(298)
Pension and other postretirement employee benefits (OPEB) expense (income)	1,062)	149)	3,052)	(378)	(4,865)
Equity method investment (earnings) losses and impairments in excess of dividends received	3,572)	(287)	(33)	3,324)	116)
Foreign currency adjustments	(87)	227)	(234)	(27)	532)
Net realized and unrealized (gains) losses on cash equivalents, marketable securities, and other investments	(346)	42)	205)	7,518)	(9,159)
Stock compensation	510)	511)	460)	336)	305)
Provision for (benefit from) deferred income taxes	(4,536)	350)	(1,649)	(1,910)	(563)
(Increase) decrease in finance receivables (wholesale and other)	4,992)	(4,299)	(4,827)	(10,560)	7,656)
(Increase) decrease in accounts receivable and other assets	(2,791)	(2,497)	(2,620)	(1,183)	(1,141)
(Increase) decrease in inventory	539)	27)	(1,219)	(2,576)	(1,778)
Increase (decrease) in accounts payable and accrued and other liabilities	10,103)	8,425)	9,829)	7,268)	(36)
Cash changes in operating assets and liabilities	12,843)	1,656)	1,163)	(7,051)	4,701)
Other	380)	439)	664)	654)	1,148)
Net cash provided by operating activities	21,282)	15,423)	14,918)	6,853)	15,787)
Capital spending	(8,815)	(8,684)	(8,236)	(6,866)	(6,227)
Acquisitions of finance receivables and operating leases	(55,747)	(59,720)	(54,505)	(45,533)	(48,379)
Collections of finance receivables and operating leases	45,710)	45,159)	44,561)	46,276)	52,094)
Proceeds from sale of business	—)	—)	—)	449)	145)
Purchases of marketable securities and other investments	(9,457)	(12,300)	(8,590)	(17,458)	(27,491)
Sales and maturities of marketable securities and other investments	10,063)	12,346)	12,700)	19,117)	33,229)
Settlements of derivatives	(443)	(268)	(138)	94)	(272)
Capital contributions to equity method investments	(1,172)	(2,323)	(2,733)	(738)	(57)
Returns of capital from equity method investments	1,702)	1,465)	1)	—)	—)
Other	110)	(45)	(688)	312)	(297)
Net cash (used in) provided by investing activities	(18,049)	(24,370)	(17,628)	(4,347)	2,745)
Cash payments for dividends and dividend equivalents	(2,989)	(3,118)	(4,995)	(2,009)	(403)
Purchases of common stock	—)	(426)	(335)	(484)	—)
Net changes in short-term debt	654)	(276)	(1,539)	5,460)	3,273)
Proceeds from issuance of long-term debt	49,688)	57,312)	51,659)	45,470)	27,901)
Payments of long-term debt	(50,303)	(45,680)	(41,965)	(45,655)	(54,164)
Other	(255)	(327)	(241)	(271)	(105)
Net cash provided by (used in) financing activities	(3,205)	7,485)	2,584)	2,511)	(23,498)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	532)	(458)	(104)	(414)	(232)
Net increase (decrease) in cash, cash equivalents, and restricted cash	560)	(1,920)	(230)	4,603)	(5,198)
Cash, cash equivalents, and restricted cash at beginning of period	23,190)	25,110)	25,340)	20,737)	25,935)
Cash, cash equivalents, and restricted cash at end of period	23,750)	23,190)	25,110)	25,340)	20,737)

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 company exhibits significant volatility in its net income over the analyzed period, beginning with a substantial profit in 2021, followed by a considerable loss in 2022, recovery in 2023 and 2024, and a return to loss in 2025. Operating cash flow demonstrates a generally positive trend, increasing from US$15.787 billion in 2021 to US$21.282 billion in 2025, despite fluctuations. Investing activities consistently represent a cash outflow, with increasing magnitude over the period, primarily driven by acquisitions of finance receivables and operating leases. Financing activities show considerable variation, shifting from a large outflow in 2021 to inflows in subsequent years before returning to an outflow in 2025.

Operating Activities: Net cash provided by operating activities remained positive throughout the period, ranging from US$6.853 billion to US$21.282 billion. A notable increase in cash flow from operations is observed in 2025, potentially linked to changes in working capital. The significant increase in accounts payable and accrued liabilities from 2022 through 2025 suggests a potential deferral of payments or increased credit terms with suppliers. Fluctuations in the provision for credit and insurance losses also contribute to the variability in operating cash flow.
Investing Activities: Investing activities consistently consumed cash, with the largest outflow occurring in 2024 (US$24.370 billion). This is largely attributable to substantial and increasing acquisitions of finance receivables and operating leases. Sales and maturities of marketable securities provide a partial offset to these outflows, but are insufficient to reverse the overall negative cash flow. Capital spending remains relatively stable, representing a consistent drain on cash reserves.
Financing Activities: Financing activities demonstrate a complex pattern. 2021 saw a significant cash outflow, largely due to payments of long-term debt. Subsequent years experienced inflows, driven by proceeds from the issuance of long-term debt, but 2025 returned to a net outflow, influenced by increased debt payments and dividend payments. The net changes in short-term debt also contribute to the fluctuations in financing cash flow.
Net Income and Working Capital: The volatility in net income is reflected in the changes in working capital. The decrease in net income in 2022 coincided with a decrease in cash, while the recovery in 2023 and 2024 was accompanied by increases in cash. The significant loss in 2025, despite strong operating cash flow, suggests that other factors, such as investing and financing activities, offset the positive impact of operations. The substantial write-down in 2025 also contributed to the net loss.
Cash Position: Despite the fluctuations in cash flow, the company maintained a relatively stable cash position over the period, ranging from US$20.737 billion to US$25.935 billion. The ending cash balance in 2025 (US$23.750 billion) is comparable to the beginning balance in 2021, indicating an overall balance between cash inflows and outflows, despite the internal shifts.

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Ford Motor Co. (NYSE:F)

Cash Flow Statement