$F · FORD MOTOR CO
Ford Motor Company filed its Q3 FY2026 10-Q, reporting revenue of $49.526B (down 2% YoY), GAAP net income of $2.049B ($0.50 diluted EPS), and adjusted EPS of $0.49. Company adjusted EBIT rose $72M to $2.658B with margin expanding 0.3pp to 5.4%, while adjusted free cash flow improved to $4.667B from $4.309B a year ago.
- Q3 revenue fell 2% YoY to $49.526B, with Ford Blue EBIT down $148M to $1.392B.
- Ford Model e loss narrowed by $352M YoY to -$1.058B, but remains a significant drag.
- Ford Pro EBIT declined $320M YoY to $1.665B, the segment's first notable softening.
- Company adjusted free cash flow was $4.667B in Q3, up $358M from a year ago.
- Adjusted EPS of $0.49 beat the prior-year $0.45, while GAAP EPS fell to $0.50 from $0.60.
Extended-hours trading shows shares at $11.84, down 0.75% from the regular-session close of $11.93. The modest decline suggests the market is weighing the 2% revenue contraction and Ford Pro margin softening against the Model e loss improvement and steady adjusted EBIT.
Ford's profit mix is shifting: Model e losses are shrinking but Ford Pro, the cash cow, is showing early signs of margin compression.
Ford's results mirror the broader legacy-auto tension: combustion-engine profits (Ford Blue) are funding EV losses (Model e), but Ford Pro's softening suggests commercial demand may be cooling. GM and Stellantis face similar structural cross-currents heading into their Q3 prints.
Ford Model e continues to bleed cash with a $1.058B Q3 EBIT loss, and Ford Pro — the profit engine — saw EBIT drop $320M YoY. Operating cash flow fell $2.0B YoY to $5.4B in Q3, and nine-month operating cash flow is down $6.3B to $11.1B, signaling broader cash generation pressure.