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Screener / SEC EDGAR /CIK 0000037996 /10-K filed Feb 11, 2026, compared with Feb 6, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Consumer discretionary · Automakers

Ford Motor Company F

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The 10-K against last year's

248 changes: 50 added, 30 removed, 166 reworded, 2 quiet changes

10-K Feb 11, 2026 vs Feb 6, 2025
Risk Factors 26.2% of the text changed · 13,876 words now · 12 new paragraphs, 6 gone MD&A 19.3% of the text changed · 21,962 words now · 38 new paragraphs, 24 gone Legal Proceedings 27.1% of the text changed · 1,530 words now Accounting Policies 12.7% of the text changed · 4,309 words now

10-K 0000037996-26-000015 (Feb 11, 2026) vs 10-K 0000037996-25-000013 (Feb 6, 2025)

Every paragraph, and how much of it changed

One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.

Risk Factors

73 paragraphs · 12 new · 49 reworded · 6 gone · 10-K Feb 11, 2026 against Feb 6, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 60 · 46% changed Every version of it
Ford and Ford Credit have experienced and could continue to experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise. We spend substantial resources to comply with governmental safety regulations, mobile environmental regulatory obligations concerning our products and stationary source emissions regulations, operations, consumer and automotive financial regulations, labor and employment regulations and practices, and other standards, but we cannot ensure that have experienced employees, contractors, agents, or and other individuals affiliated with us will not violate violating such laws or regulations, regulations from time to time, which could at times has resulted in civil or criminal liability, and we cannot ensure that any such violations have not occurred or will not occur in the future, which may further result in civil or criminal liability. In addition, as discussed below under “Ford may need more fully elsewhere herein, the adoption of new regulations or executive orders, modifications to substantially modify its product plans existing regulations, changes to interpretations of those regulations, and facilities changes to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, enforcement priorities and other regulations” and “Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations,” regulatory standards and interpretations may change directives of various governmental agencies, sometimes on short notice and notice, may impact our compliance status. Government investigations against Ford or Ford Credit have resulted in, and may in the future result in, fines, penalties, orders, or other resolutions, through litigation, administrative proceedings, settlement, or otherwise, which have in the past had, and could in the future have, an adverse impact on our financial condition, results of operations, or the operation of our business, including oversight by regulators or a government-appointed monitor. Moreover, compliance with governmental standards does not necessarily prevent individual or class action lawsuits, which can entail significant cost and risk. In certain circumstances, courts may permit civil actions even where our vehicles, services, and financial products comply with federal and/or other applicable law. Furthermore, simply responding to actual or threatened litigation or government investigations of our compliance with regulatory standards, whether related to our products, services, or business or commercial relationships, requires significant expenditures of time and other resources and may be disruptive to our operations. Litigation also is inherently uncertain, and we have in the past experienced, and could in the future experience, significant adverse results, including
Paragraph 63 · 42% changed Every version of it
Ford may need to substantially modify its product plans and facilities to respond to shifting consumer sentiment and competitive dynamics as a result of policy changes affecting, or otherwise to comply with with, safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations. The automotive industry is subject to regulations worldwide that govern product characteristics and that differ by global region, country, and sometimes within national boundaries. Regulators have enacted and are proposing standards to address concerns regarding the environment (including concerns about global climate change and air quality), vehicle safety, and energy independence, and the regulatory landscape can change on short notice. These regulations vary, but generally require that over time motor vehicles and engines emit less air pollution, including GHG emissions, oxides of nitrogen, hydrocarbons, carbon monoxide, and particulate matter, and there are associated increased reporting requirements. Similarly, we are making substantial investments in our facilities and revising our processes to not only comply with applicable regulations but also to make our operations more efficient and sustainable. As our suppliers make similar investments, any higher costs may be passed on to us. In the United States, legal and policy debates on environmental regulations are continuing, with a recent primary trend toward reducing GHG emissions and increasing vehicle electrification. However, different federal administrations have either sought to make standards more strict or to make them less strict, with one administration often replacing the regulations enacted by the last. Various third parties routinely seek judicial review of these federal regulatory and deregulatory efforts. In parallel, California continues to enact increasingly strict emissions standards and requirements for ZEVs (standards that some other states are adopting), and those actions are also the subject of legal challenges. Court rulings regarding regulatory actions by federal, California, and other state regulators create uncertainty and the potential for applicable regulatory standards to change quickly. In addition, many governments regulate local product content or impose import requirements with the aim of creating jobs, protecting domestic producers, and influencing the balance of payments.
Paragraph 3 · 40% changed Every version of it
Ford’s vehicles products have been and could continue to be affected by defects that result in recall campaigns, increased warranty costs, or delays in new model launches, and the time it takes to improve the quality of our vehicles products and services and reduce the costs associated therewith could continue to have an adverse effect on our business. Government safety standards require manufacturers to remedy defects related to vehicle safety through safety recall campaigns, and a manufacturer is obligated to recall vehicles if it determines that the vehicles do not comply with a safety standard. We may also be obligated to remedy defects or potentially recall our vehicles products due to defective components provided to us by our suppliers, arising from their quality issues or otherwise. NHTSA’s enforcement strategy has resulted in significant civil penalties being levied and the use of consent orders, including at Ford, requiring direct oversight by NHTSA of certain manufacturers’ safety processes, a trend that could continue. Should we or government safety regulators determine that a safety or other defect or a noncompliance exists with respect to certain of our vehicles prior to the start of production, the launch of such vehicle could be delayed until such defect is remedied. The cost of recall and customer satisfaction actions to remedy defects in vehicles that have been sold could be substantial, particularly if the actions relate to global platforms or involve defects that are identified years after production. For example, NHTSA and the automotive industry are currently engaged in a study of the safety of approximately 56 million Takata desiccated airbag inflators in the United States. Of these, approximately three and a half million of the inflators are in our vehicles. In addition, NHTSA is considering action related to 52 million vehicles containing inflators from ARC Automotive and Delphi Automotive in the United States. Ford has 2.5 million vehicles within this population. Should NHTSA determine that these inflators contain a safety defect, Ford and other manufacturers could potentially face significant incremental recall costs. Further, to the extent recall and customer satisfaction actions relate to defective components we receive from suppliers, our ability to recover from the suppliers may be limited by the suppliers’ financial condition.
Paragraph 40 · 39% changed Every version of it
We have announced Although we recently scaled back our intent EV investments to redeploy that capital to other areas of the business, we intend to continue making multi-billion dollar significant investments in electrification and software services. Our plans continue to include offering electrified versions of many of our vehicles, including the F-150 Lightning and E-Transit which vehicles as well as solely electric nameplates, although we introduced in recent years. We have observed lower than initially anticipated industrywide electric vehicle EV adoption rates. This trend Low EV adoption rates may continue, persist, including as a result of the regulatory framework in various markets shifting away from supporting the rapid adoption of electrified vehicles, if there is a vehicles (as was the case in the United States in 2025); any negative perception of our electrified vehicles or about electric vehicles EVs in general, if we are unable general; an inability to or are delayed delay in developing or embracing new technologies or processes, processes; or if consumers prefer our competitors’ vehicles, shifts in consumer preference. As a result, there has been, and there could be in the future be, an adverse impact on our financial condition or and results of operations. Further, as discussed below under “Ford may need to substantially modify its product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations,” elsewhere herein, lower than planned market acceptance of our vehicles may impact our strategy to comply with fuel economy standards. standards in certain markets.
