FORD MOTOR CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FORD MOTOR CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	151,800	156,776	160,338	155,900	127,144	136,341	158,057	176,191	184,992	187,267
Cost of revenue	126,195	131,321	136,269	134,693	112,752	114,651	134,397	150,550	158,434	174,466
Gross profit	25,605	25,455	24,069	21,207	14,392	21,690	23,660	25,641	26,558	12,801
Research and development	7,300	8,000	8,200	7,400	7,100	7,600	7,800	8,200	8,000	9,400
Selling, general and administrative	10,972	11,527	11,403	11,161	10,193	11,915	10,888	10,702	10,287	10,849
Operating income		4,881	3,203	574	-4,408	4,523	6,276	5,458	5,219	-9,169
Interest expense	894	4,364	5,157	5,409	5,051	4,593	4,593	7,613	1,115	1,254
Interest income	291	459	667	809	452	254	639	1,567	1,540	1,490
Other non-operating income	169	3,267	2,247	-226	4,899	14,733	-5,150	-603	2,451	1,746
Pre-tax income	6,784	8,159	4,345	-640	-1,116	17,780	-3,016	3,967	7,233	-11,830
Income tax	2,184	402	650	-724	160	-130	-864	-362	1,339	-3,668
Net income to minority interests	11	26	18	37	3	-27	-171	-18	15	20
Net income	4,589	7,731	3,677	47	-1,279	17,937	-1,981	4,347	5,879	-8,182
EBITDA		14,122	12,588	11,067	4,366	11,841	13,950	13,148	12,786	6,805
EPS, basic	1.16	1.94	0.93	0.01	-0.32	4.49	-0.49	1.09	1.48	-2.06
EPS, diluted	1.15	1.93	0.92	0.01	-0.32	4.45	-0.49	1.08	1.46	-2.06
Shares, basic (weighted)	3,973	3,975	3,974	3,972	3,973	3,991	4,014	3,998	3,978	3,979
Shares, diluted (weighted)	3,999	3,998	3,998	4,004	3,973	4,034	4,014	4,041	4,021	3,979
Dividend per share	0.85	0.65	0.73	0.60	0.15	0.10	0.50	1.25	0.78	0.75

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15,905	18,492	16,718	17,504	25,243	20,540	25,134	24,862	22,935	23,356
Short-term investments	22,922	20,435	17,233	17,147	24,718	29,053	18,936	15,309	15,413	15,131
Receivables	11,102	10,599	11,195	9,237	9,993	11,370	15,729	15,601	14,723	15,398
Inventory	8,898	11,176	11,220	10,786	10,808	12,065	14,080	15,651	14,951	15,285
Other current assets	3,368	3,889	3,930	3,339	3,581	3,416	3,877	3,633	4,602	5,187
Total current assets	108,461	116,801	114,649	114,047	116,744	108,996	116,476	121,481	124,474	123,487
Property, plant and equipment	32,072	35,327	36,178	36,469	37,083	37,139	37,265	40,821	41,928	37,288
Lease right-of-use assets				1,415	1,287	1,337	1,447	1,833	2,308	2,389
Goodwill	50	75	264	278	258	619	603	683	658	483
Intangible assets	198	213	178	188	144	111	86	80	69	170
Other non-current assets	5,656	8,104	7,929	10,706	12,882	14,942	11,118	11,441	12,865	13,690
Total assets	238,510	258,496	256,540	258,537	267,261	257,035	255,884	273,310	285,196	289,160
Accounts payable	21,296	23,282	21,520	20,673	22,204	22,349	25,605	25,992	24,128	25,809
Deferred revenue	3,866	2,107	2,095	2,091	2,161	2,349	2,404	2,515	3,331	4,489
Total current liabilities	90,281	94,600	95,569	98,132	97,192	90,727	96,866	101,531	106,859	114,890
Long-term debt			600	470	291
Lease liabilities			0	1,047	991	1,048	1,101	1,395	1,782	1,835
Other non-current liabilities	24,395	24,711	23,588	25,324	28,379	27,705	25,497	28,414	28,832	30,902
Total liabilities	208,668	222,792	220,474	225,307	236,450	208,413	212,717	230,512	240,338	253,180
Total debt	142,970	154,287	600	600	471
Paid-in capital	21,630	21,843	22,006	22,165	22,290	22,611	22,832	23,128	23,502	23,922
Retained earnings	15,634	21,906	22,668	20,320	18,243	35,769	31,754	31,029	33,740	22,508
Treasury stock	-1,122	-1,253	-1,417	-1,613	-1,590	-1,563	-2,047	-2,384	-2,810	-2,810
Other comprehensive income	-7,013	-6,959	-7,366	-7,728	-8,294	-8,339	-9,339	-9,042	-9,639	-7,710
Shareholders' equity	29,170	35,578	35,932	33,185	30,690	48,519	43,242	42,773	44,835	35,952
Minority interests	17	28	34	45	121	103	-75	25	23	28
Total equity	29,746	35,606	35,966	33,230	30,811	48,622	43,167	42,798	44,858	35,980
Total liabilities and equity	237,951	258,496	256,540	258,537	267,261	257,035	255,884	273,310	285,196	289,160

