Ford Q1 2025 earnings were headlined by $500 million in net income on $40.7 billion in revenue. Compared to the first quarter of 2024, the results represent a 61.5 percent or $0.9 billion drop in net income and a 4.9 percent or $2.1 billion decrease in revenue.
The performance represents a net income margin of 1.2 percent, down 2 percentage points from 3.1 percent in Q1 2024. Earnings per share (EPS) diluted was $0.12, down $0.21 or 63.6 percent from $0.33 in Q1 2024. Cash flow from operating activities was $3.7 billion, up 164.3 percent or $2.3 billion from the $1.4 billion in Q1 2024.
FoMoCo Q1 2025 Earnings Summary
| METRIC | UNIT | Q1 2025 | Q1 2024 | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| WHOLESALE UNITS | THOUSANDS OF VEHICLES | 971 | 1,045 | -74 | -7% |
| GAAP METRICS | |||||
| REVENUE | BILLION USD | $40.7 | $42.8 | $-2.1 | -4.9% |
| NET INCOME | BILLION USD | $0.5 | $1.3 | $-0.9 | -61.5% |
| NET INCOME MARGIN | PERCENT | 1.2% | 3.1% | -2.0 PPTS | N/A |
| EARNINGS PER SHARE (EPS) DILUTED | USD PER SHARE | $0.12 | $0.33 | $-0.21 | -63.6% |
| CASH FLOW FROM OPERATING ACTIVITIES | BILLION USD | $3.7 | $1.4 | +$2.30 | +164.3% |
| NON GAAP METRICS | |||||
| ADJUSTED FREE CASH FLOW | BILLION USD | -$1.5 | -$0.5 | $-1.00 | -200% |
| EBIT-ADJUSTED | BILLION USD | $1.0 | $2.8 | -$1.70 | -64.3% |
| EBIT-ADJUSTED MARGIN | PERCENT | 2.5% | 6.5% | -4 PPTS | N/A |
| EPS DILUTED - ADJUSTED | USD PER SHARE | $0.14 | $0.49 | $-0.35 | -71.4% |
| ROIC - ADJUSTED | PERCENT (TRAILING FOUR QTRS) | 10.9% | 12.7% | -1.8 PPTS | N/A |
Earnings
Earnings Before Interest and Taxes, adjusted (EBIT-adjusted) was $2.1 billion, up $1 billion or 91 percent compared to the $1.1 billion during the year-ago quarter, on to an EBIT-adjusted margin of 4.4 percent, up 2.1 percentage points from the 2.3 percent in Q4 2023.
Diluted earnings per share – adjusted (EPS-adjusted) was $0.39, up $0.10 or 34.5 percent from $0.29 in the year-ago quarter.
Adjusted free cash flow was $0.7 billion, down $1.3 billion or 65 percent compared to the $2.0 billion in Q4 2023.
Global Sales
Ford Motor Company recorded 971K vehicle deliveries globally during Q1 2025, down 7 percent or around 74K units year-over-year compared to the 1.045 million deliveries during the same time frame a year ago.
FoMoCo 2025 Earnings - Divisional Summary
| METRIC | UNIT | Q1 2025 | Q1 2024 | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| FORD BLUE | |||||
| WHOLESALES | 000 | 588 | 626 | -38.0 | -6.1% |
| REVENUE | BILLION USD | $21.0 | $21.8 | $-0.8 | -3.7% |
| EBIT | MILLION USD | $96 | $901 | $-805.0 | -89.3% |
| EBIT MARGIN | PERCENT | 0.5% | 4.1% | -3.7 PPTS | N/A |
| FORD MODEL E | |||||
| WHOLESALES | 000 | 31 | 10 | +21.0 | +210% |
| REVENUE | BILLION USD | $1.2 | $0.1 | +$1.1 | +1100% |
| EBIT | MILLION USD | -$849 | -$1,327 | +$478.0 | +36% |
| EBIT MARGIN | PERCENT | -68.4% | N/M | N/A | N/A |
| FORD PRO | |||||
| WHOLESALES | 000 | 352 | 409 | -57.0 | -13.9% |
| REVENUE | BILLION USD | $15.2 | $18.0 | $-2.8 | -15.6% |
| EBIT | MILLION USD | $1,309 | $3,006 | $-1,697.0 | -56.5% |
| EBIT MARGIN | PERCENT | 8.6% | 16.7% | -8.1 PPTS | N/A |
Ford Blue
Ford Blue, the company’s internal combustion engine and hybrid vehicle business, reported:
- 588K vehicle deliveries, down 6.1 percent year-over-year
- 21 billion in revenue, down 3.7 percent year-over-year
- $96 million in Earnings Before Interest and Tax (EBIT), down 89.3 percent year-over-year, on to an EBIT margin of 0.5 percent, down 3.7 percentage points
Ford Model E
Ford Model E, the automaker’s electric vehicle division, posted:
- 31K vehicle deliveries, up 210 percent year-over-year
- $1.2 billion in revenue, up 1,100 percent year-over-year
- -$849 million in Earnings Before Interest and Tax (EBIT), a loss that’s 36 percent lower than the same time frame a year ago, on to an EBIT-adjusted margin of -$68.4 percent
Ford Pro
Ford Pro, the division focused on commercial vehicles and customers, posted:
- 352K vehicle deliveries, down 13.9 percent year-over-year
- $15.2 billion in revenue, down 15.6 percent year-over-year
- $1,309 million in Earnings Before Interest and Tax (EBIT), down 56.5 percent, on to an EBIT-adjusted margin of 8.6 percent, down 8.1 percentage points
Ford Credit
Ford Credit, FoMoCo’s captive finance arm, reported EBT of $580 million, up significantly on a year-over-year basis. The division distributed $200 million to its parent for the quarter.
Guidance
Saying that its “underlying business is strong” and that it’s “tracking within the previous adjusted EBIT guidance range of $7 billion to $8.5 billion, excluding new tariff-related impacts.” Based on what the company knows currently and how it expects certain tariff-related details and changes to be settled, the company estimates to take a $1.5 billion impact to its EBIT.
However, the automaker has suspended its guidance for the time being, citing “substantial industry risks, which could have significant impacts on financial guidance.” The company added that it will provide an update during its Q2 earnings call later this year.
We will continue our obsessive coverage of all things Ford Motor Company, and invite you to subscribe to Ford Authority for Ford business news, Ford financial news, and obsessive Ford news coverage.
Comments
Just tell us why profits took a hit. I’m not a Wall Street analyst for cripes’ sake.
How about warranty costs? Recall costs? On pace for 135 recalls this year. Good Job Jimmy. Please give the board of directors some blue pills so they can suck it up and call Joe Hinrichs and invite him to lunch. Tell him you made a grave error and see if he’ll come back
Only ones w/billion dollar recall costs will be GM & Yoda ..all those 6.2L & 3.5L V6 turbos are expensive to REPLACE. Hinrichs isn’t coming bk. The ’20 Explorer lauch he screwed up cost him everything. He’s still big Ford shareholders tho.
See what you get when you sell 10 vehicles $80 thousand dollar compared to 1000 vehicles at $20 thousand dollars. Not to mention no caring about quality control, holding your breath and hoping the problem goes away.