34 unchanged sentences
For additional discussion, see “Item 1A.
−Removed: Risk Factors” in our 2024 Form 10-K Report, as updated by Item 1A.
−Removed: Risk Factors in this Quarterly Report on Form 10-Q as well as our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
+Added: Risk Factors” in our 2024 Form 10-K Report, as updated by our subsequent Quarterly Reports on Form 10‑Q and Current Reports on Form 8-K.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
6 unchanged sentences
• Company Adjusted EBIT (Most Comparable GAAP Measure:
−Removed: Net Income/(Loss) Attributable to Ford) – Earnings before interest and taxes (EBIT) excludes interest on debt (excl.
−Removed: Ford Credit Debt), taxes, and pre-tax special items.
+Added: Net Income/(Loss) Attributable to Ford) – Earnings before interest and taxes (EBIT) excludes interest on debt (excluding Ford Credit Debt), taxes, and pre-tax special items.
This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results.
−Removed: Our management ordinarily excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources.
+Added: Our management excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources.
Our categories of pre-tax special items and the applicable significance guideline for each item (which may consist of a group of items related to a single event or action) are as follows:
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∘ Personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix ∘ Generally $100 million or more
−Removed: ∘ Other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities ∘ $500 million or more for individual field service actions;
+Added: ∘ Other items that we do not generally consider to be indicative of earnings from ongoing operating activities ∘ $500 million or more for individual field service actions;
generally $100 million or more for other items
28 unchanged sentences
Net Income/(Loss) Reconciliation to Adjusted EBIT ($M)
−Removed: First Quarter
+Added: Second Quarter First Half
+Added: 2024 2025 2024 2025
Net income/(loss) attributable to Ford (GAAP) $ 1,831 $ (36) $ 3,163 $ 435
11 unchanged sentences
Earnings/(Loss) per Share Reconciliation to Adjusted Earnings/(Loss) per Share
−Removed: First Quarter
+Added: Second Quarter First Half
+Added: 2024 2025 2024 2025
Diluted After-Tax Results ($M)
6 unchanged sentences
Diluted shares 4,022 4,025 4,022 4,018
−Removed: Earnings/(Loss) per share – diluted (GAAP) $ 0.33 $ 0.12
+Added: Earnings/(Loss) per share – diluted (GAAP) (a) $ 0.46 $ (0.01) $ 0.79 $ 0.11
Net impact of adjustments (0.01) (0.38) (0.18) (0.40)
Adjusted earnings/(loss) per share – diluted (Non-GAAP) $ 0.47 $ 0.37 $ 0.97 $ 0.51
+Added: (a) In the second quarter of 2025, there were 45 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Effective Tax Rate Reconciliation to Adjusted Effective Tax Rate
−Removed: First Quarter
+Added: Second Quarter First Half
2024 2025 2024 2025 Memo:
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Net Cash Provided by/(Used in) Operating Activities Reconciliation to Company Adjusted Free Cash Flow ($M)
−Removed: First Quarter
+Added: Second Quarter First Half
+Added: 2024 2025 2024 2025
Net cash provided by/(used in) operating activities (GAAP) $ 5,508 $ 6,317 $ 6,893 $ 9,996
4 unchanged sentences
Ford Credit tax payments/(refunds) under tax sharing agreement — — (33) —
−Removed: Other, net (b) (608) (141)
+Added: Other, net 4 (144) (605) (285)
Items included in company adjusted free cash flows
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(a) Restructuring excludes cash flows reported in investing activities.
−Removed: (b) First quarter 2024 includes a $365 million settlement payment for the Transit Connect customs matter.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
6 unchanged sentences
The following table provides supplemental income statement information (in millions):
−Removed: For the period ended March 31, 2025
−Removed: First Quarter
+Added: For the period ended June 30, 2025
+Added: Second Quarter
Company excluding Ford Credit Ford Credit Consolidated
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Net income/(loss) attributable to Ford Motor Company $ (579) $ 543 $ (36)
+Added: For the period ended June 30, 2025
+Added: Company excluding Ford Credit Ford Credit Consolidated
+Added: Revenues $ 84,365 $ 6,478 $ 90,843
+Added: Total costs and expenses 84,570 5,443 90,013
+Added: Operating income/(loss) (205) 1,035 830
+Added: Interest expense on Company debt excluding Ford Credit 585 — 585
+Added: Other income/(loss), net 906 167 1,073
+Added: Equity in net income/(loss) of affiliated companies (179) 23 (156)
+Added: Income/(Loss) before income taxes (63) 1,225 1,162
+Added: Provision for/(Benefit from) income taxes 460 258 718
+Added: Net income/(loss) (523) 967 444
+Added: Income/(Loss) attributable to noncontrolling interests 9 — 9
+Added: Net income/(loss) attributable to Ford Motor Company $ (532) $ 967 $ 435
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
1 unchanged sentence
The following tables provide supplemental balance sheet information (in millions):
−Removed: March 31, 2025
+Added: June 30, 2025
Assets Company excluding Ford Credit Ford Credit Eliminations Consolidated
28 unchanged sentences
The following tables provide supplemental cash flow information (in millions):
−Removed: For the period ended March 31, 2025
−Removed: First Quarter
+Added: For the period ended June 30, 2025
Cash flows from operating activities Company excluding Ford Credit Ford Credit Eliminations Consolidated
21 unchanged sentences
Collections of finance receivables and operating leases — 22,542 — 22,542
−Removed: Purchases of marketable and other investments (2,276) (157) — (2,433)
+Added: Purchases of marketable securities and other investments (4,238) (202) — (4,440)
Sales and maturities of marketable securities and other investments 5,417 176 — 5,593
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Selected Other Information.
−Removed: At March 31, 2025, total equity attributable to Ford was $44.6 billion, a decrease of $0.2 billion compared with December 31, 2024.
+Added: At June 30, 2025, total equity attributable to Ford was $45.1 billion, an increase of $0.2 billion compared with December 31, 2024.
The detail for this change is shown below (in billions):
3 unchanged sentences
Common stock issued (including share-based compensation impacts) 0.2
−Removed: Total $ (0.2)
Sales by Type.
−Removed: The following table shows first quarter 2025 U.S.
+Added: The following table shows second quarter 2025 U.S.
sales volume and U.S.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.