Ford Stock (F): Ford Pro vs Model e Losses and the Dividend Record

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

Ford stock trades on the New York Stock Exchange under the ticker F. Most people who look it up want one of two things: the dividend, which is large next to the share price, or a read on whether the electric-vehicle push is costing more than it earns. Ford’s own filings answer both more precisely than a quote page can.

Since 2023 Ford has reported three car and truck businesses plus a finance arm, and the numbers have split cleanly. Commercial vehicles earn most of the profit, the gas and hybrid lineup earns less than it used to, and the EV unit loses money every quarter. The dividend record sits on top of that: generous in good years, cut to zero in bad ones.

Ford at a glance: 50.6% below its 2022 high

Price is the November 6, 2026 close. Earnings, revenue and equity are from the 10-Q for the quarter ended September 30, 2026 (filed October 29) and the 2025 10-K. Ford’s fiscal year is the calendar year.

From the last close of 2025 ($13.12) to November 6 the stock fell 5.18%; the S&P 500 rose 7.76% over the same days. Over the past year it closed between $11.21 (March 30, 2026) and $17.44 (May 29, 2026). Its highest close since the 2009 recovery was $25.19 on January 14, 2022, and the November 6 price sat 50.6% below that.

How it works: Ford Blue, Model e, Ford Pro and Ford Credit

Ford splits its results four ways, and the segment profit it reports (earnings before interest and taxes, or EBIT) leaves out what it calls special items, such as restructuring charges and write-downs.

• Ford Blue sells Ford and Lincoln gas and hybrid vehicles, parts and digital services to retail customers.
• Ford Model e sells electric vehicles to retail customers and writes the software and connected-car technology for the whole company.
• Ford Pro sells to commercial, government and rental customers: Super Duty pickups, Transit vans, parts and fleet services.
• Ford Credit lends to car buyers and dealers. Its figure is earnings before taxes.

In the September 2026 quarter, Ford took in $49.53 billion of revenue, down from $50.53 billion a year earlier, and earned $2.05 billion. By segment, Ford Blue made $1.39 billion of EBIT ($1.54 billion a year before), Ford Pro made $1.67 billion ($1.99 billion), Ford Credit made $803 million ($631 million), and Model e lost $1.06 billion, a smaller loss than the $1.41 billion of the same quarter in 2025. Model e sold $1.22 billion of vehicles that quarter, Ford Blue $27.08 billion and Ford Pro $17.77 billion.

Ford’s Class B shares: 1.77% of the stock, 40% of the vote

Two classes of stock. The listed shares are Common Stock. There are also 70,852,076 Class B shares, which have no quoted market and convert one for one into Common to be sold. They are 1.77% of all shares but, by the 10-K, carry 40% of the general voting power, with the Common holding the other 60%. Both classes get the same dividend.

The original data: Model e losses against Ford Pro and Ford Blue

Profit by segment, 2021 to September 2026. We took each segment’s EBIT from Ford’s XBRL filings, using the latest filed value for each year; Ford restated 2023 and 2024 by up to $77 million a segment when it folded a small unit into the others.

• Model e, added up: $20.47 billion of segment losses from 2021 to September 30, 2026, before any of the special charges below. On the 2023 and 2024 values Ford first filed, before the restatement, it is $20.36 billion.
• Against the profit makers: Ford Pro earned $34.02 billion and Ford Blue $30.36 billion over the same span, so the EV losses ate 31.8% of what the two profitable vehicle segments made.
• Per dollar of sales: in 2025 Model e sold $6.67 billion of vehicles and lost $0.72 on each $1.
• Ford Pro is now the biggest earner. It passed Ford Blue in 2024, the year it made $9.01 billion; in 2025 it made $6.84 billion against Ford Blue’s $3.02 billion.

What the segment table leaves out. In the fourth quarter of 2025 Ford booked $15.5 billion of pre-tax special items, including $10.7 billion for a Model e asset impairment and EV program cancellations and $3.2 billion tied to the disposition of BlueOval SK, its battery joint venture, according to the February 10, 2026 release. Special items for the whole year came to $17.4 billion. That is why net income swung from $5.88 billion in 2024 to a loss of $8.18 billion in 2025, $11.06 billion of it in the fourth quarter, while the segments themselves stayed mostly profitable. The 10-K also names fires in September and November 2025 at a Novelis plant in New York, a major aluminum supplier, which cut fourth-quarter production.

Both datasets are free to download: segments and dividends and earnings-day moves. Reuse them with a credit and a link, under our data license.

Dividends: two stops, two restarts and six extras

• 2001 to 2006: $1.05 a share in 2001, then $0.40 a year from 2002 to 2005. The last payment before the first stop was $0.05, with an ex-date of July 31, 2006.
• No dividend from late 2006 to 2011. Payments resumed at $0.05 a quarter with an ex-date of January 27, 2012, and the regular rate climbed to $0.15 by 2015.
• The 2020 stop. After the payment with a January 29, 2020 ex-date, Ford paid nothing until a $0.10 dividend with a November 18, 2021 ex-date. It returned to $0.15 in 2022.
• Supplementals: extra one-off amounts on top of the regular $0.15, all in the first quarter: $0.25 in 2016, $0.05 in 2017, $0.13 in 2018, $0.65 in 2023 (which Ford tied partly to selling its Rivian stake), $0.18 in 2024 and $0.15 in 2025. They add up to $1.41 a share. On February 2, 2026 the board declared only the regular $0.15.
• In total, $8.51 a share went out by ex-date from 2012 to November 6, 2026.

