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Ford Motor Company Business Segments

Business, geographic, and product segment breakdowns

Ford Motor Company generates $187.27B in annual revenue across 1 key segments: Ford Credit ($3.0B). The company-wide operating margin is -4.9%. Based on the Q4 2025 filing.

Ford Credit (TTM)$3.0B
Latest FilingQ4 2025
Report Date2026-02-11
Market Cap$47.8B
ROE-20.21%

Products & Services

Total revenues (Note 4)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Vehicles, parts, and accessories$41.7B$43.4B$35.9B$45.2B$45.5B$40.7B
Financing income$2.0B$2.1B$2.0B$2.0B$2.0B$2.1B
Leasing income$1.1B$1.2B$1.2B$1.3B$1.3B$1.3B
Services and other revenue$841.0M$886.0M$821.0M$903.0M$926.0M$936.0M
Used vehicles$543.8M$543.8M$713.3M$713.3M$713.3M$713.3M
Insurance income$37.0M$42.0M$42.0M$38.0M$40.0M$44.0M

Capitalized contract cost, amortization

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Services and other revenue$26.0M$26.0M$30.0M$22.0M$27.0M$27.0M

Contract with customer, liability, revenue recognized

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Services and other revenue$472.0M$470.0M$504.0M$516.0M$525.0M$455.0M

Deferred cost balances

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Services and other revenue$321.0M$312.0M$316.0M$317.0M$314.0M$307.0M

Revenue, remaining performance obligation, amount

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Services and other revenue$3.2B$5.3B$2.7B$3.2B$3.7B$6.2B

Revenue, remaining performance obligation, expected timing of satisfaction, period

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Services and other revenue$0.0$0.0$0.0$0.0$0.0$0.0
Vehicle-related design and testing services—$0.0———$0.0

Unearned revenue

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Services and other revenue$5.3B$5.3B$5.5B$5.8B$6.0B—

Total revenues (Note 3)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Used vehicles$532.0M—$685.0M$780.0M$687.0M—

(Decrease) increase in revenue

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Vehicles, parts, and accessories-$329.0M—$96.0M$90.0M$163.0M—

Revenue performance obligation payment terms

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Vehicles, parts, and accessories0.000.000.000.000.000.00

Geographic

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Total revenues (Note 4)$8.5B$8.5B$8.8B$8.8B$8.8B$8.8B
Long-Lived Assets—$6.4B———$6.5B

Business Segments

2026

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$1.8B———$2.1B

2027

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$1.7B———$2.0B

2028

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$1.3B———$1.7B

2029

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$868.0M———$1.1B

2030

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$122.0M———$148.0M

After 1 Year through 5 Years

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$11.1B———$11.2B

After 5 Years

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$113.0M———$46.0M

Amortization of issuance costs

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$2.0M$0.0$2.0M$2.0M$2.0M$1.0M

Cash, cash equivalents, and restricted cash - held-for-sale (Note 21)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$0.0$0.0$0.0$0.0$0.0$0.0

Cash paid for interest

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$1.8B$1.8B$1.7B$1.7B$1.7B$1.7B

Changes in accruals (a)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit-$122.0M-$62.0M-$47.0M-$51.0M$316.0M$501.0M

Company excluding Ford Credit debt payable within one year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$94.0M$109.0M$119.0M$134.0M$136.0M

Company excluding Ford Credit long-term debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$711.0M$721.0M$751.0M$761.0M$754.0M

Conversion price per share (in dollars per share)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$14.44$14.25$13.80$13.60$13.42—

Convertible Debt, Noncurrent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$2.3B$0.0$0.0$0.0—

Convertible notes

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$0.0$2.3B$2.3B$2.3B$2.3B

Debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$20.7B———$21.9B

Debt covenant minimum liquidity amount

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$4.0B———$4.0B

Debt, Current

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$52.0B$53.2B$50.2B$53.3B$53.7B$51.8B

Debt Instrument, Interest Rate, Effective Percentage

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—5.3%———0.3%

Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$1.3B———$487.0M

Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net, Current

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$16.0M———$18.0M

Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net, Noncurrent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$237.0M———$229.0M

Debt Instrument Unamortized Discount/(Premium), Net, Current

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$0.0-$2.0M$0.0$0.0$1.0M—

Debt Instrument Unamortized Discount/(Premium), Net, Noncurrent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$19.0M$20.0M$20.0M$21.0M$20.0M—

Debt Issuance Costs, Current, Net

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$18.0M$18.0M$19.0M$21.0M$20.0M—

Debt Issuance Costs, Noncurrent, Net

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$230.0M$217.0M$229.0M$214.0M$218.0M—

