Ford Motor (F) earnings Q1 2026

DETROIT – Ford Motor It raised its 2026 forecast on Wednesday after beating Wall Street’s first-quarter expectations and reporting a $1.3 billion tariff refund benefit after the U.S. Supreme Court ruled that some of President Donald Trump’s tariffs were illegal.

Ford shares rose more than 6% in after-hours trading.

Here’s how the company performed in the first quarter compared to average forecasts compiled by LSEG:

• Earnings per share: 66 cents adjusted, 19 cents expected
• Automotive revenue: 38.82 billion dollars is expected compared to the expectation of 39.82 billion dollars

First quarter results significantly outperformed Ford’s performance compared to the previous year, despite a 4% decline in wholesale units during the period. Its overall revenue rose 6% to $43.3 billion, and its adjusted earnings before interest and taxes more than tripled from $1 billion to $3.5 billion. Net income rose to $2.5 billion, or 63 cents per share, from $500 million, or 12 cents per share, the year before.

Automakers often exclude “special items,” or one-time charges, from their adjusted financial results to give investors a clearer picture of their ongoing underlying business operations. Excluding special items and including tariff refunds, Ford earned 66 cents per share.

The company’s updated full-year 2026 guidance includes adjusted EBIT of $8.5 billion to $10.5 billion, up from $8 billion to $10 billion. It kept adjusted free cash flow between $5 billion and $6 billion and capital expenditures between $9.5 billion and $10.5 billion.

Ford noted that the guidance does not include the potential impacts of an ongoing conflict in the Middle East or a significant downturn in the U.S. economy.

Ford CFO Sherry House said the earnings increase wasn’t just due to the tariff refund. The company has not yet received that refund but said it helps offset an expected $1 billion increase in commodity costs, primarily aluminum, for this year.

“The rest came from strong product mix in net pricing and growth in software and physical services,” House said at a news conference Wednesday. “Even with the one-time benefit tier, the underlying business came in about $2.2 billion above expectations.”

Ford was expecting an additional $1 billion increase in commodity costs due to rising prices and sourcing aluminum from different suppliers, following fires last year that affected production at a major Novelis aluminum plant in New York. The automaker said the supplier is not expected to resume operations until between May and September.

House said the company decided to book the tariff refund in the first quarter because that’s when the Supreme Court’s decision was made. Trump told CNBC last week that he would “gratefully remember” U.S. companies that did not seek refunds for tariffs.

House said the company did not raise its earnings outlook as well as its automotive free cash flow guidance due to uncertainty regarding the tariff refund process and timing.

The tariff benefit of the International Emergency Economic Powers Act was widely anticipated by Wall Street analysts, but the exact amount Ford would receive was unknown. It’s part of a potential $160 billion in refunds expected to be returned to companies after the taxes were declared illegal by the Supreme Court in a 6-3 decision in February.

On a business unit basis, Ford’s traditional “Blue” operations led the company with earnings of $1.9 billion in the quarter, followed by “Pro” commercial business earnings of approximately $1.7 billion.

Ford’s “Model e” electric vehicle business narrowed its losses to $777 million in the first quarter of this year, from $849 million a year ago. This smaller loss corresponded to a 70% decline in EV year over year first quarter sales.

Ford’s results come a day after its crosstown rival General Engines It raised its 2026 forecast and significantly beat Wall Street’s first-quarter earnings expectations. GM reported that it gained approximately $500 million from the US Supreme Court’s IEEPA decision.