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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We report segment information consistent with the way our chief operating decision maker (“CODM”), our President and Chief Executive Officer, evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: Ford Blue, Ford Model e, Ford Pro, and Ford Credit.

Beginning January 1, 2025, the expenses and investments for emerging business initiatives in vehicle-adjacent market segments (previously the Ford Next segment) are reflected in the reportable segments that benefit from those expenses and investments or Corporate Other. Prior period amounts were adjusted retrospectively to reflect the change.

Below is a description of our reportable segments and other activities.

Ford Blue Segment

Ford Blue primarily includes the sale of Ford and Lincoln internal combustion engine (“ICE”) and hybrid vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing Ford and Lincoln ICE and hybrid vehicles. Additionally, this segment provides hardware engineering and manufacturing capabilities to Ford Model e and manufactures vehicles on behalf of Ford Pro and, in certain cases, Ford Model e. Ford Blue also includes:
•All sales for markets not presently in scope for Ford Model e or Ford Pro (as further described below)
•In markets outside of the United States and Canada, sales to commercial, government, and rental customers of ICE and hybrid vehicles not considered core to Ford Pro
•Sales of electric vehicles (“EVs”) by our unconsolidated affiliates in China
•All sales of vehicles manufactured and sold to other OEMs

Ford Model e Segment

Ford Model e primarily includes the sale of our electric vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing EV and digital vehicle technologies, as well as software development. Additionally, this segment provides software and connected vehicle technologies on behalf of the enterprise, and manufactures certain EVs, including for Ford Pro. Ford Model e operates in North America, Europe, and China. Ford Model e also includes EV and related sales not considered core to Ford Pro to commercial, government, and rental customers in Europe, China, and Mexico.

Ford Pro Segment

Ford Pro primarily includes the sale of Ford and Lincoln vehicles, service parts, accessories, and services for commercial, government, and rental customers. Included in this segment are sales of all core Ford Pro vehicles, such as Super Duty and the Transit range of vans in North America and Europe and all sales of Ranger in Europe. In the United States and Canada, Ford Pro also includes all vehicle sales to commercial, government, and rental customers. This segment focuses on selling ICE, hybrid, and electric vehicles, and providing digital and physical services to optimize and maintain fleets, including telematics and EV charging solutions. This segment reflects external sales of vehicles produced by Ford Blue and Ford Model e, and the costs (including intersegment markup) associated with acquiring vehicles for sale and providing services are reflected in this segment. Ford Pro operates in North America and Europe.

Ford Credit Segment

The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities.
NOTE 19. SEGMENT INFORMATION (Continued)

Corporate Other

Corporate Other primarily includes corporate governance expenses, past service pension and OPEB income and expense, interest income (excluding Ford Credit interest income and interest earned on our extended service contract portfolio) and gains and losses from our cash, cash equivalents, and marketable securities, and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. Corporate Other assets include: cash, cash equivalents, and marketable securities; tax-related assets; defined benefit pension plan net assets; and other assets managed centrally.

Interest on Debt

Interest on Debt is presented as a separate reconciling item and consists of interest expense on Company debt excluding Ford Credit.

Special Items

Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant 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, and (iii) other items that we do not generally consider to be indicative of earnings from ongoing operating activities. Our management excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when analyzing operating results.

