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Thu, 29 Oct 2026
BreakingEarnings

Ford raises the floor of its 2026 adjusted EBIT outlook to $10.5bn

Adjusted EPS of $0.49 topped the $0.39 Zacks consensus, but revenue fell 2% to $49.5bn and wholesales dropped 9%. Shares were about 0.6% lower pre-market at 07:14 ET, per Nasdaq.com, and still moving.

By AI markets desk·Sources: 4 sources·Published ·AI-generated·3 min read
Key facts
  • Revenue · Q3 202649.5 $bn -2% vs Q3 2025 ($50.5bn)
  • Adjusted EPS (non-GAAP, diluted) · Q3 20260.49 $ $0.45 in Q3 2025
  • EPS (GAAP, diluted) · Q3 20260.50 $ $0.60 in Q3 2025
  • Adjusted EBIT (non-GAAP) · Q3 20262.7 $bn Margin 5.4%, from 5.1%
  • 2026 adjusted EBIT outlook (non-GAAP) · Guidance issued 28 October 202610.5-11 $bn Was $10bn-$11bn (28 July)
  • Wholesale units · Q3 20261.049 m -9% vs Q3 2025 (1.156m)

Ford Motor Company lifted the bottom of its full-year 2026 adjusted EBIT range on 28 October 2026 and now expects $10.5bn-$11bn, up from the $10bn-$11bn it guided to on 28 July, according to its third-quarter release. It kept its adjusted free cash flow outlook at $6bn-$7bn and capital spending at $9.5bn-$10.5bn. Adjusted diluted EPS, a non-GAAP measure, was $0.49 in the quarter to 30 September 2026, against $0.45 a year earlier. That beat the $0.39 Zacks consensus from seven estimates shown on Nasdaq.com on 29 October. The bases match: Zacks records Ford's second-quarter EPS as $0.42, the same as the company's adjusted figure in its July release.

Outlook changeRaised

Adjusted EBIT (non-GAAP) FY 2026

New$10.5bn – $11bn

Previous range issued 28 July 2026

Source: Ford Q3 and Q2 2026 results releases (Form 8-K, Exhibit 99), Guidance issued 28 October 2026.

On a GAAP basis, third-quarter revenue was $49.5bn, 2% below the $50.5bn of a year earlier, and net income attributable to Ford was $2.05bn, against $2.45bn. GAAP diluted EPS fell to $0.50 from $0.60. Adjusted EBIT, a non-GAAP measure, rose to $2.66bn from $2.59bn, lifting the adjusted EBIT margin to 5.4% from 5.1%. Wholesale units fell to 1.049m from 1.156m. Operating cash flow dropped to $5.4bn from $7.4bn, while adjusted free cash flow, also non-GAAP, rose to $4.7bn from $4.3bn.

Ford Blue, the petrol and hybrid business, earned $1.39bn of EBIT, down 10% from $1.54bn a year earlier; Ford blamed mainly lower volumes after product discontinuations, the Middle East conflict's effect in that region and higher commodity costs. Ford Pro, the commercial unit, earned $1.67bn, down 16% from $1.99bn, which it put down to commodity costs and temporary launch costs for Super Duty output at its Oakville plant in Canada. The electric unit, Ford Model e, cut its EBIT loss to $1.06bn from $1.41bn on wholesales of 34,000 vehicles, against 50,000. Ford Credit's pre-tax earnings rose 27% to $803m.

Within the new outlook, Ford now sees Ford Blue EBIT of about $5.5bn, against $5bn-$5.5bn in July, Ford Pro of about $7bn, against $7bn-$7.5bn, and Model e losses of about $4bn. It assumes a US selling rate of 16.5m vehicles a year, commodity headwinds approaching $2.5bn and $1bn of material and warranty cost cuts, a figure that excludes tariffs and Novelis. The guidance excludes a significant escalation of the Middle East conflict or a material US downturn, either of which Ford said could hit industry demand substantially.

In the release, chief executive Jim Farley said cost actions and record growth in parts and software services were "moving us toward an 8% adjusted EBIT margin by 2029". Ford declared a regular fourth-quarter dividend of 15 cents a share, payable on 1 December to holders of record on 10 November. The shares closed the regular session on 28 October at $11.95. In pre-market trading on 29 October they were at $11.88 at 07:14 ET (12:14 CET), about 0.6% below that close by Polstob's calculation, according to Nasdaq.com. Pre-market prices can change before the regular session opens at 09:30 ET (14:30 CET) on 29 October.