Ford Media Center

Ford+ Delivers Solid 2023, Provides Outlook for Healthy ’24; Company Declares Regular, Supplemental Stock Dividends

  • Popular products, customer choice across gas, hybrid, electric vehicles drive full-year growth in each customer-centered auto segment; Ford Pro and Ford Blue strongly profitable
  • Fourth-quarter revenue increased to $46 billion; net loss of $526 million attributable to special items; adjusted EBIT totaled $1.1 billion
  • Full-year net income of $4.3 billion and adjusted EBIT of $10.4 billion; operating cash flow was $14.9 billion, adjusted FCF of $6.8 billion
  • Company declares first-quarter regular and supplemental dividends of 15 and 18 cents per share, respectively, payable March 1 to shareholders of record on Feb. 16
  • Outlook for full-year 2024 includes adjusted EBIT of $10 billion to $12 billion, adjusted FCF of $6 billion to $7 billion, and capital spending of $8 billion to $9.5 billion

DEARBORN, Mich., Feb. 6, 2024 – Ford+, in its first full year of operating with customer-centered business segments in 2023, demonstrated the strategy’s capacity to adapt to the wants and needs of customers and give them great experiences and value, while generating growth and profitability.

“We’re the only company that gives customers such a wide range of choices – gas, hybrid and electric vehicles – made possible by our Ford+ plan and the talented team that’s carrying it out,” said President and CEO Jim Farley.  “Ford is creating a product, software and services powerhouse with huge potential for this year and the long haul.”

Company Key Metrics Summary

Ford’s fourth-quarter 2023 revenue was $46 billion, an increase of 4% from the same period a year ago on comparable vehicle volumes.  Net pricing was favorable.  A net loss of $526 million in the period was attributable to a $1.7 billion pretax, non-cash accounting loss related to the remeasurement of pension and other postretirement employee benefits plans.  Adjusted earnings before interest and taxes, or EBIT, totaled $1.1 billion.

For full-year 2023, revenue was up 11% to $176 billion.  Net income improved year-over-year to $4.3 billion; adjusted EBIT of $10.4 billion was essentially flat year-over-year and at the high end of guidance that Ford provided following ratification of its new contracts with the UAW in the U.S. and Unifor in Canada.

Profitability and cash flow from outside North America in 2023 represented a reversal from a combined loss of about $2 billion in 2020.  The improvement in those markets reflected benefits from lower capital approaches in China and elsewhere, and continued strength of the Ranger midsize pickup and Everest SUV.

Operating cash flow of $14.9 billion for all of 2023 was solid; adjusted free cash flow of $6.8 billion was significantly better than the company’s outlook of $5.0 billion to $5.5 billion.  Ford’s balance sheet remains strong, with nearly $29 billion in cash and more than $46 billion in liquidity at the end of the year.

CFO John Lawler said that the company’s robust cash flow and disciplined capital allocation enable vital investments in Ford+ while also returning value to shareholders – targeting distributions of 40% to 50% of adjusted free cash flow.

Accordingly, the company today declared a first-quarter regular dividend of 15 cents per share and a supplemental dividend of 18 cents per share.  The dividends are payable March 1 to shareholders of record at the close of business on Feb. 16.

Lawler said that Ford will improve capital efficiency by both selectively reducing investments and raising the bar on expected returns for initiatives that the company greenlights.

“The objective is to improve total adjusted return on invested capital from about 14% in 2023 to 20% over the next couple of years,” Lawler said.  “Simply ‘good’ isn’t good enough and investments are going to projects that have credible plans to deliver their targeted returns.”

EVs, according to the company, provide a great illustration.

“EVs are here to stay, customer adoption is growing, and their long-term upside is central to Ford+,” said Lawler.  “The customer insights we’re getting by being an early mover in electric pickups, SUVs and commercial vehicles are invaluable – especially as we’re developing next-generation EVs that are going to surprise customers and be profitable within a year of launch.”

However, with mainstream customer adoption of EVs happening at a slower rate than the industry expected, Ford said months ago that it’s deferring certain capital investments in EVs until they’re justified by demand and prospects for acceptable returns.

Business Segment Full-Year Highlights

Ford Pro – which is devoted to understanding the needs of and developing solutions for commercial customers – produced full year revenue growth of 19% and EBIT of $7.2 billion, more than double in 2022, with a margin of 12.4%.

