Ford Motor Co. (NYSE:F)

Gross Profit Margin

The gross profit margin presented a progressive increase starting from the first available data point in March 2020, rising from 2.75% to a peak near 10.3% in December 2023. Following this peak, the margin displayed a gradual decline, reaching 6.65% by June 2025. This trend indicates an initial strengthening of cost efficiency or pricing power that somewhat tapered off in the most recent periods.

Operating Profit Margin

Operating profit margin started negative at -3.8% in December 2020 but improved steadily to positive territory, peaking at 4.52% in June 2023. After this high point, the margin demonstrated a downward trend, falling to 1.71% in June 2025. The early negative figures suggest initial operational challenges, followed by operational improvements, though recent figures indicate some erosion in operating profitability.

Net Profit Margin

Net profit margin fluctuated more markedly, starting slightly negative at -1.1% in December 2020, then improving to a notable high of 14.21% in March 2022. Thereafter, it generally declined with intermittent rebounds, ending at 1.83% by June 2025. This variability reflects changing overall profitability, influenced by factors beyond operating performance such as financial costs or taxes.

Return on Equity (ROE)

ROE showed substantial volatility over the observed timeline. Beginning at -4.17% in December 2020, it escalated sharply to a peak of 36.97% in March 2022. Post this peak, ROE experienced a downward adjustment but remained positive until June 2025 where it dropped to 6.99%. These fluctuations reveal significant swings in the company’s ability to generate shareholder returns, potentially driven by changes in net income and equity base.

Return on Assets (ROA)

ROA trends were modest in magnitude but followed a general pattern similar to ROE. Initially negative at -0.48% in December 2020, it improved to around 6.98% by March 2022, then declined steadily to 1.08% by June 2025. This trend points to moderate variation in asset utilization efficiency, with peak use coinciding with the periods of highest profitability.

The analysis of the quarterly financial data reveals several notable trends and fluctuations over the observed periods.

Gross Profit (Loss)

The gross profit figures demonstrate considerable volatility throughout the quarters. There is a pronounced loss in the second quarter of 2020, with a value of -1300 million US dollars, contrasting sharply with other quarters which mostly reflect positive gross profits. After this loss, the gross profit rebounds significantly in subsequent quarters, peaking at several points such as 4743 million in June 2022 and 4956 million in September 2023. However, towards the latest reported quarters, there is a downward trend with values decreasing to 2234 million and 2698 million by September and December 2024 respectively. This pattern suggests periods of instability followed by recovery and growth, with recent indications of a potential decline in profitability.

Company Revenues Excluding Ford Credit

Revenues show a general upward trend with some fluctuations, starting from 31,353 million US dollars in March 2020 and peaking multiple times near or above 45,000 million in later periods (notably reaching 46,943 million in June 2025). Revenue dips are observed, such as in June 2020 with 16,632 million and June 2021 with 24,149 million, but overall there is a recovery and consistent growth observed through 2022 and 2023. The revenue figures fluctuate quarter over quarter but maintain an overall increasing trajectory, reflecting an expanding business activity or improved sales over the longer term.

Gross Profit Margin (%)

The gross profit margin starts to be reported from December 2020 and shows an initial low value of 2.75%, followed by a steady increase reaching above 10% in several quarters in 2022 and 2023. The margins peak around 10.3% in March 2023 but then exhibit a gradual decline to about 6.65% in June 2025. This pattern indicates initial improvements in cost management or pricing power, which later could be eroding. The decline in margin percentages in the most recent quarters suggests increasing costs, pricing pressures, or changes in product mix affecting profitability.

In summary, the data displays a recovery from early 2020 setbacks with growing revenues and improved margins through 2022 and early 2023. However, profitability metrics such as gross profit and gross profit margin exhibit signs of decline in the later quarters, suggesting emerging challenges that may impact financial performance if the trends continue.