Paragraph 62 · 39% changed Every version of it
Moreover, compliance with governmental standards does not necessarily prevent individual or class action lawsuits, which can entail significant cost and risk, in addition to defending litigation and claims concerning instances of alleged non-compliance. In certain circumstances, courts may permit civil actions even where our products, services, and financial products comply with federal and/or other applicable law. Furthermore, simply responding to actual or threatened litigation, government investigations, subpoenas, or information requests concerning our compliance with regulatory standards, whether related to our products, services, or business or commercial relationships, requires significant expenditures of time and other resources and may be disruptive to our operations. Litigation also is inherently uncertain, and we have in the past experienced, and could in the future experience, significant adverse results, including compensatory and punitive damage awards, a disgorgement of profits or revenue, or injunctive relief, any of which could have an adverse effect on our financial condition, results of operations, or our business in general, particularly with larger jury verdicts becoming more prevalent. We may decide to settle a matter in anticipation of or during litigation, which may require a monetary or non-monetary payment, a change to our business practices (e.g., to undertake or cease a particular activity), or other remedies. However, a settlement on acceptable terms may not always be feasible. Furthermore, regulatory investigations and litigation, including class actions, are becoming more prevalent in some international markets, potentially leading to increasing fines, damage awards, and settlement costs. While we have an insurance program that provides coverage for certain claims, it may not be sufficient to cover the losses incurred. In addition, adverse publicity surrounding an allegation, litigation, or investigation, even if there is no merit to the matter, may cause significant reputational harm or create a negative public perception of our products and services, which could have a significant adverse effect on our sales.
Paragraph 20 · 32% changed Every version of it
Failure to develop and deploy secure digital services that appeal to customers customers, retain existing subscribers, and grow our subscription rates could have a negative impact on Ford’s business. A growing part of our business involves connectivity, digital and physical services, and integrated software services, and we are devoting significant resources to develop this business. Further, we have announced our plans and expectations to grow subscription rates and for integrated services to become a larger portion of our revenue and earnings. earnings by offering new and differentiated products, retaining existing subscribers, and growing subscription rates with new customers. If we do not develop, deliver, and make available standardized technologies that customers can easily adopt and use, fail to generate sufficient demand for our integrated software and digital services, or if customers do not opt to activate the modems in our vehicles, which would hinder our ability to offer and sell such services, we may not grow revenue in line with the costs we are investing or achieve profitability on our increasingly digitally-connected products. For additional Shifting public policy regarding data privacy and the effects of artificial intelligence has caused and may in the future cause us to incur substantial costs to modify our operations or business practices, reduce consumers’ willingness to engage with our offerings, or cause delays or lapses in the availability of our products or services in various jurisdictions. We must convince prospective users of the benefits of our subscription services and our existing users of the continued value thereof. This depends in large part on our ability to offer exceptional services, competitive pricing, integrated functionality, and a satisfying user experience. Further discussion on the of risks associated with market acceptance of our services, see below under “Ford’s new services and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and Ford’s reputation may be harmed based on positions it takes or if it evolving regulatory landscape is unable to achieve the initiatives it has announced.” provided elsewhere herein.
Paragraph 28 · 30% changed Every version of it
Operational information systems, security systems, vehicles, products, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford, Ford Credit, their suppliers, and dealers. We rely on information technology networks and information systems, including in-vehicle systems and mobile devices, some of which are managed by suppliers, some of which are provided by third-party service providers, and some of which ultimately rely on other services provided to these third parties by unaffiliated service providers, to process, transmit, and store electronic information that is important to the operation of our business, our vehicles, and the services we offer. Despite devoting significant resources to our cybersecurity program, we are at risk for interruptions, outages, and compromises of: (i) operational information systems (including business, financial, accounting, product development, consumer receivables, data processing, or manufacturing processes); (ii) facility security systems; and/or (iii) in-vehicle systems or mobile devices, whether caused by a ransomware or other cybersecurity incident, security breach, or other reason (e.g., a natural disaster, fire, acts of terrorism or war, or an overburdened infrastructure system). Additionally, any outage, security breach, misconfiguration, or loss of data within networks and systems managed by or reliant on the products and services of unaffiliated third parties could lead to similar compromises. Such incidents could materially disrupt operational information systems; result in loss or unwilling publication of trade secrets or other proprietary or competitively sensitive information; compromise the privacy of personal information of consumers, employees, or others; jeopardize the security of our facilities; disrupt or degrade service or our operations; affect the performance of in-vehicle systems or services we offer; and/or impact the safety of our vehicles. This risk exposure rises as we continue to develop and produce vehicles with increased connectivity. Moreover, we, our suppliers, service providers, and dealers have been the target of cybersecurity incidents and such threats are continuing and evolving, which may cause cybersecurity incidents to be more difficult to detect for periods of time. Our networks and in-vehicle systems, sharing similar architectures, could also be impacted by, or a cybersecurity incident may result from, the negligence or misconduct of insiders or third parties who have access to our networks and systems. We employ capabilities, processes, and other security measures we believe are reasonably designed to detect, reduce, and mitigate the risk of cybersecurity incidents, and have requirements for our suppliers and service providers to do the same; however, we may not be aware of all vulnerabilities or might not accurately assess the risks of incidents, and such preventative measures cannot provide absolute security and may not be sufficient in all circumstances or mitigate all potential risks, including potential production disruption or the loss or disclosure of sensitive information. Moreover, a cybersecurity incident could harm our reputation, cause customers to lose trust in our security measures, and/or subject us to regulatory actions or litigation, which may result in fines, penalties, judgments, or injunctions, and a cybersecurity incident involving us or one of our suppliers or service providers could impact our production, internal operations, business strategy, results of operations, financial condition, or our ability to deliver products and services to our customers.
Paragraph 33 · 29% changed Every version of it
With a global footprint and supply chain, Ford’s results and operations have been and could continue to be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events. Because of the interconnectedness of the global economy, the challenges of a pandemic, financial crisis, crises, economic downturn downturns or recession recessions (including reduced consumer spending), pandemics, natural disaster, war, disasters, wars, social unrest, geopolitical crises, or other significant events in one area of the world market can have an immediate and material adverse impact on other markets around where Ford operates. Unprecedented trade policy (including tariffs) in the world. In particular, China United States and foreign governments’ reactions limit our ability to conduct effective long-term planning and make capital allocation decisions. The continued strain in U.S.-China relations presents unique risks to U.S. automakers due to the strain in U.S.-China relations, automakers, as does China’s unique regulatory landscape, the level of integration with key components in our global supply chain, the limited availability of various components and materials (including certain rare earth minerals and related products from China), and the rapid development of the Chinese electric vehicle EV industry, with Chinese electric electrified vehicle manufacturers exporting their products to some key markets in which we operate.

