Ford Motor (F) official guidance

Adjusted free cash flow and capital expenditures expectations remain at $6 billion to $7 billion and $9.5 billion to $10.5 billion, respectively.

Capital expenditures remain unchanged at $9.5 billion-$10.5 billion as we invest in higher return growth opportunities.

• Capital expenditures of $9.5 billion to $10.5 billion, unchanged from prior guidance

For the full year, we now expect company-adjusted EBIT of $8.5 billion-$10.5 billion, adjusted free cash flow of $5 billion-$6 billion, and CapEx of $9.5 billion-$10.5 billion, which reflects our shift toward higher-return growth opportunities, including $1.5 billion for Ford Energy this year.

The company also expects adjusted free cash flow of $5.0 billion to $6.0 billion and capital expenditures of $9.5 billion to $10.5 billion, which reflects its shift toward higher-return growth opportunities, including $1.5 billion for Ford Energy.

For the full year, we expect company-adjusted EBIT of $8 billion-$10 billion, adjusted free cash flow of $5 billion-$6 billion, and capital expenditures of $9.5 billion-$10.5 billion as we shift capital to higher-return growth opportunities across our portfolio, including roughly $1.5 billion for Ford Energy.

For full-year 2026, Ford anticipates company adjusted EBIT of $8.0 billion to $10.0 billion; adjusted free cash flow of $5.0 billion to $6.0 billion; and capital expenditures of $9.5 billion to $10.5 billion, including around $1.5 billion to begin ramping Ford Energy.

Company guidance assumes a U.S. SAAR of 16.5 million units; commodity headwinds approaching $2.5 billion year-over- year; U.S. industry pricing about 100 basis points higher year-over-year; and $1 billion in material and warranty cost reductions, excluding tariffs and Novelis.

Our guidance continues to assume a U.S. SAAR of 16 million-16.5 million units, commodity headwinds of just above $2 billion, and we remain on track to deliver $1 billion in material and warranty cost reductions in 2026, enabling our increased investments in UEV and Ford Energy.

We now expect commodity headwinds of just above $2 billion, about $1 billion higher than our previous estimate, largely due to higher aluminum pricing driven by global supply constraints.

EBIT outlook assumptions include a favorable one-time $1.3 billion IEEPA tariff benefit; net $1 billion improvement from the Novelis recovery; commodity headwinds of about $2 billion, $1 billion higher than the previous estimate, led by aluminum (excluding Novelis-related aluminum costs); tariff impacts of about $1 billion (excluding IEEPA benefit and Novelis temporary costs); on track for $1 billion in material and warranty cost reductions; and about $1 billion of incremental investment in Model e to support the ramp of the Universal EV platform and Ford Energy.

Company guidance assumes a U.S. SAAR of 16.5 million units; commodity headwinds approaching $2.5 billion year-over- year; U.S. industry pricing about 100 basis points higher year-over-year; and $1 billion in material and warranty cost reductions, excluding tariffs and Novelis.

Our guidance continues to assume a U.S. SAAR of 16 million-16.5 million units, commodity headwinds of just above $2 billion, and we remain on track to deliver $1 billion in material and warranty cost reductions in 2026, enabling our increased investments in UEV and Ford Energy.

• On track to deliver approximately $1 billion in material and warranty cost reductions, offset by approximately $1 billion of investment in Universal EV and Ford Energy

We are on track to deliver another over $1 billion in material and warranty cost improvements this year.

EBIT outlook assumptions include a favorable one-time $1.3 billion IEEPA tariff benefit; net $1 billion improvement from the Novelis recovery; commodity headwinds of about $2 billion, $1 billion higher than the previous estimate, led by aluminum (excluding Novelis-related aluminum costs); tariff impacts of about $1 billion (excluding IEEPA benefit and Novelis temporary costs); on track for $1 billion in material and warranty cost reductions; and about $1 billion of incremental investment in Model e to support the ramp of the Universal EV platform and Ford Energy.

For cost, we plan to deliver another $1 billion of cost improvements across our industrial system, which will be redeployed to strategic accretive ICE and hybrid cycle plan actions.

By segment, the company now expects Ford Blue EBIT of about $5.5 billion; Ford Pro EBIT of about $7 billion; Ford Model e losses of about $4 billion; and Ford Credit EBT of about $2.8 billion.

For Ford Credit, EBT is now expected to be above $2.5 billion.

• Ford Credit earnings before taxes above $2.5 billion (from about $2.5 billion)

Our full-year segment outlook stays steady with Ford Pro EBIT of $6.5 billion-$7.5 billion, Ford Model e losses of $4 billion-$4.5 billion, Ford Credit EBT of about $2.5 billion, and for Ford Blue, we have increased our guidance by $500 million to $4.5 billion-$5 billion, driven by a stronger underlying business.

Full-year segment outlooks include Ford Pro EBIT of $6.5 billion to $7.5 billion, Ford Blue EBIT of $4.5 billion to $5.0 billion (raised from $4.0 billion to $4.5 billion), Model e losses of $4.0 billion to $4.5 billion, and Ford Credit EBT of about $2.5 billion.