Because the extra amounts come and go, the yield you see quoted depends on whether a site counts them. Our 4.82% counts only the regular rate. The dividend yield page shows the sum, and dividend growth explains why a payout that stops and restarts behaves very differently from one that rises every year.

A worked example: Ford’s ratios when GAAP shows a loss

Every input below comes from the 10-Q filed October 29, 2026, the 2025 10-K and Ford’s results releases, except the share price.

1. GAAP earnings. Diluted EPS was $0.80 for January to September 2026, −$2.06 for 2025 and $0.72 for January to September 2025. Trailing twelve months = $0.80 − $2.06 − $0.72 = −$1.98. A P/E on a loss has no meaning, which is why some quote pages leave the box blank and others print a negative number.
2. Ford’s adjusted figure. Ford’s own adjusted EPS, which strips out special items, was $1.57, $1.09 and $0.96 for the same three periods, so $1.70 over the trailing year. $12.44 ÷ $1.70 = 7.3. It is a company-defined number, not an accounting one; the P/E ratio page explains the basic sum.
3. Market value. 3,922,365,390 Common plus 70,852,076 Class B shares = 3,993,217,466, and × $12.44 = $49.68 billion.
4. Sales and book. Trailing revenue is $141.07 billion + $187.27 billion − $141.38 billion = $186.97 billion, so the price is 0.27 times sales. Equity of $36.92 billion is $9.25 a share, which puts the price at 1.35 times book. See price-to-book for what that ratio can and cannot tell you.
5. Yield. $0.15 × 4 = $0.60 a year; $0.60 ÷ $12.44 = 4.82%.

The gap between the two P/E answers is the special items. A buyer has to decide how much of the 2025 write-down was a one-time event and how much was money already spent that will not come back.

Earnings days: 89 Ford releases and the 2008 crisis days

We matched every quarterly results filing (8-K Item 2.02) from October 2004 to October 2026 to the price move around it: 89 releases. Until October 2017 Ford released before the open, so the move is the prior close to that day’s close (53 releases; the October 30, 2012 one came while the market was shut for Hurricane Sandy, so it runs from October 26 to October 31); from January 2018 it released after 4 p.m., so the move runs to the next close. Four Item 2.02 filings that were not quarterly results, such as a January 2018 investor-conference update and an April 2020 preliminary release, are left out.

• The median move was 3.15%, against 1.13% on the other 5,460 trading days, about 2.8 times as large.
• 30 of the 89 moved 5% or more and 8 moved 10% or more; 4.5% of other days moved 5% or more.
• Direction: 42 up and 47 down (47.2% up, against 48.8% on other days), a gap well within chance (two-sided binomial p = 0.83).
• Largest: −18.36% on July 25, 2024, −15.26% on July 24, 2008 and −13.41% on January 28, 2011; on the upside +12.16% on October 24, 2025, +11.70% on April 24, 2008 and +11.36% on April 24, 2009.
• The four 2026 reports moved +2.06%, −1.31%, +2.14% and +3.43% (October 29, 2026).

The biggest days in Ford stock since 2001 were not results days at all. The worst was −25.00% on November 19, 2008, and the best was +29.52% a week later, on November 26, 2008, both during the 2008 financial crisis.

When it fails: when cheap stays cheap

Cheap can stay cheap. At 0.27 times sales the stock looks inexpensive on most screens, but a carmaker turns little of each sales dollar into profit, which is why the multiple is low. A low ratio is a description, not a signal.

The dividend is the first thing to go in a downturn. Ford stopped paying twice in 20 years, once for more than five years. A payout ratio means little when earnings can swing from a $5.88 billion profit to an $8.18 billion loss in one year.

Deep falls happen. From its April 18, 2001 close of $30.71 the stock fell to $1.26 on November 19, 2008, a 95.9% drop. Our drawdown page explains how that is measured and why recoveries take so long.

Cycles and costs outside its control. Car sales track the economy, and the 10-K names trade policy including tariffs, supplier disruptions such as the 2025 aluminum fires, and commodity prices among its risks. The tariffs and recession pages cover how those reach a company’s costs and sales.

The numbers age fast. Price, yield and segment lines change with every close and filing, so each figure here carries its date.

Questions people ask

Does Ford pay a dividend?

Yes. The regular dividend is $0.15 a share a quarter; the fourth-quarter 2026 payment is due December 1 to holders of record on November 10, per the October 28, 2026 release. At $12.44 that is a 4.82% yield. Ford has also paid supplemental dividends in six of the last eleven years.

Why does Ford have no P/E ratio right now?

Its trailing GAAP earnings are negative, −$1.98 a share, because of the 2025 write-downs. On Ford’s own adjusted EPS the multiple is 7.3x.

How much has Ford lost on electric vehicles?

The Model e segment lost $20.47 billion from 2021 to September 30, 2026, by our sum of Ford’s filings. That excludes the $10.7 billion impairment and cancellation charge Ford booked as a special item in late 2025.

What is Ford’s market cap?

$49.68 billion at the November 6, 2026 close, counting both share classes from the 10-Q cover dated October 26. The market cap page explains why both classes are counted.

Who has the votes at Ford?

Holders of the unlisted Class B shares have 40% of the general voting power while owning 1.77% of the shares; the listed Common Stock has the other 60%, by the 10-K.

Related

The ratios above use earnings per share, which is worth understanding before trusting any adjusted figure. For how much Ford’s price swings against the market, the beta and volatility pages give the measures. If dividends are why you are here, the dividend aristocrats page shows what an unbroken record of raises looks like, which is the opposite of Ford’s.

This page is educational, not financial advice. Test every idea on your own charts before risking money.