MD&A

404 paragraphs · 38 new · 116 reworded · 24 gone · 10-K Feb 11, 2026 against Feb 6, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 115 · 50% changed
Our Provision for/(Benefit from) income taxes for full year 2024 2025 was a provision benefit of $1,339 $3,668 million, resulting in an effective tax rate of 18.5%. 31.0%. This rate was impacted by a net benefit of $1,538 million associated with the release of valuation allowances resulting from improvements in our South American and South Asian operations, offset partially by a non-cash charge of $424 million to deferred tax assets to recognize the impact of tax legislation enacted in Germany, and a non-cash charge of $471 million to deferred tax assets associated with resolving transfer pricing matters in certain non-U.S. operations. The foregoing were treated as special items.
Paragraph 308 · 49% changed
Cash flows from financing activities Cash payments for dividends and dividend equivalents $ (2,989) $ — — $ (2,989) Purchases of common stock — — — Net changes in short-term debt 610 44 654 Proceeds from issuance of long-term debt 1,372 48,316 49,688 Payments on long-term debt (1,195) (49,108) (50,303) Other (158) (97) (255) Financing activity to/(from) other segments — (1,650) 1,650 — Net cash provided by/(used in) financing activities $ (2,360) $ (2,495) 1,650 $ (3,205) Effect of exchange rate changes on cash, cash equivalents, and restricted cash $ (191) 251 $ (267) $ 281 — $ (458) 532
Paragraph 43 · 45% changed
We recorded $1,860 $17,356 million of pre-tax special item charges in 2024, 2025, primarily reflecting a write-down of certain product specific assets Model e asset impairment, asset write-downs and other expenses charges due to EV program cancellations, and an impairment of our investment in BOSK related to the cancellation BOSK JV disposition. For additional information, see Notes 13, 14, and 23 of a previously planned the Notes to the Financial Statements. Charges related to the all-electric three-row SUV program, continued program cancellation and resulting actions, ongoing restructuring actions in Europe, a field service action for fuel injectors, and buyouts for hourly employees in North America. Pension pension and OPEB remeasurement was a partial offset. were also recorded as special items in 2025.
Paragraph 57 · 45% changed
In 2024, 2025, Ford Model e’s Blue’s wholesales decreased 9% 5% from a year ago, primarily driven by lower wholesales in North America including a planned reduction in dealer stocks resulting in lower wholesales across multiple nameplates and lower F-150 wholesales driven by a disruption in aluminum supply. Lower sales at our joint ventures in China also contributed to the decrease. Full year 2025 revenue decreased 1%, reflecting lower Mustang Mach-E and F-150 Lightning wholesales due to competitive market conditions, offset partially by the introduction of the Explorer BEV and Capri in Europe. Full year 2024 revenue decreased 35%, driven primarily by lower favorable net pricing and lower wholesales. mix.
Paragraph 23 · 42% changed
batteries), Commodity and Energy Prices. Prices for commodities remain volatile. Spot prices for various commodities have recently diverged, as weakening global EV demand mitigates price increases for battery-related commodities, while base metals such as steel and aluminum face tariff-related impacts, and precious metals (e.g., palladium) also remain at elevated price levels due to geopolitical uncertainty and other factors. Overall, the net impact on us and our suppliers has been higher material costs. To help ensure supply of raw materials for critical components, we, like others in the industry, have entered into multi-year sourcing agreements and may enter into additional agreements. Similar dynamics are impacting energy markets, with Europe particularly exposed to the risk of both higher prices and constraints on supply of natural gas due to the ongoing conflict in Ukraine. Such shortages may impact facilities operated by us or our suppliers, which could have an impact on us in Europe and other regions. In the long term, the outcome of de-carbonization and electrification of the vehicle fleet may depress oil demand, but geopolitical dynamics and the global energy transition will also contribute to ongoing volatility of oil and other energy prices.
Paragraph 63 · 40% changed
In 2024, 2025, Ford Pro’s wholesales increased 9% decreased 1% from a year ago, primarily reflecting higher sales of Super Duty lower industry volume in Europe and the Transit family impact of vehicles, a disruption in aluminum supply, offset partially by the end of production of the Edge higher daily rental volume in North America for fleet customers America. Full year 2025 revenue decreased 1%, driven by moderated pricing across fleets (including daily rental). Full year 2024 revenue increased 15%, driven rental), offset partially by higher wholesales, favorable mix, and higher net pricing. exchange.
Paragraph 47 · 40% changed
The table below shows our full year 2023 net income/(loss) attributable 2025 key metrics for the Company compared to Ford and Company adjusted EBIT by segment (in millions).2022 2023 a year ago.2024 2025 H / (L)
Paragraph 85 · 37% changed
Total Ford Credit’s total net receivables at December 31, 2024 2025 of $146.3 billion were $10.4 billion 2% higher than a year ago, reflecting higher consumer and non-consumer financing and explained primarily by a larger operating lease portfolio. portfolio and exchange, offset partially by lower non-consumer financing. The 2025 U.S. retail loss-to-receivables ratio of 59 basis points increased from a year ago, reflecting increased loss severity and higher repossessions. Ford Credit’s U.S. 36-month auction values for off-lease vehicles were down 4% increased 3% from a year ago. ago, reflecting industrywide low used vehicle supply and high demand.

A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

Risk Factors341 words changed in this paragraph; it is 34% similar to last year's version.
Changes in international trade policy can also have a substantial adverse effect on our financial condition, results of operations, or our business in general. To the extent governments in various regions implement or intensify restrictions or barriers to trade, such as tariff or non-tariff barriers, export controls, currency manipulation, or policies that otherwise favor domestic companies, there can be a significant negative impact on manufacturers based in other markets. Steps taken by governments to implement local content requirements requirements, restrict export and import activities, or apply or consider applying additional or new tariffs on automobiles, parts, and other products and materials have the potential to disrupt existing disrupted supply chains, impose imposed additional costs on our business, and could lead led to other countries attempting to retaliate by imposing tariffs, tariffs or other barriers, which would make our products more expensive for customers, and, in turn, could make our products less competitive. The new, substantial tariff increases on imports competitive, and this trend may continue. Tariffs implemented to the United States from Canada and Mexico (in addition to China) announced on February 1, 2025, should they be implemented and sustained for an extended period of time, would have a significant adverse effect, including financial, on the overall automotive industry, Ford, and our supply chain. Further, any additional tariffs date in the United States and elsewhere have caused significant disruption, increased costs, and uncertainty in the automotive industry, including for Ford, other OEMs, suppliers, and dealers, as well as customers. Moreover, tariffs implemented or retaliatory increased in the United States and elsewhere in the future may exacerbate these impacts. The U.S. government has implemented limited tariff relief for qualifying parties based on certain criteria, which could include prospective avoidance and retroactive relief through refunds. This relief is subject to periodic approval by the U.S. Department of Commerce and may be revised based on factors such as U.S. production and import content levels. Although we may be entitled to relief under these programs, and we may carry a receivable on our balance sheet reflecting tariffs imposed by other governments would exacerbate paid but for which we expect, but have not yet received, refunds, the impact. timing of our receipt of these amounts (and whether we will ultimately receive a refund) is uncertain and is subject to changes in trade policy. Accordingly, any delay in receiving the refunds could have a negative impact on our cash flow, and in the event we do not ultimately receive a refund, it could have an adverse impact on our financial condition or results of operations.

Source: Item 1A, 10-K 0000037996-26-000015 vs Item 1A, 10-K 0000037996-25-000013

MD&A178 words changed in this paragraph; it is 70% similar to last year's version.
(f)Purchase obligations under existing The terms of the offtake agreements for we have entered into, and those we may enter into in the future, vary by transaction, though they generally obligate us to purchase a certain battery raw materials are not percentage or minimum amount of output produced by the counterparty over an agreed upon period of time. The purchase price mechanisms included in our offtake agreements are typically based on the table above. market price of the material at the time of delivery. The terms also may include conditions to our obligation to purchase the materials, such as quality or minimum output. Subject to satisfaction of those conditions, we will be obligated to purchase the materials or otherwise compensate the supplier in the amount determined by the contract. As of December 31, 2024, 2025, our estimated expenditures for the maximum quantity that we are committed to purchase under these offtake agreements through 2035, subject to certain conditions, consist of total approximately $1.8 $4.7 billion of purchase obligations and approximately $4.9 billion of contingent purchase obligations based on our present forecast. However, forecast; however, our forecast could fluctuate from period to period based on market prices, which may result in significant increases or decreases in our estimate. The actual price paid for these materials will be recorded on our balance sheet at the time of purchase. In the event that we do not expect to consume all of the materials we are obligated to purchase pursuant to the terms of these agreements, we may sell the excess materials back to the supplier or another party. The resale price may or may not be the same as the original purchase price, depending on then-current market conditions and negotiated terms. As a result, we have recorded, and may in the future record, accruals related to either the resale when the purchase price mechanism under our agreements is higher than the expected resale price of the excess materials or when we are required to otherwise compensate the supplier. Accruals recorded to date for such items have been immaterial. As market conditions dictate, we have entered, and may in the future enter, into additional offtake agreements with raw material suppliers or renegotiate existing agreements. For additional information, see the discussion of our offtake agreements below on page 62.