Operating Income (Loss)

The operating income exhibited significant volatility throughout the observed periods. There were sharp losses at the start, notably -1,558 million USD in March 2020 and -2,759 million USD in June 2020, followed by a recovery phase with positive values appearing by September 2020 (2,351 million USD). However, this pattern of fluctuation continued, with alternating losses and gains in subsequent quarters. The highest positive operating income was recorded at 2,868 million USD in June 2022. Towards the later periods, operating income oscillated between positive and negative values, ending with a relatively modest positive income of 511 million USD in June 2025. This pattern suggests intermittent operational challenges and recoveries, reflecting possible market or internal operational pressures influencing earnings irregularly.

Company Revenues Excluding Ford Credit

Revenues excluding Ford Credit showed an overall upward trend, despite some fluctuations. Initial revenues of 31,353 million USD in March 2020 dropped sharply to 16,632 million USD in June 2020, likely reflecting the impact of external shocks early in the period. Subsequently, revenues recovered robustly, peaking periodically above 40,000 million USD, with the highest points observed in December 2023 (43,213 million USD) and June 2024 (44,811 million USD). However, the data also indicates intermittent dips, such as in June 2025 where revenues decreased to 37,422 million USD. The general trend suggests growth and expansion in core business activities with occasional setbacks possibly influenced by market conditions or operational adjustments.

Operating Profit Margin

The operating profit margin followed a trajectory of gradual improvement from negative or near-zero levels in 2020 to more stable positive margins in later periods. Starting from a negative margin of -3.8% in December 2020, margins improved, reaching peaks of approximately 4.5% in mid-2022 and early 2023. This improvement aligns with the recovery in operating income and rising revenues. Post peak, the margin displayed some decline but remained positive, maintaining an average range between 1.7% and 3%. This pattern indicates enhanced operational efficiency and profitability management over time, despite some fluctuations possibly due to cost structures or fluctuating revenues.

Overall Financial Performance Trends

The overall financial performance shows a company experiencing significant disruption and volatility in early 2020, followed by periods of recovery and growth. While operating income experienced stark swings, revenues generally increased over time, indicating strengthening sales performance. Improved operating margins suggest that profitability has been enhanced through better cost management or operational improvements. However, the persistent fluctuations in operating income and occasional revenue dips highlight ongoing challenges that may be related to external economic factors or sector-specific issues. The data reflects a dynamic operating environment with signs of resilience and recovery amid uncertainty.

Net Income (Loss) Attributable to Ford Motor Company

The net income shows significant volatility over the observed periods. In early 2020, there was a substantial loss of -1,993 million USD, followed by a recovery with positive earnings peaking at 12,282 million USD in December 2021. After this peak, net income experienced a sharp decline, returning to losses by March 2022 and fluctuating in subsequent quarters between positive and negative values. The trend indicates inconsistent profitability with a series of recoveries and setbacks. Towards the most recent quarters in 2024, net income demonstrates moderate positive values but remains lower compared to the peak in late 2021.

Company Revenues Excluding Ford Credit

Revenues excluding Ford Credit also display fluctuations but show an overall increasing trend across the periods. Initially starting around 31,353 million USD in March 2020, revenues dipped mid-2020 but generally increased to reach a high of 44,943 million USD in June 2025. Period-to-period changes indicate variability possibly influenced by market conditions, production, and sales dynamics. Despite fluctuations, the revenue trend reflects growth and resilience, showing improved sales or operational scale over time.

Net Profit Margin

The net profit margin data, though showing some missing values early on, reveals a pattern of improvement and variability. Initially negative around -1.1% before 2021, margins became consistently positive from 2021 onward, peaking at 14.21% in December 2021, which corresponds with the peak in net income. Post-peak, margins declined but remained positive, fluctuating between approximately 1.8% and 3.75% in recent quarters. This suggests more stable profitability relative to revenues in the latter periods, albeit lower than the exceptional profitability seen at the end of 2021.