CODM Evaluation of the Business

When we report segment earnings before interest and taxes (“Segment EBIT”) for each of the Ford Blue, Ford Model e, and Ford Pro segments, it consists of the earnings for the particular segment and does not include interest and taxes. Ford Credit segment earnings include interest and exclude taxes (“Segment EBT”). Each segment’s EBIT/EBT also excludes the results reported in Corporate Other and Special Items. For the Ford Blue, Ford Model e, and Ford Pro segments, our CODM reviews Segment EBIT and Segment EBIT margin, as well as market share, revenue, and wholesale volume to evaluate performance and allocate resources, predominately in the budgeting, planning, and forecasting processes. For Segment EBIT, our CODM reviews the year-over-year change in EBIT, sequential change in EBIT, and change in EBIT from internal forecasts/budgets. Revenue and certain of our costs, such as material costs, generally vary directly with changes in volume and mix of vehicles. As a result, our CODM reviews the EBIT impact driven by changes in volume and mix, the EBIT impact driven by changes in exchange, and the EBIT impact driven by changes in net pricing and cost categories at constant volume and mix and/or exchange. For the Ford Credit segment, our CODM reviews Segment EBT to evaluate performance and allocate resources. Expense information is provided to and reviewed by the CODM on a consolidated basis to evaluate cost efficiency and company level performance.
NOTE 19. SEGMENT INFORMATION (Continued)

Segment Revenue, Cost, and Asset Principles for Ford Blue, Ford Model e, and Ford Pro

External vehicle and digital services revenue is generally vehicle-specific and included in the segment responsible for the external vehicle sale. A majority of parts and accessories revenue and cost is attributed to customer sales channels or vehicle lines based on recent end-customer sales and is included in the respective segment.

In the normal course of business, Ford Blue, Ford Model e, and Ford Pro transact between segments and cooperate to leverage synergies, including developing and manufacturing vehicles on behalf of another segment. When one segment produces a vehicle that is sold externally by another segment, an intersegment transaction occurs. The producing segment will report intersegment revenue to recoup the costs associated with the unit produced. This includes material cost, labor and overhead (including depreciation and amortization), inbound freight, and an intersegment markup. The intersegment markup amount is set to deliver a competitive return to the producing segment for its manufacturing and distribution service. Costs are reflected in the associated segment externally reporting the vehicle sale, as detailed in the table below:

Income Statement ElementsExamplesSegment Reporting
Costs specific to a particular vehicleBill of material cost and initial warranty accrualReported in the segment externally selling the vehicle
Costs identifiable by product lineManufacturing and logistics costs, depreciation & amortization expense, direct research & development costsTypically identifiable to the product line or production location. Reported in the segment externally selling the vehicle, based on relative volume
Shared costsSelling, general & administrative expense, and indirect/cross product line research & development costsTypically shared across all segments, generally based on relative volume. Certain costs clearly linked to a segment are reported in the specific segment
Intersegment markup costs for intersegment vehicle transactionsContract manufacturing and distribution feesReported in the segment externally selling the vehicle, for each applicable vehicle transaction

Assets are reported in each segment, aligned to the appropriate operational responsibility. Manufacturing assets, e.g., our plants and the machinery and equipment therein, are included in our Ford Blue and Ford Model e segments. Manufacturing assets producing only, or primarily, EVs and related components are reflected in Ford Model e. Manufacturing assets that support the production of ICE and hybrid vehicles, including those producing ICE and electric vehicles in the same facility, are included in Ford Blue. Company-owned vendor tooling dedicated to producing EV parts is reported in Ford Model e. Purchased regulatory credit compliance assets are reported in Ford Blue. There are no Ford manufacturing, Company-owned vendor tooling, or regulatory credit compliance assets reported in Ford Pro. Depreciation and amortization expense is reflected on the basis of production volume. Regulatory compliance credit expense is allocated by vehicle line between the Ford Blue and Ford Pro segments. Regardless of the segment reporting the asset, the related expenses are reported in the segment that reports the external vehicle sale.