Debt, Long-Term and Short-Term, Combined Amount

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$136.7B$137.9B$134.3B$137.4B$140.2B$141.4B

Debt Securities, Available-for-Sale

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$13.1B$15.0B$13.6B$14.0B$15.3B$15.6B

Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$97.0M$118.0M$65.0M$43.0M$29.0M$19.0M

Debt Securities, Available-for-Sale, Amortized Cost

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$13.0B$15.1B$13.5B$14.0B$15.3B$15.5B

Fair value of Company debt excluding Ford Credit

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$139.2B$140.0B$135.9B$139.1B$142.6B$144.2B

Fair Value of Securities with Contractual Maturities, After 1 Year through 5 Years

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$9.7B$11.1B$10.6B$10.0B$11.4B—

Fair Value of Securities with Contractual Maturities, After 5 Years

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$149.0M$113.0M$136.0M$271.0M$98.0M—

Fair Value of Securities with Contractual Maturities, Within 1 Year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$3.2B$3.8B$2.8B$3.7B$3.9B—

Gross realized gains

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$10.0M$2.0M$5.0M$4.0M$3.0M$12.0M

Gross realized losses

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$10.0M$2.0M$3.0M$1.0M$0.0$1.0M

Gross Unrealized Gains

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$126.0M$41.0M$74.0M$98.0M$115.0M$111.0M

Interest expense on Company debt excluding Ford Credit

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$272.0M———$321.0M—

Interest Payable

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$16.1B

Interest payable, 2026

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$5.3B

Interest payable, 2027

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$3.9B

Interest payable, 2028

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$2.6B

Interest payable, 2029

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$1.6B

Interest payable, 2030

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$1.1B

Interest payable, Thereafter

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—————$1.7B

Line of credit facility, maximum borrowing capacity

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$44.6B———$45.1B

Long-Term Debt, Current Maturities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$1.5B$1.8B$4.3B$3.6B$3.9B$5.6B

Long-Term Debt, Excluding Current Maturities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$84.6B$84.7B$84.2B$84.1B$86.5B$89.7B

Long-term debt (Note 18)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$84.6B$84.7B$84.2B$84.1B$86.5B$89.7B

Marketable securities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$14.7B———$14.3B

Other debt (including finance leases)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$838.0M$784.0M$810.0M$208.0M$218.0M$226.0M

Other Loans Payable, Long-Term, Noncurrent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$1.1B$1.2B$1.2B$1.2B$2.4B$2.4B

Outstanding term loan credit facilities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$1.4B———$1.8B

Payments for Restructuring

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$227.0M$141.0M$178.0M$67.0M$35.0M$178.0M

Proceeds from lines of credit

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$425.0M$425.0M$600.0M$600.0M$600.0M$600.0M

Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$1.3B———$2.0B

Public unsecured debt securities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$176.0M$176.0M$176.0M$348.0M$1.7B

Restricted Cash

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$108.0M$88.0M$93.0M$99.0M$107.0M$107.0M

Restructuring Reserve

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$1.3B$1.1B$999.0M$1.1B$1.3B$1.5B

Restructuring Reserve, Foreign Currency Translation Gain (Loss)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$29.0M—$32.0M$67.0M-$4.0M—

Restructuring Reserve, Translation and Other Adjustment

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$22.5M$22.5M-$24.5M-$24.5M-$24.5M-$24.5M

Sales proceeds

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$3.3B$1.3B$2.4B$992.0M$736.0M$2.0B

Short-term

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$17.3B$17.4B$17.1B$17.0B$17.5B$18.4B

Short-term debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$16.0B$16.2B$16.4B$15.9B$16.2B$16.4B

Term loan credit facilities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit————$1.0B$1.0B

Thereafter

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$4.0M———$6.0M

Third party guarantees of the credit facilities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—————$800.0M

Total cash and cash equivalents

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$747.0M$2.0B$1.1B$1.8B$8.8B$9.3B

Total estimated fair value of notes

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$2.2B———$2.4B

Total revenues (Note 4)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Blue$26.2B$27.3B$21.0B$25.8B$39.4B$59.8B
Ford Pro$15.7B$16.2B$15.2B$18.8B$17.4B$14.9B
Ford Credit$3.1B$3.3B$3.2B$3.2B$3.3B$3.4B
Ford Model e$1.2B$1.4B$1.2B$2.4B$1.9B$1.7B

Unsecured Long-term Debt, Noncurrent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit$14.9B$14.8B$14.8B$14.8B$14.6B$13.1B

Within 1 Year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Company excluding Ford Credit—$3.8B———$4.3B

