Ford Motor reported third-quarter earnings that exceeded Wall Street expectations, with adjusted earnings per share of 49 cents compared to the 40 cents analysts anticipated. However, the company fell short on revenue, bringing in $46.08 billion versus the $46.24 billion expected. The results came amid ongoing efforts to stabilize production of its flagship F-Series pickup trucks, which faced significant supplier challenges throughout much of the year.

The Detroit-based automaker narrowed its 2026 guidance for adjusted earnings before interest and taxes (EBIT) to a range between $10.5 billion and $11 billion, an upward revision at the low end from previous forecasts. Ford’s CFO, Sherry House, indicated that adjusted free cash flow for the third quarter was $4.7 billion, about $2 billion above analyst estimates, and the company maintained its annual free cash flow target between $6 billion and $7 billion.

Looking ahead to 2027, Ford expects earnings to remain roughly in line with this year’s performance. House highlighted factors such as a $1.3 billion tariff refund received in the first quarter of the year balanced by incremental costs from alternative aluminum sourcing. Additionally, production of F-Series Super Duty trucks in Canada is expected to compensate for output lost due to retooling at U.S. F-150 factories. CEO Jim Farley described 2027 as a “foundational year” in the company’s pathway toward achieving an 8% adjusted EBIT margin by 2029.

Despite positive cash flow and earnings beats, Ford’s overall revenue declined about 2% year-over-year to $49.5 billion, with net income dropping by $400 million to $2 billion. All major business units—Ford Blue, Ford Pro, and Model e electric vehicles—posted revenue below Wall Street expectations. The company projects EBIT for Ford Blue at $5.5 billion and around $7 billion combined for Ford Pro and Ford Model e losses, while Ford Credit is forecasted to generate $2.8 billion in EBIT during 2026.