Ford Motor Company recorded a small increase in revenue in 2025 compared with 2024, but results weakened sharply as expenses rose, and the carmaker took significant charges linked to its electric vehicle (EV) plans.
Total revenue edged up to $187.3bn in 2025 from $185bn a year earlier.
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Profitability moved in the opposite direction.
Ford swung from operating income of $5.2bn in 2024 to an operating loss of $9.2bn in 2025.
Total costs and expenses climbed to $196.4bn from $179.8bn, outweighing the modest top-line growth.
Net income followed a similar pattern, Ford shifting from net income of $5.9bn in 2024 to a net loss of $8.2bn in 2025.
Ford president and CEO Jim Farley said: “Ford delivered a strong 2025 in a dynamic and often volatile environment. We improved our core business and execution, made significant progress in the areas of the business we control – lowering material and warranty costs and making real progress on quality – and made difficult but critical strategic decisions that set us up for a stronger future. Moving forward, we’ll continue building on our strong foundation to achieve our target of 8% adjusted EBIT margin by 2029.”
Ford’s wholesale volumes slipped by nearly 2% last year, ending the year at just under 4.4 million units.
In the fourth quarter, Ford posted revenue of $45.9bn, down 5% year-on-year.
The company reported a net loss of $11.1bn for the quarter, while adjusted earnings before interest and taxes (EBIT) was $1bn.
Ford’s quarterly loss reflected substantial writedowns connected to its EV programmes.
In December 2025, the company said it could record about $19.5bn in special items as it adjusts its EV strategy, stepping back from certain larger battery models and directing more investment towards hybrids and extended-range vehicles.
The company said the charges, associated with changes under its Ford+ plan, would be concentrated in the fourth quarter of 2025, with the remaining amounts recognised across 2026 and 2027.
It expects about $5.5bn of the total to result in cash outflows, mainly during 2026, with the rest in 2027.
At the time, Ford said the actions are aimed at bringing capital investment closer in line with customer demand and areas it views as offering higher returns, while setting a path to profitability for its Model e unit by 2029, with annual progress expected from 2026.
For full-year 2026, Ford forecast company adjusted EBIT of $8bn to $10bn, adjusted free cash flow of $5bn to $6bn, and capital expenditure of $9.5bn to $10.5bn.
