F — Q1 2026 Earnings Dashboard

Q1 2026 Earnings — Reported April 29, 2026 · After Market Close · EPS Beat +247% · Guidance Raised

Revenue +6% to $43.3B · Adj. EBIT $3.5B (+243%) · IEEPA Tariff Benefit $1.3B · Guidance Raised

Ford delivered a blowout Q1 2026 — adjusted EPS of $0.66 crushed the $0.19 consensus by 247%, and adjusted EBIT tripled to $3.5B from $1.0B a year ago. Results include a $1.3B one-time IEEPA tariff benefit after the U.S. Supreme Court ruled Trump's tariffs on certain goods were illegal. Ford Pro software subscriptions grew 30% YoY to 879,000. Revenue rose 6% to $43.3B despite 4% lower wholesale volumes — confirming mix and pricing power. Full-year adjusted EBIT guidance raised to $8.5–10.5B. Ford Model e remains a significant drag at −$777M EBIT. Adjusted FCF was negative $1.9B.

Beats

Adj. EPSEst. $0.19$0.66 (+247%)

Automotive RevenueEst. $38.82B$39.82B (+2.6%)

Adj. EBITQ1 2025: $1.02B$3.49B (+243%)

Adj. EBIT MarginQ1 2025: 2.5%8.1% (+560bps)

Ford Pro EBIT—$1.7B on $14.7B revenue

FY2026 GuidancePrior $8.0–10.0BRaised to $8.5–10.5B

Concerns

IEEPA benefit quality—$1.3B one-time · not recurring

Adj. FCF—−$1.9B use of cash

Wholesale Volumes—−4% YoY

Ford Model e EBIT—−$777M · EV losses persist

Operating Cash Flow—$1.3B · down YoY

BlueOval SK JV charges—Upcoming special-item charges

Select Financial Results — Three Months Ended March 31, 2026

Total Revenue$43,285M$40,654M+6.5%

Automotive Revenue$39,820M$38,820M+2.6%

Ford Credit Revenue$3,465M—Financing services

Wholesale Volume Change−4% YoY—Lower units

Adj. EBIT$3,488M$1,017M+243%

Adj. EBIT Margin8.1%2.5%+560bps

IEEPA Tariff Benefit (one-time)$1,300M—Non-recurring

Ford Blue EBIT$1,900M—Strong mix + pricing

Ford Pro EBIT$1,700M—Commercial strength

Ford Model e EBIT−$777M−$849MSlightly improved

Net Income (GAAP)$2,548M$471M+441%

GAAP Diluted EPS$0.63$0.12+425%

Adj. Diluted EPS$0.66$0.14+371%

Operating Cash Flow$1,300M—Below prior year

Adj. Free Cash Flow−$1,900M—Use of cash

Cash & Equivalents$22,000M—Post-debt repayment

Ford Blue & Ford Pro

Ford Blue Revenue$23.9B · EBIT $1.9B

Ford Blue driversF-Series · Bronco · Explorer (double-digit)

Ford Pro Revenue$14.7B · EBIT $1.7B

Ford Pro Software Subscriptions879,000 (+30% YoY)

Mix / net pricingStrong · offsetting volume decline

Regulatory compliance costsLower YoY · margin benefit

Adj. ROIC (trailing 4 qtrs)12.6% vs 10.9% Q1 2025

Ford Model e & Capital

Model e EBIT−$777M (vs −$849M Q1 2025)

Model e improvement$72M better YoY

EV program rationalizationUpcoming special-item charges

BlueOval SK JVDisposition charges pending

Quarterly dividend$0.15/share (Q2 · Jun 1)

Credit facility renewed$18B corporate facilities

Total liquidity$43.1B

"Ford delivered a strong first quarter that demonstrates the power of our Ford+ strategy — high-quality vehicles with the right mix, growing software services, and disciplined capital allocation. Ford Pro continues to prove that commercial vehicle customers value connected, intelligent services, with paid software subscriptions growing 30%. We are raising our full-year adjusted EBIT guidance to reflect our confidence in the business trajectory. The IEEPA tariff recovery provides a meaningful near-term tailwind, but the underlying business performance — driven by F-Series, Bronco, and Ford Pro — is the real story."

Jim Farley, President & CEO · Q1 2026 Earnings Call, April 29, 2026

Positives

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Revenue grew 6% to $43.3B despite a 4% decline in wholesale volumes — demonstrating that Ford's mix shift toward high-margin F-Series, Bronco, and Ford Pro commercial vehicles is generating more revenue and profit per unit sold. Adjusted EBIT tripled to $3.49B with an 8.1% margin versus 2.5% a year ago.

