Ford (F) Q4 Earnings Preview: EV Write-Downs, F-150 Production Headwind

Ford (F) is scheduled to report fourth quarter results Tuesday, Feb 11, 2026, with a key focus on electric vehicle write-downs and production disruptions from an aluminum plant fire affecting F-150 pickups. Bloomberg consensus: revenue $42.40B, adjusted EPS $0.19, adjusted EBIT $1.16B. The company is expected to recognize $12.5B of a $19.5B EV-related charge in Q4, including $5.5B in cash for cancellations and $8B in asset impairments (EV write-down and $6B restructuring of assets including SK On battery plants). These reflect softer demand for larger EVs and the expiration of the federal EV tax credit, which reduced Ford’s EV sales by about 50% while hybrid sales hit a record 228,072 units in Q4 and rose 21.7% year-over-year. Ford raised 2025 adjusted EBIT guidance to ~$7B (vs prior $6–$6.5B) and reaffirmed free cash flow guidance of $2–$3B. US sales rose 2.7% in Q4 and 6% for the year to about 2.2M vehicles, outpacing GM’s 5.5% annual gain but with a Q4 sales decline after the tax credit expired. The Novelis-related production headwind is expected to impact 2025–2026 with $1B or less.