The lower level of cash and cash equivalents in Q1 2024 was primarily driven by a significant outflow in cash from investing activities, which saw a net cash outflow of **$5,880 million** due to large acquisitions of finance receivables and operating leases. This outflow was not sufficiently offset by operating cash flows—which generated only **$1,385 million**—and there were additional cash outflows in financing activities as well as a negative impact of **$171 million** from exchange rate changes. Overall, these factors led to a decrease in cash and cash equivalents to **$19,721 million** in Q1 2024.  **[0000037996-24-000075_f-20240331.htm:4]** **[0000037996-24-000075_f-20240331.htm:62]** **[0000037996-24-000074_exhibit99toapril242024fo.htm:9]** 

Why was Cash and cash equivalents so low in Q1 2024?

The increase in **Total assets** in Q3 2024 was driven by several key factors. These include a rise in **Ford Credit Finance Receivables** with an overall increase of **$7,154 million** in both current and non-current receivables, a **$2,374 million** boost in **Inventories** due to higher in-plant and in-transit stocks linked to new vehicle launches, a growth of **$1,005 million** in **Net Investment in Operating Leases**, a significant jump of **$2,481 million** in **Equity in Net Assets of Affiliated Companies**, and a **$1,815 million** increase in **Other Assets**.  **[0000037996-24-000185_f-20240930.htm:4]** **[0000037996-24-000185_f-20240930.htm:18]** 

What drove the increase in Total assets in Q3 2024?

The documents indicate that the **long-term debt** for Ford Credit increased by approximately **$4,528 million** (from **$80,095 million** at December 31, 2023, to **$84,623 million** by September 30, 2024).  **[0000037996-24-000183_exhibit99tooctober282024.htm:6]**  While they do not provide explicit reasons for this jump, it is noted that **robust access to capital markets** and the completion of significant **public term issuances** likely contributed to the increase.  **[0000037996-24-000185_f-20240930.htm:56]**  Additionally, an increase in **total net receivables** might have necessitated higher funding levels.  **[0000037996-24-000185_f-20240930.htm:44]** 

Why did Long-term debt, Ford Credit jump in Q3 2024?

The spike in short-term debt is attributed to an increase from **$362 million** as of December 31, 2023 to **$799 million** as of June 30, 2024, which is identified as one of the main drivers of the overall rise in debt payable within one year for the Company excluding Ford Credit. The documentation highlights this change but does not provide additional details about the underlying causes of this increase in short-term debt specifically.  **[0000037996-24-000144_f-20240630.htm:20]** 

What caused the spike in short-term debt (Company excluding Ford Credit) in Q2 2024?

968e85513bee221eab0ff95686a06286dea033f89d7f8e265401d2203746b557

Operating income turned positive in Q4 2024 due to a combination of factors including **revenue growth**, **effective cost management**, strong performance in key business segments, **increased other income**, and **lower interest expense**. Specifically, consolidated revenues increased significantly, and improved cost controls—such as the **$1.4 billion in cost reductions** in some segments—helped drive profitability. Furthermore, strong results in segments like **Ford Pro** and **Ford Blue** contributed with notably solid EBIT figures, while a reduction in interest expense supported the overall improvement. This blend of factors reversed the loss experienced in Q4 2023 and moved operating income into positive territory.  **[0000037996-25-000011_exhibit99tofebruary52025.htm:7]** **[F_3414503_4]** **[0000037996-25-000013_f-20241231.htm:165]** 

Why did operating income turn positive in Q4 2024?

The turnaround in **net income** in **Q4 2024** was driven by a significant reduction in **special items**—notably the non-recurrence of a pension and OPEB remeasurement loss from the previous year, along with a pension remeasurement gain in 2024 and lower restructuring charges—coupled with a strong increase in EBIT from **Ford Pro**. These changes more than offset some negative impacts from lower EBIT in **Ford Blue**, higher losses in **Ford Model e**, and increased taxes.  **[0000037996-25-000013_f-20241231.htm:85]** **[0000037996-25-000011_exhibit99tofebruary52025.htm:11]** 

What drove the turnaround in net income in Q4 2024?

