Ford profit fell in the third quarter, as net income dropped to $2.05 billion from $2.45 billion a year earlier, weighed down by losses in its electric vehicle business and weaker vehicle sales. Earnings per share fell to 50 cents from 60 cents. Revenue fell 2 percent to $49.5 billion from $50.5 billion a year earlier, Ford said in results released on Wednesday.
The headline decline hid a steadier operating result. On an adjusted basis, Ford profit rose to $2.7 billion from $2.6 billion a year earlier, with the margin widening to 5.4 percent. Adjusted earnings per share were 49 cents, up from 45 cents a year earlier and ahead of analyst forecasts of about 40 cents. Ford earned more from fewer vehicles, helped by pricing and a richer mix of models, even as wholesale volumes fell 9 percent to 1.05 million vehicles.
Ford profit and electric vehicle losses
Ford Model e, the division that runs the company’s electric vehicle business, posted an earnings before interest and taxes loss of $1.1 billion in the quarter. That was an improvement of 25 percent from a $1.4 billion loss in the same period last year, a reduction of $352 million. Revenue at the division fell 31 percent to $1.2 billion from $1.8 billion a year earlier, and wholesale deliveries fell 31 percent to about 34,000 vehicles from 50,000.
For the first nine months of 2026, Model e generated $3.5 billion in revenue, down 35 percent, and recorded a loss of $2.75 billion. Ford still expects full year Model e losses of about $4 billion. The division’s margin worsened to negative 86.5 percent from negative 79.1 percent a year earlier, because revenue fell faster than the loss narrowed.
Ford profit carried by trucks and commercial units
Ford Pro, the commercial vehicle and services business, contributed $1.7 billion of Ford profit before interest and taxes, down 16 percent, mainly because of higher commodity costs and temporary launch costs for the Super Duty pickup built in Oakville. Ford Blue, the traditional gasoline and hybrid vehicle business, contributed $1.4 billion of Ford profit, down 10 percent, reflecting lower volumes and higher commodity costs partly offset by a favorable vehicle mix.
Ford Credit added $803 million of Ford profit before taxes, up 27 percent, helped by healthy financing margins and firm used vehicle prices. Adjusted free cash flow was $4.7 billion in the quarter. Ford ended September with $25.3 billion in cash and $46.4 billion in liquidity. The company declared a dividend of 15 cents a share, payable on December 1.
Ford profit outlook raised for the full year
Ford now expects full year Ford profit on an adjusted basis of $10.5 billion to $11 billion before interest and taxes, raising the lower end of its previous range. Adjusted free cash flow guidance stayed at $6 billion to $7 billion, and capital spending guidance stayed at $9.5 billion to $10.5 billion. For the full year by segment, Ford expects about $7 billion from Ford Pro and about $5.5 billion from Ford Blue, with Ford Credit earnings before taxes updated to about $2.8 billion.
The results landed in a mixed quarter for carmakers, with General Motors and Tesla having reported their own third quarter numbers earlier in the month. Ford shares will be watched for how investors weigh Ford profit against falling revenue and the costs still tied to the company’s shift in strategy.