Total Assets

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$156.4B$157.5B$154.2B$157.8B$160.6B$161.9B
Ford Blue$60.5B$58.8B$62.8B$64.1B$63.9B$63.3B
Ford Model e$17.5B$17.1B$16.2B$16.3B$17.4B$6.5B
Ford Pro$3.8B$3.5B$3.7B$4.6B$4.5B$4.2B

Cash outflow for capital spending

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Blue$1.1B———$1.2B—
Ford Credit$22.0M———$26.0M—
Ford Model e$777.0M———$821.0M—
Ford Pro$10.0M———$12.0M—

Depreciation and tooling amortization

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Blue$743.0M$730.0M$729.0M$764.0M$811.0M$884.0M
Ford Credit$611.0M$673.0M$618.0M$615.0M$642.0M$714.0M
Ford Pro$330.0M$348.0M$348.0M$349.0M$347.0M$353.0M
Ford Model e$129.0M$132.0M$138.0M$154.0M$151.0M$122.0M

Equity in net income/(loss) of affiliated companies (Note 14 and Note 23)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Pro$82.0M$172.0M$40.0M$96.0M$109.0M$136.0M
Ford Blue$69.0M$13.0M$62.0M$52.0M$48.0M$44.0M
Ford Model e-$13.0M-$14.0M-$20.0M-$17.0M-$54.0M-$31.0M
Ford Credit$10.0M$14.0M$10.0M$13.0M$13.0M$14.0M

Investment-related interest income

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$126.0M$107.0M$91.0M$91.0M$92.0M$83.0M
Ford Blue$47.0M$43.0M$48.0M$50.0M$49.0M$48.0M
Ford Pro$14.0M$14.0M$15.0M$15.0M$16.0M$17.0M
Ford Model e$1.0M$0.0$1.0M$1.0M$0.0$1.0M

Other segment items

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Blue$35.2B$35.5B$31.5B$38.7B$37.8B$34.9B
Ford Pro$13.8B$14.6B$13.9B$16.5B$15.4B$13.7B
Ford Credit$2.6B$2.8B$2.7B$2.6B$2.7B$2.7B
Ford Model e$2.5B$2.8B$2.2B$3.9B$3.3B$2.6B

Payments to acquire productive assets, spending attributable to electric vehicles

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Blue$206.0M$167.0M$163.0M$195.0M$128.0M—

Segment EBIT/EBT

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Blue$1.6B———$1.5B—
Ford Credit$544.0M———$631.0M—
Ford Model e-$1.2B———-$1.4B—
Ford Pro$1.8B———$2.0B—

Adjustment fair value hedging instruments unsecured debt, discontinued hedging relationships

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit-$536.0M-$450.0M-$374.0M-$411.0M-$336.0M—

Amount of reduction in depreciation expense on property subject to or held for lease

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$250.0M$250.0M$325.0M$325.0M$325.0M$325.0M

Balance of cash related contributions

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$0.0———$0.0

Carrying value of hedged debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$42.2B$41.1B$43.3B$41.8B$42.8B$41.7B

Cash contribution for collateral to support wholesale securitization program

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$0.0$0.0$0.0$0.0$0.0$0.0

Debt Securities, Available-for-sale

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$727.0M$706.0M$781.0M$754.0M$753.0M—

Derivative income/(expense)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$14.0M$14.0M-$9.0M-$9.0M-$9.0M-$9.0M

Fair value

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$100.8B$103.2B$98.7B$98.9B$100.5B$102.5B

Fair value adjustments

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit-$109.0M-$125.0M-$59.0M-$59.0M-$63.0M-$36.0M

Fair value adjustments, noncurrent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit-$528.0M-$919.0M-$589.0M-$272.0M-$174.0M-$204.0M

Finance lease receivables

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$5.4B———$8.8B

Finance leases, gross

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$8.8B$8.4B$8.8B$9.4B$9.3B$9.3B

Finance receivables, net

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$109.2B$111.6B$107.0B$107.5B$108.4B$110.6B

Financing Receivable, Allowance for Credit Loss

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$862.0M$864.0M$881.0M$890.0M$897.0M$911.0M

Financing receivable, allowance for credit loss, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$155.0M$160.0M$167.0M$160.0M$177.0M$173.0M

Financing Receivable, Allowance for Credit Losses, Other

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit-$3.0M-$11.0M$4.0M$10.0M$0.0$2.0M

Financing receivable, originated five or more years before latest fiscal year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$1.2B$846.0M$3.2B$2.4B$1.7B$1.2B

Financing receivable, originated four years before latest fiscal year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$4.2B$3.3B$4.6B$3.8B$3.0B$2.3B

Financing receivable, originated in current fiscal year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$29.2B$36.5B$7.2B$15.5B$24.0B$32.8B

