Ford stock: profit beats, revenue just misses, guidance raised

What happened. Ford Motor released third-quarter 2026 results after the market close on 28 October. Revenue was $49.5 billion (down 2% year on year), net income $2 billion, adjusted EBIT $2.7 billion and adjusted EPS $0.49. Operating cash flow was $5.4 billion and adjusted free cash flow $4.7 billion.

Against expectations. LSEG estimates quoted by CNBC were $0.40 per share and $46.24 billion in automotive revenue. Ford reported $46.08 billion. CNBC says each of the three main units fell short of revenue expectations.

The units. Ford Blue, the traditional cars and trucks business, made $1.4 billion in EBIT, down 10%. Ford Pro, the fleet and commercial unit, made $1.7 billion, down 16%: Ford points to higher commodity costs and temporary launch costs. Model e, the EV unit, lost $1.1 billion, a 25% smaller loss than a year ago. Model e revenue fell 31% to $1.2 billion.

Guidance. Ford raised the low end of its full-year adjusted EBIT range to $10.5-11 billion. Per CNBC, it expects about $7 billion in EBIT from Ford Pro and a Model e loss of about $4 billion for the year. CFO Sherry House said 2027 profitability should be roughly in line with 2026 and named rising commodity costs as one factor. CEO Jim Farley points to a goal of an 8% adjusted EBIT margin by 2029.

Dividend. The board declared a regular quarterly dividend of 15 cents per share, payable on 1 December to shareholders of record on 10 November.

What we don't know. How the market judges the report in the regular session. Whether Ford can restore F-Series pickup output after the supplier problems CNBC describes. This is a summary of the report, not advice to buy or sell.

Confirmed facts

• Ford Q3 2026 revenue was $49.5 billion (down 2% year on year), net income $2 billion against $2.4 billion, adjusted EBIT $2.7 billion against $2.6 billion.^[1]
• Adjusted EPS was $0.49 against $0.45 a year earlier; adjusted free cash flow was $4.7 billion and operating cash flow $5.4 billion.^[1]
• 2026 adjusted EBIT guidance is $10.5-11 billion (was $10-11 billion); free cash flow guidance stays at $6-7 billion.^[1][2]
• Ford Blue EBIT $1.4 billion (down 10%), Ford Pro EBIT $1.7 billion (down 16%), Model e loss $1.1 billion (25% smaller), Model e revenue $1.2 billion (down 31%).^[1]
• Quarterly dividend of 15 cents per share, payable on 1 December to shareholders of record on 10 November.^[1]
• LSEG estimates were $0.40 per share and $46.24 billion in automotive revenue; Ford reported $46.08 billion.^[2]
• CFO Sherry House: 2027 profitability roughly in line with this year; for 2026 Ford expects a Model e loss of about $4 billion and about $7 billion in Ford Pro EBIT.^[2]
• Company goal: an 8% adjusted EBIT margin by 2029 (Jim Farley in the release).^[1]

Implications

• ConfirmedEPS beat expectations, while automotive revenue came in slightly below.
• ConfirmedThe full-year profit range got narrower, with a higher floor.
• Our readingThe view that 2027 will be no better than 2026 may weigh on the stock more than the quarter itself.
• Our readingHigher commodity costs are squeezing carmakers' margins, as Ford Pro shows.

Still unknown

• How F shares react in the regular session on 29 October.
• How quickly F-Series pickup production recovers.
• Whether warranty and material savings can offset rising commodity costs in 2027.

Who it affects

United States, Worldwide. People who follow carmaker stocks, hold F, or watch the EV market

Sources

1. Ford Motor Company: Ford Reports Third-Quarter 2026 Financial Results October 28, 2026 · official
2. CNBC: Ford reports mixed third-quarter results, says 2027 earnings will be in line with this year October 28, 2026 · media