Farley called Ford Pro “the global leader in work” with its Super Duty trucks, Transit vans and high-value services that help commercial customers accelerate their productivity.  He said that the segment is on track to an EBIT margin in the mid-teens by further extending Ford Pro’s substantial competitive advantages.

Commercial customers and Ford are benefiting from the 2023 launches within Ford Pro’s primary vehicle franchises:  all-new Super Duty trucks in North America and Transit Custom vans in Europe.  In the fourth quarter, software subscriptions increased by nearly 50% from the prior year; orders for mobile repairs more than doubled.

Ford Blue, the company’s gas- and hybrid-vehicle business, reported a full year 8% revenue gain that outpaced wholesales growth of 3%, EBIT of $7.5 billion and a margin of 7.3%.  Hybrid vehicles – especially hybrid versions of the legendary F-150 and compact Maverick pickups – last year accounted for 13% of Ford Blue’s U.S. volume.

“We sold about 700,000 hybrids worldwide over the past three years and Ford is the only brand in the top three in both hybrids and EVs in the U.S.,” Farley said.  “We’re expecting double-digit hybrid growth again in 2024.”

By the end of 2024, 60% of Ford Blue’s global vehicle lineup will have been recently refreshed. That includes a new version of the legendary F-150 coming soon – part of the company’s
F-Series of trucks, the best-selling vehicle in the U.S. for 47 straight years.

Ford’s pickup leadership is broadly based and worldwide, comprising F-Series, including Ford Pro’s Super Duty lineup; Ranger; and the compact Maverick.  In its 2024 buying guide, Consumer Reports named Maverick the best small truck and Maverick Hybrid the top fuel-efficient truck in its 2024 Buying Guide.

Ford Model e’s wholesales and revenue were both up at double-digit full-year rates.  The start-up segment incurred a full-year EBIT loss of $4.7 billion, reflecting an extremely competitive pricing environment, along with strategic investments in the development of clean-sheet, next-generation EVs.

Sales volumes of the F-150 Lightning pickup and Mustang Mach-E SUV both were up year-over-year and respectively the top-selling electric pickup and No. 3 most popular EV of any type in the U.S. for 2023.

Ford continued to build momentum behind its software-enabled services.  Total paid software subscriptions across all segments rose 8% sequentially in the fourth quarter to about 630,000.

During 2023, the company expanded availability of Ford’s BlueCruise advanced driver-assistance system to Great Britain, Germany and Spain, a first in that country – in addition to the U.S. and Canada.  More than 290,000 BlueCruise-equipped Ford and Lincoln vehicles are now on the road, with customer use exceeding 2.3 million hours and 156 million hands-free miles – and counting.

Ford Credit’s full-year earnings before taxes of $1.3 billion were in line with the company’s expectations, though lower than a year ago.  Among influences were higher borrowing costs, lower auction values and higher credit losses – all of which were anticipated.

Full-Year 2024 Outlook

Ford Chief Operating Officer Kumar Galhotra said that the company entered 2024 with the talent and structure needed to correct quality and cost issues, contributing to growing fundamental strength and upside.

“We’re seeing green shoots of quality improvement, including in our new-product launches – with several important ones coming up this year,” Galhotra said.  “Across our global industrial system we’ve identified and will land $2 billion in cost reductions, in areas like material, freight and manufacturing – and we’re just getting started.”

Ford anticipates full-year adjusted EBIT of $10 billion to $12 billion and to generate $6 billion to
$7 billion in adjusted free cash flow, with capital expenditures of $8 billion to $9.5 billion.  The guidance presumes flat to modestly higher full-year U.S. industry volume, with overall lower vehicle pricing.  Upsides include beneficial pricing and mix from 12 months of sales of the all-new Super Duty that Ford Pro introduced during 2023.

The company’s total costs are expected to be flat year-over-year, the net of factors including the
$2 billion in industrial cost improvements, offset by higher expenses for labor and major product-refresh actions.

At a segment level, the outlook is for full-year 2024 EBIT of at least $8 billion to $9 billion from Ford Pro and about $7 billion to $7.5 billion from Ford Blue; an EBIT loss of $5.0 billion to $5.5 billion for Ford Model e; and earnings before taxes of about $1.5 billion from Ford Credit.