Equity in net income/(loss) of affiliated companies is included in Income/(Loss) before income taxes, based primarily on which segment the entity supports or has the majority of the entity’s purchases or sales. The table below shows the segment reporting for our most significant unconsolidated entities:

Ford BlueFord Model eFord Pro
∘ Changan Ford Automobile Corporation, Ltd. (“CAF”)
∘ BlueOval SK, LLC
∘ Ford Otomotiv Sanayi Anonim Sirketi (“Ford Otosan”)
∘ Jiangling Motors Corporation, Ltd. (“JMC”)
∘ AutoAlliance (Thailand) Co., Ltd. (“AAT”)
NOTE 19. SEGMENT INFORMATION (Continued)

Key financial information for the periods ended or at September 30 was as follows (in millions):
 Ford BlueFord
Model e		Ford ProFord CreditUnallocated Amounts and Eliminations (a)Total
Third Quarter 2024    
External revenues$26,238 $1,175 $15,655 $3,127 $1 $46,196 
Intersegment revenues (b)10,577 74 — — (10,651)— 
Total revenues$36,815 $1,249 $15,655 $3,127 $(10,650)$46,196 
Other segment items (c)35,191 2,480 13,842 2,583 
Segment EBIT/EBT$1,624 $(1,231)$1,813 $544 $2,750 
Reconciliation of Segment EBIT/EBT
Unallocated amounts:
Corporate Other(200)
Interest on debt (excludes $1,878 of Ford Credit interest on debt)
(272)
Special items (d)(1,409)
Income/(Loss) before income taxes$869 
Other Segment Disclosures
Depreciation and tooling amortization$743 $129 $330 $611 $28 $1,841 
Investment-related interest income47 1 14 126 179 367 
Equity in net income/(loss) of affiliated companies69 (13)82 10 (1)147 
Cash outflow for capital spending (e)1,125 777 10 22 58 1,992 
Total assets60,521 17,584 3,833 156,416 48,693 287,047 
Third Quarter 2025
External revenues$28,018 $1,783 $17,378 $3,349 $6 $50,534 
Intersegment revenues (b)11,368 121 — — (11,489)— 
Total revenues$39,386 $1,904 $17,378 $3,349 $(11,483)$50,534 
Other segment items (c)37,846 3,314 15,393 2,718 
Segment EBIT/EBT$1,540 $(1,410)$1,985 $631 $2,746 
Reconciliation of Segment EBIT/EBT
Unallocated amounts:
Corporate Other(160)
Interest on debt (excludes $1,802 of Ford Credit interest on debt)
(321)
Special items (f)(447)
Income/(Loss) before income taxes$1,818 
Other Segment Disclosures
Depreciation and tooling amortization$811 $151 $347 $642 $24 $1,975 
Investment-related interest income49 — 16 92 222 379 
Equity in net income/(loss) of affiliated companies48 (54)109 13 (95)21 
Cash outflow for capital spending (e)1,237 821 12 26 29 2,125 
Total assets63,878 17,437 4,499 160,559 54,617 300,990 
NOTE 19. SEGMENT INFORMATION (Continued)

