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Arphra AIPlain-English read on Ford Motor Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $136.34B | $158.06B | $176.19B | $184.99B | $187.27B | $192.99B | $195.08B | $199.46B | $199.67B |
| Cost of revenue | $111.79B | $132.96B | $151.88B | $161.59B | $164.45B | $171.13B | $169.45B | $174.77B | $170.73B |
| Gross profit | $24.55B | $25.1B | $24.31B | $23.41B | $22.81B | $24.34B | $25.17B | $25.78B | $25.63B |
| Gross margin | +18.00% | +15.88% | +13.80% | +12.65% | +12.18% | +12.61% | +12.90% | +12.92% | +12.84% |
| Operating | |||||||||
| Research & development | $7.6B | $7.8B | $8.2B | $8B | $9.4B | $9.08B | $9.21B | $9.31B | $9.32B |
| Selling, general & administrative | $11.92B | $10.89B | $10.73B | $10.31B | $10.88B | $11.31B | $11.44B | $11.31B | $11.38B |
| Total operating expenses | $19.52B | $18.69B | $18.93B | $18.31B | $20.28B | $19.75B | $20.39B | $20.96B | $20.89B |
| Operating income | $5.03B | $6.41B | $5.38B | $5.1B | $2.53B | $4.54B | $4.55B | $4.84B | $4.76B |
| Operating margin | +3.69% | +4.05% | +3.05% | +2.75% | +1.35% | +2.35% | +2.33% | +2.43% | +2.39% |
| EBITDA | $10.99B | $12.9B | $11.9B | $10.96B | $8.53B | $11.09B | $11.39B | $11.6B | $11.77B |
| EBIT | $5.03B | $6.41B | $5.38B | $5.1B | $2.53B | $4.49B | $4.6B | $4.74B | $4.66B |
| Below the line | |||||||||
| Interest expense | $1.8B | $1.26B | $1.3B | $1.12B | $1.25B | $1.29B | $1.32B | $1.34B | $1.36B |
| Interest income | $254M | $639M | $1.57B | $1.54B | $1.49B | $1.63B | $1.67B | $1.64B | $1.71B |
| Other income / expense | $12.75B | -$9.43B | -$1.41B | $2.14B | -$14.36B | — | — | — | — |
| Pre-tax income | $17.78B | -$3.02B | $3.97B | $7.23B | -$11.83B | -$99.52M | -$98.57M | -$104.35M | -$101.46M |
| Income tax expense | -$130M | -$864M | -$362M | $1.34B | -$3.67B | -$4.65M | -$4.84M | -$4.93M | -$4.85M |
| Earnings | |||||||||
| Net income | $17.94B | -$1.98B | $4.35B | $5.88B | -$8.18B | $805.14M | $808.13M | $824.23M | $851.28M |
| Net income · continuing ops | $17.91B | -$2.15B | $4.33B | $5.89B | -$8.16B | $824.93M | $850.81M | $842.4M | $845.54M |
| Net margin | +13.16% | -1.25% | +2.47% | +3.18% | -4.37% | +0.42% | +0.41% | +0.41% | +0.43% |
| EPS · basic | $4.49 | $-0.49 | $1.09 | $1.48 | $-2.06 | $1.67 | $1.85 | $2.09 | $2.09 |
| EPS · diluted | $4.45 | $-0.49 | $1.08 | $1.46 | $-2.06 | $1.65 | $1.83 | $2.06 | $2.06 |
| EPS · low estimate | — | — | — | — | — | $1.43 | $1.67 | $0.90 | $1.86 |
| EPS · high estimate | — | — | — | — | — | $1.80 | $2.07 | $2.61 | $2.23 |
| Shares · basic | 3.99B | 4.01B | 4B | 3.98B | 3.98B | 3.99B | 3.95B | 4.01B | 3.97B |
| Shares · diluted | 4.03B | 4.01B | 4.04B | 4.02B | 3.98B | 3.97B | 3.98B | 3.98B | 3.99B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 12 | 13 | 7 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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