Ford Motor reported a large quarterly earnings miss in Q4 2025 but expects 2026 to be a rebound year. The automaker’s guidance includes adjusted EBIT of $8B-$10B, adjusted free cash flow of $5B-$6B, and capital expenditures of $9.5B-$10.5B. Unexpected tariff costs and fires at a supplier plant impacted earnings.

The company’s Q4 earnings per share of 13 cents adjusted fell short of the expected 19 cents. Automotive revenue was $42.4 billion, slightly above the expected $41.83 billion. Ford confirmed $7.7 billion in earnings before interest and taxes for the quarter, but unexpected costs lowered it to $6.8 billion.

Ford CFO Sherry House attributed the lower earnings to tariff costs and fires at a supplier plant. The company’s net tariff impact is expected to be flat year-over-year at $2 billion in 2026. The Novelis fire had a $2 billion impact on Ford during the second half of 2025.

Ford’s 2025 revenue was a record $187.3 billion, up 1% from the previous year. The company’s net loss of $8.2 billion in 2025 was its largest since the Great Recession in 2008. Ford plans to offset losses in its “Model e” electric vehicle unit with earnings from its traditional and fleet operations.

Read more at CNBC: Ford Motor (F) earnings Q4 2025