The stark reversal in other income in Q4 2024 was primarily driven by a **significant improvement in net periodic pension and OPEB income/(cost), excluding service cost**, which swung from a **$(2,494) million loss** in Q4 2023 to a **$411 million gain** in Q4 2024. This was complemented by **relatively stable investment-related interest income** (approximately **$1,540 million** in 2024), a **notable reduction in losses on realized and unrealized gains** on investments (from **$(205) million** to **$(42) million**), **improved gains on changes in investments in affiliates** (increasing from **$9 million** to **$78 million**), and a **slight increase in royalty income** (from **$477 million** to **$503 million**).  **[0000037996-25-000013_f-20241231.htm:183]** 

What contributed to the stark reversal in other income in Q4 2024?

The income tax provision nearly doubled in Q2 2024 because **Ford’s pre-tax income increased** (from **$2,288 million** to **$2,438 million**), while the substantial **reduction in pre-tax special items** (from **$1,194 million** down to **$49 million**) led to a higher taxable base, and a much higher **effective tax rate increased from 11.9% to 24.8%**. These combined factors significantly raised the tax provision from **$272 million** in Q2 2023 to **$605 million** in Q2 2024.  **[0000037996-23-000050_f-20230630.htm:4]** **[0000037996-24-000144_f-20240630.htm:2]** **[0000037996-24-000144_f-20240630.htm:45]** **[0000037996-24-000143_exhibit99tojuly242024for.htm:7]** **[0000037996-24-000143_exhibit99tojuly242024for.htm:13]** **[0000037996-24-000144_f-20240630.htm:35]** **[0000037996-24-000144_f-20240630.htm:62]** 

Why did the income tax provision nearly double in Q2 2024?

In Q2 2024, **higher financing margin** and **increased volume with a favorable mix** supported Ford Credit's performance, helping to offset the negative impacts from higher operating lease depreciation, insurance losses, and credit losses.  **[0000037996-24-000144_f-20240630.htm:41]** **[F_3394138_7]** 

What factors supported the increase in Ford Credit revenue in Q2 2024?

4b51a38bc5f7fae169d69ff71d0abd5d08c4400fbba7e78d4b6badbf723d3153

Operating Cash Flow in Q1 2024 was notably lower due to several factors. **Higher inventory levels** increased by **$3,154 million** (compared to **$1,967 million** in Q1 2023) significantly offset cash inflows. In addition, **net income declined** to **$1,334 million** from **$1,663 million**, reducing available operating cash. Furthermore, **pension contributions rose dramatically** to **$550 million** compared to **$125 million** in the previous quarter, further diminishing cash flows. Although there was an increase in accounts payable and accrued liabilities by **$3,333 million**, it was not enough to counterbalance the negative impacts of the other factors.  **[0000037996-24-000075_f-20240331.htm:5]** **[0000037996-24-000074_exhibit99toapril242024fo.htm:7]** 

Why was Operating Cash Flow so low in Q1 2024?

In Q1 2024, **capital spending increased by $314 million** compared to Q1 2023, primarily due to **higher investments in the company's operations and projects**.  **[0000037996-24-000075_f-20240331.htm:49]** **[0000037996-24-000075_f-20240331.htm:5]** 

What factors contributed to the increased Capital Spending in Q1 2024?

In Q3 2024, the improvement in Operating Cash Flow was primarily driven by **working capital improvements**—especially higher trade payables offsetting increased inventory—along with **higher adjusted EBIT** compared to Q3 2023, and positive **timing differences** such as marketing incentive payments, warranty payments, and other accrual-based adjustments.  **[0000037996-24-000185_f-20240930.htm:54]** **[0000037996-24-000183_exhibit99tooctober282024.htm:13]** 

What factors drove the improvement in Operating Cash Flow in Q3 2024?

cc2a14a521a8c741c7a074069dfbf73fd61309c70e5026ff0131ff5af8cda7e6

Revenues Company excluding Ford Credit (USD, millions)

Ford Credit (USD, millions)

Total revenues (USD, millions) (Note 4)

Cost of sales (USD, millions)

Selling, administrative, and other expenses (USD, millions)

Ford Credit interest, operating, and other expenses (USD, millions)

Total costs and expenses (USD, millions)

Operating income/(loss) (USD, millions)

Interest expense on Company debt excluding Ford Credit (USD, millions)

