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Ford Tops Q3 Earnings Mark, Cuts '25 EBIT View Amid Novelis Fire
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Key Takeaways
Revenues from the Ford Blue segment rose 7% YoY to $28 billion and EBIT came in at $1.54 billion.
Ford Model e revenues rose 52% y/y to $1.8 billion and loss before interest and taxes totaled $1.4 billion.
Revenues from the Ford Blue segment rose 11% YoY to $17.4 billion and EBIT came in at $1.98 billion.
Ford (F - Free Report) reported third-quarter 2025 adjusted earnings per share of 45 cents, which surpassed the Zacks Consensus Estimate of 38 cents but declined from 49 cents recorded in the year-ago quarter. The company’s consolidated third-quarter revenues came in at $50.5 billion, up 9.3% year over year. F’s total automotive revenues came in at $47.2 billion, beating the Zacks Consensus Estimate of $42.7 billion and rising from $43 billion generated a year ago.
In the third quarter, total wholesale volume in the Ford Blue segment increased 2% year over year to 733,000 units, and exceeded our expectation of 630,000 units. Revenues from the segment rose 7% year over year to $28 billion and topped our estimate of $23.5 billion due to higher-than-expected units sold. Earnings before interest and taxes came in at $1.54 billion, above our projection of $925.7 million. EBIT margin of 5.5% was down 0.7 percentage points from the corresponding quarter of 2024.
Total wholesale volume in the Ford Model e segment rose 57% year over year to 50,000 units but lagged our estimate of 57,000. Revenues from the segment jumped 52% year over year to $1.8 billion, and fell short of our estimate of $2.6 billion on lower-than-expected units sold. The segment incurred a loss before interest and taxes of $1.4 billion compared with our model estimate of a loss of $1.58 billion.
Total wholesale volume in the Ford Pro segment increased 9% year over year to 373,000 but lagged our expectation of 401,000 units. Revenues from the segment rose 11% year over year to $17.4 billion, marginally missing our expectation of $17.6 billion on lower-than-expected units sold. Earnings before interest and taxes came in at $1.98 billion with an EBIT margin of 11.4%. EBIT was slightly below our projection of $2 billion.
Third-quarter revenues from the Ford Credit unit came in at $3.35 billion, up 7.3% year over year and in line with our estimate. Pretax earnings were roughly $631 million, down 16% year over year.
Financial Position
Ford reported adjusted free cash flow of $4.3 billion for the quarter. It had cash and cash equivalents of $26.8 billion as of Sept. 30, 2025. Long-term debt, excluding Ford Credit, totaled $17.8 billion on Sept. 30, 2025.
2025 Outlook
Ford expects full-year 2025 adjusted EBIT in the range of $6-$6.5 billion, down from $10.2 billion in 2024 and the previous forecast of $6.5-$7.5 billion due to the Novelis plant fire impact. It expects adjusted free cash flow in the range of $2-$3 billion, down from the prior guidance of $3.5-$4.5 billion as well as $6.7 billion recorded in 2024. Capital expenditures are expected to be around $9 billion.
Peer Releases
Tesla (TSLA - Free Report) reported third-quarter 2025 earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 53 cents and decreased from the year-ago figure of 72 cents. Total revenues of $28.1 billion surpassed the Zacks Consensus Estimate of $26.4 billion and rose 12% year over year. Tesla had cash/cash equivalents/investments of $41.6 billion as of Sept. 30, 2025, compared with $36.6 billion as of Dec. 31, 2024. Long-term debt and finance leases, net of the current portion, totaled $5.78 billion, up from $5.75 billion as of Dec. 31, 2024.
General Motors (GM - Free Report) reported third-quarter 2025 adjusted earnings of $2.80 per share, which beat the Zacks Consensus Estimate of $2.28. Higher-than-expected revenues from GM North America (“GMNA”), GM International (“GMI”) and GM Financial segments led to the outperformance. The bottom line, however, decreased from the year-ago quarter’s earnings per share of $2.96. Revenues of $48.59 billion beat the Zacks Consensus Estimate of $43.61 billion but fell from $48.76 billion recorded in the year-ago period.General Motors had cash and cash equivalents of $22.91 billion as of Sept. 30, 2025. The long-term automotive debt at the end of the quarter was $15.62 billion.
