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REVENUE
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The following tables disaggregate our revenue by major source for the periods ended September 30 (in millions):
Third Quarter 2024
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$41,665 $— $41,665 
Used vehicles532 — 532 
Services and other revenue (a)818 23 841 
Revenues from sales and services
43,015 23 43,038 
Leasing income54 1,065 1,119 
Financing income— 2,002 2,002 
Insurance income— 37 37 
Total revenues$43,069 $3,127 $46,196 
Third Quarter 2025
Company excluding
Ford Credit		Ford CreditConsolidated
Vehicles, parts, and accessories$45,492 $— $45,492 
Used vehicles687 — 687 
Services and other revenue (a)902 24 926 
Revenues from sales and services
47,081 24 47,105 
Leasing income104 1,245 1,349 
Financing income— 2,040 2,040 
Insurance income— 40 40 
Total revenues$47,185 $3,349 $50,534 
First Nine Months 2024
Company excluding
Ford Credit		Ford CreditConsolidated
Vehicles, parts, and accessories$123,852 $— $123,852 
Used vehicles1,531 — 1,531 
Services and other revenue (a)2,232 85 2,317 
Revenues from sales and services
127,615 85 127,700 
Leasing income155 3,112 3,267 
Financing income— 5,710 5,710 
Insurance income— 104 104 
Total revenues$127,770 $9,011 $136,781 
First Nine Months 2025
Company excluding
Ford Credit		Ford CreditConsolidated
Vehicles, parts, and accessories$126,561 $— $126,561 
Used vehicles2,152 — 2,152 
Services and other revenue (a)2,589 61 2,650 
Revenues from sales and services
131,302 61 131,363 
Leasing income248 3,552 3,800 
Financing income— 6,094 6,094 
Insurance income— 120 120 
Total revenues$131,550 $9,827 $141,377 
__________
(a)Includes extended service contract revenue.
NOTE 3. REVENUE (Continued)

The amount of consideration we receive and revenue we recognize on our vehicles, parts, and accessories varies with changes in return rights, marketing incentives we offer to our customers and their customers, and other pricing adjustments. Estimates of marketing incentives and other pricing adjustments are based on our expectation of retail and fleet sales volumes, mix of products to be sold, competitor actions, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. As a result of changes in our estimate of variable consideration (e.g., marketing incentives), we recorded a decrease in revenue of $329 million in the third quarter of 2024 and an increase in revenue of $163 million in the third quarter of 2025 related to revenue recognized in prior periods.

We had a balance of $5.3 billion and $6.0 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2024 and September 30, 2025, respectively. We expect to recognize approximately $500 million of the unearned amount in the remainder of 2025, $1.8 billion in 2026, and $3.7 billion thereafter. We recognized $472 million and $525 million of unearned amounts from prior years as revenue during the third quarter of 2024 and 2025, respectively, and $1.3 billion and $1.5 billion in the first nine months of 2024 and 2025, respectively.

Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets. Our deferred cost balances were $312 million and $314 million as of December 31, 2024 and September 30, 2025, respectively. We recognized $26 million and $27 million of amortization during the third quarter of 2024 and 2025, respectively, and $79 million in both the first nine months of 2024 and 2025.