Ford released its second-quarter earnings results, setting a new record with $50.2 billion in revenue, but it wasn’t enough to keep it out of the red. The company recorded a net loss of $36 million.
On a brighter note, the company’s adjusted earnings were in the black at $2.1 billion, and officials declared a Q3 dividend of 15 cents a share.
The company offered an optimistic look at the full-year results as well. It reinstated its full-year 2025 guidance, which includes adjusted EBIT of $6.5 billion to $7.5 billion, adjusted free cash flow of $3.5 billion to $4.5 billion, capital spending of about $9 billion, and a net tariff-related headwind of about $2 billion
Sticking to the plan
“Our second-quarter performance shows the power of the Ford+ plan and continued execution on cost and quality,” said Jim Farley, Ford president and CEO. “Ford Pro is a unique competitive advantage driving both top and bottom-line growth while creating new high-margin revenue streams from software and physical services.

Ford’s Model e business unit lost money in the second quarter as the company continues to invest in battery infrastructure.
“Ford Blue delivered profitable market share gains, and we continue to improve the efficiency of our Ford Model e business. We have scheduled an event on Aug. 11 in Kentucky where we will share more about our plans to design and build breakthrough electric vehicles in America.”
The big winner for the company was its Ford Pro unit, which produced $2.3 billion in EBIT and an impressive 12.3% margin. Software and physical services contributed 17% of Ford Pro’s EBIT on a trailing 12-month basis, the company noted. In the quarter, Ford Pro paid subscriptions grew 24% year-over-year to 757,000.
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By the numbers
The company’s $50.2 billion in revenue was a 5% increase compared to the year-ago number. However, the bottom line saw a $36 million loss due to special charges tied to a “field service action” and other expenses related to the cancellation of an electric vehicle program.
The company generated $6.3 billion of cash flow from operations during the quarter and its adjusted free cash flow was $2.8 billion. The end result is Ford has $28.4 billion in cash and $46.6 billion in liquidity.
Tariffs did hit the company’s earnings, cutting $800 million from its adjusted earnings, which came in at $2.1 billion. Ford Model e reported a second-quarter EBIT loss of $1.3 billion, a $179 million higher loss than the same quarter a year ago. Second quarter results reflect net tariff-related cost, strategic investments in next-generation electric vehicles and expenses related to the launch of Ford’s new battery plant in Marshall, Michigan. Perhaps the most impressive number came from the company’s captive finance arm, Ford Credit, which saw its earnings before taxes jump 88% to $645 million.
“We recorded our fourth consecutive quarter of year-over-year cost improvement, excluding the impact of tariffs, building on progress we made last year when we closed roughly $1.5 billion of our competitive cost gap in material cost,” said Sherry House, Ford’s chief financial officer, in a statement.
“Our balance sheet keeps getting stronger, further enabling our ability to invest in areas of strength. We are remaking Ford into a higher-growth, higher-margin and more durable business – and allocating capital where we can compete, win and grow.”
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