Key financial information for the periods ended or at September 30 was as follows (in millions):
 Ford BlueFord
Model e		Ford ProFord CreditUnallocated Amounts and Eliminations (a)Total
First Nine Months 2024    
External revenues$74,662 $2,441 $50,662 $9,011 $5 $136,781 
Intersegment revenues (b)33,624 207 — — (33,831)— 
Total revenues$108,286 $2,648 $50,662 $9,011 $(33,826)$136,781 
Other segment items (c)104,594 6,356 43,281 7,798 
Segment EBIT/EBT$3,692 $(3,708)$7,381 $1,213 $8,578 
Reconciliation of Segment EBIT/EBT
Unallocated amounts:
Corporate Other(508)
Interest on debt (excludes $5,623 of Ford Credit interest on debt)
(820)
Special items (g)(2,331)
Income/(Loss) before income taxes$4,919 
Other Segment Disclosures
Depreciation and tooling amortization$2,222 $424 $1,046 $1,856 $88 $5,636 
Investment-related interest income124 2 38 393 587 1,144 
Equity in net income/(loss) of affiliated companies225 (52)310 28 — 511 
Cash outflow for capital spending (e)3,225 2,725 27 65 144 6,186 
First Nine Months 2025
External revenues$74,799 $5,382 $51,356 $9,827 $13 $141,377 
Intersegment revenues (b)35,500 429 — — (35,929)— 
Total revenues$110,299 $5,811 $51,356 $9,827 $(35,916)$141,377 
Other segment items (c)108,002 9,399 45,744 7,971 
Segment EBIT/EBT$2,297 $(3,588)$5,612 $1,856 $6,177 
Reconciliation of Segment EBIT/EBT
Unallocated amounts:
Corporate Other(432)
Interest on debt (excludes $5,351 of Ford Credit interest on debt)
(906)
Special items (h)(1,859)
Income/(Loss) before income taxes$2,980 
Other Segment Disclosures
Depreciation and tooling amortization$2,304 $443 $1,044 $1,875 $56 $5,722 
Investment-related interest income147 2 46 274 629 1,098 
Equity in net income/(loss) of affiliated companies162 (91)245 36 (487)(135)
Cash outflow for capital spending (e)3,287 2,534 35 88 87 6,031 
__________
(a)Unallocated amounts include Corporate Other (see above description of corporate expenses and corporate assets) and Special Items. Eliminations include intersegment transactions occurring in the ordinary course of business.
(b)Intersegment revenues only reflect finished vehicle transactions between Ford Blue, Ford Model e, and Ford Pro where there is an intersegment markup and are recognized at the time of the intersegment transaction.
(c)Other segment items for the Ford Blue, Ford Model e, and Ford Pro segments primarily consists of: material costs (including commodities and components and purchased vehicles from partners), manufacturing costs (including hourly and salaried wages and fringe, and plant overhead such as utilities and taxes), warranty coverages and field service action costs (including estimated costs to repair, replace, or adjust parts on a vehicle that are defective in factory supplied materials or workmanship), freight and duty costs (including related to the receiving and shipping of components and vehicles), vehicle and software engineering and connectivity costs (including wages and fringe for personnel, prototype materials, testing, and outside services), spending-related costs (including depreciation and amortization of manufacturing and engineering assets, asset retirements, and operating leases), advertising and sales promotions costs (including costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and auto shows), and administrative, IT, and selling costs (primarily including wages and fringe for salaried personnel and purchased services). Other segment items for Ford Credit primarily consists of interest expense and depreciation.
(d)Primarily reflects a write-down of certain product-specific assets of $391 million and other expenses of $588 million related to the cancellation of a previously planned all-electric three-row SUV program, all of which was recorded in Cost of sales. The remaining items consist of pension curtailment costs and remeasurement losses (primarily related to hourly buyouts in North America) and continued restructuring actions in Europe.
NOTE 19. SEGMENT INFORMATION (Continued)

(e)Ford Blue recognized $206 million and $128 million of spending attributable to electric vehicles at shared manufacturing plants during the third quarter of 2024 and 2025, respectively, and $675 million and $486 million in the first nine months of 2024 and 2025, respectively. Total electric vehicle spending, including Ford Blue and Ford Model e, was $983 million and $949 million during the third quarter of 2024 and 2025, respectively, and $3,401 million and $3,020 million in the first nine months of 2024 and 2025, respectively.
(f)Primarily reflects restructuring actions in Europe and our share of asset impairments and other expenses at an equity method investment.
(g)Includes a write-down of certain product-specific assets of $391 million and other expenses of $588 million related to the cancellation of a previously planned all-electric three-row SUV program, all of which was recorded in Cost of sales. The amount also reflects restructuring actions in Europe, buyouts for hourly employees in North America, the extended duration of the Oakville Assembly Plant changeover, and pension curtailment and separation costs in North America and Europe.
(h)Primarily reflects a field service action for fuel injectors, our share of equity method investment asset impairments and write downs and other expenses, charges related to the cancellation of a previously planned all-electric three-row SUV program and resulting actions, and restructuring actions in Europe.