Ford Reports Q4 Loss, But Investors Focus on Improved 2026 Outlook

Ford's EV business and tariff costs weighed on Q4 results, but the company's projections for 2026 and beyond have investors optimistic.

Published on Feb. 11, 2026

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Ford reported a net loss for the fourth quarter and full year 2025 due to charges from its EV business and higher tariff costs. However, the company's improved 2026 guidance, including projected adjusted EBIT of $8 billion to $10 billion, has investors encouraged about Ford's long-term outlook.

Why it matters

Ford's results highlight the challenges automakers face as they transition to electric vehicles, with EV losses weighing on profitability in the near term. However, Ford's optimistic 2026 projections suggest the company believes it can improve EV profitability and manage tariff costs over the next few years.

The details

Ford reported a Q4 net loss of $11.1 billion and a full-year net loss of $8.2 billion, reflecting the impact of special items including $12.5 billion in charges related to its EV pivot. Ford's Model e unit posted a $4.8 billion EBIT loss for the year, though this was an improvement over 2024. Ford also faced $2 billion in net tariff costs and $2 billion in added costs due to a fire at an aluminum plant that disrupted F-Series production.

  • Ford reported Q4 2025 results on February 11, 2026.
  • Ford expects its Model e unit to post another loss of $4 billion to $4.5 billion in 2026.
  • Ford says the Novelis aluminum plant fire impact will "normalize" by the end of 2026.

The players

Ford

An American automaker that is transitioning to electric vehicles while also maintaining its traditional gas-powered business.

Jim Farley

The CEO of Ford who said the company delivered a "strong 2025" despite a dynamic environment.

Sherry House

The CFO of Ford who said the pathway to EV profitability likely won't happen until 2029.

Itay Michaeli

An analyst at TD Cowen who said Ford's underlying results and 2026 outlook were "pretty encouraging."

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What they’re saying

“Ford delivered a strong 2025 in a dynamic and often volatile environment. We improved our core business and execution, made significant progress in the areas of the business we control — lowering material and warranty costs and making real progress on quality — and made difficult but critical strategic decisions that set us up for a stronger future.”

— Jim Farley, CEO, Ford (Ford)

“The underlying results, both for Q4, the 2026 outlook and even beyond to us were pretty encouraging. If you remove some of the tariff timing issue in Q4, Ford would have beat, including on costs.”

— Itay Michaeli, Analyst, TD Cowen (Yahoo Finance)

What’s next

Ford says the Novelis aluminum plant fire impact will "normalize" by the end of 2026, which should help improve F-Series truck production.

The takeaway

Ford's transition to electric vehicles is proving challenging, with EV losses weighing on profitability in the near term. However, the company's improved 2026 outlook and long-term targets suggest it believes it can manage these headwinds and become more profitable as its EV business matures.