F US S&P 500Russell 1000 Earnings call
Ford Motor Company (F) · Q2 2026 results and valuation
Share price: $12.25 · 2026-11-11
Ford Motor Company manufactures and sells automobiles, including trucks, SUVs, commercial vans, and luxury vehicles, as well as parts, accessories, and financial services. The company serves retail, commercial, government, and rental customers through a global network of independent dealers. It operates in markets including North America, Europe, and China. Source: 10-K annual report (2026-02-11)
Results Q2 2026 vs Q1 2026 · previous quarter · published 28 Jul 2026 and 29 Apr 2026
Net income turned to a loss from a profit last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
Turned loss
Net income vs Q1 2026
Outlook given
Net income -1.33B vs 2.55B
Revenue +11.7%
Why Against the same quarter last year (loss widened), net income changed significantly because the current period's $1.3 billion net loss was impacted by a $1.5 billion Novelis cost that is now lower compared to the previous period.
2 · How management spoke
Typical
More upbeat than 57% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Ford Motor Company increased the midpoint of its full-year adjusted EBIT guidance by $1 billion to a range of $10 billion to $11 billion.
Valuation
Is Ford Motor Company undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 5.8% growth a year (3-year revenue growth), the model's fair value is $62.07 a share — the stock trades 80% below it. Today's price assumes −35.1% growth a year.
Current price
$12.25
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-35.1% for 10 yrs
Fair value / share
$62.07
Buy below
$46.55
Price vs fair value
Undervalued 80%
Price vs buy-below price
Undervalued 74%
Read between the lines
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Guidance
The company increased the midpoint of its full-year adjusted EBIT guidance by $1 billion to a range of $10 billion to $11 billion.
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Figure
The company generated 48.3 billion in revenue and 2.5 billion in adjusted EBIT during the quarter.
Source quote
“In the quarter, we delivered a strong performance, generating 48.3 billion in revenue and 2.5 billion in adjusted EBIT.”
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Guidance
Ford expects to reach 20-gigawatt-hours of annual capacity for Ford Energy by late next year.
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Guidance
The company now expects its revenue to be about $1.5 billion for the quarter.
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Guidance
The company projects second-half revenue of 3.6 billion to 4.1 billion, driven largely by additional capacity and the Super Duty space.
4 more
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Figure
The Oakville expansion is on track to launch in the fourth quarter of this year, adding up to 100 thousand units of additional super duty capacity.
Source quote
“And the Oakville expansion I referred to earlier is on track to launch in the fourth quarter of this year, adding up to 100 thousand units of additional super duty capacity.”
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Figure
The company returned more than $16 billion through dividends and anti-dilutive share repurchases over the last 5 years.
Source quote
“In fact, over the last 5 years, we have returned more than $16 billion through dividends and anti dilutive share repurchases.”
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Figure
Total paid subscriptions grew about 50% to roughly 1.6 million, including more than 900 thousand Ford Pro Intelligence paid subscriptions.
Source quote
“Total paid subscriptions grew about 50% to roughly 1.6 million including more than 900 thousand Ford Pro Intelligence paid subscriptions.”
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Figure
Paid subscriptions grew by 20% in Q2, and BlueCruise accounted for 50% of retail integrated services revenue.
Source quote
“Paid subscriptions in Q2 grew by 20%, which is which is great to see. And in fact, BlueCruise made up 50% of our retail integrated services revenue.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Consistent with our deliberate actions to enhance profitability, this quarter's EBIT strength was largely a result of strong mix and net pricing.”
“Going from initial quality to long term durability lowering our warranty costs even further, fewer recalls, stronger customer loyalty, more pricing power, and for our conquest and growth, improved resell...”
“Clear consistent communication with all of you and ensuring the market understands how our differentiated strategy translates into profitable growth capital discipline, and shareholder value.”
Full figures
USD · ROIC.AI fundamentals (NYSE:F, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 48.30B | 43.25B | +11.7% | 50.18B | −3.8% |
| Gross profit | 3.32B | 7.94B | −58.2% | 5.94B | −44.1% |
| Operating income | 638.0M | 2.33B | −72.6% | 511.0M | +24.9% |
| Net income | -1.33B | 2.55B | Turned loss | -29.0M | Loss widened |
| EPS | -0.33 | 0.63 | Turned loss | -0.01 | Loss widened |
| P/E | 12-mo loss | 12-mo loss | — | 13.9 | — |
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Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
The company reported that a short-term supplier issue affected F-150 production, but the impact remains within the full-year 2026 adjusted EBIT guidance of $10.0 billion to $11.0 billion.
- Results of operations · SEC 8-K
Ford Motor Company will host a conference call on July 28, 2026, to discuss its second quarter 2026 financial results.
- Other events · SEC 8-K
The company filed a news release on July 2, 2026, regarding its U.S. sales for the second quarter of 2026.
- Material agreement; New financial obligation; Other events · SEC 8-K
Ford assumed a $3,805,040,000 promissory note payable to the DOE for a Kentucky battery plant with a 4.814% interest rate and a final maturity date of July 15, 2040.
- Shareholder vote results · SEC 8-K · routine
- Results of operations · SEC 8-K
Ford Motor Company will host a conference call on April 29, 2026, to discuss its first quarter 2026 financial results.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Ford Motor Company announced that J. Douglas Field, Chief EV, Digital, and Design Officer, will leave the company next month following a transition period.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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September 8
Goldman Sachs Communacopia and Tech Conference in San Francisco
Source quote
“Upcoming IR engagements include Mike Aragon, President of Integrated Service at the Goldman Sachs Communacopia and Tech Conference in San Francisco on September 8.”
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September 17
Morgan Stanley annual Laguna conference in Laguna Beach
Source quote
“And the Morgan Stanley annual Laguna conference in Laguna Beach on September 17.”
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over the next 3 years
heavy new product launch period
Source quote
“We have significantly reduced our warranty and material cost since 2024, and we continue to optimize cost as we enter a heavy new product launch period over the next 3 years.”
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the first half of this year
F Series outselling the closest competitor by more than 80 thousand units
Source quote
“In Ford Blue, F Series remains the number 1 truck brand outselling the closest competitor by more than 80 thousand units in the first half of this year and is on track for 50 straight years at the top.”
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over the next several years
extending hybrids across our entire lineup
Source quote
“We plan to extend our hybrids across our entire lineup over the next several years.”