Ford Lifts Low End of Full-Year EBIT Outlook

The Tip Desk · October 28, 2026 · 3 min read

Third-quarter revenue was $49.5 billion and adjusted EBIT $2.7 billion as the automaker raised the floor of its full-year adjusted EBIT range to $10.5 billion.

Ford Motor Company (F) raised the low end of its full-year 2026 adjusted EBIT outlook to $10.5 billion from $10 billion, leaving the top of the range at $11 billion, after a third quarter in which adjusted EBIT rose to $2.7 billion.

The Dearborn automaker said it now expects full-year adjusted EBIT between $10.5 billion and $11 billion. Adjusted free cash flow guidance remains $6 billion to $7 billion, and capital expenditures are still expected at $9.5 billion to $10.5 billion.

Third-quarter revenue was $49.5 billion, down 2% from $50.5 billion a year earlier. Wholesale units were 1.049 million, down 9% from 1.156 million. Net income was $2.0 billion, or $0.50 a share, versus $2.4 billion, or $0.60 a share, a year earlier. Adjusted EBIT margin was 5.4%.

That year-over-year revenue decline followed a 4% drop in the second quarter, when revenue was $48.3 billion. Wholesale volumes were 1.039 million in the second quarter, down 12% from a year earlier.

Operating cash flow was $5.4 billion. Adjusted free cash flow was $4.7 billion, up $0.4 billion from $4.3 billion a year earlier. At quarter-end, Ford had $25.3 billion in cash and $46.4 billion in liquidity. The company declared a fourth-quarter regular dividend of 15 cents a share, payable Dec. 1 to shareholders of record on Nov. 10.

Ford Blue reported $1.39 billion in EBIT, down 10% from $1.54 billion a year earlier, on 657,000 wholesales and revenue of $27.1 billion. The company said the decline primarily reflected lower volume from product discontinuations, the impact of the Middle East conflict in the region, and higher commodity costs, partially offset by favorable mix.

Ford Model e’s EBIT loss narrowed to $1.06 billion from $1.41 billion a year earlier, a 25% improvement, on 34,000 wholesales and revenue of $1.2 billion. The company said the segment is optimizing first-generation vehicles for profitability while investing in affordable electric vehicles on the Universal Electric Vehicle platform and ramping Ford Energy.

Ford Pro generated $1.67 billion in EBIT, down 16% from $1.99 billion a year earlier, on 358,000 wholesales and revenue of $17.8 billion. The company cited higher commodities and temporary launch costs associated with Super Duty production beginning at the Oakville Assembly Complex, partially offset by lower tariffs and favorable product mix.

Ford Credit reported earnings before taxes of $803 million, up 27% from a year earlier. The company said the results reflected favorable mark-to-market on derivatives, healthy financing margins, and a supportive used-vehicle pricing environment.

CFO Sherry House said the company is on track to deliver full-year adjusted EBIT expectations, including warranty and material cost reduction objectives and improving year-over-year profitability in Ford Model e.

By segment, Ford now expects full-year Ford Blue EBIT of about $5.5 billion, Ford Pro EBIT of about $7 billion, Ford Model e losses of about $4 billion, and Ford Credit EBT of about $2.8 billion. Guidance assumes a U.S. SAAR of 16.5 million units, commodity headwinds approaching $2.5 billion year-over-year, U.S. industry pricing about 100 basis points higher year-over-year, and $1 billion in material and warranty cost reductions excluding tariffs and Novelis. Company guidance does not include potential impacts of a significant escalation of the conflict in the Middle East or a material downturn in the U.S. economy.