DEARBORN, Michigan, August 31, 2026, 09:36 (EDT) — Ford (F.N) shares slipped 0.5% on Tuesday as the automaker reported adjusted earnings of $2.5 billion, offset by a net loss of $1.3 billion.
- Ford ended Friday at $13.88, a decrease of 0.5%, and traded at $13.87 in pre-market activity ahead of Monday’s open.
- Adjusted EBIT for the second quarter increased by 17% to $2.50 billion, even as revenue fell 4%.
- Ford reported a net loss of $1.33 billion, affected by a $4.18 billion charge related to special items.
- The consensus analyst target of $15.81 suggests a potential gain of roughly 14% from Friday’s closing price.
Ford Motor Company (NYSE: F) shares fell 0.5% on Friday, as investors balanced better performance on the operational side with a sizable accounting loss. Early Monday, the stock last traded at $13.87, a 0.1% drop from its $13.88 Friday close MarketWatch.
Profit quality, not the headline loss
Investor dashboard · Market data through August 31, 2026, 09:36 EDT · Financials through Q2 2026
Price position
Analyst target map
Q2 operating bridge
| Measure | Q2 ’25 | Q2 ’26 | Move |
|---|---|---|---|
| Revenue | $50.2B | $48.3B | -3.8% |
| Adjusted EBIT | $2.14B | $2.50B | +17.0% |
| Adj. EBIT margin | 4.3% | 5.2% | +0.9 pt |
| Adjusted EPS | $0.37 | $0.42 | +13.5% |
| Net income/(loss) | -$36M | -$1.33B | Wider loss |
Segment EBIT: where the gain came from
| Segment | Q2 ’26 | YoY change |
|---|---|---|
| Ford Blue | $1.14B | +$474M |
| Model e | -$919M | +$410M |
| Ford Pro | $1.72B | -$600M |
| Ford Credit | $757M | +$112M |
2026 guidance and implied second half
Valuation and financial signals
| FY2026 EPS estimate | $1.85 |
| Price / estimated EPS | 7.5× |
| Dividend yield | 4.32% |
| Cash and securities | $31.6B |
| Company debt, ex-Credit | $23.6B |
| Friday volume / 65-day average | 75% |
Investor bridge
Ford’s adjusted EBIT rose 17% even as revenue fell 4%. Blue pricing and a smaller Model e loss did the heavy lifting, while Ford Pro slipped. The $1.33 billion GAAP loss chiefly reflects strategic reversals already captured in $4.18 billion of special items. The shares trade at about 7.5 times estimated 2026 earnings, but the discount will persist unless cash conversion and Pro margins recover.
Watch: Pro marginWatch: Model e lossWatch: warranty costsWatch: tariffsRisk monitor
Tariffs, pricing pressure, warranty expense and supply disruption can erase the margin gain. More EV cancellations could trigger further charges. Higher delinquencies or used-vehicle weakness would pressure Ford Credit.
The divide is clear. Adjusted operating profit increased by 17% in the second quarter, whereas revenue dropped almost 4%. However, special items totaling $4.18 billion led to a net loss of $1.33 billion.
| Market snapshot | Value | Investor read-through |
|---|---|---|
| Friday close | $13.88; -0.50% | Limited movement after profit and charges breakdown |
| Monday premarket | $13.87; -0.07% at 07:49 EDT | Pricing steady ahead of market open |
| Friday volume | 40.25 million | At 75% of the 65-day average |
| 52-week range | $11.11–$17.78 | Shares currently 22% off 52-week peak |
| Dividend yield | 4.32% | Offers income, yet trails long-term Treasury yields |
Ford posted quarterly revenue of $48.3 billion. Adjusted EBIT was $2.50 billion, pushing the margin up by 0.9 percentage point to 5.2%. Adjusted earnings increased to $0.42 per share Ford’s SEC filing.
| Second-quarter measure | 2025 | 2026 | Change |
|---|---|---|---|
| Revenue | $50.2 billion | $48.3 billion | -3.8% |
| Adjusted EBIT | $2.14 billion | $2.50 billion | +17.0% |
| Adjusted EBIT margin | 4.3% | 5.2% | +0.9 point |
| Adjusted EPS | $0.37 | $0.42 | +13.5% |
| Net income/(loss) | -$36 million | -$1.33 billion | Loss increased |
Ford’s operating results improved overall but remained inconsistent across segments. Ford Blue contributed an additional $474 million in EBIT. Model e reduced its loss by $410 million, and Ford Credit saw an increase of $112 million.
Ford Pro reported a decline in EBIT, dropping $600 million to $1.72 billion, with the decrease partly attributed to a disruption in aluminum supply. The commercial division maintained a 9.7% margin.
| Segment EBIT | Q2 2025 | Q2 2026 | Year-on-year move |
|---|---|---|---|
| Ford Blue | $661 million | $1.14 billion | up $474 million |
| Model e | -$1.33 billion | -$919 million | improved by $410 million |
| Ford Pro | $2.32 billion | $1.72 billion | down $600 million |
| Ford Credit | $645 million | $757 million | increased by $112 million |
The composition is more significant than the overall loss. Blue pricing and product mix contributed to balancing out softer wholesale figures. Model e’s narrowed loss supported EV financials, though the unit continued to absorb considerable profit.
The special-items bill comprised approximately $3.6 billion relating to a battery joint venture, along with around $500 million associated with cancelled electric-vehicle projects. While these charges are omitted from adjusted EBIT, they constitute genuine reversals in capital allocation.
| 2026 framework | Company outlook | Implied second half |
|---|---|---|
| Adjusted EBIT | $10–$11 billion | $4.01–$5.01 billion following $5.99 billion in H1 |
| Adjusted free cash flow | $6–$7 billion | Enables investment as well as regular dividend |
| Cash and securities | $31.6 billion at June 30 | Ford Credit assets included |
| Company debt | $23.6 billion | Ford Credit debt not factored in |
The outlook for the full year projects adjusted EBIT between $10 billion and $11 billion, and adjusted free cash flow of $6 billion to $7 billion. With first-half EBIT at $5.99 billion, the updated forecast suggests a weaker performance in the second half.
Wall Street maintains a cautiously optimistic stance. According to FactSet, analysts have assigned seven Buy ratings, one Overweight, 13 Holds, one Underweight and one Sell. The consensus price target stands at $15.81, representing a 13.9% premium to Friday’s closing price WSJ/FactSet.
| Analyst measure | Value | Vs. $13.88 close |
|---|---|---|
| Average target | $15.81 | +13.9% |
| Median target | $15.50 | +11.7% |
| High target | $20.00 | +44.1% |
| Low target | $11.00 | -20.7% |
| FY2026 EPS estimate | $1.85 | 7.5× Friday price |
Ford’s market value of $55.4 billion and a dividend yield of 4.3% provide investors with a relatively low-priced entry point. However, this valuation comes with a discount that also highlights execution risks, notably within Ford Pro and Model e.
Risks: Margins may face pressure from tariffs, vehicle pricing, warranty expenses and supply chain disruptions. Additional cancellations in the EV segment could lead to new charges, and a rise in credit losses would impact Ford Credit negatively.
Cash conversion is the immediate test. Investors rely on operating gains in Blue and Model e to weather a softer second half. A rebound in Ford Pro would strengthen the adjusted-profit narrative.
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