Source: Item 7, 10-K 0000037996-26-000015 vs Item 7, 10-K 0000037996-25-000013

Accounting Policies139 words changed in this paragraph; it is 35% similar to last year's version.
The We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying amount value of intangible assets and goodwill is reported these investments in Other assets in the non-current assets section of our consolidated balance sheets. Intangible assets are comprised primarily of advertising agreements and land rights. The net carrying amount of our intangible assets was These investments were $ 80 256 million and $ 69 531 million at December 31, 2023 2024 and 2024, 2025, respectively. The net carrying amount of goodwill was $ 683 million and $ 658 million at increase from December 31, 2023 and 2024, respectively. For 2024 primarily reflects an adjustment to the periods presented, we did not record any material impairments fair value of one of our investments for indefinite-lived intangibles or goodwill. an observable price event of $ 276 million recognized in December 2025.

Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000037996-26-000015 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000037996-25-000013

Legal Proceedings67 words changed in this paragraph; it is 74% similar to last year's version.
All of the outstanding assessments have been appealed to the relevant administrative court of each jurisdiction. jurisdiction and some appeals are now pending in the judicial court system. To proceed with an appeal within the judicial court system, an appellant may be required to post collateral. To date, we have not been required to post any collateral. If we are required to post collateral, which could be in excess of $1 billion, billion for all the cases in the aggregate, we expect it to be in the form of fixed assets, surety bonds, and/or letters of credit, but we may be required to post cash collateral. To date, we have received collateral waivers for most of the cases that have been appealed to the judicial court system, although we have been required to post less than $100 million of collateral. Although the ultimate resolution of these matters may take many years, we consider our overall risk of loss to be remote.

Source: Item 3, 10-K 0000037996-26-000015 vs Item 3, 10-K 0000037996-25-000013

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of F's Risk Factors and MD&A, 10-K Feb 11, 2026 against 10-K Feb 6, 2025. Each links to the text at sec.gov.

