Transcripts
Ford Motor Company's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q1 FY2026 Earnings Call — Q1 FY2026
Ford's newest strategy in management's words — parts-and-software as a high-margin annuity, the Ford Energy bet, and how the truck franchise stays defended. · Open the full transcript →
How mix, not volume, drives Ford Blue: off-road trims are 25% of volume and "relatively more profitable."
Andrew Frick (President, Ford Blue and Model e); James Farley (President and CEO): Yes, that is part of our strategy. It's a big piece of why our Blue business is doing well overall. […] And we actually grew our share in the off-road space, which accounts for 25% of our volume, but our share actually grew by 0.7 points, which was really important. That's because we're able to lean into multiple vehicles now, series like Tremor and Raptor, and really drive those mixes. So it is relatively more profitable, and it all plays back to our overall strategy of leaning into our profit pillars and winning with passion products. […] No boring products.
p. 6 · Read in context →
Q4 & Full-Year FY2025 Earnings Call — Q4 FY2025
Full-year framing — segment-by-segment economics, the EV strategy reset, and the aluminum-supply shock the business is absorbing. · Open the full transcript →
The four profit engines in numbers: Ford Pro's $6.8B EBIT, Model e's $4.8B loss, Blue's $3B, Ford Credit's $2.6B.
Sherry House (CFO): Now turning to segment highlights. Ford Pro once again demonstrated its importance and persistence as a key profit pillar for Ford by delivering more than $66 billion of revenue and EBIT of $6.8 billion with a double-digit margin. […] Paid software subscriptions grew by 30% last year. […] EBIT losses for the year improved to a $4.8 billion loss, reflecting fewer losses on Gen one products partially offset by increased investment in our Gen two products as we prepare for the launch of our UEV platform in 2027. […] Blue delivered $3 billion in EBIT as lower warranty, other cost improvements, and growth in software and physical services were more than offset by planned and unplanned lost production and adverse exchange. Ford Credit delivered full-year EBT of $2.6 billion and distributions of $1.7 billion. EBT was up 55% for the year, reflecting improved financing margin. Ford Credit continues to originate a high-quality book with U.S. retail and lease FICO scores exceeding 750.
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Absorbing the Novelis aluminum-fire shock: a $2B 2025 hit, $1.5–2B of temporary supply costs, and a contingency plan.
Joseph Spak (Analyst); Sherry House (CFO); Kumar Galhotra (Chief Operating Officer): So, basically, we'd have nonrecurrence of the $2 billion from last year. Right? So that would start your 2026 better. And then we had planned on being able to make up about $1 billion of that. Now we think it's probably a half a billion to $1 billion. So that's how I said top line, 2.5 to three, but we have temporary costs. Those are going to be 1.5 to 2. So when you take that off, that gets you with the net positive $1 billion for the year. […] We have a contingency plan to secure sufficient supply for various scenarios no matter where we end up with the start date between May and September.
p. 6 · Read in context →
Q3 FY2024 Earnings Call — Q3 FY2024
The strategy reset — cutting EV capacity, leaning into hybrids and Ford Pro, and the discipline behind holding cash rather than buying back stock. · Open the full transcript →
The EV reset, stated plainly: volumes up 35% but revenue flat, capacity cut 35%, every EV to be profitable within 12 months.
Jim Farley (President and CEO): No doubt there's a global price war and it's fueled by overcapacity, a flood of new EV nameplates, and massive compliance pressure. In our home market in the US, no OEM is immune. Since Q1 of last year, EV volumes have grown 35%, while revenues in total are flat at $14 billion. That means the progress on volume has been fully offset by prices. We're expecting roughly 150 new EV nameplates to hit North America by the end of 2026. […] What we're doing about these market dynamics? Well, we're focused on cost. We've already reduced $1 billion in our EV costs this year. We remade our battery footprint. We trimmed our capacity by 35%, in line with where we think the market will be in a few years. […] We're shifting new launches, focusing on getting the products we do have in our EV portfolio profitable within the first 12 months, and we're deep into the design and engineering of our next-generation vehicles.
p. 1 · Read in context →
Why powertrain choice is a moat: a nearly 80% share of hybrid pickups, and #1 ICE, #2 EV, #3 hybrid in the US.
