DETROIT – Ford Motor Company reported a net loss of $1.3 billion in its second quarter but raised full-year guidance after an adjusted earnings beat, as a $3.6 billion non-cash charge from its BOSK battery joint venture masked genuine operational momentum in pricing and product demand.
Revenue for the quarter came in at $48.3 billion, down $1.9 billion from the same period in 2025. Adjusted earnings before interest and taxes reached $2.5 billion, a $400 million improvement year-over-year. The gap between reported and adjusted results (the $3.6 billion BOSK charge) reflects the write-down of Ford’s equity stake in its battery materials venture rather than a cash outflow, a distinction the company leaned on heavily in Monday’s disclosure to the US Securities and Exchange Commission.
Ford Blue, the company’s core passenger and commercial vehicle division, generated $26.1 billion in revenue with $1.135 billion in adjusted EBIT, an improvement of $474 million year-over-year. Ford Pro, the commercial vehicle unit that markets directly to fleet buyers and businesses, pulled in $17.8 billion in revenue but saw adjusted EBIT drop $600 million to $1.718 billion. Ford attributed the decline to aluminum supply constraints that compressed margins on its high-volume truck products, a supply chain problem the company said it expects to resolve in the second half of the year.
The EV division, Ford Model e, continues to run at a loss: $1.0 billion in revenue against $919 million in adjusted EBIT losses. That loss rate is narrowing through 2026 as the division improves unit economics, but the path to profitability remains a medium-term aspiration rather than a near-term commitment. Ford Credit, the company’s captive financing arm, earned $757 million in pre-tax income, up $112 million year-over-year. Among automakers recalibrating EV ambitions, Ford’s approach contrasts with General Motors’ recent reversal on Cadillac EV production timelines.
The raised guidance represents the most significant statement from the quarter. Ford lifted its full-year adjusted EBIT target to $10.0 billion to $11.0 billion from a prior range of $8.5 billion to $10.5 billion, and its adjusted free cash flow forecast to $6.0 billion to $7.0 billion from $5.0 billion to $6.0 billion. Chief Executive Officer Jim Farley, in prepared remarks included in the SEC filing, said the company was “commanding real pricing power” in trucks and off-roaders and was “becoming a more profitable, more disciplined and genuinely different company.”
The pricing power claim is worth examining against the product context. Ford’s F-Series remains the best-selling vehicle line in the United States, and the company has demonstrated consistent ability to hold prices on Super Duty configurations that commercial buyers with specific requirements cannot easily substitute. The $600 million margin compression in Ford Pro, however, shows that input constraints can erode that pricing advantage at the unit level even when the gross revenue picture holds.
Ford’s operating cash flow for the quarter was $4.3 billion, and adjusted free cash flow reached $2.1 billion, a number that determines the company’s capacity to fund EV investment without diluting equity holders. With adjusted FCF guidance raised, Ford has signaled that the capital required for Model e’s continued development sits within its operating cash generation rather than requiring additional borrowing. That is a meaningful distinction for a company that has been explicit about funding its EV division as a separate business unit with separate accounting. The company reports under the ticker F on the New York Stock Exchange. The Q2 earnings season has seen several industrial conglomerates absorb large non-cash charges while reporting improved adjusted metrics.
The aluminum supply constraint affecting Ford Pro carries a specific risk for the second half guidance. Farley’s assertion that the constraint resolves in the coming months is not verified by an independent assessment, and the truck segment’s $600 million EBIT shortfall is large enough that if the constraint persists, the raised full-year guidance range would be difficult to achieve even with the BOSK charge excluded. Ford has not disclosed a backup plan if supply normalizes later than projected.
Full financial details are available in Ford’s 8-K filing with the SEC, published Monday. Fiscal year 2026 guidance now implies adjusted EBIT of $10.0 billion to $11.0 billion versus the $9.3 billion generated in 2025, assuming management’s projections hold.