All 248 Added 50Removed 30Reworded 166Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
Ford is also subject to environmental regulatory compliance requirements, and in many jurisdictions (including the United States), we are required to report on and correct certain emissions-related defects. Similarly, where required by regulation, we are obligated to honor certain warranties on emissions-related components, which can impose additional obligations beyond our standard warranties and increase our costs.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
and caused disruptions in our production operations, increases the risk of future production disruptions, and has increased and may further increase costs (e.g., premium freight and expedited shipping costs to make up for delays in component availability). Moreover, as the industry evolves, suppliers of traditional or EV-specific components may face financial distress or choose to exit certain lines of business, further narrowing our sourcing options and potentially leading to higher prices or supply shortages that could have a substantial adverse effect on our results of operations and reputation.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
incentives); disrupt our operations; distract management from current operations; or harm our reputation. Further, we may not realize the expected benefits of such restructuring actions (e.g., anticipated cost savings), such benefits may be delayed, or market dynamics or other factors may have evolved such that we cannot obtain the original intended results of an action.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
While we continue to invest in direct-to-consumer sales methods for our connectivity, digital and physical services, and integrated software services offerings, we are dependent on the efforts of third-party dealers for the majority of our sales in this space. We have invested and will continue to invest in programs to enhance sales through dealers, including education programs for dealership employees on the benefits of our services offerings and developing and making available digital marketing assets to dealers. These efforts may require a substantial investment of time and capital while providing no assurance of incremental sales.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
Changes in international trade policy can also have a substantial adverse effect on our financial condition, results of operations, or our business in general. To the extent governments in various regions implement or intensify restrictions or barriers to trade, such as tariff or non-tariff barriers, export controls, currency manipulation, or policies that otherwise favor domestic companies, there can be a significant negative impact on manufacturers based in other markets. Steps taken by governments to implement local content requirements, restrict export and import activities, or apply or consider applying additional or new tariffs on automobiles, parts, and other products and materials have disrupted supply chains, imposed additional costs on our business, and led to other countries attempting to retaliate by imposing tariffs or other barriers, which make our products more expensive for customers, and, in turn, our products less competitive, and this trend may continue. Tariffs implemented to date in the United States and elsewhere have caused significant disruption, increased costs, and uncertainty in the automotive industry, including for Ford, other OEMs, suppliers, and dealers, as well as customers. Moreover, tariffs implemented or increased in the United States and elsewhere in the future may exacerbate these impacts. The U.S. government has implemented limited tariff relief for qualifying parties based on certain criteria, which could include prospective avoidance and retroactive relief through refunds. This relief is subject to periodic approval by the U.S. Department of Commerce and may be revised based on factors such as U.S. production and import content levels. Although we may be entitled to relief under these programs, and we may carry a receivable on our balance sheet reflecting tariffs paid but for which we expect, but have not yet received, refunds, the timing of our receipt of these amounts (and whether we will ultimately receive a refund) is uncertain and is subject to changes in trade policy. Accordingly, any delay in receiving the refunds could have a negative impact on our cash flow, and in the event we do not ultimately receive a refund, it could have an adverse impact on our financial condition or results of operations.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
In addition, instability in the supply chain exacerbated by tariffs and other industry concerns, such as China’s restriction on the export of rare earth minerals and various components, has resulted in production disruptions and increased costs and heightens the risk of future production disruptions and further cost increases. Although there is uncertainty regarding the application, scope, and duration of tariffs, those that have been implemented have had a significant adverse effect, both operationally and financially, on the overall automotive industry, Ford, and our supply chain. Any additional tariffs or other measures that are implemented in the United States and any retaliatory tariffs or other measures or restrictions that are implemented by other governments, and the potential related market impacts, should they be sustained for an extended period of time, may have a significant adverse effect.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
manufacturing efficiencies, which may reduce margins. In the event of a shortage of available products, customers may elect to purchase from our competitors and may not return to Ford in the future.
Read it in 10-K Feb 11, 2026 at sec.gov
Show the other 60
AddedRisk Factors
Additionally, as noted above, U.S. federal tax incentives for purchasers of plug-in vehicles have changed in recent years. In 2022, Congress established these incentives and many retail and commercial vehicle purchasers were eligible for a tax credit of up to $7,500 per vehicle, increasing market demand for plug-in vehicles. Further, to make vehicles eligible for the tax incentive for retail purchasers, Ford and other manufacturers structured battery supply chains to comply with the “foreign entity of concern” criteria, which were aimed at reducing dependence on China and companies based in or operating in China. In 2025, Congress eliminated these credits, ending the incentives for purchasers and likewise changing the business rationale to use and create battery supply chains with less control by China.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
The 2025 legislation preserved the advanced manufacturing production tax credit for the domestic manufacture of batteries and battery components (first established in the 2022 legislation), but restricted the eligibility criteria going forward, most notably by imposing criteria for “prohibited foreign entities,” which concern China and other countries. As a manufacturer that intends to engage in large-scale production of batteries in the United States for vehicles and energy storage, this tax credit influences our decisions concerning the location, scale, supply chain, and operations of our domestic battery manufacturing business. Such decisions involve substantial lead time, and it may take years before Ford can satisfy any new or changed eligibility criteria. Accordingly, the termination of or a change to such incentives could have a significant impact on our financial condition, results of operations, or the operation of our business.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
Government investigations against Ford or Ford Credit have resulted in, and may in the future result in, fines, penalties, orders, customer remuneration, or other resolutions, through litigation, administrative proceedings, settlement, or otherwise, which have in the past had, and could in the future have, an adverse impact on our financial condition, results of operations, or the operation of our business, including oversight by regulators or a government-appointed monitor or independent third party. For example, as part of a consent order we entered into with NHTSA in 2024, we have retained an independent third party selected by NHTSA to assess the Company’s adherence to the consent order and Safety Act over the term of the consent order and to report on Ford’s progress to NHTSA.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
and investor litigation could give rise to de facto changes in the interpretation of existing emission laws and regulations, thereby imposing new burdens on manufacturers. For more discussion of the impact of standards on our global business, see the “Governmental Standards” discussion in “Item 1. Business” above.
Read it in 10-K Feb 11, 2026 at sec.gov
RemovedRisk Factors
Changes in international trade policy can also have a substantial adverse effect on our financial condition, results of operations, or our business in general. Steps taken by governments to implement local content requirements or apply or consider applying additional or new tariffs on automobiles, parts, and other products and materials have the potential to disrupt existing supply chains, impose additional costs on our business, and could lead to other countries attempting to retaliate by imposing tariffs, which would make our products more expensive for customers, and, in turn, could make our products less competitive. The new, substantial tariff increases on imports to the United States from Canada and Mexico (in addition to China) announced on February 1, 2025, should they be implemented and sustained for an extended period of time, would have a significant adverse effect, including financial, on the overall automotive industry, Ford, and our supply chain. Further, any additional tariffs in the United States or retaliatory tariffs imposed by other governments would exacerbate the impact.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedRisk Factors
With increased consumer interconnectedness through the internet, social media, and other media, mere allegations relating to quality, safety, reliability, fuel efficiency, sustainability, corporate social responsibility, or other key attributes can negatively impact our reputation or market acceptance of our products or services, even where such allegations prove to be inaccurate or unfounded. Further, our ability to successfully grow through capacity expansion and investments in the areas of electrification, connectivity, digital and physical services, and software services depends on many factors,
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedRisk Factors
The U.S. Inflation Reduction Act (“IRA”) provides, among other things, financial incentives in the form of tax credits to grow the domestic supply chain and domestic manufacturing base for electric vehicles, plug-in hybrid vehicles (“PHEVs”), and other “clean” vehicles. The law likewise incentivizes the purchase of clean vehicles and the infrastructure to fuel them. The IRA authorizes tax credits to manufacturers for the domestic production of batteries and battery components for EVs and PHEVs, and this credit is expected to improve the financial performance of domestic battery manufacturers, including the new operations at our upcoming facility in Michigan and BlueOval SK’s facilities in Kentucky and Tennessee. Further, the degree of success of some of our investment strategies depends upon IRA tax credit eligibility and for those credits to continue to remain available through the currently contemplated expiration.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedRisk Factors
