Stock Analysis on Net

Ford Motor Co. (NYSE:F)

$24.99

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Ford Motor Co., consolidated statement of comprehensive income

US$ in millions

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12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Net income (loss)
Foreign currency translation
Marketable securities
Derivative instruments
Pension and other postretirement benefits
Other comprehensive income (loss), net of tax
Comprehensive income (loss)
Comprehensive (income) loss attributable to noncontrolling interests
Comprehensive income (loss) attributable to Ford Motor Company

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 statement of comprehensive income exhibits significant fluctuations over the five-year period. Net income demonstrates considerable volatility, beginning with a substantial profit in 2021, followed by a significant loss in 2022, recovery in 2023 and 2024, and a return to loss in 2025. Other comprehensive income components contribute to these overall swings, with varying impacts each year.

Net Income Trend
Net income started strong at US$17,910 million in 2021, but experienced a dramatic reversal in 2022, reporting a loss of US$2,152 million. A recovery was observed in 2023 with net income of US$4,329 million, which continued to improve to US$5,894 million in 2024. However, 2025 saw another substantial loss, reaching US$8,162 million.
Foreign Currency Translation Impact
The impact of foreign currency translation is notable, particularly in 2022 and 2024, where it contributed significantly to overall losses with negative values of US$-933 million and US$-1,457 million respectively. Positive contributions were seen in 2021, 2023, and 2025, with US$43 million, US$974 million, and US$2,020 million respectively, though the 2025 gain did not offset the net loss.
Marketable Securities and Derivative Instruments
Marketable securities show relatively small fluctuations, generally remaining within a range of US$-423 million to US$272 million. Derivative instruments exhibit more volatility, moving from a gain of US$73 million in 2021 to a loss of US$460 million in 2023, before recovering to a gain of US$608 million in 2024 and then declining to a loss of US$315 million in 2025. These components appear to have a moderate, but inconsistent, effect on comprehensive income.
Pension and Other Postretirement Benefits
The pension and other postretirement benefits component is volatile. It shows modest gains in 2021 and 2022, a substantial loss in 2023 (US$-488 million), a gain in 2024 (US$131 million), and a smaller gain in 2025 (US$92 million). This suggests potential changes in pension plan obligations or market conditions affecting pension assets.
Comprehensive Income Analysis
Comprehensive income mirrors the trend of net income, with a high value in 2021 (US$17,869 million), a significant loss in 2022 (US$-3,156 million), recovery in 2023 and 2024 (US$4,627 million and US$5,296 million respectively), and a substantial loss in 2025 (US$-6,234 million). The components of other comprehensive income moderate, but do not eliminate, the volatility of net income.
Attribution to Noncontrolling Interests
The portion of comprehensive income attributable to noncontrolling interests remains relatively small throughout the period, ranging from US$175 million to US$-19 million. While present, it does not significantly alter the overall trend observed for the company’s attributable comprehensive income.

Overall, the period is characterized by substantial earnings swings, with net income being the primary driver of these fluctuations. Other comprehensive income components contribute to the overall result, but their individual impacts are less pronounced than that of net income. The significant loss in 2025 warrants further investigation to understand the underlying causes.