Ford posted a sharp first quarter earnings rebound in Q1 2026, with net income rising to $2.55bn from $473m a year earlier.
The US carmaker also lifted its full-year adjusted earnings before interest and taxes (EBIT) outlook despite a 4% drop in wholesale volumes.
Quarterly revenue grew 6% to $43.25bn in Q1 2026, against $40.66bn in Q1 2025.
Operating income climbed to $2.32bn, compared with $319m a year earlier, while income before taxes increased to $2.91bn from $620m.
The results incorporated a one-time $1.3bn credit under the International Emergency Economic Powers Act (IEEPA), reflecting tariff amounts settled between March 2025 and February 2026.
The benefit was concentrated in the Ford Blue and Ford Pro divisions.
Wholesale units declined to 934,000 from 971,000 in the same quarter last year.
Ford ended the period with $22bn in cash and $43.1bn in total liquidity, following settlement of its convertible debt obligations.
Ford Pro, the company's commercial vehicles arm, posted EBIT of $1.7bn on revenue of $14.7bn.
Ford Blue generated EBIT of $1.9bn on revenue of $23.9bn, underpinned by F-Series and Bronco alongside double-digit sales growth in Explorer and Expedition; off-road performance variants now represent close to a quarter of domestic sales.
Ford Model e recorded an EBIT loss of $777m as the electric vehicle division continues preparations for upcoming launches on its Universal EV platform.
Ford president and CEO Jim Farley said: “Our strong first-quarter results and raised full-year guidance reflect the momentum of the Ford+ plan.
“We built the foundation for a more modern, resilient Ford, improving cost and quality and building our world-class team. We are well prepared to deliver for our customers and shareholders as we enter one of the most intensive product, software and physical services rollouts in our history.”
Ford raised its full-year 2026 adjusted EBIT guidance to a range of $8.5bn–$10.5bn, up from the previous $8bn–$10bn.
The revised guidance incorporates the one-time $1.3bn IEEPA tariff benefit and a net $1bn uplift from the Novelis recovery.
In September 2025, a fire at a Novelis plant in Oswego, New York, created disruptions for Ford’s manufacturing processes.
Commodity cost headwinds are estimated at approximately $2bn - $1bn above the prior forecast, predominantly driven by aluminium - while residual tariff impacts (net of the IEEPA benefit and Novelis temporary costs) are put at around $1bn.
The company continues to assume a US industry sales rate of 16.0m–16.5m vehicles on a seasonally adjusted annual basis and flat pricing conditions across the sector.
The guidance does not account for potential disruption from an escalation in Middle East hostilities or a material deterioration in the US economic outlook.
