Ford Motor reported mixed financial results for the third quarter on Wednesday, topping Wall Street expectations for adjusted earnings per share while falling slightly short on automotive revenue. During a call with reporters, company executives also outlined financial projections for the upcoming year.
For the third quarter, Ford posted adjusted earnings of 49 cents per share, surpassing the 40 cents anticipated by analysts surveyed by LSEG. However, automotive revenue came in at $46.08 billion, just below the average estimate of $46.24 billion. Overall revenue, which includes the automaker’s credit segment, reached $49.5 billion, representing a roughly 2% decline compared with $50.3 billion in the same period last year. Net income dropped $400 million year-over-year to $2 billion, while adjusted earnings before interest and taxes rose slightly to $2.7 billion. By comparison, Ford reported $47.19 billion in automotive revenue, $2.4 billion in net income, and 45 cents in adjusted earnings per share in the third quarter of the previous year.
According to StreetAccount, the missed automotive revenue stemmed from underperformance across each of the company’s main business units—Ford Blue traditional operations, Ford Pro fleet, and Model e electric vehicle segments—relative to Wall Street expectations.
In light of these figures, the Detroit-based automaker narrowed its full-year guidance for 2026. Ford now expects adjusted earnings before interest and taxes to land between $10.5 billion and $11 billion, tightening a previous outlook range of $10 billion to $11 billion. The company maintained its adjusted free cash flow guidance of $6 billion to $7 billion for the year.
Segment-specific pre-tax earnings projections for 2026 include $5.5 billion for the Ford Blue unit, representing the high end of its previous forecast, and about $7 billion in EBIT for the Ford Pro segment. The Ford Model e electric vehicle unit is projected to record losses of approximately $4 billion, while the Ford Credit division anticipates roughly $2.8 billion in EBIT.
Looking ahead to next year, Ford CFO Sherry House stated that the company expects 2027 earnings to be roughly in line with anticipated results for 2026. House pointed to offsetting factors, noting that a $1.3 billion tariff refund received during the first quarter was largely offset by higher costs associated with alternative aluminum sourcing that will not recur next year, thereby leveling out the year-over-year comparison. Additional cost pressures anticipated for next year include the rollout of several new or redesigned models, next-generation electric vehicles, Canada-produced pickups, and investments in an energy business announced earlier this year. To help counter these expenses, House noted that 2027 production of F-Series Super Duty trucks in Canada will compensate for expected production losses at F-150 factories undergoing retooling for new models.
“This quarter’s results reflect deliberate actions to improve profitability and deliver consistent financial returns,” House told reporters, adding that the company’s multi-year push for warranty and material cost savings will be extended to structural costs.
Ahead of Wednesday’s earnings release, Wall Street analysts held mixed views regarding whether Ford would sustain its profit levels into 2027. The company has spent much of the past year working to stabilize production of its F-Series pickup trucks following persistent supplier challenges.