Summary of Trends and Insights

The company exhibits cyclical financial performance with periods of both losses and high profits. The peak profitability around late 2021 aligns with a significant increase in revenue as well as net income and margin gains. Following this, earnings became more moderate with some quarters returning losses, reflecting external and internal factors impacting performance. Revenues show a general upward trajectory, signifying growth in operational capacity or market demand. Profit margins have stabilized after early volatility, indicating improved cost control or pricing power despite economic fluctuations.

The financial data reveals significant variability in net income attributable to the company over the reported periods, with notable fluctuations including both substantial gains and losses. Initially, the net income displays a marked recovery from a negative position in early 2020 to positive earnings through mid-2021, peaking in the fourth quarter of 2021. This is followed by a sharp decline returning to negative in early 2022, succeeded by alternating periods of moderate profits and losses through 2025, indicating potential volatility or cyclicality in operational performance or external impacts.

Equity attributable to the company shows a generally upward trend over time, with periods of stabilization or mild decreases. After an initial gradual increase from early 2020 until the end of 2021, equity balances decline slightly during 2022 but recover again and maintain a rising trajectory toward 2025. This pattern suggests an underlying growth in retained earnings or capital infusion, despite earnings volatility.

Return on equity (ROE) figures correspond with the net income trends, exhibiting large fluctuations over the quarters. ROE moves from negative values in 2020 to a peak above 30% at the end of 2021, indicating high profitability relative to shareholder equity during that time. Following this peak, ROE decreases significantly, reflecting less efficient profit generation relative to equity, though it remains generally positive in subsequent quarters. The data implies periods of both strong and weak returns to equity holders, likely influenced by the variable net income and equity movements.

Net Income:

Substantial fluctuations with periods of both strong profits and losses; volatility apparent across quarters.

Equity:

Overall increasing trend with intermittent decreases; capital base generally strengthened over the time span.

Return on Equity (ROE):

Highly variable, peaking sharply in late 2021, followed by moderate but positive returns; influenced by net income fluctuations and equity changes.

In summary, the company demonstrates periods of robust profitability alternated with losses, suggesting cyclical or external factors impacting performance. Equity levels have mostly grown, providing a somewhat stable base. The ROE pattern reflects the volatile income trend but underscores the company's capacity for generating strong returns under favorable conditions.

The net income attributable to the company exhibited significant volatility throughout the periods presented. Initially, a substantial loss of 1,993 million US dollars was reported in the first quarter of 2020, followed by a strong rebound to positive net incomes reaching as high as 12,282 million US dollars in the fourth quarter of 2021. Subsequent quarters showed a pattern of alternating gains and losses, with large negative values such as -3,110 million in the first quarter of 2022 and -526 million in the fourth quarter of 2023. The most recent data points suggest a decline in profitability, marked by a net income of -36 million in the second quarter of 2025.

Total assets remained relatively stable over the observed period but showed a general upward trend from approximately 260 billion US dollars in early 2020 to nearly 293 billion US dollars by the second quarter of 2025. Fluctuations occurred during this time, with minor decreases in certain quarters; however, the overall asset base expanded moderately, indicating gradual growth and asset accumulation.

Return on assets (ROA) displayed a fluctuating but generally positive trajectory after an initial negative reading of -0.48% in the fourth quarter of 2020. The metric peaked at 6.98% in the fourth quarter of 2021, coinciding with the highest net income levels, reflecting efficient utilization of assets during that period. After this peak, ROA declined but remained positive throughout most quarters, consistently above 1% in many instances, indicating sustained profitability relative to asset levels. Notably, there was a return to a negative ROA (-0.77%) in the first quarter of 2022, mirroring the net income loss for the same period. In recent quarters, ROA values stabilized around 1% to 2%, suggesting moderate asset productivity despite earnings volatility.

In summary, the financial data shows a company facing considerable earnings variability with occasional sharp recoveries and setbacks, while maintaining a growing asset base. The profitability ratio indicates periods of efficient asset use interspersed with challenges, reflecting the overall fluctuating financial performance within the timeline analyzed.