FX-Driven Revenue Growth and Underlying Business Strength
Full-year revenue guidance increased to $44.8-$45.2 billion, primarily due to FX impact from a weakening dollar.
Underlying business shows healthy member growth, especially in late Q2, and momentum in ad sales, which is on track to double revenue from ads this year.
Operating expenses are largely unchanged, allowing revenue increases to flow through to profit margins, with the full-year margin target raised from 29% to 30%.
Adjusted free cash flow was solid at $2.8 billion, with a strong balance sheet holding more than $28 billion in cash and $46 billion in liquidity.
Ford Blue earned nearly $700 million in the quarter, reflecting profitable market share gains, higher net pricing, and cost improvements.
Ford Credit delivered $645 million of EBT, up $300 million year-over-year, with strong portfolio performance and paid $500 million distribution in the quarter.
Ford delivered a record $50 billion in revenue in Q2 2025, with $2.1 billion in adjusted EBIT despite a net tariff impact of about $800 million.
Ford Pro's revenue grew 11% to nearly $19 billion with a 12.3% EBIT margin driven by strong product lineup and high-margin services.
Global revenue grew 5% year-over-year, outpacing wholesale growth of 4%, with the fourth consecutive quarter of cost improvement excluding tariffs.
Model e revenue more than doubled to $2.4 billion with a margin improvement of nearly 44 points due to mix and operational efficiencies.
Dafinchi