Ford's electric-vehicle loss narrows as earnings fall at its Blue and Pro units

Ford Motor (NYSE: F) reported third-quarter net income of $2 billion on revenue of $49.5 billion, and its electric-vehicle unit lost $1.1 billion, 25% less than a year earlier, according to its earnings release dated October 28.

What happened

Net income attributable to Ford was $2,049 million, against $2,447 million in the third quarter of 2025, a decline of 16.3% (computed). Adjusted EBIT, the company's measure of operating profit before special items, was $2.7 billion. Diluted earnings per share were $0.50 on a GAAP basis against $0.60 a year earlier; adjusted earnings per share were $0.49 against $0.45.

Ford Model e, the electric-vehicle unit, reported an EBIT loss of $1,058 million against $1,410 million a year earlier, an improvement of $352 million, or 25.0% (computed). The company described it as "an improvement of 25% year over year".

The two units that earn most of the profit made less. Ford Blue reported EBIT of $1,392 million, down 10% from $1,540 million, which Ford attributed "primarily" to lower volume from product discontinuations. Ford Pro, the commercial-vehicle unit, reported $1,665 million, down 16% from $1,985 million; the release said the headwinds were "partially offset by lower tariffs and favorable product mix". Ford Credit earned $803 million before taxes, up 27% from $631 million.

Operating cash flow was $5.4 billion and adjusted free cash flow was $4.7 billion. Special items totaled a charge of $0.1 billion, against $0.4 billion a year earlier; the release lists Europe restructuring at $0.1 billion and EV program cancellations at $0.2 billion.

Chief Executive Jim Farley said in the release that "Ford delivered a strong quarter as we're entering a defining phase of the company's transformation". Chief Financial Officer Sherry House said "We are on track to deliver our full-year adjusted EBIT expectations".

Why it matters

Ford raised the low end of its 2026 adjusted EBIT range. The new range is $10.5 billion to $11 billion, compared with $10 billion to $11 billion before. Adjusted free cash flow guidance is unchanged at $6 billion to $7 billion, and capital spending is expected to remain at $9.5 billion to $10.5 billion.

The release also gives segment guidance for the year: Ford Blue EBIT of about $5.5 billion, Ford Pro of about $7 billion, Ford Model e losses of about $4 billion and Ford Credit earnings before taxes of about $2.8 billion.

Capital spending was $7,043 million in the first nine months of 2026 against $6,031 million in the same period of 2025, according to the cash flow statement. Ford said it would pay a fourth-quarter regular dividend of 15 cents per share on December 1.

What to watch

Ford held a conference call at 5:00 p.m. ET on October 28 to discuss the results. The company's guidance, as stated in the release, depends on conditions that it can change; it gave no date for its next quarterly report in the release.

If Model e losses stay near the roughly $4 billion the company expects for the year, the unit would continue to offset a large part of the profit of Ford Blue and Ford Pro. The figures above are the company's own guidance, not a forecast.