Lastly, Ford Credit's EBT will be about $2.5 billion.

Ford Credit EBT is expected to be about $2.5 billion.

By late next year, we expect to reach 20 GWh of annual capacity for Ford Energy, and we have potential to expand beyond that.

Well, as you know, we are committed to over 20 GWh of capacity starting in the fourth quarter of next year.

Adjusted free cash flow and capital expenditures expectations remain at $6 billion to $7 billion and $9.5 billion to $10.5 billion, respectively.

An increase in adjusted free cash flow to $6 billion-$7 billion, which now includes flow-through of this higher EBIT and our expectation to receive in 2026 about $500 million of the $1.3 billion IEEPA reimbursement we booked in Q1.

• Adjusted free cash flow of $6.0 billion to $7.0 billion (from $5.0 billion to $6.0 billion), which now includes expected 2026 cash recovery of approximately $500 million of the $1.3 billion IEEPA reimbursement recorded in the first quarter

For the full year, we now expect company-adjusted EBIT of $8.5 billion-$10.5 billion, adjusted free cash flow of $5 billion-$6 billion, and CapEx of $9.5 billion-$10.5 billion, which reflects our shift toward higher-return growth opportunities, including $1.5 billion for Ford Energy this year.

The company also expects adjusted free cash flow of $5.0 billion to $6.0 billion and capital expenditures of $9.5 billion to $10.5 billion, which reflects its shift toward higher-return growth opportunities, including $1.5 billion for Ford Energy.

For the full year, we expect company-adjusted EBIT of $8 billion-$10 billion, adjusted free cash flow of $5 billion-$6 billion, and capital expenditures of $9.5 billion-$10.5 billion as we shift capital to higher-return growth opportunities across our portfolio, including roughly $1.5 billion for Ford Energy.

For full-year 2026, Ford anticipates company adjusted EBIT of $8.0 billion to $10.0 billion; adjusted free cash flow of $5.0 billion to $6.0 billion; and capital expenditures of $9.5 billion to $10.5 billion, including around $1.5 billion to begin ramping Ford Energy.

Company guidance assumes a U.S. SAAR of 16.5 million units; commodity headwinds approaching $2.5 billion year-over- year; U.S. industry pricing about 100 basis points higher year-over-year; and $1 billion in material and warranty cost reductions, excluding tariffs and Novelis.

For U.S. industry pricing, we now expect full-year to be about a half a point higher at plus 50 basis points.

• Full-year U.S. industry net pricing up about 0.5%

Our guidance continues to assume a U.S. SAR of 16 million-16.5 million units in flat industry pricing.

The company continues to assume a U.S. SAAR of 16.0 million to 16.5 million and flat industry pricing.

Our full-year outlook for the industry assumes a U.S. SAAR of $16-$16.5 million in flat industry pricing.

Company guidance assumes a U.S. SAAR of 16.5 million units; commodity headwinds approaching $2.5 billion year-over- year; U.S. industry pricing about 100 basis points higher year-over-year; and $1 billion in material and warranty cost reductions, excluding tariffs and Novelis.

Our guidance continues to assume a U.S. SAAR of 16 million-16.5 million units, commodity headwinds of just above $2 billion, and we remain on track to deliver $1 billion in material and warranty cost reductions in 2026, enabling our increased investments in UEV and Ford Energy.

• U.S. seasonally adjusted annual selling rate (SAAR) of 16.0 million to 16.5 million units

Our guidance continues to assume a U.S. SAR of 16 million-16.5 million units in flat industry pricing.

The company continues to assume a U.S. SAAR of 16.0 million to 16.5 million and flat industry pricing.

Our full-year outlook for the industry assumes a U.S. SAAR of $16-$16.5 million in flat industry pricing.

Reflecting confidence in its full-year trajectory and planned investment cadence, Ford now expects full-year adjusted EBIT between $10.5 billion and $11 billion.

• Adjusted EBIT of $10.0 billion to $11.0 billion (from $8.5 billion to $10.5 billion)

Accordingly, we're raising our full-year adjusted EBIT guidance to between $8.5 billion and $10.5 billion.

By segment, the company now expects Ford Blue EBIT of about $5.5 billion; Ford Pro EBIT of about $7 billion; Ford Model e losses of about $4 billion; and Ford Credit EBT of about $2.8 billion.

For our full-year segment outlook, we now expect an increase in Ford Blue's EBIT range to $5 billion-$5.5 billion, a narrowing of Ford Pro's EBIT range to $7 billion-$7.5 billion, an improvement in Model e losses to about $4 billion.

• Ford Blue EBIT of $5.0 billion to $5.5 billion (from $4.5 billion to $5.0 billion)

Full-year segment outlooks include Ford Pro EBIT of $6.5 billion to $7.5 billion, Ford Blue EBIT of $4.5 billion to $5.0 billion (raised from $4.0 billion to $4.5 billion), Model e losses of $4.0 billion to $4.5 billion, and Ford Credit EBT of about $2.5 billion.

