Ford Q2 FY2026: adjusted EPS beat, guidance raised, GAAP loss on charges
Ford's headline loss is mostly accounting, not operations. Revenue fell 3.8% to $48.30 billion and GAAP EPS was -$0.33, but that loss is dominated by $4.18 billion of pre-tax special items, including a $3.6 billion largely non-cash write-off on the BlueOval SK joint venture. Adjusted EBIT rose to $2.50 billion and adjusted EPS of $0.42 beat the $0.3568 consensus, and management raised full-year guidance.
1 · Expected vs. Actual
Free preview belowGAAP EPS was -$0.33 versus -$0.01 a year ago, and essentially all of that swing is special items: $4.18 billion pre-tax in the quarter. Strip those out and adjusted EPS was $0.42, up from $0.37 a year ago and ahead of the $0.3568 consensus estimate. Adjusted EBIT of $2.50 billion was $0.40 billion higher year over year, so the underlying quarter was stronger, not weaker.
Revenue of $48.30 billion was down $1.89 billion, or 3.8%, from $50.18 billion a year earlier. Wholesale units fell 12% to 1,039 thousand, which Ford blames on discontinued products, aluminum supply constraints and lower Gen-1 EV volumes, partly offset by favorable mix. Gross margin still improved to 12.6% from 11.8%, so Ford gave up volume without giving up pricing.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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