The automaker posted its largest quarterly earnings miss in four years, absorbed billions in special charges tied largely to EV program changes, and recorded its worst net loss since the Great Recession. At the same time, Ford is guiding toward a stronger 2026, with trucks and commercial vehicles continuing to anchor profitability.

For dealers, industry leaders, and Ford customers, this is a report worth reading closely. Here is the full picture, front loaded with what matters most.

Ford reported adjusted earnings per share of 13 cents in the fourth quarter, falling short of Wall Street’s expectation of 19 cents, according to CNBC. It was the company’s first quarterly earnings miss since 2024 and its largest in four years.

Despite the earnings shortfall, Ford delivered solid top-line performance:

Demand remained healthy, but costs and late-year disruptions weighed heavily on profitability.

Ford executives pointed to two major factors that dragged earnings lower than expected late in the year.

Ford said the earnings miss was driven in large part by roughly $900 million in unexpected tariff-related costs, tied to auto parts credits that did not take effect as early as anticipated.

Ford also continues to manage fallout from a fire at a Novelis aluminum supplier plant in New York, which supplies material for Ford’s highly profitable F-Series pickups.

CFO Sherry House said the plant is not expected to be fully operational until mid-2026, forcing Ford to secure alternative aluminum supplies at higher cost.

While adjusted earnings show Ford still has profitable operations, the unadjusted numbers reflect the steep cost of restructuring.

Ford reported a fourth-quarter net loss of $11.1 billion, or $2.77 per share.

Automotive News described the quarter as Ford’s worst financial performance since 2008, citing a combination of special charges tied to EV program changes and supply disruptions affecting truck production.

For the full year, Ford posted a net loss of $8.2 billion, its largest annual loss since the Great Recession, according to FactSet via CNBC.

Much of that loss stemmed from $15.5 billion in special charges, primarily related to changes in Ford’s electric vehicle strategy, asset impairments, and other restructuring actions. Automakers typically exclude these one-time items from adjusted earnings to better reflect ongoing operations.

Ford’s results continue to highlight a sharp divide between its profitable core businesses and its EV transition.

Ford expects its commercial division, Ford Pro, to deliver:

For dealers, this reinforces what is already visible on the ground: fleet, service, and work customers remain Ford’s most reliable financial foundation.

Ford Blue, the company’s gas and hybrid business, is expected to generate:

Hybrids continue to play a key role as Ford balances current demand with longer-term electrification.

Ford’s electric vehicle unit, Model e, is expected to post losses of:

While Ford is refining its EV strategy around affordability and scale, profitability in the segment remains a work in progress.

Despite the difficult close to 2025, Ford is forecasting stronger performance next year.

Ford’s outlook includes:

The message is clear: Ford expects improvement, but it is not pulling back on investment.

Ford’s financial performance also affects worker compensation.

Ford said it will pay profit-sharing bonuses of approximately $6,780 to eligible U.S. hourly autoworkers for 2025, according to The Detroit News.

That figure is down 34% from last year’s approximately $10,208 checks. About 56,300 employees are eligible, along with roughly 1,490 retirees. Payments are expected in mid-March.

In its year-end release, Ford reiterated its commitment to the Ford+ plan, built around three customer-centered segments:

The company emphasized strengthening loyalty through connected services such as BlueCruise and vehicle security features.

Ford’s 2025 year-end report is not a simple win-or-loss story. It is a reset.

Ford enters 2026 with a profitable core, a more disciplined EV strategy, and a renewed focus on the businesses that continue to carry the brand.