For Ford Blue, we expect EBIT of $4 billion-$4.5 billion, reflecting improvement in the underlying business as we recover from Novelis, favorable mix as we lean into our revenue and profit pillars and continued progress on cost.

At the segment level, the EBIT outlook for Ford Pro is $6.5 billion to $7.5 billion; Ford Blue is $4.0 billion to $4.5 billion; and a loss of $4.0 billion to $4.5 billion for Ford Model e.

By segment, the company now expects Ford Blue EBIT of about $5.5 billion; Ford Pro EBIT of about $7 billion; Ford Model e losses of about $4 billion; and Ford Credit EBT of about $2.8 billion.

For our full-year segment outlook, we now expect an increase in Ford Blue's EBIT range to $5 billion-$5.5 billion, a narrowing of Ford Pro's EBIT range to $7 billion-$7.5 billion, an improvement in Model e losses to about $4 billion.

• Ford Model e loss of approximately $4.0 billion (from loss of $4.0 billion to $4.5 billion); this includes about $1 billion in incremental investment for the Universal Electric Vehicle (UEV) platform and Ford Energy, mostly weighted toward the second half of the year

Our full-year segment outlook stays steady with Ford Pro EBIT of $6.5 billion-$7.5 billion, Ford Model e losses of $4 billion-$4.5 billion, Ford Credit EBT of about $2.5 billion, and for Ford Blue, we have increased our guidance by $500 million to $4.5 billion-$5 billion, driven by a stronger underlying business.

Full-year segment outlooks include Ford Pro EBIT of $6.5 billion to $7.5 billion, Ford Blue EBIT of $4.5 billion to $5.0 billion (raised from $4.0 billion to $4.5 billion), Model e losses of $4.0 billion to $4.5 billion, and Ford Credit EBT of about $2.5 billion.

We expect losses of $4 billion-$4.5 billion for Ford Model E.

At the segment level, the EBIT outlook for Ford Pro is $6.5 billion to $7.5 billion; Ford Blue is $4.0 billion to $4.5 billion; and a loss of $4.0 billion to $4.5 billion for Ford Model e.

We continue to target Model E reaching break-even in 2029.

By segment, the company now expects Ford Blue EBIT of about $5.5 billion; Ford Pro EBIT of about $7 billion; Ford Model e losses of about $4 billion; and Ford Credit EBT of about $2.8 billion.

For our full-year segment outlook, we now expect an increase in Ford Blue's EBIT range to $5 billion-$5.5 billion, a narrowing of Ford Pro's EBIT range to $7 billion-$7.5 billion, an improvement in Model e losses to about $4 billion.

• Ford Pro EBIT of $7.0 billion to $7.5 billion (from $6.5 billion to $7.5 billion)

Our full-year segment outlook stays steady with Ford Pro EBIT of $6.5 billion-$7.5 billion, Ford Model e losses of $4 billion-$4.5 billion, Ford Credit EBT of about $2.5 billion, and for Ford Blue, we have increased our guidance by $500 million to $4.5 billion-$5 billion, driven by a stronger underlying business.

Full-year segment outlooks include Ford Pro EBIT of $6.5 billion to $7.5 billion, Ford Blue EBIT of $4.5 billion to $5.0 billion (raised from $4.0 billion to $4.5 billion), Model e losses of $4.0 billion to $4.5 billion, and Ford Credit EBT of about $2.5 billion.

Our segment outlook anticipates another robust year at Ford Pro with EBIT of $6.5 billion-$7.5 billion.

At the segment level, the EBIT outlook for Ford Pro is $6.5 billion to $7.5 billion; Ford Blue is $4.0 billion to $4.5 billion; and a loss of $4.0 billion to $4.5 billion for Ford Model e.

In addition, our cost actions and record growth in software services and parts demonstrate how we’re growing beyond the vehicle sale and moving us toward an 8% adjusted EBIT margin by 2029.

The takeaway from my perspective is we closed last year a much stronger business with a solid foundation to achieve our target of 8% adjusted EBIT by 2029.

Moving forward, we’ll continue building on our strong foundation to achieve our target of 8% adjusted EBIT margin by 2029.

For the full-year, the company raised its adjusted EBIT guidance to $8.5 billion to $10.5 billion, up from $8.0 billion to $10.0 billion.

For the full year, we expect company-adjusted EBIT of $8 billion-$10 billion, adjusted free cash flow of $5 billion-$6 billion, and capital expenditures of $9.5 billion-$10.5 billion as we shift capital to higher-return growth opportunities across our portfolio, including roughly $1.5 billion for Ford Energy.

For full-year 2026, Ford anticipates company adjusted EBIT of $8.0 billion to $10.0 billion; adjusted free cash flow of $5.0 billion to $6.0 billion; and capital expenditures of $9.5 billion to $10.5 billion, including around $1.5 billion to begin ramping Ford Energy.