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,600	7,757	3,695	84	-1,276	17,910	-2,152	4,329	5,894	-8,162
Depreciation and amortization	2,130	9,241	9,385	10,493	8,774	7,318	7,674	7,690	7,567	15,974
Stock-based compensation	210	246	191	228	199	305	336	460	511	510
Deferred income tax	1,664	-426	-109	-1,394	-326	-856	-1,836	-1,601	363	-4,539
Change in receivables	-2,855	-2,297	-2,239	-816
Change in inventory	-803	-970	-828	206	148	-1,778	-2,576	-1,219	27	539
Cash from operations	19,850	18,096	15,022	17,639	24,269	15,787	6,853	14,918	15,423	21,282
Capital expenditures	-6,992	-7,049	-7,785	-7,632	-5,742	-6,227	-6,866	-8,236	-8,684	-8,815
Purchases of investments		-27,567	-17,140	-17,472	-39,624	-27,491	-17,458	-8,590	-12,300	-9,457
Sales and maturities of investments	69	3,315	5,512	5,753	8,574	5,943	6,207	3,140	11,026	10,063
Cash from investing	-25,302	-19,360	-16,261	-13,721	-18,615	2,745	-4,347	-17,628	-24,370	-18,049
Debt issued						27,901	45,470	51,659	57,312	49,688
Debt repaid						-54,164	-45,655	-41,965	-45,680	-50,303
Stock issued						133	22	16		3
Share buybacks	-145	-131	-164	-237	0	0	-484	-335	-426	0
Dividends paid	-3,376	-2,584	-2,905	-2,389	-596	-403	-2,009	-4,995	-3,118	-2,989
Cash from financing	7,400	3,394	-122	-3,129	2,315	-23,498	2,511	2,584	7,485	-3,205
Exchange rate effect	-265	489	-370	45	225	-232	-414	-104	-458
Net change in cash	1,683	2,619	-1,731	834	8,194	-5,198	4,603	-230	-1,920	560
Free cash flow	12,858	11,047	7,237	10,007	18,527	9,560	-13	6,682	6,739	12,467
Income taxes paid	740	586	821	599	421	568	801	1,027	1,218	622

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $12.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.0%	Gross profit / revenue.
Operating margin	-3.8%	Operating income / revenue.
EBITDA margin	4.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.0%	Pre-tax income / revenue.
Net margin	-3.2%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.0%	Cash from operations / revenue.
Return on equity (ROE)	-16.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.2%	Net income / average total assets.
Return on invested capital (ROIC)	-28.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.9%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-51.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-18.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-275.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-46.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-21.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-239.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-241.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	38.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	45.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	85.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-7.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-3.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	38.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-19.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.09x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	86.7%	Total liabilities / total assets.
Working capital	$9.65B	Current assets - current liabilities.
Tangible book value	$37.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	4.98x	Revenue / average property, plant and equipment.
Inventory turnover	10.6x	Cost of revenue / average inventory.
Days inventory	35 days	365 x average inventory / cost of revenue.
Receivables turnover	11.0x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	13 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	49.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$46.64	Revenue / diluted weighted shares.
FCF per share	$2.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.65	Cash from operations / diluted weighted shares.
Book value per share	$9.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.20	Tangible book value / shares outstanding.
Cash per share	$7.49	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	25.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$49.78B	Share price x shares outstanding.
Enterprise value	$19.29B	Market cap + total debt - cash - short-term investments.
P/S	0.26x	Market cap / revenue.
P/B	1.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.33x	Market cap / tangible book value, when positive.
P/FCF	5.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.63x	Market cap / cash from operations, when positive.
EV/Sales	0.10x	Enterprise value / revenue.
EV/EBITDA	2.18x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.02x	Enterprise value / free cash flow, when both are positive.
FCF yield	19.2%	Free cash flow / market cap.
Earnings yield	-12.3%	Net income / market cap (the inverse of P/E).
Dividend yield	4.8%	Dividends paid over the period / market cap.
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.

What was FORD MOTOR CO's revenue in fiscal 2025?

FORD MOTOR CO reported revenue of $187.27B for fiscal 2025, 1.2% higher than the year before.

Was FORD MOTOR CO profitable in fiscal 2025?

No. It reported a net loss of $8.18B.

How much free cash flow did FORD MOTOR CO generate in fiscal 2025?

Cash from operations of $21.28B minus capital expenditures of $8.82B left free cash flow of $12.47B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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