Ford (F) Q4 Earnings Miss, $8B Net Loss as EV Unit Continues to Underperform

Ford (F) reported a fourth quarter earnings miss and a full-year net loss of $8.2 billion, driven by $12.5 billion in special items from its EV business in Q4 and $7 billion to be recognized in 2026–2027. Q4 revenue was $42.40 billion, matching consensus, with adjusted EPS of $0.13 vs. $0.19 expected and adjusted EBIT of $1 billion vs. $1.16 billion. The EV unit posted a $4.8B EBIT loss for 2025, while 2026 guidance calls for adjusted EBIT of $8B–$10B, free cash flow of $5B–$6B, and CAPEX of $9.5B–$10.5B. Q4 U.S. sales rose 2.7% despite a 50% drop in EVs after the federal tax credit expired; hybrids set a record with 228,072 units sold, up 21.7% year-over-year.