Other income/(loss), net (USD, millions) (Note 5)

Equity in net income/(loss) of affiliated companies (USD, millions) (Note 14)

Income/(Loss) before income taxes (USD, millions)

Provision for/(Benefit from) income taxes (USD, millions) (Note 7)

Net income/(loss) (USD, millions)

Less: Income/(Loss) attributable to noncontrolling interests (USD, millions)

Net income/(loss) attributable to Ford Motor Company (USD, millions)

Basic income/(loss) (USD)

Diluted income/(loss) (USD)

Weighted-average shares used in computation of earnings/(loss) per share Basic shares (thousands)

Weighted-average shares used in computation of earnings/(loss) per share Diluted shares (thousands)

e2e3ebef59477da38112530c02b17b91bdfd2bf32b6b3af55422cf84d254e334

eaf4ee217e4e612fecf6b7bd3d152ec69fa9d322227741f1698579c2c1f3cdee

Cash and cash equivalents (USD, millions)

Marketable securities (USD, millions)

Ford Credit finance receivables, net of allowance for credit losses (USD, millions)

Trade and other receivables, less allowances (USD, millions)

Inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Ford Credit finance receivables, net of allowance for credit losses, non-current (USD, millions)

Net investment in operating leases (USD, millions)

Net property (USD, millions)

Equity in net assets of affiliated companies (USD, millions)

Deferred income taxes, non-current assets (USD, millions)

Other non-current assets (USD, millions)

Total assets (USD, millions)

Payables (USD, millions)

Other current liabilities and deferred revenue (USD, millions)

Debt payable within one year, Company excluding Ford Credit (USD, millions)

Debt payable within one year, Ford Credit (USD, millions)

Total current liabilities (USD, millions)

Other non-current liabilities and deferred revenue (USD, millions)

Long-term debt, Company excluding Ford Credit (USD, millions)

Long-term debt, Ford Credit (USD, millions)

Deferred income taxes, non-current liabilities (USD, millions)

Total liabilities (USD, millions)

Common Stock (USD, millions)

Class B Stock (USD, millions)

Capital in excess of par value of stock (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive income/(loss) (USD, millions)

Treasury stock (USD, millions)

Total equity attributable to Ford Motor Company (USD, millions)

Equity attributable to noncontrolling interests (USD, millions)

Total equity (USD, millions)

Total liabilities and equity (USD, millions)

2215d042b95cddd06ba7dcb807b3aa241c7424947265be1a12ba9e3ab24ce507

3e98a5e94ce78bc967a062864ed44f13f8e83c6f93ca8e3e854ba4c0159b063c

2aaf84ba1502c4640bcb4d5c43c5f33b67591bd4794b3772a6d430f113c7787c

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

c1804c588fc6a27e9dbbe928b8b97cf635cfb5d4c85d85456f46c9d11ef553fa

Wholesale Units for Ford Blue (thousands)

Wholesale Units for Ford Model e (thousands)

Wholesale Units for Ford Pro (thousands)

Loss-to-Receivables (basis points)

Auction Values (USD)

Securitized Funding as Percent of Total Debt (percent)

Financial Statement Leverage (ratio)

Number of U.S. Electric Vehicles Sold (units)

Number of U.S. Hybrid Vehicles Sold (units)

Number of U.S. Internal Combustion Vehicles Sold (units)

Total U.S. Vehicle Sales (units)

Number of U.S. Electric Vehicles Wholesaled (units)

Number of U.S. Hybrid Vehicles Wholesaled (units)

Number of U.S. Internal Combustion Vehicles Wholesaled (units)

Total U.S. Vehicle Wholesales (units)

c43d8a8eb590c24ea26d9afe33e4d9e1f3fb697efe3ccf99cc3932a1c0d44ed5

United States

Canada

United Kingdom

Germany

Mexico

All Other Countries

North America

South America

Europe

China (Including Taiwan)

International Markets Group

Middle East & Africa

Asia Pacific

Total Revenue

cdc71c2b269b9cc7cbe67d7c8e0eca591909e24ec2a2914550b584da64abfdd9

50bdceca7b63b5fecef1fa41b86f30c6f8b9eae20c3ba62a03a0fae8297e978c

FORD MOTOR (F)

Financials