Ford finished the third quarter with $49.5 billion in revenue, which was down 2% year-over-year, but finished with a net income of $2 billion.
The full-year projections were for EBIT to finish between $10.5 billion and $11 billion, with the top end being the same as the mid-year guidance.
But leadership is already pointing to 2027 as a foundational year for the company to reach long-term profitability goals, which include the launch of the new F-150 and the first vehicle on its universal electric vehicle platform, the Fathom.
“We intend to finish this year strong, execute at ‘27 with great profitability investments and with discipline to build towards that target of 8% adjusted EBIT by ‘29,” said Ford CEO Jim Farley in the investor call Wednesday, Oct. 28.
Driving the news: Ford delivered 9% fewer vehicles vs. the third quarter of 2025 at 1.04 million units.
For the year, wholesale units are also down 9% at 3.02 million units.
Notably, the Ford Blue segment was down 10% in wholesale units and also in earnings, which was attributed to product discontinuations and higher commodity costs.
Zooming in: Ford Chief Financial Officer Sherry House said the numbers show the OEM’s ability to “increase profits on a lower revenue base,” which she credited to a higher-margin product mix and cost-control efforts.
House explained that higher-margin off-road vehicles made up around a quarter of Ford’s U.S. sales.
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“Ultimately, we’re confident in our full-year trajectory,” House said. “We strengthened our underlying businesses throughout the year, and as a result, for the third time this year, we improved our full-year guidance.”
F-150 supply: At the end of September, Ford reported its F-150 stock was back at 49 days after previous supply issues.
Farley said by year-end, supply should be within its target range of 50 to 60 days.
“That is substantially lower than Ford's operated. And it's really allowed us to build that disciplined full-size truck business while we watch our competitors play a very different game,” Farley said. “And our dealers are very anxious for more stock. Our mix is good and our turn rates is really what we're focused on now.”
Update on Fathom: Ford noted that 90% of the validation testing has been completed for the launch of the Fathom in 2027.
The Fathom is expected to start with an MSRP of $28,350, and pre-orders will be launched in the first quarter of 2027.
“We're feeling pretty good about the industrial preparation and the revenue picture,” Farley said.
Bottom line: Farley laid out that Ford has a clear strategy in the near term, growing its auto business with new vehicles and revamping its EV business with less capital. It is also expanding and diversifying with services, parts, financing, and its Ford Energy.
“The objective is a more profitable, capital-efficient, and resilient Ford,” Farley said.
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