The IRA also authorizes tax credits for purchasers of qualified commercial and retail clean vehicles. Ford expects that most commercial customers that purchase an EV or PHEV will be eligible for the commercial clean vehicle credit, although it is unclear at this time how many commercial vehicle purchasers will have the underlying federal tax liability that is necessary to actually monetize this credit. In their current form, the IRA’s tax credit and the commercial clean vehicle credit would, together, likely influence commercial fleets, governmental fleets, and other vehicle purchasers in their evaluation of a transition from internal combustion engine vehicles to EVs and PHEVs.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedRisk Factors
To claim the retail tax credit, the IRA establishes numerous and complex prerequisites, including that the vehicle must be assembled in North America; the vehicle must be under specified limitations on manufacturer suggested retail price (“MSRP”); purchaser income limitations; any vehicle that contains “battery components” that were “manufactured or assembled” by a “foreign entity of concern” will be ineligible; and, starting in 2025, any vehicle that contains battery materials that were “extracted, processed, or recycled” by a “foreign entity of concern” will be ineligible. A “Critical Minerals Credit” is available for those vehicles that have a specified percentage of critical minerals that are “extracted or produced” in the United States, in a country with which the United States has a Free Trade Agreement, or that is “recycled” in North America. A “Battery Components Credit” is available for those vehicles that have a specified percentage of “value” of its battery “components” that are “manufactured or assembled” in North America.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedRisk Factors
Although we ultimately expect the IRA to benefit Ford and the automotive industry in general, this would be the case only insofar as the IRA remains in place in its current form. Some policymakers have expressed an intent to repeal or restrict eligibility for elements of the IRA, however, including those credits discussed above, which would adversely affect Ford and the industry. To the extent these elements remain in place or are replaced with new laws that provide benefits using comparable eligibility criteria, the availability of such benefits to Ford will depend on the further development and improvement of the U.S. battery supply, sufficient access to raw materials within the scope of the IRA, and the terms of the regulations and guidance (and the limitations therein) the U.S. government issues for such benefits, which will ultimately determine which vehicles qualify for incentives and the amount thereof. Further, battery and electric vehicle manufacturing and the corresponding supply chains involve substantial lead time, and it may take years before Ford can satisfy any new eligibility criteria. Automakers that better optimize eligibility for their vehicles, as compared to their competition, will have a competitive advantage.
Read it in 10-K Feb 6, 2025 at sec.gov
RewordedRisk Factors
As described below under “To facilitate access to the raw materials and other components necessary for the production of electric vehicles, Ford has entered into and may, in the future, enter into multi-year commitments to raw material and other suppliers that subject Ford to risks associated with lower future demand for such items as well as costs that fluctuate and are difficult to accurately forecast” as well as in the Liquidity and Capital Resources section in Item 7 below, and elsewhere herein, we have entered into and we may, in the future, enter into offtake agreements and other long-term purchase contracts that obligate us, subject to certain conditions such as quality or minimum output, to purchase a certain percentage or minimum amount of output from certain raw materials suppliers.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
This trend Low EV adoption rates may continue, persist, including as a result of the regulatory framework in various markets shifting away from supporting the rapid adoption of electrified vehicles, if there is a vehicles (as was the case in the United States in 2025); any negative perception of our electrified vehicles or about electric vehicles EVs in general, if we are unable general; an inability to or are delayed delay in developing or embracing new technologies or processes, processes; or if consumers prefer our competitors’ vehicles, and there could be an adverse impact on our financial condition or results of operations. shifts in consumer preference.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Those factors primarily relate to the cost and effectiveness of available technologies; consumer acceptance of new technologies and their costs; changes in industrial policy, including incentives for electric electrified vehicles and battery manufacturing and requirements for battery supply chains; changes in trade policy, which may affect the profitability of certain products; changes in vehicle mix (as described in more detail above under “Ford’s new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and Ford’s reputation may be harmed based on positions it takes or if it is unable to achieve the initiatives it has announced”); elsewhere herein); the appropriateness (or lack thereof) of certain technologies for use in particular vehicles; the widespread availability (or lack thereof) of supporting infrastructure for new technologies, including charging for electric electrified vehicles; the availability (or lack thereof) of the raw materials and component supply to make affordable batteries and other elements of electric electrified vehicles; and the human, engineering, and financial resources necessary to deploy new technologies across a wide range of products and powertrains in a short time.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Furthermore, launch delays, recall actions, and increased warranty costs have generated negative publicity and adversely affected and could continue to adversely affect our reputation or the public perception and market acceptance of our products and services as discussed below under “Ford’s new and existing products and digital, software, and physical services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and digital and software services industries, and Ford’s reputation may be harmed based on positions it takes or if it is unable to achieve the initiatives it has announced. elsewhere herein.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
We spend substantial resources to comply with governmental safety regulations, mobile environmental regulatory obligations concerning our products and stationary source emissions regulations, operations, consumer and automotive financial regulations, labor and employment regulations and practices, and other standards, but we cannot ensure that have experienced employees, contractors, agents, or and other individuals affiliated with us will not violate violating such laws or regulations, regulations from time to time, which could at times has resulted in civil or criminal liability, and we cannot ensure that any such violations have not occurred or will not occur in the future, which may further result in civil or criminal liability.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Based on our current contracts Our recent labor contracts, including those with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) in the United States and Unifor in Canada ratified Canada, have resulted in 2023, we expect to have a significant increase in labor costs through the life of the contracts, and if we are unable to offset those costs, it could have a significant adverse effect on our business. cost increases.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
This could include governmental takeover (i.e., nationalization) of our manufacturing facilities or intellectual property, restrictive exchange or import controls, changes to international trade agreements, disruption of operations as a result of systemic political or economic instability, social unrest, outbreak of war or expansion of hostilities (such as the ongoing conflicts between Russia and Ukraine and between Israel and Hamas, heightened tensions in the Red Sea, and potential tensions in the South China Sea), hostilities, and acts of terrorism, each of which could impact our supply chain as well as our operations and have a substantial adverse effect on our financial condition or results of operations.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
As described above under “Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule the Liquidity and specifications, Capital Resources section in Item 7 below, and a shortage of or inability to timely acquire key components or raw materials can disrupt Ford’s production of vehicles,” elsewhere herein, to facilitate our access to such raw materials, we have entered into and we may, in the future, enter into offtake agreements and other long-term purchase contracts.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Accordingly, as we have experienced in the past, and may again experience in the future, a significant disruption to our production schedule could have a substantial adverse effect on our financial condition or results of operations and may impact our strategy to comply with fuel economy standards as discussed below under “Ford may need to substantially modify its product plans and facilities to comply with safety, emissions, fuel economy, autonomous driving technology, environmental, and other regulations.” elsewhere herein.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
In particular, China The continued strain in U.S.-China relations presents unique risks to U.S. automakers due to the strain in U.S.-China relations, automakers, as does China’s unique regulatory landscape, the level of integration with key components in our global supply chain, the limited availability of various components and materials (including certain rare earth minerals and related products from China), and the rapid development of the Chinese electric vehicle EV industry, with Chinese electric electrified vehicle manufacturers exporting their products to some key markets in which we operate.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Changes in commodity and energy prices (from tariffs and the actions taken by Russia in Ukraine, as discussed above under “With a global footprint and supply chain, Ford’s results and operations could be adversely affected by economic or tariffs, geopolitical developments, including protectionist trade policies such as tariffs, or other events,” or otherwise), currency exchange rates, and interest rates cannot always be predicted, hedged, or offset with price increases to eliminate earnings volatility.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Additional New, additional, and changing regulations, changes in regulatory interpretations, legislation, executive orders, directives, and enforcement priorities, or changes in consumer preferences that affect vehicle mix, as well as any non-compliance with applicable laws and regulations, which, in some jurisdictions, may include criminal liability due to the absence of civil or administrative enforcement regimes, could have a substantial adverse impact on our financial condition or condition, results of operations. operations, operations, or reputation.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