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Ford Tops Q3 Earnings Mark, Cuts '25 EBIT View Amid Novelis Fire
Key Takeaways
Ford (F - Free Report) reported third-quarter 2025 adjusted earnings per share of 45 cents, which surpassed the Zacks Consensus Estimate of 38 cents but declined from 49 cents recorded in the year-ago quarter. The company’s consolidated third-quarter revenues came in at $50.5 billion, up 9.3% year over year. F’s total automotive revenues came in at $47.2 billion, beating the Zacks Consensus Estimate of $42.7 billion and rising from $43 billion generated a year ago.
Ford carries a Zacks Rank #3 (Hold) at present.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ford Motor Company Price, Consensus and EPS Surprise
Ford Motor Company price-consensus-eps-surprise-chart | Ford Motor Company Quote
Segmental Performance
In the third quarter, total wholesale volume in the Ford Blue segment increased 2% year over year to 733,000 units, and exceeded our expectation of 630,000 units. Revenues from the segment rose 7% year over year to $28 billion and topped our estimate of $23.5 billion due to higher-than-expected units sold. Earnings before interest and taxes came in at $1.54 billion, above our projection of $925.7 million. EBIT margin of 5.5% was down 0.7 percentage points from the corresponding quarter of 2024.
Total wholesale volume in the Ford Model e segment rose 57% year over year to 50,000 units but lagged our estimate of 57,000. Revenues from the segment jumped 52% year over year to $1.8 billion, and fell short of our estimate of $2.6 billion on lower-than-expected units sold. The segment incurred a loss before interest and taxes of $1.4 billion compared with our model estimate of a loss of $1.58 billion.
Total wholesale volume in the Ford Pro segment increased 9% year over year to 373,000 but lagged our expectation of 401,000 units. Revenues from the segment rose 11% year over year to $17.4 billion, marginally missing our expectation of $17.6 billion on lower-than-expected units sold. Earnings before interest and taxes came in at $1.98 billion with an EBIT margin of 11.4%. EBIT was slightly below our projection of $2 billion.
Third-quarter revenues from the Ford Credit unit came in at $3.35 billion, up 7.3% year over year and in line with our estimate. Pretax earnings were roughly $631 million, down 16% year over year.
Financial Position
Ford reported adjusted free cash flow of $4.3 billion for the quarter. It had cash and cash equivalents of $26.8 billion as of Sept. 30, 2025. Long-term debt, excluding Ford Credit, totaled $17.8 billion on Sept. 30, 2025.
2025 Outlook
Ford expects full-year 2025 adjusted EBIT in the range of $6-$6.5 billion, down from $10.2 billion in 2024 and the previous forecast of $6.5-$7.5 billion due to the Novelis plant fire impact. It expects adjusted free cash flow in the range of $2-$3 billion, down from the prior guidance of $3.5-$4.5 billion as well as $6.7 billion recorded in 2024. Capital expenditures are expected to be around $9 billion.
Peer Releases
Tesla (TSLA - Free Report) reported third-quarter 2025 earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 53 cents and decreased from the year-ago figure of 72 cents. Total revenues of $28.1 billion surpassed the Zacks Consensus Estimate of $26.4 billion and rose 12% year over year. Tesla had cash/cash equivalents/investments of $41.6 billion as of Sept. 30, 2025, compared with $36.6 billion as of Dec. 31, 2024. Long-term debt and finance leases, net of the current portion, totaled $5.78 billion, up from $5.75 billion as of Dec. 31, 2024.
General Motors (GM - Free Report) reported third-quarter 2025 adjusted earnings of $2.80 per share, which beat the Zacks Consensus Estimate of $2.28. Higher-than-expected revenues from GM North America (“GMNA”), GM International (“GMI”) and GM Financial segments led to the outperformance. The bottom line, however, decreased from the year-ago quarter’s earnings per share of $2.96. Revenues of $48.59 billion beat the Zacks Consensus Estimate of $43.61 billion but fell from $48.76 billion recorded in the year-ago period.General Motors had cash and cash equivalents of $22.91 billion as of Sept. 30, 2025. The long-term automotive debt at the end of the quarter was $15.62 billion.