Jim Farley (President and CEO): Another strength is our diverse powertrain lineup. For example, in the US, the hybrid pickup sales at Ford have more than doubled in the past two years. We now have a nearly 80% market share of hybrid pickups. A lot of our competitors shunned hybrids and now they're scrambling, but it's going to take them years to catch up. Interestingly, in our home market, Ford is the #1 ICE brand, the #2 EV brand, and the #3 hybrid brand.
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Q1 FY2023 Earnings Call — Q1 FY2023
The debut of the Ford Blue / Model e / Ford Pro structure — how each segment is meant to make money, in management's own words. · Open the full transcript →
The EV profit philosophy at its debut: "we are not going to price just to gain market share" — unlike the "pure EV players."
Jim Farley (President and CEO); Adam Jonas (Morgan Stanley): So, I would say the message from me as the CEO is that we are not going to price just to gain market share. We will always balance a healthy profit road map. In the first generation of products, it's pretty challenging because we didn't know what we didn't know four years ago when we designed them. But now we're two years into designing the second cycle. And in Capital Markets Day, we will take you through why we believe that 8% margin is totally realistic despite all the pricing pressure that we will absolutely get because everyone wants to grow. So I would say we're quite different than maybe some of the pure EV players that are pricing just for growth. We will always balance that because we want a profitable EV business, and we're pulling every lever we can in the first-gen products. The second gen is where we can really make hay.
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Where Ford Pro's profit really comes from: small and medium businesses that have waited three to four years for trucks.
Jim Farley (President and CEO): On Pro, I just want to highlight a few things, John. There was a huge backorder of vehicle pent-up demand for small business in the U.S. and Europe that is still not even close to being satisfied. […] But most of the real profitable Pro business is small and medium-sized business, and they have been waiting literally three to four years for their Transit and Super Duties.
p. 18 · Read in context →
The clearest statement of the model: services are an annuity, and vehicles must hit 8% EBIT on their own.
John Murphy (Bank of America Merrill Lynch); Jim Farley (President and CEO): do you think in five years' time plus that you're going to be sort of selling the vehicles hardware and making all the money on the back end? I mean, how should we think about sort of the balance of how the money is earned on vehicles going forward? […] Well, that business model – I mean, outside of maybe Tesla, that business model is live and well at Ford right now in Pro. So, when I answer your question, please understand that we are operating that kind of business, where our after-sales and software is now large 30-plus percent attach rates. And I would say the answer is I am not giving any relief to my vehicle teams for software sales or any kind of margin advantage. They – those products have to get to 8% on their own. […] That's an annuity we want to create, and we do not want to commoditize our products. That is not our strategy. Maybe someone else's, but not ours.
p. 19 · Read in context →
More calls
Q3 FY2025 Earnings Call — Q3 FY2025 · 12 pages · Tariff mechanics laid out — the roughly $1B net receivable, the elimination of ~$2.5B in emissions-compliance costs, and Ford Credit's move into subprime F-150 lending. · Open →
Q2 FY2025 Earnings Call — Q2 FY2025 · 13 pages · Ford's first full quarter managing the 2025 tariff regime, with the cost-recovery and pricing playbook. · Open →
Q1 FY2025 Earnings Call — Q1 FY2025 · 10 pages · The quarter Ford suspended full-year guidance on tariff uncertainty — the clearest read on tariff exposure and mitigation levers. · Open →
Q4 & Full-Year FY2024 Earnings Call — Q4 FY2024 · 12 pages · Full-year 2024 results and the 2025 operating plan under John Lawler. · Open →
Q4 & Full-Year FY2023 Earnings Call — Q4 FY2023 · 43 pages · Full-year 2023 (the UAW-strike year) and the original Ford+ capital-returns and long-term margin framing. · Open →
Q3 FY2021 Earnings Call — Q3 FY2021 · 41 pages · Early in Farley's tenure — the original Ford+ turnaround thesis, before the Blue/Model e/Pro segment split. · Open →