Financing receivable, originated in fiscal year before latest fiscal year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$27.5B$24.5B$34.5B$32.4B$29.7B$27.1B

Financing receivable, originated, more than five years before current fiscal year, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$12.0M$8.0M$19.0M$12.0M$13.0M$10.0M

Financing receivable, originated three years before latest fiscal year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$6.9B$5.6B$10.8B$9.4B$7.8B$6.5B

Financing receivable, originated two years before latest fiscal year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$14.6B$12.5B$22.2B$20.1B$17.7B$15.4B

Financing receivable, percent of consumer finance receivables

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit100.0%100.0%100.0%100.0%100.0%100.0%

Financing Receivable, Wholesale Loans, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$0.0$0.0$1.0M$10.0M-$1.0M$0.0

Financing receivable, year five, originated, four years before current fiscal year, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$15.0M$12.0M$16.0M$14.0M$13.0M$11.0M

Financing receivable, year four, originated, three years before current fiscal year, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$16.0M$16.0M$35.0M$29.0M$32.0M$28.0M

Financing receivable, year one, originated, current fiscal year, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$16.0M$32.0M$1.0M$3.0M$13.0M$25.0M

Financing receivable, year three, originated, two years before current fiscal year, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$41.0M$37.0M$50.0M$42.0M$50.0M$45.0M

Financing receivable, year two, originated, fiscal year before current fiscal year, writeoff

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$55.0M$55.0M$45.0M$47.0M$56.0M$57.0M

Ford Credit finance receivables, net of allowance for credit losses of $247 and $261 (Note 10)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$49.3B$51.9B$48.0B$47.6B$48.2B$49.1B

Ford Credit finance receivables, net of allowance for credit losses of $617 and $650 (Note 10)

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$59.9B$59.8B$59.0B$59.9B$60.1B$61.4B

Ford Credit interest on debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$1.9B———$1.8B—

Ford Credit interest, operating, and other expenses

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$2.7B$2.9B$2.7B$2.7B$2.8B$2.9B

Ford credit segment recognized interest revenue

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$725.0M$725.0M$750.0M$750.0M$750.0M$750.0M

Interest expense on securitization debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$700.0M$700.0M$625.0M$625.0M$625.0M$625.0M

Interest rate, stated percentage

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—4.8%———4.7%

Interest receivable

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$303.0M$335.0M$310.0M$291.0M$288.0M—

Long-term Debt, Maturities, Repayments of Principal after Year Five

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$12.1B———$11.3B

Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$53.3B———$51.8B

Long-term Debt, Maturities, Repayments of Principal in Year Five

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$9.0B———$11.1B

Long-term Debt, Maturities, Repayments of Principal in Year Four

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$12.1B———$13.2B

Long-term Debt, Maturities, Repayments of Principal in Year Three

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$20.2B———$23.8B

Long-term Debt, Maturities, Repayments of Principal in Year Two

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$32.4B———$30.8B

Net finance receivables subject to fair value

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$101.0B$103.8B$98.7B$98.6B$99.6B$101.8B

Operating lease depreciation expense

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$620.5M$620.5M$630.5M$630.5M$630.5M$630.5M

Other

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$2.2B———$2.2B

Percent

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit100.0%100.0%100.0%100.0%100.0%100.0%

Provision for Credit Losses

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$99.0M$132.0M$140.0M$114.0M$135.0M$139.0M

Recorded investment

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$110.1B$112.5B$107.9B$108.4B$109.3B$111.5B

Recoveries

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$41.0M$38.0M$40.0M$45.0M$48.0M$47.0M

Related Party Transaction Unearned Interest Supplements From Transactions With Related Party

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$4.6B$4.6B$4.5B$4.3B$4.3B$4.5B

Retail financing, gross

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$88.2B$87.8B$87.0B$87.9B$88.2B$89.7B

Revenue from finance leases

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$137.0M$139.0M$137.0M$148.0M$146.0M$145.0M

Secured debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$60.4B———$59.5B

Total debt payable within one year

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$52.0B$53.2B$50.2B$53.3B$53.7B—

Trade and other receivables

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—$8.2B———$7.1B

Unearned interest supplements and residual support

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit—-$6.5B———-$6.8B

Unsecured debt/Asset-backed debt

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$21.9B$23.1B$19.1B$22.0B$22.1B$19.8B

Wholesale Loans

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Credit$25.5B$28.3B$24.4B$23.7B$24.4B$25.2B

Goodwill, impairment loss

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Model e—————$215.0M

Impairment Charges

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Model e—————$8.1B

Impairment charges, including goodwill

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Model e——$325.0M$325.0M$325.0M$325.0M

Supplier and other contract cancellation expenses

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Ford Model e—————$1.2B