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.
| 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 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.
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.
| 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, the company’s internal combustion engine and hybrid vehicle business, reported:
Ford Model E, the automaker’s electric vehicle division, posted:
Ford Pro, the division focused on commercial vehicles and customers, posted:
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.
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.
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View 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.