73 unchanged sentences
Adjusted Return on Invested Capital (“Adjusted ROIC”) provides management and investors with useful information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented.
−Removed: Adjusted net operating profit/(loss) after cash tax measures operating results less special items, interest on debt (excl.
−Removed: Ford Credit Debt), and certain pension/OPEB costs.
−Removed: Average invested capital is the sum of average balance sheet equity, debt (excl.
−Removed: Ford Credit Debt), and net pension/OPEB liability.
+Added: Adjusted net operating profit/(loss) after cash tax measures operating results less special items, interest on debt (excluding Ford Credit Debt), and certain pension/OPEB costs.
+Added: Average invested capital is the sum of average balance sheet equity, debt (excluding Ford Credit Debt), and net pension/OPEB liability.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
2 unchanged sentences
Net Income/(Loss) Reconciliation to Adjusted EBIT ($M)
−Removed: Second Quarter First Half
+Added: Third Quarter First Nine Months
2024 2025 2024 2025
12 unchanged sentences
Earnings/(Loss) per Share Reconciliation to Adjusted Earnings/(Loss) per Share
−Removed: Second Quarter First Half
+Added: Third Quarter First Nine Months
2024 2025 2024 2025
7 unchanged sentences
Diluted shares 4,018 4,048 4,020 4,026
−Removed: Earnings/(Loss) per share – diluted (GAAP) (a) $ 0.46 $ (0.01) $ 0.79 $ 0.11
+Added: Earnings/(Loss) per share – diluted (GAAP) $ 0.22 $ 0.60 $ 1.01 $ 0.72
Net impact of adjustments (0.27) 0.15 (0.45) (0.24)
Adjusted earnings/(loss) per share – diluted (Non-GAAP) $ 0.49 $ 0.45 $ 1.46 $ 0.96
−Removed: (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: Second Quarter First Half
+Added: Third Quarter First Nine Months
2024 2025 2024 2025 Memo:
9 unchanged sentences
Net Cash Provided by/(Used in) Operating Activities Reconciliation to Company Adjusted Free Cash Flow ($M)
−Removed: Second Quarter First Half
+Added: Third Quarter First Nine Months
2024 2025 2024 2025
20 unchanged sentences
The following table provides supplemental income statement information (in millions):
−Removed: For the period ended June 30, 2025
−Removed: Second Quarter
+Added: For the period ended September 30, 2025
+Added: Third Quarter
Company excluding Ford Credit Ford Credit Consolidated
10 unchanged sentences
Net income/(loss) attributable to Ford Motor Company $ 1,881 $ 566 $ 2,447
−Removed: For the period ended June 30, 2025
+Added: For the period ended September 30, 2025
+Added: First Nine Months
Company excluding Ford Credit Ford Credit Consolidated
13 unchanged sentences
The following tables provide supplemental balance sheet information (in millions):
−Removed: June 30, 2025
+Added: September 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 June 30, 2025
+Added: For the period ended September 30, 2025
+Added: First Nine Months
Cash flows from operating activities Company excluding Ford Credit Ford Credit Eliminations Consolidated
41 unchanged sentences
Selected Other Information.
−Removed: At June 30, 2025, total equity attributable to Ford was $45.1 billion, an increase of $0.2 billion compared with December 31, 2024.
+Added: At September 30, 2025, total equity attributable to Ford was $47.4 billion, an increase of $2.6 billion compared with December 31, 2024.
The detail for this change is shown below (in billions):
4 unchanged sentences
Sales by Type.
−Removed: The following table shows second quarter 2025 U.S.
+Added: The following table shows third 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.