Ford plans to report first-quarter 2024 financial results on Wednesday, April 24.




Conference Call Details

Ford Motor Company (NYSE: F) and Ford Motor Credit Company released their fourth-quarter and full-year 2023 financial results at 4:05 p.m. ET on Tuesday, Feb. 6.  Following the release, at 5:00 p.m. ET, Jim Farley, Ford president and chief executive officer; John Lawler, Ford chief financial officer; and other members of the Ford senior leadership team will host a conference call to discuss the results in the context of the company’s ambitious Ford+ plan for growth and value creation.  The presentation and supporting materials will be available at  Representatives of the investment community will be able to ask questions on the call.

Ford Fourth-Quarter Earnings Call:  Tuesday, Feb. 6, at 5:00 p.m. ET

Toll-Free:  844.282.4573

International:  +1.412.317.5617

Registration Link (option, speeds login):  Ford Earnings Call




Available after 8:00 p.m. ET on Tuesday, Feb. 6, and through Tuesday, Feb. 13


Toll-Free:  (U.S.) 877.344.7529

                 (Canada) 855.669.9658

International:  +1.412.317.0088

Conference ID:  1110241


The following applies to the information throughout this release:

  • See tables later in this release for the nature and amount of special items, and reconciliations of the non-GAAP financial measures designated as “adjusted” to the most comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
  • Wholesale unit and production volumes include Ford and Lincoln brand vehicles produced and sold by Ford or our unconsolidated affiliates and Jiangling Motors Corporation (“JMC”) brand vehicles produced and sold in China by our unconsolidated affiliate. Revenue does not include vehicles produced and sold by our unconsolidated affiliates. Wholesales and revenue exclude transactions between the Ford Blue, Ford Model e and Ford Pro business segments.  See materials supporting the Feb. 6, 2024, conference call at for further discussion of wholesale unit volumes.

Cautionary Note on Forward-Looking Statements

Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

  • Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule and specifications, and a shortage of or inability to acquire key components or raw materials, such as lithium, cobalt, nickel, graphite, and manganese, can disrupt Ford’s production of vehicles;
  • 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;
  • Ford’s long-term competitiveness depends on the successful execution of Ford+;
  • Ford’s vehicles could 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 and services could continue to have an adverse effect on our business;
  • Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, or business strategies;
  • Ford may not realize the anticipated benefits of restructuring actions and such actions may cause Ford to incur significant charges, disrupt our operations, or harm our reputation;
  • Operational information systems, security systems, vehicles, and services could be affected by cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford and Ford Credit as well as their suppliers and dealers;
  • Ford’s production, as well as Ford’s suppliers’ production, and/or the ability to deliver products to consumers could be disrupted by labor issues, public health issues, natural or man-made disasters, adverse effects of climate change, financial distress, production difficulties, capacity limitations, or other factors;
  • Failure to develop and deploy secure digital services that appeal to customers could have a negative impact on Ford’s business;
  • Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints;
  • Ford’s ability to attract, develop, grow, and reward talent is critical to its success and competitiveness;
  • 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 its reputation may be harmed if it is unable to achieve the initiatives it has announced;
  • Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;
  • With a global footprint and supply chain, Ford’s results and operations could be adversely affected by economic or geopolitical developments, including protectionist trade policies such as tariffs, or other events;
  • Industry sales volume can be volatile and could decline if there is a financial crisis, recession, public health emergency, or significant geopolitical event;
  • Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors, particularly for electric vehicles;
  • Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable securities, can have a significant effect on results;
  • Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors;
  • The impact of government incentives on Ford’s business could be significant, and Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;
  • Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;
  • Economic and demographic experience for pension and OPEB plans (e.g., discount rates or investment returns) could be worse than Ford has assumed;
  • Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition;
  • Ford and Ford Credit could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise;
  • 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;
  • Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, data protection, and artificial intelligence laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and
  • Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations.

We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized.  It is to be expected that there may be differences between projected and actual results.  Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise.  For additional discussion, see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K, as updated by subsequent filings with the United States Securities and Exchange Commission.

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams.  The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty.  Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services.  The company does that through three customer-centered business segments:  Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough EVs along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs.  Additionally, Ford provides financial services through Ford Motor Credit Company.  Ford employs about 176,000 people worldwide.  More information about the company and its products and services is available at

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