Ford Motor Co FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$187.3B
Gross margin	6.8%
Operating income	−$9.2B
Net income	— not reported
Diluted EPS	−$2.06
Cash & equivalents	$23.4B
Total assets	$289.2B
Long-term debt	— not reported

Key takeaway

Ford reported a net loss for 2025, with diluted EPS of -$2.06 and an operating loss of $9.17 billion despite $187.3 billion in revenue.

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Beneath the surface

The company disclosed a large deferred tax benefit of $4.54 billion, which helped offset the pretax loss and reduce the net loss to $2.06 per share despite operating losses of $9.17 billion.

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