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Ford Pro software subscriptions reached 879,000 (+30% YoY) — the high-margin, recurring software services layer that CEO Farley has identified as the long-term profit engine. As the installed base of connected commercial vehicles grows, Pro software will become an increasingly significant source of predictable, high-margin revenue that doesn't depend on vehicle volume cycles.

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Full-year adjusted EBIT guidance raised to $8.5–10.5B from $8.0–10.0B — a $500M guidance raise in the first quarter of the year demonstrates management's growing confidence in the business trajectory beyond the one-time IEEPA benefit. The raise implies H2 2026 business momentum is expected to be strong.

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F-Series truck franchise, Bronco, and the Explorer with double-digit growth all confirmed strength in Ford's highest-margin ICE vehicles. Lower regulatory compliance costs year-over-year also provided meaningful EBIT tailwind. Adj. ROIC improved to 12.6% (trailing 4 quarters) from 10.9% — approaching the cost of capital for an automaker.

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Total liquidity of $43.1B with $22.0B in cash provides exceptional financial flexibility — Ford renewed its $18B corporate credit facilities in April 2026. This fortress balance sheet allows continued investment in Ford Pro software expansion and EV rationalization without capital market dependency.

Concerns

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The $1.3B IEEPA tariff benefit is explicitly one-time — it reflects amounts Ford paid between March 2025 and February 2026 that were refunded after the U.S. Supreme Court ruled Trump's IEEPA tariffs on certain goods were illegal. Without this benefit, Q1 adjusted EBIT would have been approximately $2.19B — still solid, but the headline $3.49B overstates normalized earnings power.

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Adjusted free cash flow was negative $1.9B in Q1 — reflecting higher capital spending and working-capital swings. Ford's transformation investments (EV rationalization, software infrastructure, manufacturing upgrades) require sustained capital outflow before the returns materialize, creating near-term FCF pressure.

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Ford Model e recorded −$777M EBIT in Q1 — the EV segment continues to generate significant losses, though the $72M year-over-year improvement is a positive signal. Ford faces the challenge of all legacy automakers: absorbing large EV investment losses while maintaining profitability in the ICE segments that fund those losses.

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BlueOval SK joint venture disposition charges are pending as future special items — reducing the quality of earnings visibility for H2 2026. Special-item charges from EV program rationalization add additional uncertainty to the FY2026 GAAP earnings picture even as adjusted metrics improve.

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Wholesale vehicle volumes declined 4% YoY — structural volume pressure from EV transition uncertainty, rising competition in commercial vehicles, and ongoing supply chain management creates a top-line headwind that mix and pricing can offset in the near term but not indefinitely. Ford's long-term revenue growth depends on volume recovery alongside pricing power.

Firm / Metric	Rating	Note
Initial AH reaction	+6% AH	Initial surge on EPS beat and guidance raise
Next-day close	−1.3%	Investors focused on one-time IEEPA benefit, negative FCF
InvestingPro	Above Fair Value	$12.38 · market cap ~$49B · caution on normalized earnings
EPS quality note	Mixed	$1.3B of $3.49B adj. EBIT is one-time · normalized EBIT ~$2.19B
Ford Pro software thesis	Bullish	879K paid subscriptions +30% = durable high-margin revenue flywheel
FY2026 guidance context	$8.5–10.5B adj. EBIT	Raised · implies H2 operational strength beyond IEEPA

Earnings Verdict

IEEPA Windfall Masks a Genuinely Improving Business — Pro Software the Real Story

Ford's Q1 2026 headline numbers — $0.66 EPS (+247% beat), $3.49B adj. EBIT (+243%), net income +441% — are dramatically inflated by the $1.3B one-time IEEPA tariff refund from the Supreme Court ruling. Stripping this out, the underlying Q1 adj. EBIT of approximately $2.19B and an 8.1% margin (versus 2.5% a year ago) represents a genuinely meaningful improvement driven by F-Series/Bronco/Explorer mix strength, Ford Pro commercial momentum, and lower regulatory compliance costs. The guidance raise to $8.5–10.5B — which extends beyond the one-time IEEPA benefit — is the most credible forward signal. Ford Pro software subscriptions at 879,000 (+30% YoY) are the long-term valuation anchor: as Ford's commercial fleet becomes a connected software platform, the margin profile of the business transforms toward recurring high-margin revenue. The concerns are legitimate: negative $1.9B adj. FCF, −$777M Model e EBIT, pending BlueOval SK charges, and 4% volume decline remind investors that Ford's transformation is capital-intensive and multi-year. At ~$12 and a $49B market cap, the question is whether the Pro software flywheel justifies a higher multiple than a traditional automaker. Next earnings July 2026.

Revenue

$43.3B +6%

Adj. EPS

$0.66 +247%

Adj. EBIT

$3.49B

Pro Subs

879K +30%

FY Guide

$8.5–10.5B

Next Earnings

Jul 2026