Trade Policy. To the extent governments in various regions implement or intensify restrictions or barriers to trade, such as tariff or non-tariff barriers, export controls, currency manipulation, or policies that otherwise favor domestic companies, there can be a significant negative impact on manufacturers based in other markets.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
Tariffs implemented to date in the United States and elsewhere have caused significant disruption, increased costs (both directly and indirectly), and uncertainty in the automotive industry, including for Ford, other OEMs, suppliers, and dealers, as well as customers. Moreover, tariffs implemented or increased in the United States and elsewhere in the future may exacerbate these impacts. Further, instability in the supply chain exacerbated by tariffs and other industry concerns, such as China’s restriction on the export of rare earth minerals and various components, has resulted in production disruptions and increased costs and heightens the risk of future production disruptions and additional cost increases. Tariffs have affected and will continue to affect all OEMs, to various degrees.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
In 2025, Ford’s gross costs related to tariffs implemented or revised in 2025 was about $3 billion, including the impact of tariff relief, and the net EBIT impact was about $2 billion after offsets. This relief is subject to periodic approval by the U.S. Department of Commerce and may be revised based on factors such as U.S. production and import content levels. As of December 31, 2025, we recognized a receivable of $974 million reflecting tariffs paid but for which we had not yet received refunds. Although we have started to receive refunds, the timing for our receipt of refunds is uncertain and is subject to changes in trade policy. Tariffs, particularly on auto parts for U.S. assembly, if sustained for an extended period of time, will have a significant adverse effect on U.S. production and the overall automotive industry.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
For additional information regarding the impact and potential impact of trade policy and tariffs on our business, see the Outlook section on page 74 of this Report and Item 1A. Risk Factors.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
In September 2025 and November 2025, fires at a Novelis Inc. plant in New York disrupted operations at the facility. Novelis is a major aluminum supplier to Ford, and since the initial fire occurred, we have been working closely with Novelis to address the situation and exploring potential alternative sources of aluminum. We have also sought mitigating actions to minimize potential disruptions to our operations. Although the ultimate impact on Ford is uncertain, we experienced lower production in the fourth quarter of 2025 driven by the Novelis fires, which we expect to recover partially in 2026. For more information regarding the impact and potential impact of the Novelis fires on our business, see the Outlook section on page 74 of this Report.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
Electric Vehicle Market. Although we are investing in our EV strategy, we anticipate that the EV market will continue to evolve. To date, we have observed lower-than-anticipated industrywide EV adoption rates due to changes in consumer sentiment, competitive dynamics, legal and policy changes, and significant developments in vehicle pricing dynamics, among other factors that we continue to monitor. The trend may be further exacerbated as policy changes in the United States have reduced or eliminated supply- and demand-side EV incentives, which may further slow the adoption of EVs. Moreover, potentially significant reductions in the stringency of federal emissions and fuel economy standards and federal legislation that eliminated the authority of California and other states to implement and enforce their most stringent emissions standards and zero-emission vehicle sales requirements, and other actions that may be forthcoming, may add to the disruption of the market for EVs in the United States, our largest market. These developments, which may continue to affect the pace of EV adoption, could extend the period of underutilization of EV production capacity across the industry.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
This environment has led us, and may in the future lead us, to adjust our investments, spending, production, and product and future technology launches to better match the pace of EV adoption. As a result of the lower-than-anticipated adoption rates, near-term pricing pressures, and other factors, we have recorded and may continue to incur charges related to payments to our EV-related suppliers (battery, raw material, or otherwise), inventory adjustments, impairments, or other matters.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
For example, in 2024, we announced the cancellation of an all-electric three-row SUV program. The impact of that cancellation also resulted in changes to future technology and product launches. Through December 31, 2025, we incurred expenses of $2.4 billion related to these actions, all of which we reported as special items. Although we do not expect to incur significant additional expenses, cash payments related to these actions will continue through 2026.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
In December 2025, we announced our decision to rationalize our EV manufacturing capacity and product roadmap, including cancelling three previously planned EVs and ending production of the current generation F-150 Lightning EV. As a result of the challenges facing the EV market and the decisions we made in response to those challenges, we recorded the following charges as special items: an $8.4 billion pre-tax non-cash impairment charge, including goodwill, for our Model e long-lived assets; $1.1 billion of non-cash asset write-downs related to the EV program cancellations described above; and $1.2 billion of other charges to be paid in cash (primarily related to contractual commitments related to those programs). We may incur additional expenses and cash expenditures of up to about $4 billion related to these actions and will recognize those charges in the quarter they are incurred as a special item.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
In addition, in December 2025, Ford, SK On Co., Ltd., and SK Battery America, Inc., and BlueOval SK, LLC (“BOSK”) entered into a Joint Venture Disposition Agreement (“JVDA”), pursuant to which our membership interest in BOSK will be redeemed, and a Ford subsidiary will receive BOSK’s two Kentucky plants and related assets, and will assume the related liabilities. The value of the liabilities assumed is expected to exceed the value of the assets received; accordingly, we do not expect to recover the carrying amount of our investment in BOSK. Therefore, in the fourth quarter of 2025, we recorded a $3.2 billion pre-tax non-cash impairment charge as a special item.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
Upon closing of the transactions contemplated by the JVDA (expected in the first half of 2026), we expect to recognize additional special item charges of about $3 billion, which includes about $500 million of cash expenditures. For additional information about BOSK and the JVDA, see Note 23 of the Notes to the Financial Statements.
Read it in 10-K Feb 11, 2026 at sec.gov
RemovedMD&A
Trade Policy. To the extent governments in various regions implement or intensify barriers to imports, such as erecting tariff or non-tariff barriers or manipulating their currency, and provide advantages to local exporters selling into the global marketplace, there can be a significant negative impact on manufacturers based in other markets. In addition, as governments consider an expanded use of tariffs as a lever in achieving a balance of trade, this new dynamic could have a substantial adverse effect on our business and the automotive sector. The new, substantial tariff increases on imports to the United States from Canada and Mexico (in addition to China) announced on February 1, 2025, should they be implemented and sustained for an extended period of time, would have a significant adverse effect, including financial, on the overall automotive industry, Ford, and our supply chain. We will continue to monitor and address the developing role that geopolitical, climate, and labor concerns are playing in trade relations.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
Electric Vehicle Market. Although we continue to invest in our electric vehicle strategy, we have observed lower-than-anticipated industrywide electric vehicle adoption rates and near-term pricing pressures, which has led us, and may in the future lead us, to adjust our spending, production, and/or product launches to better match the pace of electric vehicle adoption. In 2024, we recorded $1.2 billion of expenses related to the cancellation of a previously announced all-electric three-row SUV program. We may incur additional expenses and cash expenditures of about $700 million related to the cancellation, the majority of which we expect to record by the first half of 2025. Further, significant unexpected changes in the EV demand environment have led, and may in the future lead, to incremental competitive pricing actions, and we may continue to incur expenses related to payments to our electric vehicle-related suppliers (battery, raw material, or otherwise), asset write-downs, or other matters. These market dynamics may continue to occur, which could have a substantial impact on our business, including our investments in supply and production capacity. In addition, policy change in the United States could reduce or eliminate supply- and demand-side incentives, resulting in slower adoption of EVs. Further, the pace of EV adoption could force Ford to take various product-led actions (e.g., curtailing the production and sale of certain internal combustion vehicles) that could have substantial adverse effects on our sales volume and operations. See Item 1A. Risk Factors for additional discussion of the risks related to lower-than-anticipated electric vehicle volumes and our planned transition to a greater mix of electric vehicles.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
In 2024, the Ford Next segment primarily included expenses and investments for emerging business initiatives aimed at creating value for Ford in vehicle-adjacent market segments. As of January 1, 2025, Ford Next is no longer a reportable segment, and those expenses and investments are reflected in either the reportable segments that benefit from those expenses and investments or Corporate Other.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
Our Ford Next segment EBIT loss in 2024 was $50 million, an $88 million improvement from a year ago. Ford Next has evolved from primarily investing in the development of autonomous vehicle capabilities to focus exclusively on incubating and launching new businesses creating strategic value for Ford.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
We recorded $5.1 billion of pre-tax special item charges in 2023, driven primarily by pension and OPEB remeasurement, restructuring actions in Europe and China, and the Transit Connect customs matter.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
(b)Long-term debt may have fixed or variable interest rates. For long-term debt with variable-rate interest, we estimate the future interest payments based on projected market interest rates for various floating-rate benchmarks received from third parties.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
(e)Includes regulatory compliance credit purchase commitments. For additional information on our regulatory compliance credit purchases, see page 10 in the “Government Standards” section in “Item 1. Business”.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
(b)2022 includes a $7.4 billion loss on our Rivian investment. 2023 includes $2.6 billion of capital contributions to BlueOval SK, LLC. 2024 includes $2.3 billion of capital contributions to BlueOval SK, LLC, offset by a return of capital of $1.4 billion.
Read it in 10-K Feb 6, 2025 at sec.gov
RemovedMD&A
Pension Plan Contributions and Strategy. Our strategy is to reduce the risk of our funded defined benefit pension plans, including minimizing the volatility of the value of our pension assets relative to pension liabilities and the need for unplanned use of capital resources to fund the plans. The strategy reduces balance sheet, cash flow, and income exposures and, in turn, reduces our risk profile. Going forward, we expect to:
Read it in 10-K Feb 6, 2025 at sec.gov
RewordedMD&A
The following tables provide supplemental cash flow information (in millions):For the Year Ended December 31, 2024 2025 Cash flows from operating activities Company excluding Ford Credit Ford Credit Eliminations Consolidated Net income/(loss) $ 4,638 (10,337) $ 1,256 2,175 $ $ 5,894 (8,162) Depreciation and tooling amortization 5,038 2,529 5,245 2,589 — 7,567 7,834 Other amortization 39 (1,739) 52 (1,891) — (1,700) (1,839) EV asset impairment/program cancellation asset write-downs (including depreciation of $8,140) 9,435 — — 9,435 Provision for credit and insurance losses 13 562 2 614 — 575 616 Pension and OPEB expense/(income) 149 1,062 — — 149 1,062 Equity method investment (earnings)/losses and impairments in excess of dividends received (277) (10) 3,563 9 — (287) 3,572 Foreign currency adjustments 317 (90) 9 (96) — 227 (87) Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments 45 (3) (317) (29) — 42 (346) Stock compensation 493 492 18 — 511 510 Provision for/(Benefit from) deferred income taxes 74 276 (4,785) 249 — 350 (4,536) Decrease/(Increase) in finance receivables (wholesale and other) — (4,299) 4,992 — (4,299) 4,992 Decrease/(Increase) in intersegment receivables/payables 529 (529) 239 (239) — — Decrease/(Increase) in accounts receivable and other assets (2,230) (267) (2,838) 47 — (2,497) (2,791) Decrease/(Increase) in inventory 27 539 — — 27 539 Increase/(Decrease) in accounts payable and accrued and other liabilities 8,106 319 9,707 396 — 8,425 10,103 Other 211 228 294 86 — 439 380 Interest supplements and residual value support to Ford Credit (5,349) 5,349 (4,011) 4,011 — — Net cash provided by/(used in) operating activities $ 11,823 8,351 $ 3,600 12,931 $ $ 15,423 21,282
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
The following tables provide supplemental balance sheet information (in millions):December 31, 2024 2025 Assets Company excluding Ford Credit Eliminations Consolidated Ford Credit Cash and cash equivalents $ 13,663 14,086 $ 9,272 9,270 $ — $ 22,935 23,356 Marketable securities 14,707 706 14,347 784 — 15,413 15,131 Ford Credit finance receivables, net — 51,850 49,130 — 51,850 49,130 Trade and other receivables, net 5,868 8,855 7,679 7,719 — 14,723 15,398 Inventories 14,951 15,285 — — 14,951 15,285 Other assets 3,339 1,263 3,888 1,299 — 4,602 5,187 Receivable from other segments 1,134 2,285 (3,419) 1,059 2,581 (3,640) — Total current assets 53,662 74,231 (3,419) 124,474 56,344 70,783 (3,640) 123,487 Ford Credit finance receivables, net — 59,786 61,449 — 59,786 61,449 Net investment in operating leases 1,258 21,689 2,038 26,502 — 22,947 28,540 Net property 41,645 283 36,950 338 — 41,928 37,288 Equity in net assets of affiliated companies 6,691 130 2,628 125 — 6,821 2,753 Deferred income taxes 16,196 178 1 16,375 21,438 512 3 21,953 Other assets 11,628 1,237 11,536 2,154 — 12,865 Receivable from other segments 74 — (74) — 13,690 Total assets $ 131,154 130,934 $ 157,534 161,863 $ (3,492) (3,637) $ 285,196 289,160
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Liabilities Payables $ 23,167 24,845 $ 961 964 $ — 24,128 25,809 Other liabilities and deferred revenue 24,963 2,819 29,118 2,661 — 27,782 31,779 Company excluding Ford Credit debt payable within one year 1,756 5,550 — — 1,756 5,550 Ford Credit debt payable within one year — 53,193 51,752 — 53,193 51,752 Payable to other segments 3,394 25 (3,419) 3,640 — (3,640) Total current liabilities 53,280 56,998 (3,419) 106,859 63,153 55,377 (3,640) 114,890 Other liabilities and deferred revenue 27,165 1,667 29,545 1,357 — 28,832 30,902 Company excluding Ford Credit long-term debt 18,898 16,369 — — 18,898 16,369 Ford Credit long-term debt — 84,675 89,665 — 84,675 89,665 Deferred income taxes 709 364 1 1,074 Payable to other segments — 74 (74) 691 660 3 1,354 Total liabilities $ 100,052 109,758 $ 143,778 147,059 $ (3,492) 240,338 (3,637) 253,180
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
For the Year Ended December 31, 2024 2025 Company excluding Ford Credit Ford Credit Consolidated Revenues $ 172,706 173,996 $ 12,286 13,271 $ 184,992 187,267 Total costs and expenses 168,721 11,052 179,773 185,315 11,121 196,436 Operating income/(loss) 3,985 1,234 5,219 (11,319) 2,150 (9,169) Interest expense on Company debt excluding Ford Credit 1,115 1,254 — 1,115 1,254 Other income/(loss), net 2,073 378 2,451 1,389 357 1,746 Equity in net income/(loss) of affiliated companies 636 42 678 (3,203) 50 (3,153) Income/(Loss) before income taxes 5,579 1,654 7,233 (14,387) 2,557 (11,830) Provision for/(Benefit from) income taxes 941 398 1,339 (4,050) 382 (3,668) Net income/(loss) 4,638 1,256 5,894 (10,337) 2,175 (8,162) Less:
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
For a description of these causal factors, see Definitions and Information Regarding Ford Credit Causal Factors.2023 2024 Factors.2024 2025 H / (L) GAAP Financial Measures Total Net Receivables ($B) $ 133.2 $ 143.6 $ 10.4 146.3 $ 2.7 Loss-to-Receivables (bps) (a) 35 50 15 59 9 Auction Values (b) $ 30,950 30,510 $ 29,810 (4) 31,475 3 % EBT ($M) 1,331 1,654 2,557 $ 323 903 ROE (%) 10.6 % 9.1 % (1.5) 14.9 % 5.8 ppts Other Balance Sheet Metrics Debt ($B) $ 129.3 $ 137.9 $ 8.6 141.4 $ 3.5 Net Liquidity ($B) 25.7 25.2 (0.5) 24.6 (0.6) Financial Statement Leverage (to 1) 9.7 10.0 0.3 9.6 (0.4)
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
As of December 31, 2024, 2025, our estimated expenditures for the maximum quantity that we are committed to purchase under these offtake agreements through 2035, subject to certain conditions, consist of total approximately $1.8 $4.7 billion of purchase obligations and approximately $4.9 billion of contingent purchase obligations based on our present forecast. forecast; however, our forecast could fluctuate from period to period based on market prices, which may result in significant increases or decreases in our estimate.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Worldwide, our Our defined benefit pension plans were underfunded by $0.5 $0.2 billion at December 31, 2024, 2025, an improvement of $1.8 $0.3 billion from December 31, 2023, 2024, primarily reflecting 2024 2025 plan contributions offset partially by a remeasurement loss and the impact of higher discount rates compared to year-end 2023, partially offset by actual asset returns lower than our assumptions. separation costs.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Company Excluding excluding Ford CreditDecember 31, 2023 2024 December 31, 2024 2025 Balance Sheets ($B) Company Cash $ 28.8 28.5 $ 28.5 28.7 Liquidity 46.4 46.7 49.8 Debt (excluding finance leases) (19.9) (20.7) (21.0) Cash Net of Debt 8.9 7.9 (excluding finance leases) 8.7 7.7 Pension Funded Status ($B) Funded Plans $ 2.1 3.4 $ 3.4 3.7 Unfunded Plans (4.4) (3.9) (3.9) Total Global Pension $ (2.3) (0.5) $ (0.5) (0.2) Total Funded Status OPEB $ (4.7) (4.4) $ (4.4)
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Moreover, in order to secure critical materials for production of electric vehicles, to manufacture electrified products, we have entered into and we may, in the future, enter into offtake agreements with raw material suppliers and make investments in certain raw material and battery suppliers, including contributing up to a maximum of $6.6 billion in capital to BlueOval SK, LLC (“BOSK”) over a five-year period ending in 2026. suppliers.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
The weighted average discount rate used to determine the benefit obligation for worldwide OPEB plans at December 31, 2024 2025 was 5.46%, 5.27%, compared with 5.10% 5.46% at December 31, 2023, 2024, resulting in a minimal impact to our worldwide net remeasurement gain of $112 million, which has been recognized within net periodic benefit cost and reported as a special item. remeasurement.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
However, production constraints due to capacity and labor shortages remain as As we adjust to shifting market conditions and balance our production mix, continued uncertainty with regard to current and the increased tariffs announced on February 1, 2025 and any additional future levels of tariffs, as discussed above, could have a significant impact on our supply chain and, in turn, our production.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Company adjusted EBIT excluding Ford Credit EBT, EBT; capital spending, spending; depreciation and tooling amortization, amortization; changes in working capital, Ford Credit distributions, interest on debt, cash taxes, and all other and timing differences (including timing differences between accrual-based EBIT and associated cash flows). capital;
Read it in 10-K Feb 11, 2026 at sec.gov
Quiet changesMD&A
In addition, government regulations in certain markets aimed at reducing emissions and increasing fuel efficiency (e.g., ZEV mandates and low emission zones), and other factors that accelerate the transition to electrified vehicles, may increase the cost of vehicles by more than the perceived benefit to consumers and dampen margins.
Read it in 10-K Feb 11, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

Also

New risk factors: paragraphs with